Eden Housing Inc. Proposal - 855 E. Laurel Dr. RFQ — Salinas City Council, October 4, 2022

525 E. Charleston Road
Request for Offer Response
Eden Housing

•

DAPHNE HEIGHTS

SALINAS + MONTEREY COUNTY RFQ
100% AFFORDABLE MULTIFAMILY RENTAL

HOUSING DEVELOPMENT PROJECT

Submitted by
Eden Housing, Inc.

June 24, 2022

Eden Housing

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Housing Development Project

COVER LETTER
Rod Powell, Housing Division Planning Manager
Community Development Department
City of Salinas
65 West. Alisal St.

Salinas, CA 93901

Melanie Beretti, Principal Planner – Advanced Planning
Housing and Community Development Department
County of Monterey
1441 Schilling Place, South 2nd Floor
Salinas, CA 93901

June 24, 2022

Dear Rod Powell and Melanie Beretti:

We are pleased to submit our proposal to develop Daphne Heights at the County-owned site on East Laurel Drive in the City of Salinas. Eden Housing is a 54-year old nonprofit organization with extensive experience performing complex developments through design, construction and management. Beginning with this proposal, we look forward to working together to co-create a community that transforms this unique site into a sustainable, inclusive community that will provide much-needed housing for the City and the region.

When complete, Daphne Heights will transform this challenging site into an oasis for families and farmworkers. As leaders in the development and construction of energy- efficient, sustainable homes, Eden is excited to explore innovative ways to deliver a development that is environmentally friendly, economically vibrant, and sensitive to the needs of the community. As currently contemplated, the project would deliver the following key benefits:

• At least 132 units of high-quality, service-enriched Large Family and Farmworker housing on the 5 acres contemplated in the RFQ, with the opportunity to expand to 180 units with the addition of more available County land • A tangible sense of place on this picturesque site, including connections to local trails and a network of open space across the proposed new community. • An opportunity to collaborate on the project vision with governmental stakeholders and the community at large

Eden Housing

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Eden is uniquely qualified to take on the Laurel Drive site. Eden Housing, as one of California’s largest and oldest nonprofit developers, with a portfolio of over 10,000 affordable units under management, is well versed in complex financing structures and the nuances of affordable housing and multi-phase projects.

Eden has an unsurpassed track record of partnering with cities and other public agencies on the disposition and development of vibrant communities on public land parcels. As described further in the enclosed proposal, Eden has partnered with government entities on numerous complex redevelopment projects over the past 5 years, as well as many more in years prior. Eden Housing has no conflicts of interest related to working with the City and County.

Any questions concerning the proposal may be directed to Louis Liss at [email protected] or 510-363-2574.

Respectfully submitted,

Andrea Osgood
Senior Vice President of Real Estate Development
Eden Housing, Inc.
22645 Grand Street, Hayward, CA 94541
[email protected]
(510) 247-8103

Eden Housing

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DAPHNE HEIGHTS
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HOUSING DEVELOPMENT PROJECT

CONTENTS

1. Qualifications 5

2. Experience 23

3. Project Description and Plan 48

4. Project Financing and Schedule 56

ATTACHMENTS
Real Estate Owned – Eden Housing

Eden Housing

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1. QUALIFICATIONS
Services Offered by the Development
Team

Eden Housing, with the support of
Dahlin Group, is pleased to submit this
response to the Request for
Qualifications for a 100% affordable
housing development at the East Laurel
Drive site in Salinas. As one of the state’s
largest non-profit affordable housing
developers, we are well poised to deliver
all the services required to bring this
marquis affordable housing community
to fruition, and once built, to keep it
looking like it did on day one. Eden
proposes to offer the following services:

• Project development feasibility analysis to determine the phasing, product type and target population that will best meet the City and County’s needs while remaining deliverable in the current (and potential future) financing environment
• All required design services, delivered by Dahlin Group, from the Concept Design phase all the way through Construction Documents and Construction Administration
• Securing all required environmental, planning and building approvals, including but not limited to CEQA clearance, zoning approvals and building permits • Community outreach services to ensure key stakeholders have an opportunity to provide feedback on the project’s design
• Assembling all required project financing from various funding sources, and providing requisite guarantees to deliver the project
• Providing predevelopment financing required in excess of the capacity available through the City and/or County
• Project construction through a qualified and reputable general contractor who will meet all required labor, safety, and quality standards • Lease-up and long-term management of the project, including developing and implementing an appropriate resident services plan that meets resident needs • Long-term partnership with the City and County to replicate this success and support future affordable housing endeavors.

