Vesta Management Corporation is integral to carrying out Vesta's commitment to providing quality affordable housing. Direct property management provides greater control, and thus greater protection, for residents as well as for lenders and investors in Vesta's projects. As a result of Vesta's sound management practices, the portfolio is performing extremely well, with occupancy consistently greater than 95%, positive cash flow on all properties, and substantial replacement reserves.

Our staff is experienced with the management requirements of many government assisted housing programs, including the following:

• Low Income Housing Tax Credits;
• The HOME Program;
• FHA mortgage insurance;
• Section 8, project-based as well as certificates and vouchers;
• Tax-exempt bonds;
• RTC Affordable Housing Program;
• Various HUD and other federal grant programs; and,
• Various state and local financing and rental subsidy programs.

Vesta and its affiliates presently manage 18 affordable rental housing properties totaling nearly 2,900 units. These properties, which are located in four states, range in size from 24 units to nearly 500, with total gross annual property revenue of $28 million. Characteristics of these properties cross the spectrum of affordable rental housing:

• Moderate renovation to substantial (including historic) rehabilitation and new construction;
• Rents from market-rate to subsidized, including rents restricted by federal and state financing, and low-income housing tax credits;
• Debt financing from conventional sources, FHA-insured, CDBG and HOME funds, taxable and tax-exempt bonds; and,
• Equity financing from the sale of historic and low-income housing tax credits through private placement as well as national equity funds.

Property operations are overseen by the Regional Vice President, who report directly to Mr. Erie and Mr. Greenblatt, Managing Directors of Vesta. On-site staff totals approximately 105, including managers, leasing and office staff, and maintenance and janitorial personnel .