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Bethel Estates of Gardner
Gardner, Kansas

Property Announcement Report
March 8, 2006

St. Petersburg, FL – Raymond James Tax Credit Funds, Inc. supplied $3,672,035 in LIHTC equity for the development of Bethel Estates of Gardner-Phase II, located in Gardner, Kansas. This property is being developed in partnership with RKF Investments, LLC. The property will consist of 48 garden style units. The units are one and two bedrooms, and target families earning less than sixty percent of the area median income. The property boasts a large community room, fitness center and covered parking. Construction started in November 2005 and is on target to be completed by December 2006. Raymond James has been a sponsor of affordable housing for more than 31 years and has been an active participant in the Tax Credit program since its inception in 1986. To date, Raymond James has raised over $1.3 billion in equity and sponsored 32 Tax Credit Funds, with investments in over 1,000 tax credit projects in 43 states.

For additional information please contact Steve Kropf at 800-438-8088 or steve.kropf@raymondjames.com