EXHIBIT
99




DebtSummary ScheduleINTEREST
                
                
                12/31/09
                
                MATURITY
                
                YEARS
      TOPROPERTY
                
                
                LENDER
                
                RATE
                
                
                BALANCE
                
                DATE
                
                MATURITYFIXED
      RATE SECUREDMulti-Property
                
                
                M&T
      Realty - Freddie Mac
                
                
                7.575
                
                
                
                45,400,000
                
                05/01/10
                
                
                0.33East
      Meadow Apartments - 2nd
                
                
                M&T
      Realty - Freddie Mac
                
                
                5.550
                
                
                
                5,933,601
                
                05/01/10
                
                
                0.33Selford
      Townhomes - 2nd
                
                
                M&T
      Realty - Freddie Mac
                
                
                5.550
                
                
                
                4,536,477
                
                05/01/10
                
                
                0.33Seminary
      Hill - 2nd
                
                
                M&T
      Realty - Freddie Mac
                
                
                5.550
                
                
                
                10,240,993
                
                05/01/10
                
                
                0.33South
      Bay/Woodmont - 2nd
                
                
                M&T
      Realty - Freddie Mac
                
                
                5.550
                
                
                
                5,628,810
                
                05/01/10
                
                
                0.33Tamarron
      Apartments - 2nd
                
                
                M&T
      Realty - Freddie Mac
                
                
                5.550
                
                
                
                7,584,391
                
                05/01/10
                
                
                0.33The
      Manor (VA) - 2nd
                
                
                M&T
      Realty - Freddie Mac
                
                
                5.550
                
                
                
                6,636,588
                
                05/01/10
                
                
                0.33Home
      Properties of Devon
                
                
                Prudential
      - Fannie Mae
                
                
                7.500
                
                
                
                28,892,000
                
                10/01/10
                
                
                0.75Trexler
      Park
                
                
                Prudential
      - Fannie Mae
                
                
                7.500
                
                
                
                10,140,000
                
                10/01/10
                
                
                0.75Multi-Property
                
                
                Prudential
      - Fannie Mae
                
                
                7.250
                
                
                
                32,978,000
                
                01/01/11
                
                
                1.00Multi-Property
                
                
                Prudential
      - Fannie Mae
                
                
                6.360
                
                
                
                8,141,000
                
                01/01/11
                
                
                1.00Multi-Property
                
                
                Prudential
      - Fannie Mae
                
                
                6.160
                
                
                
                58,881,000
                
                01/01/11
                
                
                1.00Orleans
      Village - 1st
                
                
                Prudential
      - Fannie Mae
                
                
                6.815
                
                
                
                43,745,000
                
                01/01/11
                
                
                1.00Orleans
      Village - 2nd
                
                
                Prudential
      - Fannie Mae
                
                
                5.360
                
                
                
                22,248,000
                
                01/01/11
                
                
                1.00Sherry
      Lake
                
                
                Capmark
      - Freddie Mac
                
                
                5.180
                
                
                
                18,305,046
                
                01/01/11
                
                
                1.00Bayview
      Apartments
                
                
                M&T
      Realty - Freddie Mac
                
                
                4.950
                
                
                
                10,882,590
                
                03/01/11
                
                
                1.16New
      Orleans/Arbor Crossing
                
                
                Prudential
      - Fannie Mae
                
                
                4.860
                
                
                
                18,146,158
                
                03/01/11
                
                
                1.16Racquet
      Club East - 1st
                
                
                Prudential
      - Fannie Mae
                
                
                6.875
                
                
                
                20,171,560
                
                04/01/11
                
                
                1.25Racquet
      Club East - 2nd
                
                
                Prudential
      - Fannie Mae
                
                
                5.490
                
                
                
                9,903,080
                
                04/01/11
                
                
                1.25Timbercroft
      Townhomes 1 - 1st
                
                
                Capmark
      - HUD
                
                
                8.500
                
                
                
                173,337
                
                05/01/11
                
                
                1.33The
      Meadows at Marlborough
                (1)
                
                Prudential
      - Fannie Mae
                
                
                5.500
                
                
                
