2008 Real Estate Update: Affordable Housing in Today’s Market

2. 2008 Real Estate Update: Affordable Housing in Today’s Market Ritz Carlton, San Juan Hotel, Spa & Casino 6961 Avenue of the Governors Isla Verde Carolina, Puerto Rico 00979 December 10-12, 2008 LIST OF PROPERTY FILES Stephen J. Wallace, Esq. Monica Hilton Sussman, Esq. Nixon Peabody LLP

3. LIST OF PROPERTY FILES • Current rent roll • Current security deposit, prepaid rent and delinquency reports • Current standard tenant lease form • Summary of current tenant concessions and those being offered to prospective tenants

4. Copies of tenant leases and copies of tenant files (available on-site) for last 7 years • Trailing 12 month operating financial statement • Audited financial statements for the previous three (3) years • Balance sheets for the most recent period available • Existing loan documents, regulatory/use agreements, and servicer contact information • Summary of all debts of the Partnerships, whether secured or unsecured, and copies of all documentation

5. Copies of the Partnership Agreements for each of the Partnerships and any amendments thereto • Form(s)8823 (noncompliance) if any • Copies of the federal tax returns for the Partnerships for the last 10 years and any relevant correspondence with the IRS related to tax credits and tax return for the first year of the credit period • Bank statements for each of the trailing 12 months • Current year budget for the Property

6. Occupancy report for the previous three (3) years and current year to date • Copy of the property management agreement • Listing of current on-site employees, their titles and duties / job description / compensation structure • Current service and maintenance contracts affecting the Property w/ the Service Contract list • Two (2) most recent real estate tax statements for the Property

7. Insurance bill(s) for the property plus a three (3) year loss run and claims documentation • The utility bills for the Property for the past three (3) calendar months • List of capital expenses for the previous three (3) years and year to date for the Property • Recorded copy of Declaration of Restrictive Covenants For Low-Income Housing Credits for the Property/Extended Use Agreement • Inventory of tangible personal property to be transferred with the sale

8. All 8609/8609-A for all buildings (as applicable) for the Property • LIHTC compliance reports and any correspondence from LIHTC compliance monitoring agency • HAP or other subsidy contracts, if applicable • Certificates of Occupancy • Phase I Environmental or other environmental studies

9. Title Report and Underlying Docs and existing owner’s policy • Vesting Deeds • Zoning and land use compliance letters • Copies of any building, survey and site plans in seller’s possession • Copies of all existing warranties • Copies of any recent market studies/appraisals and capital needs assessments

10. List of pending lawsuits • Certification to 10 year ownership • Determination if credits awarded from non-profit set-aside