Eden Housing

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About Eden Housing

Eden Housing is one of the oldest and most experienced affordable housing non-profit organizations in California and is based in Hayward. Since our inception in 1968 (53 years in operation), Eden has developed, acquired, or rehabilitated more than 11,400 affordable units and currently provides homes to more than 24,000 lower-income residents. As a mission-driven non-profit, we serve low- and moderate-income families, seniors, and people living with disabilities. Incomes of our residents typically range from 20% to 60% of the area median income.

Eden’s work goes beyond building high quality buildings, as we strive to create strong communities for the residents who live in our housing and a permanently affordable, high-quality asset for the cities we partner 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.

EHMI and EHRSI often receive commendations from our partners who know and see firsthand the work we do – including city staff, neighbors, police departments, and financial investors.

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. This combined effort assures that the quality design and construction of the project is preserved through the careful long-term maintenance of the property and ongoing care and service to residents.

Throughout Eden’s 54-year history, Eden has been actively adapting to and influencing the affordable housing industry in California. We strive to shape housing policy every year and innovate new financing structures with every project to ensure the long-term success of our properties, and in turn, our residents. Eden Housing was the first developer in the State of California to receive tax credits – for our 54-unit Cypress Glen affordable family housing development – and we have been continually successful at acquiring 9% and 4% tax credit allocations for our projects.

Eden Housing

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Eden’s pipeline has grown and we continue to add to California’s inventory of affordable housing as housing costs reach a critical point in our history. We are highly experienced in obtaining affordable housing financing through HUD and HCD, as well as local housing authority, county, and city resources. We recognize that our success rests largely on our partnerships with local governments and community organizations – from early local project approvals to long term resident services – and seek to continually strengthen these relationships.

Eden Housing has nearly 500 employees, and its main office is in Hayward, CA. Eden is consistently named one of the Top 50 affordable housing companies in the nation by Affordable Housing Finance Magazine, the leading national publication that ranks and reviews affordable housing.

Eden Housing Management, Inc.

Eden Housing Management, Inc. (EHMI) is the property management non-profit affiliate of Eden Housing and manages the properties developed and owned by Eden Housing.

EHMI was established in 1984 and has 34 years of experience in the field of affordable housing management, currently managing almost 10,000 units across over 140 properties.

The EHMI management model focuses on three main pillars:

1. Focus and expertise in affordable housing

First and foremost, Eden Housing Management is a non-profit management company that specializes in affordable housing. We recognize and appreciate the many ways that affordable housing is unique and tailor our operations to best address the needs of the populations we serve and the complex compliance required.

Eden Housing properties are financed with a multitude of affordable housing sources, including a wide range of US Department of Housing and Urban Development (HUD) funds, California Housing and Community Development (HCD) funds, California Tax Credit Allocation Committee (TCAC) tax credits, tax-exempt bonds, redevelopment agency funds, and conventional mortgages. EHMI is well-versed in the complex compliance required for the variety of affordable housing financing and maintains excellent relationships with these federal, state, and local government agencies and commercial lenders and investors. Through careful attention to concerns as they arise, strong communication, and consistently sound managerial practices, EHMI far exceeds management industry standards and maintains a portfolio-wide vacancy rate of 1 percent.

2. Integrated model with development, operations, and resident services

Throughout our properties, we have seen the benefits of integrating development, property management, and resident services under the Eden Housing umbrella.

Keeping developments within the same organization allows for a seamless transition

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between development and property management, as well as a high caliber of communication between property management and resident services on a regular basis. Other advantages of the integrated model include:

Property operations and resident
services staff provide invaluable insight
to the development process, as they see
first-hand how properties operate and
building systems and materials age over
time. Additionally, asset management
and accounting staff acutely understand
property financials over the lifetime of a
development. As such, each new
construction and rehab project
continues to build on – and benefits from
– the expertise and cross-pollination of
ideas among the Eden departments.

As we have ramped up our rehabilitation work at occupied properties, effective communication between development, operations, and resident services has been paramount. Eden staff from these departments communicate on a daily basis as needed to ensure the work is going smoothly and residents and staff are kept informed.

Additionally, representatives from these departments hold recurring weekly meetings to check in on current issues and progress.

Eden Housing management and resident services work in tandem to effectively manage our properties and support our residents. One example of such collaboration is National Night Out, an annual event that brings residents, staff, neighbors, the police department, and elected officials together to celebrate community relationships as well as improve neighborhood safety. Property management and resident services staff work closely together to put on these events, and in 2015 and 2016, National Night Out was celebrated at all Eden properties, with 52 events and more than 4,000 residents participating.

3. Commitment to sustainability

We recognize that how we operate our buildings has a direct impact on the health of the environment, of our residents, and of property finances. As such, Eden is dedicated to environmental responsibility and has incorporated this commitment into its everyday operations. In 2009, Eden launched a comprehensive green initiative to lower usage and operating expenses for water, electricity, gas, and trash. We performed utility audits at 100 percent of our properties, engaged in comprehensive capital planning, and leveraged more than $10 million to green our portfolio. Our efforts included retrofitting 27 properties for solar systems, replacing low flow fixture replacements, and resident education programs and trainings.

