ACTION Campaign Statement on the Importance of Minimum Rates for the Low-Income Housing Tax Credit (Housing Credit)

Chairman Camp,

On behalf of the nearly 650 national, state and local organizations it represents, the A Call To Invest in Our Neighborhoods (A.C.T.I.O.N.) Campaign greatly appreciates your support for the Low-Income Housing Tax Credit (Housing Credit) in your tax reform discussion draft. As you recognized when retaining it in a reformed tax code, the Housing Credit has been the fundamental capital resource used to finance virtually all affordable rental housing produced in the nation since 1986. It has created about 90,000 homes annually and 2.6 million in its history, leveraged close to $100 billion through public-private partnerships, and created about 95,000 jobs every year, the majority of which are in the small business sector.

In addition to retaining the Housing Credit in a reformed tax code, the discussion draft proposes changing it in several ways to streamline and simplify it. While the A.C.T.I.O.N. Campaign will be providing detailed comments regarding these proposals, we want to first draw the Committee’s attention to an issue that has become timely given the recent focus on tax extenders.

As the Committee considers which expired tax provisions should be made permanent, we urge it to extend the current law provision setting a minimum 9 percent Housing Credit rate for new construction and substantial rehabilitation and establish a new minimum 4 percent rate for the acquisition of affordable housing. We recommend that the Committee include these provisions in legislation extending expiring tax provisions this year and in any future tax reform legislation, if necessary.

Background on Housing Credit Rates

There are two types of Housing Credits–one for 70 percent of the cost (in present value) of constructing or substantially rehabilitating affordable housing, and the other for 30 percent of the cost (in present value) of acquiring existing property or for properties financed by tax-exempt bonds.

Under current law, investors claim Housing Credits over 10 years. For the 70 percent present value Credit, Congress originally set the rate at 9 percent in the first year and directed the Treasury Department to, in later years, calculate the credit percentage based on a discount rate that was derived from monthly calculations of federal borrowing costs (known as the ―floating rate‖). For the 30 percent present value Credit, Congress originally set the rate at 4 percent and Treasury has since adjusted it using the same formula.

Because federal borrowing rates are at historically low levels, the Housing Credit rates are at an historic low as well. As of May 2014, the 70 percent present value Credit rate is 7.6 percent (down from 9 percent) while the 30 percent present value Credit rate is 3.26 percent (down from 4 percent). This translates into roughly 15 – 20 percent less Housing Credit equity that can go into any given property.

To illustrate this issue, if a proposed development has $10 million in costs eligible for new construction or substantial rehabilitation Housing Credits and a Housing Credit equity price of 90 cents per tax credit dollar, the maximum amount of private equity it can raise under the floating rate is $6,839,316. The amount of private equity that same development can raise under a 9 percent rate is $8,099,190—a difference of $1,259,874 or 15.6 percent.

Impacts of the Floating Rate

The floating rate makes it more difficult to finance affordable housing. The inability to allocate more Housing Credits to a particular development because of the floating rate translates into a loss of project equity, and consequently, more difficult tradeoffs for the affordable housing community.

With less equity available, developers may need to borrow more to cover the equity shortfall. This additional borrowing adds additional monthly interest costs to the final equation, which developers must find a way to afford. They are likely to be forced to serve less needy families at higher rents in order to pay debt service on higher debt financing. They may also have to cut back on physical amenities like community rooms that improve the quality of life for low-income residents, such as veterans, or limit social services, like workforce training, career counseling or after school programs. In the worst case, more affordable housing developments simply become unfeasible under the floating rate, and Housing Credit financing becomes more unpredictable and administratively complex.

Given the local nature of affordable housing needs, we believe these tradeoffs should remain at the credit allocating agency level, rather than in Washington, D.C.

