1. Creative New Opportunities for public housing and Section 8 Development Strategies, Financing Tools and Subsidies available to development Presented by Roxanne Amoroso

4. Development Strategy - Acquisition Rehab Failed Condo Conversion Case Study Bonita Fountains aka Eaglewood Apartments, Orlando Florida (acquired 12/20/08)

5. Development Strategy - Acquisition Rehab Case Study Bonita Fountains aka Eaglewood Apartments, Orlando Florida (acquired 12/20/08

6. Development Strategy - Acquisition Rehab Case Study Bonita Fountains aka Eaglewood Apartments, Orlando Florida (acquired 12/20/08)

7. Acquisition Rehab – Bonita Fountains aka Eaglewood Apartments, Orlando Florida

12. Trend Analysis – what is it worth? Cap Rate Analysis Acquisition Cap Rate Going In Purchase Price XXXXXXXX Trailing 12 months Cash Flow Income – expenses and reserves Trailing 12 months NOI Income- Expense Cap Rate on Trailing 12 mos. Cash Flow Trailing 12 / purchase price Cap Rate on Trailing 12 mos. NOI Cash flow on trailing 12 / purchase price Stabilized Valuation Year 3 (2011) Cash Flow -projected Cash flow at stabilization Y 3 Year 3 (2011) NOI - projected Project NOI Sale Cap Rate used in Model Cap Rate determined by market Year 3 (2011) proj. value on cash flow Projected Cash flow / cap rate Year 3 (2011) proj. value on NOI Projected NOI / cap rate Value to Project Investment Projected NOI / Total Investment

13. Trend Analysis – what is it worth? Cap Rate Analysis Acquisition Cap Rate Going In Purchase Price $22,500,000 Trailing 12 months Cash Flow $779,763 Trailing 12 months NOI $919,763 Cap Rate on Trailing 12 mos. Cash Flow 3.47% Cap Rate on Trailing 12 mos. NOI 4.09% Stabilized Valuation Year 3 (2011) Cash Flow -projected $2,606,220 Year 3 (2011) NOI - projected $2,746,220 Sale Cap Rate used in Model 8.00% Year 3 (2011) proj. value on cash flow $32,577,750 Year 3 (2011) proj. value on NOI $34,327,750 Value to Project Investment 104.6%