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January 2, 2007– Boston Capital Finance announced the closing on three construction/permanent
loans: Central Place, a to-be built, 32-unit garden style development located in Hereford, TX, Magnolia
Towers, a 157-unit mid-rise acquisition located in Jackson, MS and Parker Lane, a to -be-built, 70 unit
mid-rise development located in Austin, TX. Boston Capital Finance also closed a construction-only
loan for Heritage Village at Manalapan, a to -be-built, 100 unit mid-rise development in Manalapan, NJ.

“Through our mortgage fund, Boston Capital is providing our developer partners the best in equity and
debt financing for acquisitions such as Magnolia Towers and new affordable communities such as
Central Place, Parker Lane and Heritage Village at Manalapan,” stated Jeff Goldstein, executive vice
president and director of real estate at Boston Capital.

Boston Capital Affordable Housing Mortgage Fund LLC provided the loans; Boston Capital provided the
tax credit equity for the developments. Boston Capital Finance manages the mortgage fund which
originates construction, permanent and construction/permanent loans between $750,000 and
$10,000,000. The mortgage fund will target new construction or substantially rehabilitated LIHTC
(Section 42) properties in which Boston Capital is the equity investor.

Central Place Apartments
Central Place will consist of 32 garden-style apartments, contained in three one- and two-story
buildings situated on a two-acre site in Hereford, TX. Amenities will include a community building, a
business/computer room and a playground.

The construction loan amount was $1 million, with an anticipated conversion to a permanent loan
amount of $464,100. The interest rate on the loan was fixed at 7.39%, which equated to a spread of
235 basis points over the 10-year treasury yield.

Heritage Village at Manalapan
Heritage Village at Manalapan will consist of 100 garden-style apartments, contained in one fourstory
building situated on 6.6 acres in Manalapan, NJ. Amenities will include a community room with a
fireplace and full kitchen, an exercise room, a library, a computer room and meeting rooms and
lounges on all upper floors.

The loan was a construction only loan which totaled $7.6 million. The permanent financing on this
development will be provided by the New Jersey Housing and Mortgage Finance Agency. The interest
rate on the loan was fixed at 7.38%, which equated to a spread of 235 basis points over the 10-year
treasury yield.

Magnolia Towers
Magnolia Towers will consist of 157 rehabilitated garden-style apartments, contained in one elevenstory
building situated on a one-acre site in Jackson, MS. The development is an acquisition
rehabilitation that will be extensive in nature with $35,000 being allocated per unit for improvements.

The construction loan amount was $3.3 million, with an anticipated conversion to a permanent loan
amount of $2.1 million. The interest rate on the loan was fixed at 6.95%, which equated to a spread
of 235 basis points over the 10-year treasury yield.

Parker Lane Apartments
Parker Lane Apartments will consist of 70 garden-style apartments contained in one four-story
building and situated on a 4.77 acre site in Austin, TX. First floor amenities will include a building and
fitness center, business center, theater, management office, dining/community room and a kitchen.
The second floor of the building will include a library and common laundry room.

The construction loan amount was $3.8 million, with an anticipated conversion to a permanent loan
amount of $3.6 million. The interest rate on the loan was fixed at 6.89%, which equated to a spread
of 235 basis points over the 10-year treasury yield.

About Boston Capital:
Boston Capital, headquartered in Boston, MA, is a private equity firm specializing in real estate and
tax advantaged investments for multifamily housing. As of September 2006, Boston Capital ’s holdings
included over 3,000 multifamily apartment properties in 48 states and the District of Columbia,
constituting over 152,000 apartments with a development cost in excess of $11.3 billion. Boston
Capital is the fourth largest owner/investor of apartment properties in the country and the 11th
largest owner of real estate property in general.

For more information:
Bill Fazzano
Vice President
Mortgage Finance
Boston Capital
One Boston Place
Boston, MA 02108-4406
617-624-8711

David Gasson
Vice President
Director of Corporate Communications
Boston Capital
One Boston Place
Boston, MA 02108-4406
(617) 624-8896


The securities sold in the private placement have not been registered under the Securities Act of
1933, as amended, or the securities laws of any other jurisdiction and may not be offered or sold in
the United States in the absence of an effective registration statement or exemption from registration
requirements.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy the
securities nor shall there be any sale of the securities in any state in which such offer, solicitation or
sale would be unlawful prior to the registration or qualification under the securities laws of such state.