Irvington Terrace is a 100-unit multifamily community located in the City of Fremont in Alameda County, California. All of the apartments are reserved for families with incomes less than 50% of area median income. Irvington Terrace occupies roughly 2 acres of a 9 acre master planned site. The remainder of the site will be developed as 115 for-sale market rate townhouses. Irvington Terrace is a podium-style development with three stories of apartments over a parking garage. Every household has a balcony or front porch and an underground parking space; residents living on the first floor have a front entry stoop. Amenities include a community room, two landscaped courtyards, a tot lot, playground, laundry facilities and a large lobby/living room. The General Partner received nearly $8.5 million from the State of California and approximately $3.4 million from the City of Fremont, plus additional funds for infrastructure work done outside the Partnership, as subordinate financing. MMA Financial provided $15.159 million in tax credit equity financing. Irvington Terrace is an award winning property.

• Gold Nugget Grand Award 2008 - Best Affordable Project. Awarded by PCBC and BUILDER Magazine

Ashland Commons is a 78-unit development for families located in Baltimore, Maryland. The property is located in the East Baltimore Development Initiative Planned Unit Development with Forest City Enterprises acting as its master developer. The goal of the development initiative is to revitalize a blighted 80-acre neighborhood directly north of the Johns Hopkins Medical Campus. Phase I of the master development will include 450 units of new and renovated housing, 1.1 million square feet of biotech/office space, 80,000 square feet of retail space, 3 structured parking garages and an abundance of private and public green spaces on 33 acres. Ashland Commons is part of Phase I and is located on a 69 acre site. It contains one four-story building featuring 22 one bedroom, 54 two bedroom units and 2 three bedroom units all targeted to residents earning no more than 50% to 60% of area median income. In addition to the amenities provided within the property, Ashland will also benefit from all of the amenities and services that are available within walking distance, including access to the town square located 2 blocks from the property. The town square is being built in conjunction with the first biotech building and will be completed in late 2008. MMA Financial provided $9,867,000 of tax credit equity for this award winning development.

• Award of Excellence 2008. Awarded by the Home Builders Association of Maryland.

The Dartmouth Hotel development involved the historic rehabilitation of an existing hotel building and new construction of an adjoining building located in Boston, Massachusetts. Both buildings house a total of 10,000 square feet of commercial space on the ground floor and 65 residential units on the second and third stories. The Dartmouth Hotel property serves families earning between 30% - 60% of area median income. The rehabilitated building contains 45 low-income housing tax credit (LIHTC) units, and the new construction building contains 20 non-tax credit units. The total development cost was $21 million. In addition to an MMA Financial equity investment of $7.8 million, the financing including a first mortgage of $5.1 million and soft debt from federal, state, and local sources totaling $8.1 million. The Dartmouth Hotel is an award winning property and has proven to be an extremely important anchor project in the rehabilitation of the Dudley Square area of Boston.

• Award of Excellence in Historic Rehabilitation, mixed income category 2008. Awarded by the National Housing & Rehabilitation Association, J. Timothy Anderson Awards.

Parkside Terrace Apartments is a 201-unit affordable multifamily community located in San Jose, California. MMA Financial provided tax-exempt bond financing in the amount of $17,009,000 issued by the California Statewide Communities Development Authority through Freddie Mac’s Variable Rate Bond Credit Enhancement program. MMA Financial arranged an 18-year credit enhancement of the variable rate bonds and a 10-year swap to synthetically fix the payments. The mortgage loan will amortize over 35 years. In addition, MMA Financial provided a taxable tail loan in the amount of $863,000 purchased by Freddie Mac and covering the costs of the bond refinance transaction.

Reserve at Las Brisas II is a mixed-income, 180-unit property in Irving, Texas. Of the 180 units, 80% are supported by 9% LIHTC and restricted to 30%, 40%, 50% and 60% of area median income. MMA Financial provided a permanent loan in the amount of $9,940,000 through the Freddie Mac Immediate Delivery Permanent Loan Program. The financing MMA Financial provided replaced an existing construction loan with a pay-off balance of approximately $9.9 million. The permanent loan is structured with a 15-year term and a 35-year amortization. Reserve at Las Brisas II also benefits from a 100% real estate tax exemption due to the involvement of the City of Dallas Housing Authority which MMA Financial fully recognized in the sizing of the permanent loan.

Walker Mews is a 168-unit affordable multifamily community located in Baltimore, Maryland. MMA Financial structured an $11,700,000 acquisition and rehabilitation loan using Freddie Mac’s Moderate Rehabilitation Program and Freddie Mac’s Variable Rate Bond Credit Enhancement program. MMA Financial arranged an 18-year Freddie Mac credit enhancement of the variable rate bonds and a 15-year interest rate swap to fix the borrower’s payments for the tax-exempt bond financing. Freddie Mac will also provide liquidity support for the bonds for the entire 18-year credit enhancement term. In addition to the low interest rate the swap provides, the mortgage loan also benefits from a 40-year amortization period.