EXHIBIT 99.1

AMENDED AND RESTATED  POLICY FOR ESTIMATION OF COMMON STOCK VALUE  OF  BEHRINGER HARVARD MULTIFAMILY REIT I, INC.

Behringer Harvard Multifamily REIT I, Inc. (the "Company") has adopted this policy in respect of estimating the per share
value of its common stock (the "Common Stock") as of May 13, 2010. This policy has been adopted to provide informative data as to the Company's estimated per share Common Stock value. This
policy may be amended by the Board of Directors of the Company (the "Board") at any time in its sole discretion. In addition, although this policy expresses the intent of the Board at the time of its
adoption, there is no limitation on the ability of the Board to cause the Company to vary from this policy to the extent it deems appropriate, with or without an express amendment of this policy.

The
Company shall announce a per share estimated value of its common stock on a periodic basis, generally annually. Until 18 months have passed without a sale of shares of the
Common Stock in a primary offering (or other securities from which the Board believes the value of a share of Common Stock can be estimated), the Company shall use the latest gross offering price
(without regard to any discounts) of a share of the Common Stock in its most recent primary offering as the per share estimated value thereof or, with respect to an offering of other securities from
which the value of a share of Common Stock can be estimated, the Company shall use the value derived from the gross offering price of such other security as the per share estimated value of the Common
Stock. For purposes of the foregoing, an offering shall not include an offering of shares pursuant to a distribution reinvestment plan or an employee benefit plan or an offering of securities issuable
upon the redemption of interests in the Company's operating partnership.

No
later than 18 months after the last sale in an offering of the securities described above, the Company shall disclose an estimated per share value that is not based solely on
the gross offering price of securities in the most recent offering. This estimate shall be determined by the Board, or a committee thereof, after consultation with Behringer Harvard Multifamily
Advisors I, LLC (the "Advisor"), or if the Company shall no longer be advised by the Advisor, the Company's officers and employees. The Advisor or the Company may engage such experts and
third parties as it may deem appropriate. If a committee of the Board estimates the value, a majority of the voting members of the committee will be independent directors; however, the committee may
also include officers or employees of the Company, the Advisor or the Advisor's affiliates.

If
the Company has sold assets and made distributions to stockholders of net proceeds from such sales since the termination of the most recent offering, the estimated value per share
shall generally be net of the amount of those distributions.

The
Board or committee thereof will have the discretion to choose a methodology or combination of methodologies as it deems reasonable under then current circumstances for estimating the
per share value of the Common Stock. The estimated value is not intended to be related to any analysis of individual asset value performed for financial statement purposes nor values at which
individual assets may be carried on financial statements under applicable accounting standards. The methodologies for determining the estimated values hereunder may take into account numerous factors
including, without limitation, the following:



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The
Board may rely on the Advisor or a third-party valuation expert or other professionals or consultants to assist in estimating the value of the Company's assets or its shares of
Common Stock. However, with respect to asset valuations, the Board shall not be required to obtain asset-by-asset appraisals prepared by appraisers certified by a Member of the
Appraisal Institute or other trade organization that monitors appraisers, nor must any appraisals conform to formats or standards promulgated by any such trade organization. The per share estimated
value may be developed from data that is as of a date not more than 18 months prior to the effective
date of the estimated value, and the Company shall disclose the effective date of the estimated valuation. The Company shall not be required to publicly release individual property value estimates or
any of the data supporting the estimated per share value, and the Board is under no obligation to describe the factors on which it relied or the methodologies utilized in estimating the estimated
value of a share of Common Stock.

After
first publishing an estimate by the Board within 18 months after an offering as described above, the Company shall repeat the process of estimating share value of the Common
Stock periodically thereafter. In general, the Company would consider a new estimated valuation within 18 months of the last estimated valuation. However, if deemed appropriate by the Board,
the Company may return to the publication of an estimated value based solely on the gross offering price of a share of Common Stock or other securities if the Company has conducted another offering
within 18 months of the disclosure of an estimated per share value. The Company shall provide this information in its annual report on Form 10-K and may provide this
information in a current report on Form 8-K or any other appropriate public filing with the Securities and Exchange Commission. The Company may also disseminate this information by
a posting on the web site maintained for the Company atwww.behringerharvard.comor by other means.

Estimates
based solely on an offering price will be subject to numerous limitations. For example, such estimates will not take into account:



After
the estimated value hereunder is based on factors in addition to the most recent offering price of a share of Common Stock or other security, the estimated value will not reflect
developments that occur after the most recent estimated valuation date. Further, such valuations will be estimates only and may be based upon a number of estimates, assumptions and opinions that may
not be or may later prove not to be accurate or complete, which could make the estimated valuations incorrect.

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With
respect to any estimate of the value of Common Stock made pursuant to this policy, there can be no assurance that:



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