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EDEN HOUSING, INC. non-profit housing development corporation Response to REQUEST FOR PROPOSALS for DUBLIN SENIOR HOUSING CITY OF DUBLIN, CALIFORNIA May 24, 2002 Eden Housing Inc. DUblin Senior Housing Request for Proposals TABLE OF CONTENTS 1. Cover Letter ~, 2. Narrative of Organization's Approach ~ 3. Conceptual Project Schedule ~ 4. Specific Site Information 5. Experience of Firm ~ Attachment 5-A: Eden Statement of Qualifications ~-. 6. Experience of Development Team ! ~ Attachment 6-A: Development Team Statement of Qualifications ~ ~ 7. Project Financing and Total Development Costs EDEN HOUSING, INC. non-profit housing development corporation May 24, 2002 ~ ~ Julia Abdalla Housing Specialist r-~ City of Dublin ~ Community Development Department 100 Civic Plaza ~ Dublin, CA 94568 Re: Response to Requests for Proposal - Dublin Senior [lousing ~ Dear Julia: Eden Housing, Inc. (EHI) is pleased to present its qualifications to serve as the developer of the Dublin Senior Housing site. As one of California's leading non-profit housing developers, EHI is uniquely qualified to develop this project. Specific attributes of our experience, development team and proposals are exceptionally well suited to senior housing: · Senior [lousing Experience: Eden has a substantial track'record in the development of senior housing, having completed over 1,000 units of senior housing in 9 separate developments. Our experience in senior housing includes an on-site senior services program that allows seniors to age in place by connecting them to essential health and community services. Recent accomplishments include the completion of two award winning Senior housing developments -Rosewood Terrace (45 units) in Union City and Community Heritage Senior Housing (52 units) in North Richmond. · Financing Experience: Eden's track record includes developments financed by HUD, the Low- Income Housing Tax Credit Program, tax-exempt bonds, State of California financing, and local fmancing sources. · Infffi Development Experience: In its 34-year history, Eden has completed over 4,100 housing units, most of which have been developed on infill sites, A number of Eden's developments have also included structured Parking facilities. · Development Team: Eden has assembled an excellent development team that includes Chris Lamen + Associates with whom we have collaborated on four different projects. Eden has analyzed Dublin Senior HoUSing as a HUD202 and tax credit project. The HUD 202 scenario would include 54 units in a three-story elevator building on top of structured parking at grade. The tax- credit scenario features 48 units on the same footprint and building configuration. The financing section identifies the need' for local gap funding ranging from $1.7 to $1.g million, which would come from a combination of proposed City and County sources. The specifics of both financing structure and architecture are further detailed in the proposal. 409 Jackson Street · Hayward, CA 94544 · 510.582.1460 · FAX 510.582.6523 · www. edenhousing.org EHI does not discriminate against any person because of Race, Color, Gender, Disability, Familial Status, or National Origin Julia Abdalla May 24, 2002 Page 2 Our goal is to build a vibrant and sustainable community of renters in a physical environment that will provide the greater community with attractive, quality, infill housing that will be a complement to the surrounding area. In sum, Eden has assembled a top-notch development team to develop a well-crafted design, management and services program that will meet the needs of Dublin's seniOrs. The attached proposal describes in detail Eden's experience and capabilities as well as our approach to financing, design, and programming. Any questions concerning this proposal may be directed to Marian Gushiken, Associate Director of Development, at (510) 582-1460, extension 118. We are excited about the opportunity to participate in the development of this project and look forward to your favorable consideration. Sincerely, ~//~Lin da'/.Man~d .o1 in! Executive Director Enclosures i. ' CITY OF DUBLIN r" Request for Proposals - Dublin Senior Housing SECTION 2 NARRATIVE OF ORGANIZATION'S APPROACH Eden has analyzed development of Dublin Senior Housing based upon two financing structures commonly used to finance independent-living senior projects - the HUD Section 202 Program and the Low Income Housing Tax Credit Program utilizing 9% credits. The analysis of each program is more fully described under Section 7, Project Financing and Total Development Cost. BecaUse both financing sources have been extremely competitive, Eden has often dual-tracked the financing of a development in order to improve the likelihood that a project will begin within a reasonable time frame. It is also not unusual to submit a funding application more than once due to the heavy competition. Depending upon the City's affordable housing priorities and desires for its senior community, we would work with the City to identify the appropriate strategy for Dublin Senior Housing. The development schedules for each scenario are included under Section 3, Conceptual Project Schedule and provides a general overview of the timing implications associated with each program. Should Eden be selected by the City of Dublin to develop the senior housing site, Eden would assemble, together with City staff, a predevelopment budget and associated scope of work to initiate the feasibility efforts for the project. These tasks would include: Engage architect in developing conceptual and schematic designs; Secure due diligence reports for site - Phase I report; boundary & topographic map, etc.; Identify potential sources for predevelopment funding; and Initiate community meetings to garner support At this stage, Eden works to identify the most advantageous financing package for the development which are often influenced by the City's needs and objectives. Our goal is to assure substantial leverage of local funding in its developments. During the predevelopment stage we prepare all financing applications and negotiate the terms of the loans required for the development. As sources are secured, Eden would refine the project development schedule to ensure that key milestones are met. As the City intends to move forward with the construction of the Dublin Senior Center with an estimated completion date of early 2003, it is unlikely that given the funding cycles associated with the HUD and tax credit program, construction of the senior housing would occur simultaneously. However, in the event that the Senior Center construction is pushed later into 2003/2004, there is a possibility that construction schedules could overlap given the tax credit scenario. In that event, Eden would work w/th the City and their development team to assure .that staging needs are met and that impacts to either construction team are minimally impacted. Should the City desire to coordinate design of both the Dublin Senior Center and Dublin Senior Housing with one architect, Eden would be open to discussing the use of the Senior Center architect once that decision has been made by the City of Dublin. Our experience with the financing programs discussed throughout this proposal, hOwever, speaks to the preference of having an architectural firm that is well- versed in the myriad of funding requirements that impact design and construction of the affordable housing projects we develop. Another avenue for assuring some consistency of both developments - even if the architects were different - would be the use of the same general contractor. Eden would also be open to diScussions regarding that strategy. Eden Housing, Inc. Section 2 May 24, 2002 Page I CITy OF DUBLIN ~' Request for Proposals - Dublin Senior Housing SECTION 3 CONCEPTUAL PROJECT SCFIEDULE Project schedules for the HUD 202 and 9% tax credit scenarios are attached. [- Eden Housing, Inc. Section 3 May 24, 2002 Dublin Senior Housing HUD Project Schedule Activity Name I ~Stal~ I-inisl3 I 2002I 2003 I 2004 [ 2005 Date Date City of Dublin City Council 8/1/02 ' I Hearing to select developer/proposal SITE DUE DILIGENCE - Top© Survey 8/12/02 9~26/02 Soils Report 8/12/02 9/26/02 Land Appraisal 11/24/03 12/8/03 Q Environmental Investigation 9/9/02 10/18/02 (Phase I and II) COMMUNITY PROCESS Community Meeting I 12/9/03 © Community Meeting / Design 1/13/04 Workshop II Community Meeting / Design 3/10/04 © Workshop III DESIGN Schematic Design 11/21103 3/19/04 Architect submits Design Team & 4/9/04 Concept Plans to HUD © Design Development 3/22/04 6/28/04 Planning Commission / City 3/15/04 6/14/04 Council Review and Approvals Submit Planning Approvals 7/16/04 Contractor/Estimator Review 2/9/04 2/23/04 Construct. Drwgs. 7/1/04 11/13/04 ~II ~----~3~> Contractor/Estimator Review 9/27/04 10/13/04 Plan Check/Permit 7/19/04 9/30/04 InCOrporate Plan Check 10/1/-04 11/5/04 Comments Subcontractor bidding 11/29~ 12/29/04 , Contractor Firm Cost Breakdown 1/4/05 1/17/05 I I IAISIOINIDtJ I FIMIAlaIJ IJ IAISlOINI9IJ I FI~IAIMIJ lO I^ISlOIN1DIJ I Ft~IAIMIJ IJ IAI~IOINID Prepared by: Eden Housing, Inc. 5/23/02 Dublin Senior Housing HUD Project Schedule Activity Name start Pinisn 2002 '"2003 · 2004 2005 ~TIONAL/HUD Submit application for HUD 202 5/23~03 '. funding 'Receive HUD Reservation Letter 11/21/03 Incorporate New 501-c3 11/24/03 4/16/04 HUD Planning Conference ;I ~..9/03 Select Gen'l Contractor 4/1/04 4/29/04 i FINANCING- Identify & Pursue Other Sources 1 !/24/03 2/?/05 ~': m~ ~ ~.~ ~ ~-~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~'> of Funding Request to City Council/Board of 2/15/05 Supervisors for additional permanent gap and construction funding Submit Application to HUD for 2/17/05 Firm Commitment HUD Firm Commitment 7/15/05 Construction Closing with HUD, 8/15/05 8/22/05 City and others Permanent HUD closing 6/11/07 CONSTRUCTION/RENT UP Construction Start 8~29~05 I Marketing 6/5/06 8/28/06 Construction completion 8130106 Occupancy 9/4/06 Prepared by: Eden Housing, Inc. 5/23/02 ~ Dublin Senior Housing Tax Credit Project Schedule . - :Start I I-inisn 2002 I 2003 t 2004 Activity Name Date Date Aug I SeptI Oct I.Nov I Dec Jan I Feb t Mar I Apr I May l Jun t Jul I Aug 1Septl Oct I Nov t Dec Jan { Feb t Mar I Apr I May t Jun I Jul t Aug I Septl Oct I Nov I Dec city ot Dublin City Council 8/1/02 Hearing to select developer/proposal SITE DUE DILIGENCE TOpo Survey . · . -.. 8/12/02 9/26/02 Soils Report 8/1 2/02 9/26/02 - Environmental Investigation 8/12/02' 10/7/02 (Phase I and II) COMMUNITY PROCESS Community Meeting I 10/8/02 © Community Meeting / Design 11/19/02 workshop II Community Meeting / Design 12/17/02 Workshop III DESIGN Schematic Design 9/23/02 1/13/03 Design Development 1/14/03 5/1/03 Planning Commission / City 1/6/03 4/1/03 Council Review and Approvals ~'~ Submit Planning Approvals 5/5/03 Contractor/Estimator Review 11/22J02 12/6/02 i Construct. Drwgs. 5/5/03 9/29/03 .~ Contractor/Estimator Review 6/30/03 7/16/03 Plan Check/Permit 5/6/03 7/25/03 Incorporate Plan Check 7128/03 9/12/03 Comments ¢'~ ~'~ Subcontractor bidding 10/15/03 11/16/03 · I t I Aug ISeptl Oct l Nov I Dec t Jan I F ebl Mar I Apr I May l Jun I Jul { Aug l SeptI OctI Nov l Dec t Jan I Feb l Mar t Apr { MayI Jun I Ju~ t Aug lSeptl Oct l Nov I Dec Prepared by: Eden Housing, Inc. 5/23/02 ~ ' .Dublin senior Housing Tax Credit Project Schedule Activity Name Date Date' Aug l Sept I Oct t Nov l Dec JanlFeblMarlAprlMaYlJunl Jul IAuglSeptl OctlNovlDec anlFeblMarlAprlMaYlJunI Jul IAuglSeptlOctlNovlDec ORGANIZATIONAL Submit TCAC application 6/20/03 ReCeiVe TCAC allocation letter 8~25~03 Incorporate New 501-c3 5/2/03 12/31/03 ~elect Gen'l Contractor 3/24/03 4/21/03 FINANCING Identify & Pursue Other Sources 8/5/02 1/21/04 of Funding Request to City Council/Board of 12/11/03 Supervisors for additional ~)ermanent gap and construCtion funding Construction Closing 2/6/04 Partnership Closing 3/31/04 Permanent Closing 4/29/05 CONSTRUCTION/RENT UP Construction Start 2/10/04 © Marketing 12/13/04 2/28/05 Construction completion 3~4~05 Occupancy 3~8~05 I I IAugtSeptl Oct I NovlDecIJan I Febl Marl Apr [ Mayl Jun I JUl IAuglSeptl Oct I NovlDecl Jan I Feb I Marl Apr'l uaYl JunI Jul I AuglSeptl Oct I NovlD.ec. Prepared by: Eden Housing, Inc. 5/23/02 CITY OF DUBLIN Request for Proposals - Dublin Senior Housing SECTION 4 SITE INFORMATION This section contains a colored rendering of the Dublin Senior Housing site plan, an at-grade level Garage Housing (incorporating site), and a First Floor Plan of the Senior Plan of the Senior the Senior Center Housing (incorporating the Senior Center site). AMENITIES AND FEATURES Building Design Under the tax credit scenario, Dublin Senior Housing features 48 units of one- and two-bedroom units designed for independent-living senior residents over the age of 62. Of the 48 apartments, 40 are one bedroom / one bath units, and eight are two bedroom / two bath apartments. Under the HUD 202 scenario, Dublin Senior Housing would feature a total of 54 units designed for independent-living senior residents over the age of 62. All units in this project - but the manager's two bedroom / two bath apartment - would be one bedroom / one bath units. (This version is not rendered.) The project is a three-story elevator served building. The site plan orientates the building along the southern property line to provide maximum sun for the site of the future Senior Center and a sunny walkway connection which residents can use and feel both a sense of connection and community with the new Center. Inside, the design incorporates a "pedestrian way" with units laid out along a central circulation path on each level, with "front porches" where tenants will have individual entries. These "porches" or alcoved entryways provide a means of transitioning between public to private and the space areas have been very successful with our residents, each uniquely-decorating their entryway to personalize this semi-public alcove. All units are furnished with full kitchens for independent living and are designed in full ADA compliance. Private balconies are provided for each unit. The building contains a variety of community facilities including a two-bedroom manager's unit, manager's office and Service Coordinator's office, reception / lobby and mail area on the first level, a community room on the second level, and a library + computer room and laundry + exercise room on the third level. Additionally, storage, Wash rooms and janitor closets will be provided on each level, in addition to public restrooms on the first level. The building is three Story wood frame Type V one-hour, fully sprinkled R-1 occupancy over a Type II concrete parking garage. The overall building will have a height of approximately 44 feet, with approximately 12,000 square feet of heated space per floor and a 14,600 square foot garage on grade level for a total building area of approximately 50,500 square feet. The building will have pitched roofs and spaced wood decks on the second and third levels of the residential portion. C-hwrently, the building assumes a fully ventilated garage, which is also reflected in the pro forma; however, we would work with the City's planning department to determine design alternatives for a naturally vented parking structure with appropriate screening and buffering that may also be acceptable. The site plan allows for a total of 35 spaces provided on the housing site. Eden has successfully secured parking variances for an average of 0.6 spaces per unit in our senior housing developments. If this ratio were approved by the City of Dublin, the development would only need between 29 to 32 spaces depending upon the scenario, leaving a "surplus" of two to six parking spaces. Eden would be amenable Eden Housing, Inc. Section 4 May 24, 2002 Page 1 CITy OF DUBLIN Request for Proposals - Dublin Senior Housing to sharing these spaces w/th the adjacent senior Center develOPment, subject t° the approval of our lenders. The landscape design of the outdoor space is minimal due to the site density; however, the units are buffered from the adjacent parcels on the South, East and West by trees and layers of planting to filter view and add privacy. Eden Housing, Inc. Section 4 May 24, 2002 Page 2 DUBLIN SENIOR HOUSING CITY OF DUBLIN EDEN HOUSING CALIFORNIA PII~..~T FL<:20~ PLA.Iq - POI:::'It. JM I-b-VEL 869 FOURTH ST. NO. A, SAN RAFAEL, CA 94901 415.456.2348 F~X 415.456.6525 \ X _ ~) d DUBLIN SENIOR HOUSING ~ \\ ~ ~ CITY OF DUBLIN ~, ~.~ '::-'. ...... ~ ~ . ~ EDEN HOUSING CALIFORNIA x x, " · ~' ,:.~1 CITY OF DUBLIN :" Request for Proposals - Dublin Senior Housing SECTION 5 ORGANIZATION QUALIFICATIONS AND EXPERIENCE · INTRODUCTION Eden Housing, Inc. is a fully integrated non-profit development corporation with two subsidiary companies - Eden Housing Management, Inc. (EHMI), Eden's property management company, and Eden Housing Resident Services, Inc. (EHRSI), which provides services to senior and family apartment projects. Affordable Housing Development The founding of Eden Housing in 1968 as a nonprofit, community-based development company came about thrOugh the efforts of a concerned grouP of citizens living in southern Alameda County. Recognizing the serious lack of good housing for low income residents, these community activists and civic leaders began work on their first project, the 150-unit Josephine Lum Lodge for senior citizens in Hayward. Over-thirty years later, Eden Housing has developed over 4,100 residential units in 55 developments and nearlY 40,000 square feet of commercial space in cities throughout Alameda, Santa Clara, Sonoma, Contra Costa and San Joaquin counties. Approximately one-fourth of Eden's development activity has been senior houSing with mOre than 1,000 units of senior housing developed since Eden's inceptiOn. In addition, about one-third of the new projects in Eden's pipeline are senior housing projects comprising over 200 new units to be constructed over the next two years. Through frequent assessment of its successfully completed projects, Eden has arrived at stringent design standards to inclUde amenities and floor plans that facilitate and promote independent living for seniors and enable them to age in place. Furthermore, a long history of collaborative work with communitT, senior services attests to Eden's ability to unite with local providers to create quality senior housing environments. Today, Eden Housing stands out as one of the most productive and successful nonProfit affordable housing developers in Northern California, Eden is recognized in the industry for its creative development approach that includes collaborating w/th local gogemments and tailoring projects to suit the locale. In addition, Eden places a high value on design through the work of talented designers and builders and is committed to crafting developments that give careful attention to the needs of residents and the surrounding neighborhoo& Indeed, Eden has won nearly 30 awards for the affordable developments it builds, most recently receiving recognition for Ohlone-Chynoweth Commons as a Finalist for the Fannie Mae Award of Excellence. However, Eden's work is not simply defined by the housing built for low-income residents. Housing development is one aspect of neighborhood revitalization strategies that also include property management, economic development and social services for residents. Each of these elements involves partnering with communities, investing in neighborhoods and empowering residents. Property Management Eden Housing's property management f'mn, Eden Housing Management, Inc. (EHMI), is in the forefront of providing sensitive services to Eden's residents. Who are these residents? They are lower income families, seniors, developmentally, mentally or physically challenged adults and their families, formerlY hOmeless, and first-time homeowners. The housing they live in, built or restored by Eden Housing, includes rental apartments, single-family and townhouse ownership, cooperatives, and supportive living. Eden Housing, Inc. Section 5 May 24, 2002 Page 1 CITY OF DUBLIN ~' · Request for Proposals - Dublin-;genior Housing Since its establishment in 1984, EHMI has provided prOfessiOnal, quality management for Eden's properties. EHMI's miSsion is to create and maintain high living standards for the residents whom it serves through professional and compassionate management practices in an affordable housing environment. Sound fiscal management, long-term affordability, and responsive maintenance ensure that' EHMI properties remain a long-term asset to and an integral part of the communities in which they are built. EHMI currently manages more than 2,160 units of rental housing for Eden Housing and third party owners. Through careful attention to issues as they arise and consistently sound managerial practices, EHMI far eXceeds management industry standards for bad debt, lost rent write-offs and vacancy factors. Because of the variety of financing mechanisms used by Eden to develop properties, EHMI has extensive experience in the marketing and management of units governed by a variety of, and often layered, regulatory requirements. EHMI staff are inVolved in the development phase of our projects Prior to the transition to lease-up and operations. Property Supervisors have the responsibility of supervising the performance of a multifamily housing portfolio, which are assigned based upon the Supervisor's expertise regarding the populations served by those deVelopments. Supervisors also oversee Resident Managers who provide on-site property management. For the Dublin Senior Housing project, an appropriate combination of Property Supervisor and Manager would be assigned to the development, thus assuring attention to the daily needs of the property and t° the People who live in them. Recognizing the need to stay current on issues and systems related to property management, EHMI is a member organization of California Association of Housing and Services for the Aging and also trains on- site staff through specialized training with the National Center for Housing Management and the Institute of Real Estate Management. All units managed by EHMI shall be marketed in accordance with affirmative marketing requirements and Fair Housing laws. Prospective renters are recruited through a marketing strategy designed to ensure equal access to all appropriate-sized units for all persons in any category protected by federal, state or local laws governing discrimination. · EHMI's work is an integral part °fthe commUnity development scheme of the organization. The attenti°n placed on management represents a long-term investment that goes well beyond bricks and mortar and facilitates Eden's goal of building communities. 'Social Services Coupled with property management is thc comprehensive social services program under Eden Housing Resident Services, Inc. (EHRSI). EHRSI was formed in 1995 as the Resident Services Department of EHMI, having been awarded seven HUD grants to coordinate services for seniors living in Eden's properties. These grants were part of a HUD demonstration program designed to determine the benefits of services coordinati°n in affordable seniOr housing developments. The success of the on-site Service Coordinator role at senior properties led to expansion of the program to include family sites and EItRSI was incorporated as a separate affiliated agency of Eden Housing in 1998. Service coOrdinatOrs work individually with residents and in group settings, helPing them to access needed services that promote independent living for as long as possible and aging in place. These efforts are accomplished in collaboration with local agencies, avoiding duplication of services. In some instances, Coordinators will develop needed on-site services not available in the community. Coordinators also facilitate on-site health screening by local community health programs, arrange transportation to nearby shopping and services and recreational opportunities, and coordinate educatiOnal Eden Housing, Inc. Section 5 May 24, 2002 Page 2 CITY OF DUBLIN Request for Proposals~-- Dublin Senior Housing programs. EHRSI's goal is to link well-built and carefully managed housing with resources that support residents in their daily lives. For additional information on Eden Housing or any of its affiliates, please see the Statement of Qualifications in Attachment 5-A. FINANCING EXPERIENCE Eden has the appropriate financial capacity to undertake significant development projects. Eden's current ' financial statement is included at the end of this section. Eden has completed both new construction and rehabilitation projects ranging in size from 4 units to 200 units. The cumulative value of Eden's portfolio is approximately $387 million, with another $74 million in pipeline developments. ~ Experience with Public/Private Partnerships: All of Eden's developments have been carded out in partnership with municipalities. Because of our strong reputation and track record we have been invited to work with communities throughout Northern California and beyond. ~, with Instruments: All of Eden's development projects have utilized Experience Financing public and private financing. Eden has participated in federal programs administered by HUD such as the Section 202 Program for senior housing, and has utilized locally- and state- administered funding programs such as State Housing and Community Development programs, redevelopment tax-increment funds for affordable housing, housing in-lieu funds, CDBG and HOME funds. Eden's experience with private financing instruments include tax exempt bonds and low-income housing tax credits - both the 4% and competitive 9% programs. Due to our long-standing relationships and large portfolio, we can gain the most competitive financing terms for a project and the highest available limited partner contributions. We were the first developer in the state of California to receive tax credits and have been continuously successful in acquiring tax credits for a multitude of projects. We have been successful in obtaining Federal Home Loan Bank Affordable Housing Program (AHP) Grant financing for nearly a dozen projects. Eden has also secured various grants administered by the Metropolitan Transportation Commission under two programs - Transportation for Livable communities and Housing Incentive Program. Both programs are designed to reward localities and projects that are high density, transit-based projects that include affordable units. Eden Housing, Inc. has established partnerships with an array of lenders and investors, including Bank of America, Wells Fargo, Cai Fed, Union Bank, CCRC, Edison Capital, Merritt Community Capital, and the California Equity Fund. HUD Programs Most of Eden's portfolio serving special needs households - seniors and persons with disabilities - has been financed through the HUD Section 202/811 Programs. Since 1973, over 1,000 senior units have been completed with these funds which leveraged other local predevelopment and construction sources. These projects include Sequoia Manor in Fremont, Ridge View Commons in Pleasanton, Eden Issei Terrace in Hayward and Eden Lodge in San Leandro. Recently-completed projects under the 202 -Program include the 45-unit Rosewood Terrace in Union City (1999) and the 52-unit Community Heritage Senior Apartments in North Richmond (2000). Two additional senior projects are in the predevelopment stage: the 40-unit Union City Senior Housing and the 50-unit Manteca Senior Housing, both of which will start construction at the end of 2002. Eden Housing, lng Section $ May 24, 2002 Page 3 CITY OF DUBLIN Request for Proposals - Dublin Senior Housing Low Income Housing Tax Credit Program Eden's most recent competitive 9% tax credit project is under construction in Antioch and slated for completiOn in early 2003. West Rivertown Apartments will feature 57 units of family rental housing affordable to households with incomes of between 30% to 60% of area median income. Other recent 9% tax credit projects include: · Harris Court 0tayward), a $2,500,000 rehabilitation project of 24 units in a targeted neighborhood; and Eden Palms (San Jose), a $24 million new construction development of 145 units serving lower income families. Eden has been very successful at maximizing tax credit investments in its affordable housing projects. Eden has relationships with all of the major tax Credit investors in the Bay Area, including Edison Capital, Merritt Capital, and the California Equity Fund. With assistance from its financial consultant, community EConomics, Inc., Eden seeks to maximize the investor's pay-in on all of its tax credit projects. The following chart highlight tax credit pay-in rates on recent developments: Eden's Ohlone-Chynoweth, San 1999 Merritt $0.88 per dollar $31,000,000 4.95% fixed rate, 10 years, Jose (4% Credits) mblic issuance Maplewood/Golden 1999 Edison $1.00 per dollar $8,300,000 Treasury + 1%, private Glen, Concord (4% Credits) placement Stone Pine Meadow, 1998 Sanwa Bank $0.91 per dollar $9,300,000 CHFA, 6.75% tax-exempt Trac¥ (4% credits) rate Owl's Landing, 1999 Union Bank $1.15 per dollar $14,700,000 CHFA, 6.35% tax-exempt Livermore (4% credits) rate Harris 1998 Merritt $0.80 dollar $3,200,000 N/A Court, Hayward per (9% credits) Eden has also used various tax-exempt financing models, including CHFA, private placements with Bank of America and Citibank, and public issuances. Recent tax-exempt bond projects include: · Ohlone Chynoweth Commons (San Jose): The Ohlone Chynoweth Commons project was financed with a $16.2 million and $14.2 million tax-exempt construction and permanent bond, respectively, issued by the City of San Jose in a public issuance; and · Stone Pine Meadow (Tracy) and Owl's Landing (Livermore): These two 72-unit family rental housing developments used tax-exempt bonds provided by the California Housing Finance Agency. Stone Pine Meadow was completed in 2000 with a CHFA loan of $2.4 million with a total development cost of $9.5 million. Owl's Landing was completed shortly thereafter with a CHFA loan of $4.8 million with a total development cost of just under $14.6 million. Eden Housing, Inc. Section 5 May 24, 2002 Page 4 CITY OF DUBLIN Request for Proposals - Dublin Senior Housing COMPLETED AFFORDABLE HOUSING DEVELOPMENTS The following is a sampling of five recently-completed affordable housing developments in Eden's portfolio - three are senior housing developments and two are family rental housing developments. Also included are renderings for the Downtown River Apartments located in Petaluma. While still in its predevelopment stage, because this project features many of the elements key to the Dublin Senior Housing project - high density, podium structure, infill site, etc., we felt it important to include as a sample of a project in Eden's pipeline. This development is slated to begin construction in early Spring 2003. Eden Housing, Inc. Section $ May 24, 2002 Page 5 ROSEWOOD TERRACE Rose~vood Terrace is a 45 unit affordable development for seniors located at 33935 Alvarado Niles Road in Union City. The building's design far surpasses that of a traditional apartment building. Amenities include a community room with a kitchen, a library, an exercise room, laundry, and an outdoor patio and gardens, all designed specifically for seniors. The building will be staffed by a full time on-site resident manager and staff to work with residents to access services for seniors in addition to those provided by the neighboring Ralph and Mary Ruggieri Senior Center. Rosewood Terrace is funded by the City of Union City and the U.S. Department of Housing and Urban Development. In order to qualify residents must earn less than half of the Area Median Income. Rents will be on a sliding scale based on income so that no resident is paying more than 30% of their income in housing costs. Project Type: Affordable Senior Rentals Number of Units: 45 Construction Completion Date: 1999 Financing: City of Union City Low and Moderate Income Housing Fund HOME Program U.S. Dept. of Housing & Urban DeveloPment's Section 202 Capital Advance COMMUNZTY HERITAGE SENZOR APARTMENTS Community Heritage Senior Apartments, located in North Richmond, California, is a 5:2- unit rental housing development for very low income, independently-living seniors, aged 62 and older. The development is co-sponsored by the Community Development Corporation of North Richmond, a local community-based nonprofit housing developer. The senior housing has been developed in conjunction with an adjacent commercial center and County-sponsored health clinic, all designed to revitalize this particular community that has not experienced significant public or private investment in years. The project design includes a three-story, wood-frame U- shaped apartment building, a large outdoor courtyard with fruit trees, gardening boxes, large patio and quiet seating areas. The indoor community space includes a large meeting room, small multi-purpose room, kitchen, library, laundry facilities and offices. Community Heritage Senior Apartments provides seniors with a high quality and supportive living environment and easy access to social services. Project Type: Affordable senior rental Number of Units: 52 Year Completed: 2o00 Financing: HUD Section 202 Supportive Housing for the Elderly Contra Costa County Contra Costa County Redevelopment Agency City of Richmond The Mechanics Bank RIDGE VIEW COMMONS Ridge View Commons is an affordable housing community for seniors located in Pleasanton, California. The 200 units are grouped on the seven acre site to provide clusters of apartment homes opening onto the landscaped grounds. The residents' spacious, sunny apartments have immediate access to the large dining, crafts and lounge areas of the campus. A full service commercial kitchen produces family type meals served in a dining room with soaring skylit ceilings. Leisure moments are spent around a large fireplace in the lounge and library or in the craft areas. The residents can also enjoy the adjacent facilities of the Pleasanton Senior Center and Centennial Park. Project Type: Affordable Senior Rentals Number of Units: 200 Density: 31 units per acre year Completed: 1989 Financing: Federal HODAG Program CHFA City of Pleasanton Low Income Housing Tax Credits OHLONE - CHYNOWETH COMMONS Ohlone - Chynoweth Commons is an innovative transit oriented development which involves the creation of affordable housing and commercial uses next to the Ohlone- Chynoweth light rail station in San lose. Built on an under-utilized parking lot leased from the Santa Clara Valley Transportation Authority, Ohlone Chynoweth will provide 194 apartments affordable to families earning 30% to 60% of the area median income. The unit mix consists of 50 one-bedroom units, 63 two-bedroom units, 77 three-bedroom units and four four-bedroom units. The residential buildings will be organized into two and three-story clusters built over structured parking garages. The project also offers an on-site day-care facility, a community center and a computer learning facility. Several play areas for children have been built within the development, including a mist-cooled bamboo forest. 