93% * 97% * 91% * 96% * of attendees surveyed said the event met or exceeded their learning objectives

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2 93% * of attendees surveyed said the event met or exceeded their learning objectives 97% * of attendees surveyed said they either strengthened existing business relationships or generated new business 91% * of attendees would recommend this conference to a colleague 96% * of attendees surveyed rated the conference better than other similar industry events. * Survey results from the 2015 Novogradac Affordable Housing Tax Credit Conference

3 Thank You to Our Co-Host and Sponsors CO-HOSTS SPONSORS ALDEN CAPITAL PARTNERS

4 LIHTC 101: The Basics WEDNESDAY, SEPT. 28, 9 A.M.-4 P.M. (SEPARATE REGISTRATION REQUIRED) 8 9 A.M. Registration and Breakfast 9 9:50 A.M. Intro and Housekeeping, Affordable Housing Overview Tenants, owners, investors, government, tax credits 9:50 10 A.M. Break 10 10:50 A.M. How Tax Credits Are Calculated Total development costs, eligible basis, 30% basis boost, applicable fraction, qualified basis, tax credit percentages, 9% credit pool, annual credits, total credits 10:50 11 A.M. Break 11 A.M. NOON NOON 1 P.M. Typical Ownership Structure and Project Timeline Developer, syndicator, investor(s), upper-tier fund, lower-tier operating partnership, asset management, developer fees, credit pricing, equity, forming the partnership, lining up service providers, preparing forecast, applying for credits, state qualified allocation plans (QAPs), 10 percent test (9% deals) Luncheon 1 1:50 P.M. 1:50 2 P.M. Break Project Timeline (Continued) Tax-exempt private activity bonds; typical bond transaction structure, 50 percent test (bond deals), finish construction, final cost certification, placed-in-service package, regulator agreement, Forms 8609, yearly audits and tax returns 2 3 P.M. 3 4 P.M. Acq/Rehab Deals, Program Rules and Avoiding Recapture Construction method, financing method, tax credit percentages quirk, 30% basis boost quirk, minimum set-asides (20-at-50 and 40-at-60), multi-building election, income limits, rent limits Program Rules and Avoiding Recapture (Continued), Conclusion/Wrap-Up Tax credit period vs. compliance period vs. extended-use period, state inspections, Form 8823, earned vs. accelerated credits

5 LIHTC 203: Acq/Rehab Basics WEDNESDAY, SEPT. 28, 9 A.M. 3 P.M. (SEPARATE REGISTRATION REQUIRED) Registration and Breakfast Overview of Initially Qualifying Units for Claiming LIHTCs Significant Dates for Tax Credit Percentages Tack-Back Rule Acquisition Land/building cost allocation, 10-year hold rule, transfer of ownership issue Qualifying Existing Tenants/Units Income limits for acq/rehab deals, 120-day rule, signature dates vs. effective dates on tenant income certifications, over-income existing tenants (whether previously existing LIHTC development or not), income certification complications if acquisition is delayed, previously qualified vacant units, safe harbor rule, 120-day available-unit-rule-test Rehabilitation (Maximizing Credits) Rehab timing, tenant transfers vs. move-outs, occupied rehabs vs. vacant rehabs, end-of-the-month issues, investor closing date (good vs. bad credits) Record-Keeping-Tips

6 LIHTC 301: Advanced LIHTC Financing WEDNESDAY, SEPT. 28, 9 A.M.-3 P.M. (SEPARATE REGISTRATION REQUIRED) 8 9 A.M. Registration and Breakfast 9 10:30 A.M. Sources and Uses, Eligible Basis Issues, and Taxable Income Offsite improvements, land vs. land improvements, bond issuance costs, construction/perm loan fees, taxable income 10:30 10:45 A.M. Break 10:45 A.M. NOON NOON 1 P.M. First-Year Credit Calculation, Internal Rate of Return and 704(b) Issues First-year credit calculation, maximizing first year credits, lease up for acq/rehab deals and basis cushion Luncheon Revenue and Expenses, Equity Market 1 1:50 P.M. Equity market, 9% floor 1:50 2 P.M. Break 2 3 P.M. Year 15 Options, Historic Boardwalk Hall Case Early exit, Year 15 exit, qualified contract, resyndication