                19,851,708
                
                08/01/11
                
                
                1.58Lake
      Grove - 1st
                
                
                Prudential
      - Fannie Mae
                
                
                6.540
                
                
                
                24,554,721
                
                12/01/11
                
                
                1.92Lake
      Grove - 2nd
                
                
                Prudential
      - Fannie Mae
                
                
                5.510
                
                
                
                10,620,508
                
                12/01/11
                
                
                1.92Mount
      Vernon Square
                (1)
                
                KeyBank
      RE Cap-Fannie Mae
                
                
                5.490
                
                
                
                85,677,472
                
                01/01/12
                
                
                2.00Multi-Property
      Notes Pay
                
                
                Seller
      Financing
                
                
                4.000
                
                
                
                249,499
                
                02/01/12
                
                
                2.09Timbercroft
      III - 1st
                
                
                Capmark
      - HUD
                
                
                8.000
                
                
                
                325,393
                
                02/01/12
                
                
                2.09Castle
      Club Apartments
                
                
                NorthMarq
      - Freddie Mac
                
                
                7.080
                
                
                
                6,317,740
                
                05/01/12
                
                
                2.33Gateway
      Village
                
                
                Prudential
      - Fannie Mae
                
                
                6.885
                
                
                
                6,509,894
                
                05/01/12
                
                
                2.33The
      New Colonies
                
                
                Prudential
      - Fannie Mae
                
                
                7.110
                
                
                
                18,736,798
                
                06/01/12
                
                
                2.42Woodholme
      Manor
                
                
                Prudential
      - Fannie Mae
                
                
                7.165
                
                
                
                3,512,848
                
                07/01/12
                
                
                2.50Liberty
      Place
                (1)
                
                CW
      Capital - Fannie Mae
                
                
                5.710
                
                
                
                6,044,012
                
                11/01/12
                
                
                2.84Hackensack
      Gardens - 1st
                
                
                JPMorgan
      Chase - Fannie Mae
                
                
                5.260
                
                
                
                4,475,880
                
                03/01/13
                
                
                3.17Hackensack
      Gardens - 2nd
                
                
                JPMorgan
      Chase - Fannie Mae
                
                
                5.440
                
                
                
                4,345,621
                
                03/01/13
                
                
                3.17Barrington
      Gardens
                
                
                Wachovia
      - Freddie Mac
                
                
                4.960
                
                
                
                11,181,141
                
                04/01/13
                
                
                3.25Topfield
      Apartments
                
                
                M&T
      Realty-Fannie Mae
                
                
                5.300
                
                
                
                6,012,047
                
                04/01/13
                
                
                3.25Canterbury
      Apartments - 1st
                
                
                M&T
      Realty-Fannie Mae
                
                
                5.020
                
                
                
                27,356,610
                
                05/01/13
                
                
                3.33Canterbury
      Apartments - 2nd
                
                
                M&T
      Realty-Fannie Mae
                
                
                6.460
                
                
                
                16,837,581
                
                05/01/13
                
                
                3.33Multi-Property
                
                
                Prudential
      - Fannie Mae
                
                
                6.475
                
                
                
                100,000,000
                
                08/31/13
                
                
                3.67Heritage
      Woods Apts
                (1)
                
                Oak
      Grove Capital-Fannie Mae
                
                
                5.290
                
                
                
                4,847,036
                
                09/01/13
                
                
                3.67Saddle
      Brook Apts. - 1st
                (1)
                
                Wells
      Fargo - Fannie Mae
                
                
                5.840
                
                
                
                27,206,172
                
                11/01/13
                
                
                3.84Saddle
      Brook Apts. - 2nd
                (1)
                
                Wells
      Fargo - Fannie Mae
                
                
                6.290
                
                
                
                3,231,324
                
                11/01/13
                
                
                3.84Falkland
      Chase
                
                
                Centerline
      - Fannie Mae
                
                
                5.480
                
                
                
                12,236,284
                
                04/01/14
                
                
                4.25The
      Apts. At Wellington Trace
                
                
                M&T
      Realty - Freddie Mac
                
                
                5.520
                
                
                