4,400 square feet of retail space has been incorporated to meet the needs of the residential community, as well as those using the nearby transit line. Project Type: Affordable rental/commercial Number of Units: 194 Year Completed: 2000 Financing: Tax-exempt bonds Low Income Housing Tax Credit City of San Jose Wells Fargo Bank Bay View Bank Federal Home Loan Bank (AHP grant and Letter of Credit) Metropolitan Transportation Commission EDEN HOUSING, INC.'S AFFORDABLE HOUSING IN LrVERMORE 'GARNISHES PRESTIGIOUS INTERNATIONAL DESIGN AWARD An affordable multi-family housing development for low income residents in the East Bay has been awarded top design honors in an international competition sponsored by the Pacific Coast Builders Conference and Sun Coast/ Architect/builder Magazine. The 70-unit Stoney Creek Apartments in Livermore won the Grand Award in the category of Best Apartments, One to Three Stories in the 1995 Gold Nugget Awards competition. The Gold Nugget Awards solicits its call for entries each year to buitders, remodelers, developers, architects and land planners for Stoney Creek was developed by Eden Stoney Creek houses ten two- and Housing, Inc., a Hayward-based three-story buildings that surround five projects in the 14 western United States and Pacific Rim nations, nonprofit housing development corpora- separate courtyards that have been The Gold Nugget's Grand Award is tion that has sponsored well over 2,000 beautifully landscaped. A meandering the highest honor bestowed on a affordable housing units throughout the walkway connect the clusters of airy project. Stoney Creek's recogni- Bay Area since its inception in 1968. two- and three-bedroom fiats and town tion is especially distinctive' San Rafael-based Chris Lamen & houses both to one another and to a because the development won in a Associates designed the family com- separate community building with a design competition that did not plex, creating comfortable clusters of meeting room, management office, distinquish between market-rate communities within the larger complex, storage space, and kitchen facilities for and affordable housing, parties. Local artist Martha Heavenston has also created tile and concrete animal sculptures for Stoney Creek's five tot lots to delight children with continually new discoveries as they play on and around the sculptures. The City of Livermore was a major supporter and contributor to this project. Douglas Ross Construction, Inc. was the general contractor for the project. Financing involved a complicated structuring of private, public and foundation funds to ensure affordability for the 70 low income families living at Stoney Creek. Management by Eden Housing Management, Inc., an affiliate of Eden Housing, Inc., ensures top- notch maintenance, resident property support and fiscal soundness for the development. STONEY CREEK APARTMENTS EDEN HoUsING, INC. 70 Affordable Family Rental Units Hayward, CA Livermore, CA (510) 582-1460 · FAX (510) 582-6523 DOWNTOWN /. .__ Petolum~:. Cdi~ornio / CITY OF DUBLIN ':~ Request for Proposals - Dublin Senior Housing ~. LOCAL REFERENCES GOVERNMENT/LENDER City of Union City Vernon Smith 34009 Alvarado-Niles Road Union City, CA 94587 Phone: (510) 471-3232 x 322 Fax: (510) 475-7318 E-mail: vernons~ci.union-city.ca.us City of Livermore Eric Uranga 1052 S. Livermore Ave. Livermore, CA 94550-4899 Phone: (925) 373-5260 Fax: (925) 373-5135 E-mail: euranga~ci.livennore.ca.us City of Petaluma Bonne Gaebler 27 Howard Street Petaluma, CA 94952 Phone: (707) 778-4555 Fax: (707) 778-4586 E-mail: b§aebler~ci.petaluma.ca.us Contra Costa Redevelopment Agency Kara Douglas Community Development Department 650 Pine 4~ Floor--North Street, Wing Martinez, CA 94553 Phone: (925) 335-1253 Fax: (925) 335-1265 Email: kdoug~¢d.co.contra-costa.ca.us Eden Housing, Inc. Section $ May 24, 2002 CITY OF DUBLIN Request for Proposals - Dublin Senior HOusing PRIVATE LENDER REFERENCEs Wells Fargo Bank Margaret Schrand, Vice President 420 11th Floor Montgomery St., San Francisco, CA 94104 Phone: (415) 396-0730 Fax: (415) 392-1839 Bank of America John S. Chan, Vice President Community Development Banking 555 California Street, 6th Floor San Francisco, CA 94104-1503 Phone: (415) 622-9962 Fax: (415) 622-1671 Union Bank Jim Francis, Vice President 200 Pringle Avenue, Suite 200 P.O. Box 5289 Walnut Creek, CA 94596 Phone: (925) 947-2407 Fax: (925) 947-2455 Eden Housing, Inc. Section 5 May 24, 2002 -EDEN,HOUSING, INC. (,~ California Nonprof~ Public Benefit Corporation) FINANCIAL STATEMENTS AND INDEPENDENT AUDITOR'S REPORT JUNE 30~ 2001 WITH COMPARATIVE TOTALS FOR 2000 [- EDEN HOUSING, INC. (A California Nonprofit Public Benefit Corporation) FINANCIAL STATEMENTS JUNE 30, 2001 (With Comparative Totals for 2000) TABLE OF CONTENTS Independent uditor s report ........................................................................................................................... 1 - 2 Statement of financial position .................................................... i ....................................................................... 3 Statement of activities ............................................................... ~ .......................................................................... 4 Statement of functional expenses ......................................................................................................................... 5 Statement of cash flows ................................................................................................................................. 6 - 7 Notes to financial statements ....................................................................................................................... 8 - 21 Supplementary Information: Statement of financial position - owned affordable housing projects .................................................. 23 Schedule of operations - owned affordable housing projects ....................................................... 2 ....... 24 Supplementary information required by the California Housing Finance Agency ....................... 25 - 29 Supplementary information required by the California Department of Housing and Community Development ......................................................................................... 30 - 31 Report on compliance and on internal control over financial reporting based on an audit of fmancial statements performed in accordance with Government Auditing Standards ........................................................................................................... 32 Report on compliance with requirements applicable to each major program and internal control over compliance in accordance with OMB Circular A-133 ............................................. 33 - 34 Schedule of expenditures of federal awards ....................................................................................................... 35 Notes to the schedule of expenditures of federal awards ......................................... ; .......................................... 36 Schedule of findings and questioned, costs. ........................................................................................................ 37 Du~ L. · he Board of Dir~tors. 'Eden Housing, Inc. . ~toDmc~ E. Jom~so~ Hayward, California s. ScmT INDEPENDENT AUDITOR'S REPORT JoHn H. Cou~'m~t We have audited the accompanying statement i)f financial position of Eden Housing, Inc.' (a California nonprofit public benefit corporation) as of June 30, 2001, and the related statements of activities, functional expenses, and cash flows for the year then ended. These. financial statements are the responsibility of the Corporation's management. Our responsibility is to express an opinion on these financial statements based on our audit. Information for the year ended June 30, 2000 is presented for comparative purposes only and.. was extracted from the financial statements for that year, on which an unqualified opinion dated September 14, 2000 was expressed. We conducted .our audit in' accordance with auditing standards, generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards; .issued bY the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence Supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting .principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Eden Housing, Inc. as of June 30, 2001, and the changes in its net assets and its cash flows for the' year then ended, in conformity with accounting principles generally accepted in the United States of America. The financial statements of. Eden Housing, In¢, have been prepared without Combining the financial statements of related entities under common control. Combined financial statements will also be issued and those statements are the general purpose financial statements of the primary reporting entity. ' ' In accordance with Government ~,tuditing Standards, we have also issued our report dated September 7, 2001 on our consideration of Eden Housing, Inc.'s internal control over financial reporting and oUr tests, of its compliance with Certain provisions of laws, regulations, contracts and grants. That report is an integral part of an audit performed in accordance with Government,{uditing Standards and should be read in conjunction with this report in considering the results of our audit. Our audit was performed for the purpose of forming an opinion on the basic financial statements of Eden Housing, Inc. taken as a whole. The accompanying supplementary information on pages 23 to 29, as required by the California Housing Finance Agency and the California Depariment of Housing and Community Development, is presented for purposes of additional analysis and is not a required part of the basic financial statements. The accompanying Schedule of Expenditures of Federal Awards on pages 35 and 36 is presented for the purposes of additional analysis as required, by U.S. Office of Management and Budget Circular A-133, Audits of States, Local Government, and.Nonprofit Organizations, and is also not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements, and in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. ' B K R CamuVmD Pumac ACCOUNTANTS, 90 New Montgomery, Ilth Floor, San Francisco, California 94xo5 , ............ Telephone 4x5 957 9999 Facsimile 4x5 957 ~629 Email mail@lvhj.com http://www..lvhj.com All INDEPENDENT MEMBER FIRM OF BKR INTE~'I'ATIONAL ~rlTH .A~qsOCIATE.q IN ]~Rllqt~lPnl. The budgeted and variance information on the supplemental information forms (180 and 181) on pages 30 and 3 i is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has not been subjected .to the auditing procedures applied in the audit of the basic financial statements, and accordingly, we express no opinion on it. September 7, 2001 EDEN HOUSING, INC. California Nonprofit Public Benefit Corporation) -.. ~ ~. STATEMENT OF FINANCIAL POSITION JUNE 30, 2001 (With C0mp.arative Totals for 2000) 2001 2000 ASSETS Cash and cash equivalents (Notes 2 and 19) $ 1,117,147 $ 895,498 Investments (Notes 2 and 3) 260,354 325,215 Contributions receivable (Note 4) 584,958 177,259 Receivable from affiliates (Note 5) 8,079,313 8,121,821 prepaid 'expenses and other receivables 18,036 18,948 Notes receivable (Note 6) 2,247,276 2,247,276 Restricted cash (Note 19) 411,578 407,865 Tenant security dePosits 60,177 55,033 Development' in progress (Notes 2 a~.d 7) 1,650,971 393,531 Property and equipment (Notes 2 and 8) 13,299,201 10,612,942 Deferred costs (Note 2) 37,869 39,020 'Total assets $ 27.766.88~0 $ 23.294.40~8 LIAB]I,rrlES AND NET ASSETS Liabilities: Accounts payable and accrued expenses $ 276,165 $ 153,314 Payable to affiliates (Note 9) 641,702 66,455 Deferred revenue 207,569 209,260 Development advances (Note 10) I, 101,792 61,398 Accrued interest payable 1,491,416 1,290,826 Payable to City of Hayward (Note 11) 207,173 199,293 Tenant security deposits 56,804 55,775 Funds held in trust - 8,024 Notes payable (Note 12) 16,033,190 '13,430,579 " Total liabilities 20,015,811 15,474,924 Net assets: Unrestricted 7,685,256 7,762,322 .Temporarily restricted (Note 13) 65,813 57, i62 Total net assets 7,751,069 '7,819,484. Total Habilities and net assets $ 27,766,880 $ 23,294,408 The accompanying notes are an integral part of these financial statements. 3 EDENHOUSING, INC. (A California Nonprofit Public Benefit Corporation) STATEMENT OF ACTIVITIES YEAR ENDED JUNE 30, 2001 (With Comparative Totals for 2000) Total Temporarily Unrestricted Restricted 2001 2000 Support and revenue: DevelOpment fees, including · accrued interest (Notes 2 and 16) $1,050,950 $ - $1,050,950 $ 2,282,707 Rental income - owned properties 651 65 1 593,680 Partnership management service contracts (Note 16) 569,945 - 569,945 458,547 Deferred ground leases, including ·. . accrued interest (Note 16) 440,135 440,135 .283,534 Contributions (Note 2) 636,412 I0,000 646,412 54,504 : Interest and investment income 57,368 1,651 59,01:9 62,827 Net realized and unrealized gain (loss) on investments (39,164) (39,164) 19,236 Other income 100,435 - 100,435 140,577 3,467,617 11,651 3,479,268 3,895,612 Net assets released from restrictions (Note 14): Satisfaction of program payments 3,000 .. (3,000) - - Total support and revenue 3,470,617 8,651_ 3,479,268 3,895,612 Expenses: Program services: Housing development 2,105,476 - 2,105,476 1,549,301 Rental operations 786,565 - 786,565 824,650 Management and general 405,642 - 405,642 769,502 Total expenses 3,297,683 - 3,297,683 3,143,453 Change in net assets 172,934 8,651 181,585 752,159 Net assets, beginning of year 7,762,322 57,162 7,819,484 7,146,325 Equity transfers for affiliate demand nOtes (Note 15) (250,000) - (250,000) (79,000) Net assets, end ofye'ar $ 7,685,256 $. 65,813 $ 7.751.06______~9 $ 7.819.48~4 The accompanying notes are an integral part of these financial statements. 4 ~ :' .. EDEN HOUSING, INC. ~- '. (A California Nonprofit Publk Benefit Corporation) ST^TEM n rr OF Vtn CnON -- ~ ~ED ~ 30, 2001' ~ ' ~i~ Comp~afive Totals for 2000) Support Program Services Services Total HoUSing Rental Management. Development Operations and General 2001 2000 Salaries andwages $'654}863 $ 37,047 $259,656 $ 951,566 $ 993,138 Payroll taxes and benefits 110,947 19,611 44,014 174,572 '192,625 Office and maintenance costs 114,633 191,148 49,129 354,910 270,427 Occupancy costs 30,324 30,324 30,635 Professional services 266,981 37,314 52,093 356,388 595,279 Travel 8,037 8,037 5,626 Nonrecoverable development costs (Note 2) 9,754 9,754 14,286 Scholarships 15,196 - 15,196 25,050 Donations and service contributions - 750 750 26,889 Summer youth program -' - - 36,595 Mortgage interest and carrying costs 62,683 222,363 - 285,046 363,495 Other expenses 5,588 - - 5,588 49,790 Expenses before other costs 1,279,006 507,483 405,642 2,192,131 2,603,835 Grants for'development (Note 4) 574,005 - - 574,005 Interest - deferred notes 188,221 103,896 - 292,117 305,269 Depreciation and amortization 64,244 175,186 - 239,430 234,349 Total expenses $.2.105,476 $ 786,565 $ .405.642 $~ $ 3:143.453 .-- The accompanying notes are an integral part of these financial Statements. 5 EDEN HOUSING, INC. California Nonprofit Public Benefit Corporation) STATEMENT OF CASH FLOWS YEAR ENDED JUNE 30, 2001 (With Comparative Totals For 2000) 2001 2000 Cash flows from operating activities: Change in net assets $ 181,585 $ 752,159 Adjustments to reconcile change in net assets to net cash flows provided by (used in) operating activities: Depreciation and amortization 239,430 234,349 Changes in Operating assets and liabilities: Contributions receivable (407,699) 72,741 Prepaid expenses and other receivables 912 (1,860) Receivable from affiliates 42,508 (2,005,385) Tenant security deposits (5,144) (2,851) Accounts payable and accrued expenses 122,851 28,348 Payable to affiliates 575,247 (391,303) Deferred revenue (1,691 ) (2,062) Tenant security deposits liability 1,029 951 Funds held in trust (8,024) (292,241) Accrued interest payable 200,590 260,232 Net cash flows provided by (used in) operating activities 941,594 (1,346,922) Cash flows from investing activities: Restricted cash (3,713) 543,517 Investments 64,861 224,600 Notes receivable from affiliates 511,976 Develolmaent in progress (1,257,440) (305,854) Acquisition of property and equipment (6,590) (149,392) Equity transfer- affiliate demand notes (250,000) (79,000) Net cash flows provided by (used in) investing activities (1,452,882) '7~[5,847 Cash flows from financing activities: Principal repayments- mortgages (54,885) (26,427) Borrowings from the City of Hayward 7,880 7,144 Development advances 1,040,394 61,398 Proceeds from long-term debt 1,364,827 1,337,462 Principal repayments - other long-term debt (1,625,279) (964,960) Net cash flows provided by financing activities 732,937 414,617 The accompanying notes are an integral part of these financial statements. 6 EDEN HOUSING, INC. California Nonprofit Public Benefit Corporaa'on) STATEMENT OF CASH FLOWS YEAR ENDED JUNE 30, 2001 (With Comparative Totals For 2000) 2001 2000 Increase (decrease) in cash and cash equivalents 221,649 (186,458) Cash and cash equivalents, beginning of the year 895,498 1,081,956 Cash and cash equivalents, end of the year $ 1.117.147 $ 895A98 Supplementary information: . Cash paid for interest, net of capitalized mounts $ 383,595 $ 347.285 Non-cash investing and financing activities: Property and equipment acquired with Iong-termdebt $ 1,816,156 $ 1.320.526_ Property and equipment acquired with short-term debt $ 1.101._792 $ 61,398 The accompanying.notes are an integral part of these financial statements. 7 EDEN HOUSING, INC. ~ . (.4 California Nonprofit Public Benefit Corporation) ~ ~ NOTES TO FINANCIAL STATEMENTS · . JUNE 30, 2001 ~ (With Comparative Totals for 2000) NOTE 1 - ORGANIZATION AND NATURE OF ACTIVITIES Eden Housing, Inc. (EHI), a Califomia nonprofit public benefit corporation, was organized in 1968 to assist communities in providing decent affordable housing. The Board of Directors of El-II also serves as the Board of Directors of Eden Housing - Management, Inc. (EHMI), which, provides property management services in connection with the oPerations of affordable housing and elderly housing projects, 'and Eden Housing Resident Services, Inc. 0EHRSI), which develops and supports viable social services to the projects' residents. The Board of Directors of these corporations also serves as the Board of Directors of a number of other corporations~ These corporations own affordable housing or are general partners of partnerships that own affordable housing. All Board members serve without compensation. EHI's financial statements do not include the assets, liabilities, revenue or expenses of the related organiZations. NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Method o_f Accounting: The accrual method of accounting is used to reflect income as earned and expenses as incurred. Basis of Presentation: BI-II reports information regarding its financial position and activities according to up to three classes of net assets, as applicable: unrestricted, temporarily restricted, and permanently restricted.. ' ' Project Cost Reimbursement and Development Expenses: EHI expends funds during the development phase of each affordable housing project undertaken. These costs are recorded as assets (development in progress and receivables from affiliates) which are generally recoverable from the projects either from loan proceeds, from limited partner (investor) contn'butions, or from residual receipts generated by the projects. Any funds expended on a project that do not pass beyond the development stage, are expensed when further activity on the project ceases. - Management estimates that all. development in progress and receivables from affiliates are collectible at June 30, 2001 and 2000. ProperO/ and Equipment: EHI records property and equipment at cost, or at faii? market value, if donated. Maintenance and repairs are charged to income as incurred; significant renewals and betterments are capitalized, Depreciation is compufed using the might-line method over the estimated useful lives of the assets, which range fi.om five to forty years. 8 EDEN HOUSING, INC. (A California Nonprofit Public Benefit Corporation) NOTES TO FINANCIAL STATEMENTS JUNE 30, 2001 CggithComparative Totals for 2000) NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Investments: Investments are stated at fair market value and consist of marketable equity securities and mutual funds. Interest and dividends and realized and unrealized gains and losses are recognized as income when earned. Deferred Costs: Loan fees associated with the acquisition and rehabilitation of the Villa Springs proPerty and refinancing of the Grove Way property are stated at cost and amortized over the respective loan terms, Development Fees: -EHI recognizes revenue from fees earned related to developing affordable housing projects based on the percentage of completion method. ' Cash and CaSh Equivalents: Cash is defmed as cash in demand deposit accounts'as well as cash on hand. Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and investments so near their maturity that the risk of changes in. value due to changes in interest rates is negligible. These are generally investments with maturity dates within three months of their acquisition date. Not included as cash equivalents are funds restricted as to their use, regardless of liquidity or the maturityfiates of investments. Contributions: All donor-restricted support is reported as an increase in tempOrarily or permanently restricted net assets, depending on the nature of the restriction. When a restriction expires (that is, when a stipulated time restriction ends Or purpose reslricfion is accomplished), temporarily restricted net assets are reclassified to unrestricted net assets and reported in the Statement of Activities as net assets released from restrictions. Income Taxes: No income tax provision has been included in the financial statements as EHI has been qualified as tax-exempt under Section 501(c)(3) of the Internal Revenue Code and Section 23701(d) of the California Revenue and Taxation Code. As a 501(c)(3) tax-exempt organization, EHI qUalifies for the charitable contribution deductiOn. EDEN HOUSING, INC. (A California Nonprofit Public Benefit Corporation) NOTES TO FINANCIAL STATEMENTS JUNE 30, 2001 (With Comparative Totals for 2000) NOTE 2- - SI:tMMARY OF SIGNIFICANT ACCOUNTING-POLII21ES (Continued) " Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America recluires management to make estimates and assumptions ...... that affect the reported mounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could' differ from those estimates. Reclassifications: - Ceriain reclassifications have been made ~o the 2000 financial statements to conform with the 2001 financial statement presentation. . NOTE 3 - INVESTMENTS Investments are stated at fair value, and at June 30, 2001 and 2000, are summarized as follows: 2001 2000 Cost Fair Value Cost Fair Value Common stock $ 97,647 $ 66,730 $ 89,435 $104,259 .. Preferred stock 100,000 98,910 125,000 10'9,875 Mutual funds 111,081 94,714 106,481. 111,08! $ 308.728 $ 260.354 $ 320.916 $ 325.215 NOTE 4 - CONTRIBUTIONS RECEIVABLE Contributions. receivable consist of grants and pledges or promises awarded and totaled $584,958 and $177,259 at June 30, 2001 and 2000, respectively. Management estimates that all contributions are collectible at June 30, 2001 and 2000. ContribUtions receivable at June 30, 2001 and 2000 consist of the following: 2001 2000 Eva Rude Estate $ 10,953 $174,259 Metropolitan Transportation Commission 574,005 - Local Initiatives Support Corporation 3.,000 · $ 584,958 $ 177,259 10 EDEN HOUSING, INC. · : (A California Nonprofit Public Benefit'Corporation) .NOTES TO FINANCIAL STATEMENTS . JUNE 30, 2001 (With ComparatiVe Totals for 2000) = NOTE 5 - RECEIVABLE FROM AFFILIATES Accounts receivable from affiliates at June 30, 2001 and 2000 are summarized as follows: 2001 2000 Developer fees $ '1,663,798 $ 2,711,040 Ground leases 2,190,625 1,841,350 partnership management fees 913,070 811,176 Advances for development costs 692,044 825,721 Advances to general partners 768,618 512,359 Operating advances to EHRSI 732,891 406,825 'Operating advances to EHMI 415,079. 429,246 Reserve funding fees 137,000 137,000 Accrued interest on developer fees 126,917 122,442 AccrUed interest on ground leases 274,867 184,007 ' Accrued interest- other 164,404 140,655 $ 8,079,313 $ 8,121,82! See Note 16 for related party transactions during the years ended June 30, 2001 and 2000. NOTE 6 -NOTES RECEIVABLE ' A summary of notes receivable at June 30, 2001 and 2000.follows: · .. 2001 2000 A-~liates: Note receivable from Sycamore Square, Inc., due together with accrued interest at 2% per annum, on December 31,202Z $ 324,961 $ 324,961 Note receivable from Eden Housing Management, Inc. for management and resident support services, maximum amount of $585,615. The note is non-interest bearing, unsecured, and is payable in full by June'30, 2003.. 585,615 585,615 Note receivable from SPM HoUSing AsSociates, secured by a deed of trust, with interest at 4% per annum, and is due on June 1, 2043. ' 350,000 350,000 11 i EDEN HOUSING, INC. C- (A California Nonprofit Public Benefit Corporation) ~ -_ NOTES TO FINANCIAL STATEMENTS JUNE 30, 2001 (With Comparative Totals for 2000) NOTE 6'= NOTES RECEIVABLE(Continued) 2001 2000 Affiliates: (Continued) Notes receivable (for general partner capital contributions or other advances) from the following affiliates are non-interest bearing and unsecured. On December 31 st annually, any unrestricted funds of the affiliates, less a reasonable mount for corporate expenses held by the affiliates, shall be paid against the note: Catalonia, Inc. 507,083 507,083 Eden Palms, Inc. 120,000 120,000 RVC Investment, Inc. 54,727 54,727 Stoney, Inc. 62,959 62,959 A.Street, Inc. 54,956 54,956 2,060,301 2,060,301 Other Notes Receivable: Notes receivable from buyers of units in the La Solanita and La Solana projects, due only upon sale of the propen'y to persons not qualifying as low-income families, with interest ranging from 8% to 10% per annum (see Note 11). 26,775 26,775 Notes receivable from buyers of units in the Tyrrell Gardens project, due only upon sale of the property to persons not qualifying as low-income famili~s, with interest at 8% per annum (see Note I 1). 60,200. 60,200 Note receivable from Cal-Livermore, Inc., with interest at 5% per annum. Principal and interest repayable at some' future date (see Note 12). 100,000 100,000 186,975 186,975 TOtal $ 2.247.276 $ 2~247.276 ~ '. EDEN HOUSING, INC. -- (.4 California Nonprofit Public Benefit Corporation/) . NOTES TO FINANCIAL STATEMENTS JUNE 30, 2001 (With Comparative Totals for 2000) NOTE 7 - DEVELOPMENT IN PROGRESS Projects in development and the related costs advanced by El-II at June 30, 2001 and 2000 are as follows: _000 Manteca Senior Housing $ 151,030 $ 58,832 ' Union City Assisted Living 51,514 49,817 Union City Independent Living 67,063 20,401 Uni'on Court Apartments - 21,950 Fuller Lodge II 8,860 7,391 Adams Avenue Homes 860,292 202,898 Petaluma River Apartments 273,645 32,242 Gardella Gardens Apartments 128,962 East Palo Alto Panhandle Site 2,780 - Vallejo-Rubicon Project '2;910 - Hercules - Family 9,335 - Las Deltas Hope VI 68,153 - Livermore Family Housing 3,859 - Courtyard Pla?a 10,080 Atherton Street 12,488 - Total $1,650,971 $ 393._531 NOTE 8 - PROPERTY AND EQUIPMENT Property and equipment at June 30, 2001 and 2000 consist of the following: 200I 2000 Land: Leased to affiliates $ -2,741,947 $ 2,741,947 Held for development 4,228,692 1,310,744 Owned housing projects 923,875 923,875 Corporate office 272,687 272,687 Building and improvements: Owned housing projects 5,499,126 5,499,126 Corporate office 790,896 790,896 Office furniture and equipment 540,384 559,765 14,997,607 12,099,04Q Less accumulated depreciation: Buildings and improvements 1,376,068 1,214,388 Office furniture and equipment 322,338 271,710 1,698,406 1,486,098 Net $13..299,201 $10.612.94~ 13 EDEN HOUSING, INC., California Nonprofit Public Benefit Corporation) NOTES TO FINANCIAL STATEMENTS JUNE 30, .200I (With Comparative Totals for 2000) 'NOTE 9 L PAYABLE TO AFFILIATES Payable to affiliates at June 30, 2001 and 2000 consist of the following: 2001 2000 Chynoweth Housing, Inc. $ 574,005 $ - Eden Palms Associates 30,027 30,027 Eden Housing Management, Inc. 2,073 - North Richmond Commercial, Inc. 35,597 36,428 $ 641.702 $ 66:455 NOTE 10 - DEVELOPMENT ADVANCES Development advances represent funds received from a local government agency for development of Petaluma River Apartments and totaled $1,101,792 and $61,398 at June 30, 2001 and 2000, respectively. These advances are expected to be subsequently converted to long-term debt. NOTE 11 - PAYABLE TO CITY OF ItAYWARD Funds due to the City of Hayward upon collection of notes receivable from homeowners as of June 30, 2001 and 2000 consist of the following (see Note 6): 2001 2000 La Solana and La Solanita $ 60,200 $ 60,200 Tyrrell Gardens 146,973 139,093 $ 207:173 $ 199,293 EDEN HOUSING, INC. (A California Nonprofit Public Benefit Corporation) -. · NOTES TO FINANCIAL STATEMENTS ~ .. JUNE 30, 2001 !, (With Comparative Totals for 2000) NOTE 12 - NOTES PAYABLE Notes payable at June 30, 2001 and 2000 consist of'the following: 2001 2000 Grove Vga~/Tenth and D Streets Loan payable to Citicorp Mortgage, Inc., due June 1, 2029, bears interest at 7% per annum and is secured by the property and is payable in monthly installments of $2,754. $ 405,285 $ 409,795 Villa Springs Loan payable to the State of California, Department of Housing and Community Development (HCD), due July 30, 2042, bears interest at 3% per annum and is secured by the property. 1,981,676 1,981,676 Loan. payable to the County of Alameda, due June 30, 2038, bears interest at 3% per annum and is secured by the property. 927,000 927,000 Loan' payable to California Housing Finance Agency (CHFA), .due November 2023, bears interest at 8.4% per annum, is secured by the property and is payable in monthly installments of $17,103. 2,081,990 2,111,005 Loan payable to CHFA, bears interest at 3% per annum, is secured by the property and is due November 2009. Annual payments are required commencing November 1, 1994, to the extent of excess cash, and are payable in monthly installmems of $15,000. 289,298 308,054 Richards Manor/Heritage Park Loan payable to the County of Alameda; repayment to be made as funds are received from the note receivable from Cal-Livermore, Inc. (see Note 6). 