Boston Capital Partners Inc.

Mr. Manning is one of the two co-founders of Boston Capital Corporation, which was formed in 1974. From its beginning, the company's goal was to focus on providing equity investment capital for the development of apartment properties throughout the country. Under Mr. Manning's leadership as CEO for the past 33 years, Boston Capital has grown into the fourth largest owner/investor in apartment properties in United States. Through a number of affiliated partnerships, the company has created a portfolio comprised of approximately 2,800 properties with an original development cost in excess of $11.5 billion. As CEO of Boston Capital, Mr. Manning continues to oversee the company's business development goals. Capitalizing on its core competencies of apartment investment underwriting, those business development goals include an expansion of investment capital for apartment investment as well as providing mortgage financing for a limited and exclusive number of property acquisitions. Mr. Manning is a recognized leader in the housing and real estate industries, and has served on the boards of a number of national housing organizations and governmental commissions. In 1997, President Clinton appointed Mr. Manning to the President's Export Council, a board comprised primarily of Fortune 500 CEOs that advised the President on government policies and programs that affect U.S. trade performance. He was also a Presidential appointee to the President's Advisory Committee on the Arts. He is a member of the Boards of the National Multi Housing Council, the Liberty Mutual Group, Beth Israel Deaconess Medical Center, the American Ireland Fund and the John F. Kennedy Presidential Library Foundation, where he is Chairman of the Distinguished Visitors Program. Mr. Manning is a graduate of Boston College.

Jeff Goldstein directs Boston Capital's comprehensive real estate services, which include all aspects of origination, underwriting, due diligence and acquisition. As COO, Mr. Goldstein is responsible for the financial and operational areas of Boston Capital Corporation and assists in the design and implementation of business development and strategic planning objectives. Mr. Goldstein previously served as the Director of the Asset Management division as well as the head of the dispositions and troubled assets group. Utilizing his 16 years experience in the real estate syndication and development industry, Mr. Goldstein has been instrumental in the diversification and expansion of Boston Capital's businesses. Prior to joining Boston Capital in 1990, Mr. Goldstein was Manager of Finance for A.J. Lane & Co., where he was responsible for placing debt on all new construction projects and debt structure for existing apartment properties. Prior to that, he served as manager for Homeowner Financial Services, a financial consulting firm for residential and commercial properties, and worked as an analyst responsible for budgeting and forecasting for the New York City Council Finance Division. Mr. Goldstein holds a BA from the University of Colorado and an MBA from Northeastern University.

Mr. Dunne oversees Boston Capital's market rate housing initiatives and is responsible for developing the group's investment strategy. Mr. Dunne and his team identify and partner with experienced developers with a solid track record in multifamily development and also pursue direct and joint venture investment opportunities for the group's Private Equity Investing activities and Boston Capital Real Estate Investment Trust. Prior to joining Boston Capital, in his capacity as President of River Partners, he served as Head of Portfolio Management and Dispositions with PaineWebber Properties and as Senior Vice President and Director of Asset Management for real estate equity investments for PaineWebber, Inc. Previously, he held positions in real estate development and commercial lending. He holds an MS in Real Estate from the Massachusetts Institute of Technology and a A.B. from Syracuse University. He also holds the Counselor of Real Estate (CRE) designation, is a licensed real estate broker in the State of Massachusetts and serves on the Board of the National Multi Housing Council.

Mr. Trivers is responsible for the underwriting and coordination of due diligence and is a voting member of the Market Rate Equity Investment Committee. Mr. Trivers is the chairman of the Special Assets Committee and also serves as a member of the Affordable Housing Dispositions Committee. From 1993 to 2006, Mr. Trivers served as the Director of Due Diligence and Underwriting, Affordable Housing and as a voting member of the Affordable Housing Equity Investment Committee. Mr. Trivers also served as Director of Acquisitions , Affordable Housing from 2002 to 2003. Prior to joining Boston Capital , Mr. Trivers was Treasurer of New England Communities, Inc., a regional real estate acquisition, asset management and property management company located in MA. During his 12-year tenure, he participated in placing in excess of $50 million in debt financing and managed over 2.5 million square feet of residential and commercial property. Mr. Trivers received a BS in Business and an MBA from Babson College. He holds a construction license in MA.

Ms. Sheridana s 20 years of affordable multifamily housing experience includes transaction structuring, originations and underwriting of Section 42, tax exempt bond, HUD, and market rate housing. At Boston Capital, Ms. Sheridan is responsible for originating and analyzing LIHTC equity transactions from developers nationwide. In addition, she works closely with State Housing Finance Agency personnel in developing Qualified Allocation Plans, and is a frequent speaker at housing industry events. Prior to joining Boston Capital in early 2003, Ms. Sheridan served as Director of Business Development for The Reznick Group, one of the nationa s largest real estate and affordable housing accounting firms. Previously, Ms. Sheridan was a senior vice president with Dynex Capital, a nationwide affordable housing lender, responsible for underwriting and originating construction and permanent debt for LIHTC, tax exempt bond and market rate apartment housing. Ms. Sheridan is a member of the National Housing & Rehabilitation Association (NH&RA), the Urban Land Institute, National Association of Home Builders and serves on the Board of the Maryland Affordable Housing Coalition. She attended the University of Maryland, and is a member of the Phi Theta Kappa Honor Society.

Mr. Gasson is responsible for all external communications on behalf of Boston Capital including community affairs, public affairs, state and federal legislative issues, housing policy and advertising. Mr. Gasson oversees all branding and imaging for Boston Capital. He joined Boston Capital in 1995. Mr. Gasson also serves as Executive Director of the Housing Advisory Group, a 501 c 6 organization established in 1995 to help educate state and federal officials on housing programs and policies. The Housing Advisory Groupa s membership consists of developers, syndicators and other professionals from around the country involved in the affordable housing industry. Mr. Gasson is frequently quoted in trade and national publications and is regularly invited to speak at housing industry conferences around the country on housing and tax policies. Before joining Boston Capital , Mr. Gasson served as Director of Congressional Communications for the Blue Cross and Blue Shield Association in Washington , D.C. after serving in several capacities in Washington with House Democratic Leader Richard Gephardt and Senate Majority Leader George Mitchell. Mr. Gasson is a graduate of the University of Florida.

Mr. Allen has over 25 years of experience in commercial and real estate finance. Before serving as Director of Underwriting, Mr. Allen worked in the Corporate Investment Department where he provided investment oversight and acted as a liaison between the acquisitions, underwriting and due diligence functions and Boston Capital investors. Prior to joining Boston Capital in 2004, Mr. Allen served in a variety of key capacities at Citicorp and DaimlerChrysler. His responsibilities included credit and asset management and the development of several new business investment ventures including energy, media and since 1996, affordable housing investing. Mr. Allen is a graduate of Boston University and holds an MBA in Finance from Fordham University.