[1]

Facility fees have a variable component.

[2]

Facility fees have a variable component

[3]

The Partnership may unilaterally elect to extend the financing for an additional five-year period through July 2024. If the Partnership exercises its extension option, Freddie Mac has the option to adjust components of the Facility Fees

[4]

The M45 TEBS has an initial interest rate of 3.82% through July 31, 2023. From August 1, 2023 through the stated maturity date, the interest rate is 4.39%. These rates are inclusive of credit enhancement fees payable to Freddie Mac

[5]

M45 TEBS has an initial interest rate of 3.82% through July 31, 2023. From August 1, 2023 through the stated maturity date, the interest rate is 4.39%. These rates are inclusive of credit enhancement fees payable to Freddie Mac

[6]

The Partnership may unilaterally elect to extend the financing for an additional five-year period through July 2025. If the Partnership exercises its extension option, Freddie Mac has the option to adjust components of the Facility Fees

[7]

The following table summarizes the individual Term TOB and Term A/B Trust securitizations as of December 31, 2018: Outstanding Financing as of December 31, 2018, net Financing Facility Provider Year Acquired Stated Maturity Fixed Interest Rate Fixed - Term TOB Securitization Live 929 $37,665,413 Deutsche Bank 2014 October 2019 4.39% Pro Nova 1 9,010,000 Deutsche Bank 2014 October 2019 4.01% Total Fixed Term TOB Financing\ Weighted Average Period End Rate $46,675,413 4.31% Term A/B Trusts Securitization Avistar at Wood Hollow - Series A $26,860,337 Deutsche Bank 2017 February 2027 4.46% Avistar at Wilcrest - Series A 3,172,029 Deutsche Bank 2017 February 2027 4.46% Avistar at Copperfield - Series A 8,422,855 Deutsche Bank 2017 February 2027 4.46% Montecito at Williams Ranch - Series A 6,921,000 Deutsche Bank 2018 May 2019 4.53% Vineyard Gardens - Series A 3,595,000 Deutsche Bank 2018 May 2019 4.53% Total Fixed A/B Trust Financing\ Weighted Average Period End Rate $48,971,221 4.47%

[8]

The following table summarizes the individual TOB, Term TOB and Term A/B Trust securitizations as of December 31, 2019: Outstanding Financing as of December 31, 2019, net Financing Facility Provider Year Acquired Stated Maturity Reset Frequency SIFMA Based Rates Facility Fees Period End Rates Variable - TOB Securitization Live 929 $31,733,007 Mizuho 2019 August 2020 Weekly 1.79% 1.66% 3.45% Montecito at Williams Ranch - Series A 6,899,653 Mizuho 2019 August 2020 Weekly 1.79% 1.17% 2.96% PHC Certificate Trust 1 20,067,635 Mizuho 2019 September 2020 Weekly 2.08% 1.12% 3.20% PHC Certificate Trust 2 3,786,197 Mizuho 2019 September 2020 Weekly 2.08% 1.12% 3.20% PHC Certificate Trust 3 10,850,103 Mizuho 2019 September 2020 Weekly 2.08% 1.12% 3.20% Rosewood Townhomes - Series A 7,687,958 Mizuho 2019 July 2020 Weekly 1.79% 1.17% 2.96% South Pointe Apartments - Series A 17,992,112 Mizuho 2019 July 2020 Weekly 1.79% 1.17% 2.96% Vineyard Gardens - Series A 3,575,124 Mizuho 2019 August 2020 Weekly 1.79% 1.17% 2.96% Total TOB Financing\ Weighted Average Period End Rate $102,591,789 3.19% Outstanding Financing as of December 31, 2019, net Financing Facility Provider Year Acquired Stated Maturity Fixed Interest Rate Fixed - Term TOB Securitization Pro Nova 1 $8,010,000 Deutsche Bank 2014 January 2020 4.01% Village at Avalon 13,063,418 Morgan Stanley 2019 May 2022 3.53% Total Fixed Term TOB Financing\ Weighted Average Period End Rate $21,073,418 3.71% Fixed - Term A/B Trusts Securitization Avistar at Copperfield - Series A $8,385,080 Deutsche Bank 2017 February 2027 4.46% Avistar at Wilcrest - Series A 3,142,267 Deutsche Bank 2017 February 2027 4.46% Avistar at Wood Hollow - Series A 26,773,109 Deutsche Bank 2017 February 2027 4.46% Gateway Village 2,260,628 Deutsche Bank 2019 February 2020 4.53% Lynnhaven 3,000,128 Deutsche Bank 2019 February 2020 4.53% Total Fixed A/B Trust Financing\ Weighted Average Period End Rate $43,561,212 4.47%

[9]

The variable TOB Financings are secured by the Partnership’s three PHC Certificates (see Note 7).