100,000 100,000 Bavwood Apartments Loan payable to the City of Fremont, secured by deed of trust on the land which is leased to an affiliate. The loan is to be repaid, without interest, to the extent EHI~receives annual lease payments from the project. 800,000 800,000 Stone}, Creek Apartments Loan payable to the City of Livermore, secured by deed of trust on the land which .is leased to an affiliate. The principal is payable in 55 equal annual installments at 3% per annum. The loan is to be repaid, to the extent El-II receives annual lease payments from the project. 813,114 813,114 DEN Housr 6, NC. "" r', ~.: (A California Nonprofit Public Benefit Corporation) .... ~ ! NOTES TO FINANCIAL STATEMENTS JUNE 30, 2001 (With Comparative TOtals for 2000) NOTE 12 - NOTES PAYABLE (Continued) 2oo 2000 Washington Creek Apartrnents Loan payable to the City of PetalUma, secured by deed of trust on the land which is leased to an affiliate. The principal is due July 24, 2020, with . any unpaid interest which accrues at'3% per annum. 320,000 320,000 742 Harris Court Loan payable to the City of Hayward for predevelopment 'costs, due January 10, 2054, bears interest at 4.691% per annum 'and ,is secured by deed of tms.t. Annual payments are to commence July 1, 2001. 165,000 165,000 Loan payable to CALFED, maximum amount of $248,500, due July 1, '2029 and is secured by the property. The note bears interest at 7.18% per annum.. Annual payments are $1,683, commencing August 1, 1999. 243,668 246,272 Housing Development Line of credit with Bank of the West' in the maximum amount of $1,500,000, unsecured, interest at the prime rate (6.75% and 9.5% at June 30, 2001 and 2000, respectively). 479,094 814,000 Adams Avenue Homes Loan payable to the Redevelopment Agency of the City of Fremont for land acquisition and predevelopment costs, maximum amount of $1,500,000, secured by a. deed of trust, and is non-interest bearing. 1,431,880 1,023,025 Fuller Lodge 11 " Loan payable to the Redevelopment Agency of the City of San Leandro for land acquisition, secured by a deed of trust. The note is due fif~- five years from the date of initial ~occupancy and bears simple interest at 3% per annum. All principal and :/crued interest will be forgiven at maturity if the loan terms, as specified in the agreement, are complied with throughout the period. 550,000 550,000 Manteca Senior Housing Loan payable· to the Manteea Redevelopment Agency, for land acquisition and predeVelopment costs, maximum amount of $900,000, secured by a deed of trust, bears interest at 3% per annum, due June 5} 2030. The loan is to be repaid commencing on July I, 2004 with annual payments required to the extent of surplus cash, as defined. 495,955 F EDEN HOUSING, INC. .. ~ (A California Nonprofit Public Benefit CorporatiOn) "· NOTES TO FINANCIAL STATEMENTS JUNE 30, 2001 (With Comparative Totals for 2000) NOTE 12 -NOTES PAYABLE (Continued) 2001 2000 Manteca Senior Housing (Continued) Loan payable to the County of San Joaquin, due July 1, 2046, for land acquisition, secured by a deed of trust, bears interest at 3%.per annum, and is secured by deed of trust. 300,000 - Gardella Gardens Apartments Loan payable to the City of Livermore, due December 1, 2030, for land acquisition and predevelopment costs, max/mum amount of $1,500,000, secured by a deed oftmst,'bears interest at 3% per annum, secured by a deed of trust, and payable from surplus cash, as defined. 994,774 Loan payable to Mid-Peninsula Bank, for predevelopment costs, maximum amount of $860,000, secured by a deed of trust, bears an initial interest rote of 10%, due December 15, 2001, and secured by a deed of trust. · 535,026 - Union City Independent laving Loan payable to Low-Income Housing Fund, for predevelopment costs, maximum amount of $250,000, due December 19, 2002. The note is unsecured and bears interest at 7.5% per annum. 46,630 .Corporate _O{~_ cefOffice Builclinlz Loan payable to Bank of the West for acquisition of property for corporate office at 409 Jackson Street, Hayward. The loan is secured by the property and is due in September 2007. Monthly installments are $3,945, with interest at 7.80%. 490,587 499,388 Loan payable to Bank of the West for construction of corporate .office at 409 Jackson Street, Hayward. The loan is secured by the property and is due in January 2008, with interest at the prime rote, adjusted every fifth year (7.15% at June 30, 2001 and 2000). Monthly installments are $3,876. 243,713 273,750 Demand Notes P~a.b.,le Payable to Stoney, Inc., on demand or by December 31, 2051, with compound interest at 6.75% per annum. 305,000 305,000 Payable to Washington Creek, Inc., on demand or by December 31, 2051, with compound interest at 6.75% per annum. 113,500 113,500 Payable to Corona-Ely Ranch, Inc., on demand or by December 31, 2052, with compound interest at 7.69% per annum. 286,000 286,000 17 EDEN HOUSING, INC. (A California Nonprofit Public B.enefit Corporation) . NOTES-TO FINANCIAL STATEMENTS .- JUNE 3O, 2001 (With Comparative Totals for 2000) I~IOTE 12 - NOTES PAYABLE (Continued) 2001 2000 Demand Notes payable (Continued) Payable to. Glen Berry, Inc., on demand or by December 31, 2052, with compoUnd interest at 7.67% per annum. 215,000 215,000 Payable to A Street, Inc., on demand or by December 31, 2051, with .compound interest at 5.84% per annum. 167,00.0 167,000 Payable to Eden Palms, Inc., on demand or by December 31, 2050, with compound interest at 6.36% per annum. 633,000 ' 633,000 Payable to Catalonia, Inc., on demand or by December 31, 2053, with compound interest at 6.36% per annum. 290,000 290,000. Payable to Harris Court Housing, Inc., on demand or by December 31, 2051, and is non-interest bearing. 79,000 79,000 Payable to Chynoweth Housing, Inc., on demand or by December 31, 2055, and is non-interest bearing. 250,000 - $16,033,190 $ !3,430,579, As of June 30, 2001, long-term debt matures as follows: 2002 $ 1,103,626 2003 96,166 2004 103,348 .2005 111,091 2006 119,442 Thereatter 14,499,517 $16.033..190 See Note 16 for related party transactions during the years ended June 30, 2001 and 2000. EDEN HOuSING, INC. .. :..... (.,I California Nonprofit Public Benefit .Corporation) NOTES TO FINANCIAL STATE--S .JJ3NE 30, 2001 (With Comparative Totals for 2000) ~qOTE 13 - TEMPORARILY RESTRICTED NET ASSETS Temporarily restricted net assets at June 30, 2001 and 2000 consist of the following: 2001 2000 FOUndation - Union City Independent Living $ 25,000 $ 25,000 Foundation - Gardella Gardens Apartments 10,000 Foundation - property management internships - 3,000 Other - Tyrell Gardens .30,813 29,162 Total $_65,813 $ 57.162 NOTE 14 - NET ASSETS RELEASED FROM RESTRICTIONS Net'assets were released from donor restrictions during 2001 and 2000' by incurring expenses purposes or by occurrence events specified by donors. satisfying the restricted of other NOTE 15 - UNRESTRICTED NET ASSETS Equity Transfers for.4_ffiliate Demand Notes: EHI entered into promissory "demand note" agreements in 2001 and 2000 with Chynoweth Housing, Inc. and Harris Court Housing, Inc., respectively, affiliated nonprofit corporations, which provided these entities with sufficient equity to maintain the required amount of net worth. These- demand notes, as detailed in Note 12, are unsecured and non-interest bearing. EHI's unrestricted net assets were reduced in 2001 and 2000 bythe face amount of these notes, which totaled $250,000 and $79,000, respectively. NOTE 1'6 - RELATED PARTY TRANSACTIONS EHI receives various fees and reimbursements from related parties. These include' development fees for the development of affordable housing, project cost reimbursements for costs advanced during the predevelopment-stage of affordable housing projects, fees pursuant to partnership agreements that affiliated organizations have entered into, and repayment of advances made to affiliates. EHMI and EHRSI receive reimbursement for payroll costs advanced and reCeive management and service fees from the rental properties owned or controlled by EHI. Developer fees earned, including accrued interest, from affiliated entities were $1,050,950' and $2,282,707 for the yearsended june 30, 2001 and 2000, respectively. EDEN HOUSING, INC. .... California NOnprofit Public ]~enefit Corporation) ". : .": .' NOTES TO FINANCIAL STATEMENTS JUNE 30, 2001 (With Comparative Totals for 2000) NOTE 16 - RELATED PARTY TRANSACTIONS (Continued) EHI leases land to affiliates upon which affordable housing projecTM are operated. Lease payments are generally deferred until some future date, but revenue earned and recognized, including accrued interest, was $440,135 and $283,534 for the years ended June 30, 2001 and 2000, resPectively. .. 'EHI entered into partne!ship management service contracts with several affiliates. These affiliates pay EHI for management and administrative fees and during the years ended June 30, 2001 and 2000, El-II earned $569,945 and $458,547, respectively, from these entities. EHI leases additional office space from Glen Eden-Associatesl an affiliate. Annual rental payment~ were $30,324 for the years ended June 30, 2001 and 2000. . . '. ' See Notes. 5, 6, 9 and 12 for related party receivables and payables at June'30, 2001 and 2000. NOTE 17 - EMPLOYEE BENEFIT PLAN EHI established a 401(a)' defined contribution pension plan effective July 1, 1992. Employees become eligible to participate in the plan after one year of service, are fully vested in three years and are not required to contribute to the plan. The contribution to the plan is determined on an annual basis by the Board of Directors. A maximum of 6% of covered wages can be contributed and $31,208 and $38,104 was contributed for the years ended June 30, 2001 and 2000, respectively. 18_ coa vnunvm rrs co ,rn a,v cms El-II has committed to provide demand loans payable to three affiliates for the purpose of satisfying their net worth requirements. The non-interest bearing demand loans expire at the end of the respective partnerships and at June 30, 2001 are as follows: Principal Baywood Apartments, Inc. $ 424,000 Eden Investment, Inc. 103,500 Huntwood Investment, Inc. 104,000 EHI is obligated under agreements to guarantee to various limited partnerships operating deficits and. other matters as they arise, up to a maximum obligation of approximately $4,342,000. 2O ':' ... BDENHOUSING, INC..: .. (A California Nonprofit Public Benefit Corporation) :. NOTES TO FINANCIAL STATEMENTS .. JLrNE 30, 200t (With Comparative Totals for 2000) 'NOTE 18 - COMMITMENTs AND CONTINGENCIES (Continued). EHI has entered into indemnification (guarantee) agreements' with investor limited partners in various limited partnerships pertaining to low income hous!ng tax credits and other tax benefits. EHI has entered into an annual guarantee agreement with a separate nonprofit corporation to provide that organization with up tO $25,000 in support of their Rental Assistance Program..At June 30, 2001, the guarantee was not required to be exercised. NOTE 19 - CONCENTRATION OF RISK EHI has exceeded the Federal Deposit Insurance Corporation insurable limits of $100,000 on its bank accounts. The insurable limit is $100,000 per financial institution and at June 30, 2001 and 2000, El-II had approximately $1,012,000 and $635,000, respectively, on deposit in excess of federally-insured limits. SUPPLEMENTARY INFORMATION '~'" EDEN HOUSING, INC, .... ' (A California Nonprofit Public Benefit 'Corporation) STATEMENT OF FINANCIAL POSITION OWNED AFFORDABLE HOUSING PROJECTS JUNE 30, 2001 Grove Way 742 Harris and 10th/ Court D Street Villa Springs Total ASSETS Cash and cash equivalents $ 5,000 $ 28,637 $ 33,672 $ 67,309 Prepaid expenses and other receivables 206 918 4,860 5,984 Restricted cash 7,021 25,883 128,697 161,601 Tenant security deposits 2,484 7,520 50,173 . 60,177 Deferre'd costs - 6,878 30,991 37,869 Property and equipment .388,402 273,921 .. 4,530,072 5,192,395 Total assets $ 403.113_ $ 343,757 $, 4.778,465 $~ LIABILITIES AND NET ASSETS Accounts payable and accrued expenses $ - $ $ · 10,906 $ 10,906 Payable to affiliate 2,073 2,073 Prepaid rent 371 665 1,036 Tenant security deposits 2,490 5,504 48,810 56,804 Accrued interest payable 2,415 827,462 829,877 Notes payable 408,668 .405,285 .. 5,279,964 6,093,917 Total liabilities 413,602 413,869 6,167,142 6,994,613 Net assets (deficit): Unrestricted (10,489) (70.112) (1,388,677) (1,469.278) Total net assets (10.489) (70,112) (1,388,677) (1,469,278) Total liabilities and net assets $ 403..11~ $ 343,757 $ 4.778.465 $~ 23 EDEN HOUSING, INC.: (A California Nonprofit Public Benefit Corporation) SCHEDULE OF OPERATIONS OWNED AFFORDABLE HOUSING PROJECTS YEAR ENDED JUNE 30, 2001 Grove Way ' 742 Harris and 10~/ Court D Street Villa Springs Total Income: Rental income, net of vacancy loss $ 42~528 $ 111,008 $ 498,000 $ 651,536 Laundry and other - 803 10,252 11,055 Interest income 256 5 ;216 5,472 Total income 42,528 112,067 513,468 668,063 Expenses: Salaries and wages 877 5,929 30,241 37,047 Payroll taxes and benefits. 544 1,421 17,646 19,611 Office and maintenance costs 5,548 26,948 149,408 191,.148 Professional services 1,680 7,914 27,720 37,314 Mortgageinterest and carrying costs 17,596 28,'543 185,468 . . 222,363 Total expenses 26,245 70,755 410,483 507,483 Income from operations 16,283 41,312 102,985 160,580 Other expenses: Depreciation and amortization 6,509 17,187 151,490 175,186 Interest - deferred notes - 103,896 103,896 Net income 0oss) $ 9.774 $ 24.125 $ (152..401)- $ (.118.502) EDEN HOUSING, INC. . (A California Nonprofit Public Benefit Corporation) SUPPLEMENTARY iNFORMATION REQUIRED BY THE CALIFORNIA HOUSING FINANCE AGENCY YEAR ENDED JUNE 30, 2001 VILLA SPRINGS 'APARTMENTS LOAN NO. 91036S Cash on Hand and in Banks Unrestricted accounts: Operating account $ 33,572 Cash on hand 100 $ 33,672 Restricted accounts: Operating deficit reserve $ 16,831 Operating deficit 'reserve 34,9.30 Total $ 51,761 Replacement reserve $ 60.531 Tenant security deposits $ 50.17~ Impounds $ 16,404 Accounts Receivable_ Receivable from tenants $ 630 Receivable from management/other 139 Subsidy receivable 41 Interest receivable 933 $ 1.743 Real Estate Property Earthquake Taxes Insurance Insurance Mort_~a~e Impound Accounts Balance, June 30, 2000 $ 4,850 $ 3,771 $ 4,251 Deposits 19,570 5,475 5,670 Interest credited 364 248 307 Payments for taxes and insurance (19,243) (5,587) (3,272) Balance, June 30, 2001 $ 5,541.. $ 3.907 $~6.956 ~ EDEN. HOUSING, INC, .. ,~ (,4. California Nonprofit Public Benefit Corporation) .. ~ SUPPLEMENTAKY INFORMATION REQUIRED BY THE ,.., CALIFORNIA HOUSING FINANCE AGENCY ~ YEAR ENDED JUNE 30, 2001, VILLA SPRINGS APARTMENTS LOAN NO. 91036S (Continued) Reserve for Replacements ' In accordance with provisions of the Regulatory Agreement, restricted Cash and investments are held by the CalifOrnia Housing Finance Agency to be used for replacements of property with the approval of CHFA as follows: Balance, June 30, 2000, confirmed by mortgagee $ 35,199 Monthly deposits of $1,927 23,124 . Interest received through June 30, 2001 2,208 Less: funds used for replacements of property (CHFA authorized) Balance, June 30, 2001, confirmed by mortgagee $ 60.53~ Tenant Securi~ Deposits Tenant security deposits are maintained in separate accounts and interest earned on these deposits is credited to a liability account to be refunded or applied for the benefit of tenants. Property., Equipment and Improvements Following are the details of property, equipment and improvements: Property, Equipment and Improvements at Buildings and Furniture and Cost Land Improvements Equipment Total Balance, June 30, 2000 $ 730,000 $ 4,733,598 $ 205,827 $ 5,669,425 Additions - 2001 1,706. 1,706 Balance, June 30, 2001 $ 730.000 $ 4,733.598 $ 207333 $ 5.671.13 Accounts Pa~able and Accrued Expenses Accounts payable are payable to service providers and suppliers and are being paid on a current basis. 26 EDEN HOUSING, INC. - ' (A California Nonprofit Public Benefit.Corporation) ..... - - .. SUPPLEMENTARY INFORMATION REQUIRED BY THE " CALIFORNIA HOUSING-FINANCE AGENCY " YEAR ENDED JUNE 30, 2001 VILLA SPRINGS APARTMENTS PROJECT NO. 91036S (Continued) Gross Potential Rents Gross potential rent includes: Tenant rental payments $ 472,744 Housing assistance payments 20,841 Employee quarters shown as an expense 7,884 Vacancy loss - 3,469 Total gross Potential rent $ 504,938 Management Fees Management fees were paid to Eden Housing Management, Inc. at a flat rote of $2,310 per month. Related-Partv Transactions, Allocations and Prorations The Board of Directors of Eden Housing, Inc., the owner of Villa Springs, is the sine Board as Eden Housing Management, Inc., the management agent. Surplus Cash (Deficit) Cash on hand and in bank $ 33,672 Tenant receivables 630 Housing assistance subsidy receivable 4I Other receivables 139 Tenant security deposits 50,173 84,655 Accounts payable and accrued'expenses (10,906) Accrued mortgage interest (55,728) Tenant security deposits (48,810) Surplus cash (deficit) $ (30.789) ~::' · ..EDEN HOUSING, INC. '" ' ~' ' ~ · ' . .(A California Nonprofit Public Benefit Corporation) ~ · ~ . -. SUPPLEMENTARY INFORMATION REQUIRF. D By HCD. ~ CALIFORNIA HOUSING REHABILITATION PROGRAM - RENTAL , . . YEAR. ENDED JUNE 30, 2001 VILLA SPRINGS APARTMENTS i PROJECT NO. 91-CHRP-R-097 Taxes were current as of June 30, 2001. Both tax installments were paid on time and incurred no late fees. Taxes are impounded monthly. Insurance --' . 'Insurance premiums are impounded monthly and are paid current as of June 30, 2001. The annual renewal policy was paid before the due date. Debt Service The debt service payments are current and Were all paid by the due date each month~ There has been no. additional indebtedness incurred since the project was first occupied. Replacement Reserve Account In accordance with provisions of the Regulatory Agreement, restricted cash is held by the California Housing FinanCe Agency to be used for replacement of property with the prior approval of HCD as follows: Balance, June 30, 2000 $ 35,199 Monthly.deposits ($1,927 x 12) 23,124 HCD authorized releases Interest earned 2,208. Balance, June 30, 2001 $ 60.53~1 Tenant Securi~_ Deposits Tenant security deposits are held in a separate federally insured interest-bearing bank account in the name of the project. Interest earned on this account is credited to a liability account to be refunded or applied for the benefit of tenants. The balance of the security deposit account is greater than the liability for security deposits: Operating, Reserve Account In accordance with provisions of the Regulatory Agreement, restricted cash is held by the California Housing Finance Agency to be used for unforeseen circumstances With' the prior approval of HCD as follows: Balance, June 30, 2000 $ 16,722 Deposits .. Authorized releases Interest earned 109 Balance, June 30, 2001 $ 16..831 28 . EDEN HOUSING, INC. (A California Nonprofit Public Benefit Corporation) SUPPLEMENTARY INFORMATION REQUIRED BY HCD CALIFORNL~, HOUSING'REHABILITATION PROGRAM - RENTAL YEAR ENDED JUNE 30, 2001 VILLA SPRINGS APARTMENTS PROJECT NO. 91-CHRP-R4)97 (Continued) Operating Reserve .4 ccount - CHF~I Balance, June 30, 2000 $ 331159 Intere st earned 1,771' CHFA authorized rei.eases Balance, June 30, 2001 $ 34.930 29 The Board of Directors Eden Housing, Inc. l~s M. Hayward, California RoDmuc~ g. JOHNSON S. Scour · ~ REPORT ON COMPLIANCE AND ON INTERNAL coNTRoL OVER FINANCIAL REPORTING BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH C~mToP.~ GO FERNMENT AUDITING sTANDARDS Jo.~ . We have audited the financial statements' of Eden Housing, Inc. (a California nonprofit public benefit corporation), as of and for the year ended June 30, 2001, and have issued our report thereon dated September 7, 200!. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing 'Standards, issued by the Comptroller General of the United States.' Compliance As part of obtaining reasonable assurance' about whether Eden Housing,' Inc.'s financial statements are ~ree of material misstatement, we performed tests of its compli.ance with certain provisions of laws, regulations, contracts and grants, noncompliance with which could have a direct and material effect on the determination of financial statements amounts. However, providing an opinion on compliance with those provisions was not an-objective of our audit and, accordingly, we do not express such an opinion. The results of our. tests disclosed no instances of nOncompliance that are required to be reported-under Government Auditing Standards. Internal Control Over Financial Reporting In planning and performing our audit, we considered Eden Housing, Inc.'s internal control over financial reporting in order to determine our auditing procedures for the purpose of expressing our opinion on the financial statements and not to provide assurance on the internal control over financial reporting, Our consideration of the internal control over financial reporting would not necessarily disclose all matters in the internal control over financial reporting that might be material weaknesses.' A. material weakness is a condition in which the design or operation of one or more of the internal control components does not reduce to a relatively low level the risk that misstatements in amounts that would be material in relation to the financial statements being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. We noted no matters involving the internal control over financial reporting and its. operation that we consider to be material weaknesses. However, we noted others matters involving the internal control over financial reporting that we have reported to the management of Eden Housing, Inc. in a separate letter dated September 7, 2001. This report is intended for the information and use of management, others' within the organi?ation, federal awarding agencies and pass-through entities and is not intended to be and should not be used by anyone other than these specified parties. V o,,~ September 7, 2001 32 ............. Telephone 4x5 957 9999 Facsimile 4-t5 957 x629 Email mail@lvhj.com http://www, lvhj.com An I~.~vusr~mvr Mxu~mt F~v.M o~ BKR Imrv. m~a~oNxz wrr~ Asso¢~r~s m P/u~¢~va& C~1u-s Board of Directors Eden Housing, Inc. I-Iayward, California j,~ RODI~RICK E. JoltlqsoN S. Scm'r S~a~s REPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE TO M~ O. EACH MAJOR PROGRAM AND INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITH OMB CIRCULAR A-133 JoH~ H. CougmE~ Compliance We have audited the compliance of Eden Housing, Inc; with the types of compliance requirements described in the U.S. Office of Management and Budget (OMB) Circular A-133 Compliance Supplement that are applicable to each of its major federal programs for the year ended June 30, 2001. Eden Housing, Inc.-'s major federal programs are identified in the summary of auditor's results section of the accompanying Schedule of Findings and Questioned Costs. Compliance with the requirements of laws, regulations, contracts and grants applicable to each of their major federal programs is the responsibility of Eden Housing, Inc.'s management. Our responsibility is to express an opinion on Eden Housing, Inc.'s compliance based on our audit. We conducted our audit of compliance in accordance with auditing standards generally accepted in the United States if America; the standards applicable to financial audits contained in Government ~luditing Standards, issued by the Comptroller General of the United States; and OMB Circular A-133, .dudits of States, Local Governments, and Nonprofit Organizations. Those standards and OMB Cimular A-133 require that we plan and perform the audit to obtain reasonable assurance about whether noncompliance with the types of compliance requirements referred to above that could have a direct and material effect on a major federal program occurred. An audit includes examining, on a test basis, evidence about Eden Housing, Inc.'s compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. Our audit does not provide a legal determination on.Eden Housing, Inc.'s compliance with those requirements. In our opinion, Eden Housing, Inc. complied, in all material respects, with the requirements referred to above that are applicable to each of its major federal programs for the year ended June 30, 2001. Internal Control Over Compliance The management of Eden Housing, Inc. is res, ponsible for establishing and maintaining effective internal control over compliance with requirements of laws, regulations, contracts and grants applicable to .federal programs. In planning and performing our audit, we considered Eden Housing, Inc.'s internal control over compliance with requirements that could have a direct and material effect on a major federal program in order to determine our auditing procedures for the purpose of expressing our opinion on compliance and to test and report on internal control over compliance in accordance with OMB Circular A-133. C~mu~n Pumac Accou~rra_xrrs, 90 New Montgomery, ~th Floor, S~ F~ncisco, C~omia Telephone ~5 957 9999 Fa~i~le ~5 9~ x6z9 ~1 m~l~lvhj.com h~://~.lvhj.com I~EPZNDSNT M~s~ F~ o~ B~ I~A~ON~ ~TH ~SOC~T~ IN P~CIPAL CI~S WO~D~ Internal Control Over Compliance '(Continued)" Our consideration of the internal control over compliance would not necessarily disclose all matters in the internal control 'that might be material weaknesses. A material weakness is a condition in which the 'design or operation of one or more of the internal control components does not reduce to a relatively low level of risk that noncompliance with applicable requirements of laws, regulations, contracts and grants that would be material in relation to a major federal program being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. We noted no matters involving the internal control over compliance and its operation that we consider to be material weaknesses. , This report is intended solely for the information and use of management, others within the organization, federal awarding agencies and pass-through entities and is not intended to be and should not be used by anyone other than these specified parties: I~0 r~ ~ ' September 7; 2001 EDEN HOUSING, INC. (A' California Nonprofit Public Benefit Corporation) ' ' '" ":" - SCHEDULE OF EXPENDITURES' OF FEDERAL AWARDS YEAR ENDED JUNE 30, 2001 ~l gency or Federal Pass - CFD21 Through Federal Federal Grantor/Pass-Through Grantor/Title Number Number Expenditures U.S. Department of Housing and Urban Development HOME Investment Partnerships Program: Pass-through awards: County of San Joaquin - Manteca Senior Housing 14.239 N/A $ 300,000 City ofLivermore - Gardella Gardens Apartments 14.239 N/A 100,000 Loan made in prior years for which continuing compliance is required: City of Hayward - 742 Harris Court 14.239 N/A 165,000 565,000 Community Development Block Grant Program: Loan made in prior years for which continuing compliance is required: County of Alameda - Richards Manor/Heritage Park 14.218 N/A 100,000 Total. U.S. Department of Housing and Urban Development 665,000 TOTAL FEDERAL AWARDS $ 665.000 r_~ -. EDEN HOUSING, INC. r- - (A California Nonprofit Public Benefit Corporation) '~-~- NOTES TO THE SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS t'- YEAR ENDED JUNE 30, 2001 NOTE 1 - BASIS OF.PRESENTATION The accompanying Schedule of Expenditures of Federal Awards includes the federal grant and loan activities of Eden Housing,/nc. and is presented on the accrual basis of accounting The information in this schedule is presented in accordance with the requirements of OMB Circular A- l 33, Audits of States, Local Governments, and Non-Profit Organizations. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. NOTE 2 - PRIOR YEARS' EXPENDITURES The accompanying Schedule of Expenditures of Federal Awards includes $265,000 in expenditures from prior years for which continuing compliance is required. ..... EDEN HOUSING, INC. (4. California Nonprofit Public Benefit Co~oration) --~ ... SCHEDULE OF FINDINGS AND QUESTIONED COSTS - YEAR ENDED JUNE 30, 2001 Section I- Summary of Auditor's Results Financial Statements Type of auditor's report issued: Unqualified Internal control over financial reporting: . Material weakness(es) identified? yes X no Reportable condition(s) identified that are not considered to be material weakness(es)? yes X none reported Noncompliance material to financial statements noted? yes X no- Federal Awards Internal control over major programs: Material weakness(es) identified? yes X no Reportable condition(s) identified that are not considered to be material weakness(es)? yes X none reported Type of auditor's report issued on compliance for major programs: Unqualified Any audit findings disclosed that are required to be reported in accordance with Section 501(a) of Circular A-1337 yes X' no Identification of major programs: Name of Federal Program or Ouster: CFDA #14.239 HOME Investment Partnerships Program Dollar threshold used to distinguish betWeen Type A and Type B programs: $ 300,000 Auditee qualified as low-risk anditee? yes X no Section H - Financial Statement Findings None noted Section III- Federal Award Findings and Questio~ied Costs No matters were reported. [] Eden Housing, Inc. [] Eden Housing Management, Inc. [] Eden Housing Resident Services, Inc. STATEMENT OF QUALIFICATIONS 05/23/02 · Eden Housing, Inc. · Eden Housing Management, Inc. · Eden Housing Resident Services, Inc. 409 Jackson Street Hayward, California 94544 Telephone: 510. 582.1460 Fax: 510. 582.6523 Web: www. edenhousing, org t STATEMENT OF Q UALIFICA TIONS Table of Contents' · The Organization · The Board of Directors · StaffExpertise The Eden Housing Real Estate Development Team. The Eden Housing Management Team The Eden Housing Resident Services Team · PortfolioofHousingDevelopments Profiles of Selected Projects Awards & Recogni[ions Vemion 0~/25/02 THE OR GANIZA TION 05/23/02 Organization Eden Housing, Inc. revitalizes communities through an array of development activities and social services that meet the needs of lower income people. We build sustainable communities-through the housing we produce, the properties we manage, the services we offer to residents, the partnerships we establish, and the investments we make in neighborhoods throughout Northern California. .4ffordable Housing l)evelopment The founding of Eden Housing in 1968 as a nonprofit, community- based development company came about through the efforts of a concerned group of citizens living in southern Alameda County.. Recognizing the serious lack of good housing for low-income residents, these community activists and civic leaders began work on trek first project, Josephine Luna Lodge, which provides 150 affordable rental housing units for sen/or citizens in Hayward. Thirty-four years later, Eden Housing has developed over 4,100 residential units and more than 20,000 square feet of commercial space in cities throughout Alameda, Santa Clara, Sonoma, Contra Costa and San Joaquin counties. Today, Eden Housing stands out as one of the most productive and successful nonprofit affordable housing developers in Northern California. We are recognized in the industry for our creative development approach that includes collaborating with local governments and tailoring projects to suit the locale. However, our work is not simply defmed by the housing we build for low- income residents.. Housing development is but one aspect of a neighborhood revitalization strategy that also includes property management and support services for residents. Each of these elements involves partnering with communities, investing in neighborhoods and empowering residents. Property Management Eden Housing's property management firm, Eden Housing Management, Inc. (EHMI), is in the forefiront of providing efficient and sensitive management services to the residents we serve. Who are these residents? They are lower income families, seniors, developmentally, mentally or physically challenged adults and their families, people who were formerly homeless, and first- time homeowners. The housing they live in, built or rehabilitated by Eden Housing, includes rental apartments, single-family and townhouse ownership, cooperatives, and supportive living environments. Since its establishment in 1984, EHMI has provided professional, quality management for Eden's properties, and is committed to their long-term maintenance. EHMI currently manages more than 2,000 units of Eden's rental housing. Through careful attention to concerns as they arise and consistently sound managerial practices, EI-IMI far exceeds management industry standards for bad debt; lost rent write-offs and vacancy factors. EHM~s work is an integral part of the community development policies of the organization. The attention we place on management represents a long-term investment that goes well · 05/25A~2 beyond bricks and mortar and speaks to our goal of building communities. EHMI's central staff operates closely with its on-site personnel who tend to the daily needs of the properties and to the people who hve in them. Resident Support $erviees EHMI's Deputy Director of Property Operations also oversees the comprehensive social services programs of Eden Housing Resident Services, Inc. (EHRSI), a 501(c) (3) nonprofit affiliate of Eden Housing, Inc. Through EI-II~I we link well-built and carefully managed homing with resources that support residents in their daily lives. EHRSI's Resident Services Coordinators are on-site to offer important information and referral Services and to implement key programs: youth summer and after-school activities, an innovative and growing computer-assisted learning program, a scholarship program for deserving adults and support for the frail elderly, to name but a few. Partnerships and Investments Our ability to collaborate on all aspects of a project brings more to the table than one element alone can. The work of the management Company furthers our affordable housing development activities by helping us gain community acceptance and attract financing. Well-built and maintained buildings, along with the social services we provide, support the daily lives of our residents. The oversight of our asset management for our properties assures compliance with a variety of local, state and federal funding programs, thus protecting our investors. Each of our developments provides linkages to the opportunities that society offers for living fulfilling productive lives. How Eden creates these small communities within the larger setting of our developments is a model for what can be accomplished through partnership, collaboration, mutual support and community focus. The following resumes and project profiles in this Statement of Qualifications illustrate Eden Housing's expertise in the field of community development. 