Since that time, Eden has continued to closely monitor utility usage at all our properties and seek new ways to improve utility efficiency. We have partnered with a third party service to monitor our energy and water usage at each property, analyze the data, and

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identify key targets for usage reduction. In 2015, we reduced our water usage by 20% across the portfolio.

To further our green efforts and ensure continued progress, Eden has an interdepartmental Green Steering Committee (GSC), which is responsible for Eden’s green strategic planning efforts. The GSC has played an instrumental role in executing all of our green initiative activities, including training modules for staff and residents and the creation of Eden’s Operations and Maintenance Manual. One of our main goals is to keep our green education goals on the forefront to encourage positive green behavior.

Our committee meets bi-weekly and is a resource for all staff on an on-going basis.

Eden Housing Resident Services, Inc.

Eden Housing Resident Services, Inc. (EHRSI) was established in 1995 as a 501(c)(3) nonprofit affiliate of Eden Housing, Inc. to provide resident services programming to properties in the Eden Housing portfolio. EHRSI provides a wide range of services and enrichment programs designed to meet the needs of our diverse resident population.

We believe that housing is a foundation for life change. Our goal is for families is to create pathways out of poverty by providing them with housing stability and programming to help them reach their goals. For seniors and special needs, including homeless populations, Eden’s goal is to provide a place to age with dignity in their own home. We strive to inspire hope by providing high-quality, relevant, and impactful service coordination and program offerings that create stability and a path to economic empowerment for residents.

Eden’s portfolio includes 142
managed properties of which 25
(17%) include units for the
homeless population. For all
sites, services are organized
around six core areas of focus
including housing stability,
education, health & wellness,
economic empowerment,
community engagement, and
technology access. Services are
client-focused and respond to
the specific needs of each
housing community. We have
established goals for each of the
focus areas as follows.

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Services range from offering one-on-one support to providing workshops and hosting community- wide events. There are three primary levels of services coordination which include an on-site Resident Services Coordinator and/or Case Management, special programs only such as an afterschool program or technology training, or access to an Information and Referral Hotline staffed during regular business hours.

EHRSI’s model of service delivery is unique in that we utilize in-house paid staff members as well as contract with other third-party providers to provide quality services.

EHRSI currently contracts with over a dozen third party service providers and has an in- house Director of Community Partnerships to oversee and manage those relationships.

EHRSI Primary Goals
Focus Area
Seniors &
Households
with Special Needs
Families

Housing
Stability
Maintain their housing for
the remainder of their life.

Remain housed until enough resources
are accumulated to successfully transition
into less
subsidized housing.

Economic
Empowerment
Maintain existing
income/assets and increase
income when possible by
accessing available financial
benefits and taking
advantage of discount
programs.

Increase assets and income, access
available financial benefits, and reduce
debt.

Education

Improve their ability to
navigate the systems
affecting their life (health
care, social security,
transportation, etc.)
(Adults) Improve their knowledge and
ability to find employment and increase
their ability to advance in their career.

(Children) Improve their educational out-
comes and trajectory through
participation in quality early childhood,
afterschool & youth programs. (Parents)
Improve their ability to advocate for their
children in school and be engaged in their
child’s educational development.

Health &
Wellness
Increase their knowledge of access to health care systems, preventative health measures, nutrition, and mental health resources.

Community
Engagement
Improve community participation and engagement within the property and with the larger community and develop residents to be advocates and leaders in their community.

Technology
Access
Improve their understanding of how to utilize technology to achieve self-identified goals
and increase access to the internet.

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Additionally, EHRSI contracts with organizations to provide special programs to sites including the Boys and Girls Clubs and Second Harvest Food Bank.

We seek to partner with local experienced providers whenever possible, whether through contractual relationships or through memorandums of understanding. EHRSI works with a large range of local community service partners to offer programs, workshops, and presentations to our residents on topics related to the six focus areas.

We believe it is critical to integrate our services with services currently provided in the larger community and to help our residents make those connections to ensure a successful transition out of our housing for households where that is appropriate.

For projects in Eden’s portfolio that serve special needs populations such as veterans, individuals with disabilities, and households exiting homelessness, EHRSI provides comprehensive, culturally specific services either through direct service or by contracting with a third-party service provider. These services are flexible and responsible to individual resident needs, but can include case management, crisis management for substance use disorders, mediation services, and housing success services, including helping residents to understand lease obligations and house rules.

EHRSI has experience coordinating with providers such as the Department of Veterans Affairs and County Departments of Mental/Behavioral Health. Eden’s Associate Director of Supportive Housing manages these projects.

