BROKER OPINION OF VALUE FOR

Dear Mr. Rieckhoff,

Thank you for allowing us to review and evaluate AMQH Dayton Portfolio. We are pleased to provide you with an in-depth overview of the current transactional market and the market for affordable projects, as well as our thoughts on its strategy and value.

We have devised a proposed marketing campaign and timeline that we believe will help achieve the best results for the sale of AMQH Dayton Portfolio. Our valuation is based on a comprehensive analysis of the documents you provided, our research and market analysis, and our extensive transactional experience. Given the unique location of AMQH Dayton Portfolio, we are confident that The Affordable Housing Group can capitalize on this opportunity and achieve premium results in both price and terms.

We have meticulously scrutinized all facets of the project and identified any potential obstacles to selling AMQH Dayton Portfolio. As a result, we have outlined a customized marketing strategy that will enable us to successfully complete the sale at the maximum value. Our comprehensive approach ensures that no detail is overlooked, instilling confidence in our ability to deliver the best results.

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VALUE

AMQH Dayton Portfolio presents a unique opportunity for prospective buyers interested in maintaining its status as an affordable community. With an estimated project value ranging from $8,000,000 to $6,000,000, this opportunity is particularly compelling. The use of Low-Income Housing Tax Credits (LIHTC) further enhances this potential, particularly as Ohio's open submission period runs from the first Monday in February to the last Friday in October.

Optimistically, aiming for a sale by the end of 2025, typically a 60-day marketing process, with an additional 30-45 days required for due diligence (assuming timely third-party reports and a favorable environmental assessment), would be advisable. It's essential to consider that the projected value is subject to change due to potential tax reforms and fluctuations in interest rates.

VALUE DECLARATION

A prospective buyer utilizing LIHTC financing with $60,000 per unit for renovations could achieve an average rent increase of $230/per unit per month. These renovations would also lead to expected reductions in Repairs and Maintenance, Administrative, and Payroll. However, total expenses are projected to rise by approximately $108 per unit per month due to a significant increase in Real Estate Taxes and Insurance.

A buyer would benefit significantly from utilizing a HUD 223(f) loan to maximize loan proceeds. It is anticipated that the project will qualify for a new 20-year HAP contract and achieve a rent mark-up-to-market.

Overall, we believe AMQH Dayton Portfolio presents an excellent investment opportunity and is well-suited for a LIHTC syndication, which would ultimately unlock the highest price while maintaining the project's affordability for future generations.

The Affordable Housing Group Marketing Platform

For the past 25+ years, our team has developed a highly effective and greatly enhanced state-of-the-art Artificial Intelligence marketing platform that instantly matches up the highest probability pool of buyers. This platform has proven to maximize seller proceeds, tighten timelines, and increase the probability of successful closing. Our general process is outlined below.

We have determined that the most optimistic time to move forward with a sale would be upon being awarded the exclusive assignment, which would include a six-month term with a commission that is either a fixed percentage or a performance-based fee structure.

After being exclusively hired to facilitate the sale of AMQH Dayton Portfolio, we will engage a professional photographer to take high-quality aerial and property photos, showcasing its best features. Our marketing team will then spend a week creating and finalizing marketing materials and a property website, which will be launched with an email campaign to our nationwide pool of qualified buyers.

All prospective buyers who express interest in the property will be required to sign a Confidentiality Agreement prior to being granted access to financial information. Our team will then contact each group by phone to discuss the opportunity, regulatory issues, and ways to maximize their offer. Our firm will aggressively market the deal through various channels, including site tours for qualified buyers vetted by our team for 60 days.

Our senior team members will lead site tours scheduled for efficiency and minimal disruption for your staff and tenants. During tours, prospective buyers will have the chance to see the property, ask questions, and address any concerns. After the tours, we will announce a Call for Offers deadline and analyze the offers to present you with Letters of Intent and a summary of each offer.

To encourage competition and maximize value, we typically hold a Best & Final round of offers among the top bidders. We offer you the option to meet with your top potential buyers for a brief interview, which can increase trust and ensure that the buyer’s goals align with yours. Once we have selected a buyer, we will assist in facilitating PSA negotiations while keeping your best interests as our priority.

Finally, once under contract, our team will facilitate the distribution of all due diligence items, coordinate third-party site visits, communicate between buyer and seller, and manage the escrow process to ensure a smooth transaction and timely closing. Our team will provide regular updates and progress reports throughout the marketing and transaction process. If you prefer a limited marketing campaign, our team can reach a target pool of the most qualified and experienced buyers. We will always advise you of the transaction’s progress during the escrow process.

The Affordable Housing Group is a devoted team committed to expanding and protecting affordable housing opportunities for low-income families and individuals across the United States. Our group of seasoned industry experts possesses a deep understanding of the complexities and nuances of the affordable housing market, and we have the experience and skill to navigate this industry. We are well-connected with qualified investors and buyers throughout the country, and our national reach ensures that our listings gain exposure to the most qualified and capable buyers. By marketing AMQH Dayton Portfolio, we are confident that our extensive network will attract the ideal buyer to develop and enhance this affordable housing community. Our finger is on the pulse of the affordable housing industry, and we closely track all the latest trends, including active buyers, sellers, and investors. We can provide our clients with the most up-to-date and relevant market knowledge, which is crucial in this ever-changing market. Our team is excited about the prospect of listing and marketing the sale of AMQH Dayton Portfolio, and we are eager to begin our 60-day marketing campaign to generate multiple highly qualified offers.

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