05/23/02 The Board o~£ Directors r-"- 05~$/02 Ilene Weinreb, President The Board of Directors Former Mayor, City of Hayward Affiliations Eden I & IL President Chair, Board of Satellite Senior Housing Board member, Men-itt Community Capital Corp. Board member, N. California Community Loan Fund Community Volunteer, SRO Restoration Project Earthquake Housing Committee Bay Area Community Services (BACS) BACS on Autism BACS Mental Health Committee Jennifer Groebe, Vice President Licensed Clinical Social Worker at Kaiser Permanente Affiliations National Association of Social Workers Past Board member of Elder Abuse Prevention Oakland Museum of California John F. Kennedy University, Orinda, CA Frank Goulart, Secretary / Treasurer Attorney-at-Law Affiliations California State Bar Association American Bar Association Arbitrator of American Arbitration Association Arbitrator of Superior Court, County of Alameda Henry (Hank) Deadrich, Director Real Estate Broker Affiliations Past President, San Leandro Chamber of Commerce, 1988 Past President, San Leandro Scholarship Foundation, 1971-1986 Member of the Assessment Appeals Board for Alameda County, 1971-1975 Member of the Southern Alameda County Association of Realtors since 1962 Licensed Real Estate Agent, 1962 Kathleen Hamm, Director Economic Consultant Affiliations National Development Council, 1994 Published 14 Reports and Studies on Economic Development between 1970 and 1991 Nick Randall, Director Secretary and Board Member, Tri-City Homeless Coalition Affiliations Former member, Hayward City Council Timothy Reilly, Director Vice President, Fremont Business Banking Group, Union Bank of California Affiliations Chair Chamber of Commerce, Fremont Executive Board Member, Chamber of Commerce Fremont District Chair, Boy Scouts of America Co-Founder Board Member, EHMI Advisory Board Member, Tri-City Homeless Coalition, Fremont Advisory Board Member, Sisters of the Holy Family Previous Advisory Board Member, World Institute on Disability Advisory Board Member, Women in Technology Foundation 05/25/02 William Vandenburgh, Director Retired Professor of Physical Education Former Executive Dean, CSUH Affiliations Vice-Chairman, Alameda County Leadership Board-United Way, Alameda County Chairman, Community Building Committee-United Way, Alameda County North American Society of Sport History Pauline Weaver, Director Assistant Public Defender, Alameda County Affiliations Standing Committee on Gavel Awards, American Bar Association State Bar California, Board of Governors Past President, National Conf. of Women's Bar Associations Past President, California Women Lawyers Calvin Whitaker, Director Administrative Aide, Development Services Dept., City of San Leandro Affiliations American Planning Association - Planning & Black Community Division Harold Mefford, Director Emeritus Attorney-at-Law Affiliations California State Bar Association James A. Walker, Director Emeritus Retired Bank Officer Affiliations Volunteer, Income Tax Program, Hayward Sr. Citizens Center Executive Officer, Veterans of Foreign Wars San Francisco Bay Area Chapter, Hampton University Alumni Sara Conner, Director Emeritus Community Volunteer Affiliations~ Retirement Board Trustee, AC. Transit Former Member, Castro Valley Municipal Advisory Council Commissioner, Alameda County Housing Authority Sal Tedesco, Director Emeritus Retired HUD Official Affiliations Former Chairperson, Municipal Advisory Council of Castro Valley Planning & Zoning Committee, Castro Valley Changer of Commerce Member, Alameda County Advisory Commission on Aging 05/23/02 S TA FF EXPER TISE 05/25/02 StaffExpertise Eden Housing, Inc. and Affiliates Executive Director Linda Mandolini Chief Financial Officer Joyce Boyd Director of Real Estate Development Jeff Bennett Associate Director of Real Estate Development Marian Gushiken Project Developers Deni Adaniya, Senior Project Developer Kathy Sehtnidt, Project Developer Woody Karp, Project Developer Katrina Bergen, Project Developer Candy Alcosiba, Associate Project Developer Controller Samuel Walker Corporate Accounting Manager Julia Cema Development Accounting Manager Rebecca San Pedro Director of Human Resources Juanita Gross Director of Fund Development Sherry Porrazzo 05/23/02 Eden Housing Management, Inc. Deputy Director of Pro£erty Operations Paul Lubin Associate Director of Property Management Jade White Property Supervisors Paula Williams Georgina Mascarenhas Mary Smith Compliance Manager Joyce Batiste Eden Housing Resident Services, Inc. Associate Director, Resident Services Jennifer Reed Program Supervisor- Senior & Disabled Eileen Cordova Computer Assisted Learning Program Manager Scott Rains Youth Program Specialist Tammy Murray Service Coordinators Barbara Connors Madonna Dat2xnan Melissa Ann Farr Deidre Hicks Grace Kim Enriqueta LaVarta Jennifer Taylor Guadalupe Yanez 05/23/02 The Eden Housing Development Team 05/23/O2 Executive Director Prgfessional Career Linda Mandolini Linda Mandolini has served Eden Housing in several capacities, first as a project developer, next as the Director of Real Estate Eden Housing, Inc. Development and since spring of 2001, as Executive Director. As Eden Housing Management, Inc. Executive Director, she is accountable to an active 11-member community-based board of directors. She oversees the Education organization's affordable housing production, property Boston University, Boston, Massachusetts management and social services activities with a $3.8 m/Ilion Master of Business Administration budget, including a development portfolio of more than 4,000 Wheaton College, Norton, MA rental and home ownership units, a property management portfolio Bachelor of Arts, Political Science and of over 1,500 units and a staff of more than 120 people. Urban Studies, Magna Cum Laude, Phi Beta Kappa Prior to rejoining Eden Housing as the Director of Real Estate Professional Associations Development, Ms. Mandolini was the Transportation and Land use City of Menlo Park Housing Commission, Director at the Silicon Valley Manufacturing Group in Santa Clara Chair Silicon Valley Housing Leadership County. As Director of Real Estate Development, she was Council responsible for leading a team of developers in building affordable~ Housing Trust of Santa Clara County, housing projects in a variety of locations in the Bay Area, Board Member including the Ohlone-Chynoweth Commons Light Rail development in San Jose, a 194-unit transit-based housing development for families. Prior to joining Eden Housing, Ms. Mandolini worked as a lender and developer of affordable housing with several entities in Boston, Massachusetts, including serving as the Director of Development for the Codman Square Neighborhood Development Corporation and manager of the Real Estate Portfolio for the Massachusetts Community Development Finance Corporation. Ms. Mandolini has a broad range of experience in housing and economic development including commnnity organic, lng, community planning, real estate development, and real estate finance. 05/23/02 Professional Career Chief Financial Officer Ms. Boyd is responsible for the fiscal oversight of more than 50 Joyce Boyd individual Eden Housing affiliated companies, including Eden's Education three largest entities: Eden Housing, Inc., Eden Housing . Golden Gate University, San Francisco, CA Management Corp. and Eden Housing Resident Services, Inc. Bachelor of Arts, Accounting, Summa She also oversees the fiscal activities of several development Cum Laude, GPA 4.0 partnerships. Professional Associations & Affiliations Before joining Eden in January of 2001, Ms. Boyd built a long Certified Public Accountant, State of track record of financial management, including 5 years as a CFO California in the Bay Area nonprofit sector, and 12 years with Public American Institute of Certified Public Accounting f'mm in the San Francisco Bay area, including 10 Accountants years as a manager with Grant, Smith, Vincent & Co. of Oakland. Ms. Boyd was CFO for Jobs for Homeless Consortium, Inc. of Alameda County, where she was responsible for the financial oversight of a growing social service agency that provided services to homeless families and individuals. Originally from Michigan, Ms. Boyd came to the Bay Area in 1978. She is a graduate of Golden Gate University, is a licensed California CPA, and a member of the American Institute of Certified Public Accountants. 05/23/02 Director of Development Professional Career Jeff Bennett joined Eden as a Project D~veloper in Februat3r 1999 Jeff Bennett and was promoted to Director of Real Estate Development in Education spring of 2001. In that capacigr, he directs Eden Housing's development activities, including the supervision of project Boston College Bachelor of Science, development staff. Under his leadership, development te~m.q carry out all phases of housing production from acquisition through Business Administration project completion. Before joining Eden, Mr. Bennett was a Vice President in Wells Fargo's Real Estate Community Lending Divi'sion, where he provided fmancing for affordable housing and commurfity revitalization developments. During his four years with Community Lending, Mr. Bennett worked with many of the Bay Area's leading non-profit developers, including Eden Housing. As a lender, he worked with Eden on the Ohlone-Chynoweth, Owls' Landing and Riverhouse developments. His primary focus was providing acquisition/rehabilitation loans and construction loans for affordable rental housing. Mr. Bennett's 8 ½-year tenure at Wells Fargo included a 2 ~-year stint working with regional and national developers on market-rate commercial and residential developments in the East Bay, and a year with the bank's internal loan auditing department. He joined Wells Fargo as a loan officer trainee in 1990 and completed its management-training program in 1992. 05/23/02 Project Developers The project developers at Eden Housing manage the ongoing housing developments, seeing the projects through to completion from the early predevelopment stages to marketing the units for occupancy. Their duties include site evaluation and negotiation of purchase agreements, economic feasibility analysis, financial structuring of private and public debt and equity financing, and obtaining design and site plan approvals. The project developers also coordinate the services of all consultants and oversee construction management. ~lssociate DireCtor of Development ProfessiOnal Career Marian Gushiken Marian Gushiken brings a solid background in housing and community development. Prior to joining Eden Housing, Marian Education was the Housing Development Specialist for the City of Hayward University of Califorrda, Berkeley working on ali program, project and policy aspects of affordable Master of City and Regional Planning housing in the City. During her seven years there, Ms Gushiken University of the Pacific, Stockton worked on affordable housing projects and programs funded by Bachelor of Arts, Social Policy and the City's Low and Moderate Income Housing Fund, Community Urban Affairs Development Block Grant (CDBG) Program, HOME Investment Partnerships Program and mulfifamily mortgage revenue bond program. She provided technical assistance on the financing and development aspects of transitional housing, rental and ownership projects to both non-profit and for-profit developers whose projects included a component of affordable units. In the area of home ownership programs, she developed and managed several City-sponsored second mortgage programs directed to first-time homebuyers.' She also developed ordinances related to affordable housing production and was responsible for 'developing hOUsing Policy documents for the City, including those required for compliance with federal and state regulations. Ms Gushiken's. volunteer work also involved service on the City of Ha)ward's Affirmative Action Committee. Ms Gushiken has also worked as a' Project Manager for the Mid- Peninsula Housing Coalition, working on various multi_family rental developments in Santa Clara and San Mateo counties, including new construction and rehabilitation projects serving low- income families and seniors. There she worked on' projects utilizing a broad array of £mancing sources inchding HUD programs, the Low Income Housing Tax Credit, State of California housing programs, local redevelopment and CDBG funds, as well as private lenders. 05/23/02 Senior Project Developer Professional Career DeniAdaniya Deni Adaniya's education and past experience in affordable housing, international development and community development Education have substantially contn'buted to Eden Honsing's development University of Pennsylvania team. Prior to coming to Eden,' she served as project manager with Graduate School of Fine Arts several community development organizations in Brooklyn, New Master of City Planning with a York where she oversaw the production of 185 units of low- specialization in International income housing for families, seniors and people with special Development needs. These projects utilized £mancing from Low-Income Boston University Housing Tax Credits, the City of New York, New York State, U.S. Bachelor of Arts, Anthropology Department of Housing and Urban Development, and private lenders as well as foundations and corporate grants. Throughout her career, Ms. Adaniya has sought to incorporate community- building activities into the development projects she manages, such as working with neighborhood children to create a community garden on adjacent vacant land or enlisting teachers from the local school to develop an on-site computer learning center. Ms. Adaniya's experiences overseas have also informed her development work. In 1997, she served as Principal Planner with Mayan Resorts Development Company, a large landowner and developer in Belize, Central America. There, she managed initial master and site planning for a 150-room coastal resort and program planning and interior design for the conversion of an office building into corporate club facilities. In addition, she has conducted fieldwork in Puebla, Mexico with women's artisans' cooperative in 1992 and was awarded the 1991 Kinne Urban Planning Traveling FellOwship from Columbia University to conduct field research in Costa Pica and Guatemala. 05/23/02 Professional Career Project Developer Kathy Schmidt brought to Eden her extensive experience in the Kathy Sfhmidt fields of housing and planning. She is a licensed architect and has a broad background in planning, design, business and community Education participation. Before joining Eden Housing, Ms. Schmidt had a Stanford University, Stanford, California private architectural practice focusing on residential design and Master of BUsineSs Administration consulting. She has written design guidelines fOr residential Master of Architecture developments .and consulted in communications, market research Bachelor of Arts, Architecture and workplace research. As a Palo Alto Planning Commissioner since 1991, Ms. Schmidt has supported and advocated for many ProfessionaI Associations & Activities affordable housing projects. City of Palo Alto Planning and Transportation Commission Ms. Schmidt also worked at Sun Micresystems where she American Institute of Architects, Santa Clara managed workplace research to better support team and individual Valley Chapter, Vice President Redw°od City Child Development program, work for a 1,000,000 square foot engineering campus. She was an Associate at Spencer Associates, Architects and Planners, both Board Member before and after attending business school. She managed a wide range of public and private projects including residential projects and environmental centers and museums. She served as business manager for the farm as well. Kathy also wrote and published The Home Remodeling Management Book, a guidebook to help home owners plan, organize and maintain control of the remodeling process. 05/23/O2 ~-' Project Developer Professional Career ¢~ Edward "[tZoody'' Karp Edward "Woody" Karp came to Eden with an extensive background in real estate law. Prior to joining Eden as a project ~ Education developer, Mr. Karl> was a partner in a law office handling ~'"~ Golden Gate University, San Francisco, CA complex litigation for a variety of professionals including Real School of Law F" Juris Doctorate Estate Developers, General contractors, Engineers, Real Estate University of Wisconsin, Madison, WI Agents and Brokers, property managers and Mortgage Brokers. He ~ Bachelor of Arts, Behavioral Sciences & Law; Sociology brings to Eden's Real Estate Development team specific and ~ important expertise in the evaluation and negotiation of contracts, [~.,~ Professional Associations as well as in conflict resolution. American Bar Association State Bar of Califomia: Real Estate Section Alameda County Bar Association Real Estate Section Member of Urban Ecology 05/25/02 Professional Career Katrina Bergen has an impressive background many aspects Of Project Developer the affordable housing field. In 2002, she brought to Eden the years of experience she acquired as a project developer for Mid- Katrina Bergen Education Peninsula Housing Coalition on the San Francisco Peninsula, University of California, Berkeley, CA BRIDGE Housing Corporation in San Francisco, and as a housing Masters in City and Regional Planning development consultant for the past 10 years to many of Northern University of California, Santa Cruz, Ca California's affordable housing developers. Bachelor of Arts, Literature with Honors Associations & Activities started her in the housing trenches as an Professional Ms. Bergen career Licensed Real Estate Broker Volunteer, Church Deacon and teacher administrative assistant with a grass roots organization, Central Coast Counties Development Corporation in Salinas, CA, working on economic development projects. She sharpened her knowledge in Housing Program Analysis and Research and Development with California's Housing and Community Development Department (HCD) and several California grass roots organizations. She honed her development skills with a 4-year stint at Mid-Peninsula Housing Coalition, where she oversaw the development and sales of 78 condominiums for first-tirne homeowners and the acquisition of 3 commercial buildings and their conversion into homeless shelters, helping to establish a non- profit organization, Shelter Network, to mn them. 05/25/02 Associate Project Developer Professional Career Candace "Candy" Alcosiba Candy Alcosiba joined Eden's Real Estate Development Department as an Associate Project Developer after working with · - the Housing Authority of the County of Santa Clara for 10 years. Education Various training courses in Low-Income While there, Ms Alcosiba acquired extensive knowledge and Housing Tax Credit program and other experience in the complex programs and regulations involved in governmental housing agency regulations and funding requirements producing and managing subsidized housing, and Worked with the Housing Authority management team on maintaining compliance with these regulations. She co-managed resident relocations for Poco Way, an over-200 unit development in San Jose, as well as the marketing and purchaser qualifications for a 36-unit homeownership project in Morgan Hill. Ms. Alcosiba's experience with public program funding applications and the specific requirements of individual funding sources are an 'important asset for Eden's Real Estate Development Department. 05/2~d02 The Eden Housing Management and Services Team 05/25/02 Deputy Director of Property Operations Professional Career Paul Lubin is responsible for the OVerall OPerations of Eden Paul Lubin, C.P.M. Honsing's residential communities and for the provision of Resident Services and Programs in these communities. Education State University of New York, Stony Brook Mr. Lubin has worked in the housing field for over 20 years, and B.A} Psychology with affordable housing since the inception of the Section 8 program. He has been involved in the management of over 20,000 Professional Associations units of affordable HUD bond housing, encompassing programs, Certified Property Manager, Institute of £manced properties and LIHTC (Low Income Housing Tax Real Estate Management Credit). Licensed Real Estate Broker, State of California Mr. Lubin is a native of New York City, where he first entered the housing industry. He resided in southern California for close to 20 years prior to moving to the San Francisco Bay Area. Mr. Lubin was actively involved in working with local Southern California cities to develop affordable housing programs that helped preserve the existing housing stock, and also helped implement a number of programs with local governing agencies to ensure that housing standards were maintained by owners of rental properties. He was a member of Mayor Bradley's Affordable Housing Task Force in Los Angeles during the mid-1980s, and a Task Force member of the City of Rialto's Comprehensive Strategic Housing Plan. Mr. Lubin is a Certified Property Manager and a licensed California Real Estate Broker. 05/23/02 Asst. Director of Property Management Professional Career Jade iL. J~ite Jade White brings sensitivity and commitment to her position of overseeing the management of housing for low-income families, Education seniors and adults with disabilities. She has held positions as CA Department of Real Estate Licensed Sales Person secretary to the vice president for an Oakland, CA corporation, U.S. Department of Housing & Urban Development, loan secretary for an Alaska-based financial institution, and as Certified Occupancy Specialist support staff for a title company in New York.~ With her training as Alameda High School, Alameda, CA, High School a HUD Occupancy Specialist, she is particularly knowledgeable about managing HUD-financed properties. Diploma At Eden, Ms. White provides direction for the property supervisors. During her tenure with Eden Housing Management, Inc., she has successfully completed the rent-up of five tax credit properties as well as the rent-up of two special-user HUD properties. She has worked with the Hayward Police Department, City of Hayward officials and community members to clean up the distressed' neighborhood surrounding one of Eden's properties. Through a joint effort, this community team eliminated the graffiti from the properties and businesses in the neighborhood, and also lessened local gang activity. osr2s/oz Property Supervisors Each project is under the charge of a property supervisor who oversees the day-to-day functions of the developments and supervises on-site staff. In keeping with Eden Housing Managemenfs philosophy, the supervisors place special emphasis on staff development and community relations with the residents thzough activities, services and access to resources. Property Supervisor Professional Career Paula Williams Paula Williams has hands-on experience managing a wide-range of properties for EHMI as a resident manager. She managed Education family'tax credit properties and HUD subsidized properties for Mt. Eden High School, Hayward, CA both the senior population and the population with developmental Institute of Real Estate Management, Course disabilities. #101, Course #800 National Center for Housing Management' Due to her excellent job performance and her pursuit of certified Certified OCcupancy Specialist management skills, she was promoted to Property Supervisor. Her Senior Housing Specialist management portfolio now includes HUD subsidized properties California Department of Real Estate Licensed SalesPerson for both the senior population and the population with developmental disabilities. Currently, her main emphasis within her portfolio is the training of her managers for each of her sites. Professional Associations National Notary Association 05/25/02 Property Supervisor Professional Career Georgina Mascarenhas Georgina Mascarenhas began her property management career in 1989 as a Property Manager for a real estate company where she Education had hands on management often small conventional properties. St. Lawrence's College, Karachi - Pakistan Prior to joining Eden Housing, she was an Occupancy/Front-Line Christ the King High School, Karachi - Pakistan Specialist at another large Bay Area non-profit housing developer, where she was responsible for the compliance monitoring of National Center for Housing Management 4000+ units, including tax credit, RHCP, HUD subsidized, Certified Housing Specialist conventional, HOME, city and county funded housing programs. Quadel Resident populations included seniors, family, chronically Assisted Housing Manager mentally ill, and people with developmental disabilities. Ms. Assisted Housing Management Association Mascarenhas was also respons~le for the successful rent-up of Fair Housing Certification eight new tax credit and HUD subsidized proPerties and three Elizabeth Mooreland acquisition rehab properties. Certified Tax Credit Manager Project Data Systems Ms. Mascarenhas has been a Property Supervisor with Eden Front-Line Specialist Micro-Rent Micro-HUD Housing since May 1999 and was initially responsible for the supervision of properties owned by a third party client and managed by Eden. Her occupancy background and experience with rehabs were instrumental in the successful completion of Eden's Virginia Lane project. Since Eden discontinued providing management services for third-parties, Ms. Mascarenhas' portfolio now includes several HUD and Tax Credit program properties. 05/25/0~ Property Supervisor Professional Career Mary Stnith Mary Smith came to Eden Housing Management, Inc. in 1995. She started with two small properties, which accommodated Education residents with developmental and physical disabilities, has since Grant Joint Union High School, Sacramento broadened her portfolio to include a variety of resident National Center for Housing Management populations.. Certified Occupancy Specialist Tax Credit Specialist Ms. Smith has further developed her management skills through Certified Manager of Maintenance the National Center for Housing Management, Elizabeth Moorland Association of Housing Management Agents, and various other agencies. Ms. Smith's management portfolio now includes tax credit, RHCP, CHIRP and California Housing Finance Agency properties. 05/25/02 Associate Director of Resident Services Professional Career Jennifer Reed Jemaifer Reed has nine years of experience working with youth and families in the nonprofit sector. Her passion lies in developing Education services designed to meet the diverse needs of the community, thus Golden Gate University, San Francisco, CA promoting healthy and happy families. Her past experience in the M.A. Applied Psychology Union College, Schenectady, NY field includes program development, grant writing/fundraising, the B.S. PsYChology establishment of strong collaboratives, contract and budget management, staff development and direct services for youth and their families. Prior to her nonprofit work, Ms. Reed resided in Cuemavaca, Mexico, where she worked as an English as a Second Language Instructor and Translator. Her strong bilingual abilities have allowed her to do extensive outreach to a diverse population in the San Francisco Bay Area. In addition to her professional work experience, Ms. Reed holds a Bachelor's Degree in Psychology and a Master's Degree in Applied Psychology with an emphasis in Organizational Development and Behavior. As Associate Director of Resident Services, Jennifer currently oversees service provision and development for all of EHRSI's portfolio. She supervises a diverse staffofresident managers and service coordinators. She also oversees special programs focused on youth development. 05/23/02 Program Supervisor-Senior/Disabled Eileen Cordova Professional Career Eileen Cordova was recently promoted to Program Supervisor, Education Senior-Disabled Services after seven years of providing expe~t California State University, San Francisco, CA coordination of resident services for Josephine Lure Lodge (JLL), M.A. Gerontology an Eden Housing 150-unit HUD senior apadment Complex, and California State University, Hayward, CA Eden's first development. She is still acting as JLL's Service B.A. Human Development Coordinator temporarily. Ms. Cordova has always fulfilled her Chabot College, Hayward, CA Certificate in Gerontology responsibilities to further Eden's goal to ensure long-term quality of life for its senior residents, and to help them maintain their Professional Credentials independent living status in safety and security for as long as RCFE Administrator's License possible, with compassion and e.xpertise. She links residents with vital community resources, acts as liaison between management and resident and between residents and service providers, advocates for residents and their needs, 'provides counseling to residents and their families, and full-fils many other needs of Eden's senior residents. Ms. Cordova now also supervises a staff of five Seniors Service Coordinators. Controller Professional Career Samuel }Yalker Samuel Walker serves as the direct supervisor of the accounting department of Eden Homing Management, Inc. (EHMI). Among Education his responsibilities is the oversight of the accounting and financial California State Polytechnic University, reporting functions for EHMI, as well as participation in the Pomona, CA review and design of changes to the Eden Organization's Bachelor of Science, Business budgeting, accounting and management information systems. Administration Mr. Walker has served as a senior auditor for a national CPA f'am specializing in the audits of real estate developers. He has also held controller positions for several California developers for which he was instrumental in designing accounting, cash, and contract management systems and in supervising and training accounting staff. 05/2:t/02 PORTFOLIO OF HOUSING DE VEL OPMENTS 05/23/02 Portfolio of Housing Developments Josephine Lum Lodge, Hayward, Cypress Glen, Hayward, 1986 Corona Crescent, Petaluma, 1994 1973 54 rental apartments for families 16 family -owned townhomes 150 rental apartments for seniors (37 units for lower income families) for £rrst time home-buyers Eden Lodge, San Leandro, 1980 Huntwood Commons, Hayward, Laulima House, Oakland, 1995 143 rental apartments for seniors 1988 4 rehabilitated rental units for 40 rental apartments for families women with aids and their children La Solana, Hayward, 1982 58 family-owned townhomes Ridge View Commons, Pleasanton, The San Pablo, Oakland, 1996 1989 144 rehabilitated rental units for Summerwood, Hayward, 1983 200 rental apartments for seniors seniors, senior services 162 rental apartments for families (32 units for lower income families) Sequoia Manor, Fremont, 1989 Emerson Arms, Martinez; 1996 81 rental apartments for seniors 32 rehabilitated rental units for lOth & D Street, families Union City, 1983 Redwood Lodge, Fremont, 1989 3 rehabilitated rental apartments for 24 rental apartments for physically Catalonia, San Jose, 1996 families disabled 50 rental apartments for families Marcella Court, Ashland, 1983 Baywood Apartments, B Street Bungalows, Hayward, 14 rehabilitated rental apartments for Fremont, 1990. 