Return of Organization Exempt from Income

Form 990 Return of Organization Exempt From Income Tax Under section 501 (c), 527, or 4947(a)(1) of the Internal Revenue Code (except black lung Department of the Treasury benefit trust or private foundation) Inter^al Revenue Service ► The organization may have to use a copy of this return to satisfy state reporting requirements A t-or Vie ZUUb caien aar ear or sax ear ne innin LUUb ana enciin B check aapwtcawe Please C Name of organization D Employer identification number Address use IRS change label or NATIONAL MULTI HOUSING COUNCIL , INC. 52-1127504 print °r Name change Number and street (or P 0 box if mail is not delivered to street address) Room/suite E Telephone number type India! return Sao 1850 M STREET , N.W. 540 ( 202 ) 974-2300 Specific F Acceuntlne Finalretrsn Instruc- City or town, state or country, and ZIP + 4 method Cash Accrual rqm ded tlons. Other(specify) ► Rending ° • Section 501(c )( 3) organizations and 4947( a)(1) nonexempt charitable H and I are not applicable to section 527 organizations trusts must attach a completed Schedule A ( Form 990 or 990-EZ). Yes H(a) Is this a group return for affiliates? 1-1 No G Website : ► WWW. NMHC. ORG H(b) If "Yes," enter number of affiliates ► _ J Organization type (check only one) ► X 501(c) ( 0 6 ) 4 (insert no) 14947(a)(1) or 527 H(c) Are all affiliates included? Yes ^No (it "No," attach a list See instructions K Check here if the org anization is not a 509 ()()a 3 supportingpporttng organization and its gross ► H(d) Is th is a separate return receipts are normally not more than $25,000 A return is not required, but if the organization chooses o an zabon covered by "'a =l i n g ? Yes ){ No

to file a return, be sure to file a complete return I Group Exemption Number ► M Check ► }{ if the organization is not required or L Gross receipts Add lines 6b, 8b, 9b, and 10b to line 12 ► 9 , 632 , 537. to attach Sch B (Form 990, 990-EZ, 990-PF) Revenue , Expenses, and Chan ges in Net Assets or Fund Balances (See the instructions. ) 1 Contributions, gifts, grants, and similar amounts received a Contributions to donor advised funds ...... 1a b Direct public support (not included on line 1a) ...... 1b c Indirect public support (not included on line 1a) ...... 1c d Government contributions (grants) (not included on line 1a) . . . . 1d

e Total ( add fines la through td) ( cash S noncash $ ) 1 e 2 Program service revenue including government fees and contracts (from Part VII, line 93) . . . . 2 3 , 542 , 026 .

3 Membership dues and assessments ...... 3 5 , 746 , 250.

4 Interest on savings and temporary cash investments ...... • 4 325 , 588 . 5 Dividends and interest from securities ...... 5 6 a Gross rents ...... 6a b Less rental expenses ...... 6b c Net rental income or (loss) Subtract line 6b from line 6a ...... 6c 7 Other investment income (describe 7 > 8 a Gross amount from sales of assets other (A) Securities (B) Other than inventory , , , , , , , , , , , , , , 18 673. 8a b Less cost or other basis and sales expenses , 12 5 833. 8b c Gain or (loss) (attach schedule) ...... -107 160. 8c d Net gain or (loss) Combine line 8c, columns (A) and (B) ...... • • 8d -107 , 160. If q 9 Special events and activities (attach schedule) any amount is from gaming , check here ► a Gross revenue (not including $ of contributions reported on line 1b ) ...... 9a b Less direct expenses other than fundraising expenses ...... 9b c Net income or (loss) from special events Subtract line 9b from line 9a ...... 9c 10 a Gross sales of inventory, less returns and allowances ...... Oa b Less cost of goods sold , ...... 0b _ - - ______c Gross profit or (loss) from sales of inventory (attach schedule) Subtract line 10b from-line 1 0a . . . 10c 11 Other revenue (from Part VII, line 103) ...... 11 12 Total revenue . Add lines le , 2, 3, 4, 5, 6c , 7 , 8d, 9c, 10c and 11 ...... 12 9 , 506 , 704. 13 Program services (from line 44, column ( B)) ...... 13 y 14 Management and general (from line 44, column (C)) ...... 14 CD 15 Fundraising (from line 44, column (D)) 15 M CL C W 16 Payments to affiliates (attach schedule) ...... • , 16

C- 17 Total expenses Add lines 16 and 44 , column (A) ...... 17 9 , 067 , 528 18 Excess or (deficit) for the year Subtract line 17 from line 12 ...... 18 439 , 176 . 2-1 19 Net assets or fund balances at beginning of year (from line 73, column (A)) ...••.. •....•• 19 6 18 7 6 6 9 . 20 Other changes in net assets or fund balances (attach explanation) , , , , , , , , , , , , $ MT, l. , 20 - 8 2 3 01 Z 21 Net assets or fund balances at and of year Combine lines 18 , 19 , and 20 . 21 6 , 544 , 544 For Privacy Act and Paperwork Reduction Act Notice, see the separate instructions. Form 990 (2006)

910 2 000 53200G 2337 10/30/2007 16:33:30 V06- 8.1 89-202512-00 Form 990J2006) 52-1127504 Page 2 0-Ma Statement of All organizations must complete column (A) Columns (B), (C), and (D) are required for section 501(c)(3) and (4) Functional Expenses organizations and section 4947(a)(1) nonexempt chartable trusts but optional for others (See the instructions) Do not include amounts reported on line (A) Total (B) Program ( C) Management ( D) Fundrais i ng 6b . 8b 9b, 10b or 16 of Part 1 services and general

22a Grants paid from donor advised funds ( attach schedule)

(cash $ noncash $ If this amount includes foreign grants here 22a check ...... ► 22b Other grants and allocations ( attach schedule)

(cash $ noncash $ ) If this amount includes foreign grants, 22b check here ...... ► 23 Specific assistance to individuals (attach schedule)...... 23 24 Benefits paid to or for members (attach schedule ) _ . 24 25a Compensation of current officers, directors , key employees , etc. listed in Part V-A (attach schedule ) , , , , , . , 25a 675 , 721. b Compensation of former officers, directors , key employees, etc listed in Part V-B (attach schedule ) , , , , , , , 25b C Compensation and other distributions , not included above , to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958 (c)(3)(B) (attach schedule ) , , , 25C 26 Salaries and wages of employees not included on lines 25a , b, and c . . . . 26 3 , 009 , 400. 27 Pension plan contributions not included on lines 25a , b, and c , . , . 27 336 , 722. 28 Employee benefits not included on lines 25a - 27 ...... 28 294 , 282. 29 Payroll taxes , , , , , , , , , , 29 190 , 493. 30 Professional fundraising fees 30 31 Accounting fees , , , . , , , 31 18 , 416. 32 Legal fees , , , , , , , , , , , , , , , 32 47 , 606. 33 Supplies ...... 33 131 , 172. 34 Telephone ...... 34 78 , 659. 35 Postage and shipping ...... 35 112 , 059. 36 Occupancy , , , , , , , , 36 475 , 227. 37 Equipment rental and maintenance . . 37 19 , 418. 38 Printing and publications ...... 38 82 , 407. 39 Travel 39 95 , 556. 40 Conferences, conventions, and meetings 40 2 , 195 , 739. 41 Interest ...... 41 42 Depreciation , depletion , etc (attach schedule ) 42 62 , 086. 43 Other expenses not covered above ( itemize) a CONSULTING 43a 685 , 074. b LEGISLATIVE-AND- PUBLIC RE 43b 220 , 620. ------c LEGISLATIVE-RESEARCH-AND-- 43c 216,817. dTAXESL_LICENSES,_AND_FEES_ 43d 30 , 390. e OFFICE-INSURANCE 43e 30 , 031. ------f RECRUITMENT 43f 59 , 633. 43 9 ------44 Total functional expenses . Add lines 22a through 43g ( Organizations completing columns ( B)-(D), carry these totals to lines 13-15). 44 9 , 067 , 528. Joint Costs . Check ► if you are following SOP 98-2. Are any j oint costs from a combined educational campaign and fundraising solicitation reported in (B) Program services" , . ► . Yes FE No If "Yes ," enter (i) the aggregate amount of these j oint costs $ , (h) the amount allocated to Program services $ (iii) the amount allocated to Management and general $ ; and (iv) the a mo u nt allocated to Fu n draising $

JSA Form 990 (2006) 6E1020 2 000

53200G 2337 10/30/2007 16:33:30 V06-8.1 89-202512-00 4 Form 990(2006) Page 3 FEM"M Statement of Program Service Accomplishments (See the instructions) Form 990 is available for public inspection and, for some people, serves as the primary or sole source of information about a particular organization How the public perceives an organization in such cases may be determined by the information presented on its return Therefore, please make sure the return is complete and accurate and fully describes, in Part III, the organization's programs and accomplishments What is the organization 's primary exempt purpose? Program Service _ STATEMENT _2 Expenses All organizations must describe their exempt purpose achievements in a clear and concise manner State the number ( Required for 501 (c)(3) and of clients served , publications issued , etc Discuss achievements that are not measurable ( Section 501(c)(3) and (4) (4) orgs , and 4947(a)(1) trusts , but optional for organizations and 4947(a)(1) nonexempt charitable trusts must also enter the amount of grantsrants and allocations to others ) others ) a NMHC-REPRESENTS-ORGANIZATIONS-PARTICIPATING-IN-THE MULTI ------FAMILY_RENTAL_HOUSING_INDUSTRY_ON_A_VARIETYOF LEGISLATIVE ...... REGULATORY,_AND_POLICY_ISSUES__NMHC_IS_AN_ADVOCATE FOR ALL ______--_- ASPECTS_OF_THE_DEVELOPMENT_AND_OPERATIONS_OF_RENTAL HOUSING ______INCLUDING-THE-BUILDING,_OWNERSHIP,_FINANCINGlAND CONVERSION ------OF SUCH PROPERTIES. NMHC'S REVENUE IS GENERATED FROM ------(Grants and allocations $ ) If this amou includes foreign grants , check here ► b OF 464 MEMBERS ITS-MEMBERSHIP-BASE-WHICH-IS-COMPRISED------HKiii- (Grants and allocations $ ) If this amount includes foreign grants, check here ► c ------iiEH-e-- (Grants and allocations $ )- IIf-ftthis- amount includes foreign grants, check here ► d ------(Grants and allocations $ If this amount includes foreign grants, check here ► e Other program services (attach schedule) (Grants and allocations $ ) If this amount includes foreign grants , check here ► f Total of Program Service Expenses (should equal line 44, column (B), Program services) . ► Form 990 (2006)

JSA 6E1021 2 000

53200G 2337 10/30/2007 16:33:30 V06-8.1 89-202512-00 5 Form 990,(2006) 52-1127504 Page4 • .. Balance Sheets (See the instructions.) Note : Where required, attached schedules and amounts within the description (A) (B) column should be for end-of-year amounts only. Beginning of year End of year

45 Cash - non-interest-bearing , , , , , ...... 461 , 791. 45 111 , 415. 46 Savings and temporary cash investments ...... 46

47 a Accounts receivable 47a b Less. allowance for doubtful accounts 47b 47c

48 a Pledges receivable , , , , , , , , , , , , , , , , , 48a b Less, allowance for doubtful accounts . 48b 48c 49 Grants receivable ...... 49 50 a Receivables from current and former officers, directors, trustees, and key employees (attach schedule) ...... 50a b Receivables from other disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B) (attach schedule) 50b 51 a Other notes and loans receivable (attach a schedule ) ...... 1 51a Q b Less. allowance for doubtful accounts , . . . . 51b 51c 52 Inventories for sale or use ...... 52 53 Prepaid expenses and deferred charges ...... 53 54a Investments - publicly-traded securities . STMT .3. ► XX Cost FMV 5 , 646 440. 54a 6 , 301 , 475. b Investments - other securities (attach schedule) . . . lo. Cost 11 FMV 54b 55a Investments - land, buildings, and equipment basis ...... 55a b Less: accumulated depreciation (attach schedule) ...... 55b 55c 56 Investments - other (attach schedule ) ...... 56 57a Land, buildings, and equipment: basis ...... 57a 735 , 414 . b Less accumulated depreciation (attach schedule) ...... 57b 580 , 650 111 510. 57c 154 , 764. 58 Other assets, including program-related investments 58 (describe ► STMT 4 ) 14 , 676. 14 , 676. 59 Total assets (must equal line 74). Add lines 45 through 58 . . 6 , 234 , 417 . 59 6 , 582 , 330. 60 Accounts payable and accrued expenses ...... 60 61 Grants payable ...... 61 62 Deferred revenue ...... 62 o 63 Loans from officers, directors, trustees, and key employees (attach t! schedule) 63 64a Tax-exempt bond liabilities (attach schedule ) ...... 64a b Mortgages and other notes payable (attach schedule) , , , , , , STMT. 46 , 148. 64b 37 , 186. 65 Other liabilities (describe ► STMT 6 ) 600. 65 600.

66 Total liabilities . Add lines 60 through 65 ...... 46 , 748 . 66 37 , 786 . Organizations that follow SFAS 117, check here ► X and complete lines 67 through 69 and lines 73 and 74 67 Unrestricted ...... 6 187 669. 67 6 544 , 544. 68 Temporarily restricted ...... 68 69 Permanently restricted ...... 69 q q Organizations that do not follow SFAS 117, check here ► and Z complete lines 70 through 74. LL 0 70 Capital stock, trust principal, or current funds , , , , , , , , , , , , , , , , , , 70 71 Paid-in or capital surplus, or land, building, and equipment fund , ...... 71 to 72 Retained earnings, endowment, accumulated income, or other funds . . . . 72 73 Total net assets or fund balances (add lines 67 through 69 or lines Z 70 through 72 (Column (A) must equal line 19 and column (B) must equal line 21) ...... 6 187 , 669. 73 6 544 , 544. 74 Total liabilities and net assets/fund balances . Add lines 66 and 73 6 , 234 417. 74 6 : 582 , 330 .