EHRSI has experience both beginning services at new properties as well as coming in to provide services at existing properties. In each instance, we take the time to evaluate the needs of the residents by utilizing resident assessments and community meetings. From there, a menu of services is created and offered to residents focusing on the goals outlined above for the six core focus areas. Our staff and partners work hand-in-hand to provide the best programming and services available to residents to help them maintain their housing and reach for their dreams.

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Eden Housing’s Equity Statement

Since our founding in 1968, Eden Housing has been committed to building and preserving a home for everyone in need. We have a responsibility to address structural racism in our communities through our work in housing. The following equity statement outlines our commitment.

We advocate to eliminate the effects of racist, exclusionary land use policy and housing discrimination. We value racially and economically diverse communities because they are essential to our collective success.

We build inclusive, high-quality, well-designed, affordable housing throughout California. We do this because everyone has a right to live in safe, thriving neighborhoods with access to quality education and employment opportunities.

We believe that access to resident services and amenities allows people to live with dignity, experience lifelong growth, and build financial security. We will apply an equity lens to our partnerships, programs, and supply chain to acknowledge that the opportunities we provide can be a pathway to economic success for people who have encountered the most significant barriers.

We celebrate our differences and strive to create change for good. We hire people who embody and champion the Eden Housing brand and mission.

We value the unique perspective that derives from richly diverse residents and employees. We pledge to engage and elevate the voices of all cultures and backgrounds to increase our efficacy and understanding.

We promise to do our part. We promise to be mindful and consistent.

We commit to scrutinize and improve our practices, policies, and programs. We will continue to increase our social awareness and ability to understand, appreciate and interact with people from different cultures and belief systems. We will deliver with integrity, champion our people, build enduring partnerships, and commit for the long haul.

We challenge our partners to join with us in the fight to end racist policies and practices in the housing industry. Together, our advocacy and concrete actions will help us change the world one corner at a time.

Equity Statement

We celebrate our differences and strive to create change for good. We hire people who embody and champion the Eden Housing brand and mission.

We promise to do our part. We promise to be mindful and consistent.

Eden Housing

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About Dahlin Group

DAHLIN is a diverse architecture and planning firm of 150+ multicultural professionals working with developers, municipalities and communities on various types of affordable housing projects. From four offices in California, an office in Bellevue, Washington, and two offices in the People’s Republic of China, we provide these services globally.

We successfully support affordable housing projects by looking beyond the site itself to the neighborhood and the greater community around it, becoming an advocate for the people the project will impact. By listening first and designing second, we match our expertise with their expectations and goals to build community consensus on the front end, workshopping towards a project design that will foster community for decades to come. Our design solutions are innovative, real and achievable. Our people are passionate about creating places that promote human fulfillment and well-being.

Passion for Place® is evident in all we do—whether we are working with a developer to entitle and deliver a new affordable mixed-use community, developing a supportive housing community that provides safe, clean, quality housing for its residents, or rehabilitating an existing community.

Since 1976, we have been committed to excellence in design—best demonstrated through our long-term client relationships and by our award- winning, financially successful, and sustainable design solutions.

Eden Housing’s Monteverde Senior Aparments | Orinda, CA | Designed by DAHLIN

Eden Housing

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Community-Focused Design

DAHLIN’s commitment to designing spaces with construction efficiency and cost effective materials while looking for opportunities to create communities that support a sense of belonging is a prerequisite for affordable housing clients.

While it can be a common misconception that “affordable housing” means compromising with small, less livable apartments built with inexpensive materials, often the opposite is true.

Small units actually necessitate a focus on design for living efficiency as a key to the success of the overall project and livability for residents.

The attention to detail that would be expected of a well-appointed, market-rate project, is even more relevant when creating a community that will be operated and managed with an expectation for longevity and maintenance efficiency. As a result, building owners and operators, as well as residents, are satisfied by a design that succeeds in supporting a cohesive community.

Cross-Pollination: Community Serving Projects

Our holistic approach to development of affordable housing communities is complemented by our expertise in planning, programming and design of community serving projects, combined with our knowledge of commercial, retail and hospitality design. The cross pollination better equips us to develop more creative design solutions. We know the materials and construction techniques to create memorable buildings while being critically conscious of cost and ongoing maintenance requirements. We understand how mixed-uses relate to create a sense of place and community that brings people together, meeting the needs of multiple user groups now with adaptability for future needs.

Eden Housing’s Hayward Senior Apartments | Hayward, CA | Designed by DAHLIN

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Answering Not in My Backyard Reactions

DAHLIN helps project owners articulate their vision
and generate acceptance for their projects
throughout the entire entitlement process. We have
learned never to assume the public will embrace a
project—even those that may seem to be an obvious
benefit
to the neighboring community.

