State

The Georgia Housing Tax Credit is authorized pursuant to Sections 48-7-29.6 and 33-1-18 of the Official Code of Georgia. The Georgia Credit is available with respect to Tax Credit Properties located in Georgia that are placed in service after January 1, 2001. The amount of Georgia Credits available for a Tax Credit Project in any year is equal to the amount of the Federal Credit. The Georgia Credit is available as a credit against Georgia state income tax liability and against certain premium taxes imposed by Georgia upon insurance companies. Stateside Capital, LLC was formed in June 2004 for the purpose of establishing a family of funds for the acquisition, placement, and administration of Georgia state tax credits. Stateside is currently the largest Georgia based distributor of these credits.