Further, the decrease in equity that results from the floating rate is not actually associated with taxpayer savings, since the amount of Housing Credits that states are able to allocate does not change under the floating rate. This means that implementing minimum credit rates has minimal costs – the Joint Committee on Taxation has estimated that the cost of extending the minimum 9 percent rate for allocations made through 2015 is only $4 million over 10 years.

It should be noted that neither the floating rate, nor the minimum rate, has any impact on Housing Credit investor returns. Such returns are set by the market, based on local market conditions, property characteristics, and other considerations unrelated to the annual Credit rate.

Lastly, we believe the fact that the floating rate leads to greater financial uncertainty, heightened administrative complexity, and bigger financing gaps from the reduced amount of private equity that a development can receive for its Housing Credit allocation is counter to the Chairman’s tax reform goals to streamline and simplify the federal tax code.

Congressional Action on Minimum Housing Credit Rates

Congress largely, but temporarily, fixed the problem for the 70 percent present value credit in the Housing and Economic Recovery Act of 2008 by setting the annual rate for new construction and substantial rehabiliation at no less than 9 percent. In the legislation that addressed the fiscal cliff, the American Taxpayer Relief Act, Congress again extended the temporary rate provision for Housing Credit allocations made prior to 2014 with strong bipartisan support. Unfortunately, that provision has now expired, and the floating rate is once again in effect.

Legislation to enact permanent minimum 9 and 4 percent credit rates, led by Representatives Pat Tiberi (R-OH-12th) and Richard Neal (D-MA-1st) in the House and Senators Maria Cantwell (D-WA) and Pat Roberts (R-KS) in the Senate, has secured broad bipartisan support. Minimum credit rates were also approved in the Senate Finance Committee on a bipartisan basis.

As the Ways and Means Committee considers tax extenders and tax reform more broadly, it has an opportunity to strengthen the Housing Credit and create predictability by extending the minimum 9 percent rate permanently for new construction and substantial rehabilitation, and establishing a permanent minimum 4 percent rate for the acquisition of affordable housing. We urge the Committee to enact as soon as possible these important modifications, which have minimal costs but significant impacts on affordable housing development.

