Applicable Federal Rate (AFR)

Annual

Semi-annual

Quarterly

Monthly

Period for Compounding

Short-Term

AFR

1.64%

1.63%

1.63%

1.62%

110% AFR

1.80%

1.79%

1.79%

1.78%

120% AFR

1.97%

1.96%

1.96%

1.95%

130% AFR

2.13%

2.12%

2.11%

2.11%

AFR

2.74%

2.72%

2.71%

2.70%

110% AFR

3.01%

2.99%

2.98%

2.97%

120% AFR

3.29%

3.26%

3.25%

3.24%

130% AFR

3.57%

3.54%

3.52%

3.51%

150% AFR

4.12%

4.08%

4.06%

4.05%

175% AFR

4.82%

4.76%

4.73%

4.71%

AFR

4.21%

4.17%

4.15%

4.13%

110% AFR

4.64%

4.59%

4.56%

4.55%

120% AFR

5.06%

5.00%

4.97%

4.95%

130% AFR

5.49%

5.42%

5.38%

5.36%

Adjusted AFR for May 2008

Period for Compounding

Annual

Semi-annual

Quarterly

Monthly

Short-term adjusted AFR

2.07%

2.06%

2.05%

2.05%

Mid-term adjusted AFR

3.17%

3.15%

3.14%

3.13%

Long-term adjusted AFR

4.71%

4.66%

4.63%

4.62%

Rates Under Section 382 for May 2008

Adjusted federal long-term rate for the current month

4.71%

Long-term tax-exempt rate for ownership changes during the current month (the highest of the adjusted federal long-term rates for the current month and the prior two months).

4.71%

Appropriate Percentages Under Section 42(b)(2) for May 2008

Appropriate Percentage for the 70% present value low-income housing credit

7.80%

Appropriate Percentage for the 30% present value low-income housing credit

3.34%

Rate Under Section 7520 for May 2008

Applicable federal rate for determining the present value of an annuity, an interest for life or a term of years, or a remainder or reversionary interest

3.2%