RubinBrown Real Estate Industry Group January 2013 LIHTC Survey

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* 1. Do you believe that LIHTC equity will be more or less available in 2013?

More

Less

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* 2. Do you expect LIHTC equity pricing to:

Rise

Fall

Flat

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* 3. What are you considering the most for your business growth in 2013?

Starting new developments

Asset or GP acquisitions

Selling or repositioning properties in your current portfolio

Not taking growth opportunities

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* 4. How concerned are you about pending tax reform and what that may or may not do to LIHTC?

A lot

A little

None

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* 5. What dept sources do you plan to utilize in 2013?

Conventional Debt

FHA

Freddie Mac

Fannie Mae

Life Insurance Co.

None