2

ACTION Campaign Membership

Chairs: Affordable Housing Associates (CA) The Auburn Group (FL) Enterprise Community Partners Affordable Housing Assoc. of Arkansas (AR) Augusta Ventures, LLC. (MN) National Council of State Housing Agencies Affordable Housing Association of Indiana (IN) Aurora Housing Authority (CO) The Affordable Housing Group of North Avesta Housing (ME) Steering Committee: Carolina, Inc. (NC) Baker Tilly Virchow Krause, LLP (WI) Affordable Housing Tax Credit Coalition Affordable Housing Investors Council Balfour Beatty Construction Council of Affordable and Rural Housing Affordable Housing Network, Inc. (IA) Ballard Spahr, LLP Council of Large Public Housing Authorities AHC, Inc. (VA) Banyan Residential (TX) CSH AHEAD, Inc. (NH) Barbara Sokoloff Associates (RI) Housing Advisory Group Alabama Council for Affordable Rural Barnes Realty (IA) Housing Partnership Network Housing (AL) Beacon Development Group (WA) Local Initiatives Support Corporation/National Alaska Coalition on Housing and Bellignham/Whatcom County Housing Equity Fund Homelessness (AK) Authorities (WA) Mercy Housing Alliance for Housing Solutions (VA) Bellwether Housing (WA) National Association of Homebuilders Alliance Fund Advisors (GA) Belmont Development Company, LLC (OK) National Association of Housing and Alliant Capital Belmont Hsg. Resources for WNY, Inc. (NY) Redevelopment Officials Ally Community Development (WA) Benchmark Title Agency, LLC. (NY) National Association of State and Local Equity American Covenant Senior Housing Beneficial Communities (FL) Funds Foundation, Inc. (GA) The Bennett Group (AL) National Housing and Rehabilitation AmeriNational (FL) Bethel Development (OH) Association AMCAL Multi-Housing, Inc. (CA) Better Housing Coalition (VA) National Housing Conference Anawim Housing (IA) Beyond Shelter, Inc. (ND) National Housing Trust Applegate & Thorne-Thomsen, PC (IL) Bickerdike Redevelopment Corporation (IL) National Multi-Housing Council Arbor Housing Development (NY) Biscayne Housing Group (FL) Stewards of Affordable Housing for the Future Arbour Valley Development (AL) Blackledge Architects (OK) Volunteers of America Arch City Development (OH) Blue 22 Development (NC) Arizona Housing Alliance (AZ) Blue Sky Communities, LLC. (FL) Campaign Members: Arkansas Coalition of Housing and Blueprint Properties (NY) 3D Development Group, LLC. (NY) Neighborhood Growth for Bluff City Community Development 42 Equity Partners, LLC. (NY) Empowerment (ACHANGE) (AR) Corporation (TN) Ability Housing (FL) Arlington Partnership for Affordable Bocarsly Emden Cowan Esmail & Arndt, A Community of Friends (CA) Housing (VA) LLP (CA, MD) Adams Construction (MI) Arlington Properties, Inc. (AL) Boston Capital (MA) Addison County Community Trust, Inc. (VT) Asian Americans for Equality (NY) Boston Financial Investment Mgmt. (MA) AEGON USA Realty Advisors, LLC. (IA) Asian Community Development Corp. (MA) BRIDGE Housing (CA) Aeon (MN) Astar Capital Management (WI) Brinshore Development, LLC (IL) Affirmed Housing Group (CA) Athens Land Trust (GA) Broad and Cassel (FL) Affordable Community Environments (WA) Atlanta Neighborhood Dev. Partnership (GA) Brock Ventures, Inc. (NC) Affordable Equity Partners (MO) AU Associates, Inc. (KY) Bryan Cave, LLP Affordable Housing America, Inc. (GA) Auburn Housing Authority (ME) Builders Development Corporation (MO)