7 Conference Agenda THURSDAY, SEPT. 29, A.M. Registration and Breakfast 9 9:15 A.M. Welcome 10:30 10:45 A.M. Break 10:45 A.M. NOON Current Equity Outlook Join this eye-opening session that promises to address the many important issues driving investor decisions, ranging from market forces and pricing and yields to strategies and goals. GEORGE LITTLEJOHN REBECCA ARTHUR 9:15 10:30 A.M. The Washington Report Hear about important tax reform proposals, including the new LIHTC expansion and improvement bill. Experts, who are working with advocates in Congress, provide their outlook on the LIHTC s future. JANA COHEN BARBE Dentons ANDREW TRIPP Nixon Peabody LLP MIKE BOYLE CREA LLC ARON WEISNER Enterprise Community Partners, Inc. JAY SEGEL R4 Capital OMAR CHAUDHRY Alden Capital Partners MICHAEL NOVOGRADAC ORLANDO CABRERA Squire Patton Boggs DAVID GASSON Boston Capital NOON 1:15 P.M. Luncheon RICK LAZIO Jones Walker

8 Conference Agenda THURSDAY, SEPT. 29, 2016 BREAKOUT I: 1:30 2:30 P.M. Affordable Housing Debt Products What's Old is New Again Join panelists as they explore inspiring affordable housing case studies based on new trends using old debt products to generate savings over traditional debt models, with and without the use of tax-exempt bonds. 2:45 3:45 p.m. Year 15: Negotiating with your Investor This panel discussion will delve into how to start negotiations with your investor on purchasing their interest after or before Year 15. Panelists will address the answer to the following: How do you value that interest? What s the investor looking for? How do you convince your investor it s a great idea to just go away? What are the factors that influence that price? PAUL CHARRON TIM LEONHARD JLL TAMMY OFEK CapM Funding REBECCA ARTHUR DEREK DEHAY ARA, A Newmark Company TIM FLINT CBRE Affordable Housing MATHEW WAMBUA Richmac Funding 2:30 2:45 P.M. Break MARK WILLSON The Park Companies ALISA KENNEDY Dentons 3:45 4 P.M. Break THOMAS JENNIFER MORTON MULLANEY Pillsbury Winthrop Ohio Capital Shaw Pittman LLP Corporation for Housing

9 Conference Agenda THURSDAY SEPT. 29, P.M. LIHTC Preservation This panel will define what preservation is, what it isn t and why it s important. Panelists will expand on Year 15 considerations, strategies and execution challenges. 2:30 2:45 P.M. Break 2:45 3:45 P.M. Understanding Your Forecast: Rent and Operating Expense Trends Hear about regional and national rent and operating expense trends, and find out how those trends can help you understand factors that impact your property s future NOI. MOLLY O'DELL JON KILLOUGH Bellwether Enterprise Real Estate Capital THOMAS MANGUM Wentwood Capital Advisors DAVID BOISTURE THOMAS STAGG LINDSEY SUTTON JOHN NUNNERY PNC Bank BREAKOUT II: PAUL WEISSMAN Hunt Mortgage Group 1:30 2:30 P.M. Current Topics in Fair Housing Is my housing "fair?" How do I meet the new HUD guidelines? Panelists will also discuss legal and policy considerations for a QAP s approach to siting properties. CHRISTOPHER CRUMP JLL 3:45 4 P.M. Break MARK SHELBURNE CARLIE BOOS Ohio Housing Finance Agency JAN GOSLEE Housing Authority of Baltimore City SCOTT MARKS Coats Rose