                24,379,882
                
                04/01/14
                
                
                4.25Hawthorne
      Court
                
                
                Centerline
      - Fannie Mae
                
                
                5.270
                
                
                
                35,250,391
                
                07/01/14
                
                
                4.50Curren
      Terrace - 1st
                
                
                M&T
      Realty - Freddie Mac
                
                
                5.360
                
                
                
                13,746,621
                
                10/01/14
                
                
                4.75Curren
      Terrace - 2nd
                
                
                M&T
      Realty - Freddie Mac
                
                
                5.090
                
                
                
                9,958,024
                
                10/01/14
                
                
                4.75Westchester
      West - 1st
                (1)
                
                Deutsche
      Bank - Freddie
                
                
                6.150
                
                
                
                26,950,422
                
                03/01/15
                
                
                5.17Westchester
      West - 2nd
                (1)
                
                Deutsche
      Bank - Freddie
                
                
                6.640
                
                
                
                7,506,557
                
                03/01/15
                
                
                5.17Stratford
      Greens
                
                
                Capital
      One Bank
                
                
                5.750
                
                
                
                31,582,765
                
                07/01/15
                
                
                5.50Sayville
      Commons
                
                
                M&T
      Realty - Freddie Mac
                
                
                5.000
                
                
                
                40,565,237
                
                08/01/15
                
                
                5.59Cypress
      Place Apartments
                
                
                Prudential
      - Fannie Mae
                
                
                6.555
                
                
                
                10,324,433
                
                11/01/15
                
                
                5.84Golf
      Club Apartments
                
                
                Prudential
      - Fannie Mae
                
                
                6.380
                
                
                
                33,306,127
                
                11/01/15
                
                
                5.84Northwood
      Apartments
                
                
                M&T
      Realty - Freddie Mac
                
                
                5.500
                
                
                
                10,675,000
                
                12/01/15
                
                
                5.92Cinnamon
      Run - 1st
                
                
                M&T
      Realty - Freddie Mac
                
                
                5.250
                
                
                
                50,851,749
                
                01/01/16
                
                
                6.01Cinnamon
      Run - 2nd
                
                
                M&T
      Realty - Freddie Mac
                
                
                5.550
                
                
                
                5,267,452
                
                01/01/16
                
                
                6.01Peppertree
      Farm - 1st
                
                
                M&T
      Realty - Freddie Mac
                
                
                5.250
                
                
                
                78,270,856
                
                01/01/16
                
                
                6.01Peppertree
      Farm - 2nd
                
                
                M&T
      Realty - Freddie Mac
                
                
                5.550
                
                
                
                1,915,433
                
                01/01/16
                
                
                6.01The
      Hamptons/Vinings at Hamptons
                
                Prudential
      - Fannie Mae
                
                
                5.565
                
                
                
                51,775,031
                
                02/01/16
                
                
                6.09Devonshire
      - 1st
                
                
                Wachovia
      - Fannie Mae
                
                
                5.600
                
                
                
                37,877,292
                
                04/01/16
                
                
                6.25Devonshire
      - 2nd
                
                
                Wachovia
      - Fannie Mae
                
                
                6.235
                
                
                
                8,440,271
                
                04/01/16
                
                
                6.25Mid-Island
                
                
                Prudential
      - Fannie Mae
                
                
                5.480
                
                
                
                19,735,152
                
                04/01/16
                
                
                6.25Owings
      Run 1 & 2
                
                
                Prudential
      - Fannie Mae
                
                
                5.590
                
                
                
                42,704,003
                
                04/01/16
                
                
                6.25Country
      Village
                
                
                Centerline
      - Fannie Mae
                
                
                5.520
                
                
                
                19,008,250
                
                06/01/16
                
                
                6.42Fox
      Hall Apartments
                
                
                Columbia
      Nat'l - Freddie Mac
                
                
                5.610
                
                
                
                47,000,000
                
                06/01/17
                
                
                7.42Mill
      Towne Village
                
                
                Prudential
      - Fannie Mae
                
                
                5.990
                
                
                
                24,239,000
                
                09/01/17
                
                
                7.67Royal
      Gardens Apts.
                
