Press Release-Novagradac Journal of Tax Credits Honors PEP Housing

January, 2012

THE NOVOGRADAC JOURNAL OF TAX CREDITS HONORS SPECIAL ACHIEVEMENT IN THE DEVELOPMENT OF AFFORDABLE HOUSING

Toussin Sr. Apartments Recognized for Exceptional Contributions through the Low Income Housing Tax Credit Program

SAN FRANCISCO – Petaluma Ecumenical Properties is proud to announce that its Toussin Sr. Apartments project has been recognized as a Novogradac Journal of Tax Credits Development of Distinction for its vision and outstanding contributions in the field of tax credit development. Toussin Sr. Apartments was selected as the LIHTC or Section 1602 project that Best Demonstrates Financial Innovation, and serves as a consummate example of how tax credits may be used to create jobs, develop affordable housing, or provide new opportunities and economic vitality of communities in need.

The Developments of Distinction Awards recognize excellence, ingenuity and perseverance in the development of tax credit projects using the low-income housing tax credit (LIHTC) and tax credit projects using U.S. Department of Housing and Urban Development (HUD) program financing.

“We created these awards to bring attention to truly meaningful and innovative projects, and I continue to be amazed by the caliber of winners and nominees, each and every year,” said Michael J. Novogradac, managing partner of Novogradac & Company LLP. “It is inspiring to hear stories of tireless perseverance and ingenuity in the name of serving residents in need and enriching communities as a whole. Congratulations to this year’s winners, and I invite all affordable housing developers to submit nominations next year.”

Full descriptions of the nine projects recognized at the 2013 Developments of Distinction Awards are available Novogradac Developments of Distinction 2012.

About

The Novogradac Journal of Tax Credits is a leading national publication read by affordable housing and tax credit professionals who turn to its pages for industry information and news. This comprehensive, 80-page full-color publication covers not only the LIHTC, LIHTC compliance, valuation, and tax-exempt housing bond industries but also includes coverage of new markets, renewable energy and historic tax credits and HUD programs.

For further information on the Novogradac Journal of Tax Credits or the Developments of Distinction Awards please contact Daniel Stern at daniel.stern@novoco.com or go to http://www.novoco.com/low_income_housing/dod_awards.