JSA Form 990 (2006)

6E1030 2 000 53200G 2337 10/30/2007 16:33:30 V06-8.1 89-202512-00 Form 990•(2006) 52-1127504 Page 5 Reconciliation of Revenue per Audited Financial Statements With Revenue per Return (See the instructions.) a Total revenue, gains, and other support per audited financial statements ...... b Amounts included on line a but not on Part I, line 12: 1 Net unrealized gains on investments ...... 2 Donated services and use of facilities ...... 3 Recoveries of prior year grants ...... 4 Other (specify). ------Add lines b1 through b4 ...... C Subtract line b from line a ...... 1c 1 9,506,704. d Amounts included on Part I, line 12, but not on line a: 1 Investment expenses not included on Part I, line 6b ...... 2 Other (specify): ------Add lines dl and d2 ...... d e Total revenue Part I, line 12 ) Add lines c and ...... ( d . . ► e 9 506 704 . Reconciliation of Expenses per Audited Financial Statements With Expenses per Return a Total expenses and losses per audited financial statements ...... a 9, 149, 829. b Amounts included on line a but not on Part I, line 17 1 Donated services and use of facilities ...... b1 2 Prior year adjustments re ported on Part I , line 20 ...... b2 3 Losses re ported on Part I , line 20 ...... b3 SE_E_ STATEMENT 7_ 4 Other (specify) ------82 301. ------b4 , Add lines b1 throug h b4 ...... b 82 , 301. c Subtract line b from line a ...... C 9 , 067 , 528. d Amounts included on Part I, line 17, but not on line a: I Investment expenses not included on Part I , line 6b ...... d1 2 Other (specify). ------d2 Add lines d1 and d2 . d e Total expenses (Part I, line 17) Add lines c and d . .. ► e 9 , 067 , 528. Current Officers , Directors , Trustees , and Key Employees ( List each person who was an officer, director, trustee, or key em to ee at any time during me year even IT ney were not com ensarea see me instructions

D) Conabutons to employee (B) (C) Compensation ( (E) Expense account (A) Name and address die and average hours per ( if not paid, enter benefit ptann & deferted and other allowances week devoted to position -0-. compensation plans

------SEE STATEMENT 8 675 721. 27 , 310. NONE

------

Form 990 (2006)

JSA 6E1040 2 000 53200G 2337 10/30/2007 16:33:30 V06-8.1 89-202512-00 7 Form 990 ( 2006 ) 5 2- 1 1 2 7 50 4 Page 6 Current Officers, Directors, Trustees, and Key Employees(continued) Yes No 75a Enter the total number of officers, directors, and trustees permitted to vote on organization business at board meetings ...... ----- . ---- 38t b Are any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, related to each other through family or business relationships? If "Yes," attach a statement that identifies the individuals and explains the relationship(s) ...... 75b X c Do any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, receive compensation from any other organizations, whether tax exempt or taxable, that are related to the organization? See the instructions for X the definition of "related organization " ...... 10. If "Yes," attach a statement that includes the information described in the instructions ------d Does the org anization have a written conflict of interest policy? • 75d x Former Officers, Directors , Trustees , and Key Employees That Received Compensation or Other Benefits (If any former officer, director, trustee , or key employee received compensation or other benefits (described below) during the year, list that person below and enter the amount of compensation or other benefits in the appropriate column. See the instructions )

(C) Compensation (D) Contnbubons to employee (E) Expense (A) Name and address (B) Loans and Advances (d not paid, eenern plans & deferred account and other enter -0-) `o np nsa on dens allowances

------0- - 0- -0-

------

MMITIF Information (See the instructions. ) Yes No

76 Did the organization make a change in its activities or methods of conducting activities? If "Yes," attach a - - detailed statement of each change ...... 76 X 77 Were any changes made in the organizing or governing documents but not reported to the IRS? ...... 77 X If "Yes," attach a conformed copy of the changes. 78a Did the organization have unrelated business gross income of $1,000 or more during the year covered by this returns . . . . . 78a X b If "Yes," has it filed a tax return on Form 990-T for this year? ...... 78b N / A

79 Was there a liquidation, dissolution, termination, or substantial contraction during the year? If "Yes," attach - -^ - a statement ...... • 79 X

80a Is the organization related (other than by association with a statewide or nationwide organization) through common membership, governing bodies, trustees, officers, etc , to any other exempt or nonexempt - - - -- organization? ...... • 80a X b If "Yes," enter the name of the organization ------and check whether it is exempt or nonexempt 81a Enter direct and indirect political expenditures. (See line 81 Instructions) ...... 81a NONE b Did the org anization file Form 1120-POL for this ears 1b X Form 990 (2006) JSA

6E1042 2 000 532000 2337 10/30/2007 16:33:30 V06 -8.1 89-202512-00 Form 990 2006 52-1127504 Pa e 7 Other Information (continued) Yes No 82 a Did the organization receive donated services or the use of materials, equipment, or facilities at no charge - or at substantially less than fair rental value? ...... 82a X b If "Yes," you may indicate the value of these items here Do not include this amount as revenue in Part I or as an expense in Part II ( See instructions in Part III ) ...... 82b N / A -83 a Did the organization comply with the public inspection requirements for returns and exemption applications? , , , , , , , , , , , , , 83a X b Did the organization comply with the disclosure requirements relating to quid pro quo contributions? , , , , , , , , , , , , , , , , 83b X 84 a Did the organization solicit any contributions or gifts that were not tax deductible? , , , , , , , , , , , , , , , , , , , , 84a X b If "Yes ," did the organization include with every solicitation an express statement that such contributions or gifts were not tax deductible? ...... 84b X 85 501 (c)(4), (5), or (6) organizations a Were substantially all dues nondeductible by members? ...... 85a X b Did the organization make only in-house lobbying expenditures of $2,000 or less? 85b X If "Yes" was answered to either 85a or 85b , do not complete 85c through 85h below unless the organization received a waiver for proxy tax owed for the prior year (o r 39 St () S0 c Dues, assessments , and similar amounts from members .85c F5 I ;I ;ra, d Section 162 ( e) lobbying and political expenditures ...... 85d 1 356 , 344. e Aggregate nondeductible amount of section 6033 (e)(1)(A) dues notices ...... 85e 997 , 628. f Taxable amount of lobbying and political expenditures ( line 85d less 85e ) ...... 85f 358 , 716. g Does the organization elect to pay the section 6033 (e) tax on the amount on line 85f? , , , , , , , 85g X h If section 6033(e)(1)(A) dues notices were sent, does the organization agree to add the amount on line 85f to its reasonable estimate of dues allocable to nondeductible lobbying and political expenditures for the following tax year? ...... 85h X 86 501 (c)(7) orgs Enter a Initiation fees and capital contributions included on line 12 , , , ...... 86a N / A b Gross receipts , included on line 12 , for public use of club facilities , , , , , , , , , , , , , , , , , , 86b N / A 87 501 (c)(12) orgs Enter a Gross income from members or shareholders 87a N / A b Gross income from other sources ( Do not net amounts due or paid to other sources against amounts due or received from them ) ...... 87b N/A 88 b At any time during the year, did the organization own a 50 % or greater interest in a taxable corporation or partnership , or an entity disregarded as separate from the organization under Regulations sections 301 7701-2 and 301 7701 -3? If "Yes," complete Part IX 88a X b At any time during the year, did the organization, directly or indirectly, own a controlled entity within the meaning of section 512 ( b)(13)? If "Yes," complete Part XI ► 88b X 89 a 501 (c)(3) organizations Enter Amount of tax imposed on the organization during the year under section 4911 ► N/A ; section 4912 ► N/A , section 4955 ► N/A b 501 (c)(3) and 501 (c)(4) orgs Did the organization engage in any section 4958 excess benefit transaction during the year or did it become aware of an excess benefit transaction from a pnor year? If "Yes," attach a statement explaining each transaction ...... 89b N/ c Enter Amount of tax imposed on the organization managers or disqualified persons during the year under sections 4912 4955 , , and 4958 ...... ► N/A d Enter Amount of tax on line 89c , above, reimbursed by the organization ► N/A e All organizations At any time during the tax year, was the organization a party to a prohibited tax shelter transaction? ...... 89e N f All organizations Did the organization acquire a direct or indirect interest in any applicable insurance contract? 89f N/ g For supporting organizations and sponsoring organizations maintaining donor advised funds Did the supporting organization , or a fund maintained by a sponsoring organization , have excess business holdings at any time during the year? ...... 89g N/ 90 a List the states with which a copy of this return is filed ► DC, b Number of employees employed in the pay period that includes March 12, 2006 ( See instructions ) . , , . . , , , , , , L ob _2q Thebooksareincareof 91 a ► NATIONAL MULTI HOUSING COUNCIL Telephoneno ► 202-97 4-23 00 Locatedat ► 1850 M STREET, NW WASHINGTON, DC ZIP+4 ► 20036

b At any time during the calendar year, did the organization have an interest in or a signature or other authority over Yes No a financial account in a foreign country ( such as a bank account, securities account, or other financial account )'? , , , ...... 91 b X If "Yes," enter the name of the foreign country ------► ------See the instructions for exceptions and filing requirements for Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts

Form 990 (2006)

JSA 6E 1041 2 000

53200G 2337 10/30/2007 16:33: 30 V06-8.1 89 - 202512-00 9 Form 99012006 ) 52-1127504 Page 8 Other Information (continued) Yes No c At any time during the calendar year, did the organization maintain an office outside of the United States? ...... 91c X If enter the name of the "Yes," foreign country ► 92 Section 4947(a)(1) nonexempt charitable trusts filing Form 990 in lieu of Form 1041 - Check here ...... and enter the amount of tax-exem pt interest received or accrued during the tax year . ► 92 N/A 970771 Analysis of Income -Producing Activities(See the instructions.) Note : Enter gross amounts unless otherwise Unrel ated business income Excluded by section 512 , 513, or 514 (E) indicated Related or (A) ( C ) D exempt function Business code Amount Exclu ion code 93 Program service revenue Amount Income s a CORPORATE SPONSORS 3 , 542 , 026. b c d e f Medicare /Medicaid payments ...... g Fees and contracts from government agencies . 94 Membership dues and assessments . . . 5 , 746 , 250.

95 Interest on savings and temporary cash i nvestments 14 325 , 588. 96 Dividends and interest from securities 97 Net rental income or (loss) from real estate a debt-financed property ...... b not debt-financed property ......

98 Net rental income or (loss) from personal property . . 99 Other investment income ...... 100 Gain or (loss) from sales of assets other than inventory 18 -107 , 160. 101 Net income or ( loss) from special events 102 Gross profit or (loss ) from sales of inventory 103 Other revenue a b c d e 104 Subtotal (add columns (B), (D), and (E)) . 218 , 428. 1 9 , 288 , 276. 105 Total (add line 104 , columns ( B), (D), and (E )) ...... ► 9,506,704. Note : Line 105 plus line le, Part 1, should equal the amount on line 12, Part Relationship of Activities to the Accomplishment of Exempt Purposes (See the instructions. ) Line No. Explain how each activity for which income is reported in column (E) of Part VII contributed importantly to the accomplishment y of the organization's exempt purposes (other than by providing funds for such purposes) 93A CORPORATE SPONSORSHIPS SUPPORT RESEARCH AND ADVOCACY , MEETINGS 94 MEMBERSHIP DUES SUPPORT RESEARCH AND ADVOCACY , MEETINGS

(a) Did the organization , during the year , receive any funds , directly or indirectly, to pa! (b) Did the organization, during the year, pay premiums, directly

ILI I- r_ 007A .-JL...-... d74A /..__

JSA 6E1050 2 000

53200G 2337 10/30/2007 16:33:30 V06-8.1 Form99012006) 52-1127504 Page9 JiEWa Information Regarding Transfers To and From Controlled Entities .Complete only if the organization is a controlling organization as defined in section 512(b)(13). Yes No 106 Did the reporting organization make any transfers to a controlled entity as defined in section 512(b)(13) of the Code'? If "Yes," com plete the schedule below for each controlled entity. x (A) (B) (C) Name , address , of each Employer Identification Description of (D) Amount of transfer controlled entity Number transfer

------a ------

------b ------

------c ------

Totals

Yes No 107 Did the reporting organization receive any transfers from a controlled entity as defined in section 512(b )( 13 ) of the Code? If "Yes," com plete the schedule below for each controlled entity. X (A) (B) (C) Name , address , of each Employer Identification Description of (D) Amount of transfer controlled entity Number transfer

------a ------

------b ------

------c ------

Totals

Yes No 108 Did the organization have a binding written contract in effect on August 17, 2006, covering the interest, rents, royalties, and annuities described in q uestion 107 above? X Under penalties of peryu eclare that a exami d this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, corn d a plete De ara f preparer (other than officer) is based on all information of w/epas a Please /nYknowled9e f Si g n gnatur foffic , Here

Type or print name nd title

Date Check if Preparer's SSN or PTIN (See Gen Inst X) Paid Prenarer's ^1f_ signature I'h / 0-? employed 111" t) ep P e parer s / Firm's name (or yours ' EIN REZNICK GROUP , PI X. 52-1088612 Use Only if self-em ployed ), 111* Phone no address, and ZIP+4 7700 OLD GEORGE O N ROAD , SUITE 400 10, 301-652-9100 BETHESDA, MD V 20814-6224 Form990 (2006)

JSA

6E1051 1 000 53200G 2337 10/30/2007 16:33:30 V06-8.1 89 -202512-00 11 NATIONAL MULTI HOUSING COUNCIL, INC. 52-1127504

FORM 990, PART I - OTHER DECREASES IN FUND BALANCES

DESCRIPTION AMOUNT

VACATION ACCRUAL ADJUSTMENT 82,301. ------TOTAL 82,301.

