CITY OF HERCULES
HOUSING ASSET FUND NOFA
VICTORIA GREEN
Su
bmitted by
Eden Housing, Inc.
Ja
nuary 14, 2026
1 Eden Housing Victoria Green City of Hercules NOFA
LETTER OF INTEREST
January 14, 2026
Ti
m Rood, Community Development Director
City of Hercules
111 Civic Drive
Hercules, CA 94547
De
ar Mr. Rood,
Th
ank you for the opportunity to submit our qualifications and conceptual proposal in response to the City of Hercules Housing Successor Agency’s 2025 Notice of Funding Availability for Affordable Housing Development.
E
den Housing is excited about the opportunity to partner with the City of Hercules to build new affordable units for seniors at Victoria Green, an existing Eden-owned and operated community within the City. This proposal builds upon a long-standing relationship with the City and reflects a shared commitment to meeting the housing needs of the residents of Hercules.
C
onsistent with the City’s Housing Element goals, Eden Housing proposes a new construction expansion that would leverage the $5 million available from the City and add 66 affordable senior rental units to the existing 132-unit Victoria Green community. The project would utilize underdeveloped portions of the site to deliver new housing without permanent relocation, resulting in a total of 198 affordable units. The new units would be d
esigned to support existing residents aging-in-place through accessible layouts, community-oriented amenities, and integrated resident services.
E
den has an unsurpassed track record of partnering with cities and other public agencies on the development of affordable communities by leveraging public funds. Our approach is guided by five core principles to meet the objectives outlined in the NOFA:
• E
xpertise and Experience. Eden Housing is one of California’s oldest and most experienced nonprofit affordable housing developers, with more than 58 years of experience and over 12,930 units developed or rehabilitated statewide. Eden Housing is supported by affiliated property management and resident s
ervices organizations that specialize in serving senior and special needs populations, ensuring long- term operational excellence, regulatory compliance, and resident stability.
E
den has a demonstrated track record of collaborating with local governments to creatively negotiate a
ffordable housing financing term sheets and regulatory agreements on tight timelines to ensure d
elivery of maximum new affordable homes on budget and on schedule, improving the returns on p
ublic agency investment. This helps to deliver high-quality, policy-driven affordable housing developments that align with community goals. Our long-term ownership and management of Victoria 2 Green uniquely position Eden Housing to successfully execute this expansion and deliver lasting benefits to the City of Hercules.
• Economic Viability and Financial Strength. The project proposes new construction and simultaneous resyndication
and rehabilitation of the existing property that utilizes the City’s Housing Asset Funds combined with state and federal financing sources, including tax-exempt bonds and Low Income Housing Tax Credits, to maximize public investment and support financial feasibility. Leveraging the Housing Asset Funds for new construction on the existing property reduces the development timeline and necessity for additional public funding sources.
• Meeting Community Housing Needs. The proposed expansion prioritizes extremely low and very low- income
senior households to meet the requirements of the Low and Moderate Income Housing Asset Fund as well as the community housing needs identified in the NOFA and City Housing Element. All assisted units of the newly constructed building would remain income restricted for a minimum of 55 years, and age restricted to households 55 and older.
• Project Readiness. By leveraging an existing, Eden-owned affordable housing site with established infrastructure and services, the project rapidly accelerates construction readiness and preserves long- term affordability while significantly increasing unit count without removing existing housing. • Vision and Design. The proposed development would take advantage of state streamlining tools to accommodate additional density and would adhere to existing zoning and objective design standards, with building heights of up to three stories. New construction would be limited to existing lawn areas to minimize
site impact, and the proposed new building would reinforce neighborhood character through context-sensitive design.
We
appreciate the opportunity to submit our materials and qualifications and would be pleased to provide any additional information as the City evaluates development partners under this NOFA.
The p
rimary point of contact for this proposal response is:
Andr
ea Osgood
22645 Grand Street
Hayward, CA 94541
Phone: 415-846-2823
Email: [email protected]
Respec
tfully submitted,
Andr
ea Osgood
Chief of Real Estate Development and Executive Vice President Eden Housing
4 STATEMENT OF QUALIFICATIONS
Eden Housing Overview
Eden Housing (Eden) is one of the oldest and most experienced affordable housing non-profit organizations in California and is based in Hayward. Since its inception in 1968 (58 years in operation), Eden has developed, acquired, or rehabilitated more than 12,930 affordable units and currently provides homes to more than 24,000 lower-income residents. As a mission-driven non-profit, Eden serves low- and moderate-income families, seniors, and people living with disabilities. Eden’s work goes beyond building high quality buildings, as it strives to create strong communities for the residents who live in its housing and a permanently affordable, high- quality asset for the communities it partners with.
Under the Eden Housing umbrella, Eden Housing Management, Inc. (EHMI) provides quality onsite management and maintenance of our affordable homes, and Eden Housing Resident Services, Inc. (EHRSI) offers free onsite support services and programs to help ensure our residents succeed. Together, the integrated 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. Eden Housing has nearly 500 employees and is consistently named one of the Top 50 affordable housing companies in the nation by Affordable Housing Finance Magazine.
Eden has extensive experience with institutional and private financing that includes conventional construction and permanent loans, tax-exempt bonds, and low-income housing tax credits. Due to our longstanding relationships and large portfolio, we attract the most competitive financing terms for each project and the highest available limited partner contributions. We have also participated in multiple federal programs administered by HUD, have utilized the California Housing and Community Development programs for decades, and used a variety of local sources – including both public and private loans and grants. As a testament to our ability to successfully secure debt financing from a variety of sources, Eden Housing’s Long Term Debt Schedule is over $1.1 billion in loans on our portfolio of 185 properties.
As part of the Strategic Plan adopted in 2020, Eden set a goal to build 10,000 new units of affordable housing over the next 10 years. Eden currently owns and operates the 132 affordable units at Victoria Green, and has the capacity to expand this property with 66 new units to diversify the housing availability in the City of Hercules.
Please reference Attachment B - Eden Statement of Qualifications for the full Eden Housing Statement of Qualifications document.
5 FINANCIAL CAPACITY
Eden Housing Financial Capacity
Eden Housing (Eden) was the first developer in the State of California to receive tax credits and has been continually successful acquiring 9% and 4% tax credit allocations ever since. In the last two years, Eden has closed 15 deals with a variety of debt and equity partners. Eden has extensive experience with institutional and private financing that includes conventional construction and permanent loans, tax-exempt bonds, and low- income housing tax credits – both the competitive 4% and 9%, and hybrid 4%/9% programs.
O
ver the past decade, Eden projects have obtained long-term loans totaling over $700,000,000 for its projects.
In addition, Eden is currently in construction or in the post-construction stabilization period on 12 projects across the state of California. The construction-period loans for these projects total $295 million and are with a variety of lenders including JPMorgan Chase, US Bank, Wells Fargo, RaboBank, and Union Bank.
E
den has had a strong operating history, meeting or exceeding its budget for the past 10 years. Eden ended 2024 with the strongest cash position we have had since our inception over 50 years ago. Eden anticipates maintaining a strong position for the next five years, based on our receivables and development pipeline. We are diversifying and enhancing our revenue base and expect that we will be able to maintain a strong financial position into the future.
E
den has access to several sources of predevelopment funding including our own capital and several lines of credit from our community banking partners. Together, these available sources total over $8M and are currently only 50% utilized. These funds are available to all projects in our pipeline and are subject to board approval based on project feasibility, stage, and timeline to closing.
Please reference Attachment C - Eden Housing 2024 Audited Financials for detailed financial information.
6 CONCEPTUAL PROJECT
PROPOSAL
A. Proposal Background
V
ictoria Green is an existing 132-unit deed-restricted affordable housing community located at 163 Paradise Drive in the City of Hercules in the Victoria Crescent neighborhood. Eden Housing (Eden) owns and operates Victoria Green and is proposing to construct 66 new affordable rental homes in a new three-story multifamily building on an open lot within the site. This innovative execution of a new construction project on an existing affordable property will save time and cost that is typically spent on acquiring vacant sites for new development while expediently delivering new senior-restricted units that will count towards the City’s RHNA goals for Low and Very Low income households. The project proposes leveraging the City’s $5 million loan as gap funding to build 66 new affordable units and combining it with 4% tax credit equity to simultaneously complete a resyndication that will rehabilitate the 132 existing units at Victoria Green.
Th
e new construction building will contain 38 studios and 28 one-bedroom units and will increase the total unit count of Victoria Green to 198 units, which includes 2 managers units (one existing and one in the new building). The new construction building will be built on a 9,000 sf open lot. The project will require the demolition of the existing community building which will be rehoused and upgraded within the new building’s ground floor. No existing residential units will be demolished as part of the proposed project. The new building’s design will strike a balance between harmonizing with the surrounding neighborhood while also featuring iconic design elements to evoke a contemporary look-and-feel.
7 B. Victoria Green Existing Community
Eden developed the existing 132-unit affordable
housing community at Victoria Green in 2004. For
20 years the property has provided high-quality
and deeply affordable housing for families in the
City of Hercules earning between 30% and 80%
Area Median Income (AMI), with average AMI
across all units just above 56%. It is the largest
deed-restricted affordable housing community in
Hercules by unit count and one of three affordable
communities that Eden owns and operates within
the City.
Victoria Green is located within the New Pacific Properties Specific Plan. The master developers of the specific plan area donated the land to Eden to build Victoria Green and satisfy their inclusionary requirements. At that time, Eden Housing tailored the design to comply with open space and archeological requirements that left a 9,000 square foot open space within the center of the site. While the new construction building would eliminate this open space, a 4,000 square foot courtyard will still exist directly north of the new building within the property. The Property Operations team reports both open spaces are underutilized by current residents and maintaining the lawns increase utility costs. In addition to the existing play structure and open spaces on site, Victoria Green residents will continue to have access to Victoria Park, located across the street, and Shoreline Park within a ½ mile walk, both of which contain additional public recreation amenities and open space.
Additional amenities located in the surrounding area include the San Francisco Bay Trail within a ½ mile, Garretson Field in Rodeo within ½ mile, the Willow Shopping Grand Ave Center within ¾ miles, the Safeway and Safeway pharmacy on San Pablo Ave within a ½ mile, the Rodeo and Hercules public library branches within 1 mile, City Hall and the Hercules Senior Center within 1 mile, and two public elementary schools within 1 mile.
Victoria Green serves primarily low-income large
families in larger units, with an average household
size of 2.8. It is currently comprised of 4 one-
bedroom, 100 two-bedroom, and 28 three-
bedroom units. The proposed new construction
building will consist of 66 studios and one-
bedrooms only, and new occupants will likely be
smaller 1 to 2 person households. Eden Housing
plans to restrict the 66 new units to a senior target
population in the event of an award to help further
the City’s senior housing goals identified in the
NOFA.
However, please note that Eden Housing reserves the right to explore other target population restrictions or remove the senior housing commitment before construction loan closing if in the unlikely event that upon further review and coordination with new and existing lenders there is a conflict between the regulatory agreements due to the new senior restriction. Eden’s team will make all reasonable efforts to collaborate with the City, Contra Costa County, State of California Department of Housing and Community Development (HCD), and California Tax Credit Allocation Committee (CTCAC) in the event of an award to ensure that the layering of the new senior restriction for the 66 additional units will comply with the other existing affordability restrictions at Victoria Green.
8 C. Financing and Affordability
Below is a unit mix of the existing Victoria Green community:
B
elow is the unit mix of the proposed Victoria Green community after the addition of the 66 new construction units:
132 Existing Units
Unit Mix Number of Units
1 Bedroom 35% AMI 1
1 Bedroom 40% AMI 2
1 Bedroom 50% AMI 1
2 Bedroom 30% AMI 11
2 Bedroom 35% AMI 8
2 Bedroom 40% AMI 14
2 Bedroom 50% AMI 5
2 Bedroom 60% AMI 43
2 Bedroom 80% AMI 19
3 Bedroom 30% AMI 3
3 Bedroom 35% AMI 2
3 Bedroom 40% AMI 3
3 Bedroom 50% AMI 4
3 Bedroom 60% AMI 11
3 Bedroom 80% AMI 4
3 Bedroom Unrestricted (Manager’s Unit) 1
TOTAL (56% Average AMI) 132 units
132 Existing Units + 66 New Units
Unit Mix Number of Units
1 NEW Studio 30% AMI 7
NEW Studio 50% AMI 31
1 Bedroom 35% AMI 1
1 Bedroom 40% AMI 2
1 Bedroom 50% AMI 1
NEW 1 Bedroom 50% AMI 8
NEW 1 Bedroom 60% AMI 13
NEW 1 Bedroom Unrestricted (Manager) 1
9 1 Please note per HSC § 34176.1 the Low and Moderate Income Housing Asset Fund (3)(A) requires “at least 30 percent of these remaining funds expended for the development of rental housing affordable to and occupied by households earning 30 percent or less of the area median income”. Eden is committing to restricting at least 10% of the total new construction units to 30% AMI (7 out of 66) to meet CDLAC scoring requirements and deepen affordability. An increase in the proportion of 30% AMI units without operating subsidy would significantly reduce the financial feasibility of the project. Eden interprets the LMIHAF regulations as mandating 30% of total City funds to be spent on 30% AMI units, not necessarily that 30% of the development’s units be restricted to 30% AMI. If our understanding is incorrect and Victoria Green is awarded City funds, then Eden would be open to increasing the proportion of 30% AMI units to comply with LMIHAF requirements if required.
Th
e addition of the 66 new construction units will allow the Victoria Green project to qualify as a New Construction project type when competing for tax credits and tax-exempt bonds at the State. Current California Debt Limit Allocation Committee (CDLAC) regulations state that existing properties can qualify as a New Construction project if they propose adding more than half the number of existing units to the existing property (CDLAC Regulations § 5100). This will allow the project to compete in the New Construction project category to access more set-asides and increase competitiveness for tax credits and bonds which will be necessary to use in conjunction with the City’s loan to complete both the new building and the rehabilitation of Victoria Green.
Ed
en would apply for bonds and tax credits as soon as possible after award of City funds, execution of a term sheet or award letter, and entitlements are completed. Construction loan closing would occur within 6 months of bond and tax credit award, at which point the project would likely execute and record the City’s affordability covenant.
I
n addition to the City’s 55-year affordability covenant, using tax credits and bonds will result in a renewed 55- year tax credit regulatory agreement that will effectively renew the regulatory compliance period starting when the project completes construction and rehabilitation. Victoria Green is also subject to an HCD Multifamily Housing Program regulatory agreement and a Contra Costa County HOME regulatory agreement as the project utilized both sources for its original development. Both regulatory agreements will be assumed, recast, and extended, and will continue to be enforced after completion of construction and rehabilitation.
Eden Housing will work with HCD’s Loan Portfolio Restructuring Program to restructure the order of the regulatory agreements, execute subordinations, and ensure proper recording of all new and modified regulatory agreements.
2 Bedroom 30% AMI 11
2 Bedroom 35% AMI 8
2 Bedroom 40% AMI 14
2 Bedroom 50% AMI 5
2 Bedroom 60% AMI 43
2 Bedroom 80% AMI 19
3 Bedroom 30% AMI 3
3 Bedroom 35% AMI 2
3 Bedroom 40% AMI 3
3 Bedroom 50% AMI 4
3 Bedroom 60% AMI 11
3 Bedroom 80% AMI 4
3 Bedroom Unrestricted (Manager) 1
TOTAL (52% Average AMI) 198 units
10 Eden has over 58 years of experience working through complex affordable housing transactions with multiple public and private lenders and are no stranger to executing financial closings on time with many parties.
Please see Eden’s Statement of Qualifications attached for full details.
B
elow are the proposed sources and uses:
1 In acquisition/resyndication projects, the proceeds from the land and building sale are used as seller financing to support the development costs, thus there is no net distribution of equity to Eden Housing or any of its affiliates 2 The Contra Costa County HOME Loan and HCD MHP Loan will be assumed and recast by the new limited partnership owner (which wil l be controlled by Eden Housing and the tax credit investor) – this assists project feasibility as opposed to paying off the loans upon construction closing
3 The new City of Hercules Loan per the NOFA will support the residential new construction of the 66 units only and will not be used on rehab expenditures of the existing Victoria Green property 4 The total acquisition cost is not an expended project cost, rather, the new limited partnership “purchases” the property (split between land and building value) from the existing limited partnership (both controlled by Eden Housing) at an appraised value to generate acquisition tax credit basis which helps financial feasibility 5 Only a portion of the total developer fee will be taken by Eden Housing during the course of construction, while the rest will be deferred and collected through net cash flow in the amount shown in the sources 198 Units – 4% LIHTC with City Funds
Sources Total
1 Seller Carryback Loan $15,700,000
2 Existing Contra Costa HOME Loan $2,135,000
2 Existing HCD MHP Loan $7,720,000
3 NEW City of Hercules Loan $5,000,000
Net Income During Construction $750,000
Tax Credit Equity $25,270,000
Permanent Loan $11,125,000
Deferred Developer Fee $2,350,000
TOTAL $70,050,000
Uses Total
4 Land $1,782,000
4 Building $27,720,000
Design & Engineering $1,380,000
Construction & Rehab $25,780,000
Permits & Fees $1,594,000
Legal & Consultants $894,000
Loan Interest & Fees $4,030,000
Reserves $950,000
5 Developer Fee $5,920,000
TOTAL $70,050,000
11 D. Design and Entitlements
Victoria Green currently consists of 16 two-story residential buildings, one single-story community center, and several laundry and maintenance buildings located across the site. Two large open green spaces are located within the center of the site. As the site is located within the New Pacific Properties Specific Plan, it is subject to zoning regulations therein including site coverage, height restrictions, and setbacks. An existing site plan can be found on Attachment A – Proposed Design appended to this NOFA response.
Through the development of New Pacific Properties in 2000, the site is known to contain archeological remnants of undetermined historical value. Eden is prepared to mitigate these areas as appropriate depending on findings of CHRIS reports and further archeological consultation as necessary. Eden anticipates tribal notifications and consultation will be required during the entitlements phase for the project.
The new residential building proposed at Victoria Green considers site context, existing conditions, and community character, adding 66 new units in one central three-story building. In an effort to minimize site impacts to current residents, new construction was only proposed in the central open lawn space. The existing community center will be replaced by a new community space containing amenities and management offices which will be housed within the ground floor of the proposed building. All existing residential buildings and parking would be preserved with no structural impacts. No additional parking is anticipated to be added to the project. Due to the existing CTCAC regulatory agreement which allows tenants to be “grandfathered” into their units, Eden anticipates no permanent relocation will be required at this time.
The proposed building has a footprint of approximately 15,580 square feet. Units are organized around a double-loaded central corridor which allows for the inclusion of an elevator to accommodate seniors and other tenants with accessibility restrictions. To integrate the building to the community scale, intentional clustering of unit types creates a segmentation of the façade. The units are arranged efficiently considering constructability and maintenance, but also visual impact. The apartments appear as a group of smaller residences rather than a single large multifamily building, blending into the residential character of Hercules.
The renderings in Attachment A show the character of the new proposal.
The building’s first floor will include new property management and resident services offices, maintenance and mechanical facilities, and community room, as well as 18 residential units. The second and third floors contain the remaining 48 units as well as additional community and maintenance rooms. These flexible spaces could potentially accommodate a fitness center, a reading room, or expanded laundry facilities based on management needs. The floor plans in Attachment A show the proposed layout of the new building.
E. Delivering Community Housing Needs
Eden Housing is committed to promoting equal housing opportunity, especially to the residents of Hercules who we are already proud to serve. The Victoria Green project is especially advantageous in providing housing by building upon an existing ownership and management structure provided by Eden, as well as an existing physical infrastructure that significantly economizes new development. Through the resyndication and rehabilitation of the existing units, this project further preserves and improves the condition of the existing affordable housing stock in Hercules through continued long-term investment.
This project will directly increase the City’s Low and Very Low Income housing supply by 66 new units. The units will be designed to meet current building codes, increasing accessibility for the elderly and disabled and improving operational resilience and sustainability of the community long-term. The project increases density in a sensitive way that preserves current neighborhood character and walkability. By developing underutilized space in an existing development, we minimize impacts within the broader community while still adding affordable housing supply. The introduction of new unit types (one bedrooms and studios) promotes a balanced and economically diverse community, introducing potential for residents to stay in place and grow in their community through various life stages and cultivate intergenerational connection within Victoria Green. 12 Th
e total budgeted cost for construction and rehab is $25,780,000. Of this, approximately $6-$7 million will be reserved for the rehabilitation portion of the existing property. Eden anticipates $19 million will be allocated towards the new construction building, which results in a per unit net hard cost of just less than $300,000 per unit. This is significantly lower than typical market build cost in the Bay Area. Building on the existing site removes expensive sitework costs that stem from offsite utilities, earthwork, frontage improvements, and road paving. By leveraging the full $5 million in City funds towards the new construction costs, the City is subsidizing more than 25% of the hard costs of each new unit. While other proposals may ultimately provide more new units to market, they will likely require multiple additional funding sources subject to other NOFA timelines that will dilute the City’s impact and draw out development timelines adding layered complexity.
B
elow is the anticipated development timeline for Victoria Green:
*
The existing rehabilitated units would be rehabbed and reoccupied during construction. Temporary relocation of existing hous eholds may b
e required to facilitate rehab construction. The majority of the rehab units before the completion of the new construction 66-uni t b
uilding.
Th
is timeline allows for schematic design and site due diligence to immediately commence after the City’s commitment of funds. Victoria Green could apply for tax credits and bonds as early as the first round of funding in 2027 and close and start construction later that year, adding new units to meet the City’s RHNA goals in early 2029 and preserving and rehabilitating the 132 existing units throughout 2028 and 2029.
U
ltimately, an award of City funds unlocks the potential to produce new high quality affordable homes on an existing Eden Housing property that otherwise would not be able to add new units if not for this NOFA opportunity. Existing properties typically only leverage bonds and tax credits to resyndicate their capital stacks, perform light rehabs, and extend their affordability restrictions. With the additional local funding leverage Victoria Green has the unique opportunity to quickly mobilize on the design and construction of 66 new homes without navigating the complexities of site control or third-party seller/buyer due diligence. We look forward to partnering with the City of Hercules to bring this vision to life.
Milestone Timeline
Approval of City of Hercules funding commitment March 2026 – April 2026 Streamlined entitlement submission to City and approval July 2026 – October 2026 Schematic design and due diligence October 2026 – January 2027 Apply for tax credits and bonds January 2027 – February 2027 Initiate HCD Loan Portfolio Restructuring review to obtain HCD approval for project restructuring
January 2027 – February 2027
Obtain award of tax credits and bonds April 2027 – May 2027 Close on construction financing and begin construction October 2027 – November 2027 *Complete construction and begin lease up of new
construction units
May 2029
Complete lease up of new construction units and convert to permanent financing
November 2029
ATTACHMENT A – PROPOSED
DESIGN
Victoria Green Hercules, CA
1 Design Proposal
Context
Existing
Victoria Green
Apartments
Existing
Victoria Green
ApartmentsExisting
Victoria Green
Apartments
Existing
Victoria Green
Apartments
0 50 100 150 200 250 FT
San Pablo Ave
Victoria Cres W
Proposed
3-Story Building
Victoria Green Hercules, CA
2 Design Proposal
Site Plan
Existing
Victoria Green
Apartments
Existing
Victoria Green
Apartments
0 25 50 75 100 125 FT
Victoria Green Hercules, CA
3 Design Proposal
Floor Plans
Level 1 Levels 2 & 3
0 1 7. 5 35 52.5 70 8 7. 5FT0 FT
Office/Admin
Community
Studio (465 sf)
1BR Unit (565 sf)
MEP/BOH
Space Area (GSF)
Office/Admin 1,270 sf
Community Space 2,940 sf
Residential 33,655 sf
MEP/BOH 885 sf
Circulation 7,930 sf
Total 46,680 sf
20’
10’
50’
25’
295’
Victoria Green Hercules, CA
4 Design Proposal
Exterior Views
View of the proposed building from the SE corner looking North View of the proposed building from the NE corner looking towards San Pablo Ave Victoria Green Hercules, CA
5 Design Proposal
Exterior Views
West Elevation
East Elevation
View of the proposed building from the existing Victoria Green buildings to the East 25’
25’
25’
25’
30’ 30’5’ 5’
40’
40’
40’
40’
25’ 25’
25’25’
25’
25’
30’
30’
30’ 20’
20’
20’
20’ 20’
ATTACHMENT B – EDEN HOUSING
STATEMENT OF QUALIFICATIONS
CHANGING OUR WORLD,
ONE CORNER AT A TIME
Statement of Qualifications
May 2025
THE ORGANIZATION
Eden Housing, Inc. revitalizes communities by developing affordable housing, managing properties, and offering social services that address the needs of low-income individuals and families. Our work extends beyond building homes—through the communities we create, the professional property management we provide, the resident support services we offer, and the investments we make in neighborhoods across California..
Affordable Housing Development
In the late 1960s, a group of community activists from Southern Alameda County became alarmed by the critical shortage of high -quality affordable housing for the area's low -income residents. To address this need, they founded Eden Housing, Inc. in 1967, incorporating it as a 501(c)(3) nonprofit, community -based affordable housing development organization the following year. Their first project involved rehabilitating six homes in Oakland for families purchasing their first houses. Each founder worked directly with a family to complete one home.
In 1971, Eden Housing launched its first multi- unit housing complex, providing 150 affordable rental units for senior citizens in Hayward. Josephine Lum Lodge, as the project is known, opened in 1973. Now, more than 55 years later, Eden Housing has developed or rehabilitated more than 12,930 residential units across 185 properties throughout the San Francisco Bay Area, Central Valley, and Southern California.
Today, Eden Housing is not only one of the oldest but also one of the most productive and fastest -growing nonprofit affordable housing developers in California. Over half of our portfolio has been produced in the last third of our organization's history. We are known for our creative development approach, including collaborations with local governments and tailored projects that meet the unique needs of each community.
Additionally, we mentor smaller community -based organizations, helping them advance their own housing development efforts. Beyond just building homes, Eden Housing’s work is part of a broader neighborhood revitalization strategy that includes property management, resident services, and community investment.
Property Management
Eden Housing Management, Inc. (EHMI), our affiliated property management firm, leads the industry in delivering efficient and compassionate management services to low -income families, seniors, and individuals with developmental, mental, or physical challenges, as well as those who formerly experienced homelessness.
Eden Housing’s properties include rental apartments, single -family homes, townhouses, cooperatives, and supportive living environments—either newly constructed or rehabilitated.
Since its founding in 1984, EHMI has been dedicated to maintaining Eden’s properties and ensuring their long- term upkeep. EHMI currently manages more than 10,0 80 units of rental housing across 15 3 developments for both Eden Housing and third -party owners. By consistently applying sound managerial practices and paying close attention to concerns as they arise, EHMI has earned a reputation for exceeding industry standards in fiscal responsibility and property management. As a result, our properties maintain a portfolio -wide vacancy rate of less than 1.5%.
EHMI’s role goes beyond basic property management. It represents a long -term investment in community building by providing on-site personnel who address the daily needs of residents while ensuring properties are well-maintained.
Resident Support Services
Eden Housing Resident Services, Inc. (EHRSI), a 501(c)(3) nonprofit affiliate of Eden Housing, was founded in 1995 to provide comprehensive social services and support programs. Led by the Vice President of Resident Services, EHRSI connects residents to critical resources and services that support their daily lives. On -site Resident Services Coordinators provide information and referrals, as well as manage programs such as youth summer and after- school activities, computer -assisted learning, scholarships for adult residents, financial literacy training, and support for frail elderly residents.
Partnerships and Investors
Collaboration is key to Eden Housing’s success. Our property management services not only enhance affordable housing development efforts but also help gain community acceptance and attract financing. The well-built, well-maintained properties, along with the social services we provide, improve the quality of life for our residents while safeguarding investor interests. Our asset management ensures compliance with various local, state, and federal funding programs, protecting these investments.
Each Eden Housing development fosters opportunities for residents to lead fulfilling, productive lives. Our model of creating vibrant communities through partnerships, collaboration, and a focus on mutual support exemplifies what can be achieved with a comprehensive approach to community development.
BOARD OF DIRECTORS
RUDOLPH JOHNSON III
CHAIR
President and CEO, Neighborhood House Association
San Diego, CA
Affiliations
• Author of an Aspatore Inside the Minds series book titled, Strategies for Building an Agile Organization: Leading CEOs on Establishing Collaboration, Engaging Innovation, and Maximizing Value • Board Member, Eden Housing
• Member, San Diego Foundation Board of Governors
• Member, San Diego Foundation’s Black Community Investment Fund Advisory Council
• Member, CONNECT – San Diego Black Leaders
• Member, Omega Psi Phi Fraternity, Inc.
• Member, Alpha Pi Boule
CHERYL O’CONNOR
VICE CHAIR
Retired, Former Executive Director, HomeAid Northern California
Danville, CA
Affiliations
• Board member, Hope Solutions
• 2016 Inducted into the California Home Building Foundation Hall of fame • HomeAid America Board and Executive Committee
• 2014 Building Industry Association Chairman’s Award
• 2013 Building Industry Association Lifetime Legend Award • 2010 – 2011 Appointed Member, Metropolitan Transportation Commission Policy Advisory Council
• 2009 – 2011 Board Member, Jobs & Housing Coalition, East Bay Economic Development Alliance, Association of Bay Area Governments Regional Planning Committee
• 2008 Chairwoman, Regional Home Builders Association/California Building Industry Board of Directors
• Former Board Chair, STAND! For Families Free of Violence • Former Board Chair, Build it Green
SEAN CALLUM
SECRETARY
Chief Credit and Risk Officer, Housing Trust of Silicon Valley
San Jose, CA
Affiliations
• Former Board Member, Alameda County-Oakland Community Action Partnership (AC-OCAP) (2017-2022)
• Chair, House Building Committee
• Former Board Member, Rotary Club of Oakland #3
• Former Board of Trustees Member, Oakland Rotary Endowment
AMY NECHES
TREASURER
Retired, Former Partner, TMG Partners
Oakland, CA
Affiliations
• Partner, TMG Partners, Bay Area development firm, 2012-2019 • San Francisco Redevelopment Agency, Senior Executive and Redevelopment Area Manager, 1995-2012
• Urban Land Institute, San Francisco Executive Board Member, Chair of national Public Private Partnership Council, Member of national Urban Development/Mixed-Use Council, 2002-2019
• Lambda Alpha International Golden Gate Chapter, former Board member and Chair, active current member
• Loan Officer, Loan Income Housing Fund (now LIIF), 1993-1995
ANNETTE BILLINGSLEY
DIRECTOR
Retired, Former Union Bank Executive
San Francisco, CA
Affiliations
• Executive Vice President and Group Head, Community Development Finance Departments (LIHTC Affordable Housing) and Commercial Mortgage Division for Union Bank, 2009-2016
• Former Board Member, Bay Area LISC Advisory Council
• Full Member since 1994, Urban Land Institute (ULI) and current Steering Committee member for the ULI Women’s Leadership Initiative • Former Board Member of Golden Gate Chapter of LAMDA ALPHA Land Economics Society, 2007-2010 and active current member
• Former Board Member of California Community Reinvestment Corporation, 2011-2016
• Former Board of Governors of California Housing Consortium, 2010-2016 • Former Board Member of UnionBanCal Equities, 2007-2013
SHEILA BURKS
DIRECTOR
Manager of Equity and Inclusion, Alameda County Community Food Bank
Oakland, CA
Affiliations
• Advisor, Transformative Leadership in Disruptive Times Certificate Program at Cal State East Bay Continuing Education
• Member, Helping our Pioneers Excel (H.O.P.E.)
