Depaul Properties Inc.

“A copy of the 990 was made available to the Board of Directors for their review prior to the filing of the 2014 return.”

“Members of the Board, officers and key employees are required to review the conflict of interest policy annually and complete a form to determine possible conflicts of interest. Upon completion these forms are reviewed by the Corporate Compliance Officer, CFO and Vice President of Human Resources. Any potential conflicts are presented to the President and Board of Directors for their review and response.”

“The Compensation Committee of the DePaul Board of Directors meets annually to review and determine the compensation of the President and Vice Presidents of DePaul. This review includes analysis of the education and experience of this group, past compensation decisions, outside market research by an independent firm, comparison with similar positions at other regional agencies and budgetary issues. Minutes of these meetings and copies of the materials used are maintained by the Vice President of Human Resources.”

“The organization makes its governing documents, conflict of interest policy and financial reports available to the public through mandated reporting to various regulatory bodies, as well as by request.”

“Election under IRC SEC 168(H)(6)(F)(II) Entity A:DePaul Properties, Inc. EIN:22-2389620; Entity B:Carriage Development, Inc. EIN:90-0649729. Entity A, A tax-exempt entity, is the 100% member of entity B. Accordingly, Entity B is a tax exempt controlled entity as defined in IRC SEC 168(H)(6)(F)(III). Accordingly, entities A & B hereby elect under IRC SEC 168(H)(6)(F)(II) for entity B to not be treated as a tax exempt controlled entity under this paragraph and paragraph(5). Further, any gain recognized by entity A on any disposition of an interest in entity B (and any dividend or interest received or accrued by entity A from entity B) will be treated as unrelated business taxable income for purposes of IRC SEC 511. Entity A and B understand that this election is irrevocable and fully binding. Further, for the purposes of IRC SEC 168(H)(6)(F)(II), only dividends properly allocable to the income of entity B which are not subject to tax under this section, will be included.”

“Election under IRC SEC 168(H)(6)(F)(II) Entity A:DePaul Properties, Inc. EIN:22-2389620; Entity B:SSSN Housing Development Fund Company, Inc. EIN:20-5863888. Entity A, A tax-exempt entity, is the 100% member of entity B. Accordingly, Entity B is a tax exempt controlled entity as defined in IRC SEC 168(H)(6)(F)(III). Accordingly, entities A & B hereby elect under IRC SEC 168(H)(6)(F)(II) for entity B to not be treated as a tax exempt controlled entity under this paragraph and paragraph(5). Further, any gain recognized by entity A on any disposition of an interest in entity B (and any dividend or interest received or accrued by entity A from entity B) will be treated as unrelated business taxable income for purposes of IRC SEC 511. Entity A and B understand that this election is irrevocable and fully binding. Further, for the purposes of IRC SEC 168(H)(6)(F)(II), only dividends properly allocable to the income of entity B which are not subject to tax under this section, will be included. This election shall apply to 2006 and all subsequent calendar years.”

“Election under IRC SEC 168(H)(6)(F)(II) Entity A:DePaul Properties, Inc. EIN:22-2389620; Entity B:Riverside SN Development, Inc. EIN:27-4642959. Entity A, A tax-exempt entity, is the 100% member of entity B. Accordingly, Entity B is a tax exempt controlled entity as defined in IRC SEC 168(H)(6)(F)(III). Accordingly, entities A & B hereby elect under IRC SEC 168(H)(6)(F)(II) for entity B to not be treated as a tax exempt controlled entity under this paragraph and paragraph(5). Further, any gain recognized by entity A on any disposition of an interest in entity B (and any dividend or interest received or accrued by entity A from entity B) will be treated as unrelated business taxable income for purposes of IRC SEC 511. Entity A and B understand that this election is irrevocable and fully binding. Further, for the purposes of IRC SEC 168(H)(6)(F)(II), only dividends properly allocable to the income of entity B which are not subject to tax under this section, will be included.”