STATEMENT 1

53200G 2337 10/30/2007 16:33:30 V06-8.1 89-202512-00 12 NATIONAL MULTI HOUSING COUNCIL, INC. 52-1127504

FORM 990, PART III - ORGANIZATION'S PRIMARY EXEMPT PURPOSE ------

ADVOCATE FOR MULTI-FAMILY RENTAL ORGANIZATIONS

STATEMENT 2

53200G 2337 10/30/2007 16:33:30 V06-8.1 89-202512-00 13 NATIONAL MULTI HOUSING COUNCIL, INC. 52-1127504

FORM 990, PART IV - INVESTMENTS - PUBLICLY TRADED SECURITIES

ENDING DESCRIPTION BOOK VALUE

MORTGAGE AND ASSET BACKED SEC 3,171,982. CORPORATE BONDS 1,478,823. GOVERNMENT BONDS 1,406,783. MONEY MARKET 243,887.

TOTALS 6,301,475. ------

STATEMENT 3

53200G 2337 10/30/2007 16:33:30 V06-8.1 89-202512-00 14 NATIONAL MULTI HOUSING COUNCIL, INC. 52-1127504

FORM 990, PART IV - OTHER ASSETS

ENDING DESCRIPTION BOOK VALUE

DEPOSITS 14,676. ------TOTALS 14,676. ------

STATEMENT 4

53200G 2337 10/30/2007 16:33:30 V06-8.1 89-202512-00 15 NATIONAL MULTI HOUSING COUNCIL, INC. 52-1127504

FORM 990, PART IV - MORTGAGES AND OTHER NOTES PAYABLE ------

LENDER: CAPITAL LEASE ORIGINAL AMOUNT: 48,330. DATE OF NOTE: 06/01/2005 MATURITY DATE: 06/01/2010 REPAYMENT TERMS: MONTHLY SECURITY PROVIDED: COPIERS PURPOSE OF LOAN: TO PURCHASE COPIERS

BEGINNING BALANCE DUE ...... 46,148. ENDING BALANCE DUE ...... 37,186. ------

TOTAL BEGINNING MORTGAGES AND OTHER NOTES PAYABLE 46,148. ------

TOTAL ENDING MORTGAGES AND OTHER NOTES PAYABLE 37,186. ------

STATEMENT 5

53200G 2337 10/30/2007 16:33:30 V06- 8.1 89 -202512-00 16 NATIONAL MULTI HOUSING COUNCIL, INC. 52-1127504

FORM 990, PART IV - OTHER LIABILITIES

ENDING DESCRIPTION BOOK VALUE

SECURITY DEPOSIT PAYABLE 600. ------TOTALS 600. ------

STATEMENT 6

53200G 2337 10/30/2007 16:33:30 V06- 8.1 89 -202512-00 17 NATIONAL MULTI HOUSING COUNCIL, INC. 52-1127504

FORM 990, PART IV-B - OTHER EXPENSES ON BOOKS BUT NOT ON RETURN ------

DESCRIPTION AMOUNT

VACTION ACCRUAL ADJ 82,301. ------TOTAL 82,301. ------

STATEMENT 7

53200G 2337 10/30/2007 16:33:30 V06-8.1 89-202512-00 18 NATIONAL MULTI HOUSING COUNCIL, INC. EI# 52-1127504 LIST OF OFFICERS. DIRECTORS AND TRUSTEES 2006

Tide & Average Compensation Contributions to Expense Account and Hours Per Week (irnot paid enter 0) Employees Other Allowances Devoted to Pos. Benefits Plans

Alan F. Greenwald Director (Part) 0 0 0 A.F. Evans Company, Inc. 1000 Broadway, Suite 300 Oakland, CA 94607

Nick M. Faklis Director ( Pan) 0 0 0 A.G. Spanos Companies 10100 Trinity Parkway. 5th Floor Stockton , CA 95219

Alex G. Spans Director ( Part) 0 0 0 A.G. Spanos Companies 10100 Trinity Parkway, 5th Floor Stockton, CA 95219

Kevin P. Fitzpatrick Director (Pan) 0 0 0 AIG Global Real Estate Investment Corp. 70 Pine Street, 4th Floor New York, NY 10270

Nora E. Miller Director (Part) 0 0 0 AIG Global Real Estate Investment Corp. 70 Pine Street, 4th Floor New York, NY 10270

Jc(Trcy W. Adler Director (Part) o 0 0 AIMCO 4582 South Ulster Street Parkway Stanford Place 3, Suite 1100 Denver, CO 80237

Patti Shwayder Director ( Pan) 0 0 0 AIMCO 4582 S Ulster Street, Suite 1100 Denver, CO 80237

Andrew W. Schor Director(Part) 0 0 0 Alliance Holdings, L.L.C. 221 North LaSalle Street , 37th Floor Chicago, IL 60601 UNITED STATES

Steven Ivankovich Dwector (Part) 0 0 0 Alliance Holdings, L.L.C. 221 North LaSalle Street, 37th Floor Chicago, IL 60601 UNITED STATES

Statement 8 NATIONAL MULTI HOUSING COUNCIL. INC. El# 52-1127504 LIS1' OF OFFICERS. DIRECTORS AND TRUSTEES 2006

Titlc & Average Compensation Contributions to Expense Account and I lours Per Week ( if not paid enter 0) Employees Other Allowances Devoted to Pos. Benefits Plans

James M. Krohn Director (Part) 0 0 0 Alliance Residential Company 2415 East Camclback Road. Suite 600 Phoenix. AZ 85016

Bruce C. Ward Director (I'art) 0 0 0 Alliance Residential Company 2415 East Camclback Road. Suite 600 Phoenix, AZ 85016

Tim L. Myers Director (Part) 0 0 0 Allied Realty Services. Ltd. 1455 West Loop South, Suite 800 Houston, TX 77027

Lauren A. Brockman Director(Part) 0 0 0 Allied Realty Services, Ltd. 101 University Boulevard, Suite 410 Denver, CO 80206

Joel L. Altman Dinxtor (Part) 0 0 0 Altman Development Corporation 1515 S Federal I lighway, Suite 300 Boca Raton. FL 33432

R. Ryan Holmes Director (Pan) 0 0 0 Ambling Companies Inc. 348 Enterprise Drive Valdosta, GA 31601

Michael I (. Godwin Director (Part) 0 0 0 Ambling Companies Inc. 348 Enterprise Drive Valdosta, GA 31601

Stan J. I larrelson Director (Part) 0 0 0 American Management Services (dba Pinnacle) 2801 Alaskan Way, Suite 200 Seattle, WA 98121

Judith K. Martin I)irector(Part) 0 0 0 American Management Services(dba Pinnacle) 501 South New York Avenue, Suite 200 Winter Park, FL 32789

Scott G. Suttle Director (fart) 0 0 0 AmeriSphcre Multifamily Finance 7700 Wisconsin Avenue. Suite 1150 Bethesda, MD 20814

2 NATIONAL MULTI HOUSING COUNCIL. INC. Eht 52-1127504 LIST OF OFFICERS. DIRECTORS AND TRUS rEES 2006

Title & Average Compensation Contributions to E%pcnse Account and Hours Per Week ( if not paid enter 0) Employees Othm Allowances Devoted to Pos. Benefits Plans

Rodrigo Lopez Director ( Part) 0 0 0 AmeriSphere Multifamily Finance 1125 South 103rd Street, Suite 130 Omaha. NE 68124-1071

Steve F . I lallsey Director ( Pan) 0 0 0 AMLI ,Management Company 125 South Wacker Drive, Suite 3100 Chicago. I L 60606

Gregory T. Mutz Director ( Part) 0 0 0 AMLI Residential Properties Trust 125 South Wacker Drive, Suite 3100 Chicago. IL 60606

Owen Smith Director ( Pert) 0 0 0 AMSI 401 East Jackson Street Tampa. FL 33602

Jocelyn Rhode Director (Pan) 0 0 0 AMSI 401 East Jackson Street Suite 1500 Tampa, FL 33602

Kimberly J. Sperry Director (Part) 0 0 0 Amstar Group. LLC 1050 17th Street, Suite 1200 Denver, CO 80265

David K. Oelike Director ( Pan) 0 0 0 Apartment Realty Advisors 1220 Augusta Drive. Suite ISO Houston. TX 77057

Marc E. dcBaptistc Uucetor ( Part) 0 0 0 Apartment Realty Advisors 777 Yamato Road, Suite 140 Boca Raton , FL 33431

Kevin Doyle Director ( Part) 0 0 0 Apantncnts.com 175 W Jackson, 8111 Floor Chicago. IL 60604

Brad Long Director ( Pail) 0 0 0 Aparttnents.com 175 1V Jackson. 8th Floor Chicago. IL 60604

3 NATIONAL MULTI HOUSING COUNCIL, INC. EI# 52.1127504 LIST OF OFFICERS, DIRECTORS AND TRUSTEES 2006

Title & Average Compensation Contributions to Expense Account and Hours Per Week ( if not paid enter 0) Employees Other Allowances Devoted to Pos . Benefits Plans

Alan Wiener Director (Pan) 0 0 0 APF/Wachovia 6 East 43rd Street 26th Floor New York, NY 10017

Arthur A. Habighorst Director (Part) 0 0 0 APFlWachovia 6 East 43rd Street. 26th Floor New York, NY 10017

John M. Gibson Director (Pan) 0 0 0 Aiehon Residential 6011 Connection Drive Irving, TX 75039

Roger It Bcless Director(Pan) 0 0 0 Archon Residential 6011 Connection Drive Irving. TX 75039

Charles E. Mueller Jr. Director (Part) 0 0 0 Archstone-Smith 9200 East Panorama Circle, Suite 400 Englewood, CO 80112

R. Scot Sellers Director(Pan) 0 0 0 Archstone-Smith 9200 East Panorama Circle, Suite 400 Englewood, CO 80112

Howard J. Levine Director (Pan) 0 0 0 ARCS Commercial Mortgage Co., L.P. 26901 Agoura Road, Suite 200 Calabasas Hills, CA 91301-9932

Steven D. Heller Director(Pan) 0 0 0 ARCS Commercial Mortgage Co., L.P. 5 Independence Way Princeton, NJ 08540

Richard R. Horton Director(Part) 0 0 0 Arthur J. Gallagher Risk Management Services, Inc. 10900 Hefner Pointe Drive, Suite 305 Oklahoma City, OK 73120

Cristina Allen Director (Part) 0 0 0 Arthur J. Gallagher Risk Management Services, Inc. 14241 Dallas Parkway, Suite 300 Dallas, TX 75254

4 NATIONAL MULI I HOUSING COUNCIL, INC. LI# 52-1127504 LIST OF OFFICERS.1)IRECTORS AND TRUST F.S 2006

Title & Avenge Compensation Contributions to Cxpcnsc Account and Hours Per Week (if not paid enter (1) limployecs Other Alluwancc'. Devoted to I'os. Itenefits Plans

Fred Anthony Director (Ran) 0 0 0 Aspen Square Management 380 Union Street. Suite 300 West Springfield. MA 01089-4100

I larold Grinspoon Director (Part) 0 0 0 Aspen Square ,Management 380 Union Street, Suite 300 West Springfield. MA 01089-4100

Michael G. Miller Director (Part) 0 0 0 AUM 2211 York Road. Suite 320 Oak Brook, IL 60523

Daniel M. Witte Director(Purt) 0 0 0 AUM 2211 York Road, Suite 320 Oak Brook, I L 60523

Lili F. Dunn Director (I'nn) 0 0 0 AvalonBay Communities. Inc. 2900 Eisenhower Averrie. Suite 300 Alexandria, VA 22314

Timothy J. Naughton Director Wan) 0 0 0 Avalonliay Communities. Inc. 2900 Eisenhower Avenue, Suite 300 Alexandria, VA 22314

Philip S. Payne Dinxtor(Pan) 0 0 0 Babcock & Brown Residential 301 S College Strut, Suite 3850 Charlotte. NC 28202-6024

D. Scott Wilkerson Director (Pan) 0 0 0 Babcock & Brown Residential 301 S College Street. Suite 3850 Charlotte. NC 28202-6024

Robert N. Bader Director (Part) 0 0 0 Bader Company 9777 N College Avenue Indianapolis, IN 46280

Mike Gilbert Director (Pan) 0 0 0 Bader Company 9777 N College Avenue Indianapolis, IN 46280

5 NATIONAL MUL"I I HOUSING COUNCIL. INC Flu 52-I 127504 LIS1' 01. OFFICERS. DIRECTORS AND TRUSULS 2006

Title & Average Compensation (ontnbuuons to Expense Account and Hours Per Week (if not paid enter 0) Lniployees Other Allowances Devoted to Pos. Benefits Plans

Ron D. Sturzenegger Director (Part) 0 0 0 Banc of America Securities LLC 600 Montgomery Street, CAS-80I-21-0I San Francisco, CA 94111

Diana Reid Director (Pan) 0 0 0 Beckman Advisors, Inc. 654 Madison Avenue. Suite 1607 New York, NY 10021

Shekar Narasimhan Director (Put) 0 0 0 Beckman Advisors. Inc. 8000 Wcstpark Drive. Suite 250 McLean, VA 22102

David J. Olney Director (Part) 0 0 0 Berkshire Property Advisors One Beacon Street. Suite 1550 Boston, MA 02108

Brian P. Ward Director(Pan) 0 0 o Big Rock Partners LLC 10900 NE 8th Street, Suite 610 Bellevue, WA 98004

Bennett Kim Director (Flirt) 0 0 0 Big Rock Partners LLC 315 S Beverly Drive. Suite 315 Beverly Hills. CA 90212

Dale Gruen Director (Pan) 0 0 0 BlackRock Realty 50 Cali forma Street, Suite 200 San Francisco, CA 94111