                
                M&T
      Realty - Freddie Mac
                
                
                5.830
                
                
                
                47,000,000
                
                11/01/17
                
                
                7.84Village
      Square 1, 2 & 3
                
                
                Prudential
      - Fannie Mae
                
                
                5.810
                
                
                
                39,285,000
                
                12/01/17
                
                
                7.92Chatham
      Hill
                
                
                M&T
      Realty - Freddie Mac
                
                
                5.590
                
                
                
                45,000,000
                
                01/01/18
                
                
                8.01Seminary
      Towers Apartments
                
                
                Prudential
      - Fannie Mae
                
                
                5.485
                
                
                
                53,515,000
                
                07/01/18
                
                
                8.50Bonnie
      Ridge - 1st
                
                
                Prudential
      Life
                
                
                6.600
                
                
                
                12,214,461
                
                12/15/18
                
                
                8.96Bonnie
      Ridge - 2nd
                
                
                Prudential
      Life
                
                
                6.160
                
                
                
                18,124,769
                
                12/15/18
                
                
                8.96Bonnie
      Ridge - 3rd
                
                
                Prudential
      Life
                
                
                6.070
                
                
                
                25,233,881
                
                12/15/18
                
                
                8.96Westwood
      Village
                
                
                M&T
      Realty - Freddie Mac
                
                
                5.680
                
                
                
                47,423,024
                
                01/01/19
                
                
                9.01Ridgeview
      at Wakefield Valley
                
                
                M&T
      Realty - Freddie Mac
                
                
                5.750
                
                
                
                18,559,075
                
                01/01/19
                
                
                9.01The
      Sycamores
                
                
                M&T
      Realty - Freddie Mac
                
                
                5.710
                
                
                
                21,640,454
                
                01/01/19
                
                
                9.01Timbercroft
      III - 2nd
                
                
                M
      & T Realty - HUD
                
                
                8.375
                
                
                
                2,368,111
                
                06/01/19
                
                
                9.42Timbercroft
      Townhomes 1 - 2nd
                
                
                M
      & T Realty - HUD
                
                
                8.375
                
                
                
                1,607,768
                
                06/01/19
                
                
                9.42The
      Brooke at Peachtree
                
                
                Wells
      Fargo - Fannie Mae
                
                
                5.470
                
                
                
                12,530,018
                
                07/01/19
                
                
                9.50Glen
      Manor
                
                
                Prudential
      - Fannie Mae
                
                
                5.830
                
                
                
                8,024,257
                
                08/01/19
                
                
                9.59Ridley
      Brook
                
                
                Prudential
      - Fannie Mae
                
                
                5.830
                
                
                
                13,320,965
                
                08/01/19
                
                
                9.59Southern
      Meadows
                
                
                Red
      Mortgage - Fannie Mae
                
                
                5.360
                
                
                
                41,387,784
                
                10/01/19
                
                
                9.76Elmwood
      Terrace
                
                
                M
      & T Realty - Fannie Mae
                
                
                5.560
                
                
                
                27,135,600
                
                11/01/19
                
                
                9.84Lakeview
                
                
                Greystone
      - Fannie Mae
                
                
                5.310
                
                
                
                9,225,000
                
                12/01/19
                
                
                9.92The
      Landings
                
                
                Prudential
      - Fannie Mae
                
                
                5.600
                
                
                
                26,550,000
                
                01/01/20
                
                
                10.01Dunfield
      Townhomes
                
                
                Centerline
      Capital - HUD
                
                
                5.250
                
                
                
                12,310,874
                
                09/01/28
                
                
                18.68Highland
      House
                (1)
                
                Arbor
      Comml - Fannie Mae
                
                
                6.320
                
                
                
                6,092,456
                
                01/01/29
                
                
                19.02Westwoods
                (1)
                
                Midland
      Loan Services - HUD
                
                
                5.940
                
                
                
                3,596,092
                
                06/01/34
                
                
                24.43Briggs-Wedgewood
                (2)
                
                Berkshire
      Mtg - HUD
                
                
                6.000
                
                
                
                15,999,325
                
                11/01/34
                
                
                24.85WTD
      AVG - FIXED SECURED
                
                
                
