2013 MHEG Annual Report by MHEGINC

2013 Annual Report

20 1 34 0

Twenty years of changing lives.

Over $1 billion in equity capital raised.

Thirty-four employees who are experienced and highly knowledgeable.

Zero foreclosures and zero recapture of tax credits.

2013 Annual Report

CONTENTS 2 Introduction

A message from the President/CEO and Chairman of the Board

4 A Look Back

A timeline of MHEG’s milestones over the past 20 years.

6 Celebrating 20 Years

A look at MHEG’s 20th Anniversary Celebration.

8 Equity Summary

A summary of MHEG’s total equity capital raised to date.

10 Investor Summary

A list of MHEG’s investors to date.

12 Portfolio Summary

A summary of MHEG’s portfolio.

14 2013 Developments

A closer look at developments closed in 2013.

16 Board of Directors and Committee Members Current and previous Board and Committee members.

18 Partners

A list of MHEG’s current and previous partners.

20 MHEG Staff

Introduction Message from the President/CEO “Twenty Years of Changing Lives” In 2013, Midwest Housing Equity Group, Inc. celebrated 20 years of Changing Lives for a Better Tomorrow! Over the past two decades we have deployed over $1 billion of investor capital into 376 developments, helping create more than 10,000 units of safe, decent and affordable housing. I, for one, think that is pretty impressive, especially given the economy of the past few years (which, by the way, has made homeownership even more difficult and exacerbated the need for safe and decent affordable rental housing). Of course, we could not have reached any of these milestones without all of our partners and friends – investors, developers, state agencies, lenders, property managers and general contractors, to name a few. Thank you for letting us help you reach your goals while fulfilling our mission! A Bit of History In 1992, Senator Ben Nelson (at the time Governor of the State of Nebraska) established the Nebraska Affordable Housing Commission, a 30 member committee that still exists today as the Nebraska Commission on Housing and Homelessness. One of the Commission’s first charges was to find a way to help Nebraska maximize the use of the federal Low-Income Housing Tax Credits. Out of that charge was born the Equity Fund of Nebraska. Officially incorporated in June of 1993, three volunteers really set the stage for the Fund’s creation: Jim Rieker, Gregg Yeutter and Phil Perry. As the story goes, at the end of 1993, Jim, Gregg and Phil drew straws to see who would have the privilege of serving as Executive Director of the new organization. Mr. Rieker won and became Equity Fund of Nebraska’s first employee, and first Executive Director, on January 1, 1994. The Nebraska Fund was fortunate to not only have Jim Rieker as its Executive Director, but to also have Senator Nelson, Orrin Wilson of FirstTier Bank, Sister Marilyn Ross of Holy Name Housing Corporation, and John Cochran of Norwest Bank as its initial Board of Directors. These initial directors were soon joined by W. Don Nelson, John Haessler, Duane Acklie, Robert Bates and Kelly Holthus. Over the years, our all-volunteer Board of Directors has provided fantastic guidance to the company. The inaugural fund raised $4.75 million and invested in four developments. The second fund raised $3.25 million and invested in five developments. Fast forward to 1999, Equity Fund of Nebraska VII raised almost $16 million from 13 investors, investing in 12 developments. In 2000, building on our success in Nebraska and responding to requests from government officials, Midwest Housing expanded into Kansas. Our first Kansas Fund closed on October 23, 2001, raising $3.1 million and investing in three developments. In 2001, the Equity Fund expanded into Iowa and changed its name to Midwest Housing Equity Group. Our first Iowa Fund closed in 2002, raising $10 million and investing in five developments In 2005, again building on our prior successes and seeing a need, Midwest Housing expanded into Oklahoma. The Oklahoma Fund launched in 2005, closed in 2006, raised $25 million and invested in 13 developments. Please take a look at pages 4-5, which contain a timeline that details out more of our great accomplishments. A Bit of the Present We started 2013 planning to launch a regional fund and expand into six new states (Missouri, Arkansas, northern Texas, Colorado, South Dakota and southern Minnesota), all while honoring our commitment to our mission, our vision and our corporate values. Please take a minute to reflect on our corporate philosophy, included on the last page of this annual report. Thanks to our great partners and great staff, 2013 was a success! Midwest Housing raised $180 million of new capital and made investments in 29 properties (almost 1,000 new units), including two in Missouri, one in Arkansas, one in Texas, one in Colorado and one in South Dakota. And on November 8, we reached an incredible benchmark - $1,000,000,000 of equity raised since inception! More important than the amount raised is what we’ve been able to do with it. That money has helped finance over 10,000 quality affordable residences. By our estimate, that means we are changing (and have changed) the lives of more than 40,000 families!! (we conservatively estimate that at least four families live in a unit during its 15 year compliance period). Talk about Changing Lives!! Equally important is how carefully we’ve managed those assets and capital and earned the trust of our partners. Over 375 properties, no foreclosures, no tax credit recapture! The contributions of the Asset Management and Compliance Department cannot be overstated. Our investor partners stick with us in large part because of the quality of the underlying portfolio and efforts spent protecting the properties and the residents!

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A Bit of the Future 2014 will be another exciting year! We look forward to building on the successes of 2013. We will not expand into any new states in 2014, nor do we expect to add any new product lines. Rather, we will spend the year demonstrating our commitment to excellence to our new and existing investor and developer partners in our entire footprint. It will be a chance to hone the skills and refine the knowledge we gained in 2013, becoming an even better partner and changing even more lives for a better tomorrow! A Whole Lot of Gratitude Of course, none of the accomplishments discussed above would be possible without all of our great partners (that’s you!). The state housing finance agencies work tirelessly to serve the citizens of their states, driving the creation of affordable housing through the allocation of tax credits. Our investor partners are truly compassionate - they represent the best in corporate social responsibility and provide the equity capital necessary to construct the developments. Our developer partners have real vision. They identify communities in need, secure financing sources and put all the pieces together to get a property built. We also gratefully recognize our lending partners, contractors and property managers. It takes real teamwork to provide quality affordable housing. Midwest Housing also attributes a large part of its success to our volunteers, especially our Board or Directors. Thank you, Board Members, for your dedication to Midwest Housing and our mission. You embody the concept of service leadership. And last but certainly not least, I need to recognize the Midwest Housing staff. We have an incredibly talented team. A good leader surrounds himself with people smarter than he is. I am comfortable saying I have done just that. It is a real pleasure to serve with each and every one of you. You make it a joy to come to work each day and I look forward to many more years working together to change lives for a better tomorrow! Here’s to the next 40,000 families! John Wiechmann President/CEO

Above: John Wiechmann and Dick Schenck

Message from the Chairman of the Board 2013 was certainly a year of accomplishment in so many ways. In April, we all celebrated MHEG’s first 20 years, something that was worthy of celebration. Before yearend, we hit the $1 billion mark in equity raised. It will take considerably less time for us to raise the second billion I’m sure because of how dedicated the MHEG staff is to their mission. They have proven to be great stewards for that $1 billion in equity with no foreclosures or recapture of credits in those first 20 years. I have been privileged to serve on the MHEG Board since 2000. I am blessed in so many ways; working with fellow Board members willing to sacrifice their valuable time for MHEG and especially a staff that proved during 2013 they can execute a new approach to their mission with great passion, dedication and success. John has provided MHEG a new vision and energy that has empowered us all through the development and execution of the new strategic plan. Finally, MHEG would not be successful without the developers that deliver the quality affordable housing that is so needed in our communities and the investors willing to invest their hard earned dollars with us. On behalf of the MHEG Board of Directors, we appreciate your partnership and thank you for helping us make our communities a better place to live. We look forward to the next 20+ years, working together for the clients that we serve. Richard Schenck Chairman of the Board

Annual Report l 3

A Look Back

1994

Equity Fund of Nebraska (EFN) hires its first employee, Jim Rieker

1992 1993

Governor Ben Nelson appoints Nebraska Affordable Housing Commission to create a state equity fund

NAHF 1993, L.P. raises $4.75M in equity capital and invests in four developments

2003 2001

2002

EFN changes itâ&#x20AC;&#x2122;s name to MHEG & reaches $100M in total equity raised

MHEG ends year 10 with a total of $186M equity raised and 95 developments

MHEG signs its first investor into IEF I, L.P. and expands into Iowa

2008

MHEG invests into 200th project, Sandstone Homes I in El Dorado, Kansas

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2009

MHEG reaches $500M in total equity raised

2011

MHEG invests into 300th project, GTMC in Omaha, Nebraska & reaches $750M in total equity raised

2000 2001

1997

EFN raises a total of $26.25M in first five years and invests in 26 developments

EFN reaches 1,000 units of affordable housing created

KEF I, L.P. closes at $3.125M and breaks ground on Northview Village Apartments in McPherson, Kansas

2006 2004 MHEG invests into 100th project, Six Units in Manhattan, Kansas

2005

MHEG signs its first investor into OEF I, L.P. and expands into Oklahoma

MHEG grows to over 20 employees, moves headquarters to 13520 California St in Omaha

2012 2013 Jim Rieker retires after 19 years, MHEG hires John Wiechmann as the new CEO

MHEG celebrates 20 years, opens its first regional fund & expands into six new states: Arkansas, Colorado, Missouri, Minnesota, South Dakota and Texas MHEG ends year 20 with over $1B equity raised and over 10,000 units created

Annual Report l 5

Celebrating 20 Years MHEG hosted its 20th Anniversary Celebration on Thursday, April 18th at the Henry Doorly Zooâ&#x20AC;&#x2122;s Scott Aquarium and Conference Center. Thank you to everyone who traveled to Omaha for the evening. We had a little under 200 people attend, making it MHEGâ&#x20AC;&#x2122;s largest event to date. Guests were able to enjoy a private stroll through the aquarium while visiting with MHEG staff at various stations showcasing MHEG over the past two decades. Guests enjoyed dinner during our 20 Year Presentation and a viewing of our commemorative video, MHEG: Changing Lives for 20 Years (which can be found on our website). The night ended with the Dueling Duo performing. MHEG also presented the MHEG Pillar of Housing Awards to three individuals, Senator E. Benjamin Nelson, Sister Marilyn Ross and Jim Rieker. The Pillar of Housing Award recognizes individuals who have not only had a significant impact on MHEG, but have shown vision, leadership and commitment to improving affordable housing. It was a great night of celebration with our many partners, and we hope all enjoyed the evening.

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Annual Report l 7

Equity Summary

$1.2B

72%

$1B

20%

Fund Breakdown 17% 14% 13% Nebraska Funds Kansas Funds Iowa Funds Oklahoma Funds MHEG Regional Funds

Investor Type 19% Bank Insurance Other

$1.04 billion

37%

$800M

$600M

$400M

$200M

1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

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In 2013, MHEG released its first ever regional fund. The goal of this was to have a fund that could invest in all ten states of our footprint, providing geographic diversity for our investors and increasing the efficiency with which we allocate capital. We were extremely pleased with the response to our regional fund and were able to successfully raise over $140 million between MHEG Fund 40, LP and MHEG Community Fund 41, LP. We attracted several new investors and look forward to the many new partnerships we formed. In addition, we closed the remaining state equity funds that were open for a combined total of almost $40 million, bringing MHEGâ&#x20AC;&#x2122;s total amount of equity capital raised since inception to over $1 billion. This huge milestone would not have been possible without the support from all of our partners and investors. In 2014, MHEG is offering MHEG Fund 42, LP and MHEG Community Fund 43, LP for a combined total of $150 million in equity that will continue to support housing in our ten state region. For a complete listing of all investors to date, please see pages 10-11.

2013 CLOSED INVESTORS IF VII, L.P.

KF X, L.P.

NF XVII, L.P.

OF IV, L.P.

Bank of the West

Bank of Oklahoma

Bankers Trust Company

Garmin International

Bruning State Bank

Wells Fargo

Everett Investments Farmers & Merchants Bank First Community Bank Henderson State Bank Nelnet

MHEG Fund 40, LP

MHEG Community Fund 41, LP

BancFirst

Northwestern Mutual Life Insurance

Adams Bank & Trust

Great Southern Bank

Capitol Federal Savings Bank

Platte Valley Bank

American Fidelity Assurance Co

INTRUST Bank, N.A.

Colorado Federal Savings Bank

Tri County Bank

Assurity Life Insurance Company

Iowa State Bank

Farm Bureau Life Insurance Company

Wells Fargo

Citizens State Bank

Lincoln Federal Savings Bank

Fidelity Bank

Commerce Bank, N.A.

Morgan Federal Bank

First Bank Trust

Community State Bank

North Central Bancorp

First National Bank of Omaha

Equity Bank

Pinnacle Bank

Garmin International

Farm & Home Insurance Agency

South Central State Bank

GuideOne Mutual Insurance Co

Farmers & Merchants Investment

UMB Bank, n.a.

Mutual of Omaha Bank

Girard National Bank

West Bank

Annual Report l 9

Investor Summary Nebraska Affordable Housing Fund 1993, L.P. l $4.75 million l 8 investors Bank of the West Level 3 Communications

Berkshire Hathaway, Inc. Mutual of Omaha Insurance Company

Central States Health & Life Company US Bancorp

Farmers & Merchants Investment, Inc.

Jefferson Pilot

Mutual of Omaha Insurance Company

US Bancorp

Cargill Financial Service Corp. Level 3 Communications

Consolidated Companies Qwest Communications, Inc.

Consolidated Companies Jefferson Pilot

Fannie Mae Level 3 Communications

Fannie Mae Wells Fargo

Farmers & Merchants Investment, Inc.

First State Bancshares

Berkshire Hathaway, Inc. Summit Investments

Equitable Federal Savings Bank United Nebraska Bank

Fannie Mae US Bancorp

Commerce Bank, N.A. National Education Loan Network, Inc. Windstream Communications

Equitable Federal Savings Bank Pinnacle Bank

Fannie Mae Summit Investments

Fannie Mae National Education Loan Network, Inc. Wells Fargo

Farm & Home Insurance Agency, Inc. Pinnacle Bank

Farmers & Merchants Investment, Inc. Summit Investments

Nebraska Affordable Housing Fund 1994, L.P. l $3.25 million l 5 investors Bank of the West

Berkshire Hathaway, Inc.

Jefferson Pilot

Nebraska Affordable Housing Fund 1995, L.P. l $5.25 million l 11 investors Bank of the West Fannie Mae US Bancorp

Behlen Mfg. Company Farmers & Merchants Investment, Inc.

Berkshire Hathaway, Inc. Jefferson Pilot

Nebraska Affordable Housing Fund 1996, L.P. l $7 million l 13 investors Bank of the West Farmers & Merchants Investment, Inc. Pinnacle Bank

Berkshire Hathaway, Inc. First State Bank US Bancorp

Cargill Financial Service Corp. InfoUSA Wells Fargo

Nebraska Affordable Housing Fund 1997, L.P. l $6 million l 8 investors Bank of the West Jefferson Pilot

Berkshire Hathaway, Inc. US Bancorp

Equity Fund of Nebraska VI, L.P. l $16 million l 12 investors Bank of America CDC Farmers & Merchants Investment, Inc. Wells Fargo

Bank of the West Jefferson Pilot Windstream Communications

Equity Fund of Nebraska VII, L.P. l $15.75 million l 13 investors Bank of the West Farmers & Merchants Investment, Inc. US Bancorp

Berkshire Hathaway, Inc. First State Bancshares Wells Fargo

Equity Fund of Nebraska VIII, L.P. l $16.5 million l 13 investors Bank of the West First State Bank TierOne Bank

Country Bank Shares Marine Bank US Bancorp

Equity Fund of Nebraska IX, L.P. & Equity Fund of Nebraska IX-B, L.P. l $36.05 million l 14 investors Bank of the West Farmers & Merchants Investment, Inc. Summit Investments

Berkshire Hathaway, Inc. Freddie Mac TierOne Bank

Country Bank Shares Home Federal Savings & Loan US Bancorp

Fannie Mae National Education Loan Network, Inc. Wells Fargo

Farm & Home Insurance Agency, Inc. Pinnacle Bank

Fannie Mae Pinnacle Bank

Farm & Home Insurance Agency, Inc. TierOne Bank

Farmers & Merchants Investment, Inc. US Bancorp

Farm & Home Insurance Agency, Inc. TierOne Bank

Farmers & Merchants Investment, Inc. US Bancorp

Freddie Mac Wells Fargo

Fannie Mae TierOne Bank

Farm & Home Insurance Agency, Inc. Wells Fargo

Farmers & Merchants Investment, Inc.

National Education Loan Network, Inc.

North Central Bancorp, Inc.

Principal Financial Services

Farmers & Merchants Investment, Inc. Platte Valley Bank

Geneva State Bank RiverHills Bank

Home Federal Savings & Loan South Central State Bank

Bank of the West First Community Bank of Beemer National Education Loan Network, Inc. The State National Bank & Trust Company

Capitol Federal Savings Bank Five Points Bank North Central Bancorp, Inc. Valley Bank & Trust Company

Countryside Bank Henderson State Bank Reinke Mfg. Company Wells Fargo

Capitol Federal Savings Bank National Education Loan Network, Inc. South Central State Bank

Countryside Bank North Central Bancorp, Inc. Valley Bank & Trust Company

Farm & Home Insurance Agency, Inc. Northwestern Mutual Life Insurance Wells Fargo

Bruning State Bank Farmers & Merchants Investment, Inc. National Education Loan Network, Inc.

Capitol Federal Savings Bank First Community Bank of Beemer North Central Bancorp, Inc.

Everett Investments First National Bank of Omaha Pinnacle Bank

Commerce Bank, N.A. The Mission Bank

ESIC on behalf of Fannie Mae Valley VIew Bank

First National Bank of Hutchinson

Capitol Federal Savings Bank Industrial State Bank

Commerce Bank, N.A. Landmark National Bank

Fannie Mae The Mission Bank

Equity Fund of Nebraska X, L.P. l $44.5 million l 11 investors Bank of the West Freddie Mac Wells Fargo

Country Bank Shares National Education Loan Network, Inc.

Equity Fund of Nebraska XI, L.P. l $45 million l 10 investors Bank of the West National Education Loan Network, Inc.

Fannie Mae Pinnacle Bank

Equity Fund of Nebraska XII, L.P. l $40 million l 9 investors Bank of Bennington North Central Bancorp, Inc.

Bank of the West Principal Financial Services

Nebraska Fund XIII, L.P. l $19 million l 6 investors Farm & Home Insurance Agency, Inc. Wells Fargo

Farmers & Merchants Investment, Inc.

Nebraska Fund XIV, L.P. l $26.5 million l 12 investors Farm & Home Insurance Agency, Inc. National Education Loan Network, Inc. Valley Bank & Trust Company

Farmers & Merchants Bank Pinnacle Bank Wells Fargo

Nebraska Fund XV, L.P. l $38 million l 21 investors Adams Bank & Trust Company Farm & Home Insurance Agency, Inc. Home Federal Savings & Loan Seaboard Corporation Worldâ&#x20AC;&#x2122;s Foremost Bank

Adams County Bank Farmers & Merchants Investment, Inc. Horizon Bank South Central State Bank

Nebraska Fund XVI, L.P. l $38.378 million l 16 investors Adams Bank & Trust Company Farmers & Merchants Investment, Inc. Pinnacle Bank West Gate Bank

Bank of the West First National Bank of Omaha Platte Valley Bank

Nebraska Fund XVII, L.P. l $31 million l 17 investors Adams Bank & Trust Company Farm & Home Insurance Agency, Inc. Five Points Bank Wells Fargo

Bank of the West Farmers & Merchants Bank Henderson State Bank West Gate Bank

Kansas Equity Fund I, L.P. l $3.125 million l 9 investors Bank of the West Industrial State Bank

Central National Bank Landmark National Bank

Kansas Equity Fund II, L.P. l $7.606 million l 11 investors Bank of the West Farmers & Merchants Investment, Inc. Wells Fargo

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Capital City Bank First National Bank of Olathe

Kansas Equity Fund III, L.P. l $24 million l 9 investors Bank of the West

Capitol Federal Savings Bank

Commerce Bank, N.A.

Fannie Mae

Freddie Mac

INTRUST Bank, N.A.

The Mission Bank

Wells Fargo

Farmers & Merchants Investment, Inc.

Kansas Equity Fund IV, L.P. l $28 million l 9 investors Bank of the West

Capitol Federal Savings Bank

Commerce Bank, N.A.

Fannie Mae

Freddie Mac

INTRUST Bank, N.A.

UMB Bank, n.a.

Wells Fargo

Farmers & Merchants Investment, Inc.

Fannie Mae Landmark National Bank

Farmers & Merchants Investment, Inc. The Mission Bank

First National Bank of Olathe UMB Bank, n.a.