Lorenz Menrath Director (Pan) 0 0 0 BlackRock Realty 50 California Street, Suite 200 San Francisco, CA 94111

John P Manning Director (I an) 0 0 0 Boston Capital Corporation One Boston Place, Suite 2100 Boston, MA 02108-4406

Mark W. Dunne Director (Pan) 0 0 0 Boston Capital Corporation One Boston Place, Suite 2100 Boston, MA 02108-4406

6 NATIONAL MULTI HOUSING COUNCIL. INC. E1452-1127504 LIST OF OFFICERS, DIRECTORS AND TRUSTEES 2006

Title & Average Compensation Contributions to Expense Account and Hours Per Week (if not paid enter 0) Employees Other Allowances Devoted to Pos. Benefits Plans

Deirdre A. Kuring Director (Pan) 0 0 0 BRE Properties, Inc. 525 Market Street , 4th Floor San Francisco, CA 94115

Mark A. Petersen Director ( Part) 0 0 0 BRE Prvpe i!cs, Inc 5141 California Avenue, Suite 250 Irvine, CA 92617

Barden Brown Director(Pan) 0 0 0 Brown Realty Advisors 1303 Hightower Trail, Suite 205 Atlanta, GA 30350-2919

Jerry Feldman Director ( Part) 0 0 0 CallSourcc 31280 Oak Crest Drive, Suite 3 Westlake Village. CA 91361

Douglas D. Chasick Director ( Pan) 0 0 0 CallSourcc 180 Heron Drive Melbourne Beach, FL 32951

Laurie A. Baker Director (Part) 0 0 0 Camden Property Trust Three Greenway Plaza, Suite 1300 Houston, TX 77046

Richard J. Campo Director (Part) 0 0 0 Camden Property Trust Three Grccnway Plaza, Suite 1300 Houston, TX 77046

David J. Adelman Director (Pan) 0 0 0 Campus Apartments 4043 Walnut Street Philadelphia, PA 19104

Miles I1.Orth Director ( Part) 0 0 0 Campus Apartments 4043 Walnut Street Philadelphia, PA 19104

John M. Cannon Director (Part) 0 0 0 Capmark Financial Group, Inc. 116 Welsh Road Horsham, PA 19044

7 NATIONAL MULTI HOUSING COUNCIL, INC. EI# 52-1127504 LIST OF OFFICERS, DIRECTORS AND TRUSTEES 2006

Title& Average Compensation Contributions to Expense Account and Horns Per Week (if not paid eater 0) Employees Other Allowances Devoted to Pos. Bencfhs Plans

Richard L. Kadish Director (Part) 0 0 0 CAPREIT, Inc. 11200 Rockville Pike, Suite 100 Rockville, MD 20852

Ernest L. Heymann Director (Part) 0 0 0 CAPREIT, Inc. 11200 Rockville Pike, Suite 100 Rockville, MD 20852

Ron Zeff Director (Part) 0 0 0 Carmel Partners, Inc. 1000 Sansomc Street, Suite 180 San Francisco, CA 94111

John R. Williams Director(Pan) 0 0 0 Carmel Partners. Inc. 1000 Sansome Street, Suite 180 San Francisco, CA 94111

Christy Curry Freeland Director (Part) 0 0 0 CAS, RivcrstonclBanyan 6110 Executive Boulevard, Suite 315 Rockville, MD 20852

Terry S. Danner Director (Pan) 0 0 0 CAS, Riverstonc/Banyan 2001 Bryan Street, Suite 3750 Dallas, TX 75201-3005

Scan P. Deasy Director (Part) 0 0 0 CB Richard Ellis (California) 4141 Inland Empire Boulevard, Suite 100 Ontario, CA 91764

Peter F. Donovan Director(Part) 0 0 0 CB Richard Ellis, Inc. I I I Huntington Avenue, Suite 1200 Boston, MA 02199

Gregory S. Vorwallcr Director (Part) 0 0 0 CB Richard Ellis, Inc. 311 South Wacker, Suite 400 Chicago, IL 60606

Brian F. Stoffers Director (Pan) 0 0 0 CBRE Capital Markets 2800 Post Oak Boulevard, Suite 2100 Houston, TX 77056

8 NATIONAL MULTI HOUSING COUNCIL. INC. EI# 52-1127504 LIST OF OFFICERS. DIRECTORS AND TRUSTEES 2006

Title & Average Compensation Contributions to Expense Account and Hours Per Week (if not paid enter 0) Employees Other Allowances Devoted to Pos. Benefits Plans

Marc D. Schnitzer Director (Part) 0 0 0 Centerline Capital Group 625 Madison Avenue, 5th Floor New York , NY 10022-1601

Daryl J. Carter Director(Part) 0 0 0 Centerline Capital Group 18101 Von Karman Avenue. Suite 1900 Irvine, CA 92612

James Magers Director ( Pan) 0 0 0 CheckFrcc Corporation 4411 East Jones Bridge Road Norcross, GA 30092

Ash Be]] Director (Part) 0 0 0 CheckFrce Corporation 3473 Southwest Sawgrass Villas Drive Palm City, FL 34990

Larry H . Dale Director ( Part) 0 0 0 Citigroup Corporate & Investment Banking-Municipal Sec. Div., Affordable Housing 1801 California Street, Suite 3700 Denver, CO 80202

Hal G. Kuykcndall Director ( Part) 0 0 0 Citigroup Corporate & Investment Banking-Municipal Sec. Div., Affordable Housing 1801 California Street, Suite 3700 Denver, CO 80202

Douglas R. Sandor Director ( Part) 0 0 0 Clark Realty Capital , L.L.C. 2 Bethesda Metro Center, Suite 250 Bethesda, MD 20814

Francis J. Coen Director ( Part) 0 0 0 Clark Realty Capital, L.L.C. 548 Abrego Street Monterey, CA 93940

Chowdary Yalamanchili Director (Part) 0 0 0 CnC investments Ltd., LLP 4420 FM 1960 West , Suite 224 Houston, TX 77068

Edward T. Wright Director (Pan) 0 0 0 Colonial Properties Trust 2101 6th Avenue North. Suite 750 Birmingham, AL 35203-1697

9 NATIONAL MULTI HOUSING COUNCIL, INC Eln 52.1127504 LISt OF OFFICERS. DIRECTORS AND 1 RUSTI:ES 2006

'1 the & Average Compensation Contnbuuons to Expense Account and Hours Per W k (if not potd enter 0) Employees Other Allowances Devoted to Pns. Benefits Plans

Paul F. Earle Director (Part) 0 0 0 Colonial Properties Trust 2101 6th Avenue North. Suite 750 Birmingham. AL 35203-I687

David W. Snyder Director (fart) 0 0 0 Continental Realty Advisors. Ltd. 10579 %Vcst Bradford Road Suite 100 Littleton, CO 80127

Tim Ciarnek Director (Pan) 0 0 t) Continental Realty Advisors. Ltd. 8122 Southpark Lane. Suite 102 Littleton, CO 80120

Thomas G Dudeck Director (I'an) 0 0 tt Cornerstone Real Estate Advisers LLC 180 Glastonbury Boulevard, Suite 401 Glastonbury, CT 06033

Brian Murdy Director (Part) 0 0 0 Cornerstone Real Estate Advisers LLC One Financial Plaza. Suite 1700 Hanford. Cr 06103-2604

Charles R. Brindell Jr. Director (Part) 0 0 0 Crow holdings 2100 McKinney Avenue. Suite 700 Dallas, TX 75201

Dodge Caner btnxuur (Part) 0 0 0 Crow holdings 2100 McKinney Avenue, Suite 700 Dallas, TX 75201

Thomas P. MacManus Director (Ilan) 0 0 0 Cushman & Wakefield 51 West 52nd Street New York, NY 10019

Keith T. Misncr Director (Part) 0 0 0 Cushman & Wakefield 1801 K Street, NW. Suite 1100-L Washington. DC 20006

John Simon Director (Pan) 0 0 0 Cushman & Wakefield 455 North Cityfront Plaza Drive Suite 2800 Chicago. IL 60611

10 NATIONAL MULTI HOI,SING COUNCIL. INC. EIa 52-I 127504 LIST OF OFFICERS. DIRECTORS AND TRUSTEES 2006

Title & Average Compensation Contnhuuuns to Expense Account and Hours Per Week ( if not paid enter 0 ) I:mployec. Other Allowances Devoted to Pos I(enefits Plans

Leslie 0. Andren Director (Part) 0 0 0 Cushman & Wakefield of Illinois. Inc. 455 North Cityfront Plaza Drive Suite 2800 Chicago. I L 6061 1-5325

Michael D. Berman Director (Pan) 0 0 0 CWCapital One Charles River Place 63 Kendrick Strect Needham, MA 02494

Dan Brendcs Director (Part) 0 0 0 CWCapital 1001 G Street, Suite 1210 W Washington. DC 20001

Jon D. Williams Director (Pan) 0 0 0 Davlyn Investments 3456 Camino Del Rio N. Suite 210 San Diego. CA 92108

Paul Kerr G. Director (Part) 0 0 0 Davlyn investments 3456 Camino Del Rio N. Suite 210 San Diego, CA 92108

Jack W. Safar Director(Pan) 0 0 0 Domimum Group, Inc. 2355 Polaris Lane North, Suite 100 Plymouth. MN 55447-4853

Jon Segner Duector (Part) 0 0 0 Dominium Group. Inc 2355 Polaris Lane North. Suite 100 Minneapolis, MN 55447-4853

Terry B. Schwarti Director(Pan) 0 0 0 Dover Realty Advisors 32400 Telegraph Road. Suite 202 Bingham Farms, MI 48322-2460

Mark DeLdlo Director (Part) 0 0 0 DTZ Rockwood 555 Fifth Avenue, 5th Floor New York, NY 10017

Daniel McNulty Director (Pan) 0 0 0 DTZ Rockwood 555 Fifth Avenue, 5th Floor New York, NY 10017

I1 NA fIONAL MULTI HOUSING COUNCIL, INC. EI# 52-1127504 LIST OF OFFICI.RS. DIRECTORS AND TRUS rl•.ES 2W6

Title & Average Compensation Contributions to Expense Account and Hours Per Wcck ( if not paid enter 0) Employees Other Allowances Devoted to Pos Benefits Plans

David L. Ash Director ( Part) 0 0 0 Eastdd Secured, LLC 101 California Street , Suite 2950 San Francisco, CA 94111

Miles Spencer Director ( Part) 0 0 0 Eastdil Secured, LLC 1750 H Street , NW, Suite 550 Washington , DC 20006

Kathy Cain Director ( Pan) 0 0 0 Echostar Satellite LLC 9601 S Meridian Boulevard A-4E-4178 Englewood, CO 801 12

Matthew Cohen Director ( Part) 0 0 0 Echostar Satellite LLC 9601 S Meridian Boulevard A-4E-4178 Englewood CO 80112

Warren Rose Director ( Part) 0 0 0 Edward Rose & Sons 30057 Orchard Lake Road, Suite 100 PO Box 9070 Farmington Hills, MI 48333-9070

John M. O'Ilata, Jr. Director ( Part) 0 0 0 Edward Rose & Sons 30057 Orchard Lake Road, Suite 100 PO Box 9070 Farmington Hills, M148334-9070

Walter M . Embrey , Jr. Director (Pan) 0 0 0 Embrey Partners, Ltd. 1020 NE Loop 410. Suite 700 San Antonio. TX 78209

Roger D. Bowler Director ( I'art) 0 11 0 Embrey Partners. Ltd. 1020 NE Loop 410. Suite 700 San Antonio, TX 78209

Gregory L. Engler Director ( Pan) 0 0 0 Engler Financial Group. LLC 1000 Windward Concourse. Suite 401 Alpharetta, GA 30005

Patrick Jones Director ( I'an1 0 0 0 Engler Financial Group. LLC 1000 Windward Concourse. Suite 401 Alpharetta, GA 30005

12 NATIONAL MULTI HOUSING COUNCIL, INC. EI ti 52-1127504 LIST OF OFFICERS. DIRECTORS AND TRUSTEES 2_006

Title & Average Compensation Contributions to Expense Account and Hours Per Week (if not paid enter 0) Employees Other Allowances Devoted to Pos. Benefits Plans

Alan W. George Director (Pan) 0 0 0 Equity Residential Two North Riverside Plaza. Suite 400 Chicago, IL 60606

David J. Ncithercut Director (Pan) 0 0 0 Equity Residential Two North Riverside Plaza, Suite 400 Chicago, IL 60606-2639

Gerald S. Brand Director (Part) 0 0 0 Fairfield Residential LLC 5510 Morehouse Drive, Suite 200 San Diego, CA 92121

Christopher E. Hashioka Director (Pan) 0 0 0 Fairfield Residential LLC 5510 Morehouse Drive, Suite 200 San Diego, CA 92121

Richard S. Lawch Director (Part) 0 0 0 Fannie Mae 3900 Wisconsin Avenue, NW Mailstop: I I H-735 Washington, DC 20016-2899

Heidi McKibben Director (Pan) 0 0 0 Fannie Mae 135 North Los Robles Avenue, Suite 400 Pasadena, CA 91101

Debra Smith Director (Pan) 0 0 0 First Advantage SafeRent 7300 Wcstmorc Road, Suite 3 Rockville, MD 20850.5223

Novel DcHart Director (Part) 0 0 0 First Advantage SafcRcnt 7300 Westmorc Road, Suite 3 Rockville, MD 20850-5223

Les Zimmerman Director (Pan) 0 0 0 First Capital Realty, Inc. 4350 East-West Highway, Suite 400 Bethesda, MD 20814

Richard N. Shinbcrg Director (Pan) 0 0 0 First Capital Realty, Inc. 4350 East-West Highway. Suite 400 Bethesda, MD 20814