3

Builders of Hope CDC (TX) Chelsea Investment Corporation (CA) Community Housing Partners (VA) Burbank Housing Development Corp. (CA) Chesapeake Community Advisors, Inc. (MD) Community League of the Heights (NY) The Burgwyn Co., LLC. (CO) Chicago Community Development Corp. (IL) Community Realty Agency & Information Burns & Burns, LC (IA) Chicago Rehab Network (IL) Group (FL) Burten, Bell, Carr Development, Inc. (OH) Citizens Against Recidivism, Inc. (NY) Community Restoration Partners, LLC (CO) Cabrillo Economic Development Corp. (CA) Citizens’ Housing and Planning Assoc. (MA) Community Revitalization and Development California Coalition for Rural Housing (CA) City Care, Inc. (OK) Corp. (CA) California Council of Affordable Housing (CA) City of Chicago (IL) Comprehensive Housing Assistance, Inc. (MD) California Dept. Housing & Community City of Las Cruces (NM) Conifer Realty, LLC. (NY) Development (CA) City of Mobile Community Planning & Connecticut Housing Coalition (CT) California Housing Consortium (CA) Development (AL) Connelly Builders, Inc. (SC) California Housing Partnership Corp. (CA) City Real Estate Advisors Cook County Housing Authority (IL) Call to Action – Homeless Veterans (TX) Clark County Community Resources Management Cook Inlet Housing Authority (AK) CARE Housing Services (CO) Division (NV) Council of State Community Development Cardinal Capital Management (WI) Clark Schaefer Hackett (OH) Agencies Carlisle Development Group (FL) Cleveland Housing Network (OH) Crossroads Urban Center, LLC. (UT) Carlisle Tax Credit Advisors (MA) Clocktower Tax Credit Investments, LLC (MA) Curtis + Ginsberg Architects LLP (NY) Carolina Bank (NC) Coalfield Development Corporation (WV) Dauby, O’Connor & Zaleski, LLC. Carolinas Council of Affordable Hsg. (NC, SC) Coalition of Affordable Housing Providers (FL) Delaware Community Investment Corp. (DE) Carrfour Supportive Housing (FL) Codman Square Neighborhood Development Delaware Housing Coalition (DE) CASA of Oregon (OR) Corporation (MA) Delaware Valley Development Company (DE) Cascade Management (OR) Cohen-Esrey Real Estate Services, LLC. (KS) Delray Beach Housing Authority (FL) CATCH Neighborhood Housing (NH) CohnReznick Delmar Realty Advisors (GA) Cathedral Square Corporation (VT) Columbus Housing Partnership (OH) Desert Manna (CA) Catholic Charities Housing Services Diocese Common Ground (WA) Detroit Shoreway Community Development of Yakima (WA) CommonBond Communities (MN) Organization (OH) Catholic Charities of the Archdiocese of Community Action Committee of the Lehigh Developers Collaborative (ME) Oklahoma City, Inc. (OK) Valley, Inc. (PA) DHIC, Inc. (NC) Centennial Management (FL) Community Action Organization of Delaware, Disability Advocates of Kent County (MI) Center City Housing Corp. (MN) Madison and Union Counties, Inc. (OH) Diversified Equities Corporation (MN) Center for American Progress Action Fund Community Affordable Housing Equity Dobson Mortgage Corp. (OK) Center for Closing the Health Gap Corporation (NC) Dominium Development and Acquisitions, Centerline Capital Group The Community Builders, Inc. L.L.C. (MN) Centerpointe Regional Housing Development, Community Development Corp. of Long Dorchester Bay Economic Development LLC (LA) Island, Inc. (NY) Corporation (MA) Central Vermont Community Land Trust (VT) Community Development Corp. of Utah (UT) Douglas Development (SC) Century Housing Corporation (CA) Community Development Trust (NY) D.W. Jones, Inc. (MN) Certified Commercial Investment Member Community Economic Development Assoc. of EAH Housing (HI, CA) Association Michigan (MI) Eden Housing, Inc. (CA) CHAI Baltimore (MD) Community Economics, Inc. (CA) Edgemere Development (NY) Charis Community Housing, Inc. (GA) Community Frameworks (WA) Edwards Wildman Palmer LLP (MA) Charities Housing (CA) Community Housing Assistance Pgm, Inc. (CA) Elizabeth Moreland Consulting, Inc. (WI) Charlotte Mecklenburg Hsg. Partnership (NC) Community Housing Initiatives, Inc. (IA) Episcopal Community Services of San C.H.A.R.M.E.D. (OK) Community Housing of Maine (ME) Francisco (CA)