10 Conference Agenda THURSDAY, SEPT. 29, P.M. HUD Hot Topics Experts discuss the biggest HUD topics of the year: the update to the MAP lending guide and the Section 8 renewal guide. GEORGE LITTLEJOHN MARK SHELBURNE MIKE SUGRUE Stoneleaf Companies SUSAN WILSON ORLANDO CABRERA Squire Patton Boggs RAY LANDRY Davis-Penn Mortgage Company TANYA LAVELLE Texas Affiliation of Affordable Housing Providers TONI JACKSON Jones Walker LLP 5 6:30 P.M. Reception at Metropolitan at the 9 Hotel FRIDAY, SEPT. 30, A.M. Breakfast 10:15 10:30 A.M. Break 10:30 11:45 A.M. Ask the Experts Roundtable Continue the conversation during this ask-theexperts roundtable, where discussions will center on the 45L credit for energy efficiency, senior housing, cost issues and more. 9 10:15 A.M. Developer QAP Roundtable Join the discussion with top developers on ways to continue making a positive impact in affordable housing. Topics will include: asset management, market-rate housing, choosing the right team for your deal, and more. NICOLO PINOLI THOMAS STAGG WAYNE NEVEU RACHEL DENTON Foley & Judell LLP CHARLIE RHUDA BRAD CALLOWAY First NBC Bank MARK EIDSON Prudential

11 Registration Information CONFERENCE RATES Early Bird After Early Bird On-Site Corporate $675 $775 $800 Nonprofit $575 $675 $700 Online Registration REGISTER NOW WORKSHOP RATES With Conf. Reg. Workshop Only Online Registration LIHTC 101 $325 $425 REGISTER NOW LIHTC 203 $325 $425 REGISTER NOW LIHTC 301 $325 $425 REGISTER NOW Register at novoco.com/nolalihtc2016 Early Bird rate ends Aug. 31 Questions? Contact the Events Desk: Registration Cancellation Policy All cancellations must be made in writing and must be received no later than ten (10) days before an event. A $100 administrative fee will be deducted from all refunds. We regret that we cannot refund cancellations made within 10 days of the conference or to registrants who do not attend the conference. Confirmed registrants who fail to attend and do not cancel will be charged the entire registration fee. Accreditation is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Nashville, TN Website:

12 Hotel Information To make a reservation please call and identify yourself as an attendee of the Novogradac Affordable Housing Tax Credit Conference to secure the discounted rate. A limited block of rooms will be held until Aug. 31, Reservations made after Aug. 31, 2016, will be accepted on a space-available basis only and cannot be guaranteed at the discount rate. Westin New Orleans Canal Place 100 Rue Iberville New Orleans, LA Telephone: Cutoff Date: Aug. 31, 2016 Hotel Rate: $219/night, plus tax HOTEL REGISTRATION SPECIAL ASSISTANCE Our conference facilities are in compliance with the Americans with Disabilities Act (ADA). Please contact Alex Bernard at or alex.bernard@novoco.com if you require assistance.

13 Sponsorship Information Increase the visibility of your company JOIN THE PREMIERE EXHIBITION SPACE FOR LIHTC SERVICES AND PRODUCTS SPONSORSHIP LEVELS Sponsoring a Novogradac conference is a cost-effective and targeted method to reach the LIHTC community. Our sponsorships offer a prime opportunity to establish your company as a leader in the industry, while creating pre- and post-event exposure. Conference Co-Host $10,000 Sponsor $5,500-$9,000 Select Sponsor $5,500 Supporting Sponsor $3,500 Exhibitor Space $2,500 Sponsorships may include free or discounted registrations. MADE-TO-ORDER (M-T-O) PROMOTIONAL PRODUCTS Promote your brand among conference attendees with M-T-O products. Visit our sponsorship page for complete details. *Sponsorship subject to availability Reception: $9,000 Receive prominent recognition on signage and place your logo on cocktail napkins and/ or coasters. Wi-Fi: $8,500 Help attendees connect by providing Wi-Fi access and printing. Luncheon: $7,000 Highlight your company at the networking luncheon with your logo on the tabletop tent card. Hotel Keycard: $6,500 Display your company logo on hotel keycards distributed to attendees. Breakfast: $6,000 Start attendees off on a productive note with your logo on paper cups, cup sleeves or napkins. Conference Manual & App: $6,000 Place your logo on the front cover of our conference manual, and an ad in our conference app. Conference Notepad: $5,500 Put your logo on the conference notepad received by all attendees. Charging Station: $5,500 Energize our attendees by sponsoring the charging station. Contact Carol Hough at carol.hough@novoco.com or