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Boston, MA, September 18, 2008 - Boston Capital Finance (BCF) announced the closing of a
$10,400,000 permanent loan for Ocean Gate Apartments in Virginia Beach, VA. The general
partner is Virginia-based National Housing Corporation (NHC).

"With favorable debt financing through our in-house mortgage fund, we are pleased to provide
high-quality, multifamily affordable housing to individuals and families in Virginia Beach, "
stated Jeff Goldstein, executive vice president and director of real estate at Boston Capital.
"Ocean Gate Apartments is indicative of the outstanding product Boston Capital and the
National Housing Corporation continue to bring to the multifamily housing marketplace."

Located five miles from downtown Virginia Beach, Ocean Gate Apartments is a 174-unit
multifamily development situated on 15.33 acres. The property features 120 two -bedroom and
54 three-bedroom units located in 20, two -story buildings. Amenities include a swimming pool,
community room, fitness center, laundry facility and two playgrounds. Units are available to
residents earning 60 percent or less of the AMI. The development is located in close proximity
to US 58, the Norfolk Virginia Beach Expressway, educational facilities and shopping and
employment centers.

About Boston Capital Finance:

Boston Capital Finance manages the Boston Capital Affordable Housing Mortgage Fund which
originates construction, permanent and construction/permanent loans between $750,000 and
$10,000,000. The mortgage fund targets LIHTC (Section 42) properties in which Boston Capital
is the equity investor.

About Boston Capital:

Boston Capital, headquartered in Boston, MA, is a real estate investment and advisory firm
specializing in tax advantaged investments for multifamily housing and equity investment in
market rate apartment communities. Boston Capital’s holdings include more than 2,800
multifamily apartment properties in 48 states and the District of Columbia, constituting more
than 168,000 apartments with a development cost in excess of $11.8 billion. Boston Capital is
the third largest owner/investor of apartment properties in the US and the 11th largest owner of
real estate in general.

For more information contact:

Bill Fazzano
Vice President
Mortgage Finance
Boston Capital Finance
One Boston Place
Boston, MA 02108-4406
(617) 624-8711


Allison E. Marino
Communications Associate
Corporate Communications
Boston Capital
One Boston Place
Boston, MA 02108-4406
(617) 624-8678