In early July, NREI surveyed the nation's leading affordable housing lenders. The following alphabetical listing provides a valuable resource to this growing industry segment.

AFC Realty Capital 888 7th Avenue, Suite 402 New York, NY 10106 Contact: C. Kimmel, administrator Telephone: 212-245-2050 Fax: 212-245-0022 President: Arthur Fefferman V.P.s, Mortgage Lending: Joe Fatony, Charles Kerecz, Michael Sonnabend, Richard Preeser, Keri Meadvin Regional/branch office locations: Boca Raton, FL; Scottsdale, AZ; Philadelphia Total dollar amount organization as lender/correspondent committed to and/or arranged for financing of affordable housing projects in 1996 calendar year: $125 million Affordable housing lending goal for 1997: $150 million

American Property Financing 6 East 43rd Street, 26th Floor New York, NY 10017 Contact: Heather Allen, director, marketing, 301-654-6400 Telephone: 212-850-4200 Fax: 212-850-4216 E-mail: apf@wizard.net President: Arthur Habighorst Executive V.P.: Neil Cullen Chairman: Alan Wiener Regional/branch office locations: Bethesda, MD Total dollar amount organization as lender committed to and/or arranged for financing of affordable housing projects in 1996 calendar year: $64 million

Aries Affordable Capital 542 South Dearborn, Suite 660 Chicago, IL 60605 Contact: Deneice Jordan-Walker, president Telephone: 312-922-7437 Fax: 312-922-7005 President: Deneice Jordan-Walker Regional/branch office locations: Chicago Affordable housing lending goal for 1997: $100 million

ARCS Commercial Mortgage Co., L.P. 26541 Agoura Road, Suite 100

Calabasas, CA 91302 Contact: Steven N. Fayne, managing director, 415-974-1378; Joseph Torrence, managing director, 615-255-2727 Telephone: 800-ASK-ARCS Fax: 818-880-3333 Web Address: http://www.arcscommercial.com E-mail: info@arcscommercial.com President, CEO: Howard J. Levine Executive V.P., COO: Timothy L. White Executive V.P., Production: Harold C. Rose Mktg./Corp. Comm.: Arthur H. Nissman ARCS Affordable Housing Division locations: San Francisco; Nashville Regional/branch office locations:

Arlington, VA; Calabasas, CA; Jacksonville, FL; Nashville; Philadelphia, Dallas; Chicago; Princeton, NJ; Portland, OR; San Diego, San Francisco Total Dollar amount organization as lender committed to affordable housing projects during 1996 calendar year: $150 million Affordable housing lending goal for 1997: $200 million

Banc One Capital Corporation 150 East Gay Street, 24th Floor Columbus, OH 43215 Contact: Linda Mackov, v.p., Banc One Capital Corp. and Banc One Capital Funding Corp., 614-217-1522 Telephone: 614-217-1100 or 800-837-5100 Vice Chairman: Wm. E. Roberts Managing Directors: John W. Adams, James F. Croft, Elizabeth B. Bluhm Regional/branch office locations: Indianapolis; Los Angeles; Reston, VA; New York, NY; Phoenix; Dallas; Louisville, KY 1996 Tax exempt housing/healthcare bond value and tax credit equity: $605.5 million

Bank United 3200 SW Freeway, Suite 1311 Houston, TX 77027 Contact: R. Martin Hall, director, multifamily lending, 713-543-7910 Telephone: 713-543-6500 Fax: 713-543-7916 President: Barry C. Burkholder Executive V.P.: Anthony Nocella V.P., Mortgage Lending: Michael T. Davitt Regional/branch office locations: Plymouth Meeting, PA; Orlando; Phoenix; Chicago Total dollar amount organization as financing intermediary arranged for financing of affordable housing projects during 1996 calendar year: $100 million + Affordable housing lending goal for 1997: $100 million

