Summary of NTS REALTY HOLDINGS LP

Item 4.01. Changes in Partnership's Certifying Accountants.

On July 29, 2009, NTS Realty Holdings Limited Partnership (the "Partnership") reported on Form 8-K (the "Original Form 8-K") that on July 24, 2009, the Audit Committee of the Partnership's managing general partner's Board of Directors approved the dismissal of Ernst & Young LLP ("E & Y") as the Partnership's independent certifying accountant. With respect to E & Y's reports on the Partnership's consolidated financial statements for (1) the two years ended December 31, 2008 and 2007 and (2) the two years ended December 31, 2007 and 2006, the Partnership clarifies that such reports did not contain an adverse opinion or disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope or accounting principles.

During the two years ended December 31, 2008 and 2007, as well as the interim period preceding the dismissal, there were no disagreements or "reportable events" of the kind described in Item 304(a)(1)(v) of Regulation S-K between the Partnership and E & Y on any matters of accounting principles of practices, financial statement disclosure or auditing scope or procedure, which, if no resolved to the satisfaction of E & Y, would have caused them to make a reference to the subject matter of the disagreements or reportable events in connection with their reports. However, as reported in the Original Form 8-K, the Partnership did have a material weakness in internal accounting controls as disclosed in its 2008 Form 10-K.

The Partnership has provided E & Y with a copy of the foregoing disclosures and has requested that E & Y furnish the Partnership with a new letter addressed to the Securities and Exchange Commission ("SEC") stating whether it agrees with the above statements. A copy of E & Y's letter to the SEC, dated August 20, 2009, is filed as Exhibit 16 hereto.

In addition, as reported in the Original Form 8-K, on July 24, 2009, the Audit Committee approved the engagement of BKD, LLP as the Partnership's new independent certifying accountant. During the two most recent years and the subsequent interim period to the date of engagement, the Partnership did not consult with BKD, LLP regarding any of the matters or events set forth in Item 304(a)(2)(i) or (ii) of Regulation S-K.