13 NATIONAL MULTI HOUSING COUNCIL, INC. EI# 52-1127504 LIST OF OFFICERS, DIRECTORS AND TRUSTEES 2006

Title & Average Compensation Contributions to Expense Account and Hours Per Week (if not paid carer 0) Employees Other Allowances Devoted to Pos. Benefits Plans

Robert L. Johnston Director (Pat) 0 0 0 First Communities 1200 Lake Heam Drive, Suite 200 Atlanta, GA 30319

Steven R. Utley Director( Part) 0 0 0 FirstWorthing 3890 West Northwest Highway Suite 700 Dallas. TX 75220

John R. Allums Director ( Part) 0 0 0 FirstWorthing 3890 West Northwest Highway Suite 700 Dallas, TX 75220

Mark A. Fogelman Director(Part) 0 0 0 Fogelman Management Group 5400 Poplar Avenue, Suite 200 Memphis, TN 38119

Richard L. Fogelman Director (Part) 0 0 0 Fogelman Properties 5400 Poplar Avenue, Suite 200 Memphis. TN 38119

Judith Gogol Director (Pan) 0 0 0 For Rent Magazine 294 Interstate North Parkway, Suite 100 Atlanta, GA 30339

Sarah E. Malone Dircctor( Part) 0 0 0 For Rent Magazine 7979 E Tutls Avenue, Suite ISO Denver, CO 80237

Deborah Ratner-Salzberg Director ( Part) 0 0 0 Forest City Enterprises, Inc. 1615 L Stroct, NW Washington, DC 20036

Ronald A. Ratner Director ( Part) 0 0 0 Forest City Residential Group, Inc. 50 Public Square, Suite 1170 Cleveland, Oli 44113-2267

Mitchell W. Kiffe Director ( Pan) 0 0 0 Freddie Mac 8100 Jones Branch Drive, Mailstop B4B McLean, VA 22 102-3110

14 NATIONAL MULTI HOUSING COUNCIL. IN( Fla 52.1127504 LIST OF OFFICERS, DIRECTORS AND TRUSTEES 2006

Title & Average Compensation Contributions to Expense Account and Hours Per Week ( if not paid enter 0) Emplu) ces Other Allowances Devoted to Pus. Benefits Plana

Michael May Director ( Pan) 0 0 0 Freddie Mac 8100 Jones Branch Drive. Mailstop B4B McLean, VA 22102-3110

David Fitch Director ( Pan) 0 0 0 Gables Residential Trust 2859 Paces Ferry Road, Suite 1450 Atlanta, GA 30339

Susan Ansel Director ( Pan) 0 0 0 Gables Residential Trust 3500 Maple Avenue, Suite 1400 Dallas, TX 75219

Frank Marro Dircctor(Pan) 0 0 0 GE Real Estate 1000 Windward Concourse, Suite 400 Alpharetta , GA 30005

Mark Hall Director (Pan) 0 0 0 GE Real Estate 1201 F Street, NW, Suite 600 Washington, DC 20004

Linda Zeller Director ( Pan) 0 0 0 Gerson Bakar & Associates 201 Filbert Street, 7th Floor San Francisco, CA 94133-3238

Stephen LoPresti Director ( Pan) 0 0 0 Gerson Bakar & Associates 201 Filbert Street, 7th Floor San Francisco, CA 94133-3238

Robert E. DeWitt Director ( Part) 0 0 0 GID Investment Advisers LLC 1251ligh Street, High Street Tower 271h Floor Boston , MA 02110

John J . Gray, III Director (Pan) 0 0 0 Grayco Partners LLC 55 Waugh Drive, Suite 500 Houston, TX 77007

William McKinney Director (Pan) 0 0 0 Green Park Financial 7501 Wisconsin Avenue, Suite 1200 Bethesda, MD 20814-6531

IS NATIONAL MULTI HOUSING COUNCIL. INC. Elk 52-1127504 LIS I` OF OFFICERS, DIRECTORS AND TRUSTI:IS 2006

Title & Average Compensation Contributions to Cxpcnse Account and Hours Per Week (if not paid enter 0) Employees Other Allowances Devoted to Pos Benefits Plans

Howard W. Smith. III Director ( Part) 0 0 0 Green Park Financial 7501 Wisconsin Avenue. Suite 1200 Bethesda, MD 20814-6531

William C . Maddux Director (Part) 0 0 0 Greystar Real Estate Partners, LLC II State Street Charlcston, SC 29401

Stacy G. Hunt Director (Part) 0 0 0 Greystar Real Estate Partners. LLC 750 Bering Drive, Suite 300 Houston , TX 77057

Daniel B. Lambert Director ( Part) 0 0 0 Greystone Servicing Corporation, Inc. 152 W 57th Street, 60th Floor New York , NY 10019

William Posey Dinxtor ( Part) 0 0 0 Greystone Servicing Corporation, Inc. 7200 Wisconsin Avenue, Suite 1001 Bethesda. MD 20814

David K. Bell Director ( Part) 0 0 0 GSL Properties. Inc. 2164 SW Park Place Portland, OR 97205-1 125

Walter O. Grodahl Director ( fart) 0 0 0 GSL Properties, Inc. 2164 SW Park Place Portland , OR 97205-1 125

Don Hendricks Ditcoor ( Part) 0 0 0 Hendricks & Partners 2525 East Camelback Road Suite 1150 Phoenix. AZ 85016

Arthur R. Wadlund Director ( Pars) 0 0 0 Hendricks & Partners 3567 East Sunnsc Drivc . Suite 237 Tucson , AZ 85718

John W. Airhart Director ( Part) 0 0 0 Hepfncr. Smith, Airhart & Day, Inc. 1800 Preston Park Boulevard, Suite 250 Plano. TX 75093

16 El# 52-I 127504 NATIONAL MULTI HOUSING COUNCIL. INC. 2006 LIST OF OFFICERS. DIRECTORS AND TRUSTEES

Title & Average Compensation Contnbutions to Expense Account and Hours Per Weck ( if not paid enter 0) Employees Other Allowances Devoted to Pos. Benefits Plans

James P. Hcpfner Director(Pan) 0 0 0 Hepfner, Smith, Airhart & Day, Inc. 1800 Preston Park Boulevard. Suite 250 Plano, TX 75093

Gary S. Farmer Director (Pan) 0 0 0 Hentage Title Company of Austin, Inc. 401 Congress Avenue, Suite 1500 Austin, TX 78701

Laura A. Beucrlcin Director (Part) 0 0 0 Heritage Title Company of Austin. Inc. 401 Congress Avenue, Suite 1500 Austin, TX 78701

Mona Keeter Carlton Director (Pan) 0 0 0 HFF 8401 North Central Expressway Suite 700 Dallas, TX 75225

Matthew Lawton Director (Part) 0 0 0 HFF 200 West Madison Street, Suite 3650 Chicago. IL 60606

Clyde P. Holland Director (Part) 0 0 0 Holland Partners I Main Street, Suite 710 Vancouver, WA 98660

Edward J. Pettinella Director (Part) 0 0 0 Home Properties, Inc. 850 Clinton Square Rochester, NY 14604

Scott A. Doyle Director (Part) 0 0 0 Home Properties, Inc. 850 Clinton Square Rochester, NY 14604

Tracy Simonton Legg Director (Part) 0 0 0 Hunter Warfieki, Inc 1400 16th Street, Suite 400 Denver, CO 80202

Todd Wahl Director (Pan) 0 0 0 Hunter Warficld, Inc. 3111 W MLK Boulevard 2nd Floor Tampa, FL 33607

17 NATIONAL MULTI HOUSING COUNCIL INC. EI 52-1127504 LIST OF OFFICERS. DIRECTORS AND TRUSTEES 2006

Tide & Average Compensation Contributions to Expense Account and Hours Per Week (if not paid eater 0) Employees Oilier Allowances Devoted to Pos. Benefits Plans

C. Stephen Cordes Director (Part) 0 0 0 ING Clarion Partners 230 Park Avenue, 12th Floor New York, NY 10169

Shari Lange Director (Part) 0 0 0 Ingersoll Rand Security Technologies 3120 Medlock Bridge Road Building A[, Suite I A Norcross, GA 3007!

Daniel J. Rochl Director (Part) 0 0 0 Intuit Real Estate Solutions 20800 Harvard Road Highland Hills, OH 44122

Matt Thomas Director(Part) 0 0 0 Intuit Real Estate Solutions 20800 Harvard Road Cleveland. OH 44122

Anthony Paolonc Dircaor(Part) 0 0 0 J.P. Morgan Securities Inc. 277 Park Avenue, 12th Floor New York. NY 10172

Peter E. Baccile Director(Part) 0 0 0 J.P. Morgan Securities Inc. 277 Park Avenue, 3rd Floor New York, NY 10172

Eric T. Ammon Director (Put) 0 0 0 JBM Realty Advisors, Inc. 100 North Tampa. Suite 2330 Tampa. FL 33602

Jamie B. May Diuoctor(Part) 0 0 0 JBM Realty Advisors, Inc. 1167 3rd Street South. Suite 209 Naples, FL 34102

Robin Williams Director(Part) 0 0 0 JBM Realty Advisors, Inc. 7200 Wisconsin Avenue, NW, Suite 1010 Bethesda, MD 20814

Brad Suddaih Director (Pan) 0 0 0 JBM Realty Advisors, Inc. 100 North Tampa, Suite 2330 Tampa, FL 33602

IS NATIONAL MULTI HOUSING COUNCIL, INC. EIS 52-1127504 LIST OF OFFICERS, DIRECTORS AND TRUSTEES 2006

Title & Average Compensation Contributions to Expense Account and Hours Per Week (if not paid enter 0) Employees Other Allowances Devoted to Pos. Benefits Plans

Richard J. High Direetor(Pan) 0 0 0 John M. Corcoran & Company 100 Grandview Road, Suite 203 Braintree, MA 02184

Guy K. Johnson Director (Pan) 0 0 0 Johnson Capital 18101 Von Korman Avenue, Suite 1050 Irvine, CA 92612-7133

Jubccn F. Vaghefl Director (Part) 0 0 0 Jones Lang LaSalle Americas, Inc. 701 Brickell Avenue, Suite 1250 Miami, FL 33131

Jeffrey T. Moms Director (Pan) 0 0 0 Jones Lang LaSalle Americas. Inc. 200 E. Robinson Street Suite 525 Orlando, FL 32801

Robert D. Page Di=tor (Pan) 0 0 0 JPI Companies 600 East Las Colinas Boulevard Suite 1800 Irving, TX 75039

Daniel P. Walsh, Jr. Dheetor(Part) 0 0 0 KeyBonk Real Estate Capital 127 Public Square Mailcode OH-01-27-0728 Cleveland, OIi 44114

Todd Rodenberg Director (Pan) 0 0 0 KcyBonk Real Estate Capital 8115 Preston Road, Suite 500 Dallas, TX 75225

James H. Collard Director (Pan) 0 0 0 Klingbcil Capital Managcment/Amcrican Apartment Communities 121 Cathedral Street, Suite 2 E Annapolis, MD 21401

Kristen Klingbcil-Weis Director(Part) 0 0 0 Klingbcil Capital Managcment/American Apartment Communities 131 Pomar Lane Santa Barbara, CA 93108

19 NATIONAL MULTI HOUSING COUNCIL. INC EIn 52-I 127504 LIST OF OFFICERS. DIRECTORS AND IRUSTELS 2006

ritle & Average Compensation Contributions to Expense Account and Hour. Per Week (if not paid enter 0) Emplo)ees Other Allowance Devoted to Pos. Benefits Plans

Richard Stadtmaucr Director (I'an) 0 0 0 Kushner Companies 18 Columbia Turnpike Florham Park, NJ 07932

Loretta J. Easton Director (Part) 0 0 0 Lane Company 5555 Glenridge Connector. Suite 700 Atlanta, GA 30342

William H. Donges I)irector(Part) 0 0 0 Lane Company 5555 Glenndge Connector. Suite 700 Atlanta, GA 30342

Randy Martin Director(Part) 0 0 0 LaSalle Bank Corporation 135 South LaSalle Street. Suite 3400 Chicago. I L 60603

Nathan If. Steams Director (Ilan) 0 0 0 LaSalle Bank Corporation 135 South LaSa11e Street. Suite 3400 Chicago, IL 60603

Richard E. Van Wert Director (Part) 0 0 0 LaSalle Investment Management, Inc. 4225 Executive Square 10th Floor La Jolla, CA 92037

C. Preston Butcher Director (Pan) 0 0 0 Legacy Partners 4000 East Third Avenue. Suite 600 Foster City. CA 944044805

W. Dean Henry Dtnetur(Part) 0 0 0 Legacy Partners Residential. Inc. 4000 East Third Avenue, Suite 600 Foster City. CA 94404-4805

Michael J. McNamara Ducctor (Pan) 0 0 0 Lehman Brothers 399 Park Avenue 9th Floor New York. NY 10022

J. Timothy Byrne Director (Pan) 0 0 0 Lincoln Property Company 500 North Akard Street. Suite 3300 Dallas. TX 75201-3394

20 NATIONAL MULTI HOUSING COUNCIL. INC. Elio 52-1127504 LIST OF OFFICERS. DIRECTORS AND TRUSTEES 2006

Title & Average Compensation Coninbuiions to Expense Account and Hour Per Week (if not paid enter 0) Employees Other Allowances Devoted to Pos. Benefits Plans

Jeff B. Franzen Director (Part) 0 0 0 Lincoln Property Company 1155 Herndon Parkway, Suite 100 Herndon. VA 20170

Charles M. McDaniel Director (Pan) 0 0 0 Lockton Companies of Colorado, Inc. 8110 E Union Avenue, Suite 700 Denver, CO 80237

Thomas F. McCoy Jr. Director (Pan) 0 0 0 Lockton Companies of Colorado, Inc. 8110 E Union Avenue, Suite 700 Denver, CO 80237