Boston Capital Mortgage Co. One Boston Place Boston, MA 02108 Contact: J. Kingsley Greenland II, president, 617-624-8729 Telephone: 617-624-8900 Fax: 617-624-8799 E-mail: cleblan@BostonCapital.com President: J. Kingsley Greenland II Chief Credit Officer: Bob Tsien V.P., Eastern Origination: Bill Fazzano V.P. ,Western Origination: Dan Berry Regional/branch office locations: Boston; San Diego Total dollar amount organization as lender committed to and/or arranged for financing of affordable housing projects in 1996 calendar year: $100 million Affordable housing lending goal for 1997: $50 million

CentRe Mortgage Capital, L.L.C. 625 Madison Avenue - Ninth Floor New York, NY 10022 Contact: Edward W. Marron Jr., president Telephone: 212-421-5580 Fax: 212-750-3639 President: Edward W. Marron Jr. Senior V.Ps.: John Soklovic, Daniel R. Nussbaum, David Levine, Diana Mayes Regional/branch office locations: Bethesda, MD Total dollar amount organization as lender committed to and/or arranged for financing of affordable housing projects in 1996 calendar year: $1,500 million +/- Affordable housing lending goal for 1997: $750 million +/-

Community Investment Corporation of North Carolina P.O. Box 19999 Raleigh, NC 27619 Contact: Roger Earnhardt, executive V.P. Telephone: 919-781-7979 Fax: 919-881-9909 Executive V.P.: Roger Earnhardt Asst. V.P., Mortgage Lending: Cindy Wiggins-Tiede Total dollar amount organization as lender committed to and/or arranged for financing of affordable housing projects in 1996 calendar year: $15.09 million Affordable housing lending goal for 1997: $10 million

Community Research & Development Group 30 Poor Farm Road Colchester, VT 05446 Contact: Joan Rogers, president Telephone: 802-872-8712 Fax: 802-872-8711 E-mail: jrogersvt@aol.com President: Joan Rogers V.P.: John Buchanan Regional/branch office locations: Omaha, NB; Richmond, VA Total dollar amount organization as financing intermediary arranged for financing of affordable housing projects during 1997 calendar year: $25 million Affordable housing lending goal for 1997: $50 million

The Danter Company 30 Spruce Street Columbus, OH 43215 Contact: Robert Vogt, V.P. Telephone: 614-221-9096 Fax: 614-221-4271 President: Kenneth Danter Executive V.P.: Robert Vogt Danter Company provides market feasibility services to lenders, developers, syndicators and state housing finance agencies for affordable housing development. Annually, the firm conducts more than 300 studies throughout the United States for affordable housing developments.

E.J. De La Rosa & Co., Inc. 11900 W. Olympic Blvd., Suite 500 Los Angeles, CA 90064 Contact: Daniel Occelli, V.P. Telephone: 310-207-1975 Fax: 310-207-1995 E-Mail: ejdelarosa@aol.com President: Edward J. De La Rosa V.P.: Daniel J. Occelli Regional/branch office locations: Los Angeles; San Francisco; Bakersfield, CA

ERE Yarmouth 19800 MacArthur Blvd., Suite 1000 Irvine, CA 92612 Contact: Brian Brewer, V.P., 714-263-9533 Telephone: 714-476-9400 Fax: 714-476-9390 Senior V.P.: Robert Thrower, Atlanta V.P.: Brian Brewer, Irvine Associate: David Jankowski, Irvine Regional/branch office locations: All transactions handled by Irvine, CA office Total Dollar amount organization as lender committed to affordable housing projects during 1996 calendar year: $25 million Affordable housing lending goal for 1997: $25 million

Fannie Mae 3900 Wisconsin Avenue NW Washington, DC 20016-2892 Contact: Deborah McKinnon, director, multifamily marketing, 202-752-7402 Telephone: 202-752-7000 Chairman: Jim Johnson President: Larry Small Senior V.P., Multifamily Lending & Investment: Louis Hoyes Senior V.P., Multifamily Activities: Tom White V.P., Low Income Housing Tax Credits: Wendell Johns Director, Affordable Housing: Chris Tawa Regional/branch office locations: Philadelphia; Chicago; Atlanta; Pasadena, CA; Dallas Total Dollar amount organization as lender committed to affordable housing projects during 1996 calendar year: approximately $1 billion Affordable housing lending goal for 1997: $1.2 billion