                
                5.855
                
                
                
                1,908,171,783
                
                
                
                
                5.35VARIABLE
      RATE SECUREDWilliam
      Henry
                
                
                NorthMarq
      - Freddie Mac
                
                
                2.559
                
                
                
                21,237,736
                
                12/01/10
                
                
                0.92Adjusts
      Monthly - Freddie 30d Ref + 2.50Virginia
      Village
                
                
                Wachovia
      - Freddie Mac
                
                
                2.049
                
                
                
                30,695,321
                
                07/01/15
                
                
                5.50Adjusts
      Monthly - Freddie 30d Ref + 1.99Hill
      Brook Apts
                
                
                M&T
      Realty - Freddie Mac
                
                
                3.525
                
                
                
                13,115,247
                
                09/01/16
                
                
                6.67Adjusts
      Monthly - 30L + 2.85 + .44Wayne
      Village
                
                
                M&T
      Realty - Freddie Mac
                
                
                3.622
                
                
                
                26,679,829
                
                09/01/16
                
                
                6.67Adjusts
      Monthly - 30L + 3.00 + .387Cider
      Mill Apts
                
                
                M&T
      Realty - Freddie Mac
                
                
                3.405
                
                
                
                64,000,000
                
                01/01/17
                
                
                7.01Adjusts
      Monthly - 30L + 2.89 + .31The
      Heights at Marlborough
                
                
                PNC
      Real Estate
                
                
                3.605
                
                
                
                24,050,000
                
                01/01/17
                
                
                7.01Adjusts
      Monthly - 30L + 3.02 + .35Falkland
      Chase
                
                
                Montgomery
      Cty HOC-Fannie
                
                
                1.320
                
                
                
                24,695,000
                
                10/01/30
                
                
                20.76Adjusts
      Weekly - BMA Index + 1.10WTD
      AVG - VARIABLE SECURED
                
                
                
                
                2.921
                
                
                
                204,473,133
                
                
                
                
                7.75WTD
      AVG - TOTAL SECURED DEBT
                
                
                
                
                5.572
                
                
                
                2,112,644,916
                
                
                
                
                5.59FIXED
      RATE UNSECUREDExchangeable
      Senior Notes
                
                
                
                
                
                5.750
                
                
                
                136,136,019
                
                11/01/26
                
                
                16.85VARIABLE
      RATE UNSECURED - LINE OF CREDITUnsecured
      Line of Credit
                
                
                M
      and T Bank et. al.
                
                
                4.750
                
                
                
                53,500,000
                
                08/31/12
                
                
                2.67Adjusts
      Daily 30 LIBOR (Floor 1.50) + 3.25TOTAL
      COMBINED DEBT
                
                
                
                
                5.563
                
                
                $
                2,302,280,935
                
                
                
                
                6.18%
      OF PORTFOLIO - FIXED
                
                
                
                
                
                
                
                
                
                88.8
                %WTG
      AVG - TOTAL SECURED DEBT
                
                
                
                
                
                5.572
                
                
                
                
                
                
                
                
                5.59WTD
      AVG - TOTAL PORTFOLIO
                
                
                
                
                
                5.563
                
                
                
                
                
                
                
                
                6.18
 
 (1)
                General
      ledger balance and rate have been adjusted pursuant to ASC 805 to reflect
      fair market value of debt.
 (2)
                Affordable
      general partner minority interest property consolidated pursuant to ASC
      810.
 
 MATURING
      DEBT SCHEDULEYEAR
      OF MATURITY
                
                FIXED
      RATE
                
                
                VARIABLE
      RATE
                
                
                TOTAL
      DEBTWTD
      AVG
                
                
                
                
                
                WTD
      AVG
                
                
                
                
                
                
                
                
                %
      OFRATE
                
                
                DEBT
                
                
                RATE
                
                
                DEBT
                
                
                DEBT
                
                
                TOTAL2010
                
                
                6.89
                
                
                
                124,992,860
                
                
                
                2.56
                
                
                
                21,237,736
                
                
                
                146,230,596
                
                
                
                6.92
                %2011
                
                
                6.13
                
                
                
                298,601,708
                
                
                