4

Equity Residential HDC Mid-Atlantic (PA) Housing Trust of America ERS Consulting Group, LLC. (PR) Herman & Kittle Properties, Inc. (IN) Housing Trust Group, LLC. (FL) Ewing Planning Services (NY) The Hickman (PA) Housing Trust of Rutland County, Inc. (VT) Excel Development Group (NE) Highridge Costa Housing Partners, LLC. (CA) Housing Trust of Santa Fe (NM) FAHE Capital Corporation (KY) Hirsch Group, LLC. (WI) Housing Vermont (VT) Famicos Foundation (OH) Hoboken Housing Authority (NJ) Housing Visions (NY) Family Scholar House (KY) Holland & Knight Howell Linkous and Nettles, LLC. (SC) Fecteau PLLC (NY) Holy Name Housing Corporation (NE) HTA Development, LLC. (MD) Federation of Appalachian Housing Home Builders Association of Iowa (IA) Hudson Housing Capital Enterprises, Inc. Homeless and Housing Coalition of Ibero-American Development Corp. (NY) Fernando L Sumaza & Company (PR) Kentucky (KY) Illinois Housing Council (IL) First Financial Management Corporation (MA) Homes for America (MD) Imagine Housing (WA) Florida Alliance of CDCs (FL) Homestead Affordable Housing, Inc. (KS) Indiana Health Centers, Inc. (IN) Florida Council for Affordable and Rural HOPE of Kentucky, LLC. (KY) The Ingerman Group (NY) Housing (FL) Hopewell Redevelopment and Housing Inner City Christian Federation (MI) Florida Supportive Housing Coalition (FL) Authority (VA) Innovation, LLC. (WV) Fordham Bedford Housing Corporation (NY) Horizon Bank (NE) The Institute for Human Services, Inc. (NY) Foundation Communities (TX) Horizon Development and Management (UT) Institute for Responsible Housing Preservation Freeport Housing Trust (ME) House of Hope CDC (RI) Institute of Real Estate Management Frost, Cummings/Tidwell Group, LLC (AL) HOUSING ACTION Coalition (RI) The Integral Group, Inc. (GA) Full Circle Communities, Inc. (IL) Housing Action NH InterIm Community Development Assoc. (WA) Gar-Mar Associates (CA) Housing Alliance of Pennsylvania (PA) Irvine Housing Opportunities, Inc. (CA) The Gatehouse Group, Inc. (FL) Housing and Community Development J. Development Company (IA) George Gekakis, Inc. (NV) Network of NJ (NJ) Jamaica Plain Neighborhood Dev. Corp. (MA) Georgia Affordable Housing Coalition (GA) The Housing Assistance Corporation (NC) James A. Saad, LLC. (OH) Global Development Initiatives, LLC. (FL) Housing Assistance Council JBH Ministries, Inc. (GA) Grand Junction Housing Authority (CO) Housing Association of Nonprofit JPM Development, LLC. (FL) Great Lakes Capital Fund (IL, IN, MI, WI, NY) Developers (VA, DC, MD) JL Gray Company (NM) Greater Minnesota Housing Fund (MN) Housing Authority of Jackson County (OR) Journey House (WI) Greater New Orleans Housing Alliance (LA) Housing Authority of Salt Lake City (UT) Kansas City Equity Fund, LLC. (MO, KS) Greater Rochester Housing Partnership (NY) Housing Authority of the City of Kansas Housing Resources Corporation (KS) Green Mills (FL) Shreveport (LA) Karen A Graham Consulting, LLC (OH) GROW South Dakota (SD) Housing California (CA) Keller Development, Inc. (IN) Guadalupe Community Dev. Corp. (AZ) Housing Colorado (CO) Kelly & Close Engineers (PA) Gulf Coast Housing Partnership (LA) Housing Corporation of Arlington (MA) Kevin P. Martin & Associates, P.C. (MA) Habitat for Humanity International Housing Dev. Consortium of Seattle-King King County Housing Authority (WA) Habitat for Humanity of Greater Los County (WA) Kiss & Company, Inc. (FL) Angeles (CA) Housing Hawaii (HI) Klein Hornig LLP Hamilton Properties Corporation (MO) Housing On Merit (CA) La Fundacion del Perpetuo Socorro (PR) HANAC, Inc. (NY) Housing Partners of Western Nebraska (NE) Laborers’ Home Development Corp. (IL) Harmony Neighborhood Development (LA) Housing Partnership, Inc. (KY) Laconia Area Community Land Trust (NH) Hatch Development Group (IA) Housing Preservation Project (MN) Lamoille Housing Partnership (VT) The Haven, Inc. (VA) Housing Resource Connection (CA) Landmark Companies, Inc. (FL) Hawaii Housing Finance, LLC. (HI) Housing Solutions, LLC (MT) Laurin Associates (CA)