First Chicago Capital Markets, Inc. One First National Plaza, Suite 0091 Chicago, IL 60670 Contact: Christopher E. Honn, director Telephone: 312-732-1051 Fax: 312-732-2016 Director, Long Term Care: Christopher E. Honn Main locations: Chicago, Detroit, Indianapolis, plus hundreds of local bank sites Total dollar amount organization as lender committed to and/or arranged for financing of affordable housing projects in 1996 calendar year: $85 million Affordable housing lending goal for 1997: 110 percent of 1996

First Southwest Company 1700 Pacific Avenue, Suite 500 Dallas, TX 75201-4652 Contact: W. Robert Johnson, principal, 214-953-4055 Telephone: 214-953-4000 Fax: 214-953-8799 Managing Director, Housing Dept.: Robert Peterson Principal, Housing Dept.: Robin Miller Principal, Housing Dept.: Robert Johnson Regional/Branch office locations: Abilene, TX; Austin, TX; Burlingame, CA; Fort Worth; Houston; Longview, TX; San Antonio; Orlando; Lubbock, TX; Bethesda, MD; McAllen, TX; Miami; New York, NY Total Dollar amount organization as lender committed to affordable housing projects during 1996 calendar year: $94.2 million

First Union Capital Markets Affordable Housing Group One First Union Center Charlotte, NC 28288-0611 Contact: Terry C. Bibleheimer, director, finance, 704-383-7531 Telephone: 704-383-9706 Fax: 704-383-9525 Managing Director: Paul Woollard Director, Finance: Terry Bibleheimer V.P., Finance: Pete TenEyck Regional/Branch office locations: 12 east coast states and Washington D.C. -- all First Union bank locations Total dollar amount organization as lender committed to and/or arranged for financing of affordable housing projects in 1996 calendar year: $176 million Affordable housing lending goal for 1997: $250 million

Freddie Mac 8100 Jones Branch Drive, B74 McLean, VA 22102 Contact: Sabine M. Wilson, director, marketing and communications, 703-714-2720 Telephone: 703-714-3301 Fax: 703-714-3387 Senior V.P.: Thomas J. Watt V.P., Production and Product Development: Charles J. Olsen V.P., Asset Management: H.L. Van Varick Director, Marketing and Communications: Sabine Wilson Regional/Branch office locations: New York, NY; Chicago; McLean, VA; Woodland Hills, CA Total dollar amount organization as financing intermediary arranged for financing of affordable housing projects during 1996 calendar year: $2.3 billion (of which 97.4 percent carried rents affordable to people whose income levels are at or below area median income and $1.1 billion was defined as special affordable housing) Affordable housing lending goal for 1997: $2.5 billion

Funding Incorporated 2343 Sunset Boulevard Houston, TX 77005 Contact: Matthew J. Morgan, president Telephone: 713-522-1800 Fax: 713-522-1840 President: Matthew J. Morgan CEO: Kevin M. Kirton Regional/Branch office locations: Houston; St. Petersburg, FL Total Dollar amount organization as lender committed to affordable housing projects during 1996 calendar year: $20 million Affordable housing lending goal for 1997: $50 million

GMAC Commercial Mortgage 650 Dresher Road Horsham, PA 19044 Contact: Marilyn Brandt, V.P., 303-404-9076 Telephone: 215-328-GMAC Fax: 215-328-1976 Web Address: www.gmaccm.com President: Dave Creamer Executive V.P.s: Barry A. Moore; Charles S. Dunleavy Jr.; Michael E. Luby; Wayne D. Hoch; LeRoy Rothe Total dollar amount organization as financing intermediary arranged for financing of affordable housing projects during 1996 calendar year: $44.5 million Affordable housing lending goal for 1997: $50 million

Guilford Capital Corporation 2600 East South Blvd., Suite 230 Montgomery, AL 36116 Contact: Edward K. Aldag Jr., executive V.P. and COO Telephone: 334-288-3992 Fax: 334-281-9488 E-mail: guilf@mont.mindspring.com President, CEO: Tranum Fitzpatrick Executive V.P., COO: Edward K. Aldag Jr. Senior V.P.s: Thorn McIntyre, Bob Prescott Total dollar amount organization as lender committed to and/or arranged for financing of affordable housing projects in 1996 calendar year: Program began in 1997 Affordable housing lending goal for 1997: Program is in planning stages