• Board Member, Center for Community Engagement Community Advisory Board
• Member, My Eden Voice Backbone Committee
• Member, Operation My Home Town
• Partner, Ashland Cherryland Healthy Communities Collaborative • Former Board Member, Mission Economic Development Association • Founding Board Member, People’s Community Partnership Federal Credit Union
• Former Member, Hayward Community Task Force
• Former Member, Hayward Community Services Commission
KARA DOUGLAS
DIRECTOR
Retired, Former Assistant Deputy Director, Department of Conservation and Development, Contra Costa County
Walnut Creek, CA
Affiliations
• Board Members, Hope Solutions
• Former Board Member, Non-Profit Housing Association of Northern California
• 2015 Unsung Hero Award, NPH
• 2018 East Bay Housing Organizations recognition
DAVID GARCIA
DIRECTOR
Policy Director, Up for Growth
Oakland, CA
Affiliations
• Member, Urban Land Institute – Affordable Workforce Housing Council (2020-present)
• Advisory Board member, Up For Growth
• Board Member, Rockridge Community Planning Council (2019 - present) • Former Board Member, Community Foundation of San Joaquin (2017 - 2019) • Former Board Member, Downtown Stockton Alliance (2015-2017
ANDREA JONES
Director
Sr. Vice President, Construction & Development, Southern Land Company
Oakland, CA
Affiliations
• Lambda Alpha International Golden Gate Chapter, current member • Board Member- Mercy Housing, 2008-2011
• Board Member- San Francisco Planning and Urban Research (SPUR), 1997- 2001
• Founding Board Member- Real Estate Executive Council, 2003-2005
KATIA KAMANGAR
DIRECTOR
Founder and Principal at Kamangar Consulting, LLC
Los Altos, CA
Affiliations
• Past Board Member and Chair of Credit Committee for Housing Trust Silicon Valley
• Past Board Member for the Building Industry Association of the Bay Area • Past Board Member for the California Building Industry Association • Past Planning Commissioner for the City of Los Altos
• Past Board Member of Bullis Charter School
• Member of Urban Land Institute and Mentor for Young Leaders Program • B.S. Civil Engineering, U.C. Berkeley
• M.B.A. Duke University’s Fuqua School of Business
DOUG KUERSCHNER
DIRECTOR
Realtor, Dual Pride Properties
Hollister, CA
Affiliations
• Chair, South County Housing (1994 – Present)
• Chairperson, Equal Opportunity in Fair Housing Committee of San Benito County (1988 – 1996)
• Director of the San Benito Chamber of Commerce (1989 – 1995)
GRACE LI
DIRECTOR
CEO, On Lok
San Francisco, CA
Affiliations
• Board Member, National PACE Association (2005- Present) • Chair Elect, National PACE Association (2021-2022)
• Treasurer, National PACE Association (2018)
• Board Member, Institute for Senior Living (2016-Present) • Member, Adaptive Business Leaders (2016-Present)
• Member, National PACE Association (2002- Present)
• Board Member, NICOS Chinese Health Coalition (2002- Present)
JOE O’HEHIR
DIRECTOR
Interim CEO, Vivalon
San Rafael, CA
Affiliations
• Board Member, San Rafael Public Library Foundation
• Board Member, First Tee North Coast
• 2022-23 Marin County Civil Grand Jury
• Former Member, Steering Committee for Marin County’s Aging Action Initiative (AAI)
• Former Governing Board member for the Public Authority of Marin’s In- home Supportive Services Agency
• Recipient, 2006 Center for Nonprofit Leadership’s “Heart of Marin” Award
JOSEPH M. POSTIGO
DIRECTOR
Principal, JMP Construction Services
Hollister, CA
Affiliations
• Vice Chair, South County Housing (2011 – Present)
• Board President, Sociedad Española de San Benito (Spanish Lodge) (2001 – 2015)
• Member, Private Industry Council (1995 – 1998)
• Board Member, San Benito County Chamber of Commerce (1991 – 1996) • Board Member, San Benito County American Red Cross (Chairman of Volunteers) (1995 – 1998)
• Board Member, San Benito Youth Services (1989 – 1992) • President, San Benito County Contractors Association (1991) • President, San Benito County Film Council (1992 – 1994) • Producer, Channel 34/17 Baler Football Show (1991 – 2002) • Board Member, San Benito County Briggs Youth Center (1990 – 1993) • Member, San Benito County Grand Jury (1988 – 1993)
DEBBIE RUANE
DIRECTOR
Founder, Middlemarch Fund
Founder, Norwood Development Strategies
San Diego CA
Affiliations
• Lucky Duck Foundation Board Member (2019-Present)
• Chair, San Diego Building Industry Association, Finance Committee 2023 • Former Board Member, San Diego Building Industry Association 2022 • Former Board Member, Southern California Housing Collaborative 2019 – 2022
ALI SOLIS
DIRECTOR
Principal, S3-Solis Strategic Solutions
Grasonville, MD
Affiliations
• Former President and CEO of Make Room Inc.
• Prior to her time at Make Room, Ali served as a senior advisor to the Secretary of the U.S. Department of Housing and Urban Affairs, Shaun Donovan • Ali co-led the ACTION Campaign, a national cross-industry advocacy network of 3,800 national, regional and local organizations
• In 2008, Ali led the Save America's Neighborhoods campaign • Ali was a legislative director for the congressionally chartered Neighborhood Reinvestment Corporation
• Former President of Women in Housing and Finance, Inc. • An INROADS alumnus and Graduate of University of Maryland with a dual degree in political science and Spanish
EXECUTIVE TEAM
PRESIDENT & CEO
LINDA MANDOLINI
Professional Career
Linda Mandolini has served as President of Eden Housing since 2001. In her role at Eden, Linda oversees affordable housing production, resident support services, and property management components of the organization, and a staff of more than 500 employees. She is guided in her work by Eden’s active volunteer board of directors.
Under her leadership, Eden Housing has become one of the most productive and successful nonprofit affordable housing developers and owners in California and is nationally recognized for its work. To date, Eden has developed or acquired more than 11,000 affordable rental apartments in communities throughout California, completed three portfolio mergers and acquisitions, and has launched a number of initiatives to increase affordable housing preservation and to promote sustainable practices.
Linda has received a number of awards, including being inducted into the Alameda County Women’s Hall of Fame in 2017, and being named to the San Francisco Business Times’ Forever Influential Honor Roll in 2016.
Linda is a leader in housing policy on the local, state and national level. She was one of the affordable housing leaders who worked tirelessly for the passage of California Housing bonds that collectively generated $10 billion for housing.
Prior to relocating to California in 1996, Linda held various community development positions in Boston.
Education
Boston University, Boston, MA, Master of Business Administration Wheaton College, Norton, MA, Bachelor of Arts, Political Science and Urban Studies, Magna Cum Laude, Phi Beta Kappa
Professional Affiliations
Member – Urban Land Institute SF Board of Directors
Member and Policy Committee Chair and former Chair– California Housing Consortium Board of Directors Member – Housing Partnership Network Board of Directors Member – Housing Partnership Equity Trust LLC Board of Directors Member, International Housing Partnership Steering Committee Member – UC Berkeley Terner Center Advisory Committee
Member, Urban Land Institute Terwilliger Center for Affordable Housing Former Member, Enterprise Communities Community Leadership Council Juror (2015/2016) ULI Kemp and Larsen Awards
Former Vice Chair, Board of Governors - National Housing Conference Former Board Member, and past chair – Housing Trust of Silicon Valley Former President and Board Member Nonprofit Housing Association of Northern California (NPH) Former Member - Affordable Housing Advisory Board of the Federal Home Loan Bank of SF
CHIEF FINANCIAL OFFICER
TATIANA BLANK
Professional Career
As Chief Financial Officer (CFO), Tatiana Blank is responsible for corporate and real estate development accounting, finance and asset management for Eden Housing, its affiliates and ownership entities.
Tatiana works closely with the Finance and Audit Committees of the Board of Directors, and she directs and manages Eden’s relationships with lending institutions, shareholders, and the financial community. Tatiana leads Eden’s finance team, which oversees Eden’s total assets of $2 billion with combined annual operating revenue of more than $175 million.
Prior to transitioning to this role, Tatiana was Eden’s Vice President of Portfolio Finance and Asset Management, in which she ensured that all properties within Eden Housing’s portfolio maintain a strong financial position, comply with all contractual, regulatory, and statutory requirements, and full all internal and external reporting requirements in an accurate and timely manner.
She brings more than 20 years of real estate finance and accounting experience, joining Eden’s senior management team in 2016. Prior to joining Eden, Tatiana was the Vice President of Corporate Finance of ROEM Development Corporation, a for -profit real estate developer and general contractor, where she had worked since 2007. Previously, she also worked as a Tax and Audit Manager at Novogradac & Company, a public accounting firm specializing in tax credit financed affordable housing projects. She is a Certified Public Accountant (inactive status).
Education
San Francisco State University, San Francisco, CA
Bachelors of Science in Business Administration, with concentration in accounting
CHIEF OPERATING OFFICER
SHOLA OLATOYE
Professional Career
Joined Eden Housing in October 2022 as Chief Operating Officer, Shola Olatoye brings extensive experience in the housing and community development sector to our organization. Shola is responsible for oversight of Property Operations, Human Resources and Talent Development, and Business Technology.
Prior to joining Eden Housing, Shola served as director of Housing and Community Development for the City of Oakland. As an appointed member of the city’s executive team, she led a team of 74 people and oversaw more than $100M of housing production and preservation capital.
Under her leadership, the Oakland’s City Council approved HCD’s two -year Strategic Action Plan, which focused the department’s resources on protecting, preserving and producing affordable housing. During her tenure, the City of Oakland won six state Homekey awards resulting in more than 400 new permanent deeply affordable units. Shola also launched the city’s federal $48M Emergency Rental Assistance program and served more than 3000 Oaklanders who needed immediate rent relief. She also secured the department’s research relationship with Stanford University’s Impact Lab, resulting in new $50K impact grant to develop new technology for residents to access affordable rental housing.
Shola has also held executive and senior -level posts at Suffolk Construction, Enterprise Community Partners, HSBC Bank, and HR&A Advisors. In 2014, Mayor Bill de Blasio appointed her as Chair and CEO of the New York City Housing Authority, where she developed and launched a $10 billion, 10 -year development plan, NextGeneration NYCHA. She conducts frequent speaking engagements, including as a panelist at Harvard’s T.H. Chan School of Public Health, and was selected as one of four national Fellows for the Terner Center for Housing Innovation in June 2021.
CHIEF OF REAL ESTATE DEVELOPMENT
ANDREA OSGOOD
Professional Career
Andrea Osgood was promoted from Senior Vice President of Real Estate Development to Chief of Real Estate Development in June 2023. Since joining Eden’s development team in 2008, Andrea has overseen the development of nearly 3,000 new homes and the acquisition of over 1,500 existing units throughout California, supervising a pipeline of $1.8 billion in assets.
Under her leadership, Eden’s real estate development team expanded the organization’s presence in San Diego and Southern California, as well as opening a new office in Sacramento.
She’s currently charged with spearheading the organization’s strategic plan goal of adding 10,000 units within the next 10 years.
In addition to leading a robust pipeline of new development projects totaling over 4,000 homes, Andrea oversees Eden’s renovation efforts of its existing portfolio and assets acquired from other nonprofits. Despite a challenging funding environment, Andrea and her team have found innovative ways to reinvest in Eden’s portfolio, ensuring the preservation of affordable housing options for vulnerable communities. She now oversees a growing department across the state, affirming Eden’s commitment to building and preserving affordable housing.
Andrea has significant experience in construction management, construction litigation, and public contracting. She worked as a construction management consultant for Capital Projects of UC Berkeley where she was involved in large rehab and new construction projects – from planning and development through funding and construction. Additionally, she was the lead paralegal in the construction group at Hanson Bridgett Marcus Vlahos & Rudy, a San Francisco law firm.
Andrea is a sought-after speaker and panelist, and as Board Chair of the Housing Leadership Council of San Mateo County, she has been a steadfast advocate for affordable housing solutions. She also serves as a board member and Treasurer of SV@Home, a housing advocacy organization in Santa Clara County.
Education
UCLA Graduate School of Public Policy and Social Research Master of Arts, Urban Planning
Pomona College
Bachelor of Arts with Honors
LISC-Tax Credit & Bond Financing Training Institute
The Bay Area Ross Program in Real Estate – In Association with The USC Lusk Center for Real Estate
Professional Associations & Affiliations
SV@Home, Board Member
Housing Leadership Council of San Mateo County, Board President Member, East Bay Housing Organizations
Member, Non-profit Housing Association of Northern California
SENIOR VICE PRESIDENT OF PEOPLE &
CULTURE
LISA RYDHOLM
Professional Career
As Senior Vice President of People and Culture, Lisa Rydholm provides leadership and oversight to the Human Resources and Talent Development functions of the organization. She is responsible for the administration of policies and programs related to hiring, on -boarding, retention, compliance, performance management and training. Lisa joined Eden Housing’s Human Resources department in 2010.
With over 25 years of strategic HR leadership, Lisa specializes in organizational development and employee relations.
Under Lisa’s leadership and expertise, Eden Housing has been recognized as one of the Best Places to Work in the Bay Area. Additionally, because of her focus on employee wellness, Eden has been recognized as one of the Healthiest Employers in the Bay Area for the past eight consecutive years.
Lisa is a member of the Northern California Human Resources Association and the Society of Human Resources Management. She holds a SHRM -SCP (senior certified human resources professional) designation as prescribed by the Society for Human Resources Management.
Education
Oakland University, Rochester, MI
Bachelors of Science in Human Resources
SENIOR VICE PRESIDENT OF PROPERTY
OPERATIONS
DARNELL WILLIAMS
Professional Career
As SVP of Property Operations, Williams leads the operational activities of Eden Housing’s affiliates, including Eden Housing Management Inc. (EHMI) and Eden Housing Resident Services, Inc. (EHRSI). He helps ensure that Eden’s 400+ site and resident services staff are supported and trained and that the properties remain fiscally sound and well- maintained while offering a comprehensive resident services component. Williams works closely in partnership with Eden’s Executive Team in formulating and administering the organization’s polices, goals and objectives.
In his previous role as Vice President of Asset Management, Williams was responsible for the daily oversight of the Asset Management team, which manages Eden’s portfolio of assets totaling $2 billion with combined annual operating revenue of more than $175 million. He also managed various key relationships with Eden’s stakeholders, agency partners, investors, and the greater financial community. Among his many accomplishments, Williams spearheaded the overhaul of Eden’s rent policy by leading a cross- functional team, resulting in a more equitable and transparent set of policies for the organization’s residents.
Darnell is also a leader in the California affordable housing sector and is frequently invited to speak at industry conferences and events, including Nonprofit Housing Association of Northern California (NPH) and Housing California, among others.
Darnell has 12 years of direct Asset Management experience in affordable and market -rate housing with non- profit and for -profit organizations. He joined Eden in 2018 after working in asset management positions with MidPen Housing and The Bascom Group. After leading Eden’s team for two years, he was promoted to Senior Director of Asset Management in 2020.
Under Darnell’s leadership, his team created a new method of risk rating Eden’s portfolio to focus the work to be most impactful for Eden, its properties, and residents. The department has refined the property budgeting process to improve tools for property teams and centralized data entry. He also applies an equity lens across all of his department’s work, including a commitment to equity in rent policies—and has developed a new, more equitable, burden-based rent increase policy for Eden.
Darnell Williams holds a Bachelor of Science in Justice Systems and Business Administration from Truman State University and is a Housing Credit Certified Professional (HCCP).
EXTENDED LEADERSHIP TEAM
SENIOR VICE PRESIDENT OF REAL ESTATE
DEVELOPMEN T
ARUNA DODDAPANENI
Professional Career
Serves on the Extended Leadership Team, Aruna Doddapaneni joined Eden Housing in 2023 as Senior Vice President of Real Estate Development.
Aruna comes to Eden from BRIDGE Housing, where she oversaw development activities throughout Oregon and Southern California as the senior vice president of development. She joined BRIDGE Housing in 2010 and was instrumental in growing both regions for BRIDGE during her tenure.
Her work with Celadon at 9th & Broadway, a 250 -unit, 17- story apartment community located in downtown San Diego, led to multiple awards and accolades. Aruna led efforts to pilot a new financing structure by combining 9% and 4% low -income housing tax credits in a single high -rise building.
Celadon was the first development in California to use this groundbreaking financing structure, which has since been replicated throughout the country. Both the innovative financing and building design have won multiple awards including the prestigious Urban Land Institute Global Award of Excellence in 2016.
Prior to joining BRIDGE Housing, Aruna worked within Mercy Housing, Inc.’s National Development Services division. While there, she acquired, restructured, developed and rehabilitated over 1,000 units of senior and family housing nationally. In addition to her role as a senior project developer at Mercy, she served as a housing and development consultant to other nonprofit and women religious organizations.
Aruna was recognized by the Urban Land Institute’s “40 under 40” in 2014 and Real Estate Forum named her one of Southern California’s Most Powerful Women in 2017. She was also honored by Biznow as one of Southern California’s Women Leading Real Estate in 2022.
Aruna received her BBA in Finance from the University of New Mexico, and her MBA in Real Estate Finance from the University of Denver. She currently serves on the Board of Directors of the San Diego Housing Federation.
SENIOR DIRECTOR OF ASSET MANAGEMENT
BRYAN DOVE
Professional Career
As Senior Director of Asset Management, Bryan leads our Asset Management department in ensuring that all properties within Eden’s portfolio maintain robust financial positions. Bryan also spearheads initiatives in benchmarking, investor and lender relationships, and plays a critical role in the acquisition and refinancing aspects of our portfolio. Reporting directly to the Chief Financial Officer, Bryan actively collaborates with our senior management team, offering his departmental expertise and fostering an environment of innovation and risk aversion.
Before joining Eden in 2023, Bryan had a remarkable 10 -year tenure at Mutual Housing, where he has had a comprehensive involvement in all facets of affordable asset management. Furthermore, his contributions to the realm of green and sustainable housing trends are commendable. Bryan played a significant role in the development of California’s first all- electric property.
Under his leadership, Mutual Housing California experienced a transformative phase of integrating Photovoltaic System installations. Bryan’s dedication extended to monitoring PV production and emphasizing the importance of resident education. His expertise is not only limited to asset management. With a rich background in real estate development and urban planning, he is well- versed in the complexities of the industry.
Bryan’s extensive experience and proven track record in the asset management realm make him an invaluable asset to Eden Housing.
SENIOR DIRECTOR OF HR OPERATIONS
& OFFICE ADMINISTRATION
DIANE PAISLEY
Professional Career
As Senior Director of HR Operations and Administration, Diane Paisley directly leads the teams tasked with ensuring operational excellence and employee services. She directs and coordinates human resources activities including administration, payroll, benefits, recruitment, compensation, employee relations, leave of absences and workers compensation. Diane also manages the office administration team, responsible for the Eden central and satellite office locations.
Diane joined Eden Housing in March 2020 with an impressive 10 -year history of maximizing performance, efficiency, and competency of individuals and teams ranging from technical personnel to senior management. She previously served as the Director of HR at SS8 Networks, SoundHound Inc., and YesVideo, cultivating and leading high -performance cross-functional teams with a common mission and goals.
Diane Paisley earned her Bachelor of Arts in Spanish from the University of Idaho, and Master of Organization Development from the University of San Francisco. She is also a certified Senior Professional in Human Resources (SPHR) from the HR Certification Institute (HRCI).
VICE PRESIDENT OF PROPERTY OPERATIONS
DIANNA MASTROIANNI
Professional Career
As Vice President of Property Operations, Dianna directs, administers, and coordinates the field operations of Eden Housing Management Inc. (EHMI). She leads a team of more than 280 staff members who support Eden’s portfolio of 154 affordable housing communities throughout California. She also ensures that projects developed by Eden remain fiscally sound, affordable, and well- maintained for future generations.
Dianna comes to Eden with over 30 years of both affordable and conventional property management experience. Most recently she relocated to North Carolina for three years to serve as Vice President at Community Housing Partners. Prior to that, she spent 17 years at EAH Housing as Vice President of Real Estate Management, where she held responsibility for property management, maintenance, resident services, and compliance for a portfolio of 111 properties in California and Hawaii. She also has a history of stabilizing troubled assets.
Dianna is best known for her ability to create a work atmosphere that is highly focused on providing exceptional service by creating strong, extremely competent teams. As a passionate believer in promoting employee retention and in -house career development, she has created leadership and mentorship programs that have readied numerous team members to progress in their careers. She holds a California Real Estate License and attended Santa Clara University.
VICE PRESIDENT OF RESIDENT SERVICES
DOMINIQUE COHEN
Professional Career
Dominique Cohen joined Eden Housing in April 2024 as Vice President of Resident Services. Reporting to the Senior Vice President of Property Operations, Dominique oversees the operations of Eden Housing Inc.’s affiliate, Eden Housing Resident Services, Inc. (EHRI). and works closely with our property operations affiliate, Eden Housing Management Inc. (EHMI).
Her background is a testament to her dedication to enhancing the lives of families, seniors and vulnerable populations. Throughout her career, she has overseen resident teams, managed large budgets and spearheaded the development of several transformative programs. Her 25 years of experience in case management, partnership development, contract negotiations and team building all contribute to a comprehensive and varied skillset that will serve as a valuable asset to Eden Housing.
Dominique has a history of crafting innovative solutions to complex affordable housing problems. In her former role as Senior Director of Supportive Housing at MidPen Housing, she led a dedicated team of case managers focused on serving individuals grappling with homelessness and acute medical and mental health challenges. Her visionary leadership underscores a steadfast dedication to effecting positive change in the lives of those facing adversity.
She has a track record of securing substantial funding through grant writing efforts, resulting in awards in the millions. Through program evaluation, goal development and success measurement tracking efforts, she takes a strategic approach to ensuring the effectiveness of the initiatives she’s implementing and overseeing.
Dominique has contributed to research on aging populations conducted by the Stanford Prevention Research Center, demonstrating her engagement in broader initiatives aimed at improving the well -being of various demographic groups.
Dominique received her Bachelor’s degree in Clinical Psychology from San Jose State University, and her Masters in Counseling from National University.
DIRECTOR OF STRATEGIC INITIATIVES
ERIC TSAI
Professional Career
As Director of Strategic Initiatives, Eric champions the cause of innovation and efficiency across Eden Housing and contributes to Corner 4 of Eden’s Strategic Plan – investing in key infrastructure to increase organizational agility and readiness for scale. A significant part of his role entails enhancing efficiencies, especially through automation, streamlining processes, and optimizing data sharing. Eric also plays a significant role in refining the accuracy and efficiency of information exchange across departments, using innovative tools to simplify communication and coordination.
Joining Eden Housing in 2017, Eric has devoted 7 impactful years to our Asset Management department before becoming Director of Strategic Initiatives. Eric has spearheaded numerous portfolio-wide initiatives, consistently showcasing a keen emphasis on refining processes, improving data availability and accuracy, and enhancing efficiency. In 2023, in his pursuit of excellence, Eric established and co-led an innovation team, paving the way for newer technologies and best practices within our organization. His commitment and contributions have not gone unnoticed. We proudly acknowledge Eric as a multiple-time recipient of our prestigious Groundbreaker awards. Additionally, his exceptional efforts were recognized in 2020 when he was honored with the coveted Cornerstone award.
DIRECTOR OF PROPERTY OPERATIONS
& QUALITY MANAGEMENT
JANET ACEVEDO
Professional Career
As Director of Property Operations & Quality Management, Janet has overall responsibility for the operational administrative activities of Eden Housing Management Inc. (EHMI). She also confers with the Senior Vice President of Operations and Executive Team to review and assess goals in support of the company’s future growth. She serves as the liaison between Property Operations and Real Estate Development, the technology team, and Eden leadership on the development and management of appropriate operations dashboards and tools to make data-driven decisions.
Janet is also a member of the Extended Leadership Team (ELT), formulating and administering Eden’s policies, goals, and objectives while cultivating strong working relationships across all departments. She provides general consulting on legal and risk management aspects of property management and manages outside legal counsel, eviction process, and litigation.
Janet joined Eden Housing in June 2020 with over 22 years of experience as a real estate professional in operations, facilities, and property management. She has led teams in diverse industries including market rate, government, and nonprofit sectors. Prior to Eden, she was the Director of Property Management/Operations at a Charities Housing Development Corporation where she instituted policies to streamline operations and build business capacity.
Janet Acevedo has a Master of Arts in Organizational Leadership from Saint Mary’s College of California and a Bachelor of Science in Business Administration. She also received a Certificate in Project Management/Leadership from UC Berkeley, and currently serves on the Board of Directors of the Affordable Housing Management Association of Northern California and Hawaii (AHMA-NCH).
VICE PRESIDENT - CONTROLLER
JEFFREY MOLINE
Professional Career
As Vice President -Controller, Jeffrey Moline oversees all the activities of Eden’s corporate, development, and property management accounting departments including budgeting, monthly financial statements, annual audit, tax returns, development cost accounting, accounts payable, and treasury functions. He oversees more than 30 staff members who support Eden’s accounting and finance functions and is a member of Eden’s Extended Leadership Team (ELT).
Jeffrey joined Eden in July of 2021, after most recently serving as Chief Financial Officer/Chief Operating Officer at Finn Capital in San Mateo, where he directed Accounting, Human Resources, Information Technology, and Asset Management encompassing Controllership, Property Management, and Family Office. Previously, he served as Chief Financial Officer at Burbank Housing in Santa Rosa, and Controller at East Bay Asian Local Development Corporation in Oakland.
Jeffrey brings to Eden more than 12 years of robust experience in finance, accounting, and affordable housing financial management. In his role at Eden Housing, he provides meaningful and accurate financial information for all Eden entities to help guide internal and external decision -making. He also works across departments to provide leadership and support to ensure organizational goals are effectively planned and implemented.
Jeffrey Moline earned his Bachelor of Science degree in Business Administration at the University of South Dakota and is also a Certified Public Accountant and Certified Valuation Analyst.
CONTROLLER - PROPERTY MANAGEMENT
ACCOUNTING
JULIA CERNA
Professional Career
As Controller of Property Management Accounting, Julia is responsible for accounting, financial reporting, and accounts payable functions for over 150 properties managed by Eden Housing. Julia oversees all activities of the property management accounting department to ensure that the functions and goals of the department are met and align with organizational objectives. She also ensures that the department operates efficiently and effectively.
Julia joined Eden in 1991 as an accounting temp and became a full- time employee eight months later. She defines an Eden success story, working her way from an Accounting Assistant to Senior Property Accounting Manager, and then onto become Eden’s Controller, leading a team of 20 staff in Eden's Property Management Accounting group.
Julia earned her Bachelor of Science in Business Administration from California State University Hayward in 2017.
DIRECTOR OF FACILITIES
JUSTINE MANAID
Professional Career
As Director of Facilities, Justine is responsible for ensuring that Eden provides high - quality property management across all sites. She directly oversees the operations of the Facilities Department and the day -to-day management of the facilities staff.
In conjunction with the Property Operations Team, she ensures maintenance programs and procedures are carried out in conformity with local, state, federal, lender, investor, and regulatory requirements and that all properties are operating at their optimum capacity.
Justine joined Eden in November 2019 as the Associate Director of Facilities before stepping into her role as Director. Prior to Eden, she worked at the John Stewart Company, first as a property manager and then as a regional manager. She has been engaged with low - income housing development and management since 2005.
Justine Manaid earned a Bachelor of Business Administration from Dominican University of California and a Psychiatric Nursing degree from Napa College, Valedictorian. She is a Licensed Psychiatric Nurse. She also holds certifications from the National Center for Housing Management as a Tax Credit Specialist, a Management Occupancy Review Specialist, and a Certified Occupancy Specialist. Since 2010, Justine has volunteered with Vallejo Together as a Lead Project Manager, serving as a board member since 2019.
DIRECTOR OF REGULATORY COMPLIANCE &
AFFAIRS
KYLAH REYNOLDS
Professional Career
As Director of Regulatory Compliance & Affairs, Kylah oversees Eden’s compliance and regulatory matters and stays abreast of new laws and regulations for multifamily housing programs. She is responsible for developing and updating policies, procedures, and processes related to the implementation of HUD, LIHTC, USDA, and other affordable programs. She also serves as the 504 Coordinator ensuring strict adherence to the Fair Housing and Rehabilitation Acts. She is a member of Eden’s Extended Leadership Team and collaborates with the Talent and Organizational Development Department to share knowledge and provide regulatory compliance training.
Kylah has over 13 years of experience in multifamily housing and property management. Prior to joining Eden in 2018, she served as the Compliance Manager and 504 Coordinator for Christian Church Homes. She also worked as the Regional Portfolio Manager for Independent Living Inc., and as a Program Manager III and Housing Eligibility Worker for the San Francisco and Marin County Housing Authorities.
Kylah earned her Bachelor of Arts in Psychology and holds several industry credentials and designations including Specialist in Housing Credit Management (SHCM®) with the National Affordable Housing Management Association (NAHMA), Tax Credit Specialist (TCS) Certified Occupancy Specialist (COS), and Certified Fair Housing Specialist through the National Center for Housing Management (NCHM). She is also a Certified Multi-Family Housing Program Manager.
Kylah’s dedication to improving the lives of low to moderate -income individuals and families fuels her drive to continue her education and her passion for housing as a pivotal foundation for well- being, security, growth, and success.
VICE PRESIDENT OF CULTURE AND
ENGAGEMENT
LORENZO JONES
Professional Career
As Vice President of Culture and Engagement, Lorenzo is responsible for crafting a comprehensive DEI strategy for the organization, defining goals, and providing a roadmap to ensure that Eden Housing embeds a commitment to racial, social, and economic justice in all its work. He facilitates and creates linkages among Eden’s DEI Council, working groups and committees, and evaluates Eden’s internal processes and practices with an equity lens.
Lorenzo plans and executes training internally and with external partners to help develop a shared organizational understanding of systemic racism. He advises leaders on how to measure and operationalize equity and inclusion learning, working closely with Eden’s Executive Team and all department leaders. He is also a member of the Extended Leadership Team.