Commerce Bank, N.A. Principal Financial Services

Farmers & Merchants Investment, Inc. UMB Bank, n.a.

First Federal Savings & Loan Association

Commerce Bank, N.A.

Farmers & Merchants Investment, Inc.

Kaw Valley Bank

Capitol Federal Savings Bank Kaw Valley Bank

Central National Bank Seaboard Corporation

Citizens State Bank of Moundridge United Bank & Trust

Capitol Federal Savings Bank INTRUST Bank, N.A. Wells Fargo

Commerce Bank, N.A. Labette Bank

Equity Bank Mc Elroyâ&#x20AC;&#x2122;s Inc.

Capitol Federal Savings Bank INTRUST Bank, N.A.

Commerce Bank, N.A. Morgan Federal Bank

Farmers & Merchants Investment, Inc. UMB Bank, n.a.

Dubuque Bank & Trust CDC Wells Fargo

Fannie Mae

First National Bank of Waverly

Farmers & Merchants Investment, Inc.

First National Bank of Waverly

Principal Financial Services

Fannie Mae

Principal Financial Services

TierOne Bank

Fidelity Bank & Trust

Midwest Heritage Bank

Principal Financial Services

Cedar Rapids Bank and Trust First Federal Savings Bank of Iowa

Central Bank Security State Bank

Community State Bank - Tipton Treynor State Bank

Bankers Trust Company Northwestern Mutual Life Insurance

Capitol Federal Savings Bank Principal Financial Services

Farmers & Merchants Investment, Inc. Seaboard Corporation

Capitol Federal Savings Bank Two Rivers Bank & Trust

Community State Bank - Ankeny Wells Fargo

Farmers & Merchants Investment, Inc. West Bank

Fannie Mae

INTRUST Bank, N.A.

Principal Financial Services

Bank of the West

Fannie Mae

JP Morgan Chase

Bank of Oklahoma Wells Fargo

Commerce Bank, N.A.

Farmers & Merchants Investment, Inc.

Bank of Oklahoma Northwestern Mutual Life Insurance

Bank of the West Wells Fargo

Capitol Federal Savings Bank

Colorado Federal Savings Bank Garmin International Tri County Bank

Farm Bureau Life Insurance Company GuideOne Mutual Insurance Company Wells Fargo

Fidelity Bank Mutual of Omaha Bank

Assurity Life Insurance Company Farm & Home Insurance Agency, Inc. Iowa State Bank South Central State Bank

Citizens State Bank of Moundridge Farmers & Merchants Investment, Inc. Lincoln Federal Savings Bank UMB Bank, n.a.

Commerce Bank, N.A. Girard National Bank Morgan Federal Bank West Bank

Kansas Equity Fund V, L.P. l $19.416 million l 11 investors Bank of the West Freddie Mac Wells Fargo

Capitol Federal Savings Bank Kaw Valley Bank

Kansas Fund VI, L.P. l $14.5 million l 9 investors Capital City Bank First National Bank of Hutchinson

Capitol Federal Savings Bank Kaw Valley Bank

Kansas Fund VII, L.P. l $16.25 million l 6 investors Capitol Federal Savings Bank Wells Fargo

Citizens Savings & Loan Association, FSB

Kansas Fund VIII, L.P. l $28.5 million l 11 investors Bank of Hays Commerce Bank, N.A. Wells Fargo

Capital City Bank Farmers & Merchants Investment, Inc.

Kansas Fund IX, L.P. l $37.381 million l 13 investors Bank of the West Farm Bureau Life Insurance Company Northwestern Mutual Life Insurance

Capital City Bank Farmers & Merchants Investment, Inc. UMB Bank, n.a.

Kansas Fund X, L.P. l $29.5 million l 12 investors Bank of the West Garmin International United Bank & Trust

Capital City Bank Girard National Bank Wells Fargo

Iowa Equity Fund I, L.P. l $10 million l 8 investors Bank of the West Grundy Nattional Bank of Grundy Center

Central State Bank Maquoketa State Bank

Iowa Equity Fund II, L.P. l $19.896 million l 6 investors Bank of the West Wells Fargo

Fannie Mae

Iowa Equity Fund III, L.P. l $25.25 million l 6 investors Bank of the West Wells Fargo

Community State Bank - Ankeny

Iowa Fund IV, L.P. l $22 million l 7 investors Community State Bank - Tipton Security State Bank

Farmers & Merchants Investment, Inc. Wells Fargo

Iowa Fund V, L.P. l $25 million l 12 investors Bankers Trust Farmers & Merchants Investment, Inc. Wells Fargo

Carroll County State Bank Fidelity Bank & Trust West Bank

Iowa Fund VI, L.P. l $39.75 million l 11 investors Bank of the West First National Bank of Waverly Wells Fargo

Bankers Trust MidwestOne Bank

Iowa Fund VII, L.P. l $32.25 million l 10 investors Bank of the West First National Bank of Omaha

Bankers Trust Company Northwestern Mutual Life Insurance

Oklahoma Equity Fund I, L.P. l $25 million l 5 investors Aegon

Bank of the West

Oklahoma Equity Fund II, L.P. l $40 million l 6 investors Arvest Principal Financial Services

BancFirst

Oklahoma Fund III, L.P. l $25 million l 8 investors American Fidelity Assurance Company Lifeshield National Insurance Company

BancFirst Seaboard Corporation

Oklahoma Fund IV, L.P. l $42.95 million l 9 investors American Fidelity Assurance Company Commerce Bank, N.A.

BancFirst Farmers & Merchants Investment, Inc.

MHEG Fund 40, L.P.* l $116.25 million l 14 investors BancFirst First Bank Trust of South Dakota Northwestern Mutual Life Insurance

Capitol Federal Savings Bank First National Bank of Omaha Platte Valley Bank

MHEG Fund 41, L.P.* l $25 million l 20 investors Adams Bank & Trust Company Community State Bank - Ankeny Great Southern Bank North Central Bancorp, Inc.

American Fidelity Assurance Company Equity Bank INTRUST Bank, N.A. Pinnacle Bank

*Only investors closed in 2013 are shown.

Annual Report l 11

Portfolio Summary

1-250 units 250-500 units 500 - 1,000 units 1,000+ units

41% Development Type 33% 9% 17% Multifamily Senior Single Family Special Needs/ Transitional 12 l

80%

59%

80%

Development Status

Development Location

Construction Type

7% 9% 4% Operational In Lease-Up Construction Disposed

37% 24% Development Size

6% 37%

Rural Urban Suburban

14% New Rehab Historic Rehab

39% 0-12 13-24 25+

12,000 units

10,477 units

Total MHEG Units Created

10,000 units

8,000 units

6,000 units

4,000 units

2,000 units

1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

MHEG TOTAL

ARKANSAS

IOWA

KANSAS

MISSOURI

Developments

376

Housing Units

10,477

2,230

2,503

Counties

143

Cities

178

NEBRASKA

OKLAHOMA

S. DAKOTA

TEXAS

Developments

168

Housing Units

4,090

1,490

Counties

Cities

All information complied from 12/31/2013 data.

Annual Report l 13

2013 Developments In 2013, MHEG closed over $118 million in equity for 29 developments, creating 815 affordable rental units. This included ten multifamily developments, nine senior housing properties, six single family homes and four special needs developments.

Webster Groves, LP Located in southern central Missouri, West Plains, is a growing community that offered no single family affordable rental housing. MHEG was proud to partner with developer Housing Plus, LLC to help fulfill this need with the development of Webster Groves. This property will provide 30 new single family rental homes, all offering three bedrooms, two bathrooms and a two car garage with an average of 1,320 square feet. In addition to many key household amenities, Webster Groves has exceeded standard construction regulations to be NAHB Green Certified. The homes will feature Low E windows, Energy Star appliances, Energy Star thermostats, low flow showerheads and faucets and low VOC paint just to name a few. These features will also help residents save on their monthly utility bills. Storm Lake Affordable Partners, LLC Reserves at Storm Lake will provide the community of Storm Lake, Iowa with 32 newly constructed multifamily rental units. There will be 16 two-bedroom units and 16 three-bedroom units ranging from 983 to 1,146 square feet. The property will offer residents a video security system, gazebo, play area for children as well as a community clubhouse that will feature a fitness center, community room and onsite management office. MHEG teamed up with Overland Property Group on this development, along with four other deals in 2013, including our first deal in Texas. MHEG has successfully worked with Overland Property Group on eleven other developments and we anticipate similar results with these new deals.

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ARKANSAS

IOWA

KANSAS

Rolling Hills Estates Limited Partnership

10th Street Townhomes LLLP

Ark River North, LLC

Callyn Heights, LP

CHI Milford, LLLP

Bedford Place, LLC

Webster Groves, LP

Hilltop I Limited Partnership

BSSR, LP

Mill Farm Partners, LLC

Hickory Heights, LLC

Storm Lake Affordable Partners, LLC

House to Home Riverview/Escalade, LLC

MISSOURI

La Estancia Partners II, LLC Prairie Trail Partners II, LLC Scenic Pointe, LP

NEBRASKA

OKLAHOMA

SOUTH DAKOTA

TEXAS

2723 Q Street, LLC

Apple Ridge Seniors, LP Chambrooke Homes of Ardmore, LLC

Jackson Heights Apartments Limited Partnership

OPG Maplewoods Partners, LLC

Cottage Park, LP Heather Estates, LP

Duncan Affordable Housing, LLC

Legend Oaks II, LLC

Stilwell Housing Partners II Limited Partnership

Monument View Villa, L.L.C. North Omaha Senior Cottages Limited Partnership Phase II River Road Townhomes, LLC

Monument View Villa, L.L.C.

Rolling Hills Estates Limited Partnership

Monument View Villa is a 10-unit complex that will serve persons will disabilities with a preference for persons with severe and persistent mental illness in the Gering, Nebraska community. The duplexes will offer eight onebedroom units and two two-bedroom units ranging from 650 to 862 square feet. All units will meet ADA standards. The development will also provide a community building with a computer, TV, library, meeting space and a “safe room” for residents. This is the first development in the area with a “safe room”. The room is made of 6 inch concrete slab walls and ceiling that withstand winds of 200 miles per hour, the equivalent of a F3 tornado. Scotts Bluff Housing Authority will serve as the developer for this project, this is MHEG’s seventh time partnering with them.

MHEG was excited to partner with White River Regional Housing Development Corporation for our first development in Arkansas. Rolling Hills Estate is a new construction development that will consist of a 32-unit duplex community for seniors 55 and older. The development located in Paragould, Arkansas, has increased its senior population by 20 percent over the past decade. These much needed rental units will offer one bedroom and one bathroom with an average of 766 square feet. Amenities will include energy efficient appliances such as a washer/dryer, dishwasher, microwave and refrigerator, as well as screened in porches.

Annual Report l 15

Board of Directors and Committees

Back Row (L to R): Steve Bodner, Dick Schenck, Dennis Brand, Rick Jackson Front Row (L to R): John Wiechmann, Barry Sandstrom, David Fisher, Dick Hoiekvam Not pictured: Chris Hensley

Midwest Housing Equity Group, Inc. is a non-profit 501(c)3 corporation with an eight-member Board of Directors. It presides over MHEG with the President/CEO overseeing the daily activities of each state. The Board is comprised of knowledgeable and experienced business professionals who are not only leaders in their industries, but individuals who share a passion for affordable housing. We appreciate their time, service and dedication to MHEG. 2013 MHEG Board of Directors Dick Schenck, Chairman of the Board - Retired Senior Vice President, Wells Fargo (*2000) David Fisher, Vice Chairman of the Board - FHLBank Topeka (*2008) Steve Bodner, Secretary - U.S. Bank (*2006) Dennis Brand - BancFirst (*2011)

Chris Hensley - Retired Vice President, Bank of the West (*2010) Dick Hoiekvam - Retired Partner, Deloitte (*2004) Rick Jackson - Capitol Federal Savings Bank (*2003) Barry Sandstrom - Home Federal Savings & Loan (*2003)

* denotes year he/she joined the Board

We would like to acknowledge and thank the following individuals for their past service on MHEGâ&#x20AC;&#x2122;s Board. Former Board of Directors Members Duane Acklie, 1994-1999 Reverend Liam M. Barr, 1999 Robert Bates, 1993-1995 George Beattie, 1997-2003 Dave Bomberger, 1996-1998 John Cochran, 1993-1994 William Giovanni, 2000-2001 John Griffith, 1996-2000 John Haessler, 1993-1995 16 l

Marvin Hefti, 1999-2003 C.G. (Kelly) Holthus, 1994 John Hrabe, 2003-2005 Brad Krieger, 2007-2010 Richard Krueger, 2004-2006 James Laphen, 2004-2009 John E. Nahas, 2001-2003 E. Benjamin Nelson, 1993-1994 W. Don Nelson, 1994-2000

Gary Petersen, 2001-2008 Anthony Raimondo, 1995-1997 Sister Marilyn Ross, 1993-2009 Greg Stine, 1996-1998 Lewis Trowbridge, 1995-19997 Jack Vershuur, 2002-2002 Orrin Wilson, 1993-2000

Audit Committee

Budget & Compensation Committee

Steve Bodner - U.S. Bank David Fisher - FHLBank Topeka Dick Hoiekvam - Retired Partner, Deloitte Dick Schenck - Retired Senior Vice President, Wells Fargo

Dennis Brand - BancFirst Chris Hensley - Retired Vice President, Bank of the West Rick Jackson - Capitol Federal Savings Bank Barry Sandstrom - Home Federal Savings & Loan David Fisher - FHLBank Topeka

The Operations and Investment Committees are appointed by the MHEG Board of Directors. Members of these committees advise MHEG’s executive staff with respect to investing in affordable housing developments within the states of their region. The Committee’s primary duties and responsibilities are to review and recommend opportunities for LIHTC Investments, advise MHEG’s executive staff on operations and asset management of existing LIHTC Investments.

Central Region Operations & Investment Committee

Northwest Region Operations & Investment Committee

Bob Arthur - Commerce Bank, N.A. Mark Dennett - INTRUST Bank, N.A. David Fisher - FHLBank Topeka Bob Kobbeman - Capital City Bank Lloyd Rainge - Capitol Federal Savings Bank Dick Schenck - Retired Senior Vice President, Wells Fargo Michael Scheopner - Landmark National Bank Chuck Stones - Kansas Bankers Association

Steve Bodner - U.S. Bank David Fisher - FHLBank Topeka Tim Hart - First National Bank of Omaha Dick Hoiekvam - Retired Partner, Deloitte Justin Horst - Pinnacle Bank Randy Ilich - Colorado Federal Savings Bank Dick Schenck - Retired Senior Vice President, Wells Fargo

Northeast Region Operations & Investment Committee Ed Benjamin - MidwestOne Bank Jennifer Cooper - Bankers Trust Mayor Tom Hanafan - Former Mayor of Council Bluffs, Iowa Chris Hensley - Retired Vice President, Bank of the West Kristi Knous - Community Foundation of Greater Des Moines David Nelson - West Bank Dick Schenck - Retired Senior Vice President, Wells Fargo Susan Whitson - First National Bank of Waverly

South Region Operations & Investment Committee Roger Beverage - Oklahoma Bankers Association Dennis Brand - BancFirst Carl Hudgins - Commerce Bank David King - BancFirst Brad Krieger - Arvest Bank Mike Wynn - CrossFirst

Annual Report l 17

Partners Adams Bank & Trust • Adams County Bank • Adel Assisted Living, Inc. • Aequitas Development, Inc. • Affordable Housing Association of Arkansas • Affordable Housing Network, Inc. • Albion Development Company, Inc. • American Fidelity Assurance Company • American Title Insurance Company • Ameritas Life Insurance Corporation • Anawim Housing, Inc. • ANHI Properties, Inc. • AR&S Holdings, Inc. • Arbor Development Group • Arch Icon Development • Arkansas Development Finance Agency • Arvest Bank • Arzon Development Company, LLC • Arzon Housing Corporation • Assurity Life • Auburn Housing Corporation • B&W Affordable Housing, LLC • Baker Creek I Development LLC • BancFirst • Bank of America CDC • Bank Of Bennington • Bank of Hays • Bank Of The West • Bankers Trust Company • Bankers Trust Company, N.A. • Behlen Mfg. Co. • Belmont Management Company, Inc • Berkshire Hathaway, Inc. • Blue Valley Community Action Inc. • BOKF Community Development Fund • Brannans Home, Ltd. • Broadview Towers, Inc. • Broken Bow Housing Authority • Bruning State Bank • Burt/Washington Co. Housing • Burwell Housing Authority • Burwell Housing Development Corp. • Capital City Bank • Capitol Casualty Company • Capitol City Housing Corp • Capitol Federal Savings Bank • Cardinal Capital Management • Care Initiatives, Inc. • Carland Property Management Group • Carlson Property Holdings & Management • Carroll County State Bank • Castle on the Hill Association • Catholic Charities • Catholic Social Services • Cedar Rapids Bank & Trust • Center for Siouxland • Central Bank • Central National Bank • Central Nebraska Community Services, Inc. • Central Nebraska Economic Development, Inc. • Central Park Tower Management Inc. • Central State Bank • Central States Development, LLC • Central States Health & Life Company • Chameleon Development, Inc. • Christ The King Housing Services • Cirrus House, Inc • Citizens Savings and Loan Association, FSB • City Care, Inc. • City Impact • City of Larned • CLASS, LTD. • Cline Williams Wright • Colorado Federal Savings Bank • Colorado Housing and Finance Authority • Columbus Housing, Inc. • Commerce Bank • Commercial Federal Affordable Housing, Inc. • Community Action, Inc. • Community Corrections Improvement Assoc. • Community Development Coalition, Inc. • Community Housing & Services Corporation • Community Housing Association (CHARMED) • Community Housing Initiatives, Inc. • Community Housing of Wyandotte County • Community State Bank • Community State Bank, NA • Conlin Development Group, L.L.C. • Conlin Properties, Inc. • Consolidated Companies • Continental Realty, Inc. • Cornerstone of Topeka, Inc. • Country Bank Shares • Countryside Bank • Covenant of Shalom, Inc. • Crosstonka III Corp. (Cargill) • Crown Pointe Management and Development • Crown Pointe Properties, LLC • Cunningham Management • D & K Management, Inc. • Dana Point Development Corporation • Darwin T Lynner Company Inc • Dauby O’Connor & Zaleski, LLC •DB&T Community Development Corporation • Dean Development, L.L.C. • Delaware Highlands Management Co. • Desert Ridge Investments, Inc. • Development Enterprises of Central OK • Diocesan Housing Ministries •Disability Supports of the Great Plains • Douglas County Housing Authority • Eden Management • EMC Insurance • Employers Mutual Casualty Company • Enterprise Bank & Trust • Equity Bank • Everett Investments, LTD • Excel Development Group • Excel Health Services, Inc. • Express Development, Inc. • Express Management, Inc. • Family Housing Advisory Services, Inc. • Fannie Mae • Farm & Home Insurance Agency, Inc. • Farm Bureau Life Insurance Company • Farm Bureau Property & Casualty Insurance Company • Farmers & Merchants Bank • Farmers And Merchants Investment, Inc. • FHI Housing, Inc. • FHLBank Des Moines • FHLBank Topeka • Fidelity Bank • Fidelity Bank and Trust • First Bank & Trust • First Citizens National Bank • First Community Bank • First Federal Savings & Loan Association • First Federal Savings Bank of Iowa • First National Bank of Hutchinson • First National Bank Olathe • First National Bank of Omaha • First National Bank of Waverly • First State Bancshares • First State Bank • Five Points Bank of Hastings • Flinthills Services, Inc. • FNBC Leasing Corporation • Fort Street Church of Christ • Foundations Development, L.L.C. • Four Oaks Family and Children’s Services • Foutch Brothers, LLC • Freddie Mac • Fremont Housing Authority • Frontier Housing Development LLC • Fullwood Square Corporation • Gardens at Flint Hills Housing, Inc. • Garmin International, Inc. • Garrison Development • Geneva State Bank • Girard National Bank • GLS Properties, LLC • Great Southern Bank • Great Western Bank • Greater St. Paul Ministries, Inc. • Green Company Development • Guardian Real Estate • GuideOne Mutual Insurance Company • H.G.P., LLC • Hastings/Adams County Housing Development • Hatch Development Group L.L.C. • Havenwood Development LLC • Havenwood Management, LLC • Heartland Family Services • Help The Homeless, Inc. • Henderson State Bank • Herman & Kittle • Historic Preservation Partner, Inc. • Ho-Chunk CDC • Holy Name Housing Corp. • Holy Name Properties, Inc • Home Federal Savings & Loan Association • HOMZ Management • Hope Glory Christian Fellowship Ministry • Horizon Bank • Housing and Redevelopment Commission of the City of Aberdeen • Housing Authority of Alliance • Housing Authority of Bridgeport • Housing Authority of Central City •Housing Authority of Eskridge • Housing Authority of Everest • Housing Authority of Holdrege • Housing Authority of Lexington • Housing Authority of Osceola • Housing Authority of Parsons

