PROJECT DATA¹

LAND USE INFORMATION:

Site Area: 8.5 acres

Gross Leasable Area: 538,100 square feet

Net Leasable Area: 402,200 square feet

<table><thead><tr><th>Property</th><th>Number of<br>Structures</th><th>Number of<br>Dwelling<br>Units</th><th>Residential<br>(Square<br>Feet)</th><th>Commercial<br>(Square<br>Feet)</th></tr></thead><tbody><tr><td>Historic<br>Rehabilitation</td><td>13</td><td>207</td><td>186,000</td><td>45,600</td></tr><tr><td>New<br>Construction</td><td>10</td><td>156<sup>2</sup><br>363</td><td>163,800</td><td>6,800</td></tr><tr><td>Total</td><td>23</td><td></td><td>349,800</td><td>52,400</td></tr></tbody></table>

LAND USE PLAN:

<table><thead><tr><th></th><th>Size<br>(Square Feet)</th><th>Percent<br>of Site</th></tr></thead><tbody><tr><td>Residential</td><td>474,000</td><td>88%</td></tr><tr><td>Office</td><td>55,600</td><td>10%</td></tr><tr><td>Retail</td><td>8,500</td><td>2%</td></tr><tr><td>Total</td><td>538,100</td><td>100%</td></tr></tbody></table>

PARKING:

<table><tbody><tr><td>Garage Spaces</td><td>401<sup>3</sup></td></tr><tr><td>Lot Spaces</td><td>164</td></tr><tr><td>Total</td><td>565<sup>4</sup></td></tr></tbody></table>

DEVELOPMENT COST INFORMATION:

<table><thead><tr><th></th><th>Amount</th><th>Percent<br>of Total</th></tr></thead><tbody><tr><td>Site Acquisition</td><td>$ 5,500,000</td><td>13%</td></tr><tr><td>Site Improvement/Construction:</td><td></td><td></td></tr><tr><td>General Conditions</td><td>$ 3,333,236</td><td></td></tr><tr><td>Demolition/Excavation</td><td>1,051,079</td><td></td></tr><tr><td>Construction<sup>5</sup></td><td>8,455,218</td><td></td></tr><tr><td>Finishes</td><td>4,259,135</td><td></td></tr><tr><td>Specialties, Cabinets,<br>Equipment/Appliances</td><td>2,666,679</td><td></td></tr><tr><td>HVAC</td><td>681,462</td><td></td></tr><tr><td>Plumbing/Sewers</td><td>1,296,259</td><td></td></tr><tr><td>Fire Protection</td><td>259,252</td><td></td></tr><tr><td>Electrical</td><td>1,917,580</td><td></td></tr><tr><td>Elevators</td><td>209,624</td><td></td></tr><tr><td>Landscaping</td><td>222,216</td><td></td></tr><tr><td>Swimming Pool</td><td>37,036</td><td></td></tr><tr><td>Parking Garages</td><td>1,703,654</td><td></td></tr><tr><td>Total</td><td>$ 26,092,430</td><td>70%</td></tr><tr><td>Public Improvements</td><td>$ 2,000,000</td><td></td></tr><tr><td>Total Soft Costs</td><td>$ 6,757,570</td><td>17%</td></tr><tr><td>Total Development Costs</td><td>$ 40,350,000</td><td>100%</td></tr></tbody></table>

SOURCES OF DEVELOPMENT FUNDS:

<table><thead><tr><th></th><th>Amount</th><th>Percent<br>of Total</th></tr></thead><tbody><tr><td>Equity</td><td>$ 11,000,000</td><td>27%</td></tr><tr><td>First Mortgage Revenue Bonds</td><td>11,000,000</td><td>27%</td></tr><tr><td>Community Consortium Loans</td><td>4,000,000</td><td>10%</td></tr><tr><td>Urban Development Action Grant</td><td>6,500,000</td><td>16%</td></tr><tr><td>CDBG</td><td>350,000</td><td>1%</td></tr><tr><td>Site Acquisition (City)</td><td>5,500,000</td><td>14%</td></tr><tr><td>Public Improvements (City)</td><td>2,000,000</td><td>5%</td></tr><tr><td>Total Sources</td><td>$ 40,350,000</td><td>100%</td></tr></tbody></table>

COMMERCIAL TENANT INFORMATION:

Retail Tenants: 3

Office Tenants: 6 3

Annual Rents per Square Foot: $8-$10

Length of Lease: 5-10 years

RESIDENTIAL UNIT INFORMATION:

<table><thead><tr><th>Unit Type</th><th>Square Feet</th><th>Property</th><th>Number</th><th>Rent/Month<br>(1990)<sup>7</sup></th></tr></thead><tbody><tr><td>1 Bedroom/<br>1 Bath</td><td>772</td><td>new</td><td>42</td><td>$450-$500</td></tr><tr><td>1 Bedroom/<br>1 Bath</td><td>700-750</td><td>rehab</td><td>74</td><td>$400-$600</td></tr><tr><td>2 Bedroom/<br>2 Bath</td><td>1,100-1,200</td><td>new</td><td>15</td><td>$600-$650</td></tr><tr><td>2 Bedroom/<br>2 Bath</td><td>1,000-1,100</td><td>rehab</td><td>133</td><td>$500-$800</td></tr><tr><td>2 Bedroom/<br>2 1/2 Bath<br>Townhouse</td><td>1,200</td><td>new</td><td>46</td><td>$695-$725</td></tr><tr><td>Garden Flats</td><td>1,200</td><td>new</td><td>23</td><td>$630-$650</td></tr></tbody></table>

Notes:

¹ Phase I only.

² Includes 126 rentals and 30 condominiums.

³ There are two three-level above-ground parking structures—one with 185 spaces, one with 216 spaces.

⁴ Each dwelling unit has one free parking space.

⁵ Includes concrete, masonry, steel, carpentry, waterproofing/roofing, doors/windows.

⁶ Two office tenants occupy entire buildings: the YMCA leases the Progress Club and the United Way leases the Virginia Hotel and the adjacent house.

⁷ Rents in Phase II buildings are $330-$380/month.