Folks,

We wanted to give you all a heads-up on opportunities at Milepost 5.  As you know, the Obama Administration is putting lots of money and effort into the Economic Recovery Act, including some one-time incentives which are proving to be quite effective.  One of these is the tax credit for 1st-time home buyers, which is scheduled to expire December 1, 2009.  This provides just enough time for someone to start now - and get closed by December 1.

The program provides $8,000 for a 1st-time buyer.  As many of you know, we decided to match this amount with another $8,000 cash incentive.  Albina Community Bank is making loans to 1st-time buyers at Milepost 5 at historically low interest rates.  In addition, we are prepared to provide some seller-financing assistance for those who need help in qualifying.

Add this all together, and it might make for an unparalleled time to become a homeowner.  Perhaps this is the reason that we've received 6 sales agreements since Friday

If you are now renting, and find that you like to be a part of creating the Milepost 5 community, let's talk about helping you own your own piece of it.  If you know friends and colleagues who you'd like to see join you, we'd love it.  Feel free to contact any of us to discuss:

• Claire - 503-998-4878
• Ted - 503-221-9424
• Brad - 503-595-0140

Also, the energy from Manor of Art seems to have accelerated our plans for Phase 2.  We are currently in specific conversations with the City of Portland and our lender, and hope to make some announcements soon.

All the best,

Brad Malsin and Ted Gilbert