MONDAY STABILIZATION REPORT

07/30/07

KANSAS CITY (WALDO HEIGHTS) (379 UNITS)

MGMT

- Leasing – Class got 36 application as of Friday of last week. 18 were approved, 14 are pending, 4 were rejected. Evan had to leave due to an emergency and will be replaced by Alllana today.

- Manager – Lisa Kindig is the new manager. Brandy is at the property for the transition.

- Mortgage – The reserve has been used up. This coming month (August) we will have to pay the full installment ($70,611.95). We will temporarily use construction funds to do so.

CONSTRUCTION

- Construction is progressing as scheduled. We submitted Draw#5. The Security systems are installed but the new manager need to be trained, we are rescheduling the security contractor to be back on site. The new signature cards arrived last Friday and are being distributed to the tenants

TAX CREDIT / Other Programs

- We are moving ahead with the 10 year tax abatement. We received the urban renewal plan from EDKC.

- 8024 – The city is completing the RFP for the elderly building.