Lorenzo joined Eden in July 2021 with more than 20 years of experience as a professional executive business consultant, coach, speaker, facilitator, and trainer. His success is solidly grounded in creating a positive learning environment and a high degree of connection and trust among those he works with. His past clients include Counties of Marin, San Francisco, Solano, and Contra Costa; LA Metro and AAA. He also serves on the Boards of San Rafael Chamber, Youth in Arts, Community Media Center of Marin, San Rafael Chamber of Commerce Education Foundation Board, and the Boys and Girls Club of North Bay.
VICE PRESIDENT OF TECHNOLOGY
MARLAND TAYLOR
Professional Career
As Vice President of Technology, Marland Taylor is responsible for the optimization of corporate information systems, information security, and end -user support for Eden Housing staff, residents, and partners. He is a key leader and strategist in the development of integrated systems information capability to ensure quality service, enhance employee satisfaction, and safeguard corporate and resident information.
He also ensures that business strategy and technology strategy are tightly aligned and that Eden has a robust, integrated data collection and reporting strategy to support operations and the strategic objectives of the organization.
Marland joined Eden in August of 2019 with over 25 years of experience in senior leadership roles leading various IT functions at MidPen Housing, OmniVision Technologies, Inc., and Delta Dental of California among others. Currently, he provides direct supervision to the Technology Operations Manager and key technology staff at Eden.
Marland is a trusted advisor to Senior Management and most recently has been essential in the development and implementation of disaster recovery and business continuity plans for Eden. As a member of the Extended Leadership Team, Marland collaborates with other leaders to identify opportunities for inter - divisional systems and workflow integration. A key component of his success is his ability to establish effective business relationships with his peers, understand operational needs, and deliver critical solutions.
Marland Taylor earned his Bachelor of Science (BS) degree in Business Administration at California State University, Hayward; and is a Licensed Real Estate and Financial Services professional.
VICE PRESIDENT OF COMMUNICATIONS AND
ORGANIZATIONAL DEVELOPMENT
MICHAEL DISMUKE
Professional Career
As Vice President of Communications and Organizational Development, Michael is a key member of the Human Resources and Extended Leadership Teams (ELT) at Eden Housing. He creates and executes strategies to ensure the development of Eden Housing talent and build a pipeline to support growth of the organization.
Additionally, Michael is responsible for developing and executing a robust internal and external communication strategy that crosses all departments. He promotes awareness of Eden Housing’s brand with partners and communities and develops methods to measure the reach and impact of media campaigns. His role is both strategic and hands-on with a focus on aligning people strategies and programs to current and future business needs in areas such as performance management, succession planning, communication, retention, and morale programs.
Michael joined Eden in October 2005 and has held supervisor and director positions in property operations and talent/organizational development. According to Michael, he is “constantly looking for innovative ways to improve productivity in a world of information overload and finds happiness by helping other people succeed.”
Michael Dismuke is a Certified Professional in Talent Development (CPTD) and Certified Leadership Development and Succession Strategist. He is a national speaker/trainer and consultant, a freelance writer, and a published comic creator.
VICE PRESIDENT OF REAL ESTATE
DEVELOPMENT
SUSIE CRISCIMAGNA
Professional Career
Susie Criscimagna joined Eden Housing in 2013. Since then, she has managed the development of affordable housing communities for seniors, families, veterans and people with disabilities. As Senior Director of Real Estate Development, she successfully guided a team responsible for originating, coordinating, and implementing all aspects of affordable housing development in the Northern California region. Her team obtained entitlements and environmental approvals, secured both public and private financing, and oversaw design, construction, and lease-up of projects including new construction, acquisition and rehabilitation, portfolio syndication and joint ventures with other developers.
Susie was promoted to Vice President of Real Estate Development in May 2024. Susie’s background and years of experience make her the perfect candidate for this role. Prior to her career in affordable housing development, she worked at the Harvard Joint Center for Housing Studies. There, she conducted research on the national housing market, focusing on affordable housing, rental markets, green building and mortgage markets.
She graduated from Dartmouth College with a Bachelor of Arts with honors and attained her master’s degree in urban planning from Harvard University, with a focus on real estate development and finance.
GENERAL COUNSEL
TIM GREEN
Professional Career
As General Counsel, Tim Green is responsible for providing leadership and oversight for Eden’s legal affairs, including activities in corporate governance, organizational risk management, contract management, litigation coordination, and legal compliance. He also serves as Assistant Secretary of Eden Housing and its affiliated entities and is a member of Eden’s Extended Leadership Team.
Tim joined Eden in January of 2022, after most recently serving as Vice President and General Counsel of RSF Social Finance, a San Francisco -based nonprofit, where he oversaw nonprofit and regulatory compliance, board governance, and risk management, and was a member of the executive team. He also currently serves on the board of Intersection for the Arts, a Bay Area arts nonprofit dedicated to helping artists grow.
Tim brings to Eden over 18 years of experience in nonprofit management, real estate and commercial finance, legal compliance, the management of investment funds, and in-house legal department operations. In his role at Eden, he provides guidance and analysis across the organization on legal issues that affect the management and operation of Eden’s business and assets and works closely with department leaders to champion legal compliance and support departmental compliance initiatives.
Tim graduated from the University of Michigan Law School with honors and earned a Bachelor of Arts in American Cultural Studies with high honors from Bates College, where he was also a member of Phi Beta Kappa. He is admitted to practice law in California and New York.
Not owned/managed by Eden or affiliate
OUR PORTFOLIO
Property Name # of Units Developed by
EHI
Managed
by EHMI
Construction
Type Housing Type Housing
Population
Commercial
Square Feet
Year
Completed or
Acquired
Rehabbed Homes, Oakland 6 X Acq/Rehab Home-
Owner Family 1968
Josephine Lum Lodge, Hayward 150 X X New Rent Senior 1973 Eden Lodge, San Leandro 143 X X New Rent Senior 1980
La Solana, Hayward 58 X New Home-
Owner Family 1982
La Solanita, Hayward 6 X New Home-
Owner Family 1982
Summerwood, Hayward 163 X New Rent Family 1983
10th & D Street, Union City 3 X X Acq/Rehab Rent Family 1982 Grove Way, Hayward 8 X X Acq/Rehab Rent Family 1982
Eden Issei Terrace, Hayward 100 X X New Rent Senior 1984 Sparks Way, Hayward 45 X X New Rent Family 1984
Sycamore Square, Hayward 26 X X New Rent Family 1983
Greenhaven, Union City 250 X New Rent Family 1984
Tyrrell Gardens, Hayward 28 X New Home-
Owner Family 1985
Olive Tree Plaza, Hayward 26 X X New Rent Disabled 1986 Heritage Park, Livermore 167 X New Rent Senior 1986
Huntwood Terrace, Hayward 104 X New Rent Family 1988
Cypress Glen, Hayward 54 X X New Rent Family 1987
Huntwood Commons, Hayward 40 X X New Rent Family 1988
Mission Wells, Fremont 392 CO-GP New Rent Family 1988 Ridge View, Pleasanton 200 X New Rent Senior 1989
Sequoia Manor, Fremont 81 X X New Rent Senior 1989
Baywood Apts., Fremont 82 X X New Rent Family 1990
Redwood Lodge, Fremont 24 X X New Rent Disabled 1989
Not owned/managed by Eden or affiliate
Property Name # of Units Developed by
EHI
Managed
by EHMI
Construction
Type Housing Type Housing
Population
Commercial
Square Feet
Year
Completed or
Acquired
Westporte, Hayward 94 X New Home-
Owner Family 1990
Fuller Lodge, San Leandro 26 X X New Rent Disabled 1991 E.C. Magnolia Court, Hayward 21 X X New Rent Disabled 1992 Stoney Creek, Livermore 70 X X New Rent Family 1992
Washington Creek, Petaluma 32 X X New Rent Family 1993 Villa Springs, Hayward 66 X X Acq/Rehab Rent Family 1993 Glen Eden, Hayward 36 X X New Rent Family 4,025 1993
Glen Berry, Hayward 50 X X New Rent Family 1,200 1994
Corona Ranch, Petaluma 74 X X New Rent Family 1994
Corona Crescent, Petaluma 16 X New Home-
Owner Family 1994
The San Pablo, Oakland 144 X Acq/Rehab Rent S&D 8,500 1995 Catalonia, San Jose 50 X X New Rent Family 1995
Laulima House, Oakland 9 X Rehab Rent Family 1996
Casa de los Amigos, San Jose 24 X Acq/Rehab Disabled 1996 Emerson Arms Apt, Martinez 32 X X Acq/Rehab Rent Family 1996 Kirker Court, Clayton 20 X Acq/Rehab Rent Disabled 1996 Riverhouse, Martinez 75 X Acq/Rehab Rent SRO 2,000 1996 B Street Bungalows, Hayward 4 X New Home-
Owner Family 1996
Hillview Glen, San Jose 138 X New Rent F & D 1996
Eden Palms, San Jose 145 X X New Rent Family 2,006 1997 Pacific Grove, Fremont 20 X X New Rent Disabled 1997
Arroyo del Valle, Livermore 12 X New Rent Disabled 1998 409 Jackson St., Hayward X Acq/Rehab Commercial N/A 10,000 1998 Stone Pine Meadow, Tracy 72 X X New Rent Family 2000
Owls’ Landing, Livermore 72 X X New Rent Family 2000
Community Heritage, N. Richmond 52 Co-Dev New Rent Senior 10,000 2000 Parkside Glen, San Jose 180 Co-GP New Rent Family 2000 Ohlone-Chynoweth, San Jose 194 X X New Rent Family 6,900 2000
Not owned/managed by Eden or affiliate
Property Name # of Units Developed by
EHI
Managed
by EHMI
Construction
Type Housing Type Housing
Population
Commercial
Square Feet
Year
Completed or
Acquired
Rosewood Terrace, Union City 45 X X New Rent Senior 2000 Harris Court, Hayward 24 X X Acq/Rehab Rent Family 2000 Virginia Lane, Concord 91 X X New Rent Family 2001
Adams Ave Homes, Fremont 17 X New Lease Family 2002
Union Court, Manteca 68 X X Acq/Rehab Rent Family 2003 West Rivertown, Antioch 57 X X New Rent Family 2003
Almond Terrace, Manteca 50 X X New Rent Senior 2004
Fuller Gardens, San Leandro 16 X X New Rent Disabled 2004 Victoria Green, Hercules 132 X X New Rent Family 2004
Wisteria Place, Union City 40 X X New Rent Senior 2004 Nugent Square, East Palo Alto 32 Co-GP X New Rent Family 2005 Downtown River, Petaluma 81 X X New Rent Family 5,500 2005 Chesley Mutual Housing,
Richmond (JV with CHDC) 30 X New Rent Family 2005
Vandenburgh Villa, Livermore 40 X X New Rent Senior 2005 Wicklow Square, Dublin 54 X X New Rent Senior 2005
Sara Conner Court, Hayward 57 X X New Rent Family 2006 Samara Terrace, Hercules 52 X X New Rent Senior 2006
Brentwood Senior Commons,
Brentwood 80 X X New Rent Senior 2007
Edenvale Special Needs, San Jose 15 X X New Rent Disabled 2007 Rivertown Place, Antioch 40 X X New Rent Family 2008
Walker Landing, Hayward 78 X X New Rent Family 2008
Hayward Senior / Eden Office,
Hayward 60 X X New Rent Senior 12,000 s.f. 2008
Almond Court, Manteca 40 X X New Rent Senior 2009
Ashland Village, San Leandro
(Unincorporated Alameda County) 142 X X Acq/Rehab Rent Family 2009 Tennyson Gardens, Hayward 96 X X Acq/Rehab Rent Family 2009 Estabrook Place, San Leandro 51 X X New Rent Senior 2010 Foss Creek Court, Healdsburg 64 X X New Rent Family 2010
Not owned/managed by Eden or affiliate
Property Name # of Units Developed by
EHI
Managed
by EHMI
Construction
Type Housing Type Housing
Population
Commercial
Square Feet
Year
Completed or
Acquired
The Fireside, Mill Valley 50 Co-Dev X New/Rehab Rent Senior/Famil y/Disabled 2010
The Altenheim (Phase I), Oakland 93
X Acq/Rehab Rent Senior 2010
The Altenheim (Phase II), Oakland 81 Co-Dev X New Rent Senior/ Disabled 2010
Arroyo Vista, Mission Viejo 156 X New Rent Family 2010 East Bluff, Pinole 144 X X Acq/Reahb Rent Family 2010
Light Tree, East Palo Alto
(JV with EPA CAN DO) 185 Co-Dev X Acq/Rehab &
New Rent Family 2010 / 2023
Sereno Village, Vallejo 125 X Acq/Rehab Rent Family 2010 Las Palmas, San Leandro 91 X X Acq/Rehab Rent Family 2011 Windscape, Northridge 45 X New Rent Family 2011
Brookwood Terrace, San Jose 84 Co-Dev New Rent Family 2011 Orvieto Family Housing, San Jose 92 Co-Dev New Rent Family 2012 The Surf, San Leandro 46 X Acq/Rehab Rent Family 2012 Cottonwood Place, Fremont 98 X X New Rent Senior 9,000 s.f. 2012 Del Nido, Santa Rosa 206 X Acq/Rehab Rent Family 2012 Wexford Way, Dublin 130 X X New Rent Family 3,969 s.f 2012 Carlow Court, Dublin 50 X X New Rent Senior 2012
Warner Creek, Novato 61 X X New Rent Senior 2013
Cambrian Center, San Jose 153 X Acq/Rehab Rent Senior 2013 Woodside Court, Fairfield 129 X Acq/Rehab Rent Family 2013 801 Alma, Palo Alto 50 X X New Rent Family 2013
Leidig Court, Hayward 16 X X Acq/Rehab Rent Family 2013 Monterey Villa, San Jose 20 X X New Rent Special
Needs 2013
Belle Terre, Lafayette 46 X X New Rent Senior 2014
Montgomery Plaza, Hayward 50 X X Acq/Rehab Rent Senior 2014 Quail Run Apartments, Santa Rosa 200 X Acq/Rehab Rent Family 2014 Ford Road Plaza, San Jose 75 X X New Rent Family 2014
Monteverde Senior Apartments,
Orinda 67 X X New Rent Senior 2014
University Village, Marina 108 X Acq/Rehab Rent Family 2015
Not owned/managed by Eden or affiliate
Property Name # of Units Developed by
EHI
Managed
by EHMI
Construction
Type Housing Type Housing
Population
Commercial
Square Feet
Year
Completed or
Acquired
Westside Terrace, Hollister 16 X Acq/Rehab Rent Family 2015 Weinreb Place, Hayward 22 X X Acq/Rehab Rent Senior 2015 Studio 819, Mountain View
(J/V with ROEM) 49 Co-Dev X New Rent Family 2015
Seacliff Highlands, Aptos 39 X Acq/Rehab Rent Family 2015 Corralitos Creek, Freedom 64 X Acq/Rehab Rent Family 2015 Vista Verde, Freedom 76 X Acq/Rehab Rent Family 2015
Connell Apartments, Gilroy 28 X Acq/Rehab Rent Family 2015 Monticelli, Gilroy 52 X Acq/Rehab Rent Family/Senio
r 2015
Gateway Palms, Hollister 31 X Acq/Rehab Rent Family 2015 Rancho Park, Hollister 54 X X Acq/Rehab Rent Family 2015 Rustic Gardens. Hollister 19 X X Acq/Rehab Rent Family 2015 Cypress Gardens, Marina 96 X Acq/Rehab Rent Family 2015 Crest Avenue Apartments,
Morgan Hill 50 X Acq/Rehab Rent Family 2015
Depot Commons, Morgan Hill 13 X Acq/Rehab Rent Family 1,299 2015 Jasmine Square, Morgan Hill 72 X Acq/Rehab Rent Family 2015 Royal Court, Morgan Hill 55 X Acq/Rehab Rent Family 2015 Skeels, Morgan Hill 13 X Acq/Rehab Rent Family 2015
Coronado Terrace, San Diego 312 X Acq/Rehab Rent Family 2015 Vista Terrace Hills, San Ysidro 262 X X Acq/Rehab Rent Family 2015 Nuevo Sol (Barson), Santa Cruz 14 Acq/Rehab Rent Family 2015 Riverside MHP, Watsonville 25 Acq/Rehab Rent Family 2015 Lincoln Square, Watsonville 19 X Acq/Rehab Rent Family 2015 Pacific Terrace, Watsonville 28 X Acq/Rehab Rent Family 2015 Pajaro Court, Watsonville 10 X Acq/Rehab Rent Family 2015 Tierra Linda, Watsonville 18 X Acq/Rehab Rent Family 2015 Villa Ciolino, Morgan Hill 42 X Acq/Rehab Rent Family 2015 Gilroy Sabrato Studios, Gilroy 26 X Acq/Rehab Rent Special Needs 2016
Monterra Village, Gilroy 34 X Acq/Rehab Rent Family 2016
Not owned/managed by Eden or affiliate
Property Name # of Units Developed by
EHI
Managed
by EHMI
Construction
Type Housing Type Housing
Population
Commercial
Square Feet
Year
Completed or
Acquired
The Redwoods, Gilroy 24 X Acq/Rehab Rent Family 2016
Wheeler Manor, Gilroy 117 X Acq/Rehab Rent Elderly 2016 Charles Apartments, Marina 105 X Acq/Rehab Rent Family 2016 The Willows, Morgan Hill 20 X Acq/Rehab Rent Family 2016 Jardines De Boronda, Salinas 15 X Acq/Rehab Rent Family 2016 Camphora Family Apartments,
Soledad 44 X X New Rent Farmworker /
Family 2016
Aspen Grove, Gilroy 24 X Acq/Rehab Rent Family 2016
Villa Esperanza, Gilroy 21 X Acq/Rehab Rent Dev/Disabled 2016 The Trees, Gilroy 14 X Acq/Rehab Rent Family 2016
Pacific Family MHP, Santa Cruz 34 Acq/Rehab Rent Family 2016 Pleasant Acres MHP, Santa Cruz 65 Acq/Rehab Rent Family 2016 Vista Verde Childcare, Freedom N/A Acq/Rehab Commercial N/A 2016 Alta Mira Family, Hayward 87 X X New Rent Family 2016
Alta Mira Senior, Hayward 64 X X New Rent Senior 2016
Faith Manor, Hayward 62 X Acq/Rehab Rent Family 2016
Maple Gardens, Gilroy 18 X Acq/Rehab Rent Family 2017 Sobrato Family, Gilroy 60 X Acq/Rehab Rent Family/Trans/ HSG 2017
Vista Point, Pacific Grove 49 X Acq/Rehab Rent Senior 2017 Nuevo Amanecer, Pajaro 63 X Acq/Rehab Rent Family 2017 Valor Crossing, Dublin 66 X X New Rent Family 2017
Cranes Landing, Lodi 80 X X New Rent Senior 2017 Quail Run II, San Leandro
(Unincorporated Alameda County) 104 X Acq/Rehab Rent Family 2018 Highlands, Vacaville 11 Acq/Rehab Rent Family 2018
Hillside Senior, Vacaville 15 Acq/Rehab Rent Senior 2018 Rocky Hill, Vacaville 39 X New Rent Vets
/Homeless 2018
Orchard Maples, Vacaville 168 Acq/Rehab Rent Family 2018 Meadows Holly, Vacaville 82 X Acq/Rehab Rent Family 2018 Willows, Vacaville 125 X Acq/Rehab Rent Family 2018
Hana Gardens, El Cerrito 63 X X New Rent Senior 2,000 s.f 2018
Not owned/managed by Eden or affiliate
Property Name # of Units Developed by
EHI
Managed
by EHMI
Construction
Type Housing Type Housing
Population
Commercial
Square Feet
Year
Completed or
Acquired
Miraflores Senior, Richmond
(JV with CHDC) 80 Co-Dev X New Rent Senior 2018
Pauline Weaver Senior, Fremont 90 X X New Rent Senior 2018 Sycamore Glen, Morgan Hill 20 X Acq/Rehab Rent Senior
Corsair Flats, Alameda 60 X X New Rent Senior 2020
Reilly Station, Fremont 61 X X New Rent Family 2020
Canyon Flats, Fremont 71 X X New Rent Family 2021
The Starling, Alameda 70 X X New Rent Family 2021
De Anza Terrace, San Leandro
(Unincorporated Alameda County) 24 Acq/Rehab Rent Family 2022 Loro Landing, San Leandro 62
X
X New Rent Special
Needs 2022
Iris Gardens, Azusa 119 Acq/Rehab Rent Family 2022
Walnut Grove, Los Gatos 50 X New Rent Senior 2022
Trinity Plaza, Richmond
(JV with CHDC) 66 X X Acq/Rehab Rent Senior 2023
Granite Ridge, Fremont
(JV w/ For the Future Housing) 73 Co-Dev X New Rent Family 2023 Mesa Terrace, San Jose 46 X New Rent Special
Needs 2023
Coral Court, Concord 47 X Acq/Rehab Rent Family 2023
Sunset Pines, Concord 69 X Acq/Rehab Rent Family 2023 The Randall, Healdsburg 40 X X New Rent Family 2023
Blue Oak Landing, Vallejo 75 X New Rent Special
Needs 2023
The Residences at VHAC (Vivalon
Healthy Aging Campus), San Rafael 67 X X New Rent Senior 10,000 sf 2023 Tabasa Gardens (1482 Freedom),
Watsonville 53 X X New Rent Family 2024
Solaire Apartments (Auzerais),
San Jose 130 X New Rent Special
Needs 2024
Crescent Grove, Castro Valley 72 X X New Rent Fam / SN 2025
TOTAL UNIT/PROPERTY COUNTS:
Total number of units/properties developed (new construction): 7,045 units / 97 properties Total number of units/properties acquired/rehabilitated: 5,479 units / 84 properties Total number of units/properties currently owned: 10,988 units / 166 properties Total number of units/properties currently managed: 10,080 units / 153 properties
AWARDS & RECOGNITIONS
Eden Housing, Inc.
2006–2007, 2010,
2014-2020, 2023
Top 50 Affordable Housing Owners in the U.S., Affordable Housing Finance Magazine 2021-2024 Best-in-Class Employer, Gallagher’s Best-in-Class Benchmarking Analysis 2023 Sustainability Gamechanger Award - ESG Cause by a Not-for-Profit, Cohn Reznick 2023 Charles F. McGlashan Award, MCE (Asset Management) 2023 Asset Management Organization of the Year, Consortium for Housing and Asset Management (CHAM)
2012-2017, 2019 Healthiest Employer in the Bay Area, San Francisco Business Times and Silicon Valley Business Journal
2012, 2015-2017 Best Place to Work in the Bay Area, San Francisco Business Times and Silicon Valley Business Journal
2016 Excellence in Motion Award of Merit, Metropolitan Transportation Commission (MTC), for transit-oriented developments Weinreb Place (Hayward), and Ford Road Plaza and Monterey Villa (San Jose)
2009-2015, 2017 Top 50 Affordable Housing Developers in the U.S., Affordable Housing Finance Magazine 2010, 2015 Top 10 Companies Completing Acquisitions, Affordable Housing Magazine 2013 Affordable Builder Award, Build it GREEN Smart Environmental Solutions 2011 Honored for Green Retrofits of Affordable Housing Developments in City of Fremont, City of Fremont City Council
2011 Top 10 Companies Completing Substantial Rehabs in the U.S., Affordable Housing Finance Magazine
2010 Sustainability Showcase Award for Multifamily Housing, California Sustainability Alliance 2008 “Nonprofit of the Year,” named by California State Assembly Member Alberto Torrico, Majority Leader
2006 California Housing Consortium Hall of Fame - in recognition of Eden’s contribution to fostering the creation of affordable housing in California
2006 City of Hayward Business Environmental Achievement Award 2005 Citibank Recognition for ‘Making Our Communities Better’ 2004 Energy Star for Homes-Outstanding Achievement Award - U.S. Environmental Protection Agency
1993 Great Western Bank Great Western Housing Award
Linda Mandolini, President
2022 Hall of Fame – Class of 2022, The California Homebuilding Foundation 2020 Housing Champion of 2020, Housing Trust Silicon Valley 2017 Alameda County Women’s Hall of Fame Inductee
2016 Forever Influential Honor Roll, San Francisco Business Times 2014-2015 Bay Area's Most Influential Women, San Francisco Business Times 2011 Northern California Real Estate Women of Influence Award, San Francisco Business Times 2011 Pioneer Award, Affordable Housing Management Association 2011 Bay Area's Most Influential Women, San Francisco Business Times
2008 Woman of Distinction, East Bay Business Times
Justine Manaid, Director of Facilities
2023 Facility Champion Award, FacilitiesNet
Jan Peters, Former Executive Vice President, Chief Operating Officer 2012 Pioneer Award, Affordable Housing Management Association
Andrea Papanastassiou, Former Director of Real Estate Development 2011 Young Leader Award, Affordable Housing Finance Magazine
Blue Oak Landing, 74 rental units for individuals and families in Vallejo 2024 Gold Nugget Award of Merit, Best Supportive/Transitional Housing, PCBC 2024 Best Development & Design: Affordable – Gold, Excellence Awards, Multi-Husing News (MHN) 2024 Development of Distinction Award, Special Needs Population, Novogradic 2024 Design Award Honors Recipient, American Institute of Architects (AIA), California 2024 Innovations by Design Award – Honorable Mention, Fast Company
Solaire Apartments, 130 rental units for families, seniors and individuals in San Jose 2024 Silicon Valley Structures Award - Affordable-Rate Residential Project, Silicon Valley Business Journal
Canyon Flats & Reilly Station, 132 rental units for families in Fremont 2023 Platinum Winner, Affordable/Multi-family - Best in American Living Award, National Association of Home Builders (NAHB)
The Starling, 70 rental units for families and individuals in Alameda 2022 Gold Nugget Award of Merit, Best Supportive/Transitional Housing, PCBC
Wheeler Manor, 117 rental units for seniors in Gilroy
2019 Gilroy Historical Society Architecture Award
Hana Gardens, 63 rental units for seniors in El Cerrito 2019 Governor’s Historic Preservation Award (Contra Costa Florist Building)
Miraflores Senior Apartments, 80 rental units for seniors in Richmond 2019 New Home Multifamily – Platinum Rating, GreenPointRATED 2012 Gold Nugget Award of Merit, On the Boards Site Plan Category, PCBC
Alta Mira Senior & Family Apartments (South Hayward BART), 151 rental units for seniors and families in Hayward 2017 Real Estate Deal of the Year, San Francisco Business Times 2017 Charles L. Edson Tax Credit Excellence Awards, Metro/Urban Category, Affordable Housing Tax Credit Coalition
Monteverde Senior Apartments (Orinda Senior), 67 rental units for seniors in Orinda 2017 HUD Secretary's Housing and Community Design Award 2017 Architecture and Design Award Runner-Up, Senior Housing News 2016 NAHB Gold Award Best 55+ Affordable Rental Community, National Association of Home Builders (NAHB)
2016 Senior Apartments, Multifamily Executive (MFE) Award of Merit, Senior Housing 2016 Mayor's Excellence in Architecture Award, City of Orinda
2015 Gold Nugget Grand Award, Senior Housing Community, Active Adult/Independent Living, PCBC
2015 SAGE Project of the Year, Age Qualified, Affordable (Shaping Advancements in Generational Environments - SAGE)
2012 Gold Nugget Award of Merit, On the Boards Site Plan Category, PCBC
Studio 819 Apartments, 49 rental units for families and individuals in Mountain View (with ROEM Corporation) 2016 NAHRO Award of Merit in Housing and Community Development, Affordable Housing 2016 AHF Readers’ Choice Finalist, Urban Category
2015 Structures Finalist, Silicon Valley Business Journal
801 Alma, 50 rental units for families and individuals in Palo Alto 2015 AIA San Diego Design Award – Merit Award, Architecture Category 2014 AIA Santa Clara Valley Design Award – Honor Award, Architecture Category
Wexford Way and Carlow Court, 180 rental units for families and seniors in Dublin 2014 Charles L. Edson Tax Credit Excellence Awards in the Public Housing Category, Affordable Housing Tax Credit Coalition
2014 Jack Kemp Excellence in Affordable and Workforce Housing Award, Urban Land Institute 2013 Emerald Vista, Growing Smarter Together Awards: Sharing the Benefits, Association of Bay Area Governments (ABAG)
Estabrook Place, 51 rental units for seniors in San Leandro 2011 Gold Nugget Award of Merit, GreenPoint Rated Category, PCBC 2011 Finalist, Builders' Choice Design and Planning Award of Merit, BUILDER Magazine
Arroyo Vista, 156 rental units for families in Mission Viejo 2011 Community Recycling Award, Waste Management of Orange County
Foss Creek Court, 64 rental units for families in Healdsburg 2011 Gold Nugget Award of Merit, Affordable Project - under 30 du/acre Category, PCBC 2011 Readers' Choice Award, Rural Category, Affordable Housing Finance Magazine 2011 Charles L. Edson Tax Credit Excellence Award in the Rural Housing Category, Affordable Housing Tax Credit Coalition
Walker Landing, 78 rental units for families in Hayward 2010 Finalist, World Habitat Awards
Ashland Village, 142 rental units for families in Unincorporated Alameda County 2011 Affordable Housing Vanguard Award, Major Rehabilitation of an Existing Rental Housing Community Category, National Affordable Housing Management Association 2010 Reader’s Choice Award – Preservation Category, Affordable Housing Finance Magazine 2010 Honorable Mention in Metropolitan/Urban Housing Category, Charles L. Edson Tax Credit Excellence Awards
Hayward Senior Housing, 60 rental units for seniors in Hayward 2009 Finalist, Reader's Choice Awards for Senior Housing, Affordable Housing Finance Magazine
Rivertown Place, 40 rental units for families in Antioch 2008 Honorable Mention, Charles L. Edson Tax Credit Excellence Awards
Sara Conner Court, 57 rental units for families in Hayward 2007 Finalist, Readers’ Choice Awards for Family Housing, Affordable Housing Finance Magazine
Chesley Avenue Mutual Housing, 30 rental units for families in Richmond (With CHDC of North Richmond) 2006 Merit Award, Gold Nugget, Builders Magazine
Victoria Green, 132 rental units for families in Hercules 2005 Merit Award, Gold Nugget, Builders Magazine
2005 National Assoc. of Local Housing Finance Agencies Award (NALHFA)
West Rivertown Apartments, 57 rental units for families in Antioch 2004 Property of the Year - Merritt Community Capital Corporation 2004 Project of the Year, Merritt Community Capital Corporation: Revitalizing a Distressed Neighborhood and Providing High Quality Affordable Housing
Adams Avenue Homes, 17 affordable homes for first-time homebuyers in Fremont 2004 California Redevelopment Association Award of Excellence in Single-Family Residence Category
Fuller Gardens, 16 rental units for people with developmental disabilities in San Leandro 2004 City of San Leandro 2004 Planning and Design Awards New Residential, Multi-Family: Michael Pyatok, Architect
Community Heritage Senior Apartments, 52 rental units for seniors in North Richmond 2005 California Redevelopment Agency (CRA) Award of Excellence for Best Mixed-Use Project 2003 National Association of Home Builder’s Senior Housing Council Gold Award for Affordable Senior Housing
2000 Gold Nugget Award of Merit, Mixed Use Design, HOME Award – National Association of Local Housing Finance Agencies
Ohlone-Chynoweth Commons, 194 rental units for families in San Jose 2002 Platinum Award-Best Smart Growth: Builder’s Magazine 2000 Sierra Club Smart Growth Development recognition
2000 Federal Home Loan Bank, Community Partnership Award 2001-2002 Finalist, Fannie Mae Maxwell Awards of Excellence 2002 First Annual Prometheus Prize – The Prometheus Foundation & The Housing Trust of Santa Clara County, Honorable Mention
Rosewood Terrace, 45 rental units for seniors in Union City 2000 Pacific Coast Builder's conference recognition
Eden Palms Apartments, 145 rental units for families in San Jose 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 Award
1997 Gold Nugget Award of Merit, Best Affordable Housing- Attached
The San Pablo, 144 rental units for seniors in Oakland
1997 Fannie Mae Maxwell Awards of Excellence - Honorable Mention, Program for the Production of Low-Income Housing
1996 Tax Credit Excellence Award
Pacific Grove, 20 rental units for disabled in Fremont
1997 Gold Nugget Grand Award - Judges Special Award of Excellence
B Street Bungalows, 4 single family homes for first time homebuyers in Hayward 1997 Gold Nugget Grand Award - Best Affordable Detached Community
Stoney Creek, 70 rental units for families in Livermore 1995 Gold Nugget Grand Award - Best Apartment Project - 1-3 stories 1993 NAHRO Award of Merit, Project Design
Glen Eden, 36 rental units for families in Hayward
1994 NAHRO National Award of Excellence
E.C. Magnolia Court, 21 rental units for physically disabled in Hayward 1993 NAHRO Awards of Merit, Project Design and Administrative Innovation
Fuller Lodge, 26 rental units for developmentally disabled in San Leandro 1992 NAHRO Award of Merit
Sequoia Manor, 81 rental units for seniors in Fremont
1988 Certificate of National Merit (national recognition program for urban development excellence for City of Fremont projects)
Redwood Lodge, 24 rental units for physically disabled in Fremont 1988 Certificate of National Merit (national recognition program for urban development excellence for City of Fremont projects)
Baywood Apartments, 82 rental units for families in Fremont 1988 Certificate of National Merit (national recognition program for urban development excellence for City of Fremont projects)
Olive Tree Plaza, 26 rental units for physically disabled in Hayward 1987 NAHRO Northern California Chapter, Housing Project Design Award
Tyrrell Gardens, 28 owner-built townhomes in Hayward
1985 NAHRO Housing Program Innovation Award
La Solana, 58 family-owned townhomes in Hayward
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, 143 rental units for seniors in San Leandro 1981 City of San Leandro Residential Development Design Award for exemplary efforts in the quality and appearance of San Leandro
Sparks Way Commons, 45 limited equity co ops for families in Alameda County 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, 150 rental units for seniors in Hayward 1973 Design Award from the Bay Area American Institute of Architects
RECENT DEVELOPMENTS
Recently Completed Developments by Eden Housing
The
following development profiles are included for Eden developments completed in the past 5 years and include information on scope, location, development cost, affordability ranges, funding sources, development team members, and public agency references and staff contact information:
• Co
rsair Flats
• Warm Springs Village – Canyon Flats and Reilly Station • Solaire Apartments
Corsair Flats
171 West Atlantic Avenue, Alameda, CA | Affordable Senior and Veterans Housing Project Name Corsair Flats
Project Location 171 West Atlantic Avenue, Alameda, CA
Construction
Schedule
Started March 2019
Completed July 2020
Development Cost $36,200,000
Lot Size and Density 0.74 acres; 81 dwelling units/acre Building Areas 73,247 SF of residential space
Units & Population 60 total apartments (including 1 manager’s unit)
28 units for veterans experiencing
homelessness
Incomes 20-60% of AMI
Developer Eden Housing, Inc.