We have been in the trenches of community outreach
alongside our clients so many times we can discern
the underlying concerns of objections even when
they are not being said in so many words. Then, we
imagine the possibilities and develop creative
solutions to feasibly address and overcome
objections, keeping in mind innovative flairs that set
apart new developments.

ENGAGEMENT
Listening
The stakeholders tell all—
community goals and aspirations

Outlook
Brainstorm with an open mind
from outreach exchanges

Solutions
Translators of community visions
into functional realities

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Project Management, Structure and
Organization Chart

The proposed project will be developed, owned and managed by Eden Housing and its affiliates. During the development phase, the project will be overseen by a project manager, who will be supervised by an Associate Director or above, with regular input from department and corporate leadership. Eden strives to have a single project point of contact who has the company’s full support on each project element. More details on project staffing are in the experience section.

The proposed project ownership structure can be illustrated as specified below. It is anticipated that the project will be owned by a tax credit limited partnership, as is customary in projects of this nature., currently shown as a placeholder entity. The Placeholder entity is replaced with a tax credit equity investor at the financing closing milestone. Eden Housing, Inc. will provide all necessary completion and financing guarantees for this project, as we do on all our projects. Eden has a strong balance sheet, and providing such guarantees is a matter of course for our organization. Dahlin Group will contract directly with Eden Housing, Inc. initially and then will contract with the limited partnership after it has been formed. Each independent phase would be owned by its own partnership, and staff would ensure that each ownership entity is assigned the required rights and responsibilities it needs to bring on an equity investor and close its financing.

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Project Team Resumes

Linda Mandolini
President | Eden Housing

Ms. Mandolini has served Eden Housing as a Project Developer, as Director of Real Estate Development, and since 2001, as Executive Director and President. She is guided in her work as President by Eden Housing's active volunteer board of directors.

Linda oversees affordable housing production, resident support services, and property management components of the
organization. She actively participates in high level conversations and meetings with City Council members and other decision makers. As a rule, she likes to attend public hearings and other high-profile events to speak on behalf of Eden whenever possible.

Linda is a board member of several local and national affordable housing organizations, listed below. In addition, Linda previously served as a member of the Board of Directors and Chair of the Non-profit Housing Association of Northern California and as a founding Board member and Chair of The Housing Trust of Silicon Valley.

Linda has been honored with the 2016 SF Business Times Forever Influential Honor Roll, 2014 and 2015 SF Business Times "Bay Area's Most Influential Women" award, 2011 SF Business Times "Northern California Real Estate Women of Influence" award, 2011 Affordable Housing Management Association (AHMA) Pioneer Award, and the 2008 East Bay Business Times "Women of Distinction" award.

Education
Wheaton College, BA with honors
Boston University, MBA

Professional Affiliations
Board member – California Housing Consortium
Board member and Vice Chair – National Housing Conference Board member – Enterprise Communities Leadership Council, Advisory Board Member – International Housing Partnership, Steering Committee Member – ULI Workforce Housing Council
Member – Terwilliger Center Advisory Board

Eden Housing

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Andrea Osgood
Senior Vice President of
Real Estate Development | Eden Housing

Ms. Osgood joined the Eden Housing Development team in 2008 and currently leads Eden’s new construction and acquisition efforts. She assists with supervision of Development staff, actively participates in early development activities, and provides guidance and expertise throughout the development process.

Since joining Eden, Andrea has developed over 400 new units and overseen the acquisition of nearly 1,400 existing units in six California counties – from Sonoma to San Diego County.

Before her career in affordable housing, Andrea worked as a construction management consultant for Capital Projects of UC Berkeley and was involved in nearly every phase of large rehab and new construction projects – from planning and development through funding and construction. She also gained experience in construction litigation and public contracting as a lead paralegal in the construction group of the San Francisco law firm, Hanson Bridgett Marcus Vlahos & Rudy.

Education
Pomona College, BA with honors
University of California Los Angeles, MA in Urban Planning

Professional Affiliations
Director – Housing Leadership Council of San Mateo County (Board Chair) Director – SV@Home (Treasurer)

Eden Housing

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Louis Liss
Associate Director of
Real Estate Development | Eden Housing

Mr. Liss originally joined the Eden Housing Development team in 2018 and has worked on both acquisitions and ground-up new construction and projects. Since joining Eden, he has overseen the delivery of 130 units in Alameda, CA in two phases: a 60-unit Senior and Veterans project called Corsair Flats project and a 70- unit Family and Special Needs project called The Starling.

Before working at Eden, Louis got his master’s degrees in city planning and real estate development, during which time he was a teaching assistant in economic development finance and conducted research for the Real Estate Innovation Lab and the Sloan School of Management. His master's thesis examined the economics of adaptive reuse projects, affordable housing and commercial activation in challenging real estate development markets in Massachusetts.

