The total time from initiation of letter of intent to closing is approximately two months. This assumes no material delays due to matters uncovered during the process. This is a timeline based upon a standard transaction

1. Letter of Intent Extended

2. Meeting with Borrower, Site Visit
Discuss ATAX Term Sheet

3. 3rd Party reports engaged by ATAX

1st Week
4. Inducement Resolution by Issuer

5. Commence Legal Documents

1st – 2nd Week
6. First Draft of Documents Circulated

7. 3rd Party Received

1 Month
8. Final Drafting Session

9. Form of Documents to Issuer

10. Adoption of Authorizing Resolution of Bonds

11. Lock Interest Rate

12. Preclosing/Closing

2 Months