PRILIMINARY OFFIC STATEMENT 11-15-2001 44.

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the Sponsor shall be exercised so that the Borrower's and the Sponsor's operations shall be exclusively within the contemplation of Section 501(c)(3) of the Code. The Sponsor has been determined to be a "private foundation" within the meaning of the Code, and is thus subject to certain excise and other taxes under the Code. Recent Activities General The Sponsor is a family foundation based in St.Paul with a long history of dedicating substantial portions of its resources and energy to furthering its varied charitable purposes allowable under its broad charitable charter. A special emphasis has recently been placed on supporting individuals through housing in three categories: a)seniors,b)students and c) multifamily/affordable. Other examples of charitable purposes include: making education more accessible to young people everywhere, sponsoring housing, caring for the aged and infirm, uplifting areas of blight, assisting those with limited financial means, protecting natural resources, faith-based initiatives, troubled youth programs, etc. The Sponsor is headed by James Cooper, President, with John Wedum serving as Chairman of the Board. Banfill Crossing The Sponsor is the sole member of Minnesota Christian Homes of Fridley, a stand alone 501(c)(3) Organization, which owns Banfill Crossing in Fridley, Minnesota. Banfill Crossing opened in February,2000 and is a 110-unit senior independent apartment building for those 55 years and older. Redwood Terrace The Sponsor is also the sole member of Wedum Redwood Terrace,LLC,which owns a 54-unit senior independent apartment building in Coon Rapids, Minnesota. Lincoln Parc Apartments The Sponsor is the sole member of Lincoln Parc Apartments, LLC,which has built an 184-unit mixed-use,affordable and market rate multi-family apartment complex in Eden Prairie, Minnesota. The property, which also includes a retail area on the ground level, is scheduled to open for partial occupancy in December, 2001 and final occupancy in April, 2002. Wedum/PHM Affordable Housing-Monticello Senior Housing Project In partnership with Presbyterian Homes of Minnesota by providing subordinate financing, the Sponsor assisted in the development of a 49-unit housing project for the elderly in rural Monticello, Minnesota.