|   |   |                                                                                                                                                                                                                                                                                                                                            |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | 1.     | violations      of law which in any way may affect the Company or the properties owned by      the Company, including any rule of the Securities and Exchange Commission,      federal laws related to fraud against the stockholders of the Company, and      the laws and regulations of any jurisdiction in which the Company      operates; |
|   |   |                                                                                                                                                                                                                                                                                                                                            |
|   | 2.     | violations      of the Bluerock Affiliates' policies and statutory or other requirements      for good corporate governance involving the Company;                                                                                                                                                                                              |
|   |   |                                                                                                                                                                                                                                                                                                                                            |
|   | 3.     | improper      accounting entries, violations of internal accounting controls or improper      auditing matters (including, but not limited to, knowingly providing any      false or misleading representation to an auditor) which in any way may      affect the Company or the properties owned by the  Company;                             |
|   |   |                                                                                                                                                                                                                                                                                                                                            |
|   | 4.     | any      other matter which, in the good faith belief of any Affected Person, could      cause harm to the business or public reputation of the      Company;                                                                                                                                                                                   |
|   |   |                                                                                                                                                                                                                                                                                                                                            |
|   | 5.     | any      attempt to conceal a potential Harmful Violation or to conceal evidence of      a potential Harmful Violation; or                                                                                                                                                                                                                      |
|   |   |                                                                                                                                                                                                                                                                                                                                            |
|   | 6.     | any      Retaliation (defined below) for any report, complaint, allegation or other      disclosure made pursuant to this policy (a “Disclosure”).                                                                                                                                                                                  |

|   |                 |
|--------|----------------------|
| 1.     | General      Policy. |

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|   |                        |
|--------|-----------------------------|
| 2.     | Purpose      of the Policy. |

|   |   |                                                                                                                                           |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------|
|   | (a)    | cause      Harmful Violations to be disclosed before they can disrupt the business or      operations of the Company, or lead to serious loss; |
|   |   |                                                                                                                                           |
|   | (b)    | promote      a climate of accountability with respect to Company resources, including      the employees of any Bluerock Affiliate; and        |
|   |   |                                                                                                                                           |
|   | (c)    | ensure      that no Affected Person should feel at a disadvantage in raising      legitimate concerns.                                         |

|   |                             |
|--------|----------------------------------|
| 3.     | Affected      Persons Protected. |

|    |                                                                                                                                                                                                |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | In      Good Faith (as defined above);                                                                                                                                                              |
|    |                                                                                                                                                                                                |
| • | In      the reasonable belief of the individual making the Disclosure that the      conduct or matter covered by the Disclosure could give rise to or has      resulted in a Harmful Violation; and |
|    |                                                                                                                                                                                                |
| • | Pursuant      to the procedures contained in Section 7below.                                                                                                                                        |

----

|   |                                |
|--------|-------------------------------------|
| 4.     | Confidentiality      of Disclosure. |

|   |                              |
|--------|-----------------------------------|
| 5.     | Unsubstantiated      Allegations. |

----

|   |       |
|--------|------------|
| 6.     | Follow-Up. |

|   |        |
|--------|-------------|
| 7.     | Procedures. |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 7.1    | Any      Disclosure made by an Affected Person under this policy must be submitted      to one of the following (each, a “Designated      Recipient”), as appropriate:                                                                                                                                                                                                                                                                                                            |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |
|   | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | directly      to the President of a Bluerock Affiliate; or |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |
|   | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | to      the Chairman of the Audit Committee. |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|   | Submissions      to the Chairman of the Audit Committee should be made through the      Company's Compliance Officer (as defined below) and should be addressed as      follows:                                                                                                                                                                                                                                                                                                              |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|   | Personal      and Confidential Communication/Whistleblower Submission Only Recipient May      Open                                                                                                                                                                                                                                                                                                                                                                                            |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|   | Bluerock      Enhanced Multifamily Trust, Inc.680      5th      Avenue, 16th      FloorNew      York, NY 10019Attention:      Compliance Officer                                                                                                                                                                                                                                                                                                                                              |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|   | Upon      receiving a Disclosure, the Designated Recipient shall immediately enter      the pertinent information into a log and open a file for each Disclosure,      which file shall be maintained in a secure location to protect the      confidentiality of the Disclosure. A sample Complaint Form is attached as      Exhibit “A” hereto, which is recommended for use by the Designated      Recipient in documenting matters covered by each    Disclosure.             |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| 7.2    | An      Affected Person should expect some response to the Disclosure no later      than two weeks after the Disclosure, unless the Affected Person believes      in good faith that conditions warrant a quicker reply, in which case the      Affected Person shall detail those conditions as part of his or her      initial Disclosure and suggest expedited treatment.                                                                                                                  |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| 7.3    | An      Affected Person who is not satisfied with the response after following the      procedure set out in Section 7.1 or who has not received a response in the      time period contained in Section 7.2 may invoke this Section 7.3. The      Affected Person must continue to discuss the Disclosure with the      Designated Recipient. However, the Disclosure shall thereafter also be      delivered by the Designated Recipient, in writing, and confidentially, to      the Audit |