“Election under IRC SEC 168(H)(6)(F)(II) Entity A:DePaul Properties, Inc. EIN:22-2389620; Entity B:BSN Development, Inc. EIN:26-2002333. Entity A, A tax-exempt entity, is the 100% member of entity B. Accordingly, Entity B is a tax exempt controlled entity as defined in IRC SEC 168(H)(6)(F)(III). Accordingly, entities A & B hereby elect under IRC SEC 168(H)(6)(F)(II) for entity B to not be treated as a tax exempt controlled entity under this paragraph and paragraph(5). Further, any gain recognized by entity A on any disposition of an interest in entity B (and any dividend or interest received or accrued by entity A from entity B) will be treated as unrelated business taxable income for purposes of IRC SEC 511. Entity A and B understand that this election is irrevocable and fully binding. Further, for the purposes of IRC SEC 168(H)(6)(F)(II), only dividends properly allocable to the income of entity B which are not subject to tax under this section, will be included. The effective date of this election is March 1, 2009, which date precedes the date the Partnership placed such depreciable property in service.”

“Election under IRC SEC 168(H)(6)(F)(II) Entity A:DePaul Properties, Inc. EIN:22-2389620; Entity B:NOTA Development Fund, Inc. EIN:27-3694284. Entity A, A tax-exempt entity, is the 100% member of entity B. Accordingly, Entity B is a tax exempt controlled entity as defined in IRC SEC 168(H)(6)(F)(III). Accordingly, entities A & B hereby elect under IRC SEC 168(H)(6)(F)(II) for entity B to not be treated as a tax exempt controlled entity under this paragraph and paragraph(5). Further, any gain recognized by entity A on any disposition of an interest in entity B (and any dividend or interest received or accrued by entity A from entity B) will be treated as unrelated business taxable income for purposes of IRC SEC 511. Entity A and B understand that this election is irrevocable and fully binding. Further, for the purposes of IRC SEC 168(H)(6)(F)(II), only dividends properly allocable to the income of entity B which are not subject to tax under this section, will be included. The effective date of this election is October 15, 2010, which date precedes the date the Partnership placed such depreciable property in service.”

“Election under IRC SEC 168(H)(6)(F)(II) Entity A:DePaul Properties, Inc. EIN:22-2389620; Entity B:WNY Group Development, Inc. EIN:27-1755735. Entity A, A tax-exempt entity, is the 100% member of entity B. Accordingly, Entity B is a tax exempt controlled entity as defined in IRC SEC 168(H)(6)(F)(III). Accordingly, entities A & B hereby elect under IRC SEC 168(H)(6)(F)(II) for entity B to not be treated as a tax exempt controlled entity under this paragraph and paragraph(5). Further, any gain recognized by entity A on any disposition of an interest in entity B (and any dividend or interest received or accrued by entity A from entity B) will be treated as unrelated business taxable income for purposes of IRC SEC 511. Entity A and B understand that this election is irrevocable and fully binding. Further, for the purposes of IRC SEC 168(H)(6)(F)(II), only dividends properly allocable to the income of entity B which are not subject to tax under this section, will be included. The effective date of this election is January 2, 2011, which date precedes the date the Partnership placed such depreciable property in service.”

“Election under IRC SEC 168(H)(6)(F)(II) Entity A:DePaul Properties, Inc. EIN:22-2389620; Entity B:Ridgeview SN Development, Inc. EIN:27-8717958. Entity A, A tax-exempt entity, is the 100% member of entity B. Accordingly, Entity B is a tax exempt controlled entity as defined in IRC SEC 168(H)(6)(F)(III). Accordingly, entities A & B hereby elect under IRC SEC 168(H)(6)(F)(II) for entity B to not be treated as a tax exempt controlled entity under this paragraph and paragraph(5). Further, any gain recognized by entity A on any disposition of an interest in entity B (and any dividend or interest received or accrued by entity A from entity B) will be treated as unrelated business taxable income for purposes of IRC SEC 511. Entity A and B understand that this election is irrevocable and fully binding. Further, for the purposes of IRC SEC 168(H)(6)(F)(II), only dividends properly allocable to the income of entity B which are not subject to tax under this section, will be included. The effective date of this election is March 22, 2007, which date precedes the date the Partnership placed such depreciable property in service.”

“Capital contributions and contributions to affiliates”