Inland Mortgage Corporation 2901 Butterfield Road Oak Brook, IL 60521 Contact: Leslie Lundin, director, finance, 630-218-4961 Telephone: 630-218-8000 Fax: 630-218-4961 Web Address: IMC@inlandgroup.com E-mail: lundin@inlandgroup.com President: Raymond E. Petersen Director, Finance: Leslie Lundin Regional/Branch office locations: Oak Brook, IL Total Dollar amount organization as lender committed to affordable housing projects during 1996 calendar year: $8.1 million Affordable housing lending goal for 1997: $10 million

Johnson Capital Group, Inc. 18500 Van Karman Avenue, Suite 500 Irvine, CA 92612 Contact: S. Amos Smith Telephone: 714-660-1999 Fax: 714-660-1998 E-mail: jcgirv@aol.com President: Guy K. Johnson V.P.: S. Amos Smith Regional/Branch office locations: Irvine, CA; Century City, CA; San Diego Total dollar amount organization as financing intermediary arranged for financing of affordable housing projects during 1996 calendar year: $15 million Affordable housing lending goal for 1997: $30 million

Judith O. Smith Mortgage Group, Inc. 6125 Interstate 20, Suite 140 Fort Worth, TX 76132 Contact: Tami Barton, asst. V.P. Telephone: 817-294-7887 Fax: 817-294-3945 Web Address: www.josmg.com E-mail: jos7887@aol.com President: Judith O. Smith Executive V.P.: Kathy Corbin Asst. V.P.: Tami Barton Regional/Branch office locations: Hurst, TX Total dollar amount organization as lender committed to and/or arranged for financing of affordable housing projects in 1996 calendar year: $40 million - $50 million Affordable housing lending goal for 1997: $25 million - $30 million

Key Bank NA/Key Housing Capital m/c:OH-01-27-0408 / 127 Public Square, 4th Fl. Cleveland, OH 44114 Contact: Edward Chu, senior v.p., 216-689-5456 Telephone: 216-689-3895 Fax: 216-689-4025 Web Address: keybank.com V.P., Director of Acquisition: Peter O. Dim Senior V.P., Managing Director: Edward Chu Regional/Branch office locations: Most major metropolitan cities Total dollar amount organization as lender committed to and/or arranged for financing of affordable housing projects in 1996 calendar year: $200 million ++ Affordable housing lending goal for 1997: $100 million ++

Liberty Mortgage Acceptance Corporation 400 Capitol Mall, Suite 2300 Sacramento, CA 95814 Contact: Joseph F. Cunningham Jr., president Telephone: 916-568-0100 Fax: 916-568-0110 President: Joseph F. Cunningham Jr. Executive V.P.: Thomas Finch Affordable housing lending goal for 1997: $50 million

Mason-McDuffie Financial Corporation 2030 Franklin Street Oakland, CA 94612 Contact: Mons Cedercreutz, v.p. mortgage lending, 510-839-9559 ext. 506 Telephone: 510-839-9559 Fax: 510-839-9630 President: Campbell O'Neill V.P., Mortgage Lending: Mons Cedercreutz Total dollar amount organization as financing intermediary arranged for financing of affordable housing projects during 1996 calendar year: $20 million Affordable housing lending goal for 1997: $50 million

Midland Mortgage Investment Corporation 33 North Garden Avenue, Suite 1200 Clearwater, FL 33755 Contact: Don R. Reynolds, senior V.P. Telephone: 800-237-9946 Fax: 813-443-6067 Web Address: http://www.gomidland.com Chairman CEO: Robert J. Banks, CCIM President: Keith J. Gloeckl Executive V.P.: Ray F. Mathis Senior V.P., Mortgage Lending: Frank M. Baldasare Senior V.P., Mktg./Corp. Comm.: Don R. Reynolds Regional/Branch office locations: Northeast - Clearwater, FL; Southeast - Clearwater, FL; South Central - Dallas; West Coast - Sacramento, CA; North Central - Detroit Total Dollar amount organization as lender committed to affordable housing projects during 1996 calendar year: $200 million Affordable housing lending goal for 1997: $200 million

