Brad Elg is founder of Northwest Real Estate Capital Corp., and has been primarily responsible for establishing the corporation's culture, systems, personnel and mission, that of intelligent housing preservation. Brad is a University of Idaho accounting graduate, a Licensed CPA, a life long Idaho resident

and Navy Veteran. His prior experience includes diversified public accounting experience with the firm of Coopers and Lybrand, involvement in real estate investment partnerships, and purchase, operation and sale of a number of operating companies. He has primary responsibility for property acquisitions and corporate governance.

Raquel Guglielmetti is an officer of Northwest Real Estate Capital Corp and second in command. Her primary responsibilities include establishing business partner relationships, training and oversight of the development group, identifying multifamily finance strategies and ensuring preservation includes appropriate rehabilitation of the assets.

In 2006, she and her development group completed the acquisition and rehabilitation of a $24 million portfolio of ten (10) multifamily complexes (297 units) - Section 8 Project-based properties located throughout Idaho. This preservation project was the first of its kind in Idaho.

In 2008, her team finalized the financing and rehabilitation of a $31 million portfolio that combined tax-exempt bonds and 4% tax credits with state tax credits, grant funding and Section 8 Project-based assistance for 12 multifamily complexes (312 units) located throughout Oregon. In August of 2009, another similar project, total project cost of $15.5 million, will finalize the rehabilitation of four (4) multifamily complexes (145 units), located in the northwest part of Oregon.

Raquel received Oregon Housing and Community Services' Excellence in Preservation of Affordable Housing Award in October 2008. She was named one of Idaho Business Review's 2009 Idaho Women of the Year, Women and Children Alliance's 2008 Tribute to Women and

Industry Honorees, and profiled in the May 2009 Novogradac Tax Credit Journal. She has participated as a panelist in such conferences as Novogradac's Annual Affordable Housing Conference (2004) and their Tax Exempt Bond Conference (2007); The Northwest Public Finance Conference; Oregon's Affordable Housing Conference (2008); MacArthur Foundation Preservation Grant Presentation Oregon (2008); and Oregon Legislature-Senate Revenue Committee Testimony (2008). She serves as a member of the National Affordable Housing Management Association (NAHMA) Board of Directors and is the Chair of the Regulatory Affairs Committee and a member of the Tax Credit Financial Crisis Response Task Force. Raquel is one of the founding members and President of the Idaho Chapter of the NW-AHMA.

She obtained her Masters of Business Administration at Boise State University, where she served as an adjunct professor for the finance department for three years. Her former occupation as an officer of First Security Bank spanned twenty-one years of experience, including branch management, commercial real estate, business lending, and Vice President, Private Banking Officer. Raquel has served her community on the advisory boards of many charitable organizations, most notably as Chairman of the Salvation Army Advisory Board and as a member of the Mayor's Community Development Block Grant program.

Noel Gill has over 11 years of experience in HUD, RD, and Tax Credits, and a strong background in human resources. Noel is currently responsible for the operations department including compliance. This extends to the supervising of all personnel and activities related to the projects including: online systems, policies and procedures, regulatory changes, ongoing training, asset management, annual budgets, project expenses, HAP renewals, rent increases, compliance related to HAP subsidy billings, resident files, review of project expenses, unit turn management, vacancies, agency inspections, agency correspondence, and monthly financial review of the projects.

Noel's extensive training, experience and knowledge has earned him numerous certifications and recognition for

affordable housing and tax credit programs at the same time advancing his career and professional standing. Noel received Idaho's first National Affordable Housing Professional Executive (NAHPE) certification. The NAHPE is a nationally-recognized professional certification program with stringent requirements dedicated solely to recognizing and promoting management achievements of the highest possible standards in the affordable housing industry as developed by the National Affordable Housing Management Association (NAHMA).

Actively involved in all aspects of planning and supervising project rehabilitations, creation of the operational budgets used in developing financing models, and all capital improvements, Noel's expertise is a strong contribution in each area.

Justin Kay coordinates the computer network systems, hardware configuration, application software, internet connectivity, web page design and enhancement, property computers, software maintenance, and upgrades. Additionally, he designs new internet based communication and data transfer systems between the properties and the corporate office, including daily time reporting, daily site unit-turn information, electronic statements, and related operations applications.

Justin is a graduate of Boise State University in accounting and computer information systems, including networking technology, programming, and web page development. Justin has five years programming and systems development experience. He has developed our web-based site reporting systems, enhanced our agency and third party reporting systems, and been responsible for the installation and training of site personnel in computer literacy. Justin has 7 years of affordable housing experience in financial and communications systems.

Julie Marple is responsible for evaluation of existing portfolio, determination of most advantageous financing vehicles, submission of application for mortgage refinancing of existing portfolio and future acquisitions. She oversees the daily operations of the Regional Property Developers and Development Officers. In addition, she oversees the analysis and preparation of our Rural Housing properties acquisitions and rehabilitation financing on a regional basis.

Julie has over twelve (12) years experience in residential real estate, including several

years with a local residential developer and home builder, where, as Finance Manager, her responsibilities included equity requirement projections for projects, project feasibility analysis, financing and investment proposals, and oversight and management of debt exposure with various lenders. Additionally, Julie has background in project analysis and underwriting, loan structuring, and client relationships with a national residential construction and development lender, and as an Escrow Officer with a regional title company.

Russell oversees the NWRECC treasury management functions, internal control review and monitoring and external reporting of financial information to investors and regulatory agencies. He is a University of Idaho accounting graduate and an inactive licensed CPA with 5 years public tax and accounting experience with Deloitte. His previous real estate experience includes acquisition, financing, underwriting and project management of over $400 million

in commercial real estate investments including office, retail and multifamily projects. As a Commercial Development Manager, Russ has managed multiple commercial development projects through the feasibility study to acquisition, entitlement, financing, design and construction phases. He was also responsible for managing the leasing and stabilization of the property in preparation for eventual sale.