These past 20 years would not have been possible or as successful without the support and collaboration from our many, many partners in affordable housing. We would like to thank all of the investors, developers, general partners,

18 l

• Housing Authority of St. Paul • Housing Concepts, Inc. • Housing Development Corporation • Housing in Omaha, Inc. • Housing Opportunities, Inc. • Housing Plus, LLC • Immanuel Health Systems • Independence Public Housing Authority • Indian Center, Inc. • Industrial State Bank • Infousa • Interfaith Housing Services, Inc. • INTRUST Bank, N.A. • Iowa Affordable Housing Inc. • Iowa Finance Authority • Iowa State Bank • J Development Company • J.R.E. LLC • Jack Manske & Associates • Jackson Recovery Centers • JJ Development, LLC • K & T Development Corporation • Kansas Affordable Housing Corporation • Kansas Elks Training Center • Kansas Housing Resources Corp. • Kaw Valley Bank • Keith County Housing Development Corp • Key Management Company • Keyway Management Company • Kiowa County Housing Authority, Inc. • Kubr Construction Co. • Kutak Rock • L&S Housing Corp. • Labette Bank • Landmark National Bank • LATH Management, Inc. • Level 3 Communications, Inc. • LifeShield National Insurance Company • Lincoln Action Program Housing • Lincoln Federal Savings Bank • Lancaster Sr. Centers Foundation • Lincoln Medical Edu. Foundation • Linden Woods Associates, LP • LW Development, LLC • Lynner Development Enterprises, LLC • Manhattan Area Housing Partnership • Manhattan Housing Authority • Manske & Associates, L.L.C. • Maquoketa State Bank • Marine Bank • McElroy’s Inc. • McGladrey • Medicalodges, Inc., • Mennonite Housing Rehabilitation, Inc. • Mesner Development Co. • Metro Plains Properties, Inc. • MetroPlains Development, LLC • MetroPlains Management, LLC • Mid-Nebraska Community Services, Inc. • Midwest Heritage Bank • Midwest Housing Assistance Corporation • Midwest Housing Initiatives, Inc. • MidWestOne Bank • Mission Bank • Missouri Housing Development Commission • Morgan Federal Bank • Mosaic • Multi Community Diversified Services, Inc. • Murray Hill Developers, LLC • Mutual of Omaha Bank • Mutual of Omaha Insurance Company • N P Dodge • National Education Loan Network, Inc. • Nebraska Investment Finance Authority • Neighborhood Investment Corporation • Neighborhood Renaissance Foundation • NeKan Development, Inc. • New Beginnings, Inc. • New Creations Inc. • Norfolk Housing Agency • North Star Development, LLC • Northeast Housing Initiatives, Inc. • Northwest Kansas Housing, Inc. • Northwest KS Development Commission • Northwestern Mutual Life Insurance Company • Northwoods Living, Inc. • Notre Dame Housing, Inc. • NuStyle Development Corporation • O’Brien Property Consultants, Inc. • Oklahoma Housing Finance Agency • Omaha Economic Development Corporation • Omaha Housing Authority • Orleans Housing Authority • Overland Property Group, LLC • Paragould Housing Development Corporation • Paramark Property Management • PCM Housing Corporation • Pearson Property Management • People’s City Mission • Perennial Property Management Services LLC • Perry Reid • Pinnacle Bank • Pioneer Group, Inc. • Platte Valley Bank • Prairie Fire Dev Group, LLC • Preferred Family Healthcare, Inc. • Prime Agency, LLC • Prime Development, L.L.C. • Primier Real Estate Management • Principal Life Insurance Company • Pryor Management Limited Liability Company • Qwest Communications, Inc. • R&J Investment Group • Ralston Sucessor, LLC • RCB Bank, Inc. •Region V Services • Reinke Management Company, Inc. • River Hills Bank • RW Investments • S.W. Nebraska Betterment Corp. • SCC Housing Corporation • Scottsbluff Gering Housing Authority • SE Nebraska Housing Council, Inc. • Seaboard Corporation • Security First • Security Mutual Life Nebraska • Security State Bank • See-Kan Cooperative Development, Inc. • Seldin Company • Seward County Housing Corporation • Shelby Betterment Corporation • Smith Center Dept. Economic Development • South Central State Bank • South Dakota Housing Development Authority • South Omaha Affordable Housing Corporation • Southeast Community College • Southridge Apts., Inc. • Southwest Building Specialists, Inc. • Southwest Minnesota Housing Partnership • Starkey, Inc. • Stephen Center, Inc. • Strategic Realty Developers, Inc. • Sunview Development, LLC • Sutton Housing Agency • T & L Properties • Tenants to Homeowners Inc. • Texas Department of Housing & Community Affairs • The ARC of Lincoln/Lancaster County • The Center of Siouxland • The Charles Trust, Inc. • The Citizens State Bank • The Equitable Building & Loan Association • The Grundy National Bank of Grundy Center • The Guarantee Life Companies • The Housing Fellowship • The Kensington Group LTD • The Spectrum Companies •The State National Bank and Trust Company • The Union State Bank of Everest • THI Inc. • Three Rivers Housing Development Corp. • TierOne Bank • Tilden Housing Authority •Tilden Housing Development Corporation • Topeka Homes for Seniors, L.L.C. • Topeka Housing Authority • Transamerica Life Insurance (AEGON) • Treynor State Bank • Tri County Bank • Two Rivers Bank & Trust • U.S. Affordable Housing CDC, Inc. • UMB Bank • United Bank & Trust • United Nebraska Bank • Urban League of Greater Oklahoma City, Inc. • US BANCORP CDC • Valley Bank and Trust Company • Valley View Bank • Venture Development Group, Inc. • Vera French Housing Corporation • Vintage Construction, L.L.C. • Wayne Community Housing Develop. • Weigand-Omega Management, Inc. • Wells Fargo CDC • West Bank • West Gate Bank • Western Property Management • White River Regional Housing Development Corp • Windstream Communications, Inc. • Winnebago Housing Authority • Winnebago Housing Development Corporation • World’s Foremost Bank

property managers, lenders, lawyers, accountants, housing finance agencies and many others for their continuing partnership and help in making our mission a reality. We apologize for any misspellings or omissions on our part.

Annual Report l 19

MHEG Staff

Becky Christoffersen

Laurie Stephenson

Shannon Powers

Shellie Vandeman

Jason Main

Shannon Foster

Chief Investment Officer *1996

Compliance Manager *2000

Real Estate Coordinator *2001

Compliance Specialist *2001

Chief Financial Officer *2002

Accounting Manager *2002

Shannon Johnson Asset Manager *2003

Lisa Bryan

Tom Stratman

Vice President of Acquisitions *2003

Rachel Wiesner

Administrative Coordinator *2006

Investor Relations Manager *2006

Pat Michaelis

Kristina Wellman

VP - Business Development Officer - Central Region *2007

Ann Burge Chief Operating Officer *2011

Cindy Koster

Jennie Lattimer

Keely McAleer

Accounting Assistant *2005

Corp. Communications & HR Administrator *2005

Sammy Ehtisham

Jordan Abboud

Deb Swanson

Ryan Harris

Acquisitions Manager *2007

Asset Manager *2007

Paralegal & Due Diligence Administrator *2007

Asset Manager *2007

Andrea Frymire

Asset Manager *2008

VP - Business Development Officer - South Region *2009

Jake Jacobsen

Steve Gross

Construction Manager *2011

Chris Pangkerego

Senior Acquisitions Manager Director of Information Technology *2003 *2004

Asset Manager *2011

Chris Imming

Traci Collins

Nicole Koster

Acquisitions Manager *2010

Asset Manager *2010

Scott Fitzpatrick

Cecelia Grossman

John WIechmann

VP - Business Development Officer - Northeast Region *2012

Accounting Specialist *2012

President / Chief Executive Officer *2012

* denotes year he/she joined MHEG Current MHEG Interns: Kelly Lawrence Amanda Bockelman Dustin Daugherty

Construction Manager *2013

20 l

Ben Henderson

Vice President of Asset Management *2013

Cindy Wieck

Jennifer Meaike

Adminstrative Assistant *2013

Compliance Specialist *2014

Mission Statement: Midwest Housing’s mission is to change lives for a better tomorrow by promoting the development and sustainability of quality affordable housing. Vision: Midwest Housing aspires to be the leading regional syndicator of low-income housing tax credits, recognized for its excellent track record of selecting, investing in and protecting quality real estate projects that revitalize the communities in which they are built. Values: Midwest Housing’s core values are: Integrity: as fiduciaries, we are honest and up front in all of our transactions, avoiding even the appearance of impropriety or conflict of interest transactions. Stewardship: we are excellent stewards of our investments (and thus the tenants), honoring our written and implicit commitments to our investors, developers, tenants and communities. Excellence: we strive to be the best in the business, employing the best individuals, utilizing up-to-date processes and infrastructure, and conservative underwriting parameters. Local Presence: we are and will remain local, believing that a “boots on the ground” approach is the best way to understand and protect the projects. Employee-Focused: our employees are our strength. Recognizing that, we endeavor to provide ongoing development, training and advancement opportunities, to respect a work/life balance and to recognize and reward personal, department and company achievements.

Portfolio Guide

10 375 10,477 178

Serving a ten state region.

Over 375 developments financed.

Creating 10,477 affordable housing units.

Providing affordable housing for 178 communities.

Portfolio Guide

CONTENTS 2 Portfolio by Fund

A list of MHEG’s portfolio organized by equity fund.

4 MHEG Portfolio Overview

A breakdown of MHEG’s portfolio.

5 Portfolio by State & City

A more detailed look at MHEG’s portfolio organized by state and city.

5 6 10 15 16 23 26 27

Arkansas Iowa Kansas Missouri Nebraska Oklahoma South Dakota Texas

Portfolio by Fund Nebraska Affordable Housing Fund 1993, L.P. l 4 developments l 141 units Affordable Housing West - Lincoln, NE

Charles Senior Housing - Lincoln, NE

LLSCF Housing - Lincoln, NE

THR Ten - Omaha, NE

East Meadows - Crete, NE

Elmwood Village - Scottsbluff, NE

New Heights - Lincoln, NE

Pine Grove - Wymore, NE

Progress for People - Lincoln, NE

Securities Building - Omaha, NE

Lincoln-Arc Housing - Lincoln, NE

NCTHP - Omaha, NE

Central Park Tower Apts.* - Omaha, NE Kellom North* - Omaha, NE Meadowview Estates - Wayne, NE

Crown West - Scottsbluff, NE Kountze Park Crown - Omaha, NE Omaha Crown II - Omaha, NE

Auburn Housing - Auburn, NE Osceola/Shelby Housing I - Osceola/Shelby, NE Tilden Housing I - Tilden, NE

Bader North Apartments - Central City, NE Somers Point Apartments - Fremont, NE Valley View Townhomes - Orleans, NE

Beatrice Sunset II - Beatrice, NE Park View Plaza Congregate - Burwell, NE Villas at Crystal Court - South Sioux City, NE

Kellom Gardens - Omaha, NE Pine Estates - West Point, NE Woodgate Townhomes - Omaha, NE

Albion Manor - Albion, NE Immanuel Elderly Housing I - Omaha, NE Oak Ridge Apartments - Ogallala, NE Village at Heartland Park - Seward, NE

Blue Terrace Crown - Beatrice, NE Kellom Villa - Omaha, NE Parents of All Ages - Beatrice, NE Villas at Crystal Court II - South Sioux City, NE

Hillside Crown - Syracuse/Tecumseh, NE Ralston House - Ralston, NE Valacia North Villa - Gering, NE

King’s Heritage Estates II - Omaha, NE Saratoga Crown IV - Omaha, NE Villa de Sante I - Omaha, NE

Goldenrod Village - Crete, NE North Omaha Affordable Homes - Omaha, NE The Nathan - Omaha, NE

Great West Townhomes - Ogallala, NE North Omaha Crown V - Omaha, NE Village Place I - Omaha, NE

Greenview Estates - Omaha, NE Rosewood Estates - Alliance, NE Valley Crown - Valley, NE

Gretna Crown - Gretna, NE Royal Oak Estates - Norfolk, NE Windridge Townhomes - Grand Island, NE

Help the Homeless* - Omaha, NE Woodland Park Townhomes II - Grand Island, NE

N.O. Crown VI - Omaha, NE

Gering Valley Estates* - Gering, NE Robin Estates - Aurora, NE

Legend Oaks - Lexington, NE Yorktowne Estates II - York, NE

Livestock Commons - Omaha, NE Ridgewood Crown - Grand Island, NE Village at Heartland Park II - Seward, NE

Millard Senior Housing - Omaha, NE Shannon Heights - Omaha, NE Village Crown - Omaha, NE

Cypress Pointe - Omaha, NE Monument View Villa - Gering, NE Stonewood Townhomes - Grand Island, NE

GTMC - Omaha, NE North Omaha Senior Cottages - Omaha, NE Wilderness Falls - Falls City, NE

North Omaha Senior Cottages II - Omaha, NE

Southgate Apartments - Bellevue, NE

Nebraska Affordable Housing Fund 1994, L.P. l 5 developments l 94 units 1001 N. 29th Street - Omaha, NE Hartman* - Omaha, NE

3628 S. 24th Street - Omaha, NE

Nebraska Affordable Housing Fund 1995, L.P. l 6 developments l 94 units Caldwell - Omaha, NE Sibley Apartments - Kearney, NE

Milton Apartments - Omaha, NE West Meadows - Crete, NE

Nebraska Affordable Housing Fund 1996, L.P. l 5 developments l 106 units 26th Street - Omaha, NE Trailview - Hebron, NE

Omaha Crown - Omaha, NE

Nebraska Affordable Housing Fund 1997, L.P. l 6 developments l 122 units Bethphage Residential Services* - Omaha, NE Plainview - Alda, NE

Crestland - Beatrice, NE Platte Valley Apartments - Valley, NE

Equity Fund of Nebraska VI, L.P. l 12 developments l 235 units 2716 S. 24th Street - Omaha, NE East Meadows Senior Apts - Tekamah, NE Kountze Park Crown II - Omaha, NE

4302 S. 39th Avenue - Omaha, NE Kellom East - Omaha, NE L&S Housing - Leigh/Synder, NE

Equity Fund of Nebraska VII, L.P. l 12 developments l 223 units 1234 South 13th Street - Omaha, NE Grant Housing I - Grant, NE St. James Manor - Omaha, NE

1613 Farnam Street - Omaha, NE LAP Jonna Court - Lincoln, NE Sunset Crown I - Beatrice, NE

Equity Fund of Nebraska VIII, L.P. l 12 developments l 192 units 405 West Broadway - Council Bluffs, IA Kountze Park Crown III - Omaha, NE Prairie Woods Crown - York/Geneva, NE

Barrier Free Homes - Gering, NE Meadows Associates - Hastings, NE The Center Apartments - Sioux City, IA

Equity Fund of Nebraska IX, L.P. l 16 developments l 449 units 3525 Evans Street - Omaha, NE Cirrus House Apartments - Scottsbluff, NE King’s Heritage Estates I - Omaha, NE Somers Point Apartments II - Fremont, NE

710 South 20th Street - Omaha, NE Fullwood Square Apartments - Omaha, NE LAP Housing Wahoo - Wahoo, NE Southwood Crown - Hastings, NE

Equity Fund of Nebraska X, L.P. l 14 developments l 527 units Courthouse Villa - Bridgeport, NE Leo Vaughn Manor - Omaha, NE Strehlow Housing* - Omaha, NE West Park Townhomes - North Platte, NE

GI Venture - Grand Island, NE Livestock Exchange Building - Omaha, NE Thunder Way - Winnebago, NE York Place Crown - York, NE

Equity Fund of Nebraska XI, L.P. l 14 developments l 319 units 5217 South 28th Street - Omaha, NE James Tinsley Villas* - Omaha, NE Sutton Horseshoe Bend Villas - Sutton, NE Ville De Sante II - Omaha, NE

Apple River Crown - Auburn/NE City, NE Keystone Crown I - Omaha, NE Terrace Heights Village II - Auburn, NE West Wing Apartments - Scottsbluff, NE

Equity Fund of Nebraska XII, L.P. l 14 developments l 286 units Country Clover Crown - O’Neill, NE Little Priest Apartments - Winnebago, NE Southeast Villa - Central City, NE Woodland Park Townhomes - Grand Island, NE

Curtis Center Housing - Lincoln, NE Red Bud Crown - Auburn/Pawnee City, NE Sunrise East - Holdrege, NE Yorktowne Estates - York, NE

Nebraska Fund XIII, L.P. l 7 developments l 193 units Dawson Estates - Cozad/Lexington/Gothenburg, NE Ville De Sante III - Omaha, NE

Fontenelle Cottages - Omaha, NE Windridge Townhomes II - Grand Island, NE

Nebraska Fund XIV, L.P. l 8 developments l 178 units Cardinal Estates - Wayne, NE Liberty Estates - Waverly, NE

Crown VII - Omaha, NE Rebuilding Lives* - Omaha, NE

Nebraska Fund XV, L.P. l 13 developments l 272 units Dixie Gardens - North Platte, NE Mosaic Residential - Omaha/Norfolk/Grand Island, NE Sixteenth Street - Omaha, NE Westridge Crown - Grand Island, NE

Lexington Estates - Lexington, NE Reese Estates - Waverly, NE Sunrise Lane - Holdrege, NE

Nebraska Fund XVI, L.P. l 12 developments l 289 units Cirrus South Bend - Scottsbluff, NE Jackson Meadows - Columbus, NE Southwood Estates - Hastings, NE

Clove Hill Estates - Ashland, NE Luke Estates - North Platte, NE St. Paul Cottages - St. Paul, NE

Nebraska Fund XVII, L.P. l 5 developments l 304 units City Impact - Lincoln, NE Stonewood Townhomes II - Grand Island, NE

Fair Deal - Omaha, NE

Kansas Equity Fund I, L.P. l 3 developments l 34 units Eskridge Housing I - Eskridge, KS

Northview Village Apartments - McPherson, KS

Prairie Villas - Larned, KS

Kansas Equity Fund II, L.P. l 7 developments l 94 units Coventry Court Townhomes - Hutchinson, KS Northglenn Apartments - Great Bend, KS

Eastside Townhomes - Oswego, KS T Town Homes - Topeka, KS

Kensington Court Apts. - Parsons, KS Troy Housing - Troy, KS

North Side Apartments - Phillipsburg, KS

Glenn Oaks City Centre - Topeka, KS Meadowview Place - Ellis, KS Russell Housing - Russell, KS Wheatridge Apartments - Hoisington, KS

Ivory Street Apartments - Oakley, KS Northfield Village - Everest, KS Six Units - Manhattan, KS Wyandotte Associates - Kansas City, KS

Kansas Equity Fund III, L.P. l 16 developments l 433 units AMO Housing I - Topeka, KS Kouri Place - Wichita, KS Paradise Plaza I - Topeka, KS Six Units II - Manhattan, KS

Delaware Highlands Assisted Living - Kansas City, KS Maplewood Townhomes - Hutchinson, KS Porter House Apartments - Beloit, KS Walnut Court Apartments - Hutchinson, KS

* Development equity is split between two funds, development is listed in fund with greater equity percentange

2 l

Kansas Equity Fund IV, L.P. l 15 developments l 383 units Centerview Place - Smith Center, KS Friendship Place - South Hutchinson, KS Richmond Place - Wichita, KS Walnut Creek Apartments - Great Bend, KS

Class Homes - Columbus/Parsons/Pittsburg, KS Gardens at Flint Hills - Manhattan, KS Rural Housing & Development - Beloit/Phillipsburg Oberlin/Minneapolis/Wakeeney/Ness City, KS Walnut Glenn Apartments - Great Bend, KS

Crown Homes of Hutchinson - Hutchinson, KS Goddard Senior Apartments - Goddard, KS Street of Dreams - Larned, KS

Crown Homes of Parsons - Parsons, KS Paradise Plaza II - Topeka, KS Tierra Verde Apartments - Hutchinson, KS

West Crest - Clearwater, KS

Kansas Equity Fund V, L.P. l 8 developments l 304 units Cherry Creek Townhomes - Columbus, KS MDI Limited Partnership #104 - Winfield, KS