Multi-family Capital Markets Inc. 10900 Nuckols Road, Third Floor Glen Allen, VA 23060 Contact: Corine Sheridan, V.P.,. marketing Telephone: 804-217-6104 Fax: 804-217-6121 Web Address: www.dynexmcm.com E-mail: sheridan@dynexcapital.com Chairman CEO: William J. Moore President: Rick Ramsey Senior V.P., Mortgage Lending: Stan Mangnuson V.P., Mktg.: Corine Sheridan Total Dollar amount organization as lender committed to affordable housing projects during 1996 calendar year: $210 million Affordable housing lending goal for 1997: $300 million

NDH Capital Corporation 55 Holly Lane Greenwich, CT 06830 Contact: Scott Haber, president Telephone: 203-861-1160 Fax: 203-861-0088 President: Scott Haber Executive V.P.: Neil Pomper

New Jersey Housing & Mortgage Finance Agency 637 South Clinton Ave., P.O. Box 18550 Trenton, NJ 08650 Contact: Susan Sands, public information officer, 609-278-7517 Telephone: 609-278-7400 Fax: 609-278-1132 Executive Director: Timothy J. Touhey Asst. Executive Director: Tracee Battis Chief Underwriter: Anthony Gaetano Director, Mktg/Comm.: Bryce Rudolph Total dollar amount organization as lender committed to and/or arranged for financing of affordable housing projects in 1996 calendar year: $433 million Affordable housing lending goal for 1997: $1/2 billion

Newport Mortgage Company, L.P. 8411 Preston Road, Suite 680 Dallas, TX 75225 Contact: Jerry A. Wheeler, mng. dir., loan orig. Telephone: 214-750-0909 Fax: 214-373-9606 President: Jeffrey S. Juster V.P., Mortgage Lending: Todd A. Rodenberg Managing Director, Loan Origination: Jerry A. Wheeler Regional/Branch office locations: Atlanta; Phoenix; Tampa, FL; Cincinnati Total Dollar amount organization as lender committed to affordable housing projects during 1996 calendar year: $300 million Aff. housing lending goal/1997: $300 million

Ocwen Federal Bank, FSB 1675 Palm Beach Lakes Boulevard West Palm Beach, FL 33404 Contact: Robert Davidson, V.P., 561-681-8719 Telephone: 561-681-8000 Fax: 561-681-8577 Web Address: www.ocwen.com E-mail: rdavidson@ocwen.com President: William C. Erbey Managing Director: Jordan Paul V.P., Mortgage Lending: Robert Davidson Reg./Branch office loc.: West Palm Beach, FL

Parallel Capital Corporation 250 Park Avenue New York, NY 10177 Contact: Alan J. Segan, dir. mktg., 212-972-2267 Telephone: 212-972-7600 Fax: 212-972-2773 President: Kenneth Schechter Executive V.P.: Robert S. Schneiderman Affordable housing lending goal for 1997: $25 million

The Patrician Financial Company 4550 Montgomery Ave., Suite 1150 Bethesda, MD 20814 Contact: Catherine I. Pharis, V.P. Telephone: 301-718-2000 Fax: 301-718-2010 President: William D. Comings Jr. Executive V.P.: James M. Rowan Marketing Director: Rosalind F. Pearce Total Dollar amount organization as lender committed to affordable housing projects during 1996 calendar year: $48.4 million Affordable housing lending goal for 1997: $50 million

PW Funding 200 Old Country Road, Suite 580 Mineola, NY 11501 Contact: Robert T. Walsh, managing director Telephone: 516-663-5671 Fax: 516-873-0080 President: Raymond J. Reisert, Jr. Managing Directors: Robert T. Walsh, William T. Hyman, Sharon S. Fierstein, Larry N. Volk Regional/Branch office locations: Jersey City, NJ; Chicago; Dallas; Los Angeles; San Francisco Total Dollar amount organization as lender committed to affordable housing projects during 1996 calendar year: $25 million Affordable housing lending goal for 1997: $50 million