5

LeadingAge Midwest Housing Equity Group, NeighborWorks Dakota Homes Resources (SD) LDG Development, LLC. (KY) Inc. (IA, KS, NE, OK) NeighborWorks of Greater Manchester (NH) Lee and Co, PC (MT) Miller-Valentine Group (OH) NeighborWorks Salt Lake (UT) Leon N. Weiner & Associates, Inc. (DE) Minnesota Housing Partnership (MN) NeighborWorks Southern Mass (MA) LIFE Senior Services (OK) Mississippi Assoc. of Affordable Housing Network for Oregon Affordable Housing (OR) LifeSTEPS (CA) Providers (MI) Nevada Council of Affordable and Rural Liz Bramlet Consulting Missoula Housing Authority (MT) Housing (NV) Locke Lord LLP (TX) Missouri Workforce Housing Association (MO) Neville Development (LA) Louisiana Assoc. of Affordable Housing Providers Monarch(LA) Housing Associates (NJ) New Beginnings Housing, LLC. (ID) Louisiana Community Reinvestment Monroe Group Ltd. (CO) New England Housing Network (MA) Coalition (LA) Montgomery Housing Partnership (MD) New Generation Management, Inc. (IN) Louisiana Housing Council (LA) MORC Home Care (MI) New Jersey Community Development Low Income Investment Fund Morrow Companies (AL) Corporation (NJ) Low Income Housing Institute (WA) Mortgage Bankers Association New Mexico Coalition to End Lutheran Social Services of North Dakota (ND) Mountain Plains Equity Corporation (MT) Homelessness (NM) LW Development, LLC (OK) Mt. Auburn Good Housing Foundation (OH) New Neighborhoods, Inc. (CT) Mahoney Ulbrich Christensen Russ P.A. (MN) Mutual Housing Assoc. of Southwestern New York Housing Conference (NY) MaGrann Associates (NJ) Connecticut (CT) New York State Association for Affordable Maine Affordable Housing Coalition (ME) Mutual Housing California (CA) Housing (NY) Maine Workforce Housing, LLC. (ME) National Affordable Housing Management NH Community Loan Fund (NH) Management Specialists Co. (HI) Association The NHP Foundation Marian Development Group, LLC. (KY) National Alliance of Cmty. Economic Dev. Nixon Peabody LLP Maryland Affordable Housing Coalition (MD) Associations Non-Profit Housing Association of Northern Maryland Asset Building and Community National Apartment Association California (CA) Development Network (MD) National Assoc. of Affordable Housing Lenders Norstar Development USA (FL) Massachusetts Housing Investment Corp. (MA) National Assoc. of Local Housing Finance North Carolina Housing Coalition (NC) MB Financial Bank (IL) Agencies North Shore Community Development McCormack Baron Salazar (MO) National Assoc. for County Community Coalition (MA) MCJ Associates, LLC (FL) Economic Development Northern New England Housing Investment McLoughlin & Associates (WA) National Church Residences (OH) Fund (NH) Medici Communities, LLC. (CO) National Community Land Trust Network (OR) Northwest Housing Alternatives (OR) MEND, Inc. (NJ) National Development Council Novogradac & Company LLP Mercer Alliance to End Homelessness (NJ) National Equity Fund The NRP Group (FL) Meridian Investments National Housing Law Project The NuRock Companies (FL) Merritt Community Capital Corporation (CA) National Leased Housing Association Occupancy Solutions, LLC (MI) MetroPlains, LLC. (MN) National Low Income Housing Coalition Office of Rural and Farmworker Housing (WA) Metroplex, Inc. (IL) National NeighborWorks Association Ohio Capital Corporation for Housing (OH) The Metropolitan Consortium of Community National Resources Defense Council Ohio Housing Council (OH) Developers (MN) National Trust Community Investment Corp. Ohio Housing Finance Agency (OH) Michaels Development Company NDC Corporate Equity Fund, LP. Ojibway Development, LLC. (MI) Michigan Disability Housing Work Group (MI) Nebraska Housing Developers Association (NE) Oklahoma City Metro Association of Michigan Housing Council (MI) Neighborhood Service Organization (MI) Realtors (OK) Mid-South Housing Foundation (MS) NeighborWorks Blackstone River Valley (RI) Oklahoma Housing Finance Agency (OK) MidPen Housing Corp. (CA) NeighborWorks Capital (MD) Oklahoma Investment Realty, Inc. (OK)