Creekside Partners - Olathe, KS Stonepost Partners - Hays, KS

Creekside Place - Great Bend, KS Sunrise Ridge Townhomes - Anthony, KS

FHI Apartments - Manhattan, KS

Flor De Sol Partners - Liberal, KS

Prairie Pointe Townhomes - Greensburg, KS

Coventry Court Townhomes II - Hutchinson, KS McKinley Housing - Independence, KS

Emporia Senior Residences - Emporia, KS Pioneer Adams II - Topeka, KS

Hampton West - Lyons, KS Market Street Lofts - Wichita, KS Tennessee Town II - Topeka, KS

Hearthstone - Larned, KS Marysville Senior Housing - Marysville, KS

French Quarter - Wichita, KS Heritage Townhomes - Smith Center, KS Village at Liberal - Liberal, KS

Frontier Housing - Parsons, KS Humboldt Senior Housing - Humboldt, KS

Paola Seniors - Paola, KS

Riverview Senior - South Hutchinson, KS

River City* - Mason City, IA

Thornbury Way - Council Bluffs, IA

Dunlap Assisted Living - Dunlap, IA Odebolt Assisted Living - Odebolt, IA Spruce Hills Village - Bettendorf, IA

Lamoni Assisted Living - Lamoni, IA Panora Assisted Living - Panora, IA Stone Ridge - Webster City, IA

Brown Apartments* - Cedar Rapids, IA Northwoods - Fort Dodge, IA Stockbridge - Des Moines, IA

Chapel Ridge West I* - West Des Moines, IA Parkwild Heights - Council Bluffs, IA

Grant Terrace - Oskaloosa, IA Willow Bend II - Des Moines, IA

Home to Stay - Cedar Rapids, IA

Chapel Ridge West II - West Des Moines, IA Sugar Creek Bend* - Cedar Rapids, IA

Crestview Terrace - West Des Moines, IA Willow Bend I - Cedar Rapids, IA

Corridor Woods - Iowa City, IA MLK Brickstone II - Des Moines, IA

Des Moines Greystone Homes - Des Moines, IA Olive Street Brickstone Housing - Des Moines, IA

FB Harlan - Harlan, IA West Heights Townhomes - Clinton, IA

McKinley Crest - Des Moines, IA

Checotah Village Apartments - Checotah, OK Parkland Town Homes - Prague, OK Valliant Village Apartments - Valliant, OK

Chickasha Senior - Chickasha, OK Quail Ridge Homes - Broken Bow, OK Westlawn Gardens - Oklahoma City, OK

Cottage Park 2- Midwest City, OK Skiatook Retirement Community - Skiatook, OK

Eufaula Affordable Housing - Eufaula, OK Urban League Capitol Square - Oklahoma City, OK

Holdenville Oakridge Community II - Holdenville, OK Stonebrook Villas - Konawa, OK

Legends at Hickory Ridge II - McAlester, OK Whispering Meadows - Wewoka, OK

HRM III - McAlester, OK Mannford Senior - Mannford, OK

Hugo Affordable Housing - Hugo, OK South Rock Creek Estates - Shawnee, OK

Apple Ridge Seniors - Pauls Valley, NE Chambrooke Homes - Ardmore, OK Hickory Heights - McPherson, KS Legend Oaks II - Lexington, NE River Road Townhomes - Waterloo, NE

Ark River North - Sterling, KS CHI Milford - Milford, IA Hilltop I - Des Moines, IA Mill Farm - Pella, IA Rolling Hills Estates - Paragould, AR

Kansas Fund VI, L.P. l 6 developments l 108 units BF III - Manhattan, KS Sandstone Homes I - El Dorado, KS

Cheyenne Ridge - Hoisington, KS Stonepost Partners II - Hays, KS

Kansas Fund VII, L.P. l 8 developments l 216 units 10th Street Apartments - Wichita, KS Flor De Sol Partners II - Liberal, KS

Cornerstone Apartments - Topeka, KS Larned Dream Homes - Larned, KS

Kansas Fund VIII, L.P. l 11 developments l 282 units Echo Ridge - Topeka, KS La Estancia Partners - Dodge City, KS State Street Housing* - Leavenworth, KS

Genesis Homes - McPherson, KS LCHT Accessible Housing - Lawrence, KS Stonepost Partners III - Hays, KS

Kansas Fund IX, L.P. l 11 developments l 266 units Coffeyville Garden Apartments - Coffeyville, KS Heritage Estates - Neodesha, KS Murray Hill Senior Apartments - Chanute, KS

Flor De Sol Partners III - Liberal, KS Heritage Hawthorne Partners - Salina, KS Prairie Trails Partners - Garden City, KS

Kansas Fund X, L.P. l 6 developments l 275 units Bedford Place - Great Bend, KS Scenic Pointe - Manhattan, KS

La Estancia Partners II - Dodge City, KS St. Margaretâ&#x20AC;&#x2122;s - Kansas City, KS

Iowa Equity Fund I, L.P. l 5 developments l 201 units Castle on the Hill* - Sioux City, IA Van Allen - Clinton, IA

MDI Limited Partnership #62 - Fort Dodge, IA

Iowa Equity Fund II, L.P. l 13 developments l 492 units Adel Assisted Living Apartments - Adel, IA LMAAL - LeMars, IA Pioneer Woods - Des Moines, IA The Antlers - Spirit Lake, IA

Cedar Park Preservation - Muscatine, IA Northpark Apartments - Storm Lake, IA Spring Village Apartments of Iowa - Davenport, IA

Iowa Equity Fund III, L.P. l 11 developments l 425 units Berry Court - Iowa City, IA Community Homes - Des Moines, IA Sanctuary Transitional Housing - Sioux City, IA

Boone 2 - Boone, IA HFS Council Bluffs - Council Bluffs, IA St Marys Apartments of Dubuque - Dubuque, IA

Iowa Fund IV, L.P. l 7 developments l 159 units Canterbury IV - Pleasant Hill, IA Lincoln Terrace - Oskaloosa, IA

Deer Ridge VI - Des Moines, IA Old Spencer School - Spencer, IA

Iowa Fund V, L.P. l 8 developments l 299 units 821 Jackson - Sioux City, IA Holiday Court - Bettendorf, IA

Aniston Village - Iowa City, IA MLK Brickstone - Des Moines, IA

Iowa Fund VI, L.P. l 9 developments l 218 units Capitol City Duplexes - Des Moines, IA Forest & Fields - Des Moines, IA Walker Corners - Woodbine, IA

Christ the King Senior Housing - Des Moines, IA MDI Limited Partnership #86 - Des Moines, IA

Iowa Fund VII, L.P. l 7 developments l 244 units 125 9th Street - Columbus Junction, IA Southern Meadows Homes - Des Moines, IA

Baker Creek Senior Living - Des Moines, IA Storm Lake Affordable Partners - Storm Lake, IA

Oklahoma Equity Fund I, L.P. l 13 developments l 568 units Broadway Pointe Apartments - Seminole, OK Grand Prairie Apartments - Watonga, OK SAIL Associates - Oklahoma City, OK Wilburton Village - Wilburton, OK

Charmed-Perkins Affordable Housing - Perkins, OK Idabel Pioneer Village - Idabel, OK Stroud Community Housing - Stroud, OK

Oklahoma Equity Fund II, L.P. l 9 developments l 378 units Charmed-Perkins Affordable Housing II- Perkins, OK Hickory Ridge - McAlester, OK Woodson Park Apartments - El Reno, OK

Cottage Park - Midwest City, OK Mount Olive - Oklahoma City, OK

Oklahoma Fund III, L.P. l 8 developments l 214 units Ardmore Affordable Housing - Ardmore, OK Smith Farm Estate - Broken Bow, OK

Heritage Park Place - Durant, OK Stonebrook Estates - Konawa, OK

Oklahoma Fund IV, L.P. l 8 developments l 246 units Autumn Creek Villas - Midwest City, OK Linden Woods II - Madill, OK

Duncan Affordable Housing - Duncan, OK Madill Affordable Housing - Madill, OK

MHEG Fund 40, L.P.** l 22 developments l 614 units 10th Street Townhomes - Storm Lake, IA Baxter Springs - Baxter Springs, KS Cottage Park - Aurora, NE House to Home - Kansas City, KS OPD Maplewood Partners - Wichita Falls, TX Stilwell Housing Partners II - Stilwell, OK

2723 Q Street - Omaha, NE Callyn Heights - Kirksville, MO Heather Estates - Imperial, NE Jackson Heights - Aberdeen, SD Prairie Trail Partners II - Garden City, KS Webster Groves - West Plains, MO

*Development equity is split between two funds, development is listed in fund with greater equity percentange **Only developments closed in 2013 are shown, Fund still has developments to close in 2014

Portfolio Guide l 3

MHEG Portfolio Overview 41% Development Type 33% 9% 17%

1-250 units

Multifamily Senior Single Family Special Needs/ Transitional

250-500 units 500 - 1,000 units 1,000+ units

80% Development Status 7% 9% 4% Operational In Lease-Up Construction Disposed

59% Development Location 4% 37% Rural Urban Suburban

80% Construction Type 6% 14% New Rehab Historic Rehab

37% 24% Development Size 39%

4 l

0-12 13-24 25+

MHEG TOTAL Developments

376

Housing Units

10,477

Counties

143

Cities

178

Arkansas

Carroll

Benton

Boone Marion

Madison

Greene

Sharp

Izard Washington

Clay

Randolph

Fulton

Baxter

Lawrence

Searcy

Newton

Stone

Craighead

Mississippi

Independence Crawford

Johnson

Franklin

Van Buren Pope

Sebastian

Conway

Logan

Garland

Howard

Grant

Nevada

Quachita

Paragould, AR 32 Senior units - MHEG 40, L.P. GP: Paragould Housing Development Corp D: White River Regional Housing Development Corp

Cleveland

Lincoln

Desha

Drew

Calhoun Bradley

Lafayette

Multifamily Senior Single Family Special Needs/ Transitional

Arkansas

Jefferson

Hempstead

Columbia

Development Type

Rolling Hills Estate, Limited Partnership

Clark

Miller

100%

Monroe Phillips

Dallas Little River

Lee Lonoke

Saline

Hot Spring

Pike Sevier

Prairie Pulaski

Motgomery

Crittenden

Woodruff St. Francis

Perry

Scott

Polk

Cross

White Faulkner

Yell

Poinsett

Jackson

Cleburne

Ashley

Union

ARKANSAS

Chicot

Developments

Housing Units

Counties

Cities

100%

Development Status

Development Location

Construction Type

Development Size

Operational In Lease-Up Construction

Rural Urban Suburban

New Rehab Historic Rehab

0-12 13-24 25+

Portfolio Guide l 5

Iowa

Lyon

Osceola

Sioux

Oâ&#x20AC;&#x2122;Brien

Dickinson

Emmet

Winnebago

Worth

Mitchell

Howard

Hancock

Cerro Gordo

Floyd

Chickasaw

Kossuth

Clay

Palo Alto

Plymouth

Buena Vista

Cherokee

Humboldt

Pocahontas

Fayette

Franklin

Wright

Sac

Ida

Monona

Crawford

Guthrie

Audubon

Butler

Grundy

Hardin

Polk

Dallas

116 726

Cass

Adair

Benton

Dubuque

Delaware

Clinton Cedar

Scott

Muscatine

183

Mahaska

172

Johnson

Jackson

Jones

Linn

Iowa

Poweshiek

Jasper

Warren

Madison

Tama

Marshall

Story

Marion

Pottawattamie

Buchanan

Black Hawk

Boone

Hamilton

Greene

Carroll

Shelby

Harrison

Calhoun

Webster

Clayton

Bremer

Woodbury 120 units Woodbury

Allamakee

Winneshiek

Washington

Keokuk

Louisa 24

Mills

Montgomery

Adams

Union

Fremont

Page

Taylor

Ringgold

Developments

Housing Units

2,230

Counties

Cities

Clarke

Lucas

Monroe

Wapello

Decatur

Wayne

Appanoose

Davis

Jefferson

Henry

Van Buren

Des Moines

Lee

IOWA

65%

81%

56%

41%

36% Development Type 8% 3%

24%

Multifamily Senior Single Family Special Needs/ Transitional 6 l

Development Status 11%

Development Location 6%

Operational In Lease-Up Construction

Rural Urban Suburban

58%

Construction Type 15% New Rehab Historic Rehab

29%

Development Size 8% 51% 0-12 13-24 25+

Iowa

Adel Assisted Living Apartments, L.P.

Adel, IA 24 Senior units - IEF II, L.P. GP: Iowa Affordable Housing, Inc./ Adel Assisted Living, Inc. D: Community Housing Initiatives, Inc.

Holiday Court, LLLP

Bettendorf, IA 13 Special Needs units - IF V, L.P. GP: Vera French Court, Inc. D: Vera French Housing Corp.

Spruce Hills Village, LLC

Bettendorf, IA 63 Senior units - IEF II, L.P. MM: CCM - Spruce Hills V, LLC D: Cardinal Capital Management, Inc.

Boone 2, Limited Partnership

Boone, IA 24 Senior units - IEF III, L.P. GP: Cedar Manor II GP, LLC D: MetroPlains LLC/T&L Properties

405 West Broadway Limited Liability Company

Des Moines Greystone Homes, LP

HFS Council Bluffs, LLC

Forest & Fields, LLLP

Council Bluffs, IA 16 Multifamily units - IEF III, L.P. MM: Heartland Family Services D: J. Development Company

Des Moines, IA 28 Multifamily units - IF VI, L.P. GP: Anawim Housing, Inc. D: Anawim Housing, Inc.

Parkwild Heights, LLC

Hilltop I Limited Partnership

Council Bluffs, IA 96 Multifamily units - IEF III, L.P. MM: Parkwild Investors, LLC D: Seldin Company

Des Moines, IA 36 Multifamily units - MHEG 40, L.P. GP: Hilltop I Equities, LLC D: Conlin Development Group/ Barnes Realty LLC

Thornbury Way, L.P.

MDI Limited Partnership #86

Council Bluffs, IA 30 Senior units - EFN VIII, L.P. MM: NuStyle Investment Corp. D: NuStyle Development Company

Council Bluffs, IA 30 Multifamily units - IEF I, L.P. GP: Community Housing Initiatives, Inc. D: Community Housing Initiatives, Inc.

Des Moines, IA 26 Single Family units - IF VI, L.P. GP: Des Moines Greystones, LLC D: Hatch Development Group

Des Moines, IA 36 Multifamily units - IF VI, L.P. GP: MDI #86 GP, LLC D: LWO Development. LLC

Spring Village Apartments of Iowa, LLC

MLK Brickstone Development, LP

Davenport, IA 120 Senior units - IEF II, L.P. MM: CCM - Spring Village Apts., LLC D: Cardinal Capital Management, Inc.

Des Moines, IA 18 Multifamily units - IF V, L.P. GP: MLK Brickstone, LLC D: Hatch Development Group

Baker Creek Senior Living I LLLP

MLK Brickstone II, LP

Capitol City Duplexes, LLLP

McKinley Crest, LLLP

Christ the King Senior Housing, LLLP

Olive Street Brickstone Housing, L.L.L.P.

Des Moines, IA 28 Senior units - IF VI, L.P. GP: Christ the King Housing Services D: Christ the King Housing Services, Inc.

Des Moines, IA 21 Multifamily units - IF VI, L.P. GP: Olive Street Brickstones, LLC D: Olive Street Brickstones, LLC Consultant: Hatch Development Group

West Heights Townhomes, LLLP

Community Homes, L.P.

Pioneer Woods, L.L.C.

Des Moines, IA 18 Multifamily units - IEF III, L.P. GP: CHI GP, Inc. D: Community Housing Initiatives, Inc.

Des Moines, IA 67 Multifamily units - IEF II, L.P. MM: ANAWIM D: ANAWIM/Mercy Housing

125 9th Street, LLLP

Deer Ridge VI Limited Partnership

Southern Meadows Homes, LP

Brown Apartments, L.P.

Cedar Rapids, IA 15 Multifamily units - IEF II, L.P. & IEF III, L.P. GP: Affordable Housing Network, Inc. D: Affordable Housing Network, Inc.

Home to Stay, L.P.

Cedar Rapids, IA 24 Special Needs units - IF IV, L.P. GP: CHI GP, Inc./Community Correction Improvement Assoc. D: Community Housing Initiatives, Inc. Community Correction Improvement Assoc.

Sugar Creek Bend, LLLP

Cedar Rapids, IA 20 Single Family units - IF V, L.P. GP: CHI GP, Inc./AHNI Properties, Inc. D: Community Housing Initiatives, Inc./ Affordable Housing Network, Inc.

Van Allen, L.P.

Clinton, IA 19 Multifamily units - IEF I, L.P. GP: Community Housing Initiatives, Inc. D: Community Housing Initiatives, Inc.

Clinton, IA 30 Multifamily units - IF VII, L.P. GP: CHI GP, Inc. D: Community Housing Initiatives, Inc.

Columbus Junction, IA 24 Multifamily units - IF VII, L.P. GP: CHI GP, Inc. D: Community Housing Initiatives, Inc.

Des Moines, IA 33 Senior units - IF VII, L.P. GP: Baker Creek I, LLC D: Baker Creek Development, LLC

Des Moines, IA 16 Multifamily units - IF VI, L.P. GP: CHI GP, Inc. D: Community Housing Initiatives, Inc.

Des Moines IA 41 Multifamily units - IF IV, L.P. GP: Deer Ridge Equities VI, L.L.C. D: Conlin Development Group

Des Moines, IA 30 Multifamily units - IF VI, L.P. GP: MLK Brickstone, LLC D: Hatch Development Group

Des Moines, IA 60 Multifamily units - IF VII, L.P. GP: Anawim Housing, Inc. D: Anawim Housing, Inc.

Des Moines, IA 38 Multifamily units - IF VII, L.P. GP: Southern Meadows Homes Development, LLC D: Hatch Development Group

Portfolio Guide l 7

Iowa Stockbridge, L.P.

Des Moines, IA 42 Multifamily units - IEF III, L.P. GP: Neighborhood Investment Corp. D: Hatch Development Group

Willow Bend I Limited Partnership

Des Moines, IA 59 Multifamily units - IF V, L.P. GP: Willow Bend Equities, LLC D: Conlin Development Group

Iowa City, IA 22 Multifamily units - IF VI, L.P. GP: The Housing Fellowship D: The Housing Fellowship

Lamoni Assisted Living, L.L.C. Lamoni, IA 8 Senior units - IEF II, L.P. MM: CCM - Care Initiatives D: Care Initiatives

Willow Bend II Limited Partnership

LMAAL, LLLP

St. Mary’s Apartments of Dubuque, LLC

River City, L.P.

Dubuque, IA 79 Senior units - IEF III, L.P. MM: CCM - St. Mary’s, LLC D: Cardinal Capital Management, Inc.

Mason City, IA 46 Multifamily units - IEF I, L.P. & EFN IX, L.P. GP: Community Housing Initiatives, Inc. D: Community Housing Initiatives, Inc.

Dunlap Assisted Living, L.L.C.

CHI Milford, LLLP

Des Moines, IA 24 Multifamily units - IF IV, L.P. GP: Willow Bend Equities II, L.L.C. D: Conlin Development Group

Dunlap, IA 10 Senior units - IEF II, L.P. MM: CCM - Care Initiatives D: Care Initiatives

MDI Limited Partnership #62 Fort Dodge, IA 31 Senior units - IEF I, L.P. GP: MetroPlains Properties, Inc. D: MetroPlains Development, LLC

Northwoods Limited Partnership #1

Fort Dodge, IA 24 Special Needs units - IEF III, L.P. GP: Northwoods Living Inc./Fort Dodge Town Square GP, LLC D: MetroPlains LLC

FB Harlan, LP

Harlan, IA 27 Multifamily units - IF VII, L.P. GP: FB Harlan GP, LLC D: FB Development, LLC

Aniston Village, LP

Iowa City, IA 22 Multifamily units - IEF V, L.P. GP: The Housing Fellowship D: The Housing Fellowship

Berry Court Limited Partnership

Iowa City, IA 14 Multifamily units - IEF III, L.P. GP: The Housing Fellowship D: The Housing Fellowship

8 l

Corridor Woods Limited Partnership

LeMars, IA 27 Senior units - IEF II, L.P. GP: Prime LMAAL-GP, L.L.C. D: Prime Agency, L.L.C.

Milford, IA 30 Multifamily units - MHEG 40, L.P. GP: CHI GP, Inc. D: Community Housing Initiatives, Inc.