In addition to his work in affordable housing, Louis has held positions in infrastructure and economic development in municipal government at New York City Economic Development Corporation and San Francisco Municipal Transportation Agency.

Education
Washington University in St. Louis, BA summa cum laude
Massachusetts Institute of Technology, Master in City Planning Massachusetts Institute of Technology, Master of Science in Real Estate Development

Professional Affiliations
Member – Urban Land Institute
Past Steering Committee Member – Emerging Leaders Peer Network, Non-Profit Housing of Northern California

Eden Housing

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Kasey Archey
Senior Vice President of
Property Operations | Eden Housing

Ms. Archey brings a wealth of experience and knowledge in the operation and management of multi-family housing to Eden. She comes to Eden from Jerusalem House where, as Program
Manager for Scattered Sites, she oversaw the largest supportive, permanent housing program in the metro Atlanta area for homeless, low-income people living with or affected by HIV/AIDS.

Prior to this role, she was the Grants & Compliance Manager, responsible for the oversight and management of governmental grants for all housing units. She has also held leadership roles in Property Management at Abode Communities and Goldrich and Kest. In addition, she has served on the Board of the Affordable Housing Management Association-Pacific Southwest and is an active and contributing member of the National Affordable Housing Management Association.

Education
Dillard University, Bachelor of Arts

Eden Housing

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Anna Gwyn Simpson
Vice President of
Resident Services | Eden Housing

As Vice President of Resident Services, Anna Gwyn oversees all of Eden Housing's resident service programs and staff. Since 1995, Eden Housing has provided a wide range of supportive services and enrichment programs designed to meet the needs of its diverse resident population. Eden Housing provides services directly as well as partners with other community organizations to deliver services.

The comprehensive programs are offered at 100% of Eden’s managed properties. Programs include youth and after-school programs, digital technology and literacy programs, aging in place and independent living programs for older adult seniors, health and wellness programs, and financial literacy programs.

Anna Gwyn has more than 20 years of social service experience with an extensive background in managing social service programs for diverse communities and developing evaluation metrics and measurement tools to articulate program success. Prior to joining Eden Housing, she served as the Interim City Manager for the City of Martinez.

Anna Gwyn has spent most of her career in housing, serving in leadership roles with the Oakland Housing Authority, Citizens Housing Corporation, and Episcopal Community Services of San Diego and Riverside Counties.

She previously served as a Board member of the Executive Board of Directors of the Pacific Southwest Regional Council of the National Association of Housing and Redevelopment Officials (NAHRO). She currently serves as a Board member of the Affordable Housing Management Association for Northern California and Hawaii (AHMA- NCH) in the role of Director of Resident Services.

Education
Colorado College, BA
San Francisco State University, MPA with Honors, Nonprofit Administration emphasis

Professional Affiliations
Member – National Association of Redevelopment and Housing Officials

Eden Housing

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Sean Whitacre, AIA
Principal - Senior Architect | Dahlin Group

Sean Whitacre is a talented and experienced designer,
and problem solver with a wide range of abilities in the field of architecture. He leads our multi-family sector, by delivering an exceptional client experiences. His
commitment to listening to clients and leading the
process has helped DAHLIN to consistently add value
and generate positive outcomes for our clients. In his
over 18 years with DAHLIN, Sean has designed nearly all forms of residential architecture supplemented with,
retail complexes and resorts. His design skills and deep knowledge of code and construction make him a highly valuable resource to developers as he leads our next generation of architects and designers.

Education
Bachelor of Architecture,
California Polytechnic
State University, San Luis
Obispo

Affiliations
American Institute of
Architects

National Council of
Architectural Registration
Boards

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Affordable Housing

Nova
Oakland, California, USA
Affirmed Housing

Villas on the Park San
Jose, CA Affirmed
Housing
Alora

San Marcos, California,
USA Affirmed Housing
The Grove

Vista, California, USA
Wakeland Housing

Carlsbad Veterans
Carlsbad, California USA
Affirmed Housing

Eden Housing

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Housing Development Project

Jirair Garabedian, AIA, LEED AP
Senior Associate / Senior Architect | Dahlin Group

Jirair’s collaborative approach in shaping our built
environment allows him to work closely with all stakeholders, including future residents and the larger community,
actively listening to understand their needs. His design approach and problem- solving methodology are rooted in his expertise in leveraging zoning and building code
requirements, taking advantage of both opportunities and constraints, and preparing comprehensive feasibility studies to evaluate highest and best use
scenarios.

With over two decades of demonstrated experience in planning, designing and securing entitlements for complex and multi-faceted, private and public sector projects, encompassing a wide variety of typologies, building occupancies, and construction types (Type-I, Type-III, and Type- V), clients benefit from all the lessons learned from problems solved.