Architect
Market Rate
Partners
KTGY Architects
Alameda Point Partners
• Trammell Crow Residential
• Cypress Equity
• srmERNST
Contractor James E. Roberts-Obayashi Corp.
Property Operations
Sustainability
Eden Housing Management Inc.
Eden Housing Resident Services Inc.
Green Point Rated – Gold
Overview: Located at the site
of the former Naval Air
Station, Corsair Flats (60
units) was among the first
buildings under
development and completed
as part of the larger Alameda
Point Site A redevelopment,
led by master developer
Alameda Point Partners.
Through this building and
the subsequently developed
“The Starling”, Eden delivered
Site A’s low-income and very
low-income inclusionary
housing requirement. Corsair
Flats has maintained high
occupancy and has been
operational since the
summer of 2020.
E
den’s Role: Site A at Alameda Point is the City’s first major redevelopment project underway as part of the decades-long vision of redeveloping the former Naval Air Station. A key component of the vision is a substantial affordable component – 128 apartments affordable to low- and very low-income households. The Site A redevelopment will include 800 new units of housing, as well as brand new street, utility and transit infrastructure, including a new ferry terminal. Eden was brought onto the Alameda Point Partners team to deliver the vertical development of the affordable component by securing highly competitive state and local subsidies and unlock a unique site. Eden leveraged a land donation and cash contribution with significant funding from Alameda County, California HCD, and the Housing Authority of the City of Alameda. While the availability of funding and the result of competitive application processes can be unpredictable, Eden was aggressive in pursuing every available opportunity and maintaining flexibility in the projects’ capital structures.
Pla
cemaking and Amenities: Corsair Flats was designed as one component of complementary U-Shape buildings with the Starling, the subsequent adjacent large family 70-unit development. Three stories of residential units surround open courtyards located on top of the at-grade podium parking structure. This design affords each building a safe and private open space environment that is oriented to maximize sunlight and protect each courtyard from prevailing north westerly winds. In between the two communities is a 56’ pedestrian public park, providing visual relief to the four-story massing and an open space amenity with shaded pedestrian and bicycle pathways.
Green/Sustainable Features: Corsair Flats incorporated innovative green design elements that maximize energy and water efficiency, and make use of recycled materials. As such, the project will exceed Title 24 energy and resource efficiency thresholds which provides a healthier home for our residents and improves affordability by minimizing resident's utility costs. The project obtained GreenPoint Rated (GPR) certification through Build It Green at the Gold level.
Pa
rking and Transportation Demand Management: Corsair Falts provides a total of 29 parking spaces inside the podium levels of the ground floor. In addition, the community includes a significant commitment to sustainable transportation. The Starling includes a bike room with long-term parking to serve both buildings.
Eden also collaborated with Alameda Transportation Management Association to provide transit passes for residents, especially valuable for the senior residents of Corsair Flats. The larger Site A redevelopment will include a new ferry terminal within walking distance that will provide a direct link to San Francisco, as well as enhanced AC Transit Route 96 service through Alameda and into Oakland.
Financing: Corsair Flats secured highly competitive 9% tax credits under the non-profit homeless assistance set-aside in 2018. By securing 25 Veterans Affairs Supportive Housing (VASH) vouchers and a California Veterans Housing and Homelessness Prevention loan, the project serves 28 senior veterans who are exiting homelessness while leveraging the operating subsidy as permanent debt. In addition, the project includes an Alameda County A1 Housing Bond Fund loan, a cash contribution from the master developer, and a Federal Home Loan Bank of San Francisco Affordable Housing Program (AHP) loan. Union Bank serves as the project’s tax credit equity investor as well as construction and permanent lender.
Funding Sources Type/Program Phase Total Dollars
Union Bank Perm Loan Perm $5,000,000
Union Bank Equity Perm $22,999,997
AHP via Union Bank Soft Loan Perm $590,000
Alameda County A1 Perm $3,000,000
HCD VHHP Perm $3,094,149
Master Developer Sponsor Loan Perm $1,500,000
Total $3 6,184,146
R
eferences:
Debbie Potter, Community Development Director, Alameda | (510) 747-6 899 | [email protected]
Warm Springs Village – Canyon Flats and Reilly Station
45108 Tom Blalock St & 45025 S Grimmer Blvd, Hayward, CA | Affordable Family Housing Project Name Reilly Station & Canyon Flats
Project Location 45108 Tom Blalock St &
45025 S Grimmer Blvd, Fremont, CA
Construction
Schedule
Started March 2019
Completed February 2021
Development Cost $85,004,000
Lot Size and Density 1.98 acres; 66.7 dwelling units/acre Building Areas 192,855 SF of residential space
Units & Population 132 total affordable rental apartments (2 manager’s units)
Incomes 30-60% of AMI
Developer Toll Brothers & Eden Housing, Inc.
Architect KTGY
Contractor Toll Brothers
Property Operations Eden Housing Management Inc.
Eden Housing Resident Services Inc.
Overview: Warm Springs Village is
a 132-unit residential development
for low, very low, and extremely
low income families and is located
adjacent to the Warm Springs
BART Station of Fremont, CA. The
project is on a 1.97 acres and is the
inclusionary component of Metro
Crossings, a master planned
community developed by Toll
Brothers. This transit oriented
development includes 1,001
residential units, 6,000 square feet
of neighborhood commercial
space, and 1.95 acres of parkland
and private open pace.
W
arm Springs Village consists of two buildings on separate parcels, both of which serve families who earn between 30% and 60% of the Area Median Income (AMI). Canyon Flats is a 6-story, 71-unit residential building on 1.09 acre parcel. This building has 19 one-bedroom units, 32 two-bedroom units (including one for resident manager’s unit), and 20 three-bedroom units. Reilly Station is a 5-story, 61-unit residential building on 0.89 acre parcel. This building has 12 one-bedroom units, 33 two-bedroom units (including one for resident manager’s unit), and 16 three-bedroom units.
E
den’s Role: Eden Housing partnered with Toll Brothers, the master developer, in 2017. At this point, the master plan had already been approved and Eden was primarily responsible for the design, financing, and construction of the affordable projects. Eden’s affiliates manage the properties and provide the resident services. During operations, the property works in conjunction with the master HOA on exterior maintenance items.
Pa
rking and Transportation Demand Management: The site is located directly across the street from the Warm Springs BART station giving residents convenient access to affordable public transportation.
Additionally, the parking ratio is over 1 parking space per resident and ample bike parking on site. The podiums of each of these buildings are double height and include a 3-level car lift system by CityLift. This allows us to fit 155 cars into a space that would typically only fit 57.
F
inancing: The two buildings
were developed simultaneously
but used separate ownerships
and financing structures through
the 4%/9% Hybrid Tax Credit
process. This complex financing
execution was made possible by
the sizable contribution made by
Toll Brothers to close the gap
funding while at the same time
maximizing the amount of tax
credit equity raised.
Funding Sources Type/Program Phase Total Dollars
Master Developer Land Donation Perm $7,100,000
Master Developer Soft Loan Perm $15,110,000
CCRC Perm Loan Perm $5,182,000
4% Equity Perm $15,430,000
Total (Canyon Flats) $42,822,000
Funding Sources Type/Program Phase Total Dollars
Master Developer Land Donation Perm $6,930,000
Master Developer Soft Loan Perm $6,780,000
CCRC Perm Loan Perm $4,572,000
9% Equity Perm $23,900,000
Total (Reilly Station) $42,182,000
R
esident Support Services: Services are provided to all residents free of charge by Eden Housing Resident Services, Inc. (EHRSI), an affiliate of Eden Housing. The on-site services coordinator provides referral services to community resources as well as one-on-one support to address individual needs, and amongst others, health and wellness, and skill building activities.
R
eferences:
Lucia Hughes, Housing Manager, Fremont | 510-494-4506 | [email protected] Solaire Apartments
425/427 Auzerais Avenue, San Jose, CA | Affordable Family Housing Project Name Solaire Apartments
Project Location 425/427 Auzerais Avenue, San Jose, CA
Construction
Schedule
Started December 2021
Completed December 2023
Development Cost $81,700,000
Lot Size and Density 1.03 acres / 1.26 units per acre
Building Areas SF of residential space
Units & Population 130 total affordable rental apartments (2 manager’s units) 50% Permanent Supportive Housing for Homeless
50% Low-Income Families and Individuals
Incomes 30-60% of AMI
Developer Eden Housing, Inc.
Architect Architects FORA
Contractor L & D Construction
Property Operations Eden Housing Management Inc.
Eden Housing Resident Services Inc.
100% occupied
O
verview: Solaire Apartments is a 130-unit apartment community located ½-mile from Diridon Station in San Jose at the corner of Auzerais Ave and Delmas Ave, in a dynamic area close to multiple transit stations. Solaire Apartments provides workforce housing to low-income families and permanent supportive housing to formerly homeless individuals and families at a variety of income levels. It contains 86 studios, 16 one-bedrooms units, and 28 two-bedroom units.
Sol
aire Apartments reserves half of its units as permanent supportive housing to address the homelessness crisis in the County of Santa Clara. Those units are supported by Section 8 project-based vouchers with supportive services provided through the County’s Office of Supportive Housing and are restricted to households earning no greater than 30% of Area Median Income (AMI). The remaining units are restricted to households earning 50–60% of AMI.
Pla
cemaking and Amenities:
In April 2019, Eden Housing purchased this site from Auzerais SJ LLC, which had already fully entitled this site for 130 residential units in June 2018. Eden has made slight modifications to tailor the project to better fit its standards, such as revising floor plans, removing a floor, and improving the architectural design to bring the design to Eden’s high quality standards.
Th
e development was built on a 1.03-acre L-shaped site that contains outdoor recreational areas with a fitness loop, pet relief area, community garden with raised beds, and drought-tolerant landscaping. Building amenities include a community room, computer learning center, fitness/yoga studio, bicycle storage room, and laundry room. Green features include an all-electric utility service with no gas infrastructure, solar photovoltaics system and EV charging stations.
W
hile community engagement was not required, Eden participated in initial reviews with city departments, in addition to meeting with the Office of Councilmember and neighborhood stakeholders to gather feedback.
A
long narrow shaped portion of the property was converted to an open space parkland and recreation area for all the residents that functions as multi-purpose gathering space. Adjacent to both the pet amenity and the community room is a Picnic Area for residents. The Picnic Area includes a patio with over 400 SF and is comprised of at least four 4-seat tables, two barbecue grills, and waste receptacles. The picnic area's location adjacent to the community room allows residents to easily use the full kitchen in the community room. The concept brings the outside in and the inside out in a seamless intentionally designed experience.
Pa
rking and Transportation Demand Management: The project contains 50 parking stalls. State Density Bonus Law allowed for no parking minimums for projects is comprised of 100% low-income and supportive housing and located within ½ mile of an accessible bus route or transit station. The project is located within one-half mile of a VTA bus stop and the Diridon Transit Station. The property offers ample bike parking and onsite carshare (at the expense of the residents) opportunities. Additionally, curb set backs for rideshare drop off/pick up and frequent delivery services was incorporated to provide the most choice options for alternative transportation possible.
F
inancing: Solaire Apartments was financed with the help of several federal, state, and local affordable housing funding sources. The project has received a funding commitment from the County of Santa Clara’s Measure A and No Place Like Home affordable housing funds, 64 project-based vouchers from the County of Santa Clara Housing Authority, and $5.5 million from CA HCD’s Infill Infrastructure Grant program. Additionally, the project received an allocation of 4% tax credits and tax-exempt bonds.
Fun
ding Sources Type/Program Phase Total Dollars
California Community
Reinvestment Corporation
Perm Loan Perm $19,768,550
Bank of America - LIHTC Equity Perm $37,001,836
County of Santa Clara
Measure A Loan
Soft Loan Perm $12,800,000
HCD - Infill Infrastructure
Grant
Soft Loan Perm $5,500,000
Income from Operations Operating Income Perm $495,454
Deferred Fee Deferred Cost Perm $6,141,478
Total $8 1,707,318
R
esident Support Services: Eden Housing Resident Services, Inc. (EHRSI), also an affiliate of Eden, provides a variety of services to the residents which include community engagement activities, activities and enrichment for school-aged youth, and digital and financial literacy.
Reference:
Natalie Monk, HCD Division Manager, Santa Clara County | 408-510-0335 | [email protected]
ATTACHMENT C - EDEN HOUSING
2024 AUDITED FINANCIALS
Eden Housing, Inc. and Affiliates
Consolidated Financial Statements
(With Supplementary Information)
and Independent Auditor's Report
December 31, 2024 and 2023
Eden Housing, Inc. and Affiliates
Index
1 Page
Independent Auditor's Report 2
Consolidated Financial Statements
Consolidated Statements of Financial Position 5
Consolidated Statements of Activities 7
Consolidated Statements of Functional Expenses 9
Consolidated Statements of Cash Flows 11
Notes to Consolidated Financial Statements 13
Supplementary Information
Consolidating Schedules of Financial Position 48
Consolidating Schedules of Activities 52
Consolidating Schedules of Cash Flows 54
Supplementary Information – Eden Housing, Inc. Only
Schedules of Financial Position - Eden Housing, Inc. Only 61 Schedules of Activities - Eden Housing, Inc. Only 63
Schedules of Functional Expenses - Eden Housing, Inc. Only 65 Schedules of Cash Flows - Eden Housing, Inc. Only 66
Schedules of Related-Party Receivables - Eden Housing, Inc. Only 68 Schedules of Notes and Interest Receivable - Eden Housing, Inc. Only 69 Schedules of Notes Payable - Eden Housing, Inc. Only 70 Schedules of Board-Designated Funds - Eden Housing, Inc. Only 72 Independent Auditor's Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards 73
2 Independent Auditor's Report
To the Board of Directors
Eden Housing, Inc. and Affiliates
Report on the Audit of the Consolidated Financial Statements Opinion
We have audited the consolidated financial statements of Eden Housing, Inc. and Affiliates, which comprise the consolidated statements of financial position as of December 31, 2024 and 2023, and the related consolidated statements of activities, functional expenses and cash flows for the years then ended, and the related notes to the consolidated financial statements.
In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated financial position of Eden Housing, Inc. and Affiliates as of December 31, 2024 and 2023, and the changes in its net assets and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America.
Basis for Opinion
We conducted our audits in accordance with auditing standards generally accepted in the United States of America ("GAAS") and the standards applicable to financial statement audits contained in Government Auditing Standards , issued by the Comptroller General of the United States. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are required to be independent of Eden Housing, Inc. and Affiliates, and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. The consolidated financial statements of certain affiliates were not audited in accordance with Government Auditing Standards.
Responsibilities of Management for the Consolidated Financial Statements Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about Eden Housing, Inc. and Affiliates' ability to continue as a going concern for one year after the date that the consolidated financial statements are available to be issued.
3 Auditor's Responsibilities for the Audit of the Consolidated Financial Statements Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS and Government Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the consolidated financial statements.
In performing an audit in accordance with GAAS and Government Auditing Standards, we:
Exercise professional judgment and maintain professional skepticism throughout the audit. Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of Eden Housing, Inc. and Affiliates' internal control. Accordingly, no such opinion is expressed.
Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the consolidated financial statements.
Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about Eden Housing, Inc. and Affiliates' ability to continue as a going concern for a reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audits.
Supplementary Information
Our audits were conducted for the purpose of forming an opinion on the consolidated financial statements as a whole. The supplementary information on pages 48 to 72 is presented for purposes of additional analysis and is not a required part of the consolidated financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the consolidated financial statements. The information has been subjected to the auditing procedures applied in the audits of the consolidated financial statements and certain additional procedures, includi ng comparing and reconciling such information directly to the underlying accounting and other records used to prepare the consolidated financial statements or to the consolidated financial statem ents themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated in all material respects in relation to the consolidated financial statements as a whole.
4 Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards , we have also issued our report dated June 26, 2025, on our consideration of Eden Housing Inc. and Affiliates' internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of Eden Housing Inc. and Affiliates' internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering Eden Housing Inc. and Affiliates' internal control over financial reporting and compliance.
Los Angeles, California
June 26, 2025
Eden Housing, Inc. and Affiliates
Consolidated Statements of Financial Position
December 31, 2024 and 2023
5 2024 2023
Current assets
Cash and cash equivalents 68,832,046 $ 72,531,654 $ Investments in marketable securities 60,157,933 55,335,488 Impound deposits 3,498,703 3,294,976
Receivables, net - current portion 4,459,229 1,884,553 Prepaid expenses and othe
r 1,998,386 2,771,168
Total current assets 138,946,297 135,817,839
Restricted cash 180,714,752 180,620,016
Receivables, net - net of current portion 7,368,466 3,736,702 Notes and interest receivable, net 9,902,851 6,882,600 Investments in other companies 931,709 2,013,393 Development in progress 333,819,834 277,098,944
Right-of-use assets - leases 29,804,016 30,103,825 Property and equipment, net 2,206,973,094 2,104,817,705 Deferred costs, net 2,879,375 6,231,987
Benefit from interest rate swap agreement 12,854,403 10,436,523 Total assets 2,924,194,797 $ 2,757,759,534 $
Assets
Eden Housing, Inc. and Affiliates
Consolidated Statements of Financial Position
December 31, 2024 and 2023
See Notes to Consolidated Financial Statements.
6 2024 2023
Current liabilities
Accounts payable and accrued expenses 21,170,736 $ 18,260,208 $ Operating lease liability - current portion 1,149,617 1,241,062 Deferred revenue 21,748,965 36,092,039
Interest payable - current portion 4,551,641 3,043,879 Notes payable - current portion 52,490,897 45,421,749 Total current liabilities 101,111,856 104,058,937 Accounts payable - development 42,868,653 38,681,191 Operating lease liability - net of current portion 27,537,615 27,589,409 Tenant security deposits 7,446,358 7,289,380 Interest payable - net of current portion 149,423,539 145,927,286 Notes payable - net of current portion 1,647,303,126 1,519,345,906 Total liabilities 1,975,691,147 1,842,892,109
Net assets
Without donor restrictions
Controlling interest 43,613,974 58,909,238
Controlling interest - board-designated funds 146,341,344 110,777,870 Noncontrolling interest 743,503,332 736,850,317
Total without donor restrictions 933,458,650 906,537,425 With donor restrictions - controlling interest 15,045,000 8,330,000 Total net assets 948,503,650 914,867,425
Total liabilities and net assets 2,924,194,797 $ 2,757,759,534 $ Liabilities and Net Assets
Eden Housing, Inc. and Affiliates
Consolidated Statements of Activities
Years Ended December 31, 2024 and 2023
7 Without Donor
Restrictions
With Donor
Restrictions Total
Without Donor
Restrictions
With Donor
Restrictions Total
Support and revenue
Rental income 203,455,556 $ - $ 203,455,556$ 183,351,992 $ - $ 183,351,992$ Management and resident services fees 91,485 - 91,485 62,769 - 62,769 Ground lease income 143,414 - 143,414 139,239 - 139,239 Grants and contributions 32,270,966 6,715,000 38,985,966 15,418,418 - 15,418,418 Interest income and net investment return 8,192,641 - 8,192,641 6,724,464 - 6,724,464 Other income 4,259,919 - 4,259,919 3,860,010 - 3,860,010 Net assets released from restrictions - - - - - - Total support and revenue 248,413,981 6,715,000 255,128,981 209,556,892 - 209,556,892 Expenses
Program expenses
Affordable housing ownership and operations 141,301,907 - 141,301,907 134,742,496 - 134,742,496 Affordable housing property management 11,451,647 - 11,451,647 10,512,141 - 10,512,141 Affordable housing resident services 7,901,322 - 7,901,322 7,685,100 - 7,685,100 Affordable housing development 1,405,001 - 1,405,001 3,269,219 - 3,269,219 Supporting services
Management and general 16,478,155 - 16,478,155 15,935,715 - 15,935,715 Total expenses 178,538,032 - 178,538,032 172,144,671 - 172,144,671 Change in net assets before other (income) expenses 69,875,949 6,715,000 76,590,949 37,412,221 - 37,412,221 2024 2023
Eden Housing, Inc. and Affiliates
Consolidated Statements of Activities
Years Ended December 31, 2024 and 2023
See Notes to Consolidated Financial Statements.
8 Without Donor
Restrictions
With Donor
Restrictions Total
Without Donor
Restrictions
With Donor
Restrictions Total
Other (income) expenses
Forgiveness of debt (85,921) - (85,921) (1,204,084) - (1,204,084) Deferred interest 18,049,871 - 18,049,871 17,863,353 - 17,863,353 Depreciation and amortization 71,243,655 - 71,243,655 66,114,549 - 66,114,549 Gain on sale of property - - - (19,475,361) - (19,475,361) Loss on retirement of property and equipment 4,472,409 - 4,472,409 3,446,982 - 3,446,982 Other 9,168,960 - 9,168,960 - - - Total other (income) expenses 102,848,974 - 102,848,974 66,745,439 - 66,745,439 Change in net assets (32,973,025) 6,715,000 (26,258,025) (29,333,218) - (29,333,218) Net assets, beginning of year 906,537,425 8,330,000 914,867,425 777,545,563 8,330,000 785,875,563 Capital contributions, net of
distributions - noncontrolling interest 62,344,172 - 62,344,172 158,346,041 - 158,346,041 Purchase/transfer of interest in projects (2,449,922) - (2,449,922) (20,961) - (20,961) Net assets, end of year 933,458,650 $ 15,045,000 $ 948,503,650 $ 906,537,425 $ 8,330,000 $ 914,867,425 $ 2024 2023
Eden Housing, Inc. and Affiliates
Consolidated Statement of Functional Expenses
Year Ended December 31, 2024
See Notes to Consolidated Financial Statements.
9 Affordable
Housing
Ownership and
Operations
Affordable
Housing
Property
Management
Affordable
Housing
Resident
Services
Affordable
Housing
Development
Total Program
Services
Management
and General Total
Grants and other assistance to organizations - $ - $ - $ - $ - $ 456,277$ 456,277 $ Grants and other assistance to individuals - - 27,693 111,614 139,307 - 139,307 Salaries and wages 23,691,861 7,852,106 1,081,176 7,431,258 40,056,401 7,761,375 47,817,776 Pension plan 778,439 405,642 46,372 338,822 1,569,275 351,289 1,920,564 Other employee benefits 3,704,232 1,438,225 180,004 649,202 5,971,663 1,451,794 7,423,457 Payroll taxes 1,759,405 687,568 91,260 556,649 3,094,882 516,619 3,611,501 Management fees 1,009,912 - - - 1,009,912 - 1,009,912 Legal fees 767,861 17,032 - - 784,893 305,970 1,090,863 Accounting fees - - - - - 1,947,399 1,947,399 Other fees for services 1,410,252 668,616 - 465,873 2,544,741 1,112,980 3,657,721 Advertising and promotion 1,583,863 - - - 1,583,863 - 1,583,863 Office expenses 3,529,263 13,218 377,901 73,813 3,994,195 241,051 4,235,246 Information technology 1,354,436 2,774 30,932 40,442 1,428,584 874,306 2,302,890 Occupancy: utilities 16,126,486 - - - 16,126,486 43,750 16,170,236 Occupancy: repairs and maintenance 37,028,327 - - 13,374 37,041,701 80,517 37,122,218 Occupancy: real estate taxes 1,086,815 500 - - 1,087,315 1,769 1,089,084 Occupancy: property and liability insurance 7,322,686 - - - 7,322,686 45,016 7,367,702 Travel 256,912 285,970 48,479 100,515 691,876 90,428 782,304 Conferences, conventions and meetings 218,155 24,919 - 62,822 305,896 92,559 398,455 Other insurance 1,401,699 40,510 5,296 19,262 1,466,767 12,962 1,479,729 Social services - - 6,011,583 - 6,011,583 - 6,011,583 Mortgage interest 33,627,579 - - 241,085 33,868,664 - 33,868,664 Ground lease 733,497 - - - 733,497 733,140 1,466,637 Other 3,910,227 14,567 626 219,912 4,145,332 358,954 4,504,286 Capitalized salaries and project costs - - - (8,919,642) (8,919,642) - (8,919,642) Total expenses before other expenses 141,301,907 11,451,647 7,901,322 1,405,001 162,059,877 16,478,155 178,538,032 Other expenses
Deferred interest 18,049,871 - - - 18,049,871 - 18,049,871 Depreciation and amortization 70,948,446 - - - 70,948,446 295,209 71,243,655 Loss on retirement of property and equipment 4,472,409 - - - 4,472,409 - 4,472,409 Other 9,168,960 - - - 9,168,960 - 9,168,960 Total expenses 243,941,593 $ 11,451,647 $ 7,901,322 $ 1,405,001 $ 264,699,563 $ 16,773,364 $ 281,472,927 $ 2024
Eden Housing, Inc. and Affiliates
Consolidated Statement of Functional Expenses
Year Ended December 31, 2023
See Notes to Consolidated Financial Statements.