6

Olneyville Housing Corporation (RI) R4 Capital, LLC. (NY) S.B. Clark Companies (CO) Omaha Economic Development Corp. (NE) Raymond James Tax Credit Funds, Inc. (FL) SCI Associates, LLC. (MN) Oregon Opportunity Network (OR) RBC Capital Markets – Tax Credit Equity SEC Affordable Housing (WA) ORION Real Estate Services, Inc. (GA) Group SECDE Ventures, LLC. (MS) ORO Development Corporation (OK) REACH Community Development, Inc. (OR) Seldin Company (Nebraska) Oti Kaga, Inc. (SD) Real Estate Equities, Inc. (MN) Senior Services (WA) Overland Property Group (KS) Recap Real Estate Advisors Settlement Star Services, LLC. (OH) Paces Foundation (GA) Red Stone Equity Partners (TX) Selfhelp Community Services The Pacific Companies (ID) RedClay Development of West Virginia (WV) The Shelter Group (MD) Pacific West Communities, Inc. Regan Development Corporation (NY) Simonson & Associates Architects, LLC (IA) Palm Communities (CA) The Reinvestment Fund (PA) Slavic Village Development (OH) Parkview Services (WA) REI Oklahoma (OK) Smart Growth America Partnership Housing Affordable to Society Related California (CA) Solid Ground (WA) Everywhere (GA) Related Urban (FL) Somerset Pacific (ID) Partnership Property Management (NC) Reliance Housing Foundation (NC) South Florida Community Development PathStone (NY) Religious Coalition for Community Corporation (FL) PDC Companies (AR) Renewal (WV) South Mississippi Housing & Development Penquis Housing, Inc. (ME) The Renaissance Companies (IL) Corporation (MS) Pennrose Properties (PA) Reno & Cavanaugh, PLLC Southeastern Affordable Housing Management People Self Help Housing (CA) Renting Partnerships (OH) Assoc. Perennial Property Management (IA) Resco Enterprises, LLC (OK) Southern California Association of Non-Profit Picerne Development Corp of Florida (FL) Resources for Community Development (CA) Housing (CA) Pillsbury Winthrop Shaw Pittman, LLC Restoration of Petersburg Community Southern Tier Environments for Living (NY) Pima County CDNC (AZ) Development Corp. (VA) Southport Financial Services, Inc. (FL) Pinellas County Housing Authority (FL) The Resurrection Project (IL) Southside Outreach Group, Inc. (VA) Pinnacle Housing Group, LLC. (FL) The Richman Group of Florida, Inc. (FL) Southwest MN Housing Partnership (MN) PIRHL Robert T. Pittenger CPA, PC (TX) Spokane Housing Ventures (WA) Pittsburgh Community Improvement Rochester’s Cornerstone Group, Ltd. (NY) Spokane Low Income Housing Association (GA) Rocky Mountain Development Council (MT) Consortium (WA) Plante Moran (MI) Roots of Mankind Corp. (MD) Spradling, Kennedy & McPhail, LLP (OK) Plymouth Housing Group (WA) ROSE Community Development Corp. (OR) Squire Sanders PNC Real Estate Rosedale Corporation (MS) SRO Housing Corporation (CA) Podawiltz Development Corporation (MN) Roundstone Development, LLC. (FL) St. Louis Equity Fund, Inc. (MO) Polk County Housing Trust Fund (IA) Royal American (FL) Star Title Agency, LLC. (OH) PPEP Microbusiness & Housing Development RubinBrown LLP (MO) Statewide Louisiana Community Corp. (AZ) Rural Community Assistance Corporation (CA) Reinvestment Coalition (LA) Presbyterian Senior Living (PA) Rural Rental Housing Assoc. of Louisiana (LA) Steele Properties, LLC. (CO) Pressly Development Company, Inc. (NC) Rural Rental Housing Assoc. of Texas (TX) Strategic Tax Credit Investments, LLC. (MA) Project for Pride in Living (MN) Rural Ulster Preservation Company (NY) SUMMECH Community Development Project Freedom, Inc. (NJ) S & A Homes (PA) Corporation (GA) Project Interconnections, Inc. (GA) Sacramento Housing Alliance (CA) The Summit Group (WA) Providence Community Housing (LA) San Diego Housing Federation (CA) Summit Management Group, Inc. (MT) Providence Housing Development Corp. (NY) San Fernando Valley Homeless Coalition (CA) Sun Country Builders (CA) Prudential Affordable Mortgage Company Sand Companies, Inc. (MN) Sunview Homes (OK)