Ravenel Investment Co. 190 Kiveton Park Drive Roswell, GA 30075-2955 Contact: James M. Ravenel, CRF, president Telephone: 770-992-1515 Fax: 770-587-1122 President: James M. Ravenel, CRF Executive V.P.: Carol S. Ravenel, MHS Affordable housing lending goal for 1997: $15 million

Related Capital Company 625 Madison Avenue New York, NY 10022 Contact: Nancy Sullivan, V.P. Telephone: 212-421-5333 Fax: 212-421-2538 President: J. Michael Fried Sr. V.P., Mort. Lending: Arthur Hatzopoulos V.P., Mktg./Corp. Comm.: Nancy Sullivan Reg./Branch office locations: Irvine, CA Total dollar amount organization as lender committed to and/or arranged for financing of affordable housing projects in 1996 calendar year: $26.225 million Affordable housing lending goal for 1997: $100 million

Robert Faust Mortgage Co. 606 North Central Expressway, Suite 620 Dallas, TX 75206 Contact: Robert L. Faust Telephone: 214-691-1545 Fax: 214-891-0327 President: Robert L. Faust Total dollar amount organization as lender committed to and/or arranged for financing of affordable housing projects in 1996 calendar year: $20 million Affordable housing lending goal for 1997: $15 million

TRI Financial Corporation 100 Pine Street. 23rd Floor San Francisco, CA 94111 Contact: H. Cort Gross, V.P. Telephone: 415-268-2616 Fax: 415-268-2668 Web Address: www.trifinancial.com E-mail: cort.gross@trifinancial.com President: John T. Sweazey Executive V.P.: James H. Reid Jr. V.P., Mortgage Lending: H. Cort Gross Regional/Branch office locations: Phoenix; Manhattan Beach, CA; Englewood, CO; Atlanta; East Milton, MA; Dallas; Austin, TX; Houston; Seattle, WA Total dollar amount organization as lender committed to and/or arranged for financing of affordable housing projects in 1996 calendar year: $120 million Affordable housing lending goal for 1997: $75 million

Washington Mortgage 1593 Spring Hill Road, Suite 400 Vienna, VA 22182 Contact: Kathy Buchanan, v.p./mktg, 703-610-1306 Telephone: 703-610-1400 Fax: 703-610-1401 President: Shekar Narasimhan Executive V.P.s: Michael Ketcham, Howard Perkins, Clarke Welburn Executive V.P., Multifamily Mortgage Lending: Doug Moritz Regional/Branch office locations: Edison, NJ; Rochester, NY; Seattle, WA; Atlanta; West Palm Beach, FL; Denver; Sherman Oaks, CA; San Diego; Detroit; Grand Rapids; MI; Dallas Total Dollar amount organization as lender committed to affordable housing projects during 1996 calendar year: $100 million Affordable housing lending goal for 1997: $140 million

W. Lyman Case & Co. 1500 Lake Shore Drive Columbus, OH 43221 Contact: Scott W. Williams, v.p., mortgage lending Telephone: 614-481-3900 Fax: 614-481-8206 President: H.E. (Ted) Schmidt Jr. V.P., Mortgage Lending: Scott W. Williams Regional/Branch office locations: Columbus, OH; Cleveland; OH; Cincinnati, OH

Ziegler Securities 1350 "I" Street NW, Suite 850 Washington, DC 20005 Contact: Richard Price, V.P., mortgage lending Telephone: 202-289-5455 Fax: 202-289-6172 President: Donald Carlson Executive V.P.: Joan Annett V.P., Mortgage Lending: Richard Price V.P., Mktg./Corp. Comm.: Peggy Faragasso Regional/Branch office locations: St. Petersburg, FL; Walnut Creek, CA; New York, NY; Chicago Total dollar amount organization as lender committed to and/or arranged for financing of affordable housing projects in 1996 calendar year: $260 million Affordable housing lending goal for 1997: $200 million