10 Affordable
Housing
Ownership and
Operations
Affordable
Housing
Property
Management
Affordable
Housing
Resident
Services
Affordable
Housing
Development
Total Program
Services
Management
and General Total
Grants and other assistance to organizations - $ - $ - $ - $ - $ 263,731$ 263,731 $ Grants and other assistance to individuals - - 11,627 115,619 127,246 - 127,246 Salaries and wages 21,372,027 7,340,927 1,136,597 6,884,162 36,733,713 7,299,711 44,033,424 Pension plan 652,523 334,554 45,648 291,018 1,323,743 361,328 1,685,071 Other employee benefits 2,906,897 1,272,709 166,687 654,527 5,000,820 1,354,744 6,355,564 Payroll taxes 1,590,752 603,547 89,571 473,370 2,757,240 444,156 3,201,396 Management fees 821,434 - - - 821,434 - 821,434 Legal fees 347,894 2,468 - 19,184 369,546 255,701 625,247 Accounting fees - - - - - 1,842,267 1,842,267 Other fees for services 1,288,305 594,900 81,238 225,011 2,189,454 1,397,871 3,587,325 Advertising and promotion 1,055,889 - - - 1,055,889 1,800 1,057,689 Office expenses 3,416,707 24,237 386,129 66,657 3,893,730 701,808 4,595,538 Information technology 1,365,637 2,583 16,327 8,539 1,393,086 694,395 2,087,481 Occupancy: utilities 14,315,837 - - - 14,315,837 42,098 14,357,935 Occupancy: repairs and maintenance 31,803,568 - - 2,277 31,805,845 96,690 31,902,535 Occupancy: real estate taxes 2,068,915 - - 674 2,069,589 - 2,069,589 Occupancy: property and liability insurance 6,125,677 - - - 6,125,677 70,300 6,195,977 Travel 212,114 269,845 48,508 86,981 617,448 82,630 700,078 Conferences, conventions and meetings 236,030 25,133 25,964 56,948 344,075 298,346 642,421 Other insurance 1,071,911 28,051 2,804 14,256 1,117,022 20,390 1,137,412 Social services - - 5,637,660 - 5,637,660 - 5,637,660 Mortgage interest 36,503,212 - - 2,419 36,505,631 32,114 36,537,745 Ground lease 835,586 - - - 835,586 447,055 1,282,641 Other 6,751,581 13,187 36,340 521,004 7,322,112 228,580 7,550,692 Capitalized salaries and project costs - - - (6,153,427) (6,153,427) - (6,153,427) Total expenses before other expenses 134,742,496 10,512,141 7,685,100 3,269,219 156,208,956 15,935,715 172,144,671 Other expenses
Deferred interest 17,632,935 - - 230,418 17,863,353 - 17,863,353 Depreciation and amortization 65,784,274 - - - 65,784,274 330,275 66,114,549 Loss on retirement of property and equipment 3,446,982 - - - 3,446,982 - 3,446,982 Total expenses 221,606,687 $ 10,512,141 $ 7,685,100 $ 3,499,637 $ 243,303,565 $ 16,265,990 $ 259,569,555 $ 2023
Eden Housing, Inc. and Affiliates
Consolidated Statements of Cash Flows
Years Ended December 31, 2024 and 2023
11 2024 2023
Cash flows from operating activities
Change in net assets (26,258,025) $ (29,333,218) $
Adjustments to reconcile change in net assets to net cash provided by operating activities
Depreciation and amortization 71,243,655 66,114,549 Amortization expense - right-of-use leased assets 1,809,964 2,426,082 Loss on retirement of property and equipment 4,472,409 3,446,982 Gain on sale of property - (19,475,361) Amortization of debt issuance costs 2,558,581 1,873,082 Net realized and unrealized gain on investments (3,885,934) (4,469,486) Net (gain) loss on interest rate swaps (2,417,880) 3,299,730 Forgiveness of notes and interest payable (85,921) (1,204,084) (Increase) decrease in assets
Receivables (6,206,440) (65,104)
Interest receivable (180,250) 2,069,034
Prepaid expenses and other 772,782 (418,384) Increase (decrease) in liabilities
Accounts payable and accrued expenses 2,618,159 (15,956,538) Deferred revenue (14,343,074) 15,636,391
Tenant security deposits - liability 156,978 440,087 Interest payable 5,004,015 9,377,986
Net cash provided by operating activities 35,259,019 33,761,748 Cash flows from investing activities
Purchase of investments in marketable securities (319,685,770) (274,515,401) Proceeds from sale of investments in marketable securities 318,749,259 287,089,789 Proceeds from (advances of) investments in other companies (1,368,238) 458,291 Advances of notes receivable (2,840,001) (1,935,000) Purchase of property and equipment and net increase in
development in progress (229,742,184) (255,854,710)
Payment of deferred costs (292,331) (2,849,656) Net cash used in investing activities (235,179,265) (247,606,687)
Eden Housing, Inc. and Affiliates
Consolidated Statements of Cash Flows
Years Ended December 31, 2024 and 2023
See Notes to Consolidated Financial Statements.
12 2024 2023
Cash flows from financing activities
Capital contributions, net of
distributions - noncontrolling interest 62,920,647 158,919,269 Payment of syndication costs (576,475) (573,228) Payment of debt issuance costs (4,233,949) (173,832) Payment of right-of-use lease obligations (principal) (1,653,394) (2,179,155) Payment of mortgages and notes payable (38,065,314) (39,472,036) Proceeds from long-term debt 178,127,586 124,172,488 Net cash provided by financing activities 196,519,101 240,693,506 Net (decrease) increase in cash, cash equivalents, and restricted cash (3,401,145) 26,848,567
Cash, cash equivalents, and restricted cash, beginning of year 256,446,646 229,598,079 Cash, cash equivalents, and restricted cash, end of year 253,045,501$ 256,446,646 $ Supplementary information
Cash paid for interest - net of capitalized portion 35,889,379 $ 39,897,473 $ Noncash investing and financing activity
Increase in right-of-use assets and operating lease liabilities -$ 7,655,203$ Purchase/transfer of interest in projects (2,449,922)$ 3,204,854 $ Interest recast as loan 10,010,253$ - $
Property and equipment acquired and recorded in accounts payable 4,479,831$ - $
Loss on payoff of bond principle which includes write-off of deferred costs 3,274,615$ - $
Cash and cash equivalents 68,832,046 $ 72,531,654 $ Impound deposits 3,498,703 3,294,976
Restricted cash 180,714,752 180,620,016
Total cash, cash equivalents, and restricted cash 253,045,501$ 256,446,646 $
Eden Housing, Inc. and Affiliates
Notes to Consolidated Financial Statements
December 31, 2024 and 2023
13 Note 1 - Organization and nature of activities
Eden Housing, Inc. ("EHI") was formed as a California not-for-profit public benefit corporation in 1968. EHI creates and sustains high-quality affordable housing communities that advance opportunity for all. EHI has developed, rehabilitated, or acquired 166 affordable housing communities and 10,988 units for these purposes across 15 California counties.
In addition to providing services as a real estate developer, EHI directly owns two affordable housing properties known as Grove Way, and I0th & D, which provide housing for low- and moderate-income individuals and families.
EHI also holds managing member interests in the following LLCs:
General Partner
(If LLC, controlled by EHI)
Limited Partnership
Property Name
CoreEdenESC LLC N/A N/A
Downtown Santa Cruz
Developer LLC
N/A
N/A
DTLM LLC DTLM, L.P. N/A
Eden 73rd Street LLC
Eden 73rd Street
Investors, L.P.
N/A
Eden Del Nido LLC N/A N/A
Eden East Laurel LLC East Laurel LP N/A
Eden Magnolias LLC The Magnolias, L.P. N/A
Eden Pratt Development
LLC
N/A
N/A
Eden Trolley I LLC
Howard Avenue
Investors, L.P.
N/A
ESC Senior LLC N/A N/A
Liberation Park Eden LLC
Liberation Park
Residences, L.P.
N/A
Light Tree Land LLC N/A N/A
Mulberry Gardens Family
LLC
Mulberry Gardens Family,
L.P.
N/A
Mulberry Gardens Senior
LLC
Mulberry Gardens Senior,
L.P.
N/A
N/A N/A Grove Way Apartments
Nugent Square LLC N/A N/A
Regional Street LLC
Regional Street Investors,
L.P.
N/A
Riverhouse Hotel LLC Riverhouse Hotel LP N/A
Eden Housing, Inc. and Affiliates
Notes to Consolidated Financial Statements
December 31, 2024 and 2023
14 EHI is affiliated with and under common board control with other not-for-profit corporations which have been formed either as supporting entities to EHI, or as instruments to further EHI's organizational objectives. These entities, which are included in the consolidated financial statements of EHI in accordance with accounting principles generally accepted in the United States of America ("GAAP"), are:
- Eden Housing Management, Inc. ("EHMI") provides property management services in connection with the operations of affordable housing projects. EHMI currently provides property management services for 9,946 units.
-
Eden Housing Resident Services, Inc. ("EHRSI") develops and supports viable social services to the projects' residents. EHRSI provides social services to over 10,300 residents and 6,100 households annually.
- Eden Investments, Inc. ("EII") forms and controls limited partnerships that own affordable housing properties. Most of the limited partnerships participate in the Low-Income Housing Tax Credit program described in Section 42 of the Internal Revenue Code. EII is the managing general partner or member of the limited partnerships or LLCs, respectively.
Since EII controls each entity as defined by GAAP, the entities are consolidated in these financial statements and include:
General Partner
(If LLC, controlled by EII)
Limited Partnership
Property Name
Antioch Eden Rivertown
LLC
Antioch Eden Rivertown,
L.P.
Rivertown Place
Avenida Armand LLC Avenida Armand L.P. N/A
Catalonia Two LLC Catalonia Two, L.P. Catalonia
CHHP LLC
CHHP, L.P.
Cypress Glen/Harris
Court/Huntwood Commons
Connell Apartments LLC Connell Apartments, L.P. Connell
CRWC LLC
CRWC, L.P.
Corona Ranch/Washington
Creek
Downtown River LLC
Downtown River
Associates, L.P.
Downtown River
Downtown River Two LLC Downtown River Two L.P. Downtown Rive r DTLM South LLC DTLM South, L.P. N/A
Dublin Senior LLC Dublin Senio
r, L.P. Wicklow Square
Eden 819 North
Rengstorff Studios LLC
819 North Rengstorff
Studio Apartments, L.P.
819 North Rengstorff
Studios
Eden 73rd Street LLC 73rd Street Investors L.P. N/A
Eden Altenheim I LLC
Historic Altenheim
Partners, L.P.
Altenheim I
Eden Arroyo Vista LLC
Eden Arroyo Vista
Associates, L.P.
Arroyo Vista
Eden Baywood
Apartments LLC
Eden Baywood
Apartments, L.P.
Eden Baywood
Eden Brookwood LLC N/A N/A
Eden Cherry Street
Commons LLC
Cherry Street Commons,
L.P.
N/A
Eden Housing, Inc. and Affiliates
Notes to Consolidated Financial Statements
December 31, 2024 and 2023
15 General Partner
(If LLC, controlled by EII)
Limited Partnership
Property Name
Eden College Square LLC
College Square Investors,
L.P.
N/A
Eden Coral Court LLC N/A Coral Court
Eden Coronado Terrace
GP LLC
Eden Coronado Terrace
2, L.P.
Coronado Terrace
Eden Cril LLC EHP EC Magnolia, L.P. EC Magnolia
Eden Cril LLC
EHP Olive Tree Plaza,
L.P.
Olive Tree Plaza
Eden Cril LLC
EHP Redwood Lodge,
L.P.
Redwood Lodge
Eden De Anza Terrace
LLC
N/A
De Anza Terrace
Eden Dougherty LLC
Eden Dougherty, L.P.
Wexford Way/Carlow
Court
Eden Ford Family LLC
Ford Road Family
Housing, L.P.
Ford and Monterey Family
Housing
Eden Freedom LLC
Eden Freedom Investors,
L.P.
Tabasa Gardens
Eden Harbor Point LLC
Maritime Apartments
Investors, L.P.
Land under development
Eden Investments, Inc.
Ashland Village
Apartments, L.P.
Ashland Village
Eden Investments, Inc. Eden Rivertown, L.P. West Rivertown Eden Investments, Inc. Eden Victoria, L.P. Victoria Green Eden Investments, Inc.
Eden Woodside Court,
L.P.
Woodside Court
Eden Investments, Inc. EHP Fuller Lodge, L.P. Fuller Lodge Eden Investments, Inc. EHP Issei Terrace, L.P. Eden Issei Eden Investments, Inc. EHP Sequoia Manor, L.P. Sequoia Mano r
Eden Investments, Inc.
Fireside Affordable
Housing Associates
Fireside
Eden Investments, Inc. Lafayette Senior, L.P. Belle Terre Eden Investments, Inc.
New Altenheim Partners,
L.P.
Altenheim II
Eden Investments, Inc. Palo Alto Family, L.P. 801 Alma Eden Investments, Inc.
Quail Run Alameda
County, L.P.
Quail Run 2
Eden Investments, Inc. Southport Yolo, L.P. N/A
Eden Investments, Inc.
Warner Creek Senior
Housing, L.P.
Warner Creek
Eden Iris Gardens LLC N/A Iris Gardens
Eden Lodge LLC Eden Lodge, L.P. Eden Lodge
Eden Mill District LLC Eden Mill District, L.P. The Randall Eden Mitchell Park LLC Mitchell Park, L.P. N/A
Eden North Forty LLC North Forty Senior, L.P. Walnut Grove Eden Oak Grove LLC
Eden Oak Grove
Investors, L.P.
Land under development
Eden Housing, Inc. and Affiliates
Notes to Consolidated Financial Statements
December 31, 2024 and 2023
16 General Partner
(If LLC, controlled by EII)
Limited Partnership
Property Name
Eden Orvieto LLC
Orvietto Family
Apartments, L.P.
Orvietto
Eden Sequoia LLC
Granite Ridge Investors,
L.P.
Granite Ridge
Eden Sereno LLC Sereno Village Associates Sereno Village Eden Soledad LLC Eden Soledad LP N/A
Eden South Hayward LLC
Eden South Hayward,
L.P.
Alta Mira
Eden Sparks Way
Common LLC
N/A
Sparks Way Commons
Eden Sunset Pines LLC N/A Sunset Pines
Eden Surf LLC
Eden Surf Associates,
L.P.
Surf Apartments
Eden-Sycamore LLC Eden-Sycamore, L.P. Samara Terrace
Eden Timber LLC
Timber Street Investors,
L.P.
Land under development
Eden Trinity Plaza Senior
LLC
N/A
Trinity Plaza Senio
r
Eden Trolley I LLC Trolley I Investors, L.P. N/A
Eden Vista Terrace GP
LLC
Eden Vista Terrace 2,
L.P.
Vista Terrace Hills
Eden Windscape LLC
Reseda Boulevard
Associates
Windscape
Eden Wolfe LLC Eden Wolfe LP N/A
Gallup and Mesa LLC Gallup and Mesa, L.P. Mesa Terrace GBGEH LLC GBGEH, L.P. Glen Berry/Glen Eden
Grand/C LLC Grand/C, L.P. Hayward Senio
r
Healdsburg Family LLC Healdsburg Family, L.P. Foss Creek Kerner Canal LLC Kerner Canal L.P. N/A
LA Vista Hayward LLC LA Vista Hayward, L.P. La Vista Hayward Legacy Court LLC Legacy Court L.P. N/A
Leidig Court LLC N/A Leidig Court
LPSL LLC LPSL, L.P. Las Palmas
Mimosa Street LLC
Mimosa Street Investors
L.P.
N/A
Mission Court MGP LLC
Mission Court Four, L.P.
Mission Court Nine, L.P.
Pauline Weaver
Mulberry Gardens Family
LLC
Mulberry Gardens Family,
L.P.
N/A
Mulberry Gardens Senior
LLC
Mulberry Gardens
Senio
r, L.P.
N/A
Owls Landing LLC Owls Landing, L.P. N/A
Quail Run Eden LLC
Santa Rosa Housing
Partners, L.P.
N/A
Redwoods Wheeler LLC Redwoods Wheeler, L.P. Redwoods/Wheeler Mano r Ridge View Commons
LLC
Ridge View Commons II
Associates, L.P.
N/A
Eden Housing, Inc. and Affiliates
Notes to Consolidated Financial Statements
December 31, 2024 and 2023
17 General Partner
(If LLC, controlled by EII)
Limited Partnership
Property Name
Saklan Avenue LLC Saklan Avenue, L.P. Walker Landing
Sara Conner Court LLC Sara Conner Court, L.P. Sara Conner Court SJ Auzerais LLC SJ Auzerais, L.P. Solaire
Stone Pine Meadow Two
LLC
Stone Pine Meadow Two,
L.P.
Stone Pine Meadow
Stoney Creek Two LLC Stoney Creek Two, L.P. Stoney Creek
Tamalko Homes LLC Tamalko Homes LP N/A
Tienda Drive Senior
Apartments LLC
Tienda Drive Senior
Apartments, L.P.
Cranes Landing
Villa Springs LLC
Villa Springs Apartments,
L.P.
Villa Springs
Warm Springs Village
Four GP LLC
Warm Springs Village
Four, L.P.
Canyon Flats
Warm Springs Village
Nine GP LLC
Warm Springs Village
Nine, L.P.
Reilly Station
- Eden Development, Inc. ("EDI") is a multi-county Community Housing Development Organization ("CHDO") serving Alameda, Contra Costa, San Joaquin, and San Mateo Counties. A CHDO is a private not-for-profit, community-based organization that has staff with the capacity to develop affordable housing for the community it serves. In order to qualify for the designation as a CHDO, the organization must meet certain requirements pertaining to their legal status, organization structure, capacity, and experience. EDI is the managing general partner or member of limited partnerships or LLCs, respectively, that are consolidated in these financial statements:
General Partner
(If LLC, controlled by EDI)
Limited Partnership
Property Name
Alameda Point Family
LLC
Alameda Point Family,
L.P.
The Starling
Alameda Point Senior
LLC
Alameda Point Senior,
L.P.
Corsair Flats
Dublin Family LLC Dublin Family, L.P. Valor Crossing EB LLC EB, L.P. East Bluf
f
El Cerrito Senior LLC El Cerrito Senior, L.P. Hana Gardens Eden Development, Inc. B Grand, L.P. Weinreb Place
Eden Development, Inc.
Estabrook Senior
Housing, L.P.
Estabrook Place
Eden Development, Inc. Hillview Glen L.P. Hillview Glen Eden Development, Inc. Peralta Seniors, L.P. Cottonwood Eden Development, Inc. Union Court, L.P. Union Court Eden Donner Field LLC Donner Field Senio
r, L.P. N/A
Eden Firehouse Live LLC N/A N/A
Gotta Have Faith LLC
Gotta Have Faith, L.P.
Faith Manor/Tennyson
Gardens
Irwin Way LLC Irwin Way, L.P. Monteverde Senior
Light Tree Two LLC Light Tree Two, L.P. Light Tree
Eden Housing, Inc. and Affiliates
Notes to Consolidated Financial Statements
December 31, 2024 and 2023
18 General Partner
(If LLC, controlled by EDI)
Limited Partnership
Property Name
Light Tree Three LLC Light Tree Three, L.P. Light Tree Montgomery Plaza LLC Montgomery Plaza, L.P. Montgomery Plaza New Del Nido LLC New Del Nido, L.P. N/A
Nugent Square Partners II
LLC
Nugent Square Partners II
L.P.
Nugent Square
Oak Hill Eden LLC
Oak Hill/San Quentin
Surplus Land
N/A
Richmond 38 Family LLC Richmond 38 Family L.P. N/A
Richmond 38 Supportive
LLC
Richmond 38 Supportive
L.P.
N/A
Ruby Street LLC Ruby Street, L.P. Crescent Grove
San Leandro Parrott LLC San Leandro Parrott, L.P. Loro Landing San Rafael Senior LLC San Rafael Senio
r, L.P. Vivalon Apartments
Santa Rosa Quail Run
LLC
Santa Rosa Quail Run,
L.P.
Quail Run
Vallejo PSH LLC Vallejo PSH, L.P. Blue Oak Landing
VL LLC VL, L.P. Virginia Lane
- Eden South Bay, Inc. ("ESBI") is a state CHDO formed pursuant to an agreement between EHI and South County Housing Corporation ("SCHC") to preserve SCHC's rental portfolio and to continue to have a community-based presence in Monterey, San Benito, Santa Clara, and Santa Cruz counties. ESBI is the managing general partner or member of limited partnerships or LLCs, respectively, that are consolidated in these financial statements:
General Partner/Owner
(If LLC, controlled by
ESBI)
Limited Partnership
Property Name
Camphora LLC
Camphora Associates,
L.P.
Camphora
Corralitos Creek
Apartments LLC
Corralitos Creek
Associates
Corralitos Creek
Crest Avenue Housing
LLC
Crest Avenue Associates,
L.P.
Crest Avenue
Depot Commons LLC N/A N/A
Depot Willows LLC Depot Willows, L.P. Depot Willows
Eden 902 Pacific Avenue
LLC
902 Pacific Avenue
Investors L.P.
N/A
Eden DTLMU LLC DTLMU Investors L.P. N/A
Gateway Palms LLC
Gateway Palms
Associates, L.P.
Gateway Palms
Gilroy Sobrato Studios
LLC
N/A
Gilroy Sobrato
Jasmine Square LLC
Church & Monterey Road
Associates
Jasmine Square
MRW GP LLC MRW, L.P. Monterra Village
Eden Housing, Inc. and Affiliates
Notes to Consolidated Financial Statements
December 31, 2024 and 2023
19 General Partner/Owner
(If LLC, controlled by
ESBI)
Limited Partnership
Property Name
Pacific Terrace
Apartments LLC
Pacific Terrace
Associates
Pacific Terrace
Royal Court Housing LLC Royal Court Associates Royal Court Skeels Hotel LLC N/A Skeels Hotel
Skeels Villa LLC Skeels Villa, L.P. N/A
Sobrato Transitional LLC
Gilroy Transitional
Housing Center
Associates
Sobrato Family
University Village LLC
University Village
Associates
University Village
Villa Ciolino LLC Villa Ciolino Associates Villa Ciolino Vista Point LLC Jewell Avenue Associates Vista Point
Vista Verde LLC
Vista Verde Housing
Associates
Vista Verde
- Eden South County, Inc. ("ESCI") was formed pursuant to an agreement between EHI and SCHC to preserve SCHC's rental portfolio. ESCI is the managing general partner or member of limited partnerships or LLCs, respectively, that are consolidated in these financial statements:
General Partner/Owner
(If LLC, controlled by
ESCI)
Limited Partnership
Property Name
Aspen Maple Trees LLC
Aspen Grove Apartments,
L.P.
Aspen Grove
Charles Cypress LLC
Charles Cypress, L.P.
Charles Apartments/
Cypress Gardens
Jardines LLC N/A Jardines de Boronda
Lincoln Meadows LLC N/A Lincoln Square
Aspen Maple Trees LLC
Maple Gardens
Apartment, L.P.
Maple Gardens
Monticelli LLC
Monticelli Housing
Associates
Monticelli
Nuevo Amanecer LLC Salinas Road Associates Nuevo Amanece r Nuevo Sol LLC N/A Nuevo Sol/Barson Street
Pacific Family MHP LLC
N/A
Pacific Family Mobile
Home Park
Pajaro Court LLC N/A Pajaro Court
Pleasant Acres MHP LLC
N/A
Pleasant Acres Mobile
Home Park
Rancho Rustic LLC
Rancho Rustic, L.P.
Rancho Park/
Rustic Gardens
Riverside MHP LLC
N/A
Riverside Mobile Home
Park
Seacliff Highlands
Apartments LLC
Seacliff Highlands
Associates
Seacliff Highlands
Eden Housing, Inc. and Affiliates
Notes to Consolidated Financial Statements
December 31, 2024 and 2023
20 General Partner/Owner
(If LLC, controlled by
ESCI)
Limited Partnership
Property Name
Aspen Maple Trees LLC
The Trees Apartment,
L.P.
The Trees
Tierra Linda LLC Tierra Linda Associates Tierra Linda Vista Verde Childcare
LLC
N/A
Vista Verde Childcare
Westside Terrace
Housing LLC
N/A
Westside Terrace
Willows LLC Edmundson Associates N/A
- Eden Vacaville Housing, Inc. ("EVHI") was formed pursuant to an agreement between EHI and Vacaville Community Housing, Inc. ("VCH") to take over the ownership of VCH's rental portfolio and to continue to have a community-based presence in the region served by VCH. EVHI is the member of the following LLCs that are consolidated in these financial statements:
General Partner
(If LLC, controlled by
EVHI)
Limited Partnership
Property Name
Eden Meadows Holly LLC N/A N/A
Eden VCH LLC
N/A
Willows/Highlands/Hillside/
Orchard Maples
Eden Trower Housing
LLC
N/A
N/A
- Baywood Apartments, Inc. ("BAI") , serves as limited partner when a buyout of a third- party investor limited partner occurs or as an initial limited partner before investor limited partner is admitted. It also serves as a managing general partner of Livermore Housing Associates, which owns an affordable housing community known as Owl's Landing. BAI is the limited partner of the following limited partnerships that are controlled by other EHI affiliates and consolidated in these financial statements:
Limited Partnerships
73rd Street Investors L.P. Monticelli Housing Associates Avenida Armand L.P. Mulberry Gardens Family L.P.
Cherry Street Commons L.P. Mulberry Gardens Senior L.P.
Church & Monterey Road Associates New Altenheim Partners L.P.
Chynoweth Housing Associates New Del Nido, L.P.
College Square Investors L.P. North Forty Senior L.P.
Corralitos Creek Associates Nugent Square Partners L.P.
Depot Willows, L.P. Oak Hill Eden LP
Donner Field Senior L.P. Pacific Terrace Associates
Downtown River Associates, L.P. Regional Street Investors L.P.
Downtown River Two L.P. Reseda Boulevard Associates
DTLM L.P. Richmond 38 Supportive L.P.
Dublin Senior Limited Partnership L.P. Richmond 38 Family L.P.
Eden Housing, Inc. and Affiliates
Notes to Consolidated Financial Statements
December 31, 2024 and 2023
21 Limited Partnerships
Eden Arroyo Vista Associates, L.P. Ridge View Commons Associates Eden Baywood Apartments L.P. Ridge View Commons II Associates, L.P.
Eden Freedom Investors L.P. Riverhouse Associates
Eden Oak Grove Investors L.P. Royal Court L.P.
Eden Palms Associates Ruby Street, L.P.
Eden Rivertown Limited Partnership Salan Avenue L.P.
Eden Surf Associates, L.P. Salinas Road Associates
Eden Victoria Limited Partnership San Rafael Senior L.P.
Eden-Sycamore, L.P.
Santa Rosa Housing Partners Limited
Partnership
Edmundson Associates Sara Conner Court L.P.
Gilroy Transitional Housing Center
Associates
Seacliff Highlands Associates
Hillview Glen Housing Partners, L.P. Sereno Village Associates Historic Altenheim Partners L.P. SJ Auzerais, L.P.
Jewell Avenue Associates Skeels Villa, L.P.
Josephine Lum Lodge L.P. SPM Housing Associates
Kerner Canal L.P.
Tennyson Preservation Limited
Partnership
La Vista Hayward L.P. Tierra Linda Associates
Legacy Court L.P. Timber Street Investors, L.P.
Light Tree Housing Partners Trolley I Investors L.P.
Maritime Apartments Investors, L.P. Union Court Limited Partnership Mimosa Street Investors L.P. Villa Ciolino Associates
Mitchell Park L.P. Vista Verde Housing Associates
- Eden Commercial, Inc. and Rengstorff Commercial, Inc. (as member of Rengstorff Commercial LLC) operate commercial space developed in conjunction with affordable housing projects.
- Stevenson Land Corporation owns a 4.1-acre parcel of land in Fremont with a 99-year ground lease to Park Vista Apartments, an affordable housing complex owned by an unrelated third party. Payments on the lease are returned to the City of Fremont to pay down the related land loan with the City of Fremont.
- Peralta Mixed-Use Association , a not-for-profit mutual benefit corporation, is a condominium management association providing management and maintenance of the common area owned by the members. The members of the common interest development include an affiliate providing affordable housing, and the other member is a third party providing commercial health services.
- Affordable/Retail Lot 2 Owners Association , a common interest development association formed to manage common areas owned by its members.
Eden Housing, Inc. and Affiliates
Notes to Consolidated Financial Statements
December 31, 2024 and 2023
22 - Single-purpose not-for-profit corporations are direct owners of affordable housing properties or hold a controlling general partner interest in their respective limited partnerships providing affordable housing. The properties receive financing from the U.S.
Department of Housing and Urban Development ("HUD"), the Department of Housing and Community Development ("HCD"), the Califor nia Housing Finance Agency ("CalHFA"), or other sources, and include:
General Partne
r/Owner Limited Partnership Property Name
Arroyo Commons Inc. N/A Arroyo Commons
California Preservation,
Inc.
Josephine Lum Lodge,
L.P.
Josephine Lum Lodge
Catalonia, Inc./Eden
Cambrian LLC
Eden Cambrian, L.P.
Cambrian Cente
r
CDLA, Inc. N/A Casa De Los Amigos
Central Valley Senior
Housing Corporation
N/A
Almond Court
Charles Apartments
Housing Corporation
N/A
N/A
Chynoweth Housing, Inc.
Chynoweth Housing
Associates
Ohlone Chynoweth
Contra Costa County
Housing Corporation
N/A
Emerson Arms
Corona Crescent, Inc. N/A N/A
Corona/Ely Ranch, Inc. N/A N/A
EC Magnolia Court, Inc. N/A N/A
Eden Alvarado Niles, Inc. N/A Rosewood Terrace
Eden/Hope Villa
Esperanza, Inc.
N/A
Villa Esperanza
Eden Issei Housing, Inc. N/A N/A
Eden Palms, Inc. Eden Palms Associates Eden Palms
Ellis Lake Townhomes,
Inc.
Riverhouse Associates
Riverhouse Hotel
Ford Road Supportive
Housing, Inc.
N/A
Ford Road Plaza
Fuller Lodge, Inc. N/A N/A
Gardella Plaza, Inc. N/A Vandenburgh Villa
Light Tree Housing
Corporation
Light Tree Housing
Partners
N/A
Manteca Senior Housing
Corporation
N/A
Almond Terrace
Monterey Road
Supportive Housing
Corporation
N/A
Edenvale
Pacific Grove Supportive
Housing, Inc.
N/A
Pacific Grove
Peace Grove, Inc. N/A Kirker Court
RVC Investments, Inc.
Ridge View Commons
Associates
N/A
Eden Housing, Inc. and Affiliates
Notes to Consolidated Financial Statements
December 31, 2024 and 2023
23 General Partne
r/Owner Limited Partnership Property Name
San Leandro Supportive
Housing, Inc.
N/A
Fuller Gardens
SPM Affordable Housing
Corporation
SPM Housing Associates
N/A
Stoney, Inc. N/A N/A
Sycamore Glen Inc N/A Sycamore Glen
Sycamore Glen Senior
Housing, Inc.
N/A
N/A
Sycamore Square
Housing Corporation
N/A
Sycamore Square
Apartments
UC Independent, Inc. N/A Wisteria Place
Virginia Lane Housing,
Inc.
N/A
N/A
- The consolidated financial statements do not include single purpose not-for-profit corporations for which EHI's officers and/or board are not deemed to have majority control, namely Redwood Lodge, Inc., Sequoia Manor, Inc., Sparks Way Commons, Inc., and MV Central Park, Inc.
The consolidated financial statements also do not consolidate certain affordable housing investments for which EHI and Affiliates are not deemed to have majority control, namely:
Investment
Ownership
Interest
Miraflores Senior LLC 50.00%
Nugent Square LLC 50.00%
Gough Street Housing LLC 21.00%
John Street Housing LLC 21.00%
Miraflores Senior L.P. 0.01%
Meadows Holly Partners, L.P. 0.0049%
Trower Housing Partners, L.P. 0.0041%
Brookwood Terrace Family Apartments, L.P. 0.005%
Orvieto Family Apartments, L.P. 0.005%
Legacy Court LLC 50.00%
Richmond 38 Family LLC 50.00%
Richmond 38 Supportive LLC 50.00%
Legacy Court LP 0.05%
Richmond 38 Supportive LP 0.05%
Richmond 38 Family LP 0.05%
Eden Housing, Inc. and Affiliates
Notes to Consolidated Financial Statements
December 31, 2024 and 2023
24 Note 2 - Summary of significant accounting policies
Principles of consolidation
Not-for-profit corporations
The consolidated financial statements include the accounts of EHI (Parent) and other not-for- profit entities that
are commonly controlled by EHI's officers or board of directors, including those not-for-profit entities that are majority controlled by EHI. Other not-for-profit entities, over which EHI does not exercise majority control, are not included in the consolidated financial statements. All material intercompany balances and transactions have been eliminated in the consolidated financial statements.
Limited partnerships
Partnerships that are controlled by EHI or its affiliated not-for-profit entities are included in the consolidated financial statements. Partnerships over which EHI or its affiliates exercise significant influence are included in the consolidated financial statements using the equity method of accounting. All material intercompany balances and transactions have been eliminated in the consolidated financial statements.
