USA Properties Fund
2440 Professional Drive
Roseville, CA 95661

December 11, 2008


To Whom It May Concern:

I am writing to recommend the brokerage services of Nathan Blair and David Silver. Through a long and often challenging transaction I found their competence, fairness, and professional integrity a welcome voice and an integral part of the deal’s ultimate success.

As the president of one of the largest affordable and senior housing operator-developers in California, my associates and I routinely manage complex transactions. When I first encountered Nathan and David, our fund was acquiring 136 units from their client, a private family partnership that had not previously sold an asset to a developer of Section 42 Low Income Housing Tax Credit (LIHTC)-based housing. As routine as the transaction was for us, it was in many ways a foreign structure for their client, and subject to a steep learning curve. It was further complicated by a defeasance of the existing bonds and a reduction in pledged redevelopment funds from the city.

All of these factors required an unusual effort of patience, creativity, and resolve to see the transaction through to closing. Nathan and David contributed a major piece to that effort, while maintaining an effective balance of the needs of all parties. I sincerely believe their guidance was critical to our eventual success, and to the ultimate satisfaction of their client. I know of few others that could have accomplished what they did. I keep in frequent contact with Nathan and David. They are a trusted resource and are each an exceptional broker.

Sincerely,

Geoffrey C. Brown
President