Frank T. Suryan Jr. Director (Pan) 0 0 0 Lyon Capital Ventures, LLC 4901 Birch Street Newport Beach, CA 92660

Cheryl Martin Director (Part) 0 0 0 Lyon Management Group. Inc. 4901 Birch Street Newport Beach, CA 92660

Linwood C. Thompson Director (Part) 0 0 0 Marcus & Millichap 500 Northpark Town Center 100 Abernathy Road NE, Suite 600 Atlanta, GA 30328

William A. Millichap Director (Part) 0 0 0 Marcus & Millichap 2626 Hanover Street Palo Alto. CA 94304

Scott Allan Director (Part) 0 0 0 Marsh. Inc. 777 South Figueroa Street. Suite 2200 Los Angeles, CA 90017

John Kurtz Director (Part) 0 0 0 Marsh, Inc. 100 North Tryon Street, Suite 3200 Charlotte, NC 28202

Jay H. Massirman Director (Pan) 0 0 0 Massirman Housing 444 Brickell Avenue, Suite 340 Miami, FL 33131

21 NATIONAL MULTI HOUSING COUNCIL. INC. L10 52- 1127504 LIST OF OFFICERS. DIRECTORS AND TRUS1 EES 2006

Title & Average Compensation Contributions to Expense Account and Hours Per Week (if not paid enter 0) Employees Other Allowances Devoted to Pos. Benefits Plans

Frederick K. Mchlman Director (Part) 0 0 0 MAXX Properties 875 Mamaroneck Avenue Mamaroneck, NY 10543-1959

Gerald J. Ilaak Director (Part) 0 0 0 MAXX Properties 875 Mamaroneck Avenue Mamaroneck, NY 10543-1959

Marlin T. Lanigan Director (I'an) 0 0 0 Mca Cap 51 JFK Parkway. 4th Floor East Short Hills. NJ 07078

Simon R.C. Wadsworth Director(Part) 0 0 0 Mid-America Apartment Communities, Inc. 6584 Poplar Avenue. Suite 300 Memphis. TN 38138

H. Eric Bolton, Jr. Director (Pan) 0 0 0 Mid-America Apartment Communities, Inc. 6584 Poplar Avenue. Suite 300 Memphis, TN 38138

John R. Kinzer Director (Pan) 0 0 0 Milestone Management 5400 LBJ Freeway Suite 975 Dallas, TX 75240

Steve T. Lamberli Director(Part) 0 0 0 Milestone Management 5429 LBJ Freeway. Suite 800 Dallas, TX 75240

Christopher C. Finlay Director(I'an) 0 0 0 Mission Residential, LLC 410 Pine Street SE, Suite 100 Vienna, VA 22180

Gary A. Mentesona Director (Part) 0 0 0 MMA Financial, LLC 621 East Pratt Street, 3rd Floor Baltimore, MD 21202

Michael L. Falcone Director (Part) 0 0 0 MMA Financial, LLC 621 East Pratt Street, 3rd Floor Baltimore, MD 21202

22 NATIONAL MULTI HOUSING COUNCIL INC. EI# 52-1127504 LIST OF OFFICERS, DIRECTORS AND TRUSTEES 2006

Title & Average Compensation Contributions to Expense Account and Hours Per Week (if not paid enter 0) Employees Other Allowances Devoted to Pos. Benefits Plans

Mary Ann King Director (Part) 0 0 0 Moran & Company 600 Anton Boulevard, Suite 1250 Costa Mesa, CA 92626

Thomas F. Moran Director (Part) 0 0 0 Moran & Company One North Franklin, Suite 700 Chicago, IL 60606

Ran D. Monson Director (Pan) 0 0 0 Morgan Properties 160 Clubhouse Road King of Prussia, PA 19406

David Koffler Director(Part) 0 0 0 Morgan Properties 160 Clubhouse Road King of Prussia. PA 19406

Anne W. Osscwaardc Director(Part) 0 0 0 Morgan Stanley 3424 Peachtree Road, NE, Suite 800 Atlanta, GA 30326

Guy Metcalfe Director (Pan) 0 0 0 Morgan Stanley 1585 Broadway, 37th Floor New York. NY 10036

Melanie Morrison Director (Part) 0 0 0 Morrison, Ekre & Bart Management Services, Inc. 1039 N 6th Avenue Tucson, AZ 85705

Jodi Bart Director (Pan) 0 0 0 Morrison, Ekre & Bart Management Services, Inc. 1215 E Missouri Phoenix, AZ 85014

Stephen Feltner Director(Part) 0 0 0 Move 30700 Russell Ranch Road Westlake Village, CA 91362

Joe DeTuno Director (Pan) 0 0 0 Move 30700 Russell Ranch Road Westlake Village, CA 91362

23 NATIONAL \1UL71I HOUSING COUNCIL. INC Ill 52-1 1 2 7 504 [.15F 01'011 ICCRS, I)IREC1ORS r\%N:ID'i Rt,S 1 CI:S _(r116

'I isle £ A%'crar:c Compcns ticm Contnbuuun., co I \prn%e Acwunt .tnd Hu'trc Per \\'cck (If nut p.ud i.ntcr 0) litnplo; n', Oihrr AIIowincc, hcvotcd to Po,, lirnctits Plans

John 11 I Iclnt D irector (Pan) n u ft My\cwl'lacc 425 Bush Sncct, Suite 200 tian Fntncisco. CA 94108

Doudx; .10 Bibby Ihnrtor(I'.uq National Nlultt Ilousini'Council •-J, (i5 qao .' 6 r T 1850 NI 5ttcct. N\V. Suite 540 ID 1 1\'a;hntgton. DC 20036-5803

Mandy Vallowc Director (Pall) Network Mulhtamily Corporation 5840 W Cypress Street. Suite A i'amlrr, FL 33607

I ance Mailics t)ircc! mr (I'.ut) O tt p Ncmork Multifamily Corporation

4221 W John C arpenter Freeway Inmu.'TX 75003

Kerry It I:rcnLh Director Wall) 0 North\tarq Capital, Inc One (titi'en+:ty Pt:iz:t, Suite 2400 1lausron T\ 77056

Edward Padilla D'nrcrar(Part) 0 0 (I NorlMartl Capital, Inc 3500 American Blvd, West, Suite 500 tlinncapuhs. MMN 55431-4-135

Robert A. Esposito utrrctor(t'ast) u 0 Ct \\'P Services Corporation 620 Eiiclmc Circle West Pembroke Pines. FL 33027

Mike Radice Director (Part) 0 (1 n N%VP Services Corporation 22 Executive Part: mine. CA 92614

Howard F. Ruby Ihrccwt (Part) D t1 p Oakwood Worldwide 2222 Corinth Avenue Los Angelcc. CA 90061

Thuma,. F. Ilunter D:receor(I'arr) U (1 u Ojkwourl ^^' Ofl(1^5 tdc 2222 Corinth Avenue Los Angeles. CA 90064

24 NATIONAL MULTI HOUSING COUNCIL, INC. hIs 52-1127504 LIST OF OFFICERS. DIRECTORS AND TRUSTIES 2006

Title & Average Compensation Contributions to Expense Account and Hours Per Week (if not paid enter 0) Employe. Other Allowances Devoted to Pos. Benefits Plans

Dean R. Schmidt Director (Part) 0 0 0 OneSttc 4000 International Parkway Carrollton, TX 75007-1913

Daniel J. Gumbiner Director (Part) 0 0 0 Orion Residential LLC 770 Lake Cook Road, Suite 350 Deerfield. IL 60015

Scott Knauer Director (Part) 0 0 0 Orion Residential LLC 2415 East Camelback Road. Suite 900 Phoenix. AZ 85016

Arthur J. Cole Director (Part) 0 0 0 Pacific Property Company 777 California Avenue Palo Alto, CA 94304

Alfred V. Pace Director(Part) 0 0 0 Pacific Property Company 777 S California Avenue Palo Alto, CA 94304

Gary Goodman Director (Pan) 0 0 0 Passco Companies, LLC 96 Corporate Park. Suite 200 Irvine, CA 92606

Larry Sullivan Director (Part) 0 0 0 Passco Companies, LLC 96 Corporate Park. Suite 200 Irvine, CA 92606

David R. Picerne Director (Pan) 0 0 0 Piccrne Real Estate Group 1420 East Missouri Avenue Suite 100 Phoenix, AZ 85014

Ronald G. Brock. Jr. Director (Pan) 0 0 0 Picrcc-Eislcn, Inc. 7201 East Camel Back Road, Suite 245 Scottsdale, AZ 85251

Ronald G. Brock, Sr. Director (Pan) 0 0 0 Picrcc-Eislcn, Inc. 7201 East Camel Back Road, Suite 245 Scottsdale. AZ 85251

25 NATIONAL MULTI HOUSING COUNCIL. INC. E1# 52-1 1 27504 LIST OF OFFICERS . DIRECTORS AND TRUSTEES 2006

Tide & Average Compensation Contributiuns to Expense Account and Hours Per Week (if not paid enter 0) Employees Other Allowances Devoted to Pos Benefits Plans

William Thomas Boohcr Director (Pan) 0 0 0 PNC MultiFamily Capital 100 Pine Street, 16th Floor San Francisco, CA 94111-5102

Marc McAndrew Director (Part) 0 0 0 PNC Real Estate Finance One PNC Plaza 249 Fifth Avenue. 19 Floor Pittsburgh. PA 15222-2707

Thomas D. Senkbeil Director (Pan) 0 0 0 Post Properties, Inc. 4401 Northside Parkway, Suite 800 Atlanta, GA 30327-3057

David P. Stockcrt Director (Pan) 0 0 0 Post Properties, Inc. 4401 Northside Parkway, Suite 800 Atlanta, GA 30327-3057

Faron G. Thompson Director (Pan) 0 0 0 Primary Capital Advisors, LC 2060 Mount Paran Road, NW, Suite 101 Atlanta, GA 30327-2935

John W. Bray Director (Part) 0 0 0 Primary Capital Advisors, LC 2060 Mount Paran Road, NW. Suite 101 Atlanta, GA 30327-2935

Randall M Paulson Director (Part) 0 0 0 Professional Apartment Services 1721 West Plano Parkway. Suite 216 Piano, TX 75075

P. David Onanian Director (Pan) 0 0 0 Professional Apartment Services 2000 Benng Drive, Suite 108 Houston, TX 77057

John D. Millham Director (Pan) 0 0 0 Prometheus 201 North Civic Drive, Suite 140 Walnut Creek, CA 94596

John Ghio Director (Pan) 0 0 0 Prometheus 1900 South Norfolk Street, Suite 150 San Mateo, CA 94403

26 NATIONAL MULTI HOUSING COUNCIL. INC. EI# 52-I 127504 LIST OF OFFICERS. DIRECTORS AND TRUSTEES 2006

Title & Average Compensation Contributions to Expense Account and Hours Per Week (if not paid enter 0) Employees Other Allowances Devoted to Pas Benefits Plans

Bruce LaMottc Director (Part) 0 0 0 Providence Management Company, L.L.C. 212 West Van Buren, 9th Floor Chicago, IL 60607-3903

Alan Pollack Director (Pan) 0 0 0 Providence Management Company. L.L.C. 212 West Van Buren, 9th Floor Chicago, IL 60607-3903

David Durning Director (Part) 0 0 0 Prudential Mortgage Capital Company Two Prudential Plaza. 180 N Stetson Suite 5600 Chicago. IL 60601

Dale H. Taysom Director (Pan) 0 0 0 Prudential Real Estate Investors Two Ravinia Drive, Suite 400 Atlanta, GA 30346-2104

Stephen T. Winn Director (Pan) 0 0 0 RealPage. Inc. 4000 International Parkway. Suite 1000 Carrollton, TX 75007-1913

Michael E. Mueller Director (Part) 0 0 0 Realty DataTrust 7119 E Shea Boulevard, Suite 109-527 Scottsdale, AZ 85254

David L. Goodman Director (Part) 0 0 0 Red Mortgage Capital. Inc. 1750 Presidents Street, Suite 300 Reston, VA 20190-5618

Mark C. Beisler Director (Part) 0 0 0 Red Mortgage Capital, Inc. 1750 Presidents Street, Suite 300 Rcston, VA 20190-5618

John Sokolovic Director(Part) 0 0 0 Red Stone Partners, LLC 140 East 45th Street, 15th Floor New York, NY 10017-3144

David Levine Director (Par) 0 0 0 Red Stone Partners. LLC 140 East 45th Street, 15th Floor New York, NY 10017-3144

27 NATIONAL MULTI HOUSING COUNCIL. INC. EI# 52-1127504 LIST OF OFFICERS, DIRECTORS AND TRUSTEES 2006

Title & Average Compensation Contributions to Expense Account and Hours Per Week ( if not paid enter 0) Employees Other Allowances Devoted to Pos Benefits Plans

Travis Greenwood Director ( Part) 0 0 0 RedHill Realty investors, LP 12760 High Bluff Drive, Suite 160 San Diego, CA 92130

Russell L . Dixon Director ( Part) 0 0 0 Redildl Realty Investors, LP 12760 High Bluff Drive, Suite 160 San Diego, CA 92130

Howard S . Primer Director ( Part) 0 0 0 RenaissancePG, Inc. 123 Center Park Drive, Suite 101 Knoxville , TN 37922

Eric W. Hartz Director ( Part) 0 0 0 RentBureau, LLC 3340 Peachtree Road, Suite 1560 Atlanta, GA 30326-1088

Suzanne Lovelace Director (Part) 0 0 0 RentBurcau, LLC 3340 Peachtree Road . Suite 1560 Atlanta, GA 30326-1088

Victor Wang Director ( Part) 0 0 0 Resource Real Estate. Inc. 1845 Walnut Street, Suite 1000 Philadelphia, PA 19103

Alan Feldman Director ( Part) 0 0 0 Resource Real Estate, Inc. 1845 Walnut Street. Suite 1000 Philadelphia, PA 19103