The controlling general partnership interests generally range from 0.01% to 1.0% with the remainder of the
partnership's equity held by a limit ed partner and shown as noncontrolling interests in net assets without donor restrictions.
Limited liability companies
Limited liability companies that are controlled by EHI or its affiliated not-for-profit entities are included in the
consolidated financial statements.
Eliminations
Material intercompany balances and transaction s between controlled entities are eliminated in the consolidated financial statements. Examples incl ude: elimination of developer fee revenue on EHI's books against the developer fee cost which is capitalized in the building cost on a partnership's books; elimination of partnership management, property management, accounting and other fees on the books of EHI, EHMI, EHRSI and other entities against the corresponding operating expenses on a partnership or property's books; elimination of receivables from partnerships and properties on EHI and certain affiliates' books against the corresponding payables on the partnerships and properties' books.
Accounting method
EHI and Affiliates use the accrual method of accounting, which recognizes income in the period earned and
expenses when incurred, regardless of the timing of payments.
Use of estimates
The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Eden Housing, Inc. and Affiliates
Notes to Consolidated Financial Statements
December 31, 2024 and 2023
25 Basis of presentation
The consolidated financial statements are presented in accordance with GAAP, which require that financial statements are presented on the basis of net assets without donor restrictions and net assets with donor restrictions.
Net assets without donor restrictions
Net assets without donor restrictions consist of all resources of EHI and Affiliates that have not been specifically restricted by a donor. Net assets without donor restrictions may be designated for specific purposes by action of the officers or board of directors.
Net assets with donor restrictions
Net assets with donor restrictions consists of cash received or other assets with donor stipulations that limit their use. Donor restrictions are stipulated by either a time restriction or a purpose restriction. Upon expiration of a time restriction or completion of a purpose restriction, net assets with donor restrictions are reclassified to net assets without donor restrictions and reported in the consolidated statements of activities as net assets released from restrictions.
Cash, cash equivalents, and restricted cash
Cash is defined as cash in demand deposit accounts as well as cash on hand. Restricted cash are funds
restricted as to their use such as development cash, replacement reserves, operating reserves, tax, and insurance impound accounts, other reserves, and tenant security deposits. EHI and Affiliates maintain cash on deposit at banks in excess of the Federal Deposit Insurance Corporation limit. EHI and Affiliates have not experienced any losses in such accounts.
Cash equivalents are highly-liquid investments that are readily convertible to known amounts of cash. Generally, money market accounts and investm ents with original maturities of three months or less qualify as cash equivalents.
Cash and cash equivalents composition and amounts are as follows at December 31:
2024 2023
Undesignated 63,839,496 $ 54,419,258 $
Designated 4,992,550 18,112,126
Total cash and cash equivalents 68,832,046 72,531,384 Impound deposits 3,498,703 3,294,976
Restricted cash 180,714,752 180,620,016
Total cash, cash equivalents and restricted cash 253,045,501$ 256,446,376 $
Fair value measurements
Under GAAP, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (exit price) in an orderly trans action between market participants at the measurement date.
Eden Housing, Inc. and Affiliates
Notes to Consolidated Financial Statements
December 31, 2024 and 2023
26 GAAP establishes a fair value hierarchy for inputs used in measuring fair value that maximizes the use of
observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are those that market participants would use in prici ng the asset or liability based on market data obtained from sources independent of EHI and Affiliates. Unobservable inputs, if any, reflect EHI and Affiliates' assumption about
the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The fair value hierarchy is categorized into three levels based on the inputs as follows:
Level 1 - Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that EHI and Affiliates have the ab ility to access at measurement date.
Since valuations are based on quoted prices that are readily and regularly available in an
active market, valuation of these securities does not entail a significant degree of judgment.
Level 2 - Valuations based on significant inputs that are observable, either directly or indirectly, or quoted prices in markets that are not active, that is, markets in which there are few transactions, the prices are not current, or price quotations vary substantially either over time or among market makers.
Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement.
The availability of valuation techniques and observable inputs can vary from investment to investment and is affected by a wide variety of factors, including the type of security, whether the security is new and not yet established in the marketplace, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Those estimated values do not necessarily represent the amounts that may be ultimately realized due to the occurrence of future circumstances that cannot be reasonably determined. Because of the inherent uncertainty of valuation, those estimated values may be materially higher or lower than the values that would have been used had a ready market for the securities existed.
Investments in other companies
Investments in other companies, over which EHI's officers or board of directors are deemed to have 100% or
majority control, are eliminated in the consolidated financial statements.
Investments in other companies, over which EHI's officers or board of directors are deemed not to have majority control but have significant influence, are accounted for using equity method of accounting. Under the equity method, investments are initially recorded at cost then adjusted for the proportionate share in undistributed earnings or losses.
Investments in other companies, over which EHI's officers and/or board are deemed not to have significant influence are accounted for using fair value. Since fair values of these equity securities are not readily determinable, the investments are estimated at cost, adjusted by any impairment and changes resulting from observable price changes in orderly transactions for identical or similar investments.
Eden Housing, Inc. and Affiliates
Notes to Consolidated Financial Statements
December 31, 2024 and 2023
27 Allowances for uncollectible accounts
EHI and Affiliates record an allowance for doubtful collections based on a review of outstanding receivables,
historical collection information, and exis ting economic conditions. EHI and Affiliates recognize an allowance on receivables aged in excess of 90 days. The allowance for doubtful collections was $2,137,435 and $4,014,874 as of
December 31, 2024 and 2023, respectively.
Development in progress
EHI and Affiliates incur costs during the development of each affordable housing project undertaken.
Such costs include governmental , legal, and consulting fees needed to investigate the feasibility and arrange for the financing of each project under construction, as well as construction costs. Any funds expended on a project that does not pass beyond the predevelopment stage are recorded as a loss on abandonment of projects when further activity on the project ceases. Development in progress includes costs of construction or rehabilitation of housing projects that have not been completed. Development in progress is not depreciated until the completion of the development.
Management estimates that no material portion of the development in progress is unrealizable.
Property and equipment, and deferred costs
Property and equipment are stated at cost of acquisition or construction. Assets with an individual cost equal to $5,000 or more are capitalized. The costs of maintenance and repairs are charged to expense as incurred. Depreciation is
computed using the straight-line method over the estimated useful lives of the assets.
Donated land is carried at estimated fair value at the date of donation.
Deferred costs are incurred in order to obtain tax credits and ground leases for the properties.
Deferred costs
are stated at cost and amortized on a straight-line basis. Organization costs are expensed as incurred.
The useful lives of the assets are estimated as follows:
Buildings and improvements 15 to 40 years
Furniture, fixtures, and equipment 5 to 10 years
Tax credit costs 10 years
EHI and Affiliates review their property and equipment for impairment whenever events or changes
in circumstances indicate that the carrying value of such property may not be recoverable.
Recoverability is measured by a comparison of the carrying amount of the real estate to the future net undiscounted cash flows expected to be generated by the rental property, including the low- income housing tax credits and any estimated proceeds from the eventual disposition of the real estate. If the real estate is considered to be impaired, the impairment to be recognized is measured at the amount by which the carrying amount of the real estate exceeds the fair value of such property. There was no impairment loss recognized in 2024 and 2023.
Derivative financial instrument
EHI and Affiliates entered into various interest rate cap/swap master agreements to potentially minimize the effect of changes in the variable interest rate of the loans.
The derivative financial instruments held by EHI and Affiliates are stated at fair value using a quoted price provided by the counterparty banks. Counterparty banks' valuation uses various approaches that involve using quoted prices for economic ally equivalent instruments, or valuation methodologies, assumptions and inputs, which in the case of projected future cash flows, discount Eden Housing, Inc. and Affiliates
Notes to Consolidated Financial Statements
December 31, 2024 and 2023
28 such cash flows to a single net present valu e amount. The valuation is either based on Level 1 inputs directly, or based on the application of valuation models, which may be proprietary, that take into account Level 1, Level 2 and Level 3 inputs. Level 1 and Level 2 inputs are market-based, utilizing observable market data including swap rates, basis rates and currency exchange rates from sources believed to be reliable but which counterparty banks have not independently verified.
Level 3 inputs may be used if counterparty banks determine that Level 1 and Level 2 inputs are unavailable, in illiquid or dislocated markets, or unreliable. In general, those inputs are used to construct interest rate, currency exchange rate, commodity price or other curves that are placed into proprietary valuation models to compute fair value.
Management reviews the reasonableness of counterparty banks' valuations by calculating the net present value of projected future cash flows using the US Daily Interest Rate Data for interest rate swaps as of the valuation date.
Debt issuance costs
Debt issuance costs, net of accumulated amortization, are reported as a direct deduction from the face amount of the note payable to which such costs relate. Amortization of debt issuance costs are reported as a component of interest and will be computed using the straight-line method. GAAP requires that the effective yield method will be us ed to amortize debt issuance costs; however, the effect of using the straight-line method is not materially different from the results that would have been obtained under the effective yield method.
Accounting for leases
EHI and Affiliates recognize a lease asset and a lease liability at the lease commencement date.
The lease asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the 30-year treasury bond risk-free rate.
Total lease costs of operating leases on an undiscounted basis are recognized as rent expense over the term of the lease on a straight-line basis. Annual rent expense comprises amortization of the lease asset plus interest on the lease liability adjusted for any variations in lease payment amounts.
Capitalized interest
EHI and Affiliates capitalized interest incurred during development as a component of development in
progress and building and improvement co sts. EHI and Affilia tes capitalized interest of approximately $1,480,000 and $3,462,000 in 2024 and 2023, respectively.
Revenue recognition
Grants and contributions
Contributions are recognized as revenue when cash, securities or other assets, an unconditional promise to give or a notification of a beneficial interest is received. Conditional promises to give - that is, those with a measurable performance or other barrier and a right of return - are not recognized until the conditions on which they depend have been met. Grants represent contributions if resource providers receive no value in exchange for the assets transferred. Government grants are treated as contributions. Contributions are recorded at their fair value as support without donor restrictions or support with donor restrictions, depending on the
absence or existence of donor-imposed restrictions as applicable. When a restriction Eden Housing, Inc. and Affiliates
Notes to Consolidated Financial Statements
December 31, 2024 and 2023
29 expires (that is, when a
stipulated time restriction ends or purpose restriction is accomplished), net assets with donor restrictions are reclassified to net assets without donor restrictions and reported as net assets released from restrictions. If donor restrictions are satisfied in the same period that the contribution is received, the contribution is reported as support without donor restrictions.
A portion of EHI and Affiliates' revenue is derived from cost-reimbursable federal and state contracts and grants, which are conditioned upon certain performance requirements and/or the incurrence of allowable qualifying expenses. Amounts received are recognized as revenue when EHI and Affiliates have incurred qualifying expenditures in compliance with specific contract or grant provisions. Amounts received prior to incurring qualifying expenditures are recorded as deferred revenue. As of December 31, 2024 and 2023, EHI and Affiliates received funds amounting to $17,750,250 and $10,040,007, respectively, prior to incurring qualifying expenditure s, and these funds are incl uded in deferred revenue in the consolidated statements of financial position.
Revenue from contracts with customers
Rental income
Rental income is recognized as rents become due. Rental payments received in advance are deferred until earned. All leases between EHI and Affiliates and the tenants of the projects are operating leases. The rental property is generally leased to tenants under six- or 12-month noncancelable operating leases.
Developer fees
Developer fees for development of multi-family rental projects that are in development or under
construction are recognized under the perc entage-of-completion method in the absence of the earning schedule in the development fee agreement. Developer fees for projects that are in the predevelopment or preconstructi on stage are generally recognized as revenue on the cash basis of accounti ng. Management believes that t he amount of cash received during predevelopment stage is commensurate to the work performed during that period.
Developer fees recognized from consolidated affiliates or consolidated subsidiaries are eliminated as intercompany transactions. EHI estimates that 60% to 70% of its developer fees up to a certain maximum amount cover related developer costs. Developer costs include costs such as consultants, allocated internal salaries and benefits, related overhead, and other nonreimbursed fees that are ordinarily capitalized. Real property costs have been reduced by $129,320,597 and $118,187,674, the remaining portion of developer fees exceeding developer costs as of December 31, 2024 and 2023, respectively.
Management fee revenue and related accounts
EHMI provides property management and bookk eeping services. EHI and certain affiliates provide
asset and partnership management services. Income is earned in accordance with the terms of the agreements and recorded as revenue. Such intercompany revenue has been eliminated in the consolidated financial statements. EHMI also provides marketing and other services.
Income taxes
EHI and the other not-for-profit corporations are tax-exempt pursuant to the Internal Revenue Code Section
501(c)(3) and related Califor nia code sections. Stev enson Land Corporation is tax-exempt pursuant to the Internal Revenue Code Section 501(c)(2) and related California code sections. The income or loss from the partnerships is reported by the partners on their Eden Housing, Inc. and Affiliates
Notes to Consolidated Financial Statements
December 31, 2024 and 2023
30 income tax returns. The consolidated financial statements also include certain corporations that
are not tax-exempt.
No income tax provision has been included in the consolidated financial statements for the single member limited liability companies which are generally considered disregar ded entities. The income or loss of the LLCs is included in the tax returns of their respective sole members. Only the annual California limited liability company minimum tax and the annual fee appear as expense in the consolidated financial statements.
EHI and Affiliates believe that they have appropriate support for any tax positions taken, and as such, do not have any uncertain tax positions that are material to the consolidated financial statements. EHI and Affilia tes' federal and state income tax and information returns for the fiscal years ended 2020 through 2023 ar e subject to examination by regulatory agencies, generally for three years and four years after they were filed for federal and state, respectively.
Advertising and promotion
The costs of advertising and promotion are expensed as incurred.
Guarantees
GAAP requires a liability to be recorded for the fair value of the stand-ready obligation associated with a
guarantee issued after December 31, 2002. Guarantees issued between entities under common control or on behalf of an entity under common control are excluded.
Consequently, no liabilities have be en recorded as all guarantees are considered to be issued to entities under common control.
Allocation of partnership income/loss and tax credits
The aff iliated partnerships are generally expected to generate low-income housing tax credits, which will be allocated in the same manner as the income or loss of each partnership. Because the limited partners' losses are limited to their invest ments, the limited partners' equity will not be reduced below zero unless future capital contri butions will be made in an amount sufficient to absorb the losses. All remaining losses are allocated to the general partners. Any subsequent income allocable to the limited partners is allocated to the general partners first until the general partners' share of that income offsets the losses not previously recognized by the limited partners.
Related-party transactions
Material related-party transactions and balances between controlled entities have been eliminated in the consolidated financial statements.
Functional expenses
The costs of providing program services and s upporting services are summarized on a functional basis in the consolidated statements of activities . Accordingly, certain costs are allocated among program expenses and supporting services based on estimates of employees' time incurred and on usage of resources. Program expenses include all expenses relating to development, management of properties, and resident services. S upporting services consist of management and general purposes. Fundraising expenses are not significant and are included in supporting services.
Subsequent events
Management has evaluated subsequent events through June 26, 2025, the date on which the consolidated financial statements were available to be issued.
Eden Housing, Inc. and Affiliates
Notes to Consolidated Financial Statements
December 31, 2024 and 2023
31 Note 3 - Investments in marketable securities and fair value measurements The following tables present information about EHI and Affiliates' investments measured at fair value on a recurring basis as of December 31, 2024 and 2023, and indicate the fair value hierarchy of the valuation techniques utilized to determine the fair values:
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
Significant Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3) Total
Marketable securities
Government securities - $ 39,438,593$ - $ 39,438,593$ Exchange traded funds
Fixed income 12,269,047 - - 12,269,047 Equity 8,170,203 - - 8,170,203 Private equity funds - 280,090 - 280,090 Total 20,439,250 $ 39,718,683 $ - $ 60,157,933$ Benefit from interest rate
swap agreement -$ 12,854,403$ - $ 12,854,403$ Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
Significant Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3) Total
Marketable securities
U.S. Treasuries - $ 33,229,174$ - $ 33,229,174$ Government securities - 7,839,672 - 7,839,672 Mutual funds
Fixed income 1,782,988 - - 1,782,988 Exchange traded funds
Fixed income 4,772,513 - - 4,772,513 Equity 7,325,930 - - 7,325,930 Private equity funds - 385,211 - 385,211 Total 13,881,431 $ 41,454,057 $ - $ 55,335,488$ Benefit from interest rate
swap agreement -$ 10,436,523$ - $ 10,436,523$ 2024
2023
Financial assets valued using Level 1 inputs are based on unadjusted quoted market prices within active markets and are valued on a recurring basis. Financial assets valued using Level 2 inputs are based on the present value of expected cash flows.
Eden Housing, Inc. and Affiliates
Notes to Consolidated Financial Statements
December 31, 2024 and 2023
32 The preceding methods may produce a fair value that may not be indicative of realizable fair value or reflective of future fair values. Furthermore, although EHI and Affiliates believe their valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. There were no changes in the valuation techniques during the current year.
Note 4 - Restricted cash
Restricted cash consists of the following at December 31:
2024 2023
Develo
pment cash 23,984,713$ 23,551,888 $
Replacement reserves 47,058,642 50,403,147
Operating reserves 29,753,798 28,710,060
Subsidy transition reserves 9,372,290 9,183,012 Tenant security deposits 7,561,764 7,331,695
Residual receipts 7,765,137 6,602,997
Services reserves 5,133,642 5,688,567
NOI reserves 472,102 171,640
Bond and loan fee reserves 1,224,430 1,232,596 Funds held under deposit account control
agreement 375 29,751,458
Restricted grants 12,285,000 10,000,000
Rehabilitation reserves 4,194,413 944,756
Working capital reserves 10,591,340 -
General partner equity reserves 11,265,701 -
Other 10,051,405 7,048,200
Total 180,714,752$ 180,620,016 $
Development cash
EHI and certain Affiliates hold development cash that is earmarked for the rehabilitation of various properties, or for repayment of construction loans at the time of permanent loan conversion.
Replacement and operating reserves
EHI and Affiliates are required to maintain replacement and repair reserves for property and equipment as well
as operating reserves in accordance with partnership and other lenders' regulatory agreements.
Subsidy transition reserves
Certain Affiliates are required to maintain subsidy transition reserves to protect against the potential loss of
rental subsidy contracts in accordance with partnership and other lenders' regulatory agreements.
Tenant security deposits
EHI and Affiliates are required to hold securi ty deposits in separate bank accounts in the name of the properties.
Eden Housing, Inc. and Affiliates
Notes to Consolidated Financial Statements
December 31, 2024 and 2023
33 Residual receipts
Certain Affiliates are required to deposit excess cash, as defined by HUD, into separate bank accounts in
accordance with the HUD regulatory agreements.
Services reserves
Certain Affiliates are required to maintain servic es reserves to subsidize the cost of providing supportive services to the property residents in accordance with partnership and other lenders' regulatory agreements.
NOI reserves
Certain Affiliates are required to maintain NOI reserves to pay for rehabilitation costs or for repayment of
construction loans in accordance with partnership and other lenders' regulatory agreements.
Bond and loan fee reserves
Certain Affiliates are required to maintain reserves to pay for bond and loan fees in accordance with partnership and other lenders' regulatory agreements.
Funds held under Deposit Account Control Agreement
Certain Affiliates are required to hold investor capital contributions under a Deposit Account Control Agreement ("DACA"), which grants the lender control and priority rights over the funds held in the deposit account until used for development costs.
Restricted grants
EHI and Affiliates hold cash that is restricted for use based on grant terms and conditions.
Working capital reserves
An affiliate is required to maintain a working capital account. The funds are to be used pursuant to the terms of the Partnership Agreement including funding the construction account and other reserves upon satisfaction of certain conditions.
General partner equity reserves
Certain Affiliates are required to maintain equity reserves. The funds are to be disbursed to the project pursuant to the terms of the Partnership Agreement upon construction completion as general partner equity.
Other
Certain affiliates are required to maintain other reserves specifically identified by investors or lenders in
partnerships.
Eden Housing, Inc. and Affiliates
Notes to Consolidated Financial Statements
December 31, 2024 and 2023
34 Note 5 - Receivables
Receivables consist of the following at December 31:
2024 2023
Tenant and rent subsidy 3,404,295$ 5,218,712 $
Ground lease 2,239,592 2,096,171
Developer fees 42,058 387,029
Property taxes 1,157,538 291,072
Incentive, asset and partnership management fees 97,038 117,003 Escrow and other deposits 95,327 122,922
Receivables from nonconsolidated affiliates 2,550,286 - Other 4,356,721 1,380,945
13,942,855 9,613,854
Less allowance for doubtful collections (2,115,160) (3,992,599) 11,827,695 5,621,255
Less current portion (4,459,229) (1,884,553)
Noncurrent portion 7,368,466 $ 3,736,702 $
Note 6 - Notes and interest receivable
Notes and interest receivable consist of the following at December 31:
2024 2023
Notes receivable from buyers of units in the La Solanita and La Solana projects, due only upon sale of the property to persons not qualifying as low-income families, with interest ranging from 8% to 10% per annum. At December 31, 2024
and 2023, the amount is fully reserved and included in the allowance for doubtful collections.
$ 22,275 $ 22,275
Note receivable from Miraflores Senior, L.P., bears no
interest. Annual payments are to be made from
excess/distributable cash, with the entire principal and interest due in the earlier of February 2074 or 55 years from the close of permanent financing.
4,205,497 4,365,496
Note receivable from Legacy Court LP, with interest at 3% per annum. Annual payments are to be made from
excess/distributable cash, with entire principal and interest due December 31, 2078.
3,000,000 -
Eden Housing, Inc. and Affiliates
Notes to Consolidated Financial Statements
December 31, 2024 and 2023
35 2024 2023
Note receivable from Meadows Holly Partners, L.P., with interest at 6.25% compounded. Annual payments are to be made from excess/distributable cash, with the entire
principal and interest due in August 2057.
1,705,210 1,705,210
Total notes receivable 8,932,982 6,092,981
Accrued interest on notes receivable 992,144 811,894
Total notes and interest receivable 9,925,126 6,904,875
Less allowance for doubtful collections (22,275) (22,275)
Total notes and interest receivable, net $ 9,902,851 $ 6,882,600
Estimated principal payments under these notes to be received for each of the next five years and thereafter subsequent to December 31, 2024 are as follows:
2025 - $
2026 -
2027 -
2028 -
2029 -
Thereafter 9,902,851
Total 9,902,851$
Note 7 - Investments in other companies
EHI and Affiliates also have investments in housing properties for which EHI and Affiliates are not deemed to have majority control and therefore not consolidated. These investments (deficit) are accounted for under the equity method and approximate $932,000 and $2,013,000 as of December 31, 2024 and 2023, respectively. The financial position and activity of these housing properties are summarized below:
2024 2023
Total assets 82,939,025$ 71,262,151 $
Total liabilities 46,917,775 56,078,418
Partners' capital 36,666,714 27,688,412
Net income (loss) (645,462) (1,115,850)
EHI and Affiliates' share of investees' profits and losses resulted in a net $1,081,000 loss and a net $334,000 loss on investments accounted for under the equity method for the years ended December 31, 2024 and 2023, respectively.
Eden Housing, Inc. and Affiliates
Notes to Consolidated Financial Statements
December 31, 2024 and 2023
36 Note 8 - Development in progress
Development in progress consists of the following at December 31:
Property Owner Type
Expected
Completion
Date 2024 2023
Avenida Armand Avenida Armand, L.P. New construction May-25 63,555,413 $ 30,689,607 $ La Vista Hayward La Vista Hayward, L.P. New construction Dec-25 55,001,873 60,978,506 Kerner Canal Kerner Canal, L.P. New construction Apr-25 28,098,177 11,118,518 902 Pacific Avenue Investors
902 Pacific Avenue Investors,
L.P. New construction Jul-26 26,619,480 1,273,933 Timber Street Investors Timber Street Investors, L.P. New construction Feb-26 25,043,865 2,482,110 Downtown River Two Downtown River Tw o, L.P. Rehabilitation Jul-25 18,196,024 1,848,138 Mitchell Park Mitchell Park, L.P. New construction Oct-25 16,432,215 2,449,380 Ridge View Commons
Ridge View Commons II
Associates LP Rehabilitation Dec-25 13,543,593 - Vista Verde Vista Verde Housing Portfolio May-25 13,486,786 1,296,254 Del Nido Apartments New Del Nido LP Rehabilitation Dec-25 8,854,293 - Mulberry Gardens Senior Mulberry Gardens Senior, L.P. New construction May-26 8,541,991 939,811 Pacific Terrace Pacific Terrace Associates Portfolio Aug-25 5,538,212 - The Magnolias LP The Magnolias LP Pre-development Apr-27 4,627,340 2,587,633 Mulberry Gardens Family Mulberry Gardens Family, L.P. Pre-development Aug-27 4,157,902 1,552,755 The Trees The Trees Apartments, L.P. Portfolio Dec-24 3,585,601 2,582,515 Downtown Santa Cruz
Developer LLC
Downtown Santa Cruz
Developer LLC Pre-development Jul-26 3,421,556 - Liberation Park Residences LP Liberation Park Residences LP Pre-development Feb-28 3,010,855 - Oak Hill/San Quentin Surplus
Land Oak Hill Eden, L.P. Pre-development Dec-28 2,767,033 1,371,531 Dublin Regional Street Regional Street Investors, L.P. New Construction Sep-26 2,728,473 2,126,266 Cherry Street Commons Cherry Street Commons, L.P. New Construction Mar-28 2,491,131 883,727 DTLMU Investors LP DTLMU Investors LP Pre-development Feb-28 2,157,790 - Villa Esperanza Eden/Hope Villa Esperanza Inc Portfolio Jun-25 2,045,531 - DTLM DTLM, L.P. Pre-development Dec-28 1,933,575 1,093,688 Point Reyes Point Reyes Pre-development Jul-28 1,778,308 1,669,144 Trolley I Investors Trolley I Investors, L.P. Pre-development Jul-27 1,605,948 1,203,665 CoreEdenESC CoreEdenESC, LLC Pre-development Nov-28 1,118,363 653,834 Riverhouse Hotel Riverhouse Hotel LP Rehabilitation May-27 1,074,411 - 73rd Street Investors LP New Construction Jun-27 975,700 - Donner Field Senior LP New Construction Apr-27 907,929 - College Square Investors College Square Investors, L.P. Pre-development Jun-32 889,308 762,208 Eden Oak Grove Eden Oak Grove Investors, L.P. Pre-development Apr-29 866,097 823,582 Willows/Highland/Hillside Willows/Highland/Hillside Portfolio TBD 861,394 - Maritime Apartments
Maritime Apartments Investors,
L.P. Pre-development Jun-28 847,291 654,795 DTLM South DTLM South, L.P. Pre-development Dec-28 827,560 795,984 Sequoia Manor EHP Sequoia Manor, L.P. Portfolio Feb-25 819,258 264,740 Virginia Lane Apartments VL, L.P. Portfolio Jun-25 791,898 322,441 East Laurel LP East Laurel LP Pre-development Mar-28 732,681 - 847 Woodside 847 Woodside Pre-development Jun-32 715,167 - Sparks Way Commons
Eden Sparks Way Common
LLC Rehabilitation Apr-26 663,092 -
Skeels Villa LP Skeels Villa LP Portfolio Dec-30 532,535 - Wolfe Rd Eden Wolfe LP Pre-development Dec-28 501,247 - Hollister West of Fairview
Affordable Mimosa Street Investors LP Pre-development Sep-27 377,138 - Quail Run 2 Quail Run Alameda County LP Portfolio Aug-25 121,349 - Emerson Arms
Contra Costa County Housing
Corporation Portfolio May-25 116,683 -
Eden Housing, Inc. and Affiliates
Notes to Consolidated Financial Statements
December 31, 2024 and 2023
37 Property Owner Type
Expected
Completion
Date 2024 2023
Solaire SJ Auzerais, L.P. New construction Feb-24 - 72,800,298 Tabasa Gardens Eden Freedom Investors, L.P. New construction Feb-24 - 36,726,945 Ruby Street Ruby Street, L.P. New construction Feb-24 - 11,364,167 Nugent Square Nugent Square Partners II, L.P. Rehabilitation Dec-24 - 7,026,423 Portfolio rehabilitation Eden Housing, Inc. Rehabilitation 2024 to 2027 - 5,668,093 Aspen Grove Aspen Grove Apartments, L.P. Rehabilitation Apr-24 - 4,075,557 Predevelopment and site control Eden Housing, Inc. New construction 2024 to 2027 - 2,812,939 Legacy Court Legacy Court, L.P. New construction Feb-26 - 1,191,267 Richmond 38 Supportive Richmond 38 Supportive, L.P. New construction Apr-27 - 1,003,680 Richmond 38 Family Richmond 38 Family, L.P. New construction Apr-28 - 974,685 Arroyo Vista
Eden Arroyo Vista Associates,
L.P.
Major repairs /
improvements Jun-24 - 324,800
Owl's Landing Apartments Livermore Housing Associates
Major repairs /
improvements Mar-24 - 178,802
The Randall Eden Mill District, L.P. New construction Jun-24 - 31,843 Other Various Other capital projects 2024 to 2027 857,768 494,680 333,819,834$ 277,098,944 $
Note 9 - Property and equipment
Property and equipment consist of the following at December 31:
2024 2023
Land 309,418,537$ 305,451,134 $
Building and improvements 2,480,481,684 2,351,139,226 Furniture and equipment 56,623,067 49,856,498
2,846,523,288 2,706,446,858
Less accumulated depreciation (639,550,194) (601,629,153) Total 2,206,973,094 $ 2,104,817,705 $
Depreciation and amortization of property and equipment totaled $70,873,327 and $65,717,566 for the years ended December 31, 2024 and 2023, respectively.
Note 10 - Deferred costs
Deferred costs consist of the following at December 31:
2024 2023
Tax credit fees 4,447,039 $ 4,188,185 $
Ground lease costs 546,954 523,424
Other 446,632 4,196,292
5,440,625 8,907,901
Less accumulated amortization (2,561,250) (2,675,914) Total 2,879,375 $ 6,231,987 $
Eden Housing, Inc. and Affiliates
Notes to Consolidated Financial Statements
December 31, 2024 and 2023
38 Amortization of deferred costs totaled $370,328 and $396,983 for the years ended December 31, 2024 and 2023, respectively.
Note 11 - Line of credit
In 2021, EHI obtained a $7,500,000 unsecured line of credit with Bank of America. Bank advances on the credit line bear interest at a variable rate based on the Bloomberg Short-Term Bank Yield Index ("BSBY") and are due on maturity, October 29, 2024. EHI paid the unsecured line of credit with Bank of America in full and did not renew. EHI is also required to maintain at all times net unencumbered liquid assets of not less than $11,250,000.