                -
                
                
                
                -
                
                
                
                298,601,708
                
                
                
                14.13
                %2012
                
                
                5.94
                
                
                
                127,373,656
                
                
                
                -
                
                
                
                -
                
                
                
                127,373,656
                
                
                
                6.03
                %2013
                
                
                6.00
                
                
                
                205,493,412
                
                
                
                -
                
                
                
                -
                
                
                
                205,493,412
                
                
                
                9.73
                %2014
                
                
                5.35
                
                
                
                95,571,202
                
                
                
                -
                
                
                
                -
                
                
                
                95,571,202
                
                
                
                4.52
                %2015
                
                
                5.83
                
                
                
                160,910,541
                
                
                
                2.05
                
                
                
                30,695,321
                
                
                
                191,605,862
                
                
                
                9.07
                %2016
                
                
                5.45
                
                
                
                315,845,489
                
                
                
                3.59
                
                
                
                39,795,076
                
                
                
                355,640,565
                
                
                
                16.83
                %2017
                
                
                5.78
                
                
                
                157,524,000
                
                
                
                3.46
                
                
                
                88,050,000
                
                
                
                245,574,000
                
                
                
                11.62
                %2018
                
                
                5.78
                
                
                
                154,088,111
                
                
                
                -
                
                
                
                -
                
                
                
                154,088,111
                
                
                
                7.29
                %2019 - 2042
                
                
                5.66
                
                
                
                267,770,803
                
                
                
                1.32
                
                
                
                24,695,000
                
                
                
                292,465,803
                
                
                
                13.84
                %TOTAL
                
                
                5.86
                
                
                $
                1,908,171,783
                
                
                
                2.92
                
                
                $
                204,473,133
                
                
                $
                2,112,644,916
                
                
                
                100.00
                %
 Debt
Summary Schedule
 
 Unencumbered
Properties
 
 Property
                  
                  # Units
                  
                  Market
                  StateMorningside
      Heights
                  
                  
                  1,050
                  
                  Baltimore
                  MDThe
      Coves at Chesapeake
                  
                  
                  469
                  
                  Baltimore
                  MDGardencrest
                  
                  
                  696
                  
                  Boston
                  MAStone
      Ends Apartments
                  
                  
                  280
                  
                  Boston
                  MAThe
      Townhomes of Beverly
                  
                  
                  204
                  
                  Boston
                  MAThe
      Village at Marshfield
                  
                  
                  276
                  
                  Boston
                  MABlackhawk
      Apartments
                  
                  
                  371
                  
                  Chicago
                  ILCourtyards
      Village
                  
                  
                  224
                  
                  Chicago
                  ILThe
      Colony
                  
                  
                  783
                  
                  Chicago
                  ILCambridge
      Village
                  
                  
                  82
                  
                  Long
      Island
                  NYHeritage
      Square
                  
                  
                  80
                  
                  Long
      Island
                  NYHoliday
      Square
                  
                  
                  144
                  
                  Long
      Island
                  NYYorkshire
      Village
                  
                  
                  40
                  
                  Long
      Island
                  NYLiberty
      Commons
                  
                  
                  120
                  
                  Portland
                  MEEast
      Hill Gardens
                  
                  
                  33
                  
                  Northern
      NJ
                  NJJacob
      Ford Village
                  
                  
                  270
                  
                  Northern
      NJ
                  NJPleasure
      Bay
                  
                  
                  270
                  
                  Northern
      NJ
                  NJWindsor
      Realty
                  
                  
                  67
                  
                  Northern
      NJ
                  NJGlen
      Brook
                  
                  
                  177
                  
                  Philadelphia
                  PARacquet
      Club South
                  
                  
                  103
                  
                  Philadelphia
                  PATrexler
      Park West
                  
                  
                  216
                  
                  Philadelphia
                  PABraddock
      Lee
                  
                  
                  255
                  
                  Suburban
      Washington, DC
                  DCWoodleaf
      Apartments
                  
                  
                  228
                  
                  Suburban
      Washington, DC
                  DCTotal
      Number of Units:
                  
                  
                  6,438Total
      Number of Properties:
                  
                  
                  23