Cedar Park Preservation, Limited Partnership

Muscatine, IA 72 Multifamily units - IEF II, L.P. GP: Lynner Real Estate Investment III, LLC D: Lynner Development Enterprises, LLC

Mill Farm Partners, LLC

Pella, IA 32 Multifamily units - MHEG 40, L.P. MM: Mill Farm Managers, LLC D: Overland Property Group

Canterbury IV Limited Partnership

Pleasant Hill, IA 24 Multifamily units - IF IV, L.P. GP: Canterbury Equities IV, L.L.C. D: Conlin Development Group/ Barnes Realty, LLC

821 Jackson, LLLP

Sioux City, IA 17 Multifamily units - IF V, L.P. GP: J.J. Development, LLC D: J.J. Development, LLC

Castle on the Hill Limited Liability Company Sioux City, IA 75 Multifamily units - IEF I, L.P. & EFN X, L.P. MM: Castle on the Hill Managing Member, LLC D: NuStyle Development Corp.

Sanctuary Transitional Housing I, LLLP

Sioux City, IA 24 Transitional units - IEF III, L.P. GP: Sanctuary Transitional Housing, L.L.C. D: Jackson Recovery Centers, Inc.

The Center Apartments, LLC Sioux City, IA 22 Transitional units - EFN VIII, L.P. MM: Central States Development, LLC D: Central States Development, LLC

Odebolt Assisted Living, L.L.C.

Old Spencer School, LLLP

Odebolt, IA 10 Senior units - IEF II, L.P. MM: CCM - Care Initiatives D: Care Initiatives

Spencer, IA 16 Multifamily units - IF IV, L.P. GP: Community Housing Initiatives, Inc. D: Community Housing Initiatives, Inc.

Grant Terrace, LLLP

The Antlers, L.P.

Oskaloosa, IA 15 Senior units - IF IV, L.P. GP: CHI GP, Inc. D: Community Housing Initiatives, Inc.

Spirit Lake, IA 14 Multifamily units - IEF II, L.P. GP: Antlers GP, Inc. D: Community Housing Initiatives, Inc.

Lincoln Terrace, LP

10th Street Townhomes LLLP

Oskaloosa, IA 15 Senior units - IF IV, L.P. GP: CHI GP, Inc. D: Community Housing Initiatives, Inc.

Panora Assisted Living, L.L.C. Panora, IA 11 Senior units - IEF II, L.P. MM: CCM - Care Initiatives D: Care Initiatives

Storm Lake, IA 42 Multifamily units - MHEG 40, L.P. MM: SWMHP/Southwest Building Specialists, Inc. D: Southwest Minnesota Housing Partnership

Northpark Apartments, LLLP Storm Lake, IA 24 Multifamily units - IEF II, L.P. MM: Midwest Housing Assistance Corp D: Aequitas Development Inc.

Iowa Storm Lake Affordable Partners, LLC

Storm Lake, IA 32 Multifamily units - IF VII, L.P. MM: Storm Lake Affordable Managers, LLC D: Overland Property Group

Stone Ridge, LLLP

Webster City, IA 42 Multifamily units - IEF II, L.P. GP: Midwest Housing Assistance Corp D: Aequitas Development Inc.

Chapel Ridge West I Limited Partnership

West Des Moines, IA 73 Multifamily units - IEF III, L.P. & IF IV, L.P. GP: Chapel Ridge West Equities I, L.L.C. D: Conlin Development Group / Barnes Realty, LLC

Chapel Ridge West II Limited Partnership

West Des Moines, IA 95 Multifamily units - IF V, L.P. GP: Chapel Ridge Equities I, L.L.C. D: Conlin Development Group / Barnes Realty, LLC

Crestview Terrace LLLP West Des Moines, IA

55 Senior units - IF V, L.P. GP: CHI GP, Inc. D: Community Housing Initiatives, Inc.

Walker Corners Limited Liability Company

Woodbine, IA 11 Multifamily units - IF VI, L.P. MM: Pryor Management Limited Liability Company D: Smith Project Management LLC

Portfolio Guide l 9

Kansas

Rawlins

Norton

Smith

Phillips

Jewell

Cloud

Thomas

Sheridan

Logan

Wallace

Graham

Trego

Grove

Osborne

Rooks

Ellis 10

Russell

Lincoln

Saline

Wichita

Scott

Ness

Lane

Pawnee

Finney Hamilton

Kearny

Hodgeman

Edwards

Ford

Gray Stanton

Morton

Grant

Haskell

Stevens

Seward

Pratt

Kingman

Meade

Clark

Comanche

Harper

Barber

104

Miami

Woodson

Allen

Bourbon

Neosho 24

Linn

Anderson

Montgomery Chautauqua

Wilson

231

144

Franklin

Coffey

Cowley

Elk

Sumner

Wyandotte

Greenwood

Johnson

Douglas

Osage

Chase

Butler 79

303

Marion

Lyon

Sedgwick Kiowa

Wabaunsee

Harvey

Reno 9

Geary

Morris

Stafford

Shawnee

Dickinson

McPherson

Rice

100

155

Barton

Rush

Jefferson

Riley

Ottawa

Ellsworth Greeley

Atchinson Jackson

Pottawatomie

Clay

Doniphan

Mitchell Sherman

Brown

Nemaha

Marshall

Washington

Republic

Leavenworth

Cheyenne

Decatur

Crawford 4

Labette 8

Cherokee 44

KANSAS Developments

Housing Units

2,503

Counties

Cities

44% Development Type 38% 12% 6% Multifamily Senior Single Family Special Needs/ Transitional 10 l

Development Status 8% 4% Operational In Lease-Up Construction

76% Development Location 3% 21% Rural Urban Suburban

85% Construction Type 4% 11% New Rehab Historic Rehab

40% 27% Development Size 33% 0-12 13-24 25+

Kansas

Sunrise Ridge Townhomes, LLC Anthony, KS 12 Senior units - KEF V, L.P. MM: Interfaith Housing Services, Inc. D: Mesner Development Co.

La Estancia Partners, II LLC Dodge City, KS 48 Multifamily units - KF X, L.P. MM: La Estancia Managers II, LLC D: Overland Property Group

Creekside Place, LLC

Great Bend, KS 18 Senior units - KEF V, L.P. MM: Housing Opportunites, Inc. D: Mesner Development Co.

BSSR, LP

Sandstone Homes I, L.L.C.

Northglenn Apartments, LLC

El Dorado, KS 24 Special Needs units - KEF VI, L.P. MM: Flint Hills Services, Inc. D: Manske & Associates LLC

Great Bend, KS 12 Senior units - KEF II, L.P. MM: Housing Opportunites, Inc. D: Mesner Development Co.

Porter House Apartments, LLC

Meadowview Place, L.L.C.

Walnut Creek Apartments, LLC

Ellis, KS 10 Senior units - KEF III, L.P. MM: Northwest Kansas Housing, Inc. D: Mesner Development Co.

Great Bend, KS 12 Senior units - KEF IV, L.P. MM: Housing Opportunites, Inc. D: Mesner Development Co.

Rural Housing & Development L.P.

Emporia Senior Residences, L.P.

Walnut Glenn Apartments, LLC

Baxter Springs, KS 28 Senior units - MHEG 40, L.P. GP: BSSRGP, LLC D: Prairie Fire Development Group

Beloit, KS 30 Multifamily units - KEF III, L.P. MM: Continental Realty, Inc. D: Continental Real Estate, Inc.

Beloit, Phillipsburg, Oberlin, Ness City, Minneapolis & Wakeeney, KS 76 Multifamily units - KEF IV, L.P. GP: Neighborhood Renaissance Foundation D: RAH Investments, LLC

Emporia, KS 60 Senior units - KF VII, L.P. GP: Broadview Towers, Inc./AR&S Holdings, Inc. D: Affordable Housing Development, L.L.C.

Great Bend, KS 12 Senior units - KEF IV, L.P. MM: Housing Opportunites, Inc. D: Mesner Development Co.

Murray Hill Senior Apartments, LP

Eskridge Housing I, LP

Prairie Pointe Townhomes, L.L.C.

Eskridge, KS 8 Multifamily units - KEF I, L.P. GP: Eskridge Housing Authority D: Eskridge Housing Authority

Greensburg, KS 16 Senior units - KEF VI, L.P. MM: Manske & Associates LLC D: Manske & Associates LLC

West Crest, LLC

Northfield Village, L.P.

Stonepost Partners, LLC

Chanute, KS 24 Senior units - KF IX, L.P. GP: Foutch Brothers, LLC D: Murray Hill Developers, LLC

Clearwater, KS 18 Senior units - KEF IV, L.P. MM: South Crest, LLC D: Vintage Construction, LLC

Everest, KS 8 Senior units - KEF III, L.P. GP: Housing Authority of Everest D: Manske & Associates LLC

Coffeyville Garden Apartments, LLC

Prairie Trail Partners, LLC

Cherry Creek Townhomes, L.L.C.

Prairie Trail Partners II, LLC

CLASS Homes I, LLC

Goddard Senior Apartments, LP

Coffeyville, KS 60 Multifamily units - KF IX, L.P. MM: Kansas Affordable Housing Corporation D: Vintage Construction, L.L.C.

Columbus, KS 16 Senior units - KEF V, L.P. MM: Columbus Housing Inc. D: Manske & Associates LLC

Columbus, Pittsburg & Parsons, KS 12 Special Needs units - KEF IV, L.P. MM: CLASS, LTD D: Manske & Associates LLC

La Estancia Partners, LLC Dodge City, KS 32 Multifamily units - KF VIII, L.P. MM: La Estancia Managers, LLC D: Overland Property Group

Garden City, KS 32 Multifamily units - KF IX, L.P. MM: PT Managers, LLC D: Overland Property Group

Garden City, KS 32 Multifamily units - MHEG 40, L.P. MM: PT Managers II, LLC D: Overland Property Group

Goddard, KS 12 Senior units - KEF IV, L.P. GP: Goddard Senior Housing, LLC D: R&J Investment Group, LLC

Bedford Place, LLC

Great Bend, KS 22 Senior units - KF X, L.P. MM: Housing Opportunites, Inc. D: Mesner Development Co.

Hays, KS 32 Multifamily units - KEF V, L.P. MM: SP Managers, LLC D: Overland Property Group

Stonepost Partners II, LLC Hays, KS 16 Multifamily units - KEF VI, L.P. MM: SP Managers II, LLC D: Overland Property Group

Stonepost Partners III, LLC Hays, KS 15 Multifamily units - KF VIII, L.P. MM: SP Managers III, LLC D: Overland Property Group

Cheyenne Ridge, LLC

Hoisington, KS 12 Senior units - KEF VI, L.P. MM: Housing Opportunites, Inc. D: Mesner Development Co

Wheatridge Apartments, LLC Hoisington, KS 12 Senior units - KEF III, L.P. MM: Housing Opportunites, Inc. D: Mesner Development Co

Portfolio Guide l 11

Kansas

House to Home Riverview/ Escalade, LLC

Flor De Sol Partners III, LLC

Coventry Court Townhomes, L.L.C.

Wyandotte Associates, L.P.

The Village at Liberal, L.P.

Coventry Court Townhomes II, L.L.C.

Hearthstone, LLC

Crown Homes of Hutchinson, L.L.C.

Larned Dream Homes, LLC

Maplewood Townhomes, LLC

Prairie Villas, LP

Larned, KS 12 Senior units - KEF I, L.P. GP: HOI Partnership II, LLC D: Mesner Development Co/Excel Development Group

FHI Apartments, LP

Hutchinson, KS 16 Senior units - KEF III, L.P. MM: Disability Supports of the Great Plains, Inc. D: Manske & Associates, LLC

Tierra Verde Apartments, L.L.C.

Street of Dreams, LLC

Gardens at Flint Hills, LP

Humboldt Senior Housing, LLC Humboldt, KS 12 Senior units - KF IX, L.P. MM: Midwest Housing Initiatives, Inc. D: Excel Development Group

Hutchinson, KS 12 Special Needs units - KEF II, L.P. MM: Disability Supports of the Great Plains, Inc. D: Manske & Associates, LLC

Hutchinson, KS 11 Special Needs units - KF VII, L.P. MM: Disability Supports of the Great Plains, Inc. D: Manske & Associates, LLC

Hutchinson, KS 9 Single Family units - KEF IV, L.P. MM: New Beginnings, Inc. D: Manske & Associates, LLC

Hutchinson, KS 48 Multifamily/SRO units - KEF IV, L.P. MM: New Beginnings, Inc. D: Manske & Associates, LLC

Walnut Court Apartments, LLC Hutchinson, KS 40 Multifamily/SRO units - KEF III, L.P. MM: New Beginnings, Inc. D: Manske & Associates, LLC

McKinley Housing LLC

Independence, KS 28 Special Needs units - KF VII, L.P. & KF VIII, L.P. MM: See-Kan Cooperative Development, D: Vintage Construction, L.L.C.

Kansas City, KS 38 Multifamily units - KEF III, L.P. GP: Herman & Kittle D: Cunningham Management

Larned, KS 12 Senior units - KF VIII, L.P. MM: Housing Opportunites, Inc. D: Mesner Development Co

Larned, KS 6 Single Family units - KF VII, L.P. MM: City of Larned D: Mesner Development Co

Larned, KS 10 Single Family units - KEF IV, L.P. MM: Housing Opportunites, Inc. D: Mesner Development Co

LCHT Accessible Housing, LLC Lawrence, KS 20 Special Needs units - KF VIII, L.P. MM: LCHT Housing Inc./Excel Development Group D: Excel Development Group/ R&J Investment Group, LLC

State Street Housing, LP

Leavenworth, KS 24 Multifamily units - KF VIII, L.P. & KF IX, L.P. GP: State Street Housing GP, LLC D: Foutch Brothers, LLC

Liberal, KS 16 Multifamily units - KF IX, L.P. MM: FDS III Managers, LLC D: Overland Property Group

Liberal, KS 24 Multifamily units - KF IX, L.P. GP: Villages at Liberal Managers, LLC D: Overland Property Group

Hampton West, LLC

Lyons, KS 10 Multifamily units - KF VIII, L.P. MM: Housing Opportunities, Inc. D: Mesner Development Co

BF III, L.P.

Manhattan, KS 8 Multifamily units - KEF VI, L.P. GP: Brookfield III, Inc. D: Excel Development Group/R&J Investment Group, LLC

Manhattan, KS 58 Multifamily units - KEF V, L.P. GP: FHI Housing, Inc. D: R&J Investment Group, LLC

Manhattan, KS 48 Multifamily units - KEF IV, L.P. GP: Gardens at Flint Hills Housing, Inc. D: R&J Investment Group, LLC

Scenic Pointe, LP

Manhattan, KS 29 Multifamily units - KF X, L.P. GP: SP Housing, Inc./Manhattan Area Housing Partnership D: Excel Development Group

Six Units, L.P.

Manhattan, KS 6 Multifamily units - KEF III, L.P. GP: BCE, Inc. D: BCE, Inc.

Delaware Highlands Assisted Living, LLC

Flor De Sol Partners, LLC

Six Units II, L.P.

Liberal, KS 32 Multifamily units - KEF VI, L.P. MM: FDS Managers, LLC D: Overland Property Group

Manhattan, KS 6 Multifamily units - KEF III, L.P. GP: BCE Housing II, Inc. D: R&J Investment Group, LLC

St. Margaret’s LIHTC, LP

Flor De Sol Partners II, LLC

Marysville Senior Housing, LLC

Kansas City, KS 121 Senior units - KEF III, L.P. MM: DHAL Development, LLC D: DHAL LLC

Kansas City, KS 110 Senior units - KF X, L.P. GP: St. Margaret’s GP, LLC D: FB Development, LLC

12 l

Kansas City, KS 24 Single Family units - MHEG 40, L.P. MM: Commnuity Housing of Wyandotte County D: Mesner Development Co

Liberal, KS 32 Multifamily units - KF VII, L.P. MM: FDS II Managers, LLC D: Overland Property Group

Marysville, KS 24 Senior units - KF VIII, L.P. MM: MCCREC Housing I/Excel Development Group D: Excel Development Group

Kansas Genesis Homes, LLC

McPherson, KS 16 Special Needs units - KF VIII, L.P. MM: Multi-Community Diversified Services, Inc. D: Vintage Construction, L.L.C.

Hickory Heights, LLC

Frontier Housing, LLC

Parsons, KS 12 Multifamily units - KF IX, L.P. MM: Frontier Housing Development, LLC D: Vintage Construction, L.L.C.

Kensington Court Apts., LLC

McPherson, KS 12 Special Needs units - MHEG 40, L.P. MM: Multi-Community Diversified Services, Inc. D: Vintage Construction, L.L.C.

Parsons, KS 24 Multifamily units - KEF II, L.P. MM: The Kensington Group Ltd. D: The Kensington Group Ltd.

Northview Village Apartments, L.L.C.

North Side Apartments, LLC

Meriden Heights, L.L.C.

Russell Housing, LLC

McPherson, KS 14 Special Needs units - KEF I, L.P. MM: Disability Supports of the Great Plains, Inc. D: Manske & Associates, LLC

Meriden, KS 12 Multifamily units - KEF V, L.P. MM: Community Action, Inc. D: Manske & Associates, LLC

Phillipsburg, KS 10 Multifamily units - KEF II, L.P. MM: Northwest Kansas Housing, Inc. D: Mesner Development Co

Russell, KS 6 Single Family units - KEF III, L.P. MM: Northwest Housing, Inc. D: Northwest Housing, Inc.

AMO Housing I, L.P.

Topeka, KS 11 Multifamily units - KEF III, L.P. GP: Midwest Housing Assistance Corp. D: Nekan Development, LLC

Cornerstone Apartments, L.P. Topeka, KS 20 Multifamily units - KF VII, L.P. GP: Cornerstone of Topeka, Inc. D: Excel Development Group/ R&J Investment Group, LLC

Echo Ridge, LLC

Topeka, KS 64 Multifamily units - KF VIII, L.P. MM: Topeka Housing Authority D: Mesner Development Co.

Glenn Oaks City Centre, L.P. Topeka, KS 36 Multifamily units - KEF III, L.P. GP: Herman & Kittle D: Cunningham Management Group

Heritage Hawthorne Partners, LLC

Paradise Plaza I, LLC

Ivory Street Apartments, LLC

CenterView Place, LLC

Paradise Plaza II, LLC

Smith Center, KS 10 Multifamily units - KEF IV, L.P. MM: Northwest Kansas Housing, Inc. D: Mesner Development Co

Topeka, KS 64 Multifamily units - KEF IV, L.P. MM: Herman & Kittle D: LATH, LLC

Creekside Partners, LLC

Heritage Townhomes of Smith Center, LLC

Pioneer Adams II, L.P.

Friendship Place I, L.L.C.

T Town Homes, L.P.

South Hutchinson, KS 20 Senior units - KEF IV, L.P. MM: Mennonite Friendship Manor, Inc. D: Manske & Associates, LLC

Topeka, KS 14 Senior units - KEF II, L.P. GP: Topeka Homes for Seniors, LLC D: Topeka Homes for Seniors, LLC

Riverview Senior Developers, LP

Tennesse Town II, LLC

Ark River North, LLC

Troy Housing Investors, L.P.

Heritage Estates, LLC

Neodesha, KS 12 Multifamily units - KF X, L.P. MM: Heritage Estates Development, LLC D: Vintage Construction, L.L.C.

Oakley, KS 8 Multifamily units - KEF III, L.P. MM: Northwest Kansas Housing, Inc. D: Northwest Kansas Housing, Inc. / Mesner Development Co.

Olathe, KS 144 Senior units - KEF V, L.P. MM: Creekside Managers, LLC D: Overland Property Group

Eastside Townhomes, L.L.C. Oswego, KS 8 Senior units - KEF II, L.P. MM: CLASS, LTD. D: Manske & Associates, LLC

Paola Seniors, L.P.

Paola, KS 30 Senior units - KF X, L.P. GP: H.G.P., LLC D: Dean Development, LLC

Crown Homes of Parsons, LLC Parsons, KS 12 Single Family units - KEF IV, L.P. MM: Housing Authority of Parsons D: Manske & Associates, LLC

Salina, KS 32 Multifamily units - KF IX, L.P. MM: HH Managers, LLC D: Overland Property Group

Smith Center, KS 8 Senior units - KF IX, L.P. MM: City of Smith Center D: Manske & Associates, LLC

South Hutchinson, KS 36 Senior units - KF X, L.P. GP: RSRGP, LLC D: RVSR, LLC

Sterling, KS 12 Senior units - MHEG 40, L.P. MM: Housing Opportunities, Inc. D: Mesner Development Co

Topeka, KS 70 Multifamily units - KEF III, L.P. MM: Herman & Kittle D: LATH, LLC

Topeka, KS 49 Multifamily units - KF VII, L.P. GP: Pioneer Adams II, L.P. D: Pioneer Group, Inc.