On November 1, 2024, EHI obtained a $10,000,000 unsecured line of credit with CitiBank to replace their line of credit with Bank of America. Bank advances on the credit line bear interest at a variable rate based on the greater of the Prime Rate or the minimum interest rate and are due on maturity, October 31, 2025. Accrued interest was $0 and $0 as of December 31, 2024 and 2023, respectively. Interest expense was $0 and $160,455 for the years ended December 31, 2024 and 2023, respectively. The outstanding balance on the line of credit was $0 as of December 31, 2024 and 2023.
Note 12 - Notes payable
Notes payable are generally secured by the respective properties and consist of the following:
2024 2023
Interest payable Principal Interest payable Principal
Construction loans, bearing
variable interest rates, with
interest only payments due
monthly, to be repaid in full
or partially converted to
permanent loans through
2026. Interest expense was
$4,257,941 and $5,586,058
in 2024 and 2023,
respectively.
$ 818,321 $ 208,590,383 $ 737,185 $ 208,540,852
Bond and permanent loans,
bearing interest from 1% to
7.5%, generally with
principal and interest due
monthly, to be repaid in full
through 2056. Bond
principal payments may be
accumulated in a principal
fund held by a trustee.
Interest expense was
$28,362,195 and
$25,806,879 in 2024 and
2023, respectively.
7,103,860 670,451,239 5,450,984 618,813,594
Eden Housing, Inc. and Affiliates
Notes to Consolidated Financial Statements
December 31, 2024 and 2023
39 2024 2023
Interest payable Principal Interest payable Principal
Federal loans, generally
noninterest-bearing, with
principal payments
generally deferred through
2078, at which time all
outstanding principal is due
or will be forgiven. Interest
expense was $0 in 2024
and 2023.
- 44,595,317 - 42,299,470
State loans, bearing 3%
interest, generally with
principal and interest due
annually out of excess cash
in arrears, to be repaid in
full through 2079. Interest
expense was $5,418,263
and $5,118,861 in 2024
and 2023, respectively.
46,855,451 225,539,413 42,371,314 208,650,737
County loans, bearing
interest from 0% to 6%,
generally with principal and
interest due annually out o
f
excess cash in arrears, to
be repaid in full through
2079. Interest expense was
$3,252,662 and $3,418,131
in 2024 and 2023,
respectively.
30,672,819 188,170,101 27,125,636 157,404,428
Local loans, bearing
interest from 0% to 5.5%,
generally payable out o
f
excess cash, to be repaid in
full through 2079. Interest
expense was $6,702,535
and $6,854,952 in 2024
and 2023, respectively.
64,345,571 323,181,686 69,677,570 282,700,463
Eden Housing, Inc. and Affiliates
Notes to Consolidated Financial Statements
December 31, 2024 and 2023
40 2024 2023
Interest payable Principal Interest payable Principal
Land loans, bearing
variable interest, generally
with interest-only payments
due monthly from an
interest reserve, subject to
applicable extension terms,
nonrecourse and secured
by the underlying land.
Interest expense was $0
and $686,343 in 2024 and
2023, respectively.
- - 55,237 9,364,000
Other loans, bearing
interest from 0% to 6.5%,
generally payable out o
f
excess cash, to be repaid
in full through 2079.
Interest expense was
$2,910,238 and $1,785,067
in 2024 and 2023,
respectively.
4,179,158 56,995,261 3,553,239 51,961,997
Total, gross 153,975,180 1,717,523,400 148,971,165 1,579,765,541
Debt issuance costs, net - (17,729,377) - (14,997,886)
Total, net 153,975,180 1,699,794,023 148,971,165 1,564,767,655
Less current portion (4,551,641) (52,490,897) (3,043,879) (45,421,749)
Noncurrent portion $ 149,423,539 $ 1,647,303,126 $ 145,927,286 $ 1,519,345,906
Construction loans will be extended or repa id using funds from permanent lenders, limited partners, or other sources.
Costs incurred to obtain construction and permanent financing, net of amortization, were $17,729,377 and $14,997,886 as of December 31, 2024 and 2023, respectively, and are amortized on a straight- line basis into interest expense over the term of the respective loans. Interest expense for amortization of debt issuance costs totaled $2,558,581 and $1,624,390 for the years ended December 31, 2024 and 2023, respectively.
Eden Housing, Inc. and Affiliates
Notes to Consolidated Financial Statements
December 31, 2024 and 2023
41 Principal payments toward notes payable for the next five years are subject to changes in net cash flow, which
is a contingency that cannot be reasonably estimated. Estimated minimum required payments for each of the next five years and thereafter subsequent to December 31, 2024 are as follows:
2025 52,490,897$
2026 14,299,899
2027 15,246,309
2028 41,659,042
2029 16,710,213
Thereafter 1,577,117,040
Total notes payable 1,717,523,400
Less debt issuance costs (17,729,377)
Total notes payable, net of debt issuance costs 1,699,794,023$
Note 13 - Leases
EHI and Affiliates is the lessee under various operating leases for office equipment which expire through December 2027 and ground leases which expire through July 2095. Total lease expense for the years ended December 31, 2024 and 2023 was $1,446,022 and $1,926,742, respectively.
Lease costs are included in both office expenses and ground lease on the consolidated statements of functional expenses.
Weighted average remaining lease term and weighted average incremental borrowing rate for EHI and Affiliates' leases as of December 31, 2024:
Weighted average remaining term (in years) 60
Weighted average incremental borrowing rate 2.016%
Weighted average remaining lease term and weighted average incremental borrowing rate for EHI and Affiliates' leases as of December 31, 2023:
Weighted average remaining term (in years) 61
Weighted average incremental borrowing rate 2.016%
Lease payments
Lease payments included in the measurement of the lease liability at December 31, 2024 and 2023 total $1,343,927 and $1,874,405, respectively, and include the fixed payments. Certain ground leases include additional payments from excess/ distributable cash which are paid periodically.
Payment of scheduled additional rent lease payments is subject to available cash flows, as defined in the lease. Scheduled additional rent lease payments in excess of actual payment amounts can be deferred and are recorded as deferred lease payable.
Certain leases also require EHI and Affiliates to pay property taxes applicable to lease assets and to provide insurance coverage on lease assets as well as any leasehold improvements made by EHI and Affiliates. The above tax and insurance payments are variable payments made to third parties and are not included in rent expense.
Eden Housing, Inc. and Affiliates
Notes to Consolidated Financial Statements
December 31, 2024 and 2023
42 Lease liability
The lease liability at December 31, 2024 and 2023 of $28,687,232 and $28,830,471 is the present value of remaining scheduled lease payments discounted using EHI and Affiliates' discount rate of
2.016% and 2.016%, respectively. Future remaining scheduled lease payments during the lease terms are shown in the table below. The annual payment amounts are presented on an undiscounted basis along with a reconciliation to the lease liability on December 31, 2024, which is recorded on a present value basis, as described above.
2025 1,149,617$
2026 972,872
2027 902,787
2028 760,915
2029 647,802
Thereafter 48,624,230
53,058,223
Less effects of discounting (24,370,991)
Lease liability 28,687,232$
Note 14 - Net assets
Controlling
interest
Noncontrolling
interest Total
Balance, beginning of year 178,017,108$ 736,850,317 $ 914,867,425 $ Capital contributions, net of distributions - 62,344,172 62,344,172 Purchase/transfer of interest in projects 6,745,679 (9,195,601) (2,449,922) Change in net assets 20,237,531 (46,495,556) (26,258,025) Balance, end of year 205,000,318 $ 743,503,332 $ 948,503,650 $ Controlling
interest
Non-controlling
interest Total
Balance, beginning of year 165,575,782$ 620,299,781 $ 785,875,563 $ Capital contributions, net of distributions - 158,346,041 158,346,041 Purchase/transfer of interest in projects 9,023,217 (9,044,178) (20,961) Change in net assets 3,418,109 (32,751,327) (29,333,218) Balance, end of year 178,017,108 $ 736,850,317 $ 914,867,425 $ 2024
2023
Eden Housing, Inc. and Affiliates
Notes to Consolidated Financial Statements
December 31, 2024 and 2023
43 Net assets without donor restrictions - board-designated funds EHI established a revolving Program Fund to be utilized for board-designated mission purpose investments. Program funds are available for investments in new programs, acquisitions, predevelopment costs, infrastructure, or capital improvements. Of the total Program Fund balance as of December 31, 2024 and 2023, $70,603,072 and $50,918,411, respectively, was unspent and included in cash and cash equivalents and investment s. These funds are not available for general operations without EHI board approval. Activities of the fund are as follows:
December 31,
2023
Additions and
earnings
Nonrecoverable
expenditures for
special projects
December 31,
2024
Program Fund 110,777,870$ 35,563,474 $ - $ 146,341,344$ December 31,
2022
Additions and
earnings
Nonrecoverable
expenditures for
special projects
December 31,
2023
Program Fund 93,537,819$ 17,240,051 $ - $ 110,777,870$ 2024
2023
Net assets with donor restrictions
Restricted net assets include land required to be used for low-income housing and will be released from restrictions when the property is placed into service, which is expected to occur in 2026. Net assets with donor restrictions consisted of the following:
2024 2023
Subject to expenditure for specified purpose
Land grants 8,330,000 $ 8,330,000 $
Subject to expenditure for a specified time
Capital magnet funds 6,715,000 -
Total net assets with donor restrictions 15,045,000 $ 8,330,000 $
Eden Housing, Inc. and Affiliates
Notes to Consolidated Financial Statements
December 31, 2024 and 2023
44 Note 15 - Liquidity and availability
EHI and Affiliates' financial assets available within one year to meet cash needs for general expenditures as of December 31, 2024 and 2023 are as follows:
Eden Housing,
Inc. and other
supporting
entities
Affordable
housing
properties Total
Cash and cash equivalents 25,304,399 $ 43,527,647 $ 68,832,046 $ Investments in marketable securities 60,147,460 10,473 60,157,933 Impound deposits - 3,498,703 3,498,703 Receivables, net - current portion 2,199,631 2,259,598 4,459,229 87,651,490 49,296,421 136,947,911
Less board-designated funds (70,603,072) - (70,603,072) 17,048,418$ 49,296,421 $ 66,344,839 $
2024
Eden Housing,
Inc. and other
supporting
entities
Affordable
housing
properties Total
Cash and cash equivalents 26,753,989 $ 45,777,665 $ 72,531,654 $ Investments in marketable securities 55,318,488 17,000 55,335,488 Impound deposits - 3,294,976 3,294,976 Receivables, net - current portion - 1,884,553 1,884,553 82,072,477 50,974,194 133,046,671
Less board-designated funds (50,918,411) - (50,918,411) 31,154,066$ 50,974,194 $ 82,128,260 $
2023
Financial assets include amounts that will be used to pay accounts payable, accrued expenses and other distributions from operating cash flow, if any, in the subsequent year. None of the financial assets are subject to donor or other contractual restrictions that make them unavailable for general expenditure within one year of the consolidated statements of financial position dates. As part of its liquidity management, EHI es tablishes and maintains a short-term, mid-term and l ong-term reserve at levels approved by the board of directors annually. In addition, the affordable housing properties maintain reserve accounts as described in Note 4, a portion of which may be available to cover debt service, capital expenditures and performance of resident services within one year of consolidated statements of financial position dates upon approval from regulatory agencies.
Further, the affordable housing properties can defer payment of property management fees, reimbursement of property management fees or receive advances from the developer/sponsor, in Eden Housing, Inc. and Affiliates
Notes to Consolidated Financial Statements
December 31, 2024 and 2023
45 the event of an unanticipated liquidity need. In addition to these liquid funds, EHI has arranged for a line of credit in the amount of $10,000,000 which it could draw upon (Note 11).
Note 16 - Employee benefit plans
EHI established a 401(k) plan effective January 1, 1999. Employees are eligible to participate in the plan after
completing one month of service. Participants can contribute a percentage of their compensation annually to the plan, subject to certain annual limits set forth by the Internal Revenue Service. The 401(k) plan also provides for an annual discretionary employer contribution after one year of service for employees who work more than 1,000 hours per year and are at least 18 years of age or older. Employer contribut ions of $1,920,564 and $1,695,695 were equal to 5% of eligible compensation annually in 2024 and 2023, respectively, as determined by the board of directors. Employer contributions are fully vested after three years of service.
EHI also sponsors a 403(b) plan for highly compensated employees in order to assist in planning for retirement. Contributions to the 403(b) plan are 100% employee contributions.
Note 17 - Commitments, contingencies, and other matters Operating deficit guaranty
EHI has provided operating deficit guarantees for it s various affiliates and projects. EHI will cover operating deficits as required up to a stated limit. EHI does not require any collateral or other security from its affiliates and projects related to the operating deficit guarantees. A reasonable estimate of the outstanding operating deficit guarantees as of December 31, 2024 and 2023 amounted to approximately $23,360,793 and $19,900,000, respectively. Management believes that the likelihood of funding a material amount of any of the operating deficit guarantees is remote.
Loan guaranty
EHI has provided loan guarantees for its various affiliates and projects. EHI will be responsible for repaying a loan if, when the loan becomes due, the respec tive affiliate or project does not make payment on the loan. EHI does not require any collateral or other security from its affiliates and projects related to the loan guarantees. A reasonable estimate of the outstanding loan guarantees as of December 31, 2024 and 2023, amounted to approx imately $241,569,000 and $208,500,000, respectively. The total amount of loan guarantees disclosed herein does not represent an additional liability beyond the notes already recognized as payable in the consolidated financial statements.
Management believes that the likelihood of funding a material amount of any of the loan guarantees is remote.
Tax credit indemnification
EHI has provided indemnifications with regard to tax benefits projected for its various affiliates and projects.
EHI has guaranteed an aggregate amount of approximately $458,000,000 and $402,000,000 to the limited partner investors for tax credits and other tax benefits for various affiliated limited partnerships as of Dece mber 31, 2024 and 2023, respectively. Management believes that the likelihood of funding a material amount of any of the tax credit guarantees is remote.
Litigation
In the normal course of business, EHI and Affiliates may become a party to litigation. Management believes there are no asserted or unasserted claims or contingencies that would have a significant impact on the consolidated financial statements.
Eden Housing, Inc. and Affiliates
Notes to Consolidated Financial Statements
December 31, 2024 and 2023
46 Grants and loans
In connection with various federal, state and city grants and loan programs, EHI and Affiliates are obligated to
operate in accordance with those grant and loan requirements and is subject to audit by those agencies. In cases of noncompliance, the agencies involved may require that EHI and Affiliates refund payment of grant or loan funds. Management believes the likelihood of funding a repayment of grant or loan funds is remote.
Purchase option
In connection with the development of affordable housing projects which are owned by limited partnerships,
affiliates of EHI have acquired the options to purchase the projects at the close of the projects' 15-year compliance period.
Supplementary Information
Consolidating Schedules
Eden Housing, Inc. and Affiliates
Consolidating Schedule of Financial Position
December 31, 2024
48 Eden Housing,
Inc.
Eden Housing
Management,
Inc.
Eden Housing
Resident
Services, Inc.
Affordable
Housing
Properties Other Entities Subtotal Eliminations
Consolidated
Total
Assets
Current assets
Cash and cash equivalents 22,110,213 $ 1,027,708 $ 404,316 $ 43,527,647 $ 1,762,162 $ 68,832,046 $ - $ 68,832,046$ Investments in marketable securities 60,147,459 - - 10,474 - 60,157,933 - 60,157,933 Impound deposits - - - 3,498,703 - 3,498,703 - 3,498,703 Receivables, net - current portion 55,047,270 674,022 100,325 2,259,598 3,930 58,085,145 (53,625,916) 4,459,229 Notes and interest receivable, net - current portion 5,820,853 - - - - 5,820,853 (5,820,853) - Prepaid expenses and other 189,566 - - 2,080,706 - 2,270,272 (271,886) 1,998,386 Total current assets 143,315,361 1,701,730 504,641 51,377,128 1,766,092 198,664,952 (59,718,655) 138,946,297 Noncurrent assets
Restricted cash 24,671,255 - - 155,950,801 92,696 180,714,752 - 180,714,752 Receivables, net - net of current portion 80,886,547 4,046,923 1,088,478 1,740,336 10,506,034 98,268,318 (90,899,852) 7,368,466 Notes and interest receivable, net - net of current portion 297,173,895 - - 40,368,618 65,148,807 402,691,320 (392,788,469) 9,902,851 Investments in related parties and other companies (7,956,523) - - - (149,426,479) (157,383,002) 158,314,711 931,709 Development in progress 3,994,875 - - 331,979,442 11,297 335,985,614 (2,165,780) 333,819,834 Right-of-use assets - leases 1,353,218 - - 40,619,016 - 41,972,234 (12,168,218) 29,804,016 Property and equipment, net 1,325,168 - - 2,321,563,942 13,404,581 2,336,293,691 (129,320,597) 2,206,973,094 Deferred costs, net 23,530 - - 2,855,845 - 2,879,375 - 2,879,375 Other assets - - - 12,854,403 - 12,854,403 - 12,854,403 Total noncurrent assets 401,471,965 4,046,923 1,088,478 2,907,932,403 (60,263,064) 3,254,276,705 (469,028,205) 2,785,248,500 Total assets 544,787,326 $ 5,748,653 $ 1,593,119 $ 2,959,309,531$ (58,496,972) $ 3,452,941,657 $ (528,746,860) $ 2,924,194,797 $ 2024
Eden Housing, Inc. and Affiliates
Consolidating Schedule of Financial Position
December 31, 2024
See Independent Auditor's Report.
49 Eden Housing,
Inc.
Eden Housing
Management,
Inc.
Eden Housing
Resident
Services, Inc.
Affordable
Housing
Properties Other Entities Subtotal Eliminations
Consolidated
Total
Liabilities and Net Assets
Current liabilities
Accounts payable and accrued expenses 3,272,452 $ 1,573,930 $ 545,057 $ 15,668,312 $ 110,985 $ 21,170,736 - $ 21,170,736$ Operating lease liability - current portion 555,400 - - 898,967 - 1,454,367 (304,750) 1,149,617 Deferred revenue 17,750,250 - - 3,995,646 3,069 21,748,965 - 21,748,965 Interest payable - current portion 10,000 - - 4,541,641 - 4,551,641 - 4,551,641 Notes payable - current portion - - - 52,490,897 - 52,490,897 - 52,490,897 Total current liabilities 21,588,102 1,573,930 545,057 77,595,463 114,054 101,416,606 (304,750) 101,111,856 Noncurrent liabilities
Accounts payable - development 1,514,059 - - 41,354,594 - 42,868,653 - 42,868,653 Operating lease liability - net of current portion 816,546 - - 38,584,537 - 39,401,083 (11,863,468) 27,537,615 Related-party payable - net of current portion - 4,054,719 730,755 119,067,185 22,117,712 145,970,371 (145,970,371) - Tenant security deposits - - - 7,437,331 9,027 7,446,358 - 7,446,358 Interest payable - net of current portion - - - 186,101,995 1,671,641 187,773,636 (38,350,097) 149,423,539 Notes payable - net of current portion 4,958,871 - - 1,972,882,480 29,721,000 2,007,562,351 (360,259,225) 1,647,303,126 Total noncurrent liabilities 7,289,476 4,054,719 730,755 2,365,428,122 53,519,380 2,431,022,452 (556,443,161) 1,874,579,291 Total liabilities 28,877,578 5,628,649 1,275,812 2,443,023,585 53,633,434 2,532,439,058 (556,747,911) 1,975,691,147 Net assets
Controlling interest 515,909,748 120,004 317,307 (228,007,355) (111,340,437) 176,999,267 28,001,051 205,000,318 Noncontrolling interest - - - 744,293,301 (789,969) 743,503,332 - 743,503,332 Total net assets 515,909,748 120,004 317,307 516,285,946 (112,130,406) 920,502,599 28,001,051 948,503,650 Total liabilities and net assets 544,787,326 $ 5,748,653 $ 1,593,119 $ 2,959,309,531$ (58,496,972) $ 3,452,941,657 $ (528,746,860) $ 2,924,194,797 $ 2024
Eden Housing, Inc. and Affiliates
Consolidating Schedule of Financial Position
December 31, 2023
50 Eden Housing,
Inc.
Eden Housing
Management,
Inc.
Eden Housing
Resident
Services, Inc.
Affordable
Housing
Properties Other Entities Subtotal Eliminations
Consolidated
Total
Assets
Current assets
Cash and cash equivalents 21,813,496 $ 2,355,920 $ 816,554 $ 45,777,665 $ 1,768,019 $ 72,531,654 $ - $ 72,531,654$ Investments in marketable securities 55,318,076 - - 17,412 - 55,335,488 - 55,335,488 Impound deposits - - - 3,294,976 - 3,294,976 - 3,294,976 Receivables, net - current portion 51,118,884 - - 1,884,553 - 53,003,437 (51,118,884) 1,884,553 Notes and interest receivable, net - current portion 5,451,243 - - - - 5,451,243 (5,451,243) - Prepaid expenses and other 177,544 - - 2,866,528 - 3,044,072 (272,904) 2,771,168 Total current assets 133,879,243 2,355,920 816,554 53,841,134 1,768,019 192,660,870 (56,843,031) 135,817,839 Noncurrent assets
Restricted cash 19,245,643 - - 161,281,677 92,696 180,620,016 - 180,620,016 Receivables, net - net of current portion 67,927,430 2,550,095 787,822 963,389 10,857,482 83,086,218 (79,349,516) 3,736,702 Notes and interest receivable, net - net of current portion 257,617,009 - - 37,901,931 66,829,700 362,348,640 (355,466,040) 6,882,600 Investments in related parties and other companies (4,152,068) - - - (182,529,407) (186,681,475) 188,694,868 2,013,393 Development in progress 10,180,511 - - 268,617,912 - 278,798,423 (1,699,479) 277,098,944 Right-of-use assets - leases 1,474,686 - - 40,861,644 - 42,336,330 (12,232,505) 30,103,825 Property and equipment, net 1,571,635 - - 2,207,583,959 13,849,785 2,223,005,379 (118,187,674) 2,104,817,705 Deferred costs, net - - - 6,141,987 90,000 6,231,987 - 6,231,987 Benefit from interest rate swap agreement - - - 10,436,523 - 10,436,523 - 10,436,523 Total noncurrent assets 353,864,846 2,550,095 787,822 2,733,789,022 (90,809,744) 3,000,182,041 (378,240,346) 2,621,941,695 Total assets 487,744,089 $ 4,906,015 $ 1,604,376 $ 2,787,630,156$ (89,041,725) $ 3,192,842,911 $ (435,083,377) $ 2,757,759,534 $ 2023
Eden Housing, Inc. and Affiliates
Consolidating Schedule of Financial Position
December 31, 2023
See Independent Auditor's Report.
51 Eden Housing,
Inc.
Eden Housing
Management,
Inc.
Eden Housing
Resident
Services, Inc.
Affordable
Housing
Properties Other Entities Subtotal Eliminations
Consolidated
Total
Liabilities and Net Assets
Current liabilities
Accounts payable and accrued expenses 3,841,030 $ 1,581,003 $ 398,779 $ 12,313,328 $ 126,068 $ 18,260,208 $ - $ 18,260,208$ Operating lease liability - current portion 651,562 - - 894,250 - 1,545,812 (304,750) 1,241,062 Deferred revenue 10,040,007 - - 26,052,032 - 36,092,039 - 36,092,039 Interest payable - current portion 10,000 - - 3,033,879 - 3,043,879 - 3,043,879 Notes payable - current portion 217,358 - - 45,204,391 - 45,421,749 - 45,421,749 Total current liabilities 14,759,957 1,581,003 398,779 87,497,880 126,068 104,363,687 (304,750) 104,058,937 Noncurrent liabilities
Accounts payable - development 1,806,428 - - 36,874,763 - 38,681,191 - 38,681,191 Operating lease liability - net of current portion 813,946 - - 38,703,218 - 39,517,164 (11,927,755) 27,589,409 Related-party payable - net of current portion 162,630 3,216,947 1,078,436 105,403,304 19,606,084 129,467,401 (129,467,401) - Tenant security deposits - - - 7,280,353 9,027 7,289,380 - 7,289,380 Interest rate swap liability - - - - - - - - Interest payable - net of current portion - - - 177,396,865 1,573,177 178,970,042 (33,042,756) 145,927,286 Notes payable - net of current portion 4,951,613 - - 1,812,547,820 29,721,000 1,847,220,433 (327,874,527) 1,519,345,906 Total noncurrent liabilities 7,734,617 3,216,947 1,078,436 2,178,206,323 50,909,288 2,241,145,611 (502,312,439) 1,738,833,172 Total liabilities 22,494,574 4,797,950 1,477,215 2,265,704,203 51,035,356 2,345,509,298 (502,617,189) 1,842,892,109 Net assets
Controlling interest 465,249,515 108,065 127,161 (215,714,333) (139,287,112) 110,483,296 67,533,812 178,017,108 Noncontrolling interest - - - 737,640,286 (789,969) 736,850,317 - 736,850,317 Total net assets 465,249,515 108,065 127,161 521,925,953 (140,077,081) 847,333,613 67,533,812 914,867,425 Total liabilities and net assets 487,744,089 $ 4,906,015 $ 1,604,376 $ 2,787,630,156$ (89,041,725) $ 3,192,842,911 $ (435,083,377) $ 2,757,759,534 $ 2023
Eden Housing, Inc. and Affiliates
Consolidating Schedule of Activities
Year Ended December 31, 2024
52 Eden Housing,
Inc.
Eden Housing
Management,
Inc.
Eden Housing
Resident
Services, Inc.
Affordable
Housing
Properties Other Entities Subt otal Eliminations
Consolidated
Total
Support and revenue
Rental income - $ - $ - $ 203,688,573$ 121,443 $ 203,810,016$ (354,460) $ 203,455,556 $ Developer fees, including interest 22,042,484 - - - - 22,042,484 (22,042,484) - Management and resident services fees 4,149,934 12,392,881 7,333,805 285,484 3,746,751 27,908,855 (27,817,370) 91,485 Ground lease income 693,310 - - - 143,421 836,731 (693,317) 143,414 Grants and contributions 11,176,632 - 561,965 2,078,031 25,169,338 38,985,966 - 38,985,966 Interest income and net investment return 12,934,395 79,212 - 4,229,794 425,284 17,668,685 (9,476,044) 8,192,641 Pass-through loss from equity method investments (3,492,503) - - - (42,851,510) (46,344,013) 46,344,013 - Other income 639,891 13,370 23,092 2,969,834 238,654 3,884,841 375,078 4,259,919 Total support and revenue 48,144,143 12,485,463 7,918,862 213,251,716 (13,006,619) 268,793,565 (13,664,584) 255,128,981 Expenses
Program expenses
Affordable housing ownership and operations - - - 165,810,404 4,324,458 170,134,862 (28,832,955) 141,301,907 Affordable housing property management - 11,451,647 - - - 11,451,647 - 11,451,647 Affordable housing resident services - - 7,901,322 - - 7,901,322 - 7,901,322 Affordable housing development 10,324,643 - - - - 10,324,643 (8,919,642) 1,405,001 Supporting services
Management and general 9,902,413 3,774,025 663,765 1,848,376 289,576 16,478,155 - 16,478,155 Total expenses 20,227,056 15,225,672 8,565,087 167,658,780 4,614,034 216,290,629 (37,752,597) 178,538,032 Change in net assets before other (income) expenses 27,917,087 (2,740,209) (646,225) 45,592,936 (17,620,653) 52,502,936 24,088,013 76,590,949 Other (income) expenses
Forgiveness of debt - - - (85,921) - (85,921) - (85,921) Deferred interest expense - - - 25,280,913 98,650 25,379,563 (7,329,692) 18,049,871 Depreciation and amortization 295,209 - - 73,783,150 454,738 74,533,097 (3,289,442) 71,243,655 Loss on retirement of property and equipment - - - 4,472,409 - 4,472,409 - 4,472,409 Other 21,933 - - (16,583,695) (24,841,587) (41,403,349) 50,572,309 9,168,960 Contributions from related parties (32,464,077) (2,850,000) (1,168,080) (37,784) (8,238,686) (44,758,627) 44,758,627 - Contributions to related parties 9,403,789 97,852 331,709 31,495,059 3,430,139 44,758,548 (44,758,548) - Total other (income) expenses (22,743,146) (2,752,148) (836,371) 118,324,131 (29,096,746) 62,895,720 39,953,254 102,848,974 Change in net assets 50,660,233 11,939 190,146 (72,731,195) 11,476,093 (10,392,784) (15,865,241) (26,258,025) Net assets, beginning of year 465,249,515 108,065 127,161 521,925,953 (140,077,081) 847,333,613 67,533,812 914,867,425 Capital contributions, net of distributions - - - 69,191,108 9,242,823 78,433,931 (16,089,759) 62,344,172 Purchase/transfer of interest in projects - - - (2,099,920) 7,227,759 5,127,839 (7,577,761) (2,449,922) Net assets, end of year 515,909,748$ 120,004 $ 317,307 $ 516,285,946$ (112,130,406) $ 920,502,599 $ 28,001,051 $ 948,503,650 $ 2024
Eden Housing, Inc. and Affiliates
Consolidating Schedule of Activities
Year Ended December 31, 2023
See Independent Auditor's Report.
53 Eden Housing,
Inc.
Eden Housing
Management,
Inc.
Eden Housing
Resident
Services, Inc.