Jerome Ehlingcr Director ( Pan) 0 0 0 RREEF 875 N Michigan Avenue, 41st Floor Chicago. IL 60611

Brian E. McAuliffe Director ( Pan) 0 0 0 RREEF 875 N Michigan Avenue, 41st Floor Chicago, IL 60611

Gary Ruhl Director (Part) 0 0 0 Sagebrush Residential Holdings LLC 777 E Speer Boulevard Denver, CO 80203

28 NATIONAL MULTI HOUSING COUNCIL, INC. Elk 52.1127504 LIST OF OFFICERS, DIRECTORS AND TRUSTEES 2006

fttle & Average Compensation Contributions to Expense Account and Hours Per Week ( if not paid enter 0) Employees Other Allowances Devoted to Pos Benefits Plans

Jack R. Dent Director (Part) 0 0 0 Sagebrush Residential Holdings LLC 777 E Spccr Boulevard Denver, CO 80203

James V. Thomas Director(Part) 0 0 0 SARES•REGIS Group 18802 Bardeen Avenue Irvine, CA 92612

Geoffrey L. Stack Director (Part) 0 0 0 SARES•REGIS Group 18802 Bardeen Avenue Irvine, CA 92612

Robert Robotli Director (Part) 0 0 0 SCI Real Estate Investments 11620 Wilshire Boulevard, Suite 300 Los Angeles, CA 90025

Scott Derrick Director (Part) 0 0 0 SCI Real Estate Investments 11620 Wilshire Boulevard, Suite 300 Los Angeles, CA 90025

James D. Scully Jr. Director (Part) 0 0 0 Scully Company 801 Old York Road Jenkintown, PA 19046.0760

Michael A. Scully Director (Part) 0 0 0 Scully Company 801 Old York Road Jenkintown, PA 19046.0760

W. Steve Gilmore Director (Part) 0 0 0 Shea Properties 26840 Aliso Viejo Parkway Suite 100 Aliso Viejo, CA 92656

Colm Macken Director (Part) 0 0 0 Shea Properties 26840 Alico Viejo Parkway Suite 100 Aliso Viejo, CA 92656

Jay Jensen Director (Part) 0 0 0 Shelter Corporation 1600 Hopkins Crossroad Minnetonka, MN 55305

29 NATIONAL MULTI HOUSING COUNCIL. INC. EI# 52.1127504 LIST OF OFFICERS. DIRECTORS AND TRUSTEES 2006

Title & AvLrage Compensation Contributions to Expense Account and flours Per Wcck ( if not paid enter 0) Employees Other Allowances Devoted to Pos. Benefits Plans

Lynn Carlson Schell Director ( Pan) 0 0 0 Shelter Corporation 1600 Hopkins Crossroad Minnetonka, MN 55305

Jeffrey K. Hettleman Director ( Part) 0 0 0 Shelter Devclopmcnl, LLC 218 North Charles Street, Suite 220 Baltimore, MD 21201

Wolf Vedder Director(Part) 0 0 0 Simmons Vcddcr & Company 221 West 6th Street, Suite 1900 Austin , TX 78701

K. Brad Broyhill Director ( Part) 0 0 0 Simpson Housing LLLP 8110 East Union Avenue, Suite 200 Denver, CO 80237

J. Robert Love Director ( Pan) 0 0 0 Simpson Housing LLLP 1100 Abernathy Road, NE, NorthPark Building 500, Suite 700 Atlanta, GA 30328

Hal Watson III Director ( Pan) 0 0 0 SNK Realty Group 2522 McKinney Avenue Dallas, TX 75201

David Schwartzberg Director ( Part) 0 0 0 Stellar Advisors, LLC 11200 Rockville Pike , Suite 250 Rockville, MD 20852

Nancy Barton Director ( Part) 0 0 0 Stellar Advisors, LLC 11200 Rockville Pike, Suite 250 Rockvil le, MD 20852

Michael Katz Dircctor ( Pan) 0 0 0 Sterling Amencan Property, Inc. III Great Neck Road, Suite 408 Great Neck, NY 11021

Tarak Patolia Director (Part) 0 0 0 Sterling American Property, Inc. I I I Great Neck Road, Suite 408 Great Neck , NY 11021

30 NATIONAL MULTI HOUSING COUNCIL. INC. EIa 52-1127504 LIST OF OFFICERS, DIRECTORS AND TRUSTEES 2006

Title & Average Compensation Contributions to Expense Account and Hours Per Wcck (if not paid enter 0) Employees Other Allowances Devoted to Pos Benefits Plans

Jonathan D. Bell Director (Part) 0 0 0 Steven D. Bell & Company 300 North Greene Street. Suite 1000 Greensboro, NC 27401

Steven D. Bell Director(Part) 0 0 0 Steven D. Bell & Company 300 North Greene Street, Suite 1000 Greensboro, NC 27401

Michael J. Best Director (Pan) 0 0 0 SunAmcrica Affordable Housing Partners, Inc. 6903 Rockledge Drive, Suite 1320 Bethesda. MD 20817

Richard I. Fisher Director(Part) 0 0 0 SunAmerica Affordable Housing Partners, Inc. I SunAmcrica Center 1999 Avenue of the Stars, 36th Floor Los Angeles. CA 90067-6022

Robert P. Rothenberg Director (Part) 0 0 0 Tarragon Corporation 423 West 55th Street, 12th Floor New York, NY 10019

William S. Friedman Director (Part) 0 0 0 Tarragon Corporation 423 West 55th Street, 12th Floor New York, NY 10019

Richard Schechter Director (Pan) 0 0 0 The Bainbridge Companies 12765 West Forest Hill Boulevard Suite 1307 West Palm Beach, FL 33414

George Banks Director (Part) 0 0 0 The Bainbridge Companies 12765 West Forest Hill Boulevard Suite 1307 West Palm Beach, FL 33414

John B. Slidell Director (Part) 0 0 0 The Bozzuto Development Company 7850 Walker Drive, Suite 400 Greenbelt, MD 20770

31 NATIONAL MULTI HOUSING COUNCIL. INC. Elm 52 -1127504 LIST OF OFFICERS. DIRECTORS AND TRU STI kS 2006

Title & A.crage Compensation Contributions to Expense Account and Hours Per Week ( if not paid enter 0 ) Employees Other Allowances De%oted to Pos Benefits Plans

Thomas S. Bozzuto Director ( Part) 0 0 0 The Boziuto Group 7850 Walker Drive. Suite 400 Greenbelt , MD 20770

Nathan S . Collier Director (Pan) 0 0 0 The Collier Companieslrhe Paradigm Group 220 N Main Street Gainesville . FL 32601

J. Andrew I logshcad Director ( Pan) 0 0 0 The Collier Companies/The Paradigm Group 220 N Main Street Gainesville. FL 32601

J. Bradley Forrester Director ( Pan) 0 0 0 The ConAm Group of Companies 3990 Ruffin Road . Suite 100 San Diego. CA 92123-1826

Daniel J. Epstein Director ( Pan) 0 0 0 The ConAm Group of Companies 3990 Ruffin Road, Suite 100 San Diego. CA 92123-1826

Robert S. Keith Director (Pan) 0 0 0 The Corp . for Interest Rate Mgmt. 175 North Franklin. Suite 205 Chicago. IL 60606

Wendy MacKinnon Director ( Pan) 0 0 0 The Corp. for Interest Rate Mgmt. 175 N Franklin, Suite 205 Chicago, IL 60606

Andrew K. Dolben Director ( Part) 0 0 0 The Dolben Company. Inc. 25 Corporate Drive. Suite 210 Burlington , MA 01803

Deane II. Dolben Director ( Pan) 0 0 0 The Dotbcn Company, Inc. 25 Corporate Drive, Suite 210 Burlington. MA 01803

Richard E. Lnmprecht Director ( Part) 0 o 0 The Irvine Company Apartment Communities "IAC" 110 Innovation Drive Irvine, CA 92617

32 NATIONAL MULTI HOUSING COUNCIL, INC. EI# 52-1127504 LIST OF OFFICERS, DIRECTORS AND TRUSTEES 2006

Title & Average Compensation Contributions to Expense Account and Hours Per Week ( if not paid enter 0) Employees Other Allowances Devoted to Pos. Benefits Plans

Kevin A. Baldtidgc Director (Pan) 0 0 0 The Irvine Company Apartment Communities 'IAC' 110 Innovation Drive Irvine, CA 92617

William N. Elam III Director (Part) 0 0 0 The JBG Companies 4445 Willard Avenue Chevy Chase, MD 20815-3690

R. Stewart Bartley Director(Part) 0 0 0 The JBG Companies 4445 Willard Avenue Chevy Chase, MD 20815-3690

Keith A- Harris Director(Part) 0 0 0 The Laramar Group, LLC 30 S Wacker Drive, Suite 2750 Chicago. IL 60606

David B. Woodward D reetor(Pan) 0 0 0 The Laramar Group, LLC 6312 South Fiddlers Green Circle Suite 50ON Greenwood Village, CO 80111

Nicholas Michael Ryan Director (Pan) 0 0 0 The Marquette Companies 175 South HighPoint Drive Romeovillc, IL 60446

Bruno N. Bottarclli Director(Part) 0 0 0 The Marquette Companies 175 South HighPoint Drive RomcovfI lc, IL 60446

Robert D. Lazaroff Director(Part) 0 0 0 The Michelson Organization 7701 Forsyth Boulevard, Suite 900 SL Louis, MO 63105-1813

Bruce V. Michcison, Sr. Director (Part) 0 0 0 The Michelson Organization 7701 Forsyth Boulevard, Suite 900 St. Louis, MO 63105-1813

Michael S. Morgan Director(Part) 0 0 0 The Morgan Group, Inc. 5606 South Rice Avenue Houston. TX 77081

33 NATIONAL MULTI HOUSING COUNCIL. INC. EIp 52-1127504 LIST OF OFFICERS. DIRECTORS AND TRUSTEES 2006

Tide & Average Compensation Contributions to Expense Account and Hours Per Week ( if not paid enter 0) Employees Other Allowances Devoted to Pos Benefits Plans

Alan Patton Director(Part) 0 0 0 The Morgan Group, Inc. 5606 South Rice Avenue Houston, TX 77081

Bruce Barfield Director (Pan) 0 0 0 The Rainmaker Group 5755 Nonh Point Parkway Suite 77 Alpharetta, GA 30022

Tammy Farley Director (Pan) 0 0 0 The Rainmaker Group 5755 North Point Parkway Suite 77 Alpharetta, GA 30022

Marilynn K. Duker Director (Pan) 0 0 0 The Shelter Group 218 North Charles Street. Suite 220 Baltimore . M D 21201

William G Rafe Director (Pan) 0 0 0 The Sherwin-Williams Co. 101 Prospect Avenue Cleveland. 01144115

Dave Schwchm Director (Part) 0 0 0 Time Warner Cable 160 Inverness Drive West Englewood, CO 801 12

David C. Christensen Director (Pan) 0 0 0 Time Warner Cable 160 Inverness Drive West Englewood. CO 80112

J. Ronald Terwilliger Director (Pan) 0 0 0 Trammell Crow Residential Two Buckhcad Plaza 3050 Peachtree Read, NW, Suite 500 Atlanta, GA 30305

Kenneth J. Valach Director (Pan) 0 0 0 Trammell Crow Residential 10333 Richmond Avenue. Suite 400 Houston. TX 77042

Michael A. Bntti Director (Pan) 0 0 0 TransUnioWCreditRetrievcr 5889 S Greenwood Plaza Boulevard Suite 201 Greenwood Village, CO 80111-2502 NATIONAL MULTI HOUSING COUNCIL. INC. I:IN 52-1127504 LIST OF OFFICERS. DIRECTORS AND TRUSTEES 2006

Title & A%emge Compensation Contributions to Expense Account and Hours Per Week (if not paid enter 0) Employees Other Allowances Dcvoled to Pos Benefits Plans

Richard Schreiber Derector(Pan) 0 0 0 TransUn ion/Credit Rei m;vcr 3701 Blackthorn Court Chevy Chase. MD 20815

11. Alfred Cisscl Director (Part) 0 0 0 Transwestcm - Institutional Multifamily Group 6700 Rockledge Drive, Suite 400A Bethesda, MD 20817

Scott L. Mclnick Director (Part) 0 0 0 Transwestem - Institutional Multifamily Group 6700 Rockledge Drive. Suite 400A Bethesda, MD 20817

Douglas Crocker. II Director (Part) 0 0 0 Ttanswcstem Investment Company. LLC 71 South Wacker Drive. Suite 3400 Chicago. IL 60606

Edward J. Ryder Director (Pan) 0 0 0 Transwestem Investment Company, LLC ISO North Wacker Drive. Suite 800 Chicago. I L 60606

Jay C. Han Director (Pan) 0 0 0 TnSad Capital Corporation/Bank of Amenca One Federal Street MA5-503-04-16 Boston, MA 02110

Charles L. Garrett Director (Pan) 0 0 0 TVO North America 221 North Kansas Street, 16th Floor El Paso, TX 79901

Wayne A. Vandenburg Director (Part) 0 0 0 TVO Really Partners 70 East Lake Street. Suite 600 Chicago, IL 60601

Alison Dimick Malkhassian Director(Part) 0 0 0 U.S. Advisors LLC Five Financial Plaza. Suite 205 Napa, CA 94558

Kevin Fitzgerald Director (Part) 0 0 0 U.S. Advisors LLC 5 Financial Plaza. Suite 205 Napa. CA 94558-5419

35 NATIONAL MULTI HOUSING COUNCIL. INC Ela 52-1127504 LIST OI' OFFICERS. DIRECTORS AND I-R1.STI1S 2006

Title & Average Conipm%atmn Contnbutions to Expense Account and Hours Per Week (if not paid enter 0) Employees Other Allowances Devoted to Pos. Benefits Plato