7

Supportive Housing Network of NY (NY) Virginia One Development (VA) SVA Certified Public Accountants, S.C. (WI) Virginia Supportive Housing (VA) Tacolcy Economic Development Corp. (FL) Vitus Group TAG Associates, Inc. (MA, FL) Wakeland Housing and Development Tapestry Development Group (GA) Corporation (CA) Tax Credit Group of Marcus & Millichap Walla Walla Housing Authority (WA) TCAM Asset Management The Wallick Companies (OH) Tenderloin Neighborhood Development Wasatch Advantage Group, LLC. (CA) Corporation (NY) The Washington Low Income Housing Texas Affiliation of Affordable Housing Alliance (WA) Providers (TX) Weaver Cooke Construction (NC) The TheoPRO Group (WI) Weaver-Kirkland Housing, LLC. (NC) Thomas Development Co. (ID) Wendover Housing Partners, Inc. (FL) Thomas Safran & Associates (CA) West Harlem Group Assistance, Inc. (NY) T.M. Associates, Inc. (MD) West Market Management (PA) Tonalea Chapter (AZ) West Palm Beach Housing Authority (FL) Topeka Housing Authority (KS) Western Community Housing, Inc. (CA) Transamerica Equities, LLC (NY) White River Regional Housing Authority (AR) Travois, Inc. (MO) William S. Robinson & Associates, Inc. (NC) Triboro Real Estate Development, Inc. (NY) Winnebago County Housing Authority (IL) Turtle Mountain Housing Authority (ND) Winters Construction, LLC. (MS) U.S. Green Building Council Wisconsin Council for Affordable and Rural UAH Property Management, Inc. (TX) Housing (WI) United Developers, Inc. (NC) Wisconsin Housing Preservation Corp. (WI) United Fund Advisors (OR) The Wishcamper Companies, Inc. (ME) Upper Valley MEND (WA) WNC & Associates, Inc. Urban Housing Communities, LLC. (CA) The Woda Group, LLC Urban Housing Partners, LLC. (NE) Wolf Family I, Inc. (CO) Urban Initiatives (CT) Women’s Inst. for Housing & Economic Urban Residential Partners (CO) Development (MA) U.S. Vets Initiative Woodlawn Trustees, Inc. (DE) Utah Community Reinvestment Corp. (UT) Workforce Homestead, Inc. (NC) Valenti Development, LLC (IN) Wyoming Housing Network (WY) Valley National Bank (NY) YES Housing, Inc. (NM) Vermont Affordable Housing Coalition (VT) YWCA Seattle|King|Snohomish (WA) Vesta Corporation (CT) Vestcor Development Corp, Inc. (FL) Victory Housing, Inc. (MD) VIET-AID (MA) Virginia Coalition to End Homelessness (VA) Vintage Construction, LLC. (KS) Virginia Community Development Corp. (VA) Virginia Housing Coalition (VA) Virginia LISC (VA)

8