He has extensive experience in high-density, transit-oriented, mixed-use, multi-family residential, market rate, affordable, for sale and for rent, and retail development.

Education
Masters, Construction
Engineering &
Management, University
of California, Berkeley

B. Arch, Magna Cum
Laude, Cal Poly Pomona
College of Environmental
Design

Affiliations
Licensed Architect in
California

National Council of
Architectural Registration
Boards

PAST PROJECTS

Senior + Multifamily
Woodland Hills Seniors
Woodland Hills, California,
USA CA Ventures

Firmin Court
Los Angeles, California,
USA The Decro Group

Otay Ranch Affordable
Housing Chula Vista,
California, USA Meta
Housing

Alvarado Specific Plan La
Mesa, California, USA The
Paydar Companies

Desert Marketplace
Apartments
Las Vegas, NV
Warmington Apartment
Communities

Multifamily + Mixed -Use
Allison Avenue Mixed-Use
La Mesa, California, USA
USA Properties
Crowther Avenue Mixed-
Use Placentia, California,
USA USA Properties

Prior to Joining Dahlin
6250 Sunset Mixed Use
Los Angeles, California,
USA Essex Properties

Paragon at Old Town
Monrovia, California, USA
Urban Housing Group

The Village at USC
Los Angeles, California,
USA

USC Real Estate & Capital
Construction Group
Central Park West

Eden Housing

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Ritu Raj Sharma, AICP, LEED AP
Principal / Senior Planner | Dahlin Group

Ritu Raj Sharma is a dynamic urban designer with over 16 years of planning, urban design and architectural
experience working with communities, private developers and public agencies. As leader of the planning team, he provides design and planning expertise on a wide scale of planning projects, including large master plans, urban
mixed-use projects, streetscape plans, and design
guidelines, encompassing issues of equity, community
and urban design and open space.

Ritu Raj’s projects are focused on placemaking, context sensitive design and creating consensus in the communities he works in. His familiarity with building typologies and densities, ability to convey issues of scale and mass, and knowledge of building and municipal codes brings rigor to the guidelines and standards he is involved with. His extensive involvement in these various planning projects spans the entire project lifecycle.

Through years of seeing numerous projects through from start to finish, Ritu Raj has developed a holistic perspective on the planning process, from which he actively draws insights for creating innovative planning and development strategies for better communities with a strong focus on sustainability. Several of these projects have received awards and industry recognition, such as the Watson Ranch Specific Plan in American Canyon, the Duarte Station TOD Specific Plan, the University Villages Specific Plan and the Villages of Black Diamond Master Plan.

Education
Masters, Urban Planning,
University of Michigan

BA, Architecture,
Jadavpur University, India

Affiliations
American Planning
Association

Urban Land Institute

SPUR

Council of Architecture,
India

PAST PROJECTS

Planning
Vacaville Residential
Standards Update
Vacaville, California, USA
City of Vacaville

Natomas Joint Vision Area
Master Plan Sacramento,
California, USA
Brookfield Land

Watson Ranch Specific
Plan American Canyon,
California, USA McGrath
Properties

Amoruso Ranch Specific
Plan Roseville, California,
USA Brookfield Sunset
LLC

Villages of Black Diamond
Black Diamond,
Washington, USA
YarrowBay

TOD + Infill
Development
Duarte TOD Specific Plan
Duarte, California, USA
City of Duarte

Dumbarton TOD Specific
Plan
Newark, California, USA
City of Newark

Eden Housing

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The Eden Way – High Quality Housing
Development and Management

Eden Housing has a robust system in place to ensure quality control at every stage of the development process. As one of the oldest affordable housing developers in the state, decades of institutional knowledge and growth have enabled Eden to deliver community after community of high-quality affordable housing. -
With a development team of over 30
full-time employees, Eden’s deep
bench enables the organization to
maintain a high level of capacity to
take on new, complex projects at any
time. A high degree of financial
stability as well as Eden’s ability to
recruit and retain talent allows each
project to remain fully staffed. Beyond
the organization’s high capacity,
specific steps are taken to ensure that
the complex process of development
is reviewed by many eyes. This
includes:

• A reporting structure that includes a dedicated project manager per project along with continual, experienced supervision as well as final checks on business decisions by the department’s Senior Vice President.
• A policy and practice of peer review throughout the development process, including:
o Regular Project Risk Reviews by department leadership to help shed light on project threats and opportunities and share knowledge from across the development pipeline
o A process of peer review before major funding application submissions, enabling a multiple-eyes system of mitigating high-stakes clerical errors. o All-hands meetings at major project milestones to maintain an all- company approach to delivering project success
• Longstanding partnerships with the industry’s best experts, including:
o Experienced financial consultants
o Talented legal council with expertise in the intersection of tax credit finance and community development
o Owner’s representation with decades of experience delivering, troubleshooting and maintaining Eden’s high-quality homes

Housing is built by people, and twists and turns are inevitable throughout the process.