1996 families 82 rental apartments for families 4 family-owned single-family homes (66 units for lower income families) for first time homebuyers Grove VFay, Alameda County, 1983 l~Vestporte, Hayward, 1990 · Eden Palms, San Jose, 1996 8 rehabilitated rental apartments for 94 family-owned townhomes 145 rental apartments for families, families (18 homes for lower income families) day care facility, computer learning center Eden Issei, Hayward, 1984 Fuller Lodge, San Leandro, 1991 100 rental apartments for seniors 26 rental apartments for Pacific Grove, Fremont, 1997 developmentally disabled 20 rental apartments for mentally Sparks }Fay Commons, Alameda disabled adults Co., 1984 E.C. Magnolia Court, Hayward, 45 limited equity coop townhomes 1992 Harris Court, Hayward, 1999 for families 21 rental apartments for physically 24 rental apartments disabled ~Terrace, Union City, 2000 Sycamore Square, stoney Creek, Livermore, 1992 45 rental apartments for seniors Hayward, 1984 26 rental apartments for families 70 rental apartments for families Owl's Landing, Livermore, 2000 Greenhaven, Union City, 1984 }Yashington Creek, Petaluma, 1993 72 rental apartments for families, 250 rental apartments for families 32 rental apartments for families computer learning center, daycare (50 units for lower income families) facility Villa Springs, Hayward, 1993 Tyrrell Gardens, Hayward, 1985 66 rental units for families Stone Pine Meadows, Tracy, 2000 28 owner-built family townhomes 72 rental apartments for families, (24 homes for lower income families) Glen Eden, Hayward, 1993 computer learning center 36 rental apartments for families Olive Tree Plaza, Hayward, 1986 1400 sq. fi. office space and Community Heritage Senior Apts., _26 rental apartments for physically undergroUnd parking Riclunond, 2000 disabled 52 rental apartments for seniors Glen Berry, Hayward, 1994 Heritage Park, Livermore, 1986 50 rental apartments for families, Virginia Lane, Concord, 2000. 100 rental apartments for seniors day care center, underground parking 91 rental apartments for families HuntWood Terrace, Corona Ranch~ ?etaluma, 1994 Ohlone-Chynoweth Commons, San Hayward, 1986 74 rental apartments for families, Jose, 2001 104 rental apartments for families daycare facility 194 rental apartments for families, (26 units for lower income families) commercial/retail, computer learning center Profile of Selected Projects 05/23/02 Profile of Selected Projects Eden Housing's frrst development was Josephine Lure Lodge in Hayward, completed in 1973. This 150-unit ~omplex for low income elderly was made possible with a generous bequest from the late Josephine Lum, a Hayward resident committed to participating in the creation of affordable housing for her community. Financing also came from the U.S. Department of Housing and Urban Development's (HUD) Section 236 program. Josephine Lum Lodge received the 1973 Design Award by the Bay Area American Institute of Architects. Special features include a central dining area that offers a luncheon program for the residents, a community room, beautiful landscaping with a rose garden, shuffleboard 'court, laundry facilities and an art room. Eden Lodge is a HUD Section 202 housing complex that offers 143 subsidized rental un/ts for low income seniors. Built in 1980 in San Leandro, the development was the 1981 recipient of the City of San Leandro Residential Development Design Award. Eden Lodge provides gracious living for seniors with its landscaped gardens, large lounge areas, a library, game room and dining facilities. This project will continue to offer affordable rents to its residents because of financing from the HUD Section 202/8 program and the City of San Leandro. Sycamore Square, completed in 1984, was Eden Housing's £~-st development for low income families. Built in Hayward, the project's 26 rental apartments are situated on two small sites. Its location near a BART station allows convenient access to services and jobs. Funding for Sycamore Square included a combination of HUD Section 8 subsidies, bond financing secured through the California Housing Finance Agency, syndication proceeds to increase the project's equity and contributions from the City of Hayward. The residents pay no more than 30% of their adjusted income for rent. The 45-unit Sparks Way Commons in Hayward was developed in 1984 to provide an affordable form of homeownership for low income families via a limited equity cooperative model. Each household pays a low down payment to buy a share in a cooperative ownership arrangement and a vote on corporate matters. When a household moves and sells its share, it is limited to a maximum return of 10% per year as the equity growth. In this 05/23/02 way, continued affordability is ensured for future cooperative '~ residents. Sparks Way Commons was designed with spacious townhome units for large families. Integrated into the landscaping e- are play areas for children and open space for family gatherings. Eden Housing and East Bay Issei (24 organizations representing virtually every Japanese American group in the East Bay) worked together to obtain HUD Section 202/8 funding for Eden Issei. This 100-unit elderly housing project in Hayward includes ten units that are designed and reserved for physically handicapped residents. The beautifully designed two-story complex encircles a landscaped outdoor area replete with patios, a fish pond with Japanese Koi and abundant lawns. A meals program serves lunch to the residents, and a hairdresser operates a salon on the premises. Eden Housing Management also offers a number of activities for the seniors to enjoy, such as painting classes, exercise classes and flower arrangement lessons. Eden Housing worked jointly with Community Resources for Independent Living (CRIL) to obtain a HUD Section 202/8 commitment for the construction of Olive Tree Plaza in Hayward. This project offers housing for independent living, physically handicapped adults and their families or attendants. CRIL's participation ensured optimal sensitivity to the needs of the physically handicapped--from site selection and project design to marketing. Olive Tree Plaza is located close to public transportation, shopping, medical services, educational facilities and CRIL's service center. Built in 1984, the 26 apartment units include special accessibility and adaptability design features. Olive Tree Plaza received the 1987 Design Award from NAHRO. The development of Cypress Glen in Hayward as affordable rental apartments for families was completed in 1986. One of its main features is its blend of affordable and market rate housing; of the 54 units built, 44 are reserved for families with low incomes. Cypress Glen is a two- and three story walk-up complex with large airy apartments for family living. Also included on the grounds is a tot lot for children. Financing came from the City of Hayward's CDBG funds, the State of California s Rental Housing Construction Program (RHCP) and FNMA's multi-family bond program. This project was the first in which Eden Housing utilized low-income 05/25/02 '~- housing tax credits, thus greatly assisting in the affordability of the ~ '~ apaFav, ents for low income families. ~., Ridge View Commons in Pleasanton is a 200-unit housing development designed to create an independent living environment for seniors. The City of Pleasanton assisted the development with free land, city funds and a waiver of building fees to keep the units affordable. Ridge View Commons also received funding from HUD's Housing Development Action Grant program, the California Housing Finance Agency and proceeds from low income housing tax credits. Completed in 1989, the management of Ridge View Commons by Eden Housing Management includes dining service for the residents, a beauty salon, a library and spacious loUnge areas. Huntwood Commons is a 40-unit mixture of one-, two- and three bedroom units for low to moderate income families. Eight of the units are accessible and adaptable tO handicapped residents. The complex in Hayward is built around a safe central courtyard with mature landscaping and abundant open space. Outdoor play equipment provides areas for children to keep busy under the watchful eyes of parents. Huntwood Commons was developed in 1988. First Nationwide Bank provided construction and permanent financing. Additionally, a combination of financing from the City of Hayward's CDBG program, HUD's Housing Development Action Grant program and low income housing tax credits ensures affordability for all the residents. By packaging funds from the HUD Section 202/8 program and subsidies from the City of Fremont, Eden Housing developed Sequoia Manor for very low income seniors in 1989. Included' among the 81 large, airy units are lounge areas for the residents and a community room where lunch is served on a regular basis. Sequoia Manor's design encourages independent living for the seniors. The apartment complex is centrally located near transportation, shopping, medical facilities, recreation and other public services, thus maintaining the residents' access to the larger community. 05/23/02 Also located in Fremont is the 24-unit Redwood Lodge. Eden Housing built this important housing project for physically disabled adults. Redwood Lodge is carefully designed to support. ease of access and adaptability to individual impairments. Eden Housing once again collaborated with CRIL to develop the project with sensitivity to improving the quality of day-to-day living for the residents. Each unit has its own enclosed patio, and there is a community room. for tenant gatherings. Sources of capital include HUD's Section 202/8 program and substantial subsidies from the City of Fremont. The project was completed in 1989. Baywood Apartments is the third project that Eden Housing developed in collaboration with the City of Fremont to meet the city's high priority for producing housing for lower income families. In Baywood, the two- and three-bedroom units are part of a complex that includes multi-purpose rooms and recreational areas for children. The City of Fremont not only underwrote the cost of the land but assisted with grants and subsidies to ensure rental affordability. Wells Fargo Bank funded the projecfs construction while SAMCO provided long-term financing. Completed in 1990, Baywood Apartments also received Iow income housing tax credits to assist in the project's affordability. In collaboration with the City of San Leandro, Eden Housing was awarded HUD Section 202/8 funds for the development of Fuller . Lodge. Completed in 1991, 26 apartments now provide homes for low income persons with developmental disabilities. Eden Housing collaborated with the Mentally Handicapped Children's 'Organization (lVllqCO), a nonprofit group established in 1949 to provide educational opportunities to mentally handicapped children. With the integration of mentally handicapped children into the public schools, MHCO's Fuller School facility became available for alternative use. In 1986, MHCO the board of directors donated the site for an independent living complex for adults with developmental disabilities. Under management by Eden Housing Management, support services to the residents are provided by' the South County Regional Center of the East Bay, a state-funded organi~'.ation dedicated to serving the developmentally disabled community. In 1992, Fuller Lodge received a NAHRO Award of Merit. 05/23/02 E.C. Magnolia Court is the third project under the joint sponsorship of Eden Housing and CRIL. Twenty-one rental apartments in a beautifully designed complex in downtown Hayward are fully adaptable and accessible for physically handicapped residents. Amenities include a conmmnity room, laundry facilities and off-slreet parking. HUD Section 202 financing keeps the units' rents affordable at 30% of a low-income tenant's income. The City of Hayward contributed land, predevelopment expenses and additional equity to support the project's feas~ility as affordable housing. Sources of funds from the City include CDBG monies and the Redevelopment Agency's Low and Moderate Income Housing Fund. The development of 70 new apartment units designed especially for families is an important collaboration with the City of Livermore. Stoney Creek Apartments is a combination of flats and townhouses in ten detached buildings clustered around five courtyards. The complex includes a separate building that holds a community room, kitchen, storage and an on-site management office. All the spacious apartments are affordable to very low and low-income families. Most of the ground floor units are accessible and adaptable for physically disabled residents. Stoney Creek was financed with a combination of funds, from the City of Livermore, the City of Livermore Redevelopment Agency, the State of California, Wells Fargo Bank, California Community Reinvestment Corporation, S.H. Cowell Foundation and Mission First Financial. The 32 townhomes and flats at. Washington Creek Apartments were designed for large families. Clusters of three-story buildings on this 1.7-acre site are surrounded by interior gardens with play areas for children, a tot lot, a half basketball court and a separate community building for all the residents to share. All first floor units are handicapped accessible for residents with physical disabilities. This development was generously supported by the City of Petaluma in its commitment to providing affordable housing for its communities. Financing consisted of funds from the City of Petaluma, the State of California, Wells Fargo Bank, Savings Associations Mortgage Company, S.H. Cowell Foundation and Mission First Financial. 05/23/02 Glen Eden is 36-unit residential development that Apartments a provides affordable apathnents for families in the downtown area of Hayward. The apartments are located in two- and three-story structures. All units have a balcony, semi-private deck or a private patio. A private interior courtyard has a tot lot and a large open lawn area for recreational use by the residents. The ground floor is the permanent offices of Eden Homing, Inc. and Eden Housing Management, Inc. and leasing of this space undenvrites the affordable housing units in the complex. This is the 14th residential complex that Eden Housing has developed in collaboration with the City of Hayward. Financing consisted of funds from the City of Hayward, the City of Hayward Redevelopment Agency, the State of California, Wells Fargo Bank, Savings Associations Mortgage Company, Inc., Mission First Financial and 'A' Street, Inc. Glen Berry Apartments is a 1.54 acre site in Hayward which was designed as affordable rentals for families. Completed in 1993, there 50 and four bedroom units over parking. This are two, three, is a joint venture with Family Emergency Shelter, Inc. who used some of these units as referral housing for families coming out of their shelter. Financing commitments were received from the Low-Income Housing Tax Credit, the Rental Housing Construction Program, Bank of America, SAMCO, the S.H. Cowell Foundation, and the City of Hayward. Corona Ranch Apartments is a 74 unit affordable housing complex designed for families. This complex consists of two, three, and four bedroom apmtments with a central landscaped area with two tot lots and a barbecue patio. A 2,606 square-foot community building located at the main entrance houses a multi- purpose community room that can accommodate a childcare program for preschool children. Funding included City of Petaluma's Fund, CA Department of Housing and Housing Community Development's Rental Housing Construction Program, Wells Fargo Bank, SAMCO, S.H. Cowell Foundation, Walter & Elise Haas Fund, and Mission First Financial, an affiliate of Southern Edison. Catalonia Apartments is a 50 unit affordable housing complex for families. This complex consists of three- and four- designed 05/23/02 bedroom apartments. Each unit has a generous floor plan and an interior 2-car garage. A special feature for residents is the community building, which has a spacious room for meetings, social events and a full kitchen. There is also a play area for children and a tot lot. This development was funded by the City of San Jose, Bank of America, The California Community Reinvestment Corporation and the SH Cowell Foundation. Eden Palms Apartments is located on 10.13 acres in San Jose. This complex consists of two-, three- and four-bedroom apartments. The community building provides an auditorium, teen room, and computer center. There is also a day care center on the grounds to accommodate infants and pre-school age children. The pleasantly landscaped outdoor space includes a basketball court, tot lot, expansive lawn areas, and a playground for the day care center. The property also has a service coordinator who provides information and referrals to social service programs in San Jose. Funding was provided by City of San Jose Housing Department, Wells Fargo Bank, Savings Associations Mortgage Company, Inc., First Interstate of California, and the Federal Home Loan Bank. Pacific Grove Supportive Housing is a 20 unit new housing community that offers affordable and attractive rental housing for low income persons disabled by mental illness. Located on 1.21 acres in Fremont, this complex consists of one and two -bedroom apartments. All the ground floor units are handicapped adaptable. Each sunny, airy apartment opens onto an inviting courtyard that encourages a strong sense of community among the residents. Pacific Grove's design features a central complex that provides a common area that includes a large community space with fireplace and kitchen, counselOr's office, manager's office and laundry facility. The complex was developed in partnership with BaY Area Community Services, a nonprofit providing services for adults with mental disabilities. City of Fremont Redevelopment Agency's Affordable Housing Fund, CDBG grant program and HOME program, and the HUD Section 811 program provided funds for this development. Court, an rental development, consists 5 Harris affordable of' fourplexes on a cul-de-sac in South Hayward, a community in transition. Stable well-managed affordable housing is greatly needed in this area, and Harris Court is a model for this type of 05/23/02 development. All units, except the Manager's unit, are affOrdable to families earning 40% of the area median income. The 20 units have been remodeled with new bathrooms, kitchens and finishes as needed. The purpose of the remodel is to improve living conditions and ensure long-term affordability to very Iow-income residents. Careful attention has been paid to upgrading the image of the cul-de-sac through additional landscaping. Two play areas for children of varying ages have been created. The buildings were purchased and renovated with financing from the Low Income Housing Tax Credit, the City of Hayward, Union Bank of California, SAMCO and Federal Home Loan Bank AHP. Construction began in January 1999 and was completed in October 1999. Rosewood Terrace is a 45 unit affordable development for seniors located in Union City, whose design far surpasses that ora traditional apartment building. Completed in 2000, amenities include a community room with a kitchen, a library, an exercise room, laundry, and an outdoor patio and gardens, all designed specifically for seniors. A full time on-site resident manager and staff work with residents to access services for seniors in addition to those provided by the neighboring Ralph and Mary Ruggieri Senior Center. Rosewood Terrace was funded by the City of Union City and HUD. Rents are on a sliding scale based on income so that no resident pays more than 30% of their income in housing costs. Owl's Landing is a 72-unit affordable rental housing development for families in Livermore. Most of its one-, two- and three-' bedroom flats and townhouses are grouped around three landscaped courtyards, creating small neighborhoods. Two additional buildings comprised of one- and two-bedroom units are located along the panhandle. 18 units are affordable to very low- income households and 53 units are affordable to low-income households. An on-site manager Occupies one unit. Facilities include a community building with a large community room, kitchen, a state-of-the-art computer learning center (funded by a $42,000 grant from Pacific Bell), a licensed day care center and management and services offices. Outdoor amenities include three landscaped courtyards, a half-basketball court, a turf play area, two tot lots, and a play yard for the childcare program. Resident services are provided, including computer-assisted learning, an 05/25/02 affordable childcare program and after-school and summer activities for youth. Owl's Landing was completed in 2000. Stone Pine Meadow, located in Tracy, California, is a 72-unit affordable rental housing community for very low and low-income households. The property, completed in 2000, consists of 15 one- bedroom units, 23 two-bedroom units, 28 three-bedroom units and 6 four-bedroom units. The project design includes five two-story, wood frame buildings clustered around common green space with private entries and front porches at each unit. DrivewaYs and carports are located at the per/meter of the site to preserve open space. Amenities include a large community building with a recreation room, kitchen, lounge, computer learning center space and teen lounge. A smaller lounge equipped with laundry facilities is located adjacent to the community building. The pleasantly landscaped outdoor space includes two community greens, an area for a garden, and a tot lot. Residents of Stone Pine Meadow enjoy pedestrian access to an adjacent city park. Community lteritage Senior Apartments in North Richmond, California, is a 52-unit rental housing development for very low- income, independently-living seniors, aged 62 and older. The development, completed in 2000, is co-sponsored by the Community Development Corporation of North Richmond, a local community-based nonprofit housing developer. The senior housing was developed in conjunction with an adjacent commercial center and County-sponsored health clinic, all designed to revitalize this community that has not experienced significant public or private investment in years. The project includes a three-story, wood-fxame U-shaped apartment building, a large outdoor courtyard with fruit trees, gardening boxes, large patio and quiet seating areas. The indoor community space includes a large meeting room, small multi-purpose room, kitchen, library, laundry facilities and offices. This project provides seniors with a high quality 'and supportive living environment and easy access to social services. Virginia Lane Apartments in Concord, California is comprised of two properties that have been renovated in order to preserve their 91 units as decent affordable housing for very low- and low- income families. This is part of an ~ffort to si~tmificantly enhance and stabilize this at-risk area. Two of the 32 one-bedroom units and 59 two-bedroom units are set-aside for on-site property 05/23/02 managers. The apartments are affordable to families who earn between 30% and 52% of the county area median income, Eden upgraded interiors and re-designed outdoor common areas to accommodate families with children. Major improvements include replacing roofs, reconfiguring carports, performing structural repairs and re-paving asphalt. New family-oriented amenities such as landscaped gardens, children's play areas, sitting areas, picnic tables and BBQ facilities were added. The project includes laundry facilities and gated parking. On-site resident support services will be offered providing job development, family support, youth development and recreational services. Completed in 2000. Ohlone-Chynoweth Commons in San Jose, California, is Eden's largest development to date, consisting of 194 family units and 4,400 sq. ft. of on-site commercial space on a 7.4 acre underused Valley Transit Authority parking lot adjacent to a light rail station. It won a Sierra Club Smart Growth award for providing transit- oriented living for residents of the traffic-choked Santa Clara Valley. The housing is in 4 clusters of 2- and 3-story buildings situated around a large interior common lawn courtyard, with underground and full level podium parking. This beautiful prOject was a $10,000 finalist in the 2001 FannieMae Maxwell Awards competition for excellence in design. Amenities include a community room, a daycare facility accommodating 75 children, and a state-of-the-art computer-learning center. A m-credit project, Ohlone-Chynoweth was co-sponsored by the City of San Jose and the Valley Transportation Authority. The project's computer-learning program has received grant funding fxom Adobe, The Sobrato Family Foundation and Cisco Systems. [- 05/23/02 Awards and Recognition 05/23/02 Awards Recognitions Ohlone-Chynoweth in San Jose 194 rentals for families 2000 Sierra Club Smart Growth Development recognition. 2000 Federal Home Loan Bank Community Partnership Award 2001-2002, finalist, FannieMae Awards of Excellence Rosewood Terrace in Union City 45 rentals for seniors 2000 Pacific Coast Builder's conference recognition Eden Palms in San lose 145 rentals for families 1998 Merit Award for Excellence in Design American Institute of Architects, California Council 1998 Gold Nugget Award of Merit In Recognition of Excellence and Value 1997 SAMCO Award Outstanding Project A ward 1997 GoM Nugget Award of Merit Best Affordable Housing- Attached The San Pablo in Oakland 144 rentals for seniors 1997 Maxwell Awards of Excellence - Honorable Mention Program for the Production of Low-Income Housing ' 1996 Tax Credit Excellence Award Pacific GrOve in Fremont 20 rentals for disabled 1997 Gold Nugget Grand Award Judges Special Award of Excellence B Street Bungalows in Hayward 4 single family homes for fkst time homebuyers 1997 GoM Nugget Grand Award Best Affordable Detached Community Stoney Creek in Livermore 70 rentals for families 1995 Gold Nugget Grand Award Best Apartment Project - 1-3 stories 1993 NAHRO Award of Merit, Project Design Glen Eden in Hayward 36 rentals for families 1994 NAHRO National Award of Excellence 0~/25/02 ? E.C. Magnolia Court in Hayward 21 rentals for physically disabled 1993 NAHRO Awards of Merit, Project Design and Administrative Innovation Eden Housing, Inc. in I-Iayward 1993 Great Western Bank Great Western Housing Award Fuller Lodge in San Leandro 26 rentals for developmentally disabled 1992 NAHRO Award of Merit Sequoia Manor ia Fremont 81 rentals for seniors 1988 Certificate of National Merit (national recognition program for urban development excellence for City of Fremont projects) Redwood Lodge in Fremont 24 rentals for physically disabled 1988 Certificate of National Merit (national recognition program for urban development excellence for City of Fremont projects) Baywood Apartments in Fremont, 82 rentals for families 1988 Certificate of National Merit (national recognition program for urban development excellence for City of Fremont projects) Olive Tree Plaza in Hayward 26 rentals for physically disabled 1987 NAHRO Northern California Chapter, Housing Project Design Award Tyrrell Gardens in Hayward 28 owner-built townhomes 1985 NAHRO Housing Program Innovation Award La Solana in Hayward 58 family-owned townhomes 1982 PG&E Award for energy efficient design and solar water heating 1981 State of California Award for innovation in affordable housing in California Eden Lodge in San Leandro 143 rentals for seniors 1981 City of San Leandro Residential Development Design Award for exemplary efforts in the quality and appearance of San Leandro 05/23/02 Sparks Way Commons in Alameda Co. -- 45 limited equity coops for families 1980 Planning and Women Division of American Planning Association for innovations in developing an affordable housing cooperative designed specifically for single parent families. Josephine Lum Lodge in Hayward 150 rentals for seniors 1973 Design Award from the Bay Area American Institute of Architects 05/23/02 Eden Housing, Inc 409 Jackson Street Hayward, California 94544 Development Summary List May 23, 2002 Page 49 Eden Housing, Inc 409 Jackson Street Hayward, California 94544 COMPLETED DEVELOPMENTS # OF Developed Managed by NEW ACQ/ HOME- COMMERCIAL MIXED UNITS by EHI EHMI CONSTo ~I~HAB RENT OWNER SENIOR FAMILY DISABLED COMMERCIAL Square Feet SRO Income Rehabbed Homes in 1968 6 x x x Josephine Lure Lodge, Hayward 150 x x x x x Eden Lodge, San Leandro 143 X X X X X La So!