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|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | Committee.      The Audit Committee shall then make a preliminary investigation of the      facts alleged in the Disclosure and may, in its discretion, advise the      compliance officer designated by the Audit Committee to administer this      policy (the “Compliance Officer”-)      in writing, with a request that the Compliance Officer investigate further      and report to the Audit Committee in a period of time specified by the      Chairman of the Audit Committee. The Compliance Officer may appoint      another person to undertake the preliminary investigation, provided that      the findings and conclusions of the person so appointed shall be reported      to, and endorsed by, the Compliance Officer before the report is made to      the Audit Committee. If it is determined on preliminary investigation that      the matter raised or alleged in the Disclosure invoked under this Section      7.3 is without merit and should be dismissed, the Audit Committee should      retain counsel to confirm such conclusion prior to communication to the      Whistleblower of the decision and the reasons for such      dismissal. |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| 7.4    | If      on preliminary examination the matter raised or alleged in any Disclosure      is judged to be without substance or merit, the matter shall be dismissed      and the Whistleblower informed of the decision and the reasons for such      dismissal. If it is judged that the allegation(s) or issue(s) covered in      the Disclosure have merit, the matter shall be dealt with in accordance      with this policy, any Bluerock Affiliates' normal disciplinary procedures      and/or as otherwise may be deemed appropriate according to the nature of      the case. The Whistleblower shall be informed as to the ultimate outcome      of the investigation.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| 7.5    | Subject      to Section 7.4, if any Disclosure relates to the alleged conduct of a      director or officer of the Company, the Disclosure shall be referred to      the Chairman of the Audit Committee for investigation by the Audit      Committee. It is highly recommended that the Audit Committee retain      counsel to investigate the facts and allegations contained in such      Disclosure, as well as in all cases where a Disclosure contains      allegations of any improper accounting entry, violations of internal      accounting controls or improper auditing matters, whether or not the      allegation implicates an officer or director of the Company. If the      Disclosure relates to the alleged conduct of a director or officer of any      Bluerock Affiliate (other than the Company), the Disclosure shall be      referred to the Chairman of the Audit Committee who shall appoint an      appropriate investigating officer to investigate the facts and allegations      contained in the Disclosure.                                                                                                                                           |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| 7.6    | Disclosures      received by a Designated Recipient anonymously or with instructions from      the Affected Person to keep the Disclosure confidential shall be handled      as provided in Section 4 of this policy.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| 7.7    | The      file for each Disclosure shall be retained by the Company for a period of      10 years following the date of conclusion of the      investigation.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |

|   |                              |
|--------|-----------------------------------|
| 8.     | Annual      Review and Reporting. |

----

|   |                                    |
|--------|-----------------------------------------|
| 9.     | Cooperation      by Bluerock Affiliates |

