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North Country Estates
Browning and Harte Butte, Montana Property Announcement Report
April 25, 2006

St. Petersburg, FL – Raymond James Tax Credit Funds, Inc. supplied $2,707,192 in LIHTC equity for the construction of North Country Estates on the Blackfeet Indian Reservation located in Browning and Harte Butte, Montana. This project is being developed in partnership with the Blackfeet Housing Authority. Twenty-five single family homes are being constructed on land in the Blackfeet Reservation. The three and four bedroom homes are targeting families who earn less than 60% of the area median income. All of the construction is on schedule to reach completion by December 2006. Raymond James has been a sponsor of affordable housing for more than 34 years and has been an active participant in the Tax Credit program since its inception in 1986. To date, Raymond James has raised over $1.4 billion in equity and sponsored 33 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