~a, Hayward 58 X x x La Solanlta, Hayward 6 x x x x S~_m.:~erwood, Hayward 163 x x x x x 10th & D Street, Union City 3 x x X x x Grove Way, Alameda County 8 x x x x x Eden Issei, Hayward 100 x x x x x Sparks Way Commons, Alameda 45 X X X X X Sycamore Square, Hayward 26 X x x X x Greenhaven, Union City 250 x x x x x Tyrrell Gardens, HayWard 28 x x x x x Olive Tree P!a~a~ Hayward 26 x x x x x Heritage Park, Liyermore 167 x x x x Huntwood Terrace, Hayward 104 X x X x X Cypress Glen, Hayward 54 x x x x x / X! ' Huntwood Commons, Hayward 40 x x. x x x x Mission Wells, Fremont 392 Co-GP X X X X Ridge View, Fleasanton 2oo X x x x Sequoia Manor, Fremont 81 x x x x x Baywood Apts., Fremont 82 x X x x x x Redwood Lodge, Fremont 24 x x x x x May 24, 2002 Page 50 Eden Housing, Inc 409 Jackson Street Hayward, California 94544 COMPLETED DEVELOPMENTS [ # OF Developed Managed by NEW ACQ/ HOME- COMMERCIAL MIXED UNITS by EHI EHMI CONST. REHAB RENT OWNER SENIOR FAMILY DISABLED COMMERCIAL SQ FT SRO Income Wcstporte, Hayward 94 X X X X X Fuller Lodge, San Leandro 26 x X X x x E.C. Magnolia Court, Hayward 21 X X X X X Stoney Creek Apts., Livermore 7o x x x x x Washington Creek, Petaluma 32 x x x x x Villa Springs, Hayward 66 x x x x X x Glen Eden, Hayward 36 X X X X X X 4,000 Glen Berry, Hayward 5o x x x x x Corona Ranch, Petaluma 74 X X X X X Corona Crescent, Petaluma 16 ! X X X X The San Pablo, Oakland 144 x x x x x x 8,500 Laulima House, Oakland 9 x x x x x Casa de los Amigos, San Jose 24 x x Emerson Arms Apt, Martinez 32 X X X X X ,' X '" / ~ ' Kirker Court, Clayton 20 x 'x x Riverhouse, Martinez 74 X X X 2,000 X Catalonia, San Jose 50 x X x x x B Street Bungalows, Hayward 4 x x x x Eden Palms, San Jose 1~5 x X x X x x 409 Jackson St., Hayward I x x x 10,000 Pacific Grove, Fremont 20 X X x x x ..Hi!lview Glen, San Jose 180 x x x x ~ x The Harrison 81 Co-GP X Stone Pine Meadow, Tracy 72 X X X X X Owls' Landing, Livermore 72 x X x x x May 24, 2002 Page 51 Eden Housing, Inc 409 Jackson Street Hayward, California 94544 COMPLETED DEVELOPMENTS # OF Developed Managed by NEW 'ACQ/ HOME- COMMERCIAL MIXED UNITS by Em EHMI CONST. REHAB RENT OWNER SENIOR FAMILY DISABLED COMMERCIAL SQ FT SRO Income C?mmunity Heritage Senior, Richmond 52 X X X X X N. Richmond Commercial Center I x × x x lO,OOO P~aTkside Glen, San Jose 18o Co-GP x x x , Ohlone-Chynoweth, Sa~ Jose 194 x x x x x x 4,500 Rosewood Terrace, Union City 45 x x x x x Harris Court, Hayward 24 X X X X X Virginia Lane, Concord 91 X X X X X X PROJECTS COMPLETED 55 Totals: 4156 4038 2,054 55,000 DEVELOPMENTS IN PROGRESS # OF Developed Managed by NEW ACQ/ HOME- COMMERCIAL MIXED~, / UNITS b~ EHI EHMI CONST. REHAB RENT OWNER SENIOR FAMILY DISABLEI~ COMMERCIAL SQ FT SRO Income Union City - Assisted Living , 79 X X X X x x x Union City - Senior Housing II 40 X X X X X Gardella Plaza, Livermore 40 x x x x x Union Court, Manteca 68 x x x x x Manteca Senior Housing 50 x X x x x West Rivertown Apts, Antioch 57 x x x x - x Petaluma Apts, Petaluma 81 X x x X x x 5,5oo ...Fuller Lodge II, San Leandro 16 x x x x x Adams Court, Fremont 17 x x x Victoria Family Hsng., Hercules 132 X X X X X Hercules Senior Apartments 51 x x x x x IO TOTAL Projects In Progress 631 631 614 5,500 64 TOTAL PROJECTS 60,500 (COMPLETED & IN PROGRESS) 4,787 4,669 2,668 I May 24, 2002 Page 52 CITY OF DUBLIN Request for Proposals - DUb-lin Senior Housing SECTION 6 DEVELOPMENT TEAM EXPERIENCE SUMMARY Deveioper Eden Housing proposes to use a development team that has a successful track record, for work on the Dublin RFP. Eden Housing will act as the lead developer. As one of the largest and most successful non-profit organizations in the Bay Area, Eden brings a wealth of experience to this project. Eden places a high value on design through the helP of talented architects and is committed to crafting developments that give careful attention to the needs of residents and the surrounding neighborhood. As indicated in the Statement of Qualifications, Eden has been awarded numerous awards for its high-quality development communities. Eden Housing, Inc. is a fully integrated non-profit development corporation with two subsidiary companies - Eden Housing Management, Inc. (EHMI), Eden's property management company, and Eden Housing Resident Services, Inc. (EHRSI), which provides services to senior and family apartment projects. Since its establishment in 1984, EHMI has provided professional, quality management for Eden's properties. EHMI currently manages more than 2,160 units of rental housing for Eden Housing and third party owners with the goal of ensuring that properties remain an asset to and integral part of the communities in which they are built. EHRSI was formed in 1995 as the Resident Services Department of EHMI and was incorporated as a separate affiliated agency of Eden Housing in 1998. EHRSI's two divisions, Family Services and the Seni°r and Disabled Services Division, provide services to oVer 3,000 low-income individuals. Together, the company brings a combined package of experience and expertise which covers the spectrum of activities involved in developing, owning, managing and servicing a high quality housing development. This combined effort assures the quality design and construction of the project is preserved through the careful long-term maintenance of the property and ongoing care and service to residents. Architect Eden proposes to use Chris Lamen and Associates (CL+A) based in San Rafael. CL+A is a design f'u-m with a staff of four architects. Established in 1991, CL+A has designed numerous neighborhood and master plans and affordable housing with related community facilities and child care centers. The firm focuses on community planning, affordable housing and higher density, infill developments. These developments include a range of housing types and tenures. The firm has a histOry ofm°re than 25 years of award-winning professional experience. Eden and CL+A have completed four projects together, comprising 381 units. Three of our developments have won prestigious design awards. These developments are further described herein. Eden and CL+A are further cOllaborating on a fifth senior housing project currently in predevelopment stages. Construction Management Eden typically uses two c°nstmction managers for its development projects. Construction eStimating and ' construction consulting services are provided by Lou Minor, Eden's Construction Manager since 1992. Eden Housing, Ina Section 6 May 24, 2002 Page 1 CITY OF DUBLIN Request for Propos~als - Dublin Senior Housing Mr. Minor works throughout the feasibility and design process to assure that the project construction methods and budgeting are realistic. Mr. Minor works along with the architect, our staff and the general contractor to assure a cost-controlled approach to the development. He has over 35 years of experience and is considered to be one of the finest construction consultants in the industry. Once projects move from feasibility stage towards construction, field operations are handled by Pete Mugnani. Mr. Mugnani brings over 18 years of hands-on construction experience to Eden's pipeline and has provided site construction management for Eden's Ohlone Chynoweth project, a 194-unit mixed-use, transit-based development in San Jose, and is site construction manager of three new Eden projects: a 17- unit home oWnerShip project in Fremont, a 68-unit rehabilitation project in Manteca and a 57-unit rental development in Antioch. FinanCiaI ConSultant Eden will also engage Community Economics, Inc. (CED, as tax credit and HUD financial consultant. CEI was established in 1976 to PrOVide non-profit organizations and public agencies with expert technical assistance in the financing and development of affordable housing. Since 1987, CEI has developed a particular expertise in HUD programs, tax credit and tax exempt bond financing for affordable housing and has worked with Eden to structure many of its projects. CEI has assisted numerous non profit developers in the financing and syndication .of affordable housing developments throughout the State of California. They are one of the leading financial consultants in the nation specializing in the financing of affordable housing using a combination of public and private resources. Real Estate Attorney Eden has used consistently used the legal services of Joyce Hiyama Glatt for all of its real estate work. Ms. Glatt has specialized in affordable housing and redevelopment since 1978 and has extensive experience in transactions involving multiple financing programs. A roster 0f the development team follows at the end of this Section. Statement of Qualifications for Eden is included in Section 5, Attachment 5-A; qualifications for other team members follow as Attachment 6- DEVELOPMENT EXPERIENCE High-Density/Infdl Sites ~ High. Cost Areas . Eden has a strong track record in high-density, infill development. Although the densities and locations of Eden's Projects vary, the majority of Eden's Projects have been on sites that are infill and often transit- based. They are typically locate6in built-out areas and often involve the redevelopment of sites that are presently under-utilized. Moreover, Eden's track record speaks directly to its ability to complete developments in high-cost areas as it has been developing in the Bay Area since the 1970's. Union City Senior lfdlage, Union City Eden's selection of our design partner, Chris Lamen Associates (CL+A), is based upon prior successes with CL+A in a number of different cities. Similar to the vision that the City of Dublin holds for their senior housing site, the Eden-CL+A team assisted the City of Union City and the COmmunity Redevelopment Agency (Agency) of the City of Union City with their implementation of the Union City Senior Village, a concept formed by the City in 1995. At that time, responding to the community's ' Eden HouSing, Inc. Section 6 May 24, 2002 Page 2 CITY OF DUBLIN Requestfor Proposals - Dublin Senior Housing desires to have more affordable housing and services available for its seniors, the City of Union City and the Agency began the process of assembling the parcels along a 600-yard stretch of Alvarado-Niles Road to develop into a Senior Village. The prior uses along this frontage consisted of a series of ill-designed, older fourplex apartments which were in deteriorated and dilapidated condition, failing to provide decent housing for its residents and casting a blighting influence on the area. To ensure that the new developments would enhance the area and address long-standing concerns of neighbors, both the City of Union City and Eden HOuSing cOnducted numerous CommunitY meetings to obtain Community supPort for the Senior Village and the individual projects comprising the development. Two key groups which played a large role in advancement of this revitalization effort are the Union City Senior Association and the Union City Senior Commission, bOth of which supported the City's efforts. In addition, Eden worked with the City to secure rezoning entitlements for the parcels that would later comprise the senior center and fn-st phase of senior housing. Eden also began work with CL+A to develop site plans and conceptual drawings for the proposed seni°r center and adjoining, complementary uses, which were recognized to represent later phases of implementation. The first implementation phase of the Senior Village Plan was construction of the Senior Center. The Ralph and Mary Ruggieri Senior Center was developed by the City and completed in 1998. It is a 14,000 square foot two-story senior center located at the comer of Alvarado-Niles and Royal Anne Drive, designed by CL+A. The Center features an assembly hall for performances and large meetings, a dining room typically serving 100 people, outdoor dining patio, health screening facilities, a multi-purpose room for recreational activities and exercise, classrooms, conference room and two lounge areas. A w/de variety of classes and activities are offered including a meal program, social functions, fitness classes and other recreational activities. In addition, the Senior Center has a full calendar of annual events and is very active in organizing trips to various venues (e.g., baseball games, bay cruises, theater, etc.) In 19'99, Eden Housing completed construction of Rosewood Terrace, a 45-unit HUD Section 202 project developed and managed by Eden Housing and designed by CL+A. The City acquired the property, the Agency provided tax'increment funding and the City Provided HOME prOgram funds for the development. Rosewood provides 44 one-bedroom units and a 2-bedroom manager's unit, a generous community room to host social events and classes for both residents and community members. The L- shaped building is sited on 1.4 acres in a double-loaded corridor configuration, thus maximizing building efficiencies on the site. Amenities include a community room w/th kitchen, library, exercise room, central laundry and outdoor patio and gardens. Units are affordable to seniors with incomes at or below 50% of the area median income; however, residents Only pay 30% of their income towards rent while the HUD Project Rental Assistance ,Contract provides the balance needed to cover the project's operating expenses. · Slated for future development is the final implementatiOn phase of the Senior Village: another 40-unit development that received an award of HUD Section 202 Program funds, which will be developed by Eden Housing; and a mixed income assisted living development to be developed by Eden Housing and another nonprofit provider, Elder Care Alliance. Upon completion, the Union City Senior Village will provide a vital continuum of care and community center for its senior residents in a supportive living environment. Ohlone-Chynoweth Commons, San Jose Ohlone-Chynoweth an example of the development team's capacity to complete a Commons is excellent challenging high-density, infill mixed-use housing development while in a high-cost area. The development is transit-based, located next to the Ohlone-Chynoweth light rail station and sited on a Eden HOusing, Inc. Section 6 May 24, 2002 Page $ CITY OF DUBLIN -~- Request for Proposals - Dublin Senior Housing former Valley Transportation Authority Park and Ride lot. Designed by CL+A, Ohlone-Chynoweth Commons provides 194 affordable rental units affordable to low and very low income families, including a mix of one-, two-, three- and four-bedroom units, 4,400 square feet of retail shops, an affordable child day care facility, a large community facility and computer learning center. The project, completed last year, has a density ratio of 27 dwelling units to the acre. Furthermore, the development was developed and completed at a time when the Silicon Valley market was highly inflationary and under stringent very financing deadlines. The development is financed with tax-exempt bonds, 4% tax credits, City of San Jose funds, an Affordable Housing Program (AI-IP) grant sponsored by Bay View Bank and grant funds provided through the Metropolitan Transportation Commission's Transportation for Livable Communities (TLC) Program. Stoney Creek Apartments, Livermore This development represents the first collaboration between Eden and CL+A. 70 units of family rental housing were developed over five acres in the City of Livermore. Flat and townhouse units are arranged in two and three story buildings and feature front patios and porches. The buildings are grouped into clusters around private courtyards, thus conveying a sense of neighborhood. A community building provides a large meeting room, kitchen and management offices. Other developments Eden has produced a diverse portfolio of award-winning affordable housing developments as well as mixed-use and mixed-income projects. Included in this varied portfolio is a total of just under 40,000 square feet of office and/or retail space incorporated as a component of its affordable housing developments. Additionally, Eden has also participated with for-profit developers in the development of over 1,000 units of housing targeted to mixed-income populations. Currently, Eden Housing and another architect are collaborating on a new high density, infill development in downtown Petaluma which will include 80 affordable family rental units and ground floor commercial space. The site was assembled from nine property owners and had been vacant and underutilized for several years. Located in the heart of the City's downtown, the site is accessible to public transportation, shopping and other amenities. The project is part of the City's revitalization program for Central Petaluma which calls for an exciting and diverse mix of new commercial and residential uses. Downtown River Apartments has a density ratio of 32 units per acre and is bordered by the Petaluma River and local industrial uses. Because of its proximity to the Petaluma River, the development also features a public, pedestrian river walk designed to enhance the resident and community enjoyment of the River. ConstruCtion is estimated to start at the end of this year. Eden Housing is also in the process of developing a 57-unit scattered-site rental housing development as the fh'st step in implementation of the City of Antioch's West Rivertown District Urban Design Concept Plan, which Eden helped the City to facilitate. This project will provide affordable un/ts to families with to area income. The West Rivertown Apartments will include a incomes at 30% 60% of the median 2,400 square foot on-site daycare center and a 1,600 square foot community building. The project will include laundry facilities, a play area for children, a central picnic area and a generous amount of open space on each of the three sites. The residential units will be a mix of one to four bedroom units contained in two and three story buildings with surface parking. Density of this development is at 23 units to the acre. An Amtrak station is located within walking distance of the project and bus stops in the middle of the site provide easy access to local and regional transit lines and BART. The table below offers other examples of high-density, infill projects developed by Eden: Eden Housing, Inc. Section 6 May 24; 2002 Page 4 CITY OF DUBLIN Request for Proposals - Dublin Senior Housing Ohlone Commons, San Jose 2000 194 Chynoweth 7.3 27 units/acm Rosewood Terrace, Union City 1999 45 1.4 32 units/acm Glen Eden, Hayward 1993 36 0.95 38 units/acm Glen Berry, Hayward 1994 50 1.5 33 units/acre Ridge View Commons, Pleasanton 1989 200 6.5 31 units/acm Underground ParMng/Podiurn Construction Eden has successfully teamed with architects and contractors who understand the parking and construction requirements of higher'density developments. In the last ten years, Eden has developed three rental developments with podium construction: Glen Eden, Glen Berry and Ohlone-Chynoweth Commons. A project currently in the pipeline--Downtown River Apartments in Petaluma--also features podium construction. Community Context Eden has worked in wide variety of communities that have been both supportive of and resistant t° the development of affordable housing in their neighborhoods. As a developer of housing serving families, seniors and persons with disabilities, Eden is experienced in its efforts to provide information, outreach and opportunities for participation in order to secure the necessary support. Eden's community process has at times been so successful that on one occasion, the entitlements for a special needs development received approval on the City Council's consent calendar. While not all community processes are smoOth, Eden's track record points to the success of our proactive approach to community support. All of the developments recently-completed as well as those in the pipeline are preceded by a series of community meetings and sometimes by more comprehensive community planning efforts. The West Rivertown Apartments in Antioch was preceded by an urban design process, coordinated by Eden for the City, establishing a vision for the district while addressing the broader neighborhood improvement needs. As part of the urban design Eden took public officials and other interested tour to process, parties on a view a sample of its portfolio, providing a real world sense of what density means and allowing participants to' see how attractive affordable housing can be. Eden has provided tours in many cOmmunities for the same and we fmd it to be a most effective method of garnering purpose support. viewing units deVeloPed and managed bY an experienced deVeloper helped to turn the sentiment of one neighbor in particular who had earlier expressed concern about West Rivertown Apartments. Indeed, this neighbor appeared at many of the project's subsequent public hearings and became one of our most ardent supporters. Downtown River Apartments in Petaluma was also preceded by a Specific Plan process, which included Eden as a member of the advisory committee overseeing the Plan. Again, construction of the affordable housing development represents implementation of goals and objectives defined through a formal cOmmunity process. As a tool to secure community support for its projects, Eden has often used the design charrette process - or variations on the process - to enable neighbors and other stakeholders with an opportunity to shape a project'S siting and design. In Eden's current pipeline, all of the projects have undergone a formal community process. Most recently, Eden completed its community process for a 16-unit project for the Eden Housing, Inc. ' Section 6 May 24, 2002 Page 5 CITY OF DUBLIN Request for Proposals - Dublin Senior Housing developmentally disabled in San Leandro, Fuller Gardens. Consensus reached among neighbors, city staff and business owners in the area have influenced the location of the building and its design. DEVELOPMENT EXPERIENCE - WITHIN BUDGET AND ON SCltEDULE All members of the development team focus on the development ofmultifamily housing as their core business. Eden Housing, Inc. brings 34 years of development experience to the projects undertaken. While dealing with the vast array of public financing sources which are extremely competitive and pose some uncertainty for the development schedule, Eden has always managed to complete all of its projects within the time frames posed by our local agency partners and lenders. Other members of the development team bring a wealth of experience in planning, building and financing affordable rental housing, and in particular, senior housing, in the East Bay and throughout the Bay Area. FINANCIAL PLAN The information on cost per unit and detailed financial analysis including loan repayment plan have been included in Section 7, Project Financing and Total Development Costs. Eden Housing, Inc. Section 6 May 24, 2002 Page 6 CITY OF DUBLIN Request for Proposals - Dublin Senior Housing DEVELOPMENT TEAM ROSTER DEVELOPER Eden Housing, Inc. 409 Jackson Street Phone: (510) 582-1460 Fax: (510) 5826523 Contacts: Jeff Bennett, Director of Real Estate Development Email: Jbennett~edenhousing.org Marian Gushiken, Associate Director of Development Email: Mgushiken~edenhousing.org ARCmTECT Chris Lamen + Associates 869 "A" Fourth Street San Rafael, CA 94901 Phone: (415) 456-2348 Fax: (415) 456-6525 Contact: Chris Lamen, Principal Email: elamen~pacbell.net MANAGEMENT COMPANY Eden Housing Management, Inc. 409 Jackson Street Hayward, CA 94544 Phone: (510)582-1460 Fax: (510) 582 6523 Contact: Paul Lubin,'Deputy Director 0fProperty Operations Email: Plubin@edenhousing.org CONSTRUCTION CONSULTANT Lloyd D. Minor 3269 Hector Road Newcastle, CA 95658 Phone: (916) 663 3921 Fax: (916) 663 4253 Contact: Lou Minor Email: Lminor~psyber.com Eden Housing, Inc. Section 6 May 24, 2002 Page 7 CITY OF DUBLIN Request for Proposals - Dublin Senior Housing FINANCIAL CONSULTANT Community Economics, Inc. 1700 Broadway, 7th Floor Oakland, CA 94612 Phone: (510) 832-8300 Fax: (510) 832-2227 Contact: Alice Talcott Email: Atalcott~eommunityeeonomics.org REAL ESTATE ATTORNEY Joyce Hiyama Glatt 946 San Benito Road Berkeley, CA 94707 Phone: (510) 528-0855 Fax: (510) 528-0849 Contact: Joyce Glatt Email: jhglatt~pacbell.net GENERAL CONTRACTOR To Be Determined Eden Housing, Inc. has not yet identified a general contractor for work on Dublin Senior Housing site. Eden typically works with a group of highly qualified general contractors who are well-versed in the various regulatory and financing requirements of the programs that fund affordable housing. Eden works on a negotiated bid basis w/th general contractors thus ensuring that construction costs are controlled to the maximum extent possible. Eden Housing, Inc. Section 6 r" May 24, 2002 Page 8 PHILOSOPHY The practice of Architecture has many different meanings to different people. Art, construction technique, economics, social and poEtiCal factors, each in their own way relate to the practice of Architecture. One of the central challenges of this profession lies in maintaining a balance among these aspects throughout the development process while at the same time finding a solution to a client's specific design needs. Chris Lamen & Associates is a full service Architectural firm which was founded on a solid belief in two basic concepts: First, the Architect, Owner and Contractor must work together as a team. Although each member of this team relates to the development process in a different way, only when all three are working together will a proiect realize the full value that each member can bring to the process. We work very closely with the Owner to define concepts and priorities early in the design process. Similarly, we prefer to work closely with the General Contractor as soon as possible to refine design concepts to insure the project will come to reality on schedule and within budget parameters. Second, the best projects are created when the members of the Architectural team who create the design are also the individuals responsible for the development of the construction documents and the construction administration of the project. Follow through from concept to completion is a critical factor in the development of a successful project. This firm has a history of more than twenty-five years of award-winning professional experience, ranging from the deSign of many different building types to the master planning of major urban redevelopment dis- tricts. In the course of our work, we have been involved at all levels of the political approval process, acquired extensive construction administration experience, and have created and documented zoning and design guidelines for planning departments as well as individual clients. This broad and impressive record enables us to tailor our approach to the specific needs of a Client and their project, and to assemble and prioritize the optimum combination of factors for the creati°n of a balanced architectural solUtion. CHRIS LAMEN PRESIDENT Chris Lamen graduated from the University of Oregon with a Bachelor of Architecture degree in 1974. During his undergraduate studies, he was a Teaching Assistant in the School of Environmental Design. He became a Registered Architect in California in 1979 and in Colorado in 1982. Chris is a member of the American Institute of Architects, holds the Certificate of Record from the National Council of Architectural Registration Boards, and is the founder of Chris Lamen and Associates. Chris began his professional experience in the San Francisco Bay Area in 1974, with the architectural/engineering firm of Van Houten-Swensen Associates. At this firm he worked on a wide environmental studies for the Alaska Pipeline to the master planning of range of projects, from impact new towns in Saudi Arabia. In 1976, Chris Went on to join the firm of FiSher-Friedman Associates in San Francisco, and was made an Associate of the firm in 1983. At Fisher-Friedman Associates, he was involved in all aspects of the firm's work, including client liaison, program and cost analysis, master planning, project design, construction docUmentation, and project management. Leaving Fisher-Friedman in 1985 Chris and two associates formed the award winning firm of Columbus ArchiteCts in San FranciSCo. The firm enjoyed a fruitful six years working with a wide range of clients and commissions, and Chris was a principal involved in the development of a design and construction philosophy which has carried through the work which is done today. In 1991, the firm dissolved and Chris set up his new office in San Rafael. At Chris Lamen + Associates he has designed and developed numerous projects for the non-profit sector, private developers, and civic clients. The range and depth of experience Chris brings to the office assures the success of the projects undertaken, from concept design, planning approvals and budget management through construction documentation and project administration. Through his twenty - five plus years of professional experience, Chris has worked to develop a full ' range of expertise, from project conception, planning and design, through turn-key delivery for a wide range of Clients and award-winning Projects. MULTI-FAMILY PROJECTS EMPIRE APARTMENTS Currently in Design West Santa Clara Avenue 156 Market Rate Apartments San Jose, California 15,000 S.E Commercial Space 58 Dwelling Units per acre GAULT STREET SENIOR HOUSING Currently in Design Gault Street 37 Affordable Senior Apartments Santa Cruz, California 37 Dwelling Units per acre Funded by the City of Santa Cruz Housing Development Program, and HUD 202 Housing Program. CLEMENTE APARTMENTS Currently in Design San Clemente Drive 30 Affordable Family Apartments Corte Madera, California 26 Market Rate Apartments 34 Dwelling Units per acre Funded by the City of Corte Madera Housing Program and the State and Federal Low Income Housing Tax Credit Programs. GARDELLA GARDENS SENIOR HOUSING Currently in Design Gardella Akenue 37 Affordable Senior Apartments Livermore, California 7 Dwelling Units per acre Funded by the City of Livermore Housing Development Program and HUD 202 Housing Program. NORTH OAKLAND SENIOR HOUSING Construction start April 1, 2002 San Pablo and Filbert Avenues 65 Affordable Senior Apartments Oakland, California 130 DWelling Units per acre Funded by City of Oakland Housing Funds and Federal and State Tax Credit Program NUGENT SQUARE Currently in Design University Avenue 32 Affordable Family Apartments East Palo Alto, California 32 Dwelling Units per acre Funded by the City of East Palo Alto Housing Development Program, CDBG, and the State and Federal LoTM IncOme Housing Tax Credit PrOgrams. SUNNY DUNES SENIOR APARTMENTS Currently in Design sunny Dunes at Bolard° Road 60 Affordable Senior Apartments Palm Springs, California 24 Dwelling Units per acre Funded by the City of Palm Springs Community DevelOPment Program and the State and Federal Low Income HoUsing Tax Credit Programs. MULTI-FAMILY PROJECTS OHLONE-CHYNOWETH APARTMENTS March 2001 Chynoweth Avenue Mixed Use Proiect San Jose, California 194 Affordable Family Apartments 4,400 S.E Retail and 2,500 S.E Day Care Facility Average Density 25 Dwelling Units per acre Funded by the City of San Jose Housing Development Program and the State and Federal Low Income Housing Tax Credit Programs. OWL'S LANDING FAMILY APARTMENTS November 2000 Road 72 Affordable Family Apartments Herman Livermore, California 20 Dwelling Units per acre Funded by CHFA and City of Livermore Community Development Program. ROSEWOOD TERRACE APARTMENTS November 1999 Alvarado-Niles Road 45 Affordable Senior Apartments Union City, California 45 Dwelling Units per acre Funded by Union City Housing Development Program and HUD 202 Housing Program. STONEY CREEK APARTMENTS January 1993 East Avenue and Vasco Road 70 Affordable Family Apartments Livermore, California 15 Dwelling Units per acre Funded by Low and Moderate Income Housing Funds, Rental Housing Construction Program CRHCP), and the State and Federal Low Income Housing Tax Credit Programs. GATEWAY HOUSING January 1990 Third Avenue and Fremont Street 96 Affordable For-Sale Family Units San Mateo, California 40 Dwelling Units per acre Funded by City of San Mateo HoUsing Bond Fund and State Mortgage Credit certificates. WOODLAND APARTMENTS November 1989 Woodland and Newell Avenues 23 Affordable Family Apartments + Child Care East Palo Alto, California 22 Dwelling Units per acre Funded by City of East Palo Alto Housing Funds and State Tax Credit Program THE MANORS November 1989 Redwood Shores 49 For-Sale Townhomes Redwood City, California 12 Dwelling Units per acre MULTI-FAMILY PROJECTS HARBORSIDE APARTMENTS AuguSt 1989 Redwood Shores 148 Market Rate Rental Apartments Redwood City, California 21 Dwelling Units per acre THE FOUNTAINS September 1988 San Ramon Avenue 124 Affordable Senior Apartments Mountain View, Califomia 41 Dwelling Units per acre Funded by the City of Mountain View Housing Department, Community Development Block Grant and the Federal and State Low Income Tax Credit Programs. OAK TREE COMMONS July 1988 Ortega Avenue 73 For-Sale Townhomes Mountain View, California 17 Dwelling Units per acre PEPPERTREE COURT November 1987 Menlo Avenue 15 For-Sale Townhomes Menlo Park, California 14 Dwelling Units per acre PARK ATHERTON HOUSES July 1987 Kentfield Avenue 12 Market Rate Detached Homes Redwood City, California 6 Dwelling Units per acre VILLAGE VIEW APARTMENTS March 1987 Redwood Parkway 134 Market Rate Apartments Vallejo, California 18 Dwelling Units per acre THE GREEN'S AT H1WAN September 1986 Interlocken Drive 34 For-Sale Townhomes Evergreen, Colorado 9 Dwelling Units per acre LAKESIDE APARTMENTS May 1986 Panama Lane 136 Market Rate Apartments Bakersfield, California 28 Dwelling Units per acre CH~OCIATES CLIENT LIST Anden Group Bergen Park Associates Bridge Housing Brighton Associates Davidson, Kavanagh, Brezzo Davis Community Housing Dawson, GosSard, Hull EnterpriSes Dino Dina Eden Housing, Inc. Ecumenical Association for Housing International Buddhist Studies International Investments Dr. Neil Katsura L.B. Nelson Masado Development CorpOration Matrix Land & Development Dr. Wynn Matsumura Mid-Peninsula Coalition Housing Milliken and Company Dr. Donald Minkler Oakland Community Housing, Inc. City of Oakland City of Mountain View City of Union City Pacific National Investments Doug Ross Ridge service Company Rinne-Peterson Housing AUthority of Santa Clara County John Thompson Village View Investors REFERENCES 450 Golden Gate Avenue Tom Azumbrado u.s. Dept. of Housing and Urban Development; Chief San Francisco, California Multifarnily Production Branch (415) 436-6606 Dino Dina Buena Vista Avenue Client / Owner Oakland, California Director; Chiron Industries (510) 601-8742 Anthony Flanagan 150 Post Street Suite 405 Director of Development San Francisco, California Federal Realty Investment Trust (415) 837-2611 Pat Lalor 4 North 2nd Street, Suite 1350 San Jose I-lousing Department San Jose, California City of San Jose (408) 277-4747 Mark Leonard 34009 Alvarado Niles Road Community Development Director Union City, Califomia City of Union City (510) 471-3232 Catherine Merschel 409 Jackson Street Executive Director Hayward, California Eden Housing, Inc. (510) 582-1460 Lou Minor 3260 Hector Rd. Construction COnsultant Newcastle, California L. M. Construction Consultant ' ' (916) 663-3921 Mark Roberts 1052 S. Livermore Avenue Planning Director Livermore, California Livermore Planning Department (925) 373-5210 James Orellana 20 Oak Court General Contractor Danville, California James Roberts-Obayashi (925) 820-0600 GAULT STREET SENIOR HOUSING SANTA CRUZ, CA MIXED USE PROJECT AFFORDABLE SENIOR APARTMENTS .~ ACRES- 70 UNITS PER ACR~ THREE STORY - FLATS 1,650 S.E COMMUNITY SPACES SURFACE PARKING SITE PLAN A 37-unit high density rental project designed to provide affordable housing for a seniors located on an infill site on Gault Street. The project is a three-story wood frame building on grade. The building is designed to embrace a South facing courtyard allowing the residents to enjoy outdoor activities and a community garden. Inside, the design incorporates a number of community spaces including a community room, library, exercise room and laundry. '~, ~ r,,' '.. STREETELEVATION FRONT ELEVATION ,: '~~i;' :~~~ ~_ :: 4 ACRES- 12 UNITS PER ACRE ~.~. -" :~'% ~ t: ' T TWO STORY - TOWNHOMES " - .7- :.:Z"-.~ ~'.