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LOUISVILLE HOUSING AUTHORITY <br />c/o Boulder County Housing Authority <br />P. O. Box 471 <br />Boulder, Colorado 80306 <br />March 29, 2012 <br />Enterprise Community Investment, Inc. <br />Sean Barnes, Senior Disposition Manager <br />9960 Lodestone Drive <br />Brentwood, TN 37027 <br />Re: Lincoln Street Elderly Limited Partnership <br />Dear Mr. Barnes: <br />I am writing with respect to Lincoln Street Elderly Limited Partnership (the "Partnership "), which owns <br />the affordable senior housing development in Louisville, Colorado, known as Lydia Morgan Apartments <br />(the "Project "). Enterprise Housing Partners 1995 Limited Partnership ( "EHP95 ") is a limited partner in <br />the Partnership. The Partnership has entered into a Right of First Refusal agreement with Housing <br />Authority of the City of Louisville ( "LHA ") dated December __, 1996 (the "Right of First Refusal ") <br />pursuant to which the Partnership has granted LHA a right of first refusal to acquire the Project at the end <br />of the "Compliance Period" (as defined in the partnership agreement for the Partnership). <br />This is to notify EHP95 that, in lieu of exercising its rights to purchase the Project under the Right of First <br />Refusal, LHA desires to purchase the interest of EHP95 in the Partnership. Due to the fact that the <br />Compliance Period has expired, LHA is prepared to acquire the interest of EHP95 as soon as is <br />convenient for all parties. LHA is making a similar proposal to the other limited partner in the <br />Partnership. <br />Based upon the purchase price formula under the Right of First Refusal, we believe that the purchase <br />price for the interest of EHP95 should be the tax liability of EHP95 on the sale of its interest. I <br />understand that you will prepare your determination of that amount for our review, but let me know if you <br />have any questions in that regard. <br />The Boulder County Housing Authority is currently managing the activities of LHA, and will be the point <br />of contact with you on behalf of LHA. Ben Doyle with the Boulder County Attorney's office will be <br />assisting LHA, as will Paul Smith at Bryan Cave HRO. <br />We appreciate your willingness to move forward in this manner, and look forward to completing the <br />transaction in the near future. <br />Sincerely, <br />Frank Alexander <br />Executive Director, Boulder County Housing Authority <br />Manager, Housing Authority of the City of Louisville <br />cc: Ben Doyle, Esq. <br />11 <br />#105931 bou <br />