Topeka, KS 16 Senior units - KF VIII, L.P. MM: Topeka Housing Authority D: Mesner Development Co

Troy, KS 14 Senior units - KEF II, L.P. GP: J.R.E., LLC D: J.R.E., LLC

Portfolio Guide l 13

Kansas

10th St. Apartments, LLC

Wichita, KS 10 Special Needs units - KF VII, L.P. MM: KETCH D: Vintage Construction, LLC

French Quarter, LLC

Wichita, KS 34 Multifamily units - KF IX, L.P. MM: Mennonite Housing D: Mennonite Housing

Kouri Place, LLC

Wichita, KS 15 Special Needs units - KEF III, L.P. MM: Starkey, Inc. D: Starkey, Inc.

Market Street Lofts, LP Wichita, KS 49 Senior units - KF VIII, L.P. GP: Market Street GP, LLC D: Foutch Brothers, LLC

Richmond Place, LLC

Wichita, KS 20 Special Needs units - KEF IV, L.P. & KEF V, L.P. MM: KETCH D: Vintage Construction, LLC/KETCH

MDI Limited Partnership #104 Winfield, KS 12 Multifamily units - KEF V, L.P. GP: Mundinger Hall II GP, LLC D: MetroPlains, LLC

14 l

Missouri Atchison

Worth Nodaway Gentry

Mercer

Schuyler

Putnam

Harrison

Adair

Sullivan

Holt Daviess

Dekalb

Linn

Macon

Livingston Buchanan Platte

Clinton

Clark

Knox

Grundy Andrew

Scotland

Lewis

Shelby

Marion

Callyn Heights, LP

Caldwell

Clay

Jackson

Chariton

Monroe

Randolph

Carroll

Ray

Pike Audrain

Howard

Saline

Lafayette

Boone

Johnson

Callaway

St, Charles

St. Louis City St. Louis

Moniteau Cole Morgan

Henry Bates

Benton

Gasconade

Cedar

Pulaski Dallas

Polk

Webster

Phelps

Wright

Iron

Shannon

Christian Barry

Stone

Taney

Douglas Ozark

Bollinger

Carter

Oregon

Cape Girardeau

Wayne

Howell 30

Perry

Madison

Reynolds

Texas

Ripley

West Plains, MO 30 Single Family units - MHEG 40, L.P. GP: Webster Groves Management, LLC D: Housing Plus, LLC

Ste. Genevieve

St. Francois

Lawrence

Newton

Webster Groves, LP

Crawford Washington

Dent

Laclede

Dade Greene

Franklin

Maries

Camden Hickory

Vernon

Osage

Jefferson

Miller

St. Clair

McDonald

Warren

Pettis

Cass

Jasper

Lincoln

Montgomery

Cooper

Barton

Kirksville, MO 25 Special Needs units - MHEG 40, L.P. GP: Preferred Family Healthcare, Inc. D: Preferred Family Healthcare, Inc.

Ralls

Scott Mississippi

Stoddard Butler New Madrid Pemiscot Dunklin

100%

50% Development Type 50% Multifamily Senior Single Family Special Needs/ Transitional

1 Development Status 2,058

100% Development Location

MISSOURI Developments

Housing Units

Counties

Cities

100%

Construction Type

Development Size

1 1 Operational In Lease-Up Construction

Rural Urban Suburban

New Rehab Historic Rehab

0-12 13-24 25+

Portfolio Guide l 15

Nebraska

Boyd

Keya Paha Dawes

Knox Cherry

Sheridan

Sioux

Brown

Box Butte

Rock

Dixon

Grant

Hooker

Arthur

Mc Pherson

Thomas

Loup

Blaine

Garfield

Banner

Garden

Logan

Wheeler

Valley

Greeley

Deuel

Sherman

Howard

Perkins

Dawson 27

Chase

Hayes

Frontier

Buffalo

Gosper

Hitchcock

Merrick

Phelps

Kearney

Red Willow

Furnas

Harlan 6

Franklin

Hall 25

166

Dundy

Platte

Colfax 8

Lincoln

Hamilton 10

Adams 32

Webster

Polk York 22

Clay

Fillmore

Nuckolls

Thayer

Dodge 72

Saunders

Butler

Burt

Nance

Keith

Cheyenne

Boone

Custer Kimball

Madison Stanton Cuming

Morrill

Thurston

Dakota 36

Wayne

Pierce

Antelope

Scotts Bluff

Cedar

Holt

Washington

Douglas 821 646 353 320

Sarpy

Seward Lancaster 32

Saline 16

105

138

Cass

Otoe

Johnson Nemaha

Gage Jefferson

200

Pawnee 4

Richardson 16

NEBRASKA Developments

168

Housing Units

4,090

Counties

Cities

79%

54%

86%

33%

34% Development Type

24%

Multifamily Senior Single Family Special Needs/ Transitional 16 l

29% Development Status 15%

1% 9%

Operational In Lease-Up Construction Disposed

Development Location 1% 45% Rural Urban Suburban

Construction Type 6% 8% New Rehab Historic Rehab

42%

Development Size 29% 0-12 13-24 25+

Nebraska

Albion Manor, L.L.C.

Beatrice Sunset II, LLC

Albion, NE 8 Senior units - EFN IX, L.P. MM: Albion Development Company D: Excel Development Group/Mesner Development Co.

Beatrice, NE 17 Single Family units - EFN VIII, L.P. MM: Dan Kubr D: Dan Kubr

Plainview, LTD.

Blue Terrace Crown, LTD.

Dawson Estates, L.P.

Beatrice, NE 16 Single Family units - EFN IX, L.P. GP: Blue Valley Community Action, Inc. D: Blue Valley Community Action, Inc.

Cozad, Gothenburg & Lexington, NE 15 Single Family units - NF XIII, L.P. GP: Dana Point Development Corporation D: Dana Point Development Corporation

Rosewood Estates, LLC

Crestland, LTD.

East Meadows, LTD.

Beatrice, NE 16 Multifamily units - NAHF 1997, L.P. GP: Blue Valley Community Action, Inc. D: Blue Valley Community Action, Inc.

Crete, NE 8 Multifamily units - NAHF 1994, L.P. GP: Blue Valley Community Action, Inc. D: Blue Valley Community Action, Inc.

Parents of All Ages, L.P.

Goldenrod Village, LLC

Alda, NE 8 Multifamily units - NAHF 1997, L.P. GP: Central NE Community Services D: Central NE Community Services

Alliance, NE 18 Senior units - EFN XII, L.P. MM: Housing Authority of the City of Alliance D: Excel Development Group

Clove Hill Estates, L.P.

Ashland, NE 8 Single Family units - NF XV, L.P. GP: Dana Point Development Corp. D: Dana Point Development Corp.

Jackson Meadows, L.P.

Columbus, NE 22 Senior units - NF XVI, L.P. GP: Dana Point Development Corporation D: Dana Point Development Corporation

Beatrice, NE 10 Multifamily units - EFN IX, L.P. GP: SCC Housing Corporation D: Southeast Community College Educational Foundation

Crete, NE 24 Senior units - EFN XI, L.P. MM: Crown Pointe Properties, LLC D: Crown Pointe Properties, LLC

Sunset Crown I Limited Partnership

West Meadows, LTD.

Southgate Apartments Bellevue, LP

Wilderness Falls, LLC

Red Bud Crown, LLC

Courthouse Villa, L.L.C.

Bridgeport, NE 6 Special Needs units - EFN X, L.P. MM: Bridgeport Housing Authority D: Bridgeport Housing Authority

Somers Point, L.L.C.

Auburn & Pawnee City, NE 8 Single Family units - EFN XII, L.P. MM: Crown Pointe Properties, LLC D: Crown Pointe Properties, LLC

Terrace Heights Village II, L.L.C.

Park View Plaza Congregate Limited Partnership

Somers Point Apartments II, L.L.C.

Apple River Crown, LLC

Auburn & Nebraska City, NE 15 Single Family units - EFN XI, L.P. MM: Crown Pointe Properties, LLC/ SE Nebraska Affordable Housing Council, Inc. D: Crown Pointe Properties, LLC

Auburn Housing Partners L.P. Auburn, NE 16 Multifamily units - EFN VII, L.P. GP: Auburn Housing Corporation D: Garrison Development Company

Auburn, NE 16 Senior units - EFN XI, L.P. MM: Midwest Housing Initiatives, Inc. D: Excel Development Group

Cottage Park, LP

Aurora, NE 14 Senior units - MHEG 40, L.P. GP: Dana Point Development Corporation D: Dana Point Development Corporation

Robin Estates, L.L.C.

Aurora, NE 10 Single Family units - NF XIV, L.P. MM: Dana Point Development Corporation D: Dana Point Development Corporation

Beatrice, NE 17 Single Family units - EFN VII, L.P. GP: Blue Valley Community Action, Inc. D: Kubr Construction

Bellevue, NE 200 Multifamily units - NF XVII, L.P. GP: Southgate Apartments GP, LLC D: Seldin Affordable Housing Program, LLC

Burwell, NE 9 Senior units - EFN VIII, L.P. GP: Burwell Housing Development Corporation D: Burwell Housing Development Corporation

Crete, NE 8 Multifamily units - NAHF 1995, L.P. GP: Blue Valley Community Action, Inc. D: Blue Valley Community Action, Inc.

Falls City, NE 16 Senior units - NF XVI, L.P. MM: Midwest Housing Initiatives, Inc. D: Excel Development Group

Fremont, NE 32 Senior units - EFN VII, L.P. MM: Fremont Housing Authority D: Excel Development Group

Fremont, NE 32 Senior units - EFN IX, L.P. MM: Fremont Housing Authority D: Excel Development Group

Bader North Apartments Limited Partnership

Prairie Woods Crown LTD.

Central City, NE 16 Senior units - EFN VII, L.P. GP: Central City Housing Authority D: Mesner Development Co.

Geneva & York, NE 15 Single Family units - EFN VII, L.P. & EFN VIII, L.P. GP: Blue Valley Community Action, Inc. D: Blue Valley Community Action, Inc.

Southeast Villa, LLC

Barrier Free Homes, L.L.C.

Central City, NE 12 Senior units - EFN XII, L.P. MM: Housing Agency of Central City D: Mesner Development Co.

Gering, NE 7 Special Needs units - EFN VIII, L.P. MM: Scottsbluff Housing Authority D: Scottsbluff Housing Authority

Portfolio Guide l 17

Nebraska

Monument View Villa, L.L.C.

Heather Estates, LP

Woodland Park Townhomes II, LLC

Sibley Apartments, LTD.

Grant Housing I, Limited Partnership

L & S Housing, L.P.

GI Venture, L.P.

Gretna Crown, L.L.C.

Legend Oaks, LLC

Ridgewood Crown, LLC

Meadows Associates, LLC

Legend Oaks II, LLC

Stonewood Townhomes, LLC

Southwood Crown L.P.

Lexington Estates, L.P.

Stonewood Townhomes Phase II, LLC

Southwood Estates, LLC

Affordable Housing West L.P.

Westridge Crown, LLC

Trailview LTD.

Charles Senior Housing, Ltd.

Valacia North Villa, L.L.C.

Gering, NE 6 Special Needs units - EFN X, L.P. MM: Scottsbluff Housing Authority D: Scottsbluff Housing Authority

Gering Valley Estates, L.L.C.

Gering, NE 28 Senior units - NF XIV, L.P. & NF XV, L.P. MM: Scottsbluff Housing Authority D: Scottsbluff Housing Authority

Grand Island, NE 56 Multifamily units - EFN X, L.P. GP: GI Venture, L.P. D: Seldin Company

Grand Island, NE 13 Single Family units - NF XV, L.P. MM: Housing Plus, LLC D: Mesner Development Co.

Grand Island, NE 24 Senior units - NF XVI, L.P. MM: Housing Plus, LLC D: Mesner Development Co.

Grand Island, NE 30 Senior units - NF XVII, L.P. MM: Housing Plus, LLC/Housing Development Corporation D: Mesner Development Co.

Grand Island, NE 12 Single Family units - NF XV, L.P. MM: Housing Plus, LLC D: Mesner Development Co.

Grand Island, NE 28 Senior units - EFN XII, L.P. MM: Midwest Housing Initiative, Inc. D: Excel Development Group

Grand Island, NE 26 Senior units - NF XIII, L.P. MM: Midwest Housing Initiative, Inc. D: Excel Development Group

Grant, NE 6 Multifamily units - EFN VII, L.P. GP: Southwest Nebraska Betterment Community Corp D: Southwest Nebraska Betterment Community Corp

Gretna, NE 15 Single Family units - EFN XII, L.P. MM: Foundations Development, L.L.C./ Douglas County Housing Authority D: Foundations Development, L.L.C.

Hastings, NE 16 Multifamily units - EFN VIII, L.P. MM: North Star Development D: Arbor Development Group

Hastings, NE 11 Single Family units - EFN IX, L.P. GP: Hastings Adams County Housing Development Corp. D: Hastings Adams County Housing Development Corp.

Hastings, NE 32 Senior units - NF XVI, L.P. MM: Mesner Development Co D: Mesner Development Co

Imperial, NE 10 Single Family units - MHEG 40, L.P. GP: Dana Point Development Corporation D: Dana Point Development Corporation

Kearney, NE 16 Multifamily units - NAHF 1995, L.P. GP: Mid Nebraska Community Services D: Mid Nebraska Community Services

Leigh & Snyder, NE 16 Senior units - EFN VI, L.P. GP: L&S Housing Corporation D: L&S Housing Corporation

Lexington, NE 21 Senior units - NF XIV, L.P. MM: Housing Authority of Lexington D: Mesner Development Co.

Lexington, NE 18 Senior units - MHEG 40, L.P. MM: Housing Authority of Lexington D: Mesner Development Co

Lexington, NE 12 Single Family units - NF XV, L.P. GP: Dana Point Development Corporation D: Dana Point Development Corporation

Lincoln, NE 30 Multifamily units - NAHF 1993, L.P. GP: Indian Center, Inc. D: Indian Center, Inc.

Hebron, NE 8 Multifamily units - NAHF 1996, L.P. GP: Blue Valley Community Action, Inc. D: Blue Valley Community Action, Inc.

Lincoln, NE 47 Senior units - NAHF 1993, L.P. GP: Charles Trust, Inc. D: Charles Trust, Inc.

Windridge Townhomes, LLC

Sunrise East, LLC

City Impact Homes, LLC

Windridge Townhomes II, LLC

Sunrise Lane, LLC

Curtis Center Housing, L.P.

Grand Island, NE 40 Senior units - EFN XII, L.P. MM: Housing Plus, LLC D: Mesner Development Co.

Grand Island, NE 18 Senior units - NF XIII, L.P. MM: Housing Plus, LLC D: Mesner Development Co.

18 l

Woodland Park Townhomes, LLC

Gering, NE 10 Special Needs units - NF XVI, L.P. MM: Scottsbluff Housing Authority D: Scottsbluff Housing Authority

Holdrege, NE 16 Senior units - EFN XII, L.P. MM: Housing Authority of the City of Holdrege D: Mesner Development Co.

Holdrege, NE 18 Senior units - NF XV, L.P. MM: Housing Authority of the City of Holdrege D: Mesner Development Co.

Lincoln, NE 14 Multifamily units - NF XVII, L.P. MM: Excel Development Group/ City Impact, Inc. D: Excel Development Group

Lincoln, NE 60 Transitional units - EFN XII, L.P. GP: PCM Housing Corporation D: Peopleâ&#x20AC;&#x2122;s City Mission Home

Nebraska LAP Jonna Court Limited Partnership

Oak Ridge Apartments, L.P.

Lincoln-ARC Housing, L.P.

1001 N. 29th Street Limited Partnership

710 South 20th Street LLC

1234 South 13th Street LLC

Bethphage Residential Services Limited Partnership

Lincoln, NE 8 Multifamily units - EFN VII, L.P. GP: Lincoln Action Program Housing Development Corporation D: LJJ, Inc.

Lincoln, NE 6 Multifamily units - NAHF 1997, L.P. GP: The Arc of Lincoln/Lancaster County D: The Arc of Lincoln/Lancaster County

LLSCF Housing, LTD.

Lincoln, NE 58 Senior units - NAHF 1993, L.P. GP: LLSCF Housing D: Lincoln/Lancaster Senior Centers

Ogallala, NE 16 Multifamily units - EFN IX, L.P. GP: Keith County Housing Development Corp. D: Excel Development Group

Omaha, NE 12 Multifamily units - NAHF 1994, L.P. GP: THI, Inc. D: THI, Inc.

Omaha, NE 12 Multifamily units - EFN VII, L.P. MM: Housing in Omaha, Inc. D: NuStyle Development Corp.

5217 South 28th Street Limited Liability Company Omaha, NE 18 Transitional units - EFN XI, L.P. MM: Stephen Center, Inc. D: J. Development Company

Omaha, NE 138 Multifamily units - EFN IX, L.P. GP: Family Housing Advisory Services, Inc. MM: 710 S. 20th Street Management Member, LLC D: NuStyle Development Corp.

Omaha, NE 16 Special Needs units - NAHF 1996, L.P. & NAHF 1997, L.P. GP: Bethphage Residential Services D: Excel Development Group

New Heights Limited Partnership

1613 Farnam Street LLC

Caldwell Limited Partnership

Progress for the People L.L.C.

26th Street Limited Partnership

Central Park Towers Apts., L.P.

Omaha, NE 19 Multifamily units - NAHF 1996, L.P. GP: Omaha Economic Development Corp D: Omaha Economic Development Corp

Omaha, NE 64 Senior units - EFN VI, L.P. GP: The MMMBC Development Corp/ Central Park Tower Apartments Management D: The MMMBC Development Corp/ Central Park Tower Apts Management

2716 South 24th Street Limited Partnership

Crown VII Limited Partnership

Dixie Gardens, L.P.

2723 Q Street, LLC

Cypress Pointe, LLC

Luke Estates, L.P.

3525 Evans Street Limited Liability Company

Fair Deal, L.P.

3628 S. 24th Street Limited Partnership

Fontenelle Cottages Limited Partnership

4302 South 39th Avenue Limited Partnership

Fullwood Square Apartments Limited Partnership

Lincoln, NE 28 Multifamily units - NAHF 1995, L.P. GP: The Arter Group D: Lincoln Medical Education Foundation

Lincoln, NE 28 Multifamily units - NAHF 1996, L.P. MM: Diocesan Housing Ministries, Inc. D: Diocesan Housing Ministries, Inc.

Royal Oak Estates, L.L.C.

Norfolk, NE 14 Single Family units - EFN XII, L.P. MM: Foundations Development, L.L.C. D: Foundations Development, L.L.C.

North Platte, NE 16 Senior units - NF XV, L.P. GP: Dana Point Development Corporation D: Dana Point Development Corporation

North Platte, NE 10 Single Family units - NF XVI, L.P. GP: Dana Point Development Corporation D: Dana Point Development Corporation

West Park Townhomes, L.L.C. North Platte, NE 54 Multifamily units - EFN X, L.P. MM: Midwest Housing Initiative, Inc. D: Excel Development Group

Great West Townhomes, L.L.C.

Ogallala, NE 16 Multifamily units - EFN XI, L.P. MM: Keith County Housing Development Corp. D: Excel Development Group

Omaha, NE 30 Multifamily units - EFN VII, L.P. MM: Housing in Omaha, Inc. D: NuStyle Development Corp.

Omaha, NE 19 Multifamily units - EFN VI, L.P. GP: THI, Inc./South Omaha Affordable Housing Corporation D: NuStyle Development Corp.

Omaha, NE 62 Special Needs units - MHEG 40, L.P. MM: Stephen Center, Inc. D: J Development Company

Omaha, NE 19 Special Needs units - EFN IX, L.P. MM: New Creation D: NuStyle Development Corp.

Omaha, NE 8 Multifamily units - NAHF 1994, L.P. GP: THI, Inc. D: THI, Inc.

Omaha, NE 21 Multifamily units - EFN VI, L.P. GP: THI, Inc./South Omaha Affordable Housing Corporation D: NuStyle Development Corp.

Omaha, NE 19 Multifamily units - NAHF 1995, L.P. GP: Omaha Economic Development Corp D: Omaha Economic Development Corp

Omaha, NE 24 Single Family units - NF XIV, L.P. GP: Holy Name Properties, Inc. D: Holy Name Housing Corporation

Omaha, NE 24 Senior units - NF XVI, L.P. MM: Midwest Housing Initiative, Inc. D: Excel Development Group

Omaha, NE 40 Senior units - NF XVII, L.P. GP: Fair Deal Development, L.L.C. D: Omaha Economic Development Corp.

