Low Income Housing
Market History and
Opportunity

Investment
Strategy

Critical
Housing Needs

LIHTC:
First Ten Years

Category B and C
Properties

Affordability
Sector of the
Housing Market

Consumer Trends

Political Trends

Target Market
Critical Requirements

Active Housing
Finance Agency
Environment

Category B and C Properties
We believe that this opportunity will exist primarily with category B and C properties. Category B and C properties are generally located in markets that will allow pricing of condominium units as affordable housing, but have issues such as deferred maintenance that can be addressed by the Company. The category A properties are typically built in market-rate areas and it is highly likely that if converted to condominium units the price for the units would be at market rate. Therefore, it is unlikely that the condominium units converted from category A properties could be priced as affordable housing units. However, it is possible that certain category A properties may meet the Company’s investment criteria.