~ The m~ors Condo~ims am located ~ a residential new town adjacent to San Fr~cisco ~¢ ~e si~ is ~onted ~ one side by a salt wat~ lagoon ~d on ~o~er by a neighborhood park. ~e bufld~gs are arr~ged to ~ve m~y of ~e houses views of ~e lagoon and p~k, while max~g ~e pfiva~ of ea~ dwe~g. Entries are por~-~e ~ ~aracter ~d ~ouped aro~d smag cou~yards. Pemeter houses have private yards; ~tefior houses are clustered around a water garden featu~. The build~g fo~s, materials, and detaild~g echo those of mm of the cen~rg sh~gle s~le houses native to the northern coasts of the United States. ROSEWOOD TERRACE SENIOR HOUSING UNION CITY, CA 45 LOW-INCOME SENIOR APARTMENTS 1.3 ACRES- 34 UNITS PER ACRE THREE STORY STACKED FLATS DETACHED PARKING This 45-unit renta! project is designed for the growing market of well elderly. The project is a three-story elevator served building for senior residents over the age of 55. Designed to cOordinate with the adjacent new Ruggieri Senior Center built by the Citg of Union City, tenants will have direct access to Center programs and meal services. The site plan orientates manY of the units to qUiet interior Site spaces and carefully forms definable outdoor spaces for residents use. Inside, the design incorporates a "pedestrian street" with units laid out along a central circulation path with "front porches" where tenants have unique entries. The project is funded by Union City Housing Development and HUD 811 Housing Program, the project was completed in NOVember of 1999. ' , SITE PLAN NORTH OAKLAND sENIOR HOUSING OAKLAND, CA MIXED USE PROJECT AFFORDABLE SENIOR APARTMENTS .52 ACRES - 130 UNITS PER ACRE FOUR STORY - FLATS 3,000 S.E COMMUNITY SPACES 1,200 S.E RETAIL STRUCTURED PARKING A 65-unit high density rental project designed to provide affordable housing for a seniors located on an infill site on San Pablo Avenue. The project is a three-story Wood frame building over a one-story concrete podium deck. The building is designed to embrace a soUth facing courtyard allowing; the residents to enjoy outdoor activities and a community garden. Inside, the design incorporates a number of community spaces including a lounge, eXCerciSe room and laUndry. Professional Resume Lloyd D. "Lou" Minor February 6, 2001 3260 Hector Road Newcastle CA 95658 Summary: Construction Consultant serving non-profit housing developers and design professionals for multi- family, senior, assisted living and other specialized non-profit housing sectors. Has experience in construction and cost estimation and analysis on non-profit projects to thirty million in cost. Also serves selected developers in the for-profit sector, on projects ranging to four hundred million construction hard cost. Background experience include, s management and ownership of private construction firms, as well as years in carpentry, project field supervision, project management, operations and estimating. Years in field supervision of private and 'public sector projects include facilities such as jails, hospital, parking structure, shopping centers, grocery stores, banks, office buildings, warehouse structures, hotels, animal shelters, multi-family residential, university on and off-campus student housing, and other mixed-use facilities. Experience also includes custom commercial and public works remodeling, and private tenant improvements.' Known to design, subcontracting, and supply professionals as a detail-oriented, seasoned individual who stays focused on the goal. Literate and versatile with current software systems and expert in construction estimating, accounting, contract preparation and negotiation. Utilizes Auto-Cad 2000 in-house. Utilizes State of the Art Digitizing equipment and software for quantification and sectioning. Is versatile and skilled in interaction between the developer team, lender, and public agency. Functions well within HUD, CHFA, OSA, SFM, OSHPD and other regulatory parameters. Is a HUD-approved Cost Analyst for funding applications. Maintains reliable and in- depth databases for current and historical construction and development costs. Maintains contact with many hands-on construction companies and individuals, and has an up-to-date database of industry design professionals, contractors, suppliers, and subcontractors in pertinent trade categories. History: December 1993 - Present: Self-employed consultant performing construction oversight, project cost analysis and control, change order review, cost certification and a variety of other services for clientele. Other services include cost estimation and analysis with constmctability review during the critical pre- construction phases for schematic design, design development and construction documents completion. Major clients are community-based non-profit multifamily housing developers and firms engaged in public sector. architectural September 1992- December 1993: Project manager/superintendent on multi-family housing in Hayward, CA, with underground concrete parking structure. Employed by Bogard Construction of Santa Cruz, CA. Professional Resume, cont'd January 1990-August 1992: Established and managed M-Con West, Inc., Rocklin California, a private construction firm. Served as President, General Manager, and R_ME of the company. August 1977 - December 1989: Murchison Construction Co. Inc: Vice President of Construction and Project Management of Sacramento-based private contracting firm. Initially employed as journeyman carpenter; advanced to foreman; superintendent, project manager, and vice president. 1970- 1977: Employed by various General Contractors in Northern California, serving as journeyman carpenter or carpenter foreman. Various types of projects included majority in San Francisco Bay Area and environs. 1969 - 1970: Electronics Technician; Fairchild Semiconductor, Mountain View, California. 1961 - 1968: Served in U. S. Navy Submarine Service; nuclear reactor control specialist - final rankETl(SS), serial number 586-12-48. Honorable discharge and unit commendations, Good Conduct Medal with bronze star; National Defense Medal. Education: College of San Mateo, San Mateo, CA. General Education course of study. US Navy Schools and Courses: Electronics Technician "A" School. Nuclear Reactor Plant Theory and Technology; Related Prototype Plant Training. Submarine School; Related Training. White Pine High School, White Pine, Tennessee. Honors. Professional References: Available upon request. Contact Information: Office Phone: (916) 663-3921; Fax: (916) 663-4253; Cellular: (510) 599-9989 E-mail: lminor~psyber.com r-- 2 I- C'OMMUNITY · ECONOMICS J.~%~,/.! A NONPROFIT CORPORATION CO~Y ECONOMICS, INC. Community Economics, Inc. (CEI)provides nonprofit organizations and public agencies with 'expert technical assistance in the financing and development of affordable housing. CEI has a broad range of knowledge and experience in all aspects of affordable housing development and related areas of real estate and community development. CEI was established in 1976 to address a lack of technical expertise in the emerging field of nonprofit affordable housing-development. As federal housing funds have decreased, the nonprofit sector has become a major producer of affordable housing. ThrOugh direct_ technical assistance to nonprofit developers, and through involvement with local, state, and national housing policy.issues, CEI has been at thc forefront of thc affordable housing movement, developing creative solutions and resources' to meet the housing needs of low income people.. CEI staff work with clients from the earliest conceptual stages of development helping to assemble a development team and secure funding - through the successful completion of construction and commencement of operations. Through' this project-specific technical assistance and through long-term.relationships with clients, CEI strives to enhance the capacity of nonprofit housi.ng developers. CEI'S primary expertise is in the financing of' affordable housing, having, worked with a broad assortment of federal, state and local funding programs as well as conventional lenders. Since !987, CEI has developed a particular expertise in the use of the federal and California low-income housing tax'credit programs, and has facilitated the · development of many thousands of affordable housing units using those programs. "Typical clients include nonprofit housing development organizations, as well as social service agencies providing housing for. their special needs clients. CEI has' also worked with tenant or~mizations and groups forming limited equity cooperatives, Publi~ agencies frequently hire CEI to assist'them in evaluating housing proposals from private developers or in devising housing priorities, ~trate~es, and programs. B.a.a HOPE VI: Chestnut Court B.3.C and t111-14~ Street EBALDC/Eden - ?r loo ' - - ~ "---- Community Economics, Inc. Page 2 f - CEI staff consistently take on active leadership roles in housing policy .... .- organizations. Joel Rubenzahl is currently a board member of the Non Profit .. Housing Association of Northern California and. Housing California. Elissa ~ Dennis. is on the board and has served as President' of East Bay Housing ! Organizations. HOUSING DEVELOPMENT r-- CErs housing development work has spanned a wide range of projects from ~ urban.residential hotels for homeless individuals to rural housing for farmworker families. CEI assists .clients with new construction and ? rehabilitation developments for families, seniors, and special needs ~ populations~ CEI has worked with residents of mobile home parks and with artists to convert their homes to cooperative, ownershiP. f CEI' assistance covers ali aspects of housing developmeni, including: · site evaluation t · site acquisition strategies and negotiation ~ · selection of development team members · formation of new nonprofit corporations and limited equity cooperatives C. * finandal t~easibility analysis- , · applications to subsidy and loan sources - local, state, federal, private .t-- lenders~banks ~ · negotiations v~ith funders · structuring .of overall financing for p~'oject ~.. · coordination of development process through until occupancy CEI has particular expertise in assisting nonprofit developers to raise equity ? capital through the syndication of tax credits. CEI works with clients and ~! investors to maximize the amount of equity raised while maintaining permanent control over the development by the sponsor'and ensuring long- '-' term affordability for the residents. Syndication services include: ~ . · initial feasibility analysis, including projection of equity that could be .raised through different syndication models ~ · identification of potential investors ~-~ * evaluation of investor proposals · negotiation with investors r,. · structuring ,the syndication to maximize long term goals of the sponsor · preparatio, n of financial projections used by the sponsor and investor · assistance with formation and operation of syndication partnership Community ..Economics,. Inc. ' ...... Pa§e3 TAX-EXEMPT BOND FINANCING. .. '": · CEI can assist nonprofit developers in utilizing tax-exempt bonds as a method of financing 'their ~rojects. In particular, CEI works with Sponsors to find the best type of bond structure and credit enhancement for each project. CEI's serVices for tax-exempt bond financing include: · initial feasibility analysis, inclUding issuance costs and fees · evaluation of alternative forms of credit enhancement · determination of the mOst appropriate bond structure (fixed rate or low- floater; private placement or public 'sale; etc.) · assistance in' obtaining credit enhancement '~ · structuring the bonds to work with tax credit and other sources of finandng LOCAL GOVERNMENT ASSISTANCE CEI advises public agencies 'on real estate and development matters. Agency ' ':~clients may be-pursuing housing development themselves or evaluating propOsals by'other developers. CEI services for public agencies include: ... · site evaluation · site aCquisition strategies and negotiation · financial feasibility analysis, including potential for tax credit syndiCation '~ s. tructuring of financing, development, syndication, ownership of project · evaluation of developer, proposals, to ensure maximum public benefit · negotiation with developers to ensure maximum public benefit CEI STAFF 'JOEL RUBENZAHL Mr. Rubenzahl is an expert in the development, financing, and syndication 0f affordable housing. He has extensive experience providing technical assistance to nonprofit organizations, public agencies, and limited equity cooperatives: He has also been instrumental in the development of local, state, and. federal programs which create and maintain affordable housing. Mr. Rubenzahl .has particular expertise in utilizing the federal and California low income housing tax credit programs. He played a central role in the creation of California's program. He has assisted nonprofit sponsors ."' Community Economics, Inc. Page 4 ,-, ..;--'- throughout California and in several other states in the development of, over i i~.. 50 affordable housing complexes using the tax credit programs. ,-- An active participant in many housing advocac~ organizations, Mr. - RUbenZahl is on the boards of Housing California and the Nonprofit Housing Assodation'of Northern California. He has previously been on the boards of r~ the National Low Income Housing Coalition, California Cooperat{ve }: Federation, and the steering, committee of the National Mutual Housing Network. He is past president of Savo Island Cooperative Homes and the Bay ~ Area Mutual Management Association. Mr. Rubenzakl is a frequent ' f~ presenter at conferences and workshops nationwide, and has taught courses on the economics of. housing development. He has testified as an expert ~:i .witness at California and U.S. Congressional. hearings on affordable housing ~ ~ programs. ~ .. Mr. Rubenzahl joined CEI in 1976 after completing a Master's Degree in City ~ and Regional. Planning at the University of California at Berkeley. KEVIN KNUDTSON t C Since joining CEI in 1987, Mr. K~udtson has assisted'in the development of ~ many new construction and rehabilitation housing projects. He has ',." ' developed a particular expertise in spedal needs housing for homeless and ~',... disabled households, working extensively on urban residential hotel .!/..- developments, as well as emergency and transitional shelters. Mr. Kaudtson participated in the. Nonprofit Housing Association.of Northern California's Homeless 'Working Group and co-authored with the 'Group an analysis of federal McKinney Act programs for the homeless. ~ At CEL Mr. Knudtson assists clients with all types of tax credit projects and with HI~-fun'ded projects for the elderly and disabled. He has also worked ? with limited-equity cooperatives,'and has contributed to analyses Of low ~ income housing policy choices for local governments and foundations. ~ Mr. Knudtson earned a Master's Degree in Urban and Regional Planning ~ , .. from the University of Oregon. Prior to joining CEI, he worked for nonprofit ,-- agencies'in California and Oregon doing housing development and low i income housing' policy analysis. ELISSA DENNIS t Ms. Dennis has assisted clients in a range of affordable housing developments - since joining CEI in 1990. She has worked extensively with urban and'.rural ~ clients on a wide 'array of new construction and rehabilitation projects. She ' ' has worked with nonprofit housing developers, service providers, and public .--. ' Community Economics, Inc. 'Page 5 ~. ~ .. agendes on projects using the tax credit programs and the HUD programs for i '!.i, the elderly and disabled .... . r-- ~Ms. Dennis has been active in local 'housing policy issues., She is currently on i the board of East Bay Housing Organizations, and served as president from 1994 through 1998. . After receiving her Master's Degree in Urban Planning from the University" of California at Los Angeles, Ms. Dennis worked for nonprofit housing organizations in the Bay Area and Los Angeles before joining CEI.' She previously worked as a community organizer and a newspaper reporter. "' ALICE TALCOTT Prior to joining CEI in 1999, Ms. Talcott worked 'for the San Francisco Mayor's i- Office of Housing for six years, where she provided funding and technical ~ .-assistance in the development of over 25 affordable housing projects. She has worked on a wide variety of new construction and rehabilitation projects, ~ including many supportive housing developments for special needs and homeless populations. Ms. Talcott's experience makes her particularly adept at dealing with the issues public agencies face in the development of affordable housing. ,,,'-.. - As a member of the Nonprofit Housing. Association of Northern Califomia~s ~ Tax Credit Working Group, Ms. Talcott has been actively involved in. recommending 'and lobbying for changes to the tax credit allocation process. MS'. Talcott holds a Master's Degree in City and Regional Planning from the University of California at Berkeley. Community Economics, Inc.. Selected Projects ~;pons0rts) Pro_iect_Name Un'its . Type 0f'Housin~. American Baptist Homes of the West ., Fern Lodge 62 elderly Redlands, California Pacific Overview 200 elderly Carmel Valley, California Tahoe Senior Plaza 45 elderly South Lake Tahoe, California Bay Area Community Services East Bay Transitional Homes 12 units in 2 group homes Oakland, California Bonita House · Bonita, Inc. 12 units in 2 group homes Berkeley, Califomia BHdge Housing Corporation BaYView Senior Hsg 54 elder, ly San Francisco, California EmeryViila 50 eldedy Erneryviile, California Redwood Shores Senior Housing 120 elderly Vallejo, California Calvary Lutheran Church Wittenberg Manor I1 65 elderly San Lorenzo, California CHISPA ' , El Estero 26 elderly ' Monterey,' California Las Casas de Madera 75 family Salinas, California Christian Church Homes of No. Caltf, Brentwo~d Senior Apartments 40 elderly Brentwood, California Westlake Christian Terrace 199 'elderlY oakland, California .. Seascape senior Homes' ' 80 elderly Aptos, California Tree House Senior Apa~-~ents 62 . elderly Redding, California 'Community Houslng Developers Cupertino Comm. Hsg. for Handicapp~: 27 handicapped Cupertino,' California CommUnity Housing Imp~'ovement Program Hazel Hotel 13 elderly'. Gridley, California Turning Point Commons Phase I! 33 family Chico[ California. Turning Point Commons 66 cooperative family Chico, California Community Housing OppOrtunities Corp. Alameda House 8 units in group home Redwood City, California Community Housing Partnership. Iroquois Residence 74 supportive housing San Francisco, California Comm{mity *Economics, Inc.. Selected Projects No. of ~ .~ Units Tvoe oli Hoqsin~ Location San Cristina Hotel· 58 supportive housing San 'Francisco, California · Senator Hotel. 87 supportive housing San Francisco, California ~ ~ Dolores Street Community Services ~ Richard M. Cohen Residence 10 unit group home San FrancisCo, California, ~ East Bay Issei Housing, Inc. ~ · Eden Issei Terrace 10O elderly Hayward, California ~ Eden Housing, Inc. Ca.sa de los Amigos 24 units for the disabled San J0se,.Califomia r- Eden lssei Terrace 100 elderly Hayward, California ~ Pacific Grove 20 disabled Fremont, California North Richmond Senior Housing 52 elderly North Richmond, California ? Union City Senior Housing 45 elderly- Union City, Califomia. El Rio Tenants Association ~ E! Rio Mobile Home Park. 92 mobile home spaces santa Cruz, Califomia- ~meryville Artists Cooperative, In©. ~'" Eme~'ville Artists Cooperative 30 a~-tists live/work spaces E~neryville, California Housing for independent People, Inc, "-[ Aztec Hotel 61 SRO Oakland, California ~ .Homebase 24 unit~ for the disabled' San Jose, California 'Jessie ·Street Inn 2.2 ~ Santa Cruz, CaJifomia ~ Jordan Hotel 5.4 SRO San Francisco, CaJifomia Milagro 15 units for disabled San Jose, C-,alifomia Resetar Hotel 100 ~ Watsonville, California ~ Riverhouse Hotel 75 senior disabled Martinez, CaJifomia , Vivente I 29 handicapped San Jose, California Vivente 2 29 handicapped San Jose, California ~ ~ · Interfaith Foundation Shelter Hill Apartments 75 family Mill Valley, Califomia Interfaith Housing ~- Arbor Vista. 80 elderly I.Jve~nore, California ~ ~ Lutheran Homes for the Aged ~.. Newburg Retirement Center 40 elderly Fortuna, California ~-- Mid'Peninsula Housing Coalition 9/2~/9q .... '~' *C'ommunity Economics, Inc. - Selected Pro/ects o . No~ of .S~or~*so.r(~) .p~o!ect N~me Units Ty0e c~f'Hqusin~l Location Colma Ridge 20 units for mentally ill Colma, California Horizons 24 units for disabled Belmont, California Mid-Peninsula Housing Coalition (continued) Page Mill Court 24 disabled Palo Alto, CaJifomia Sharman Palms 36 ~ family' Campbell, California The Gateway 130 family Menlo Park, California Neighborhood Economic Development Corp. '~ East Blair Cooperative 22 . cooperative family Eugene, Oregon Oakland Community Housing Corporation ' ' Conoway Commons 40 family Oakland, California PARCA Alameda House 8 unit~ in group home Redwood City, Caiifomia Parker Street Tenants Association Parker Street Cooperative ' 24 family Berkeley, California *Progress Foundation Eddy Street Apartments 21 units for the disabled San'Francisco, California Grove Street 8 ' units in group home San Francisco, California Reality House West Cadillac Hotel 156 rehabilitated SRO San Francisco, Califomia Redwood. City Housing Assoclati'0n Heron Court Cooperative" 104 cooperative ~amily Redwood City, california Rubicon Programs Rubicon Homes 10 family Richmond, California Rural CallfornlaHouslng. Coalition Brentwood Senior Apartments 40 elderly Brentwood, California Park Village Apartments 208 family Stockton, California San Francisco Housing Development Corp. Bayview Senior Housing 52 eldedy San Francisco, California Santa Cruz Community Counseling Center Casa Unda 21 units for the disabled Santa Cruz, California Satellite Senior Homes Community Economics, Inc... Selected .Projects · No. of . .~ Pro!ect Na~m~ Udits Ty0e of' Housin'_o Newark Gardens II 50 elderly Newark, California Savo Island Project Area Committee Savo Island Cooperative Homes 57 · cooperative family Berkeley, California Shasta Housing Development Corporation Tr~ House Senior' Apartment~ 6 2 ~lderiy Redding, Califomia Shelter, Inc. Pittsburg Family Uving Center 8 transftional housing Pittsburg, California South County Housing, Inc. Sycamore Glen 20 ' eldedy Morgan Hill, California Tradewinds Tenants Association Tradewinds Mobile Home Park 1 14 mobile home spaces Capitola, California Transitional Living & Comm. Support 66th AVenue ApartmentS. 24 ' disabled Sacramento, Calif°mia UA Housing, Inc. UA Homes 7 5 ~ Berkeley, California Villa Santa Cruz Cooperative, Inc. Villa Santa Cruz 121 mobile home spaces Santa Cruz, California Youth, Education .and Health in Soulard Soulard Infill Housing I! 8 'family St. Louis, Missouri Community Economics, Inc.. Com~leted..Tax Credit 'Syndications · ,No. of .. ~ ~ Unit~ Tvoe of Housin~ I~'ocation Affordable Housing Associates Shattuck 27 elderly Berkeley, CA ArCl~diocese Housing Authority. Dorothy Day 82 SRO seattle, WA Elks Lodge 53 SRO Bremerton,WA La Venture 1 0 family Mt. Vernon, WA Mt Baker Apartments 85 family Beilingham, WA Renton Family Housing 24 family Renton, WA St .Martin's on Westlake 53 SRO Seattle, WA The Grocery 36 SRO Bellingham, WA The Josephinum 222 family 'Seattle, WA Aribba Juntos Mission Capp 48 family San Francisco, CA Asoc~ Campestna "Lazaro Cardenas" Delta Plaza 30. SRO Stockton, CA Mountain View Townhomes 37 family Tracy, CA Santa Fe Townhomes 31 family Stockton, CA Westgate Townhomes 40 family Stockton, CA BRIDGE Housing Corporation Alameden Lake Apartments 144. family .San Jose, CA Centertown 60 family San Rafael, CA Doretha Mitchell 32 family Matin City, CA Fell and Gough F .amily Hou.sing 82 family San Francisco, CA Foster City-Apartments 60 elderly Foster City, CA Hunt Avenue Apartments 56 family SL Helena, CA Magnolia Plaza 124 elderly Daly City, CA Milpitas Family Housing 306 family Milpitas, CA Ohlone Court 135 family San Jose, CA Pacific Oaks 103 elderly Pacifioa, CA Pinole Senior Housing 70 elderly Pinole, CA Richmond A~fordable Housing 63 family Richmond, CA Rotary Valley Senior Housing 80 elderly Lucas Valley, CA San Marcos 168 family Sad Marcos, CA San Paulo 384 family lrvine, CA' Santa Aiicia 84 family Irvine, CA Steam,oat Point 108 family San Francisco, CA Strol~ridge 96 family/elderly Castro .Valley, CA Susan B. Wilson Residence 63 transitional San Jose, CA The Carquinez 35 elderly Richmond, CA V~lla Loma 344 family Cartsl=ad, CA Pa~e ! Community Economics, In.c. . Completed Tax..Credit Syndications No. of . n~ Pr0iect N~ir~e.. Units TyDe'0fHousing' ~ 'Catholic Charities Housing Development Corporation Pensione Esperanza 110 elderly San Jose,. CA Chinese. Community Housing Corporation Larkin/Pine Senior Housing 63 elderly San Francisco, CA Citizens Housing Corporation East Bluff' .144 family Pinole, CA Coachella Valley Housing Coalition Coyote Run 140 family Palm Springs, CA La Hacienda 36 ~ Indic, CA Las Cases.Ill 52 family. Coachella, CA Miles Avenue Apartments 33 special needs Indic, CA · Nueva Vista 32 family Mecca, CA Paseo de las Poetas' 2 '1 fa~n. ily :Mecca, CA Tiaquepaque 76 family Ccachella. CA .~0mmunity Housing Improvement Program ~ ' ' Campbell Commons 56 .SRO Chico, CA East of Eaton 76 family Chico, CA Community Housing Opportunitle~ Corporation Auberry Park 110 family Sacramento, CA Danbury Park 140 . family' Sacramento, CA Foxcreek : 36 fasnily Davis, CA Heafl~er Glen' 72 family Davis, CA ' Holly Courts 4 O fam~ W.' Sacramento, CA Tuscany Village 36 family Davis, CA W'~low Creek 36 family Davis, CA Windmere 48 family Davis, CA W',~dmere II 58 family Davis, CA Woodland Hotel 76 SRO Woodland, CA Conard House, Inc. Lyric Hotel 58 transitional San Francisco, CA ' Community Economics, Inc.. Completed Tax Credit Syndications No. qf Soonsorfsl Pro!oct Name unit~ Tyoe of H0usinq I~ocation Downtown SeniOr Center New Palace H~tet 80 ~ San Diego, CA Ea=~t Bay Asian Local Development Corporation Hisman. Hin-Hu Terrac~ 92 family Oakland. CA Madr0ne Hotel 32 SRO Oakland, CA Marcus Garvey 22 family ' Oakland, CA. San Pablo Hotel 144 elderly/SRO Oakland, CA The Mar 119 family Oakland, CA Ecumenical Association for Housing Centertown' 60 family San Rafael, CA -. Creekside Village 28 family Lart~pur, CA San Pablo Senior Housing 54 eldedy San. Pablo, CA Eden HouSing, Inc. Baywood Apartments 82 family Hayward, CA Catalonia Townhomes 50 family San Jose, CA Corona Ranch 74 family Petaluma. CA Cypress Glen 40 family Hayward, CA Eden Pa/ms 145 family San Jose, CA Glen Berry 50 family Hayward, CA Glen Eden 36 family Hayward, CA Huntwood Commons 4 J, family Hayward, CA Ridge View .Commons 200 elderly Pieasanton, CA San Pablo'Hotel . 144 elderly/SRO Oakland, CA Stone Pine.Meadows . 72 family Tracy, CA . Stoney Creek 70 family IJvermore, CA ' Washington Creek 32 family Petaluma, CA EPA Ca;1 D° Gloria Way 40 family East Pal~ Alto, CA First Community Housing Corporation Guadalupe Apartments 20. family San Jose, CA. Los F. stems 246 family San Jose, CA Glide Community Housing, Inc. The Cecil Williams Glide Community Hse 52 family/special needs San Francisco, CA ~, , jPrrODCO, Inc. HOtel Grand Southern 72 SRO San Francisco, CA Pa~;e 3 Community Economics, Inc.. Comoleted Tax Credit Syndications Nq, of Soonsorfsl ~C.[_~..~__~ Units Tv~e of H~usin~ Location HAND Mayacamas Village 51 family Napa, CA Ho~sing Authority of Contra Costa County Casa del Rio Senior Housing 82 elderly Antioch, CA Housing Authority of County of Santa Clara *' Avenida Espana 84 elderly San jose, CA Blossom River 144 eldedy San Jose, CA' Brecher Senior Housing 72 eldedy Santa Clare, CA De Rose Senio~ Housing 76 elderly 'San Jose, CA Huff Garde~ls ~2 family San-Jose, CA Klamath Gardens 1 7 family Santa Clara, CA Morrone Gardens ..102 elderly San Jose, CA Pinmore Family Housing 51 family San Jose, CA Poco Way 129 family San Jose, CA San Pedro Gardens · 20 fam~y Morgan Hill, CA Villa Hermosa 100 family · San Jose, C.A Housing for Independent People, Inc. Dent Avenue Commons 23 family San Jose, CA Riverhouse Hotel 75 SPC). Martinez, CA jUbilee West Marcus Garvey 22 family Oakland, CA Kaweah Management Company : . Cypress Cove 52 elderly Tulare, CA FaJrview Village 8 family VlsaJla, CA Sultana Family Housing 36 family Sultana, CA · Visatia Garden Villas 60 elderly Visalla, CA 'Westport Village 25 elderly Visalia, CA Willowbrook 1 O family Visalia, CA LA Family Housing Bartlett Hill ' ~ 65 Pa~ily Los Angeles, CA Los Angeles Community Development Commission Et Segundo Townhomes 25 family Los Angeles, CA Pa~e 4 "CommUnity Economics, Inc.. Completed Tax. Credit Syndications Units 'l'v~e c;.f H~usin§ Location 'Mercy Charities HoUsing California 1028 Howard Street 3 0 family San Francisco, CA 1035 Folsom Street 5 0 family San Francisco, CA '*' 1101 Howard Street - 3 4 famity San Francisco, CA 1'11 Jones Street 108 ' family San Francisco, CA 16th and Church Affordable Hsg. 1 8 family San Francisco, CA 205 Jones Street 50 studio San F.rancisc~, CA Fort Collins 6 3 family Fort Collins, CO Hobson Way Family Housing 6 4 family Oxnard, CA Madison . 5 6 family Bakersfield, CA Peter Claver community 3 2 SRO San Francisco, CA Plaza Maria' 5 3 family San Jose, CA Guinn Cottages 60 SRO Sacramento, CA Rose Hotel 7 5 SRO San Francisco, CA School and 'Bruno 4 7 family Daiy City, CA Sycamore Street Cooperative' 6 0 family Santa Cruz, CA Vista Grande .. 2 4 family . Daly .City, CA Mid-Peninsula Housing Coalition Baker Park 98 . family San Jose, CA Carroll Street Inn 1'2 0 SRO . Sunnyvale, CA Central Park :149' elderly -' Mt View, CA Century Village 100 family Fremont, CA Civic Center 81 family Redwood City, CA .. Ginzt0~ Terrace 107. elderly San Mateo, CA Gloria Way · 4 0 family East Palo Alto, CA Holy Family · 79' I 'family San Jose, CA Latham Park . 7 4 family Mountain View, CA Loreola Oaks 1 6 family San Carlos, CA Main Street 3 6 family Half Moon Bay, CA MUrphy's Camp 1 8 family Watsonviile, CA Mountain View Apartments 120 family ML View, CA OPen Doors 64' family Los Gatos, CA Pickering Pta~' 43 family Fremont, CA Rotary Haciendas 8 4 elderly San Mateo, CA Sharmon Palms II 2 4 rehabilitated Campbell, CA Shoreline 120 elderly and family Mountain View, CA St. Matthews 5 6 SRO Menlo Park, CA Sunset Creek 76 · family Fairfield, CA The Farm. 39 family Soquel, CA The Fountains 124 elderly San Mateo,- CA The Woodlands 2 3 family East Palo Alto, CA Willow COurt 6 family Menlo Park, CA ?i?.5199 Pa~e 5 Community Economics, Inc. - Completed Tax ..Credit, Syndications ~ PrQi~ct Name LJ.OJ~ Tyoe of Hoi~sin(~ '. ~ Mission Housing Development Corp. 1010 South Van Ness 30 family San Francisco, CA Altamont Hotel 89 SRO ~ San Francisco, CA ; Del Carlo Court 25 family San Francisco, CA Good Samaritan 20 family San Francisco, CA Maria Alicia Apartments 20 family San Francisco, CA Plaza del Sol 59 family San Francisco, CA Mutual Housing Association of Southwest Conn. Maplewood 32 family Bridgeport, CT Trinity Park 48 f~mily Stamford, CT Yale Street Apartments 44 family Bridgeport, CT · Oakland' Community Housing, Inc. Drasnin Manor 2 6 family Oakland, CA Kenneth Henry Court 5 1 family Oakland, CA San Antonio Terrace 2 3 family Oakland, cA Slim Jenkins Court 32 family Oakland, CA 'alo Alto Housing Corp. Alma Place 107 SRO pajo Alto., CA Peoples' Self-Help Housing Corporation Oak Forest. 20 fam~y Arroyo Grand, CA Oceanside Gardens 21 family Oceanside, CA CaWetti Court 21 elderly Moro Bay, CA. 2 4 'family Cambria, CA . . Schoolhouse Lane : Rohiffs Memorial Manor Rohiffs Manor II 213 elderly Napa, CA Rural California Housing Corporation Delt~ Pl~7~_ - 30 SRO Stockton, CA Florin Woods 7 0 family 'Sacramento, CA Land Park Woods 75 rehabilitated Sacramento. CA Mayacamas Village 51 family Napa, CA Mountain View Townhomes 37 family Tracy, CA Santa Fe Townhomes 31 famiiy Stockton, CA Village Park 5 0 family Sacramento, CA Westgate Townhomes 40 family Stockton, CA Wheafland Meadows 88 rehabilitated Wheatland, CA ?'126/99 Co..mm. unit Economics Inc. om feted Tax redit ' ndications Unit~ Tv6~"ofHousing Locaitiqn Sacramento Cottage Hsg, Inc. Quinn Cottages 60 SRO Sacramento, CA Sacramento Housing and Redevelopment Agency Riven/iow Plaza 123 elderly Sacramento, CA Sacramento Mutual Housing Association, Greenway Village 54 family Sacramento, CA . Sky Parkway 80 family Sacramento, CA San Diego County SEPJJobs for Progress 11th Avenue Townt~omes 16 family San Diego, CA San Diego Interfaith Housing Foundation Redwood Villas 92 eldedy San Diego, CA Santa Cruz Community Housing Corporation E1 Centro 44 elderly SRO Santa Cruz, CA La Playa Marketplace 8 ~ --.. Santa Cruz, CA .