Omaha, NE 12 Senior units - NF XIII, L.P. GP: Holy Name Properties, Inc. D: Holy Name Housing Corporation

Omaha, NE 22 Multifamily units - EFN IX, L.P. GP: Fullwood Square Corporation D: Fullwood Square Corporation

Portfolio Guide l 19

Nebraska

GTMC, L.L.C.

Keystone Crown I, L.P.

Milton Limited Partnership

Greenview Estates, LLC

Kingâ&#x20AC;&#x2122;s Heritage Estates I, LLC

Mosaic Residential Services, LLC

Omaha, NE 96 Multifamily units - NF XVI, L.P. MM: Help the Homeless, Inc. D: J. Development Company

Omaha, NE 14 Single Family units - EFN XII, L.P. MM: Greater St. Paul Ministries, Inc. D: Excel Development Group

Omaha, NE 27 Single Family units - EFN IX, L.P. MM: North Star Development, LLC D: North Star Development, LLC

Omaha, NE 15 Multifamily units - NAHF 1995, L.P. GP: THI, Inc./Holy Name Housing Corporation D: THI, Inc./Holy Name Housing Corporation

Omaha, Grand Island & Norfolk NE 24 Special Needs units - NF XV, L.P. MM: Mosaic Housing Corp. V, Inc. D: Mosaic

Hartman Limited Partnership

Kingâ&#x20AC;&#x2122;s Heritage Estates II, L.L.C.

NCTHP, Limited Partnership

Help the Homeless of the Metro Limited Liability Company

Kountze Park Crown Limited Partnership

North Omaha Affordable Homes, LP

Immanuel Elderly Housing I, Limited Partnership

Kountze Park Crown II Limited Partnership

North Omaha Crown V Limited Partnership

James Tinsley Villas, L.L.C.

Kountze Park Crown III Limited Partnership

N.O. Crown VI, Limited Partnership

Kellom East Limited Partnership

Leo Vaughan Manor Limited Partnership

North Omaha Senior Cottages Limited Partnership

Kellom Gardens Limited Partnership

Livestock Commons, LLC

North Omaha Senior Cottages Limited Partnership Phase II

Kellom North Limited Partnership

Livestock Exchange Building Limited Liability Company

Omaha Crown Limited Partnership

Kellom Villa Limited Partnership

Millard Senior Housing, L.L.C.

Omaha Crown Limited Partnership II

Omaha, NE 36 Multifamily units - NAHF 1993, L.P. & NAHF 1994, L.P. GP: Omaha Economic Development Corp. D: Omaha Economic Development Corp.

Omaha, NE 82 Special Needs units - EFN XII, L.P. & NF XIII, L.P. MM: Help the Homeless, Inc. D: J. Development Company

Omaha, NE 50 Senior units - EFN IX, L.P. GP: Immanuel Health Systems D: LJJ Inc.

Omaha, NE 28 Senior units - EFN XI, L.P. & EFN XII, L.P. MM: Fort Street Church of Christ/Excel Health Services, Inc. D: Excel Development Group

Omaha, NE 8 Multifamily units - EFN VI, L.P. GP: Omaha Economic Development Corp./ Kellom Plaza Development Corp. D: Omaha Economic Development Corp.

Omaha, NE 20 Senior units - EFN VIII, L.P. GP: Omaha Economic Development Corp. D: Omaha Economic Development Corp.

Omaha, NE 20 Multifamily units - EFN VI, L.P. & EFN VII, L.P. GP: Omaha Economic Development Corp. D: Omaha Economic Development Corp.

Omaha, NE 15 Multifamily units - EFN IX, L.P. GP: Kellom Villas Development Corporation D: Kellom Villas Development Corporation

20 l

Omaha, NE 37 Single Family units - EFN XI, L.P. GP: Housing in Omaha, Inc. D: Housing in Omaha, Inc.

Omaha, NE 15 Single Family units - EFN X, L.P. MM: North Star Development, LLC D: North Star Development, LLC

Omaha, NE 16 Single Family units - EFN VI, L.P. GP: Holy Name Properties, Inc. D: Holy Name Housing Corporation

Omaha, NE 16 Single Family units - EFN VIII, L.P. GP: Holy Name Properties, Inc. D: Holy Name Housing Corporation

Omaha, NE 37 Senior units - EFN X, L.P. GP: Holy Name Properties, Inc. D: Holy Name Housing Corporation

Omaha, NE 32 Senior units - NF XV, L.P. MM:OneWorld Community Builders, LLC D: J. Development Company

Omaha, NE 102 Multifamily units - EFN X, L.P. MM: Livestock Exchange Building Managing Member LLC D: NuStyle Development Corporation

Omaha, NE 42 Senior units - NF XV, L.P. MM: Foundations Development, L.L.C. D: Foundations Development, L.L.C.

Omaha, NE 28 Transitional units - NAHF 1997, L.P. GP: Midwest Housing Assistance Corporation D: New Creations, Inc.

Omaha, NE 24 Single family units - EFN XI, L.P. GP: Housing in Omaha, Inc. D: Excel Development Group

Omaha, NE 24 Single family units - EFN XI, L.P. GP: Holy Name Properties, Inc. D: Holy Name Housing Corporation

Omaha, NE 12 Single family units - NF XIII, L.P. GP: Holy Name Properties, Inc. D: Holy Name Housing Corporation

Omaha, NE 24 Senior family units - NF XVI, L.P. GP: Holy Name Properties, Inc. D: Holy Name Housing Corporation

Omaha, NE 20 Senior family units - NF XVII, L.P. GP: Holy Name Properties, Inc. D: Holy Name Housing Corporation

Omaha, NE 16 Single Family units - NAHF 1996, L.P. GP: Housing in Omaha, Inc. D: THI, Inc.

Omaha, NE 12 Single Family units - EFN VI, L.P. GP: Housing in Omaha, Inc. D: NuStyle Development

Nebraska Saratoga Crown IV Limited Partnership

Village Crown Limited Partnership

Cirrus South Bend, L.P.

Rebuilding Lives, L.L.C.

Village Place I Limited Partnership

Crown West Limited Partnership

Ville De Sante II Limited Partnership

Elmwood Village Limited Partnership

Omaha, NE 12 Single Family units - EFN X, L.P. GP: Holy Name Properties, Inc. D: Holy Name Housing Corporation

Omaha, NE 41 Multifamily units - NF XIV, L.P. & NF XV, L.P. MM: Help the Homeless, Inc. D: J. Development Company

Securities Building Limited Partnership

Omaha, NE 35 Multifamily units - NAHF 1996, L.P. GP: Housing in Omaha, Inc. D: THI, Inc.

Shannon Heights, LLC

Omaha, NE 28 Senior units - NF XV, L.P. MM: Greater St. Paul Ministries, Inc. D: Excel Development Group/Greater St. Paul Ministries, Inc.

Omaha, NE 28 Single Family units - NF XV, L.P. GP: Holy Name Properties, Inc. D: Holy Name Housing Corporation

Omaha, NE 50 Senior units - EFN XI, L.P. GP: Village Place Corporation D: New Community Development Corp.

Omaha, NE 36 Multifamily units - EFN XI, L.P. GP: Ville De Sante II Development, L.L.C. D: Ville De Sante II Development, L.L.C.

Ville De Sante III, L.P.

Omaha, NE 28 Senior units - NF XIII, L.P. GP: Ville De Sante III Development, L.L.C. D: Ville De Sante III Development, L.L.C.

Scottsbluff, NE 11 Special Needs units - NF XVI, L.P. GP: Cirrus House, Inc. D: Cirrus House, Inc.

Scottsbluff, NE 15 Single Family units - EFN VI, L.P. GP: Scottsbluff Housing Authority D: Scottsbluff Housing Authority

Scottsbluff, NE 30 Multifamily units - NAHF 1994, L.P. GP: Scottsbluff Housing Authority D: Scottsbluff Housing Authority

West Wing Apartments Limited Partnership

Scottsbluff, NE 8 Special Needs units - EFN XI, L.P. GP: Cirrus House, Inc. D: Cirrus House, Inc.

Sixteenth Street Limited Partnership

Woodgate Townhomes Limited Partnership

The Village at Heartland Park L.L.C.

St. James Manor Limited Partnership

Country Clover Crown, LLC

Omaha, NE 60 Multifamily units - EFN VII, L.P. GP: St. James Manor, Inc. D: Catholic Charities

Oâ&#x20AC;&#x2122;Neill, NE 11 Single Family units - EFN XII, L.P. MM: Central Nebraska Economic Development, Inc. D: Excel Development Group

Village at Heartland Park II, LLC

Strehlow Housing Partners, L.P.

Valley View Townhomes L.P.

Omaha, NE 16 Multifamily units - NF XV, L.P. GP: Sixteenth Street Development, LLC D: Omaha Economic Development Corp.

Omaha, NE 70 Multifamily units - EFN X, L.P. & EFN XI, L.P. GP: Housing in Omaha, Inc. D: Housing in Omaha, Inc.

Omaha, NE 20 Special Needs units - EFN VIII, L.P. GP: Douglas County Housing Authority D: Douglas County Housing Authority

Orleans, NE 6 Multifamily units - EFN VII, L.P. GP: Housing Authority of the Village of Orleans D: Excel Development Group

The Nathan Limited Partnership

Osceola/Shelby Housing I, L.P.

Omaha, NE 13 Multifamily units - EFN XI, L.P. GP: The Nathan Development, LLC D: The Nathan Development, LLC

Osceola & Shelby, NE 12 Multifamily units - EFN VII, L.P. GP: Shelby Betterment Corporation/ Osceola Housing Authority D: LJJ, Inc./Morris Reynolds

THR Ten Limited Partnership

Ralston House Associates, LLC

Villa De Sante I Limited Partnership

Cirrus House Apartments Limited Partnership

Omaha, NE 6 Multifamily units - NAHF 1993, L.P. GP: Housing in Omaha, Inc. D: NuStyle Development

Omaha, NE 36 Senior units - EFN X, L.P. GP: Villa De Sante I Development Company, LLC D: Villa De Sante I Development Company, LLC

Ralston, NE 97 Senior units - EFN IX, L.P. & EFN X, L.P. MM: Seldin Company D: Heritage Affordable Housing

Scottsbluff, NE 29 Special Needs units - EFN IX, L.P. GP: Cirrus House Apartments, Inc. D: Cirrus House, Inc.

Seward, NE 16 Senior units - EFN IX, L.P. MM: Seward County Housing Corporation/ Excel Health Services, Inc. D: Excel Development Group

Seward, NE 16 Senior units - NF XV, L.P. MM: Seward County Housing Corporation / Excel Development Group D: Excel Development Group

The Villas at Crystal Court, L.L.C. South Sioux City, NE 12 Senior units - EFN VIII, L.P. MM: Excel Development Group D: Excel Development Group

The Villas at Crystal Court II, L.L.C. South Sioux City, NE 24 Senior units - EFN IX, L.P. MM: Midwest Housing Initiative, Inc. D: Excel Development Group

St. Paul Cottages, LLC

St. Paul, NE 12 Senior units - NF XVI, L.P. MM: Housing Authority of the City of St. Paul D: Mesner Development Co

Sutton Horseshoe Bend Villas, LLC

Sutton, NE 10 Senior units - EFN XI, L.P. MM: Sutton Housing Authority D: Mesner Development Company

Portfolio Guide l 21

Nebraska

Hillside Crown, LLC

Syracuse & Tecumseh, NE 12 Single Family units - EFN X, L.P. MM: Crown Pointe Properties, LLC D: Vantage Pointe Homes

Wayne, NE 16 Multifamily units - EFN VI, L.P. GP: Wayne Housing Community Development Corp. D: Wayne Housing Community Development Corp.

East Meadows Senior Apartments Limited Partnership

Pine Estates, L.L.C.

Tilden Housing I, Limited Partnership

Little Priest Apartments, LLC

Tekamah, NE 12 Senior units - EFN VI, L.P. GP: Three Rivers Housing Development Corp. D: Burt/Washington County Housing

Tilden, NE 8 Senior units - EFN VII, L.P. GP: Tilden Housing Development Corp. D: Tilden Housing Development Corp.

West Point, NE 8 Senior units - EFN VIII, L.P. MM: Northeast Housing Initiative, Inc. D: Excel Development Group

Winnebago, NE 20 Multifamily units - EFN XII, L.P. MM: Ho-Chunck Community Development Corp. D: Excel Development Group

Platte Valley Apartments Limited Partnership

Thunder Way Limited Partnership

Valley, NE 48 Multifamily units - NAHF 1997, L.P. GP: Community Housing & Service Corporation D: NuStyle Development Corporation

Winnebago, NE 12 Single Family units - EFN X, L.P. GP: Winnebago Housing & Development Commission D: Winnebago Housing & Development Commission

Valley Crown, L.L.C.

Pine Grove, LTD.

Valley, NE 12 Single Family units - EFN XII, L.P. MM: Foundations Development, L.L.C./ Douglas County Housing Authority D: Foundations Development, L.L.C.

Wymore, NE 8 Multifamily units - NAHF 1995, L.P. GP: Blue Valley Community Action, Inc. D: Blue Valley Community Action, Inc.

LAP Housing Wahoo Limited Partnership

York Place Crown, LTD

River Road Townhomes, LLC

Yorktowne Estates, LLC

Liberty Estates, LLC

Yorktowne Estates II, LLC

Wahoo, NE 16 Multifamily units - EFN IX, L.P. GP: Lincoln Act Program Housing Development Corp. D: Lincoln Act Program Housing Development Corp.

Waterloo, NE 14 Senior units - MHEG 40, L.P. MM: Douglas County Housing Authority/ Community Housing and Service Corp D: Mesner Development Co

Waverly, NE 24 Multifamily units - NF XIV, L.P. MM: Midwest Housing Initiative, Inc. D: Excel Development Group

Reese Estates, L.P.

Waverly, NE 15 Single Family units - NF XV, L.P. GP: Dana Point Development Corporation D: Dana Point Development Corporation

Cardinal Estates, LLC

Wayne, NE 10 Single Family units - NF XIV, L.P. MM: Foundations Development, L.L.C. D: Foundations Development, L.L.C.

22 l

Meadowview Estates, L.P.

York, NE 12 Single Family units - EFN X, L.P. GP: Blue Valley Community Action, Inc. D: Blue Valley Community Action, Inc.

York, NE 18 Senior units - EFN XII, L.P. MM: Midwest Housing Initiative, Inc. D: Excel Development Group

York, NE 20 Senior units - NF XIV, L.P. MM: Midwest Housing Initiative, Inc. D: Excel Development Group

Oklahoma

Texas

Woods

Harper

Beaver

Grant

Alfalfa

Washington

Cimarron

Kay

Osage 48

Woodward

Major

Ellis Dewey

Blaine

Noble

Garfield

Pawnee

Kingfisher

Roger Mills

Custer

Oklahoma 276

Caddo

Greer Hannon

Kiowa

Cotton Jefferson

Sequoyah

McIntosh

Seminole

Hughes

Haskell

Latimer

Pittsburg 60

Le Flore

Coal Coal

Murray

Pushmataha

Carter 85

Adair

Charokee

Muskogee

Okmulgee

Pontotoc

Garvin

Tillman

McClain

Stephens

Wagoner

Okfuskee

Grady

Comanche

Jackson

Delaware

Cleveland

Mayes

170

Pottawatomie

Washita

Rogers

Creek

Lincoln 52

Beckham

Logan

Canadian

Craig

Tulsa

Payne

Ottawa

Nowata

Atoka

Johnston

Marshall

Love

Bryan 40

McCurtain 70

Choctaw

OKLAHOMA

78%

34% Development Type 34% 32% Multifamily Senior Single Family Special Needs/ Transitional

1 Development Status 2,058 15%

1 1 7%

Operational In Lease-Up Construction

78% Development Location 10%

12%

Rural Urban Suburban

76% Construction Type 24% New Rehab Historic Rehab

Developments

Housing Units

1,490

Counties

Cities

37% Development Size 63% 0-12 13-24 25+

Portfolio Guide l 23

Oklahoma

Ardmore Affordable Housing, LP Ardmore, OK 45 Single Family units - OF III, L.P. GP: B&W Affordable Housing, LLC D: B&W Development, LLC

Chambrooke Homes of Ardmore, LLC

Eufaula, OK 40 Senior units - OEF II, L.P. GP: Millennium Eufaula LLC D: Millennium Eufaula LLC

Legends at Hickory Ridge II, LP

McAlester, OK 28 Multifamily units - OF III, L.P. GP: HRM II GP, Inc. D: Express Development/Desert Ridge Investments, Inc.

Holdenville Oakridge Community II, LP

Autumn Creek Villas, LP

Quail Ridge Homes LLC

Hugo Affordable Housing, LLC

Cottage Park LP1

Smith Farm Estate, LLC

Idabel Pioneer Village, Limited Partnership

Ardmore, OK 40 Single Family units - MHEG 40 L.P. MM: Chambrooke Housing Management, LLC D: LW Development, LLC

Broken Bow, OK 26 Single Family units - OEF I, L.P. MM: Broken Bow Housing Authority D: Excel Development Group

Broken Bow, OK 28 Multifamily units - OF III, L.P. MM: Broken Bow Housing Authority D: Excel Development Group

Holdenville, OK 22 Multifamily units - OF III, L.P. GP: HOC II GP, Inc. D: Express Development / Desert Ridge Investments, Inc.

Hugo, OK 25 Single Family units - OF IV, L.P. MM: Hugo Housing Management, LLC D: Sunview Development, LLC

Idabel, OK 24 Multifamily units - OEF I, L.P. GP: Southridge Apts., Inc. D: Southridge Apts., Inc.

Checotah Village Apartments, Limited Partnership

Stonebrook Estates, LLC

Chickasha Senior, Limited Partnership

Stonebrook Villas, LLC

Checotah, OK 24 Multifamily units - OEF I, L.P. GP: Southridge Apts., Inc. D: Southridge Apts., Inc.

Chickasha, OK 47 Senior units - OEF I, L.P. GP: Chameleon Development Inc. D: Chameleon Development Inc.

Konawa, OK 18 Single Family units - OF III, L.P. MM: CHARMED D: Excel Development Group

Konawa, OK 20 Multifamily units - OF III, L.P. MM: CHARMED D: Excel Development Group

Midwest City, OK 30 Senior units - OF IV, L.P. GP: Arzon Development Company, LLC D: Arzon Housing Corporation

Midwest City, OK 38 Senior units - OEF II, L.P. GP: Carland Group, L.L.C. D: Carland Group, L.L.C

Cottage Park, LP2

Midwest City, OK 42 Senior units - OEF II, L.P. GP: Carland Group, L.L.C. D: Carland Group, L.L.C

Urban League Capitol Square L.P.

Oklahoma City, OK 36 Multifamily units - OEF II, L.P. GP: Urban League Capitol Square LLC D: The Urban League of Greater Oklahoma City, Inc.

Mount Olive, L.P.

Oklahoma City, OK 60 Senior units - OEF II, L.P. GP: Urban League Mt. Olive, L.L.C. D: The Urban League of Greater Oklahoma City, Inc.

Duncan Affordable Housing, LLC

Madill Affordable Housing, LLC

SAIL Associates, LLC

Heritage Park Place, LP

Mannford Senior, Limited Partnership

Westlawn Gardens LP1

Hickory Ridge McAlester, LLC

Apple Ridge Seniors, LP

Duncan, OK 40 Single Family units - OF IV, L.P. MM: Duncan Housing Management, LLC D: LW Development, LLC

Durant, OK 33 Multifamily units - OF III, L.P. GP: Linden Woods Associates, LP D: Express Development, Inc./Desert Ridge Investments

Linden Woods II, LP

Durant, OK 40 Single Family units - OF IV, L.P. GP: LW II GP, INc. D: Express Development, Inc.

Woodson Park Apartments, Limited Partnership El Reno, OK 52 Senior units - OEF II, L.P. GP: Housing Concepts, Inc. D: Housing Concepts, Inc.

24 l

Eufaula Affordable Housing Partners LP

Madill, OK 25 Single Family units - OF IV, L.P. MM: Madill Housing Management, LLC D: LW Development, LLC

Mannford, OK 28 Senior units - OF IV, L.P. GP: Chameleon Development, Inc. D: Chameleon Development, Inc.

McAlester, OK 32 Multifamily units - OEF II, L.P. MM: HRM Investors, LLC D: Express Development/Desert Ridge Investments, Inc.

HRM III, LP

McAlester, OK 38 Single Family units - OF IV, L.P. GP: HRM III GP, Inc. D: Desert Ridge Investments, Inc.