Affordable
Housing
Properties Other Entities Subtotal Eliminations
Consolidated
Total
Support and revenue
Rental income - $ - $ - $ 183,728,517$ - $ 183,728,517$ (376,525) $ 183,351,992 $ Developer fees, including interest 14,690,643 - - - 1,315,600 16,006,243 (16,006,243) - Management and resident services fees 4,225,189 11,862,532 6,839,153 199,927 3,872,419 26,999,220 (26,936,451) 62,769 Ground lease income 654,856 - - - 139,244 794,100 (654,861) 139,239 Grants and contributions 18,852,486 - 120,250 (3,554,318) - 15,418,418 - 15,418,418 Interest income and net investment return 11,802,876 - - 2,703,658 430,275 14,936,809 (8,212,345) 6,724,464 Pass-through loss from equity method investments (478) - - - (14,453,753) (14,454,231) 14,454,231 - Other income 534,591 43,269 24,712 3,111,839 144,390 3,858,801 1,209 3,860,010 Total support and revenue 50,760,163 11,905,801 6,984,115 186,189,623 (8,551,825) 247,287,877 (37,730,985) 209,556,892 Expenses
Program expenses
Affordable housing ownership and operations - - - 158,606,290 4,355,153 162,961,443 (28,218,947) 134,742,496 Affordable housing property management - 10,512,141 - - - 10,512,141 - 10,512,141 Affordable housing resident services - - 7,685,100 - - 7,685,100 - 7,685,100 Affordable housing development 9,422,646 - - - - 9,422,646 (6,153,427) 3,269,219 Supporting services
Management and general 9,504,132 3,990,202 530,962 1,726,667 183,752 15,935,715 - 15,935,715 Total expenses 18,926,778 14,502,343 8,216,062 160,332,957 4,538,905 206,517,045 (34,372,374) 172,144,671 Change in net assets before other (income) expenses 31,833,385 (2,596,542) (1,231,947) 25,856,666 (13,090,730) 40,770,832 (3,358,611) 37,412,221 Other (income) expenses
Forgiveness of debt - - - (1,204,084) - (1,204,084) - (1,204,084) Deferred interest expense 230,418 - - 22,821,955 1,208,354 24,260,727 (6,397,374) 17,863,353 Depreciation and amortization 330,275 - - 68,863,194 - 69,193,469 (3,078,920) 66,114,549 Gain on sale of property - - - (19,475,361) - (19,475,361) - (19,475,361) Loss on retirement of property and equipment - - - 3,446,982 - 3,446,982 - 3,446,982 Contributions from related parties (5,421,998) (2,650,000) (1,273,497) (322,682) (13,575,337) (23,243,514) 23,243,514 - Contributions to related parties 17,793,479 28,037 - 393,656 5,028,342 23,243,514 (23,243,514) - Total other (income) expenses 12,932,174 (2,621,963) (1,273,497) 74,523,660 (7,338,641) 76,221,733 (9,476,294) 66,745,439 Change in net assets 18,901,211 25,421 41,550 (48,666,994) (5,752,089) (35,450,901) 6,117,683 (29,333,218) Net assets, beginning of year 446,348,304 82,644 85,611 400,354,241 (157,606,485) 689,264,315 96,611,248 785,875,563 Capital contributions, net of distributions - - - 166,583,433 13,650,952 180,234,385 (21,888,344) 158,346,041 Purchase/transfer of interest in projects - - - 3,655,273 9,630,541 13,285,814 (13,306,775) (20,961) Net assets, end of year 465,249,515 $ 108,065 $ 127,161 $ 521,925,953$ (140,077,081) $ 847,333,613 $ 67,533,812 $ 914,867,425 $ 2023
Eden Housing, Inc. and Affiliates
Consolidating Schedule of Cash Flows
Year Ended December 31, 2024
54 Eden Housing,
Inc.
Eden Housing
Management,
Inc.
Eden Housing
Resident
Services, Inc.
Affordable
Housing
Properties Other Entities Subtotal Eliminations
Consolidated
Total
Cash flows from operating activities
Change in net assets 50,660,233 $ 11,939 $ 190,146 $ (72,731,195)$ 11,476,093 $ (10,392,784) $ (15,865,241) $ (26,258,025) $ Adjustments to reconcile change in net assets to net cash provided by (used in) operating activities
Depreciation and amortization 295,209 - - 70,493,708 454,738 71,243,655 - 71,243,655 Amortization expense - right-of-use leased assets 782,333 - - 1,027,631 - 1,809,964 - 1,809,964 Loss on retirement of property and equipment - - - 4,472,409 - 4,472,409 - 4,472,409 Amortization of debt issuance costs 7,258 - - 2,551,323 - 2,558,581 - 2,558,581 Net realized and unrealized gain on investments (3,885,934) - - - - (3,885,934) - (3,885,934) Net gain on interest rate swaps - - - (2,417,880) - (2,417,880) - (2,417,880) Forgiveness of notes and interest payable - - - (85,921) - (85,921) - (85,921) Loss from investment in partnerships and other companies 3,492,503 - - - 42,851,510 46,344,013 (46,344,013) - (Increase) decrease in assets
Receivables (16,887,503) (2,170,850) (400,981) (1,151,992) 347,518 (20,263,808) 14,057,368 (6,206,440) Interest receivable (5,831,376) - - 758,660 (414,874) (5,487,590) 5,307,340 (180,250) Prepaid expenses and other (12,022) - - 785,822 - 773,800 (1,018) 772,782 Increase (decrease) in liabilities
Accounts payable and accrued expenses (860,947) (7,073) 146,278 3,354,984 (15,083) 2,618,159 - 2,618,159 Related-party payable (162,630) 837,772 (347,681) 13,663,881 2,511,628 16,502,970 (16,502,970) - Deferred revenue 7,710,243 - - (22,056,386) 3,069 (14,343,074) - (14,343,074) Tenant security deposits - liability - - - 156,978 - 156,978 - 156,978 Interest payable - - - 10,212,892 98,464 10,311,356 (5,307,341) 5,004,015 Net cash provided by (used in) operating activities 35,307,367 (1,328,212) (412,238) 9,034,914 57,313,063 99,914,894 (64,655,875) 35,259,019 2024
Eden Housing, Inc. and Affiliates
Consolidating Schedule of Cash Flows
Year Ended December 31, 2024
55 Eden Housing,
Inc.
Eden Housing
Management,
Inc.
Eden Housing
Resident
Services, Inc.
Affordable
Housing
Properties Other Entities Subtotal Eliminations
Consolidated
Total
Cash flows from investing activities
Purchase of investments in marketable securities (319,692,708) - - 6,938 - (319,685,770) - (319,685,770) Proceeds from sale of investments in marketable securities 318,749,259 - - - - 318,749,259 - 318,749,259 Net (increase) decrease in investments in related parties and other companies 311,952 - - (2,449,920) (68,726,679) (70,864,647) 69,496,409 (1,368,238) Net (increase) decrease in notes receivable (34,095,120) - - (3,225,347) 2,095,767 (35,224,700) 32,384,699 (2,840,001) Purchase of property and equipment and net decrease
(increase) in development in progress 6,136,894 - - (247,457,471) (20,831) (241,341,408) 11,599,224 (229,742,184) Payment of deferred costs (23,530) - - (358,801) 90,000 (292,331) - (292,331) Net cash provided by (used in) investing activities (28,613,253) - - (253,484,601) (66,561,743) (348,659,597) 113,480,332 (235,179,265) Cash flows from financing activities
Capital contributions, net of distributions - - - 70,117,583 9,242,823 79,360,406 (16,439,759) 62,920,647 Payment of syndication costs - - - (576,475) - (576,475) - (576,475)
Payment of debt issuance costs - - - (4,233,949) - (4,233,949) - (4,233,949) Payment of right-of-use lease obligations (principal) (754,427) - - (898,967) - (1,653,394) - (1,653,394) Payment of mortgages and notes payable (217,358) - - (37,847,956) - (38,065,314) - (38,065,314) Proceeds from long-term debt - - - 210,512,284 - 210,512,284 (32,384,698) 178,127,586 Net cash provided by (used in) financing activities (971,785) - - 237,072,520 9,242,823 245,343,558 (48,824,457) 196,519,101 Net increase (decrease) in cash, cash equivalents,
and restricted cash 5,722,329 (1,328,212) (412,238) (7,377,167) (5,857) (3,401,145) - (3,401,145) Cash, cash equivalents, and restricted cash, beginning of year 41,059,139 2,355,920 816,554 210,354,318 1,860,715 256,446,646 - 256,446,646 Cash, cash equivalents, and restricted cash, end of year 46,781,468$ 1,027,708 $ 404,316 $ 202,977,151$ 1,854,858 $ 253,045,501 $ - $ 253,045,501$ 2024
Eden Housing, Inc. and Affiliates
Consolidating Schedule of Cash Flows
Year Ended December 31, 2024
See Independent Auditor's Report.
56 Eden Housing,
Inc.
Eden Housing
Management,
Inc.
Eden Housing
Resident
Services, Inc.
Affordable
Housing
Properties Other Entities Subtotal Eliminations
Consolidated
Total
Supplementary information
Cash paid for interest - net of capitalized portion 233,827 $ - $ - $ 37,677,903$ - $ 37,911,730$ (2,022,351) $ 35,889,379 $ Noncash investing and financing activity
Increase in right-of-use assets and operating
lease liabilities -$ - $ - $ - $ - $ - $ - $ - $ Interest recast as loan - $ - $ - $ 10,010,253$ - $ 10,010,253$ - $ 10,010,253$ Property and equipment acquired and recorded in
accounts payable -$ - $ - $ 4,479,831$ - $ 4,479,831$ - $ 4,479,831$ Purchase/transfer of interest in projects - $ - $ - $ (2,449,920)$ 7,227,759 $ 4,777,839 $ (7,227,761) $ (2,449,922) $ Loss on payoff of bond principle which includes write-off of deferred costs -$ - $ - $ 3,274,615$ - $ 3,274,615$ - $ 3,274,615$ Cash and cash equivalents 22,110,213 $ 1,027,708 $ 404,316 $ 43,527,647 $ 1,762,162 $ 68,832,046 $ - $ 68,832,046$ Impound deposits - - - 3,498,703 - 3,498,703 - 3,498,703 Restricted cash 24,671,255 - - 155,950,801 92,696 180,714,752 - 180,714,752 Total cash, cash equivalents, and restricted cash 46,781,468$ 1,027,708 $ 404,316 $ 202,977,151$ 1,854,858 $ 253,045,501 $ - $ 253,045,501$ 2024
Eden Housing, Inc. and Affiliates
Consolidating Schedule of Cash Flows
Year Ended December 31, 2023
57 Eden Housing,
Inc.
Eden Housing
Management,
Inc.
Eden Housing
Resident
Services, Inc.
Affordable
Housing
Properties Other Entities Subtotal Eliminations
Consolidated
Total
Cash flows from operating activities
Change in net assets 18,901,211 $ 25,421 $ 41,550 $ (48,666,994)$ (5,752,089) $ (35,450,901) $ 6,117,683 $ (29,333,218) $ Adjustments to reconcile change in net assets to net cash provided by (used in) operating activities
Depreciation and amortization 330,275 - - 65,784,274 - 66,114,549 - 66,114,549 Amortization expense - right-of-use leased assets 1,285,750 - - 1,140,332 - 2,426,082 - 2,426,082 Loss on retirement of property and equipment - - - 3,446,982 - 3,446,982 - 3,446,982 Gain on sale of property - - - (19,475,361) - (19,475,361) - (19,475,361) Amortization of debt issuance costs - - - 1,873,082 - 1,873,082 - 1,873,082 Net realized and unrealized (gain) loss on investments (4,469,486) - - - - (4,469,486) - (4,469,486) Net loss on interest rate swaps - - - 3,299,730 - 3,299,730 - 3,299,730 Forgiveness of notes and interest payable - - - (1,204,084) - (1,204,084) - (1,204,084) Loss from investment in partnerships and other 478 - - - 14,453,753 14,454,231 (14,454,231) - (Increase) decrease in assets
Receivables (8,964,825) 16,714 (273,402) 526,794 (2,224,954) (10,919,673) 10,854,569 (65,104) Interest receivable (3,658,968) - - (666,783) 1,612,348 (2,713,403) 4,782,437 2,069,034 Grants and contributions receivable - - - - - - - - Prepaid expenses and other (15,411) - - (416,880) - (432,291) 13,907 (418,384) Increase (decrease) in liabilities
Accounts payable and accrued expenses (1,095,908) 252,715 45,780 (15,154,463) (4,662) (15,956,538) - (15,956,538) Related-party payable 162,630 (2,376,387) 20,186 6,793,661 3,731,201 8,331,291 (8,331,291) - Deferred revenue 9,176,173 - - 6,460,218 - 15,636,391 - 15,636,391 Tenant security deposits - liability - - - 440,087 - 440,087 - 440,087 Interest payable - - - 12,952,068 1,208,354 14,160,422 (4,782,436) 9,377,986 Net cash provided by (used in) operating activities 11,651,919 (2,081,537) (165,886) 17,132,663 13,023,951 39,561,110 (5,799,362) 33,761,748 2023
Eden Housing, Inc. and Affiliates
Consolidating Schedule of Cash Flows
Year Ended December 31, 2023
58 Eden Housing,
Inc.
Eden Housing
Management,
Inc.
Eden Housing
Resident
Services, Inc.
Affordable
Housing
Properties Other Entities Subtotal Eliminations
Consolidated
Total
Cash flows from investing activities
Purchase of investments in marketable securities (274,497,989) - - (17,412) - (274,515,401) - (274,515,401) Proceeds from sale of investments in marketable 287,089,789 - - - - 287,089,789 - 287,089,789 Net (increase) decrease in investments in related parties and other companies 2,080,111 - - 3,204,854 (24,667,168) (19,382,203) 19,840,494 458,291 Net (increase) decrease in notes receivable (3,418,830) - - (4,483,890) (2,035,000) (9,937,720) 8,002,720 (1,935,000) Purchase of property and equipment and net decrease
(increase) in development in progress (4,557,479) - - (259,594,863) - (264,152,342) 8,297,632 (255,854,710) Payment of deferred costs - - - (2,759,656) (90,000) (2,849,656) - (2,849,656) Net cash provided by (used in) investing activities 6,695,602 - - (263,650,967) (26,792,168) (283,747,533) 36,140,846 (247,606,687) Cash flows from financing activities
Capital contributions, net of distributions - - - 167,607,080 13,650,952 181,258,032 (22,338,763) 158,919,269 Payment of syndication costs - - - (573,228) - (573,228) - (573,228) Payment of debt issuance costs - - - (173,832) - (173,832) - (173,832) Payment of right-of-use lease obligations (principal) (1,281,920) - - (897,235) - (2,179,155) - (2,179,155) Payment of mortgages and notes payable (578,072) - - (38,893,964) - (39,472,036) - (39,472,036) Proceeds from long-term debt 3,000,000 - - 129,175,209 - 132,175,209 (8,002,721) 124,172,488 Net cash provided by (used in) financing activities 1,140,008 - - 256,244,030 13,650,952 271,034,990 (30,341,484) 240,693,506 Net increase (decrease) in cash, cash equivalents,
and restricted cash 19,487,529 (2,081,537) (165,886) 9,725,726 (117,265) 26,848,567 - 26,848,567 Cash, cash equivalents, and restricted cash, beginning of year 21,571,610 4,437,457 982,440 200,628,592 1,977,980 229,598,079 - 229,598,079 Cash, cash equivalents, and restricted cash, end of year 41,059,139$ 2,355,920 $ 816,554 $ 210,354,318$ 1,860,715 $ 256,446,646 $ - $ 256,446,646$ 2023
Eden Housing, Inc. and Affiliates
Consolidating Schedule of Cash Flows
Year Ended December 31, 2023
See Independent Auditor's Report.
59 Eden Housing,
Inc.
Eden Housing
Management,
Inc.
Eden Housing
Resident
Services, Inc.
Affordable
Housing
Properties Other Entities Subtotal Eliminations
Consolidated
Total
Supplementary information
Cash paid for interest - net of capitalized portion 281,701 $ - $ - $ 41,230,710$ - $ 41,512,411$ (1,614,938) $ 39,897,473 $ Noncash investing and financing activity
Increase in right-of-use assets and operating lease 874,744$ - $ - $ 6,780,459$ - $ 7, 655,203$ - $ 7, 655,203$ Purchase/transfer of interest in projects - $ - $ - $ 3,204,854$ - $ 3,204,854$ - $ 3,204,854$ Cash and cash equivalents 21,813,496 $ 2,355,920 $ 816,554 $ 45,777,665 $ 1,768,019 $ 72,531,654 $ - $ 72,531,654$ Impound deposits - - - 3,294,976 - 3,294,976 - 3,294,976 Restricted cash 19,245,643 - - 161,281,677 92,696 180,620,016 - 180,620,016 Total cash, cash equivalents, and restricted cash 41,059,139$ 2,355,920 $ 816,554 $ 210,354,318$ 1,860,715 $ 256,446,646 $ - $ 256,446,646$ 2023
Supplementary Information
Eden Housing, Inc. Only
Eden Housing, Inc. and Affiliates
Schedules of Financial Position - Eden Housing, Inc. Only December 31, 2024 and 2023
61 2024 2023
Current assets
Cash and cash equivalents 22,110,213 $ 21,813,496 $ Investments in marketable securities 60,147,459 55,318,076 Receivables, net - current portion 55,047,270 51,118,884 Notes and interest receivable, net - current portion 5,820,853 5,451,243 Prepaid expenses and other 189,566 177,544
Total current assets 143,315,361 133,879,243
Restricted cash 24,671,255 19,245,643
Receivables, net - net of current portion 80,886,547 67,927,430 Notes and interest receivable, net - net of current portion 297,173,895 257,617,009 Deferred costs, net 23,530 -
Investments in related parties and other companies (7,956,523) (4,152,068) Development in progress 3,994,875 10,180,511
Right-of-use assets - leases 1,353,218 1,474,686 Property and equipment, net 1,325,168 1,571,635 Total assets 544,787,326 $ 487,744,089 $
Assets
Eden Housing, Inc. and Affiliates
Schedules of Financial Position - Eden Housing, Inc. Only December 31, 2024 and 2023
See Independent Auditor's Report.
62 2024 2023
Current liabilities
Accounts payable and accrued expenses 3,272,452 $ 3,841,030 $ Operating lease liability - current portion 555,400 651,562 Deferred revenue 17,750,250 10,040,007
Interest payable - current portion 10,000 10,000 Notes payable - current portion - 217,358 Total current liabilities 21,588,102 14,759,957 Accounts payable - development 1,514,059 1,806,428 Operating lease liability - net of current portion 816,546 813,946 Related-party payable - net of current portion - 162,630 Notes payable - net of current portion 4,958,871 4,951,613 Total liabilities 28,877,578 22,494,574
Net assets
Without donor restrictions
Undesignated 362,853,404 354,471,645
Board-designated funds 146,341,344 110,777,870
Total without donor restrictions 509,194,748 465,249,515 With donor restrictions 6,715,000 -
Total net assets 515,909,748 465,249,515
Total liabilities and net assets 544,787,326 $ 487,744,089 $ Liabilities and Net Assets
Eden Housing, Inc. and Affiliates
Schedules of Activities - Eden Housing, Inc. Only
Years Ended December 31, 2024 and 2023
63 Without Donor
Restrictions
With Donor
Restrictions Total
Without Donor
Restrictions
With Donor
Restrictions Total
Support and revenue
Developer fees, including interest 22,042,484 $ - $ 22,042,484$ 14,690,643 $ - $ 14,690,643$ Management fees 4,149,934 - 4,149,934 4,225,189 - 4,225,189 Ground lease income 693,310 - 693,310 654,856 - 654,856 Grants and contributions 4,461,632 6,715,000 11,176,632 18,852,486 - 18,852,486 Interest income and net investment return 12,934,395 - 12,934,395 11,802,876 - 11,802,876 Pass-through loss from equity method investments (3,492,503) - (3,492,503) (478) - (478) Other income 639,891 - 639,891 534,591 - 534,591 Total support and revenue 41,429,143 6,715,000 48,144,143 50,760,163 - 50,760,163 Expenses
Program expenses
Affordable housing development 10,324,643 - 10,324,643 9,422,646 - 9,422,646 Supporting services
Management and general 9,902,413 - 9,902,413 9,504,132 - 9,504,132 Total expenses 20,227,056 - 20,227,056 18,926,778 - 18,926,778 Change in net assets before other (income) expenses 21,202,087 6,715,000 27,917,087 31,833,385 - 31,833,385 2024 2023
Eden Housing, Inc. and Affiliates
Schedules of Activities - Eden Housing, Inc. Only
Years Ended December 31, 2024 and 2023
See Independent Auditor's Report.
64 Without Donor
Restrictions
With Donor
Restrictions Total
Without Donor
Restrictions
With Donor
Restrictions Total
Other (income) expenses
Deferred interest expense - - - 230,418 - 230,418 Depreciation and amortization 295,209 - 295,209 330,275 - 330,275 Other 21,933 - 21,933 - - - Contributions from related parties (32,464,077) - (32,464,077) (5,421,998) - (5,421,998) Contributions to related parties 9,403,789 - 9,403,789 17,793,479 - 17,793,479 Total other (income) expenses (22,743,146) - (22,743,146) 12,932,174 - 12,932,174 Change in net assets 43,945,233 6,715,000 50,660,233 18,901,211 - 18,901,211 Net assets, beginning of year 465,249,515 - 465,249,515 446,348,304 - 446,348,304 Net assets, end of year 509,194,748 $ 6,715,000 $ 515,909,748 $ 465,249,515 $ - $ 465,249,515$ 2024 2023
Eden Housing, Inc. and Affiliates
Schedules of Functional Expenses - Eden Housing, Inc. Only Years Ended December 31, 2024 and 2023
See Independent Auditor's Report.
65 Program
Services
Management
and General Total
Program
Services
Management
and General Total
Grants and other assistance to organizations - $ 441,594$ 441,594 $ - $ 263,355$ 263,355 $ Grants and other assistance to individuals 111,614 - 111,614 115,619 - 115,619 Salaries and wages 7,431,258 5,577,000 13,008,258 6,884,162 5,119,484 12,003,646 Pension plan 338,822 248,806 587,628 291,018 250,557 541,575 Other employee benefits 649,202 853,887 1,503,089 654,527 716,498 1,371,025 Payroll taxes 556,649 355,408 912,057 473,370 293,453 766,823 Legal fees - 177,045 177,045 19,184 137,861 157,045 Accounting fees - 141,109 141,109 - 135,498 135,498 Other fees for services 465,873 810,158 1,276,031 225,011 1,054,263 1,279,274 Advertising and promotion - - - - 1,800 1,800 Office expenses 73,813 (139,810) (65,997) 66,657 195,106 261,763 Information technology 40,442 456,990 497,432 8,539 359,302 367,841 Occupancy: utilities - 19,937 19,937 - 19,184 19,184 Occupancy: repairs and maintenance 13,374 36,691 50,065 2,277 42,484 44,761 Occupancy: real estate taxes - 1,769 1,769 674 - 674 Occupancy: property and liability insurance - 45,016 45,016 - 70,300 70,300 Travel 100,515 77,875 178,390 86,981 69,611 156,592 Conferences, conventions and meetings 62,822 53,427 116,249 56,948 282,050 338,998 Other insurance 19,262 11,570 30,832 14,256 13,355 27,611 Mortgage interest 241,085 - 241,085 2,419 32,114 34,533 Ground lease - 733,140 733,140 - 447,055 447,055 Other 219,912 801 220,713 521,004 802 521,806 Total expenses before other expenses 10,324,643 9,902,413 20,227,056 9,422,646 9,504,132 18,926,778 Other expenses
Deferred interest - - - 230,418 - 230,418 Depreciation and amortization 295,209 - 295,209 330,275 - 330,275 Other 21,933 - 21,933 - - - Contributions to related parties 9,403,789 - 9,403,789 17,793,479 - 17,793,479 Total expenses 20,045,574 $ 9,902,413 $ 29,947,987 $ 27,776,818 $ 9,504,132 $ 37,280,950 $ 2024 2023
Eden Housing, Inc. and Affiliates
Schedules of Cash Flows - Eden Housing, Inc. Only
Years Ended December 31, 2024 and 2023
66 2024 2023
Cash flows from operating activities
Change in net assets 50,660,233 $ 18,901,211 $
Adjustments to reconcile change in net assets to net cash provided by operating activities
Depreciation 295,209 330,275
Amortization expense - right-of-use leased assets 782,333 1,285,750 Amortization of debt issuance costs 7,258 - Net realized and unrealized gain on investments (3,885,934) (4,469,486) Loss from investment in partnerships and other companies 3,492,503 478 (Increase) decrease in assets
Receivables (16,887,503) (8,964,825)
Interest receivable (5,831,376) (3,658,968)
Prepaid expenses and other (12,022) (15,411) Increase (decrease) in liabilities
Accounts payable and accrued expenses (860,947) (1,095,908) Related-party payable (162,630) 162,630
Deferred revenue 7,710,243 9,176,173
Net cash provided by operating activities 35,307,367 11,651,919 Cash flows from investing activities
Purchase of investments in marketable securities (319,692,708) (274,497,989) Proceeds from sale of investments in marketable securities 318,749,259 287,089,789 Net decrease in investments in related parties and other companies 311,952 2,080,111
Net increase in notes receivable (34,095,120) (3,418,830) Purchase of property and equipment and net decrease
(increase) in development in progress 6,136,894 (4,557,479) Payment of deferred costs (23,530) -
Net cash (used in) provided by investing activities (28,613,253) 6,695,602
Eden Housing, Inc. and Affiliates
Schedules of Cash Flows - Eden Housing, Inc. Only
Years Ended December 31, 2024 and 2023
See Independent Auditor's Report.
67 2024 2023
Cash flows from financing activities
Payment of right-of-use lease obligations (principal) (754,427) (1,281,920) Payment of mortgages and notes payable (217,358) (578,072) Proceeds from long-term debt - 3,000,000 Net cash (used in) provided by financing activities (971,785) 1,140,008 Net change in cash, cash equivalents, and restricted cash 5,722,329 19,487,529 Cash, cash equivalents, and restricted cash, beginning of year 41,059,139 21,571,610 Cash, cash equivalents, and restricted cash, end of year 46,781,468$ 41,059,139 $ Supplementary information
Cash paid for interest - net of capitalized portion 233,827 $ 281,701 $ Noncash investing and financing activity
Increase in right-of-use assets and operating lease
liabilities -$ 874,744$
Cash and cash equivalents 22,110,213 $ 21,813,496 $ Restricted cash 24,671,255 19,245,643
Total cash, cash equivalents, and restricted cash 46,781,468$ 41,059,139 $
Eden Housing, Inc. and Affiliates
Schedules of Related-Party Receivables -
Eden Housing, Inc. Only
December 31, 2024 and 2023
See Independent Auditor's Report.
68 2024 2023
Receivables
Developer fees 63,072,394$ 59,399,387 $
Advances for development costs 38,905,084 29,724,523 Advances for general partner equity and other long-term purposes 14,534,370 12,438,368
Incentive, asset and partnership management fees 9,286,697 8,591,079 Advances for operations and other short-term purposes 5,335,955 4,755,894 Ground leases 2,916,956 2,612,206
Other 3,382,361 3,024,857
137,433,817 120,546,314
Less allowance for doubtful collections (1,500,000) (1,500,000) 135,933,817 119,046,314
Less current portion (55,047,270) (51,118,884)
Noncurrent portion 80,886,547 $ 67,927,430 $
Eden Housing, Inc. and Affiliates
Schedules of Notes and Interest Receivable -
Eden Housing, Inc. Only
December 31, 2024 and 2023
See Independent Auditor's Report.
69 Notes receivable are from related parties, unless otherwise noted. 2024 2023
Notes receivable
Seller carryback notes 154,602,831$ 134,245,366 $
Sponsor notes 107,168,274 93,675,620
NWA project notes 3,559,443 3,559,443
Equity funding note 1,310,000 1,310,000
Operating deficit note 245,000 -
Other project notes 776,917 776,917
Other project notes from third parties 22,275 22,275 Total notes receivable 267,684,740 233,589,621
Interest receivable 35,332,283 29,500,906
Total notes and interest receivable 303,017,023 263,090,527 Less allowance for doubtful collections (22,275) (22,275) Total notes and interest receivable, net 302,994,748 263,068,252 Less current portion (5,820,853) (5,451,243)
Noncurrent portion 297,173,895 $ 257,617,009 $
Eden Housing, Inc. and Affiliates
Schedules of Notes Payable - Eden Housing, Inc. Only
December 31, 2024 and 2023
70 2024 2023
Interest payable Principal Interest payable Principal
Equity Equivalent
Investment Notes
Wells Fargo Community
Development
Corporation, bears
simple interest at 2%,
interest-only paid
quarterly until April 2026,
and thereafter, principal
and interest payments
due quarterly.
$ 10,000 $ 2,000,000 $ 10,000 $ 2,000,000
Total equity equivalent
investment notes
10,000 2,000,000 10,000 2,000,000
Deferred Notes
Tyrell Gardens
Funds due to the City of
Hayward upon collection
from homeowners.
- - - 217,358
Total deferred notes - - - 217,358
Development of
Affordable Housing
Projects
Housing Partnership
Fund, bears interest rate
of 4.5% per annum,
interest-only paid monthly
beginning October 1,
2023. Commencing
October 1, 2029,
principal is to be repaid in
four equal annual
installments, with the final
installment being paid on
July 1, 2030.
- 3,000,000 - 3,000,000
Total development of
affordable housing
projects
- 3,000,000 - 3,000,000
Total, gross 10,000 5,000,000 10,000 5,217,358
Eden Housing, Inc. and Affiliates
Schedules of Notes Payable - Eden Housing, Inc. Only
December 31, 2024 and 2023
See Independent Auditor's Report.
71 2024 2023
Interest payable Principal Interest payable Principal
Debt issuance costs, net - (41,129) - (48,387)
Total, net 10,000 4, 958,871 10,000 5,168,971
Less current portion 10,000 - (10,000) (217,358)
Noncurrent portion $ - $ 4,958,871 $ - $ 4,951,613 Eden Housing, Inc. and Affiliates
Schedules of Board-Designated Funds -
Eden Housing, Inc. Only
December 31, 2024 and 2023
See Independent Auditor's Report.
72 2024 2023
Cash, cash equivalents and restricted cash
Program funds 10,406,933$ 1,723 $
Strategic plan funds 125,049 37,649
Development funds 8,618,424 18,072,754
Capital magnet funds 12,285,000 -
Investments in marketable securities
Program funds 31,677,650 24,942,089
Strategic plan funds 7,490,016 7,864,196
Amounts disbursed to related entities under board-approved initiatives, which are intended to be repaid and thus remain classified within board desi
gnated net assets
Development in progress 33,320,515 26,275,996
Notes receivable 16,715,000 11,600,000
Investments in related parties and other companies 13,656,410 7,037,494 Related party receivables 8,344,897 11,966,550 Strategic plan expenses 3,184,820 2,462,789
Other 516,630 516,630
Total board-designated net assets 146,341,344 $ 110,777,870 $
73 Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards To the Board of Directors
Eden Housing, Inc. and Affiliates
We have audited, 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, the consolidated financial statements of Eden Housing, Inc. and Affiliates, which comprise the consolidated statement of financial position as of December 31, 2024 and the related consolidated statements of activities, functional expenses, and cash flows for the year then ended, and the related notes to the consolidated financial statements, and have issued our report thereon dated June 26, 2025. The financial statements of certain affiliates were not audited in accordance with Governance Auditing Standards , and accordingly, this report does not include reporting on internal control over financial reporting or instances of reportable noncompliance associated with such affiliates.
Internal Control over Financial Reporting
In planning and performing our audit of the consolidated financial statements, we considered Eden Housing, Inc. and Affiliates' internal control over financial reporting ("internal control") as a basis for designing audit procedures that are appropriate in the circumstances for the purpose of expressing our opinion on the consolidated financial statements, but not for the purpose of expressing an opinion on the effectiveness of Eden Housing, Inc. and Affiliates' internal control. Accordingly, we do not express an opinion on the effectiveness of Eden Housing, Inc. and Affiliates' internal control.
A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity's consolidated financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance.
Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses or significant deficiencies may exist that have not been identified.
Compliance and Other Matters
As part of obtaining reasonable assurance about whether Eden Housing, Inc. and Affiliates' consolidated financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the consolidated financial statements. 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 or other matters that are required to be reported under Government Auditing Standards.
74 Purpose of this Report
The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the entity's internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the entity's internal control and compliance. Accordingly, this communication is not suitable for any other purpose.
Los Angeles, California
June 26, 2025