~. Neary Lagoon 1 14 family Santa Cruz, CA Self-Help Enterprises Almond Court 36 family Wasco, CA Caliente Creek 40 family An/in, CA Gateway Village 48 family Modesto, CA Solinas 'Village 52 family McFadand, CA Villa Hermosa 40 family .. Wasco, CA South Berkeley.Neighborhood Development Corp. Lorin Station 14 family Berkeley, CA Sauth County Housing Monterra Village 34 family Gilroy, CA Rancho Park 54 family Hollister, CA Rustic Gardens 20 family Hotlister, CA The Redwoods 2 4 family Gilroy, CA The Willows 20 family Morgan Hill, CA Wheeler Manor 110 elderly Gilroy, CA Southern California Presbyterian Homes Palmer House 21 elderly Glendale, CA ?12619~ P~e ? Community Economics1 Inc.. Completed Tax Credit Syndications No.. of Soonsor(s~ ~ ': Units Tv~e of H'~u~ing Location Tenderloin Neighborhood Development Corp. Plaza and Ramona Apartments 6 1 studio San Francisco, CA The'John Stewart Co. Land Park Woods 7 5 family Sacramento, CA Thousand Oaks Redevelopment Agency Schiilo Gardens 2 9 family Thousand Oaks, CA Upland Community Housing, Inc. Coy D. Estes Senior Housing '13 0 'elderly Upland, CA Youth EdUcation 'Health in Soulard, Waverly Place 31 family St. Louis, MO · 71~.6199 Pa~e 8 JOYCE H~ GLATT BEHKELEY,, CA~O~ 94707-~l ~AX (~10) 5a8-o849 S~Y OF PRO~SSION~ E~~C~ I was ad~ed to the C~o~a State B~ ~ 1971. S~c~ tha~ date, I ~ve specialized in ~ordable hous~ r~ e~ae ~cin~ ~d r~evelopment, ~d have dosed over 400 lo~s for rent~ hous~g proje~, home o~ers~p developments, ~d residenfi~ c~e faci~ties. April 1984 to Present LaW Office of Joyee Hiyama Glatt In the ~ of pub~cly ~d convention~y-~ced ren~ hous~g proje~s, r~idemi~ c~e fatuities, ~d for-~e housing deveIopmems, diems hclude nonprofit ~d for-profit develoP~s, hstimfion~ lenders, ~fies, ~d housing authorities. I.have ememive ~efi~ h closing projea lo~s hvol~g: ~w-~come Housing T~ Cr~its; HCD, C~ ~ ~d G~ lo~s; conv~fion~ lo~s ~d'Iender p~cipafion lo~s; ~ ~sur~ lo~s; mortgage-backed scarifies ~d t~-exempt bond fi~ng;' lo~ ~om e~es, co~fies, redevelopmem agencies ~d hous~g au~ofities; ~d ~ts from public ~d p~e ~ces. Se~s rela~g to hous~g mauers ~so ~clude fo~ng hous~g au~ofities, ad~s~g clients on ~bHc Housing pro~s, pl~ng ~d ~plement~g ~ordable hous~g pro~ for loc~ gove~ents, fo~g nonprofit co~oratiom, ~d repre~n~g buy~s ~d ~Hers ~ r~ prope~ ~sfers ~d ~e s~e of~-~sur~ proje~s. ~.represeming mortgage lende~ ~d w~ehousing lend~, s~ces include prep~ng lo~ doc~en~, ~ordim~g ~d mo~to~g ~ elos~g req~ements, ~d wor~ng dke~ly ~ ~l Ap~i 1981 ~o ~rch 1984 ~iflfarb ~d Lipmaa San Francisco, ~ ~ ~e ~ ofhous~g ~d ~ci~ dev~opmen~ c~ ~cluded lo~ gov~ent~ develop~s,' ~d mon~ge lenders. Res~mib~ ~clud~ clos~g pro~ lo~, pr~g lo~ do~ments;, fo~g nonprofit ~d profit-mo~ated o~/d~o~r ~ ~d clos~g ~ Tr~sfers ofPhysi~ ~sets. F~c~g ~r m~y ~t~ proj~ coop~fives, ~d ~nventio~l lo~ ~d ~ mortgage ~ce. F~g for o~ce b~gs, hotels, ~d ~du~ p~ ~volv~ t~-~ement ~c~ ~d~ development bonds, U~ ~ Development Aaion ~, ~d loc~ gove~ent lo~s. Joyce Hiyama Glatt Page 2 In the area of redevelopment, clients included cities, redevelopment agencies, and private developers. Respons~ilities included forming redevelopment agencies, preparing redevelopment plans, evaluating economic feasibility studi .es, negotiating and preparing owner participation agreements and disposition and development agreements, reviewing environmental impact reports, providing advice on tax-increment financing and other financing methods for commercial, mixed-use, and residential developments'within a redevelopment project area. November 1978 to April 1981 Area Counsel's Off.me U.S. Department Of Housing and Urban Development san Francisco, CA Lead attorney for tax-exempt bond financing for multifamily rental projects, rent subsidy · programs, and bankruptcy cases. I was the HUD Attorney-Advisor respons~le for all programs and projects in Alameda County, Contra Costa County, and the north coast counties. Program work included project loan closings, Transfers of Physical Assets, Public Housing matters, Urban DeveloPment Action Grants, Community Development Block Grants, and environmental impact studies. January 1977 to June 1978, Law Clerk with the Office of Area Counsel, HUD, San Francisco. September 1972 to June 1975 Sixth grade teacher, Mt. Diablo Unified School Dis'triet Concord, CA EDUCATION: University of San Francisco School of Law Degree of~Iuris Doctor, June 1978 University of California at Berkeley Degree of Masters of Arts in Education, June 1973 University of California at Berkeley Teaching Credential, School of Educafiort, June 1972 University of California at Berkeley Degree of Bachelor of Arts, June 1971 Member, Phi Beta Kappa PROFESSIONAL ORGANrZATIONS: State Bar of California, Admitted Federal Bar Association, President of the San Francisco Chapter, 1982-83. 1oyce Hiyama Glatt Page 3 PARTIAL LiST OF CLIENTS: BRIDGE Housing Corporation, San Francisco Catholic Charities of the Diocese of Oakland CREDO Housing, Inc., Oakland Community Services Agency, Reno Community Housing OppommitiesCorporation, Davis Development Assistance Corporation of Yolo County, Woodland EAH, Inc., San Rafael Eden Housing,/nc., Hayward Hope Community Church, Oakland Matin Housing Development Corporation, San Rafael Mercy Services Corporation, San Francisco Mid-Peninsula Housing Coalition, Redwood City Oakland Community Housing, Inc., Oakland Resources for Community Development, Berkeley Siskiyou Opportunity Center Housing, Inc., Mount Shasta Vacaville Community Housing, VacavilI~ City of Berkeley City of Dublin City of Pleasanton City of Vacaville County of Alameda Housing Authority of the City of DUblin Housing Authority of the City of Pleasanton Housing Authority of the County of Matin Housing Authority of the County of Yolo Bank of America, San Francisco BA Mortgage and International Realty Corporation, San Francisco Bank of California, San Francisco The Bank of San Francisco, San Francisco First Interstate Mortgage 'Company, San Francisco GMAC Mortgage Corporation, San Francisco Imperial Savings Association, Pleasant I-rill Seattle-First National. Bank, Seattle TRI Capital Corporation, San Francisco Wells Fargo Realty Finance Corporation, San Francisco Western Residential Lending, Inc., Sacramento CITY OF DUBLIN Request for Proposals - Dublin Senior Housing SECTION 7 PROJECT FINANCING AND TOTAL DEVELOPMENT COSTS The team has analyzed the proposed development of Dublin Senior Housing under a HUD Section 202 structure and a 9% tax credit scenario. A summary of each scenario is presented herein that includes a sources and uses budget, itemized breakdown of costs and cost per unit. Basic assumptions about the development budget: ~ 99-year land lease which is subordinated to conventional lender debt and all accompanying regulatory agreements. It will be more difficult to secure financing if the land lease is not subordinated. No ground lease payments have been assumed. } Site transfer to developer would occur at construction loan close and therefore the budget reflects no holding costs for the site. ~ Until further due diligence is made on the Senior Housing site, the developer would not know the requirements of the soils condition, and resulting foundation design, nor the extent of the site clean up costs for which it would be responsible. Until these factors are determined through the due diligence period, this could be a significant variable for the development budget. ~' A small allowance has been assumed for off-site improvements; as specific off-site requirements are determined this number will be adjusted. > Permits and fees are estimated at $15,000 per unit given the preliminary information provided; as the feasibility and design are further developed, this number will be adjusted. ~ Both scenarios assume a local contribution - while we typically obtain funding from the local jurisdictions in which we work, we have also been able to reduce or eliminate the need for local city funding if County funding is available in a sufficient amount. It is our understanding that the City of part County purposes Community Development Block Grant and Dublin is of the Urban for of the HOME Programs. In this instance, Eden would seek funding from the Alameda County which administers both programs for the City. Any funding secured at the County level would reduce in like amount the need for City assistance. ~' Both scenarios anticipate a residual receipts/surplus cash payment structure on the local contribution. OPTION A: HUD SECTION 202 Under this scenario, the project will be 100% affordable to lower income households with incomes of no more than 50% of area median income (AMI), though Eden's experience is that households typically have incomes in the 30% to 40% AMI range. The units WOuld include a mix of one-bedroom units only (with the exception of a two-bedroom manager's unit) as the HUD Program does not allow for two- bedroom units. Because the 202 Program comes with an award of an initial five-year Project Rental Assistance Contract (PRAC), tenants only pay 30% of their income towards rent with the balance of funding needed to cover operating expenses paid by the PRAC. This enables deep affordability that is otherwise not achievable in other types of projects without project-based assistance. Eden Housing, Inc. Section 7 May 24, 2002 Page 1 CITY OF DUBLIN " Request for Proposals - Dublin Senior Housing The HUD Regulatory Agreement runs for 40 years. Typically, funding from local jurisdictions requires up to 55 years of affordability; however, Eden's intent would be to maintain its affordable use for the life of the property. The pros of Option A are: >> Because of the accompanying PRAC award, the 202 Program can effectively target the lowest income seniors possible and ensure long-term affordability for those seniors. >> The HUD PRAC will also cover the on-site Services Coordinator position. ~> Because the project is limited to one-bedroom units, this scenario can include six more a for total of 54 apartments, within the same building footprint. ~> Smaller up-front gap (local) funding. The cons of Option B are: >> The HUD 202 Program 0nly allows the repayment fully of subordinated debt in the form of residual receipts payments upon the approval of HUD. This would mean that the City would likely not realize any repayments until after the term of the HUD restrictions expire (40 years). ~> Due to the timing issues inherent with the HUD Program, the development time frame is longer than that of a tax credit project, all other things being equal. The next funding round for the 202 Program is anticipated to be May 2003. Awards are generally announced in the Fall. Upon receipt of an award, the sponsor has 18 to 24 months to close the construction loan. As a result, the time line for this project assumes a construction start of August 2005 with completion in August 2006. OPTION B: 9% TAX CREDITS Under this scenario, the project will be 100% affordable to lower income households at 45%, 50% and 60% of area median income. The units would include a mix of one- and two-bedroom units providing seniors with more flexibility for living, particularly as they age in place since the second bedroom could be utilized for a live-in aide. The unit affordability mix was designed to maximize the point score under the TCAC guidelines, which evaluates affordability based upon targeted affordability. The following' table summarizes the proposed unit mix: 45% AMI 50% AMI 60% AMI Total* - 1 Bedroom 19 21 0 40 2 Bedrooms 3 3 1 7 Totals 22 24 1 47 Note: 2 bedroom manager's unit not included. The proposed rents under this structure are as follows: Eden Housing, Inc. Section'7 May 24, 2002 Page 2 CITY OF DUBLIN Request for Proposals - Dublin Senior Housing .. ~-~ 45% AMI 50% AMI 60% AMI 1 Bedroom 584 653 760 2 Bedrooms 695 778 946 In order to be competitive, the tax'credit development would include a tax credit Regulatory Agreement that runs for 55 years. This is also consistent with required periods of affordability fromlocal jurisdictions. Again, Eden's intent would be to maintain its affordable use for the life of the property. The pros of Option B are: ~> Because the 9% tax credit financing is the cornerstone of this scenario, it is an equity-driven model which reduces the need to rely on project revenue to support debt; hence, rents can be lower than a model based purely on tax-exempt bonds and 4% tax credits. ~> The Low Income Housing Tax Credit Program allows for a higher developer fee than other programs and allows sufficient assurance to project investors and lenders regarding project performance. The cons of Option B are: >> Higher overall development cost than HUD 202 scenario and the resulting need for greater gap (local) funding at approximately $1.8 million. )> There is risk associated with this approach as the project must have a significant degree of more design and entitlement work done in order to effectively compete for the tax credits, without the certainty of obtaining an allocation of credits. :~ Eden's experience is that the presence of an on-site Services Coordinator benefits the seniors greatly in their ability to live independently. As a result, while we typically fund these positions out of cash flow in non-HUD projects, Dublin Senior Housing does not provide sufficient cash to cover a position based on the preliminary numbers. To mitigate this, the development includes a capitalized services reserve to cover the position when cash flow is insufficient. While this adds to the up-front gap funding, the benefits are tremendous. ~- As a senior housing project, Eden's experience is that most of the tenants seeking homing are those on fixed incomes, typically from Social Security or other retirement sources which do not tYpically include increases that keep up with inflation. Tax credit projects include conventional debt which means that as expenses rise, so does the need for income and therefore rent revenues. Given the likely tenant population, Eden would be concerned about the need to raise rents and our experience has been that public staff and officials ultimately get involved in these issues became of the concern expressed by tenants over escalating rents over time while their incomes remain relatively static. As a result, Eden would work with the City to determine the best means of mitigating the need to consistently raise rents, whether the strategy include applying for project- based vouchers through Alameda County Housing Authority or including a capitalized rent reserve which will impact the local contribution need. ANALYSIS Overall, the HUD 202 Program provides more units at deeper affordability levels for less money; however, a project under this scenario will take longer to construct. Depending upon the priorities the Eden HoUSing, Inc. Section 7 May 24, 2002 Page 3 CITY OF DUBLIN 'Request for Proposals - Dublin Senior Housing City has for its senior housing development, it may determine that a particular tmde-offis worth making and thus pursue a particular financing strategy. Due to the extremely competitive nature of both the HUD 202 and 9% tax credit programs, Eden has often dual-tracked projects for financing. Given the site location and other factors we believe the project would effectively compete under either the HUD or 9% tax credit program. FINANCING SOURCES It is anticipated that development financing for the Dublin Senior Housing project will come from a variety of well-leveraged public and private funding sources, which we expect to be as follows: HUD Section 202 Program HUD provides a capital advance to finance the construction of supportive housing for very low-income seniors, including the frail elderly, and provides rent Subsidies for the projects to help make them affordable. Awards are based upon annual competitions. Construction/Permanent Financing Under the tax credit scenario, Eden would work to identify conventional lenders to provide these loans. This source would not be included under the HUD scenario. Low-Income Housing Tax Credit Equity Eden proposes to secure an equity investment through the syndication of Low Income Housing Tax Credits. The 9% tax credit is allocated by the State Tax Credit Allocation Committee (TCAC) on a limited basis in (usually) two competitive rounds each year. The Federal Government places a limit on the amount of 9% credit that can be awarded ($1.50 per capita) making these competitions very intense. The Limited Partner purchases the tax credits that have been allocated to the project and receives tax benefits; that Partner's payment for the credits becomes the equity generated for the project. The process for obtaining an allocation depends upon a project's ability to be rated and ranked high enough based upon the Program's guidelines. Typically, factors like the project's affordability levels, leverage with other funding sources, level of readiness, etc., make a project more competitive. Affordability restrictions will be imposed on projects using the tax credit program. Community Development Block Grant Program and HOME Investment Partnerships Program These are federal programs with funding allocated to participating jurisdictions, which administer the programs at the local level - in this instance, we understand that funding is adminiStered by Alameda County. CDBG and HOME funding can be used for both rental and homeownership housing and must serve lower income households. Funds may be used for a variety of acquisition and development-related activities, with some restrictions. Typically, a jurisdiction will provide assistance in the form a deferred payment loan or grant. Use of these funds will require affordability restrictions and other federal requirements. City of Dublin In-Lieu Housing Funds Local funds administered by the City for development of affordable housing. Affordable Housing Program (AHP) This Program is sponsored by the Federal Home Loan Bank and provides subsidies to member banks which in turn pass these subsidies onto project sponsors, for development of affordable rental and Eden Housing, Inc. Section 7 May 24, 2002 Page 4 CITY OF DUBLIN Request for Proposals - Dublin Senior Housing-~ homeownership projects. The AHP grants are awarded through a competitive process held twice each year. The AHP also requires affordability restrictions to be placed upon the project assisted. Metropolitan Transportation Commission- Housing Incentive Program Another-source that might be available for development of this project is this MTC Program which provides funds for streetscape and other improvements in public right-of-ways. Depending upon the degree and type of off-sites that may be required for the project, this may be a source of funding. The program is designed to reward localities and projects that are high density projects located near public transit that include affordable units. Based upon the current formula, the Dublin Senior Housing project would qualify for up to $137,500 under the HUD scenario and up to $140,000 under the TCAC scenario. Eden Housing, Inc. Section 7 May 24, 2002 Page 5 Response to Request for Proposals OUBU. SE. OR.OUS,.G i tS E ATA I 37,440 Unit Buiiding Area 20,800 Site Sq. Ft. . 14,600 Structured Parking DEVELOPMENT PROFORMA 3,560 Community Room 0.48 Total Acres 6,200.00 Landscaped Aroa/VValks 0 Nonbesis Square Footage 113 D.U./Acre Basis as % of 221 (d) (3) Umit 24-May-02 0.00% Nonbasis % Basis % 54 D.U. FUNDING SOURCES I I Per Unit TOTAL AcqJPredev. Construction Permanent % of Total TERMS Local Contribution 31,873 t,721,t32 447,171 1,273,961 0 21.07% Residual Receipts/Amortized 0.00% iht Construction Financing · 0 0 0 0.00% Construction Loan ~ 0.00% int 0 Month= Acquisition Loan 0 0 0 0 0 0.00% Current Rate: 0% HUD Section 202 Capital Advance t 15,377 6,230,339 0 6,230,339 0 76.28% Tax Credit Um~ed Partner Capital Contrtbu~n LIH Tax Credit-GP 0.0% 0 0 0 0 0 0.00% Tax Credit General Partner Capital Contribution Permanent Financing 0 ~ 0 0 0 0 0.00% Permanent Mortgage 0.00% iht 0 Months AHP Funds 4,000; 215,000 0 0 216,000 2.64% Deferred Devsioper Fee 0 0 0 0 0.00% Bridge Loan MTC HIP Grant 0 0 0.00'~ TOTAL SOURCES 8,167,471 I 447,171 I 7,504,300 I 2161060 n 100.00% Surplusl(Deflcit) 0 0 0 0 DEVELOPMENT BUDGET ~ TOTAL Tax Credit LAND & iMPROVEMENTS:I TOTAL Acq./Predev. Construction Permanent; COST 9% Basis Cost/Unti Cost/ScIFI % Total Site Acquisition 0 0 0 0: 0 0 0 0.00 0.00% Relocation 0 0 0 01 0 0 0 0.00 0.00% Site Demolition 0 0 0 0 0 0 0 0.00 0.00% Site Maintenance (i.e. Security, Clean-Up) 0 0 0 0 i 0 0 0 0.00 0.00% Site Value Beyond Cost 0 0 0 0 1 0 0 0 0.00 0.00% Total Land & Impro¥ 0 0 0 0 1 0 0 0 0.00 0.00% CONSTRUCTION CONSULTANTS: Architect & Engineering 412,228 309, t71 I03,057 0 412,228 412,228 7,634 0.00 5.05% Construction Management Services 50,000 10,000 40,000 0 50,000 50,000 926 1.34 0.61% Engineering Reports (i.e. Topo, Acoustics, Soils Report) 15,000 15,000 0 0 15,000 15,000 278 0.40 0.18% Environmental 5,000 5,000 0 0 5,000 5,000 93 0.13 0.06%i Testing & Inspection 24,000 0 24,000; 0 24,000 24,000 444 0.64 0.29% Total Constr Consult 506,228 339,171 167,057 i 0 506,228 506,228 9,375 2.51 · 6.20%' CONSTRUCTION: Off-Site Improvements 25,000 25,000 0 25,000 0 463 0.67 0.31 On-Site Improvements 166,400 0 166,400 0 166,400 166,400 3,081 4.44 2.04°/; Podium Structure 759,200 0 759,200 0 759,200 759,200 14,059 20.28 Unit Construction 4,760,300 0 4,760,300 0 4,760,300 4,760,300 88,154 127.14 58.28% Contractors Bond 51,398 0 51,398 0 51,398 51,398 952 1.37 0.63% Furniture, Fixtures & Equipment (common area) 55,000 0 55,000 0 55,000 55,000 1,019 1.47 0.67% Construction Contingency 285,545 0 285,545 0 285,545 285,545 5,288 7.63 3.50% Total Constr 6,102,843 0 6,102,843 0 6,102,843 6,077,843 113,016 163.00 74.72% SOFT COSTS: Permits & Fees 810,000 9,000 801,000 0 810,000 810,000 15,000 21.63 9.92% Legal Fees 35,000; 8,000 22,000 5,000 35,000 30,000 648 0.93 0.43% ~udit Fees 11,000 0 0 11,000 11,000 0 204 0.29 0.13% Sponsor Administration 540,000 50,000 320,000 170,000 540,000 540,000 10,000 14.42 6.61% Sponsor/GP Centdbution 0 0 0 0 0 0 0 0.00 0.00% Sponsor Net Worth Requirement 0 0 0 0 0 0 0.00 0.00% Sponsor Operating Guarantee 0 0 0 2 0 0 0.00 0.00% Market Study 0 0 0 0 0 0 0 0.00 0.00% HUD Consultant Fee 25,000 0 0 25,000 25,000 25,000 463 0.67 0.31% Services Reserve 0 0 0 0 0 0 0 0.00 0.00% Leasing and Other Reserves: Ree~Jp Marketing 32,400 0 32,400 0 32,400 0 600 0.87 0.40~ TCAC Reserves 0 0 0 0 0 0 0.00 0.00% Initial Project Reserves 0 0 0 0 0 0 · 0.00 0.00% ~oft Costs Contingency 40,000 20,000 20,000 0 40,000 40,000 741 1.07 0.49% Total Indlrect Costs t,493,400 87,000 t,195,400 211,000 1,493,402 1,445,000 27,656 39.89 t8.28% FINANCE & CARRYING COSTS: Jability/COC Insurance 30,000 1,000 29,000 0 30,000 30,000 I 556 0.80 0.37% Faxes 0 0 0 0 0 O' 0 0.00 0.00% ?,onstructien Loan Points 0 0 0 0 0 0 0 0.00 0.00% %rmanent Financing Points 0 0 0 0 0 0 0 0.00 0.00% M-IP Points 0 0 0 0 0 0 0 0.00 0.00% Acquisition Loan Fees (Mid-Pen) 0 0 0 0 0 0 0.00 0.00% :Interim Acquisition Loan Interest 0 0 0 0 0 0 0.00 0.00% Title, Escrow & Other Financing Fees 25,000 10,000 10,000 5,000 25,000 18,750 463 0.67 0.31% Appraisal 10,000 10,000 0 0 10,000 7,500 185 0.27 0.12% Construction Loan interest 0 0 0 0 0 0 0 0.00 0.00% Total Fin & Carry Costs 65,000 21,000 39,000 5,000 65,000 56,250 1,204 1.74 0.80% TAX CREDITS/SYNDICATION EXPENSES: Tax Credit Expenses: TCAC Application Fee 0 0 0 0 0 0 0 0.00 0.00% TCAC.Reservation/Allocation Fee 0 0 0 0 0 0 0 0.00 0.00% TCAC Deposit 0 0 0 0 0 0 0 0.00 0.00% TCAC Monitoring Fee 0 0 0 0 0 0 0 0.00 0.00% TCAC Deposit Refund 0 0 0 0 0 0 0 0.00 0.00% Syndication Consultant 0 0 0 0 0 0 0 0.00 0.00% Syndication Legal Fees 0 0 0 0 0 0 0 0.00 0.00% SyndicaUon-lnvestor Legal 0 0 ' 0 0 0 0 0 0.00 0.00% SyndicaUon Other:. Bridge Loan Fees 0 0 0 0 0 0 0 0.00 0.00% Syndication Other:. Bridge Loan/Dev Fee Interest 0 0 0 0 0; 0 0 0.00 0.00% Total TCAC/Synd 0 0 0 0 0 i 0 0 0.00 0.00% TOTAL DEVELOPMENT EXPENSES J 8,167,471 447,171 ~ 7,504,300 216,000 8,167,473 I 8,085,321 15t,249 J 207.14 I 100.00% Eden Housing, Inc. 409 Jackson Street Hayward, CA 94544 HUD 202 5-23-02 MG Response to Request for Proposals DUBLIN SENIOR HOUSING I SITE DATA I 20,800 Site Square Ft. Based on 2002 Alameda Co. HUD Area Median Income O.48 Acres HH Size * ' 45% AMI 50% AMI 100% AMI 113 D.U.IAcre One Bedroom - 1.5 Persons 25,155 27,950 55,900 ENT ROLL 54 D.Uo Two Bedroom - Three Person 30,195 33,550 67,t00 37,440 Residential SF IThree Bedroom - 4,5 Person 34,875 38,750 77,500 24-May-02 3,560 Common Area SF JFour Bedroom - Six Person 38,880 43,200 86,400 Net Scheduled I Gross Utility Net Income Unit Total Parking Residential Unit Mix ~ # Units % $1Sq Ft Rent Allowance RentJMonth YEAR t Sq Ft Sq Ft Per Unit 0.6 Low Income (45% AMI) Current Unit Mix One Bedroom 53 100% $1.08 629 45 584 371,345 540 28,620 31.80 Two Bedrooms 0 0% $0.88 755 60 695 0 790 0 0.00 Three Bedrooms 0 0% 872 73 799 0 0 0 0.00 Four Bedrooms 0 0% 972 82 890 0 0 0 0.00 Total VU 53 100% Very Low Income ¢50% AMI} One Bedroom 0 0% $1.21 698 45 653 0 540 0 Two Bedrooms 0 0% $0.99 838 60 778 0 790 0 0.00 Three Bedrooms 0 0% 968 73 895 0 0 0 0.00 Four Bedrooms 0 0% 1,080 82 998 0 0 0 Total VLI 0 0% Low Income {60% AMI} One Bedroom 0 0% $1.41 838 45 760 0 540 0 0.00 Two Bedrooms 0 0% $1,20 1,008 60 946 0 790 0 0.00 [hree Bedrooms 0 0% 1,162 73 1,089 0 O 0 0.00 =our Bedrooms 0. 0% 1,296 82 1,214 0 0 0 0.00 Total LI 0 0% l~vo Bdrm - Manager's Unit I $0.00 0 0 0 0 790 790 0.60 rOTAL RESIDENTIAL 54 100% I $371,3451 I 29,4t0 i 32 ~ommunity Room and Common Areas 3,560 Circulation 4,470 G~.DTOTA' I I $371,3451 I 37,4401 32 IAVERAGE AFFORDABILITY 53.02%1 Eden Housing, Inc. 409 Jackson Street Hayward, CA 94544 HUD 202 5.23-02 MG Response io Request for Proposals DUBUN SENIOR HOUSING YEAR YEAR YEAR YEAR . YEAR yEAR YEAR yEAR YF. AR YEAR YEAR YEAR YEAR YEAR yEAR YEAR YEAR YEAR yEAR YEAR YEAR (23,765) (24,362) (24,971) (25,055) (26,2-'J5) (26,691} (27,563) (28,252) (25,959)(2~,682) (30,425) (31,t85} (31,965) (32,764) (33,583) (34,423) (35,283) (36, t65) (37,069) (37,996) (111,427) (111,566) (1t1,~6) (111,F~9) (111.300) (110~62) (110,485) (109,863) (109,087) (108,145) (107,038) (105,747) (104.264) 002,580) (100,684) (~8,665) (~6,2t 1) (93,609) (90,746) (07,911) Response to Request for Proposals '* DUBLIN SENIOR HOUSING 35,950 Unit Building Area 20,800 Site Sq. FL 14,600 Structured Parking DEVELOPMENT PROFORMA ~ 3,560 Community Room 0.48 Total Acres 6,200,00 Landscaped Area/~Nalks 0 Nonbasis Square Footage 101 D.UJAcre 100.00% Basis as % of 221 (d) (3) Umit 24-May-02 0.00% Nonbasis % Basis % 48 D.U. NO IsactualBasisbelowtheboostedcap? FUNDING SOURCES I I Per Unit TOTAL AcqJPredev. Consb'uction Peri,anent % of Total TERMS , Local Contribution 38,107 1,829,156 477,060 1,352,096 0 19.74% Residual Ret,=i~,~,'Amo~zed 3.00% iht 40 ys. Construction Financing 0 0 5,982,263 (5,982,2631 0.00% Construction Loan ~ 6,75% iht 18 Months Acquisition Loan 0 0 0 0 0 0.00% Current Rate: .IH Tax Credlt-LP (9% Credit) 124,111 5,957,343 0 0 5,957,343 64,29% Tax Credit Umited Partner Capital Contribution LIH Tax Cradit-GP 0.1% 124 5,957 0 0 5,957 0.06% [Tax Credit General Partner Capital Contribution Permanent Financing 26,693 1,281,283 0 0 1,281,283 13.83% Permanent Mortgage 8.00% iht 30 yrs. AHP Funds 4,000 192,000 0 192,000 0 2.07% MTC HiP Grant 0 0 0.00% TOTAL SOURCES 9,265,740 I 477,060 7,526,359 1,262,321 I 100.00% Surplus/(Deflcit) (0) 0 0 (1) DEVELOPMENT BUDGET 1 ;tTOTAL Tax credit LAND & IMPROVEMENTS: TOTAL AcqJPredev, Construction Permane COST 9% Basis Cost/Unll Cost/SqFt % Total ~ite Acquisition 0 0 0 0 0 0 0.00 0.00% Relocation 0 0 0 0 0 0 0 0.00 0.00% Site Demolition 0 0 I 0 i 0 0 0 0 0.00 0.00% Site Maintenance (Le. Security, Clean-Up) 0 0 0 0 0 i 0 0 0.00 0.00%1 Site Value Beyond Cost 0 0 0 0 0 0 0 0.00 0.00% Total Land & Improv 0 0 0 0 0 0 0 0.00 0.00% :ONSTRUCTION CONSULTANTS: ~,rchitect & Engineering 398,725 299,043 99,681 0 398,725 398,725 8,307 ' 0.00 4.30% ;onstmction Management Services 50,000 10,000 40,000 0 50,000 50,000 1,042 1.39 0.54% Engineering Reports (i.e. Topo, Acoustics, Soils Report) 15,000 15,000 0 0 15,000 15,000 313 0.42 0.16% ~nvironmentsl 5,000 5,000 0 0 5,000 5,000 104 0,14 0.05% Testing & Inspection 24,000 0 24,000 0 24,000 24,000 500 0.67 0.26% Total Constr Consult 492,725 329,043 163,681 0 492,725 492,725 10,265 2.61 5.32% CONSTRUCTION: Off-Site Impruvements 25,000 25,000 0 25,000 0 521 0,70 0.27% On-Site Improvements 166,400 0 166,400 0 166,400 166,400, 3,467 4.63 1.80% Podium Structure 759,200 0 759,200 0 759,200 759,200 15,817 21.12 8.19% Unit Construction 4,574,050 0 4,574,050 0 4,574,050 4,574,050 95,293 127.23 49.37% Contractors Bond 49,722 0 49,722 0 49,722 49,722 1,036 1.38 0.54% Furniture, Fixtures & Equipment (common area) 55,000 0 55,000 0 55,000 55,000 1,146 1.53 0.59% Construction Contingency 276,233 0 276,233 0 276,233 276,233 5,755 7.68 2.98% Total Constr 5,905,604 0 5,905,604 0 5,905,604 5,880,604 123,033 164.27 63.74% SOFT COSTS: Permits & Fees 720,000 9,000 711,000 0 720,000 361,017 15,000 20.03 7.77% Legal Fees 35,000 8,000 22,000 5,000 35,000 30,000 729 0.97 0.38% I Audit Fees 11,000 0 0 11,000 11,000 0 229 0.31 0.12% ., i Sponsor Administration 651,667 0 140,000 511,667 651,667 651,667 13,576 18.13 7.03% Sponsor/GP Contribution 5,957 0 0 5,957 5,957 5,957 124 0,17 0.06% Sponsor Net Worth Requirement 297,867 0 297,867 297,867 297,867 6,206 8.29 3.21% Sponsor Operating Guarantee 115,634 0 115,634 115,636 115,634 2,409 3,22 1.25% Market Study 7,500 0 0 7,500 7,500 7,500 156 0.2t 0.08% Consultant Fees-Other 0 0 0 0 0 0 0 0.00 0.00% Services Reserve 250,000 0 ~ 0 250,000 250,000 0 5,208 6.95 2.70% Leasing and Other Reserves: Rent/Up Marketing 28,800 0 28,800 I 0 i 28,800 0 600 0.80 0.3104 TCAC Reeervee 0 0 0, 0 ~ 0 ' 0 0.00 0,0004 Initial Projed: Reserves 83,408 83,408 0 83,408 0 1,738 2.32 0.90°4 Soft Costs Contingency. 40,000 20,000 20,000 0 40,000 ~ 40,000 833 1.11 0.43%1 Total Indirect Costs 2,246,834 37,000 1,005,208 1,204,625 2,246,836 1,509,642 46,809 62.50 24.25% ~ FINANCE & CARRYING COSTS: Liability./COC Insurance 30,000 1,000 29,000 ... .0 30,000 30,000 625 0.83 0.32% Taxes 0 0 0 0 0 0 0 0.00 0.00% ;onstruction Loan Points 59,823 0 59,823 0 59,823 59,823 1,246 1.66 0.65% Permanent Financing Points 32,032 16,016 0 16,016 32,032 0 667 0.89 0.35% A. HP Points 0 0 0 0 0 0 0 0.00 0.00% Acquisition Loan Fees (Mid-Pen) 0 0 0 0 0 0 0.00 0.00% Interim Acquisition Lean Interest 0 0 0 0 0 0 0.00 0.00% Title, Escrow & Other Financing Fees 25,000 10,000 10,000 5,000 25,000 18,750 521 0.70 0.27% Lender-Appraisal, Legal & Consulting 35,000 10,000 25,000 0 35,000 26,250 729 0.97 0.38% :~ Construction Loan Interest 323,042 0 323,042 0 323,042 323,042 6,730 8.99 3.49% Total Fin & Carry Costs 504,897 37,016 446,865 21,016 504,897 457,865 10,519 14.04 5.45% TAX CREDITS/SYNDICATION EXPENSES: Tax Credit Expenses: TCAC Application Fee 2,000 2,000 0 0 2,000 0 42 0.06 0.02% · TCAC Reservation/Allocation Fee 29,000 29,000 0 0 29,000 0 604 0.81 0.31% TCAC Deposit 29,000 29,000 0 0 29,000 0 604 0.81 0.31% TCAC Monitoring Fee 19,680 0 0 19,680 19,680 0 410 0.55 0.21% '~ I TCAC Deposit Refund (29,000} 0 0 (29,000', (29,000) 0 (604) (0.81} -0.31% ! ~Syndication Consultant 30,000. 10,000 5,000 15,000 30,000 0 625 0.83 0.32% Syndication Legal Fees 35,000 4,000 0 31,000 1 35,000 0 729 0.97 0.3804 SyndicaUon-lnvestor Legal 0 0 0 0 0 0 0 0,00 ~ 0.0004 Syndication Other:. Bridge Loan Fees 0 0 I 0 0 0 0 0 0.00 0.0004 ~ Syndication Other: Bridge Loan/Dev Fee Interest 0 0-: 0 0 0 0 0 0.00 0.0004 Total TCACISynd 115,680 74,000 5,000 36,680 115,680 0 2,410 3~2 1.2504 ~ TOTAL DEVELOPMENT EXPEN-$E$ ~ 9,265,740 I 477,060 I 7,526,359 I 1'26-~'3-~t ! 9,265,742 I 6,340,836 193,036 246.65 ~ 100.00%1 Eden Housing, Inc. F 409 Jackson Street TCAC ~ 48 5.21.02 Response to Request for Proposals DUBLIN SENIOR HOUSING I SITE DATAI 20,500 site square Ft. Based on 2002 Alameda Co. HUD Area Median Income 0.48 Acres HH Size 45% AMI 80% AMI 100% AMI 101 D.UJAcre One Bedroom - 1.5 Persons 25,155 44,720 55,900 RENT ROLL 48 D.U. Two Bedroom - Three Person 30/195 53,680 67,'100 35,950 Residential SF Three Bedroom, 4.5 Person 34,875 62,000 77,500 24.May*02 3,560 Common Area SF Four Bedroom - S x Person 38,880 69,120 86,400 ' I Net Scheduled TCAC Gross Utility Net Income Unit Total Parking Residential Unit Mix I /t Units % Points $1Sq Ft Rent Allowance RentlMonth YEAR 1 Sq Ft Sq Ft Per Unit 0.6 Low Income f45% AMI) Current Unit Mix One Bedroom 19 40% $1.08 629 45 584 133,124 540 10,260 11.40 Two Bedrooms 3 6% $0.88 755 60 695 25,016 790 2,370 1.80 Throe Bedrooms 0 .0% 672 73 799 0 0 0 0.00 Four Bedrooms 0 0% 972 82 890 0 0 0 0.00 Total VM 22 47% 25.0 Very Low Income {50% AMI} One Bedroom 21 45% $1.21 698 45 653 164,619 540 11,340 12.60 Two Bedrooms 3 6% $0.99 838 60 778 28,017 790 2,370 1.80 Three Bedrooms 0 0% 968 73 895 0 0 0 0.00 Four Bedrooms 0 0% 1,080 82 ' 998 0 0 0 0.00 Total VM 24 51% 25.0 LOW Income (60% AMI) One Bedroom 0 0% $1.41 838 45 760 0 540 0 0.00 Two Bedrooms I 2% $1.20 1,006 60 946 11,352 790 790 0.60 Three Bedrooms 0 0% 1,162 73 1,089 0 0 0 0.00 Four Bedrooms 0 0% 1,296 82 1,214 0 0 0 0.00 Total U I 2% Two Bdrm - Manager's Unit I $0.00 0 0 0 0 790 790 0.60 TOTAL RESIDENTIAL 48 100% 50.0' [ $362,127 J I 27,920 1 29 Community Room and Common Areas 3,560 ;irculation 4,470 GRAND TOTAL j [ $362,127 j I 35,950 I 29 IAVERAGE AFFORDABIMTY 57.19%I Eden Housing, Inc. 409 Jackson Street Hayward, CA 94544 TCAC ~ 48 5~.1.02 Response to Request for Proposals DUBLIN SENIOR HOUSING 741,059