Oklahoma City, OK 213 Multifamily units - OEF I, L.P. MM: Midwest Housing Assistance Corporation D: Havenwood Development, LLC

Oklahoma City, OK 24 Multifamily units - OEF I, L.P. GP: City Care, Inc. D: City Care, Inc.

Pauls Valley, OK 20 Senior units - MHEG 40, L.P. GP: Apple Seniors GP, LLC D: Express Development/Desert Ridge Investments

CHARMED-Perkins Affordable Housing Partners, LLC Perkins, OK 30 Single Family units - OEF I, L.P. MM: CHARMED D: Excel Development Group

Oklahoma CHARMED-Perkins Affordable Housing Partners II, LLC Perkins, OK 30 Single Family units - OEF II, L.P. MM: CHARMED D: Excel Development Group

Wilburton Village, Limited Partnership Wilburton, OK 24 Multifamily units - OEF I, L.P. GP: Southridge Apts., Inc. D: Southridge Apts., Inc.

Parkland Town Homes Affordable Housing Partners, LLC Prague, OK 24 Senior units - OEF I, L.P. MM: CHARMED D: Excel Development Group

Broadway Pointe Apartments, Limited Partnership Seminole, OK 46 Senior units - OEF I, L.P. GP: Housing Concepts, Inc. D: Housing Concepts, Inc.

South Rock Creek Estates, LLC Shawnee, OK 20 Single Family units - OF IV, L.P. MM: Development Enterprises of Central Oklahoma, Inc. D: Excel Dvelopment Group

Skiatook Retirement Community, Limited Partnership Skiatook, OK 48 Senior units - OEF II, L.P. GP: Chameleon Development, Inc. D: Chameleon Development, Inc.

Stilwell Housing Partners II Limited Partnership

Stilwell, OK 24 Single Family units - MHEG 40, L.P. GP: Stilwell GP II, LLC D: Strategic Realty Developers, Inc

Stroud Community Housing, LP Stroud, OK 24 Senior units - OEF I, L.P. GP: Arzon Development Company, LLC D: Arzon Development Company, LLC

Valliant Village Limited Partnership

Valliant, OK 18 Multifamily units - OEF I, L.P. GP: Southridge Apts., Inc. D: Southridge Apts., Inc.

Grand Prairie Apartments, Limited Partnership Watonga, OK 40 Multifamily units - OEF I, L.P. GP: Southridge Apts., Inc. D: Southridge Apts., Inc.

Whispering Meadows, LLC

Wewoka, OK 20 Senior units - OF III, L.P. MM: Midwest Housing Initiatives, Inc. D: Excel Development Group

Portfolio Guide l 25

South Dakota

Campbell

Corson

Harding

McPherson

Roberts

Marhsall

Brown

Perkins

Walworth

Edmunds

Day Grant

Dewey Potter

Faulk

Codington

Spink

Butte Ziebach Meade Lawrence

Pennington

Hand

Hyde

Osceola

Buffalo

Jones

Deuel

Hamlin

Hughes

Stanley

Haakon

Custer

Clark

Sully

Jerauld

Sanborn

Lyman

Jackson

Brule

Aurora

Brookings

Kingsbury

Miner

Moody

Lake

Davison Hanson McCook

Minnehaha

Mellette Fall River

Douglas

Shannon Bennett

Tripp

Todd

Osceola

Hutchinson

Turner

Lincoln

Charles Mix Union

Bon Homme Yankton Clay

SOUTH DAKOTA Jackson Heights Apartments Limited Partnership

Aberdeen, SD 41 Multifamily units - MHEG 40, L.P. GP: The Housing & Redevelopment Commission of Aberdeen D: Development for the Disabled, Inc./AHA

100% Development Type

Multifamily Senior Single Family Special Needs/ Transitional 26 l

Developments

Housing Units

Counties

Cities

100%

Development Status

Development Location

Construction Type

Development Size

Operational In Lease-Up Construction

Rural Urban Suburban

New Rehab Historic Rehab

0-12 13-24 25+

Texas Dallam

Sherman Hansford Ochiltree Lipscomb

Hartley

Moore Hutchinson Roberts Hemphill

Oldham

Potter

Wheeler

OPG Maplewoods Partners, LLC

Randall Armstrong Donley Collingsworth Swisher

Briscoe

Hall

Childress Hardeman Cottle

36 Foard Wilbarger Wichita

Cochran Hockley Lubbock Crosby Dickens

King

Knox

Yoakum

Terry

Gaines Andrews Loving

El Paso Hudspeth

Culberson

Hale

Winkler

Ector

Ward

Crane

Reeves

Lynn

Garza

Dawson Borden Martin

Kent Scurry

Howard Mitchell

Midland Glasscock Sterling Upton

Pecos

Jeff Davis

Floyd

Reagan

Irion

Crockett

Stonewall Haskell Throckmorton

Nolan Coke

Brewster

Val Verde

Jack

Young

Taylor

Wise Parker

Tarrant

Schleicher

Mills Concho

McCulloch

Menard

Mason

Llano

Williamson

Kimble Kerr

Edwards Real Kinney

Uvalde

Maverick

Zavala

Kendall

Van Zandt

Red River Titus

Camp Wood Upshur

Henderson

Smith

Cass Marion

Gregg Harrison Panola

Rusk

Navarro

Hill

Bowie

Robertson Milam Lee

Trinity

Walker Brazos San Grimes Jacinto Burleson

Bastrop

Hays

Madison

Washington Waller Austin

Montgomery

Polk

Tyler Hardin

Liberty

Orange

Caldwell Fayette Harris Chambers Colorado Guadalupe Fort Bend Bexar Gonzales Lavaca Medina Galveston Wharton Wilson Brazoria De Witt Jackson Matagorda Atascosa Frio Karnes Victoria Goliad Calhoun Bee La Salle McMullen Refugion Live Oak Arkansas San Patricio

Bandera

Dimmit

Hopkins Rains

Ellis

Travis

Blanco

Hunt

Rockwall Kaufman

Bell

Burnet

Delta

Anderson Cherokee Shelby Freestone Nacogdoches Limestone McLennan San AugusHouston Leon Falls Angelina tine Sabine

Coryell Lampasas

San Saba

Lamar

Fannin

Collin

Dallas

Erath Somervell

Comanche Bosque Runnels Coleman Brown Hamilton

Tom Green

Grayson

Denton

Hood Johnson

Callahan Eastland

Gillespie

Terrell

Clay Montague Cooke

Archer

Jones Shackleford Stephens Palo Pinto

Fisher

Sutton Presidio

Baylor

Webb

Comal

Duval

Jim Wells

Lamb

Franklin

Motley

Bailey

Hidalgo

Jefferson

TEXAS

Nueces Kleberg

Zapata Jim Hogg Brooks Kenedy Starr

Newton

Castro

Wichita Falls, TX 36 Multifamily units - MHEG 40, L.P. MM: OPG MW Managers, LLC D: Overland Property Group

Jasper

Parmer

Gray

Morris

Deaf Smith

Carson

Willacy

Developments

Housing Units

Counties

Cities

Cameron

100% Development Type

Multifamily Senior Single Family Special Needs/ Transitional

100%

Development Status

Development Location

Construction Type

Development Size

Operational In Lease-Up Construction

Rural Urban Suburban

New Rehab Historic Rehab

0-12 13-24 25+

Portfolio Guide l 27

A Guide to LIHTC

28 2.6 95,000 100

The tax credit program was established 28 years ago.

Over 2.6 million developments financed. Creates over 95,000 jobs annually.

Almost $100 billion in equity capital raised to date.

A Guide to LIHTC

CONTENTS 2 Low Income Housing Tax Credits

The history of the tax credit and how the process works.

4 Proven Track Record

A look at the success of LIHTCs.

6 The Need for Affordable Housing

Read about the growing need for affordable housing in our communities.

7 More than Housing

The LIHTC program and its effects on the economy.

8 Supporting the Credit

Ways that you can help support and preserve the LIHTC program.

Low Income Housing Tax Credits A Brief History Twenty-eight years ago, Congress passed (and the President signed) the Tax Reform Act of 1986. Among many other things, the Act created the Low Income Housing Tax Credit (Housing Credit) program, whose purpose was to spur private investment in affordable housing throughout the country. This program is one of the most successful affordable housing initiatives ever launched by the federal government. The Housing Credit (also referred to as “Section 42” – its IRC code section) provides a dollar-for-dollar credit against a taxpayer’s federal income tax liability. It stimulates the bulk of all affordable rental housing developed in the U.S. today. The program is a highly effective public-private partnership that harnesses the discipline of the marketplace to efficiently build safe, decent and affordable housing. Housing Credits are very attractive to banks, insurance companies and corporations with taxable income. As stated, the credits provide a dollar-for-dollar reduction in federal income tax liability, providing an efficient and socially responsible means for taxpayers to reduce their effective tax rate. And for financial institutions, investment in Housing Credits can be an effective way to satisfy Community Reinvestment Act requirements. Over the past few decades the Housing Credit has become an extremely important tool for developing affordable housing. The program has helped finance more than 2.6 million quality affordable housing units, leveraging almost $100 billion in private capital.

So How Does It Work? Each State receives a fixed amount of Housing Credits from the U.S. Treasury Department based on its population. For 2014, the Housing Credit amount is equal to a State’s population multiplied by $2.30 (with each State receiving a minimum of $2,635,000 in credits). In addition, properties financed in substantial part with the proceeds of

Above: President Reagan signing the Tax Reform Bill in October of 1986 during a ceremony at the White House.

tax-exempt bonds are eligible for Housing Credits, the amount of which is not subject to the above formula. Each State has a Housing Finance Agency (“HFA”) that administers the Housing Credit program. Credits are generally awarded to affordable housing developers by the HFAs on a competitive basis though an application and allocation process. The HFAs are permitted to identify and prioritize their State’s unique housing needs and goals and have wide discretion in determining which developers receive Housing Credit awards (these priorities and goals are embodied in a “Qualified Allocation Plan” or “QAP”). Once a QAP is issued, developers apply to the HFAs for credits. HFAs review and score the applications and award Housing Credits to those developments that best meet the needs of the particular State. It’s a great example of local control over a national resource. The amount of the Housing Credit available to a property is based on a variety of factors, including (i) actual cost of construction, (ii) number of units in a development that will be rented to lowincome tenants, and (iii) the amount of credits necessary to make the property financially feasible. HFAs conduct a rigorous review of each application to ensure that developments only receive enough Housing Credits to make them both financially feasible and affordable. In addition to any prerequisites set forth in a QAP, a property must also satisfy one of the following federal requirements:

“...one of the most successful affordable housing 2 l

• At least 20% of the units in the development need are both rent restricted and occupied by individuals whose income is 50% or less of the area median gross income (AMI). • At least 40% of the units in the development are both rent restricted and occupied by individuals whose income is 60% or less of the AMI. A unit is “rent restricted” if the rent charged to the tenant is not more the 30% of the income limit applicable to the unit (generally the 60% AMI or 50% AMI limit referenced above). Section 42 also requires that Housing Credit properties remain income-restricted and rent-restricted for an initial 15-year “Compliance Period” plus a subsequent 15year “extended use” period. HFAs may impose lengthier affordability periods if they desire. While the HFAs are busy reviewing applications and awarding Housing Credits, Midwest Housing creates and capitalizes investment funds (“Investment Funds”) comprised of institutional investors. When developers receive credit awards, the Investment Fund will partner with them to provide equity capital to their properties. In exchange for the equity investment, the Investment Fund (and ultimately the investors) receives the Housing Credits awarded to the underlying property (the credits flow for a period ten years). Investors thus earn a market rate of return on their investment. And, as a result of receiving the equity investment to pay for construction costs, properties need less debt, thereby allowing property owners to charge lower rents while still developing a financially viable property.

FUND STRUCTURE Midwest Housing Equity Group Fund Investors

Fund sponsor

Banks, insurance companies, corporations

Investment Fund (Limited Partnership) - Owned 99.99% by the Fund Investors - Owned .01% by MHEG

Operating Partnership - Owned 99.99% by the Investment Fund - Owned .01% by the Developer/General Partner

Developer

Housing Finance Agency

General Partner

Awards housing credits Left: Congresswoman Lynn Jenkins and John Wiechmann, President of MHEG, discussing affordable housing at the Heritage Estates Ribbon Cutting on May 30, 2013 in Neodesha, Kansas.

Property - Owned 100% by the Operating Partnership LP/LLC

initiatives ever launched by the federal government.” A Guide to the LIHTC l 3

Proven Track Record The Housing Credit is “widely regarded as the most successful housing production and preservation program in the nation’s history,” stated a 2010 report issued by Harvard’s Joint Center for Housing Studies. In fact, according to a study of the program recently issued by the accounting firm CohnReznick, the annualized foreclosure rate for Housing Credits properties is only 0.65%, far below the rate for the overall multifamily rental housing asset class. That success is the result of numerous aspect of the Housing Credit program: • Housing Credits are awarded only to those developments that best meet the housing needs of the State. Only the strongest applications receive credits. This competitive process encourages developers to design financially viable properties that offer a safe, decent and affordable place to live combined with practical amenities such as computer labs and free credit counseling classes. • Housing Credits are subject to recapture for 15 years. Recapture is most frequently triggered by foreclosure or the failure to maintain the rent-restrictions and income-restrictions applicable to the units. Midwest Housing and the Investment Funds obviously want to avoid any recapture of the Housing Credits. Each Housing Credit property is carefully monitored by Midwest Housing to ensure it complies with the affordability restrictions. Each property is also backstopped by property-level and Fund-level reserves, providing a strong safety net in the event of unforeseen market changes. • This public-private partnership structure, and the corresponding involvement of investors and Midwest Housing, results in the imposition of private-sector discipline that is absent from many other federal housing production programs. The Housing Credit is an incredibly valuable tool. It creates safe, decent and affordable homes. The properties it finances revitalize the neighborhoods in which they are located. It creates jobs and opportunities for our state and local communities. And it’s all privately built, operated and managed.

Greystone Homes in Des Moines, Iowa offers 26 single family rental homes for the Sherman Hills/Drake neighborhood.

4 l

Source: Affordable Housing Finance *Estimated

$10 billion*

$9.3 billion

$8 billion

$7.3 billion

$6.9 billion

$8.2 billion

$3.6 billion

Since then MHEG has released a total of 41 funds raising over $1 billion in equity capital through the investment of almost 120 banks, insurance companies and corporations.

$4B

$6.7 billion

Midwest Housing Equity Group began syndicating in 1993 with the release of our first fund, NAHF 1993, L.P., a $4.75 million fund with a total of eight investors.

$6B

$5.7 billion

In the last 10 years over $70.5 billion has been invested into LIHTC developments.

$8B

$4.8 billion

NET INVESTMENT IN LIHTC

$10B

$2B

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

Woodson Park Apartments provides 52 rental units for seniors in the El Reno, Oklahoma community.

A Guide to the LIHTC l 5

The Need for Affordable Housing According to “The State of the Nation’s Housing 2013” by Harvard’s Joint Center for Housing Studies the simple fact is, “that low-income renters far outnumber the supply of low-cost units.” Unfortunately the shortage is greatest among the extremely low-income renters, those earning up to 30 percent of area median income. Both competition from higher-income renters and poor housing quality limit the supply of low-cost decent rental housing. In 2011, there were 6.8 million affordable rental homes available for over 12.1 million extremely low-income renters.1 This is an astonishing shortage of 5.3 million units. Over 46 percent of all renters in the U.S. pay more than 30 percent of their income on housing, and over 25 percent of all renters are severely rent burdened, meaning they pay over 50 percent of their income in rent. As the need for affordable housing grows, the supply continues to shrink. The Joint Center for Housing Studies also states that the affordability gap widens each year as low-cost units are removed from the housing stock. Even after taking into account LIHTC’s success at creating affordable housing units, the demand is outpacing production. In addition, there is a significant need for workforce housing in many communities - housing neccessary for business to grow. According to the Center for Housing Policy, many employers report that a lack of affordable housing makes it more difficult to recruit and retain employees. In addition to workforce housing, our aging population is causing the demand for independent senior housing to increase sharply. Continued production of affordable housing via the tax credit program is instrumental to addressing these issues.

DEMAND VS. SUPPLY • For every 100 extremely lowincome renter households, there are only 30 rental units affordable and available to them. For every 100 renters with incomes below 50 percent of the area median income, there are only 57 units avaialble.1 • Between 1997 and 2007, the number of units with real rents under $400, including utilities - about what a household earning the full-time minimum wage could afford at 30 percent of income - fell by 244,000 to 6.6 million.2 • The Government Accountability Office estimates that mortgage restrictions and rental assistance contracts on more than 1 million subsidized units expired in 2013.

1 “The State of the Nation’s Housing 2013,” Joint Center for Housing Studies of Harvard University 2 “The State of the Nation’s Housing 2010,” Joint Center for Housing Studies of Harvard University

Over 25 percent of all renters are paying over 50 percent of their income in rent. 6 l

More than Housing Creating Jobs The LIHTC does more than provide affordable housing, it also generates millions of jobs for Americans and helps stimulate the economy. During the construction process, the program creates jobs for architects, carpenters, electricians, plumbers and roofers to name a few. Once the property is completed, it requires property managers, leasing agents, maintenance workers and other service providers to operate the property. In addition, the now leasing residents help support local businesses and jobs by spending their income. According to the National Association of Home Builders, they estimate on average that building a 100 unit property provides the following in one year: • $7.9 million in local income • $827,000 in taxes and other revenue for local governments • 122 local jobs They also estimate on average the recurring impacts of that a 100 unit property provides annually: • $2.4 million in local income • $441,000 in taxes and other revenue for local governments • 30 local jobs Source: “The Local Economic Impact of Typical Housing Tax Credit Developments” National Association of Home Builders (March 2010)

Types of jobs created during and after the construction of a 100 unit multifamily LIHTC property. Source: “The Local Economic Impact of Typical Housing Tax Credit Developments” National Association of Home Builders (2010)

100%

80%

Construction Wholesale & Retail Trade

60%

Business & Professional Services Restaurants & Bars 40%

Health, Education & Social Services Local Government Other

Left: Reese Estates provides 15 single family rental homes for the community of Waverly, Nebraska.

20%

Jobs Created Directly and Indirectly by New Construction

Jobs Supported by Spending Locally Earned Wages

Jobs Supported by Households Occupying New Homes

A Guide to the LIHTC l 7

Supporting the Credit The LIHTC program is the primary resource for the development of affordable rental housing nationwide; without the credit there would be virtually no production of affordable housing. And with the need greater now than ever, the program needs your support. With our nationâ&#x20AC;&#x2122;s growing fiscal challenges, Congress is considering tax reform that would reduce or possibly eliminate corporate tax expenditures, such as the LIHTC program. One challenge that needs to be addressed is the floating credit rate. Historically, the Internal Revenue Service has calculated the 70 percent and 30 percent present value credits for newly constructed and Kansas Governor Sam Brownback attends City View at St. Margaretâ&#x20AC;&#x2122;s Ribbon existing properties based on medium and long-term Cutting in Kansas City, Kansas on December 19, 2013. interest rates. When applied to LIHTC investments, this floating rate system creates uncertainty and financial complexity. The Housing and Economic Recovery Act of 2008 (HERA) provided for a 9 percent fixed floor rate for newly constructed and substantially rehabilitated properties that received an allocation of tax credits on or before 12/31/13. Permanently locking the 70 percent tax credit percentage at 9 percent, as well as providing a minimum 4 percent rate for acquiring existing properties, will provide stability in the affordable housing industry and make affordable housing development more financially feasible. It is important to stay in contact and communicate with your Congressional delegations. We must continue to educate our elected officials on the value of the LIHTC program, ensuring that it is preserved if and when tax reform takes place. One very effective communication method is to invite Senators, Representatives and other government officials to attend and participate in groundbreakings, ribbon cuttings and open houses of LIHTC developments. These events do make a difference and allow members of Congress to see the quality of our developments and to meet the residents whose lives are improved. Another great way to support the credit is to join the A.C.T.I.O.N. coalition. Their website (www.rentalhousing.org) is an excellent source of advocacy information, which includes LIHTC talking points, background information of the credit, state-specific fact sheets, sample letters to send to members of Congress, guidelines on getting delegates to attend groundbreakings and open houses and many other tools.

Above: Congressman Lee Terry attends the ribbon cutting for Cypress Pointe in Omaha, Nebraska on August 16, 2013. Right: Senator Tom Harkin speaks with Senator Jack Hatch and Ryan Galloway of Hatch Development Group at the Des Moines Greystone Homes Groundbreaking on August 23, 2013 in Des Moines, Iowa. 8 l