----

|   |                                                                                                                                                      |   |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| 1.     | Designated      Recipient/Case      Number:_________________________________________________________________________                                      |   |
|   |                                                                                                                                                      |   |
| 2.     | (Note:      The information relating to the Affected Person in this Section 2 should      not be completed if the Disclosure is submitted    anonymously) |   |
|   |                                                                                                                                                      |   |
|   | Affected      Person Name: _________________________________________Tel:      ___________________________________                                         |   |
|   |                                                                                                                                                      |   |
|   | Supervisor:      _____________________________________________E-mail:      ______________________________________                                         |   |
|   |                                                                                                                                                      |   |
| 3.     | Department      of Affected Person:      _________________________________________________________________________                                        |

|   |                                                                                                                                                                                                                                                                                                                                                                               |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 4.     | Type      of      Violation:                       o      Legal          o      Accounting/Auditing       o    Retaliation                                                                                         |
|   |                                                                                                                                                                                                                                                                                                                                                                               |
| 5.     | Date      Affected Person became aware of Harmful Violation:      _____________________________________________________                                                                                                                                                                                                                                                            |
|   |                                                                                                                                                                                                                                                                                                                                                                               |
| 6.     | Harmful      Violation      is:                   o      Ongoing                    o      Completed                          o  Unsure |
|   |                                                                                                                                                                                                                                                                                                                                                                               |   |
| 7.     | Department      suspected of Harmful Violation:      _______________________________________________________________                                                                                                                                                                                                                                                               |   |
|   |                                                                                                                                                                                                                                                                                                                                                                               |   |
| 8.     | Individuals      suspected of Harmful Violation:      _______________________________________________________________                                                                                                                                                                                                                                                              |   |
|   |                                                                                                                                                                                                                                                                                                                                                                               |   |
| 9.     | Describe      the relevant facts of the Harmful Violation:      _________________________________________________________                                                                                                                                                                                                                                                          |   |
|   | _________________________________________________________________________________________________                                                                                                                                                                                                                                                                             |   |
|   | _________________________________________________________________________________________________                                                                                                                                                                                                                                                                   |   |
|   |                                                                                                                                                                                                                                                                                                                                                                               |   |
| 10.    | Describe      how the Affected Person became aware of the Harmful    Violation:                                                                                                                                                                                                                                                                                                    |   |
|   | _________________________________________________________________________________________________                                                                                                                                                                                                                                                                   |   |
|   | _________________________________________________________________________________________________                                                                                                                                                                                                                                                                   |   |
|   | _________________________________________________________________________________________________                                                                                                                                                                                                                                                                   |   |
|   |                                                                                                                                                                                                                                                                                                                                                                               |   |
| 11.    | Describe      the steps taken by Affected Person prior to contacting the Designated      Recipient: ____________________________                                                                                                                                                                                                                                                   |   |
|   | _________________________________________________________________________________________________                                                                                                                                                                                                                                                                   |   |
|   | _________________________________________________________________________________________________                                                                                                                                                                                                                                                                   |   |
|   |                                                                                                                                                                                                                                                                                                                                                                               |   |
| 12.    | Who,      if anyone, may be harmed or adversely affected by the Harmful      Violation?                                                                                                                                                                                                                                                                                            |   |
|   | _________________________________________________________________________________________________                                                                                                                                                                                                                                                                   |   |
|   | _________________________________________________________________________________________________                                                                                                                                                                                                                                                                   |   |
|   | _________________________________________________________________________________________________                                                                                                                                                                                                                                                                   |   |
|   |                                                                                                                                                                                                                                                                                                                                                                               |   |
| 13.    | If      the Harmful Violation is legal, estimate the amount of potential loss to      the Company as a result of the Harmful Violation:    $__________                                                                                                                                                                                                                             |   |
|   |                                                                                                                                                                                                                                                                                                                                                                               |   |
| 14.    | If      the Harmful Violation relates to accounting/auditing matters, estimate the      amount of the misreporting and indicate the affected category (or      categories) of misreporting: $__________                                                                                                                                                                            |   |
|   |                                                                                                                                                                                                                                                                                                                                                                               |   |
|   | Category:     o      Assets     o Liabilities   oExpenses                                                                                                                                                                                                                                                                   |   |
|   |       o      Revenues         o      Valuation                  o Equity                                                                                                                                                                              |   |
|   |                                                                                                                                                                                                                                                                                                                                                                               |   |
| 15.    |  Provide      any suggestions for remedying the Harmful Violation:      _________________________________________________                                                                                                                                                                                                                                                     |   |
|   | _________________________________________________________________________________________________                                                                                                                                                                                                                                                                   |   |
|   | _________________________________________________________________________________________________                                                                                                                                                                                                                                                                   |   |