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Taylor, TX – June 5, 2006 – Boston Capital Finance announced the closing of a
construction/permanent loan on The Gardens of Taylor, a to -be-built apartment community in Taylor,
TX. The Boston Capital Affordable Housing Mortgage Fund LLC provided the loan; Boston Capital
Corporation provided the tax credit equity for the development. This is Boston Capital ’s sixth joint
venture with Continental Realty, Inc.

The construction loan amount was $1.9 million, with an anticipated conversion to a permanent loan
amount of $1.285 million. The interest rate on the loan was fixed at 6.99%, which equated to a
spread of 235 basis points over the 10 year treasury yield.

The Gardens of Taylor will be set aside for seniors aged 62 or older earning 60% or less of the area
median income (AMI). The development will consist of 36 two-bedroom units, each of which will have
a two-car garage. Amenities will include a community room, laundry facilities, washer and dryer
hookups, fireplaces and patios.

Boston Capital Finance manages the mortgage fund which was introduced in March 2006. The fund
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.

“We are very excited about our mortgage fund for LIHTC properties and are extremely pleased to
once again partner with Continental Realty in the acquisition of The Gardens of Taylor,” stated Jack
Manning, president and CEO of Boston Capital Corporation. “We have built a reputation over the past
32 years of providing our developer partners the best in equity financing and on-time closings. Our
mortgage fund offers developers a seamless process for managing both debt and equity. ”

Boston Capital Corporation, headquartered in Boston, Massachusetts, is a fully integrated finance and
investment company. Since its inception in 1974, Boston Capital has been on the cutting edge of
multifamily property investment, management and financing. Boston Capital serves clients nationwide
and internationally, controlling over 2,642 multifamily properties, constituting over 147,000
apartments located in 48 states and the District of Columbia, with a total development cost in excess
of $11.3 billion. Boston Capital is the 4th largest owner/investor of multifamily housing in America.

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


David Gasson
Vice President
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.