Jeffrey G. Maguire Director ( Part) 0 0 0 UBS Realty Investors LLC 242 Trumbull Street, 4th Floor lartford. CT 06103-1212

David J . Ingram Director ( Pat) 0 0 0 UBS Realty Investors LLC 242 Trumbull Street. 4th Floor Hartford. CT 06103-1212

John P. Case Director ( Part) 0 0 0 UBS Securities. LLC 299 Park Avenue, 39th Floor New York. NY 10171

Anthony N . Rokovich Director ( Part) 0 0 0 UBS Securities, LLC 299 Park Avenue. 39th Floor New York. NY 10171

W. Mark Wallis Director ( Part) 0 0 0 UDR. Inc. 1745 Shea Center Drive, Suite 200 Highlands Ranch . CO 80129

Thomas W. Toomey Director ( Part) 0 0 0 UDR. Inc. 1745 Shea Center Drive, Suite 200 Highlands Ranch, CO 80129

Geoffrey C. Brown Director (Part) 0 0 0 USA Properties Fund. Inc. 2440 Professional Drive. Suite 100 Roseville. CA 95661-7773

Karen McCurdy Director ( Part) 0 0 0 USA Properties Fund. Inc. 2440 Professional Drive, Suite 100 Roseville. CA 95661-7773

Enc D. Ccvis Director ( Part) 0 0 0 Verizon One Vernon Way, VC21 E204 Basking Ridge, NJ 07970

Daniel O'Connell Director ( Part) 0 0 0 Venzon One Vernon Way, 1st Floor Mailcode VC I I E214 Basking Ridge, NJ 07920

36 NATIONAL MULTI HOUSING COUNCIL. INC. EI# 52-1127504 LIST OF OFFICERS, DIRECTORS AND TRUSTEES 2006

Title & Average Compensation Contributions to Expense Account and Hours Per Week ( if not paid enter 0) Employees Other Allowances Dcvotcd to Pos. Benefits Plans

George S . Quay, IV Director ( Part) 0 0 0 Village Green Companies 30833 Northwestern Highway. Suite 300 Farmington Hills, MI 48334-2551

Jonathan Holtzman Duecior (Part) 0 0 0 Village Green Companies 30833 Northwestern Ilighway , Suite 300 Farmington Hills, MI 48334-2551

Edward L. Hurley Director ( Pan) 0 0 0 Wachovia Multifamily Capital 7255 Woodmont Avenue, Suite 200 Bethesda, MD 20814

Vincent R . Toye Director ( Part) 0 0 0 Wachovia Multifamily Capital 375 Park Ave, NY4060 7th Floor New York. NY 10152

David R. Schwartz Director (Part) 0 0 0 Waterton Associates , L.L.C. 30 S Wacker Drive, Suite 3600 Chicago, IL 60606

Gregory J. Lozinak Director ( Part) 0 0 0 Waterton Residential 30 S Wacker, Suite 3600 Chicago, IL 60606

Thomas C . Szydlowski Director (Pan) 0 0 0 Wells Fargo Multifamily Capital 2010 Corporate Ridge, Suite 1000 McLean, VA 22102

James McDevitt Director ( Part) 0 0 0 Wells Fargo Multifamily Capital 1021 Main Street Suite 2402 Houston , TX 77002

Tom P . Coltch Director ( Part) 0 0 0 Wesco Companies 20100 S Western Avenue Torrance, CA 90501

Donald J . Pierce, II Director ( Part) 0 o 0 Wesco Companies 20100 S Western Avenue Torrance, CA 90501

37 NATIONAL MULTI HOUSING COUNCIL, INC. EIt+ 52-1127504 UST OF OFFICERS, DIRECTORS AND TRUSTEES 2006

Title & Average Compensation Contributions to Expense Account and Hours Per Week (if not paid enter 0) Employees Other Allowances Devoted to Pos. Benefits Plans

G. Stephen Donohue Director (Pan) 0 0 0 Western National Property Management 8 Executive Circle Irvine, CA 92614-6746

Michael K Hayde Director (Pan) 0 0 0 Western National Property Management 8 Executive Circle Irvine, CA 92614-6746

Stephan T. Beck Director (Part) 0 0 0 Whiteco Residential LLC 1000 E 80th Place, Suite 70ON Merrillville, IN 46410

Brian Ruane Director (Pan) 0 0 0 Willis 7 Hanover Square New York. NY 10004

Eric T. Schake Director(Pan) 0 0 0 Willis 13355 Noel Road, Suite 400 Dallas, TX 75240

William E. Sanford Director (Pan) 0 0 0 Wilmar 801 W Bay Street Jacksonville, FL 32204

David J. Record Director (Part) 0 0 0 Wilmar 6609 Kcarsnge Drive Rowlett, TX 75089

Samuel Ross Director (Pan) 0 0 0 WinnCompanics 6 Fancuil Hall Marketplace Boston, MA 02109-1620

Lawrence H. Curtis Director(Pan) 0 0 0 WinnDcvclopment 6 Fancuil Hall Marketplace Boston, MA 02109-1620

Jay Jacobson Director (Part) 0 0 0 Wood Partners, LLC 2600 North Military Trail Suite 100 Boca Raton, FL 33431

38 NATIONAL MULTI HOUSING COUNCIL. INC. EI# 52-1127504 LIST OF OFFICERS . DIRECTORS AND TRUSTEES 2006

Title & Average Compensation Contributions to Expense Account and Hours Per Week ( if not paid enter 0) Fmployees Other Allowances Devoted to Pos. Benefits Plans

Dean Wilson Director ( Part) 0 0 0 Wood Partners, LLC 8150 Leesburg Pike, Suite 501 Vienna, VA 22182

Jeff Bosshard Director ( Part) 0 0 0 Woodmont Real Estate Services 1050 Ralston Avenue Belmont, CA 94002

Ronald V . Granville Director ( Part) 0 0 0 Woodmont Real Estate Services 1050 Ralston Avenue Belmont , CA 94002

Amy Gregory Director ( Part) 0 0 0 Yardi Systems, Inc. 430 South Fairview Avenue Santa Barbara, CA 93117

Steven W . Patterson Director ( Part) 0 0 0 ZOM Development, Inc. 1950 Summit Park Drive, Suite 300 Orlando, FL 32810

1•\cust_rpt',Pam's reports\2006-accounting year end audit report.rpt

39 Form .4562 Depreciation and Amortization (Including Information on Listed Property) department of the Treasury 2006 • Internal Revenue Service Attachment ► See separate instructions . ► Attach to your tax return. Sequence No 67 Name(s) shown on return Identifying number

S ') - 1 1 o-7 Sit Business or activity to which this form relates GENERAL DEPRECIATION 1 II Election To Expense Certain Property Under Section 179 Note : If you have any listed property, complete Part V before you complete Part 1. 1 Maximum amount See the instructions for a higher limit for certain businesses • • . • • • • • • • • • • • . . • • • 1 2 Total cost of section 179 property placed in service (see instructions ) • • • • • • _ • • • • • • • • • • . • • • • • • 2 3 Threshold cost of section 179 property before reduction in limitation • • • • • • • • • • • • 3 4 Reduction in limitation Subtract line 3 from line 2 If zero or less, enter -0- 4 5 Dollar limitation for tax year Subtract line 4 from line 1 If zero or less , enter -0- If marred 5 filing separately, see instructions (a) Description of property (b) Cost (business use only) (c) Elected cost 6

7 Listed property Enter the amount from line 29 • • • • • • • • • • • • • . • • • • • 7 8 Total elected cost of section 179 property Add amounts in column (c), lines 6 and 7 • • • • • • • . • . • • • • • • 8 9 Tentative deduction Enter the smaller of line 5 or line 8 9 10 Carryover of disallowed deduction from line 13 of your 2005 Form 4562 • • • • • • • • • • • • • • • • . • • • • • 10 11 Business income limitation Enter the smaller of business income (not less than zero) or line 5 (see instructions) . • • 11 12 Section 179 expense deduction Add lines 9 and 10, but do not enter more than line 11 12

13 Carryover of disallowed deduction to 2007 Add lines 9 and 10, less line 12 . ► 13 Note : Do not use Part /I or Part Ill below for listed property Instead, use Part V. Special Depreciation Allowance and Other Depreciation ( Do not include listed property.) (See instructions ) 14 Special allowance for qualified New York Liberty or Gulf Opportunity Zone property (other than listed property) placed in service during the tax year (see instructions) ...... 14 15 Property subject to section 168(f)(1) election , • • • • • • • • • • • • • • • • • • • • • • • • • • • ...... 15 16 Other depreciation (including ACRS) 16 62 , 086. MACRS Depreciation ( Do not include listed property. ) (See instructions.) Section A 17 MACRS deductions for assets placed in service in tax years beginning before 2006 ...... • 17 18 If you are electing to group any assets placed in service during the tax year into one or more general asset accounts, check here ► Section B - Assets Placed in Service Durina 2006 Tax Year Usina the General Depreciation System (b) Month and (c) Basis for depreciation (d) Recovery Classification property year placed in (business/investment use e) Convention (f) Method (g) Depreciation deduction (a) of period ( service only - see instructions) 19a 3 -year property b 5-year property c 7-year property d 10-year property e 15-year property f 20-year property g 25-year property 25 yrs S/L h Residential rental 27 5 yrs MM S/L property 27 5 yrs MM S/L i Nonresidential real 39 yrs MM S/L property MM S/L 3oetinn C • Accatc Plat-ad in service Durina 2006 Tax Year ltsinn the Alternative Depreciation System 20a Class life S/L b 12-year 12 yrs SIL c 40-year 40 yrs MM S/L Summary (see instructions) 21 Listed property Enter amount from line 28 • • ...... • ...... • • • • • , 21 22 Total . Add amounts from line 12, lines 14 through 17, lines 19 and 20 in column (g), and line 21 Enter here and on the appropriate lines of your return Partnerships and S corporations - see instr 22 62 , 086. 23 For assets shown above and placed in service during the current year, enter the portion of the basis attributable to section 263A costs 2JSA For Paperwork Reduction Act Notice , see separate instructions . Form 4562 (2006) 6X2300 1 000 53200G 2337 10/30/2007 16:33:30 V06-8.1 89-202512-00 20 52-1127504 Form 4567, (2006) Page 2 Listed Property (Include automobiles, certain other vehicles, cellular telephones, certain computers, and property used for entertainment, recreation, or amusement.) Note : For any vehicle for which you are using the standard mileage rate or deducting lease expense, complete only 24a, 24b, columns (a) through (c) of Section A, all of Section B, and Section C if applicable. Section A - De preciation and Other Information (Caution : See the instructions for limits for passenger automobiles. • 24a Do you have evidence to support the business/investment use claimed Yes No 24b if "Yes." is the evidence written? Yes No

(a) (b) Bus ( d) (e) (f) (9) (h) (t) iness/ Bass for depreciation Elected Type of property (list Date placed in investment Cost or other Recovery Method/ Depreciation (bus nessnnvestment section 179 vehicles first) service use basis period Convention deduction percentage use only) cost

25 Special allowance for qualified New York Liberty or Gulf Opportunity Zone property placed in service during. the. . tax year and used more than 50% in a qualified business use (see instructions) ...... ] 25 26 Property used more than 50% in a qualified business use

27 Property used 50% or less in a qualified business use

I %I S/L - S/L - S/L- 28 Add amounts in column (h), lines 25 through 27 Enter here and on line 21, page 1 , , , , , , , , , , , , , 28 29 Add amounts in column (i), line Enter here 26 and on line 7, page 1 I 29 Section B - Information on Use of Vehicles Complete this section for vehicles used by a sole proprietor, partner, or other "more than 5% owner," or related person If you provided vehicles to your employees, first answer the questions in Section C to see if you meet an exception to completing this section for those vehicles (a) (b) (c) (d ) (e) (f) 30 Total business/investment miles driven during the Vehicle 1 Vehicle 2 Vehicle 3 Vehicle 4 Vehicle 5 Vehicle 6 year (do not include commuting miles) , , , , , . . 31 Total commuting miles driven during the year 32 Total other personal (noncommuting) miles dnven 33 Total miles driven during the year Add lines 30 through 32 ...... 34 Was the vehicle available for personal use during Yes No Yes No Yes No Yes No Yes No Yes No off-duty hours? , , , , , , , , , , , , , , , , , , , 35 Was the vehicle used primarily by a more than 5% owner or related person? , , , , , , , , , , , , 36 Is another vehicle available for personal uses Section C - Questions for Employers Who Provide Vehicles for Use by Their Employees Answer these questions to determine if you meet an exception to completing Section B for vehicles used by employees who are not more than 5% owners or related persons (see instructions).

37 Do you maintain a written policy statement that prohibits all personal use of vehicles, including commuting, Yes No by your employees? . . . . . 38 Do you maintain a written policy statement that prohibits personal use of vehicles, except commuting, by your employees'? See the instructions for vehicles used by corporate officers, directors, or 1% or more owners ...... 39 Do you treat all use of vehicles by employees as personal use? ...... 40 Do you provide more than five vehicles to your employees, obtain information from your employees about the of the vehicles, and retain the use information received? ...... 41 Do you meet the requirements concerning qualified automobile demonstration use? (See instructions) . . . Note: If your answer to 37, 38, 39, 40, or 41 is "Yes,"do not complete Section B for the covered vehicles Amortization

(a) (b) (c) (d) Amortization M Date amortization Amortizable Code Amortization for Descnptiona of costs period or begins amount section this year percentage 42 Amortization of costs that begins during your 2006 tax year (see instructions)

43 Amortization of costs that began before your 2006 tax year 43 44 Total. Add amounts in column (f). See the Instructions for where to report 44 JSA 6X2310 1 000 Form 4562 (2006)

53200G 2337 10/30/2007 16:33:30 V06-8.1 89-202512-00 21