However, Eden’s processes, resources and talented staff enable a high level of competence and oversight throughout the project’s life cycle, swiftly resolving issues that come up.

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2. EXPERIENCE

Past Eden Partnerships with Public
Entities

Eden has a long history of successful partnership with public entities—partnering with government and acting as a go-between for governmental agencies is at the core of our work. The scope of our partnerships with public entities has run the gamut from solely obtaining permits and planning approvals to incorporating local housing bond funding all the way to co-creating projects with public partners on publicly owned land. Below are three examples of projects finished within the past five years that were built hand in hand with governmental partners on publicly owned land. These three examples are just that—only a small sample of the many projects of this nature Eden has delivered over the decades. It’s also worth noting that Eden currently has several projects currently in its development pipeline owned by entities such as the State of California, Santa Clara County and the City of San Jose among others. More details on each project (along with others) are in the Sample Developments section.

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Recently Completed Public Entity Partnership Projects

Corsair Flats (2020) and The Starling (2021)
Location Alameda, CA
Public Agency with
Contract
City of Alameda Community Development
Department
Scope and Contract
Details
In partnership with Alameda Point Partners, the
master developer of the Alameda Point Site A
development, Eden Housing was assigned the
project’s 128-unit low- and very-low income
inclusionary housing obligation. Eden’s responsibilities were to design the project consistent with the area’s
precise plan, obtain design review approvals and
permits, obtain the project’s financing including
highly competitive State sources, and ultimately own
and manage the projects. Eden delivered the homes
in two phases, in 2020 and 2021 respectively. More
details are provided in the Sample Developments
section. The land for each project was conveyed for $1, and the City also contributed funds from its County
bond fund allocation as well as master developer-paid
inclusionary fees into each project ( a grand total of
$6 million).

Reference Contact Info Lisa Maxwell
Community Development Director
City of Alameda
(510) 747-6899 | [email protected]

Eden Housing

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Hana Gardens Senior Apartments (2018)
Location El Cerrito, CA
Public Agency with
Contract
City of Alameda Community Development
Department
Scope and Contract
Details
Eden Housing was selected as the developer of a City
of El Cerrito project site immediately adjacent to City Hall after a competitive RFQ process in 2010. Eden
entered into a Disposition Development and Loan
Agreement with the City, which laid out Eden’s
responsibility to develop the site from the design
concept originally proposed in the RFQ to full
completion and operation. The partnership with the
City included a robust community process that
catalyzed the preservation of a historic flower shop
building, a precious asset to the local Japanese-
American community. The project’s development
straddled the period that included the dissolution of
redevelopment agencies, and Eden worked to bring in
State funding through the then-new Affordable
Housing and Sustainable Communities program,
including funds to improve the Ohlone Greenway
adjacent to the project. The project opened in 2018 as
a Senior project with a 2,000 square foot Senior Center at the ground floor. The City donated the land and
contributed $300,000 in funding to the project
budget.

Reference Contact Info Melanie Mintz
Community Development Director
City of El Cerrito
(510) 215-4339| [email protected]

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Cranes Landing (2018)
Location Lodi, CA
Public Agency with
Contract
City of Alameda Community Development
Department
Scope and Contract
Details
After being selected from a competitive RFQ process, .

Eden entered into a Disposition Development and
Loan Agreement with the City of Lodi to develop a
senior affordable housing project immediately
adjacent to Roget Park, a key neighborhood open
space in the community. Eden’s responsibility was to
design, construct and operate the project,
maintaining affordability levels consistent with the
City’s available funding at the time, which included
HOME, CDBG and HUD Section 202. the site from the
design concept originally proposed in the RFQ to full
completion and operation. Eden completed the
project – 79 units of Senior housing – in 2017, on time and on budget. The City donated the land and
contributed almost $500,000 in funding to the project
budget. Eden also worked with San Joaquin County to
help fund the project.

Reference Contact Info Steve Schwabauer
City Manager
City of Lodi
[email protected] | 209-333-6700

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Project Team Roles
We have identified the key members of the development team below with a short summary of each person’s specific role and location. Additional information on training and professional experience for each person is included in the Resumes section.

Linda Mandolini, President
Email: [email protected]
Phone: (510) 247-8117
Office Location: Hayward, CA
Project Role: Ms. Mandolini oversees affordable housing production, property management, and resident services components of the entire Eden organization. The combined annual operating budget for the three companies is over $50 million, with a staff of over 450 employees. Ms. Mandolini will oversee all high-level business decisions.

Kasey Archey, Senior Vice President, Property Operations Email: [email protected]
Phone: (510) 247-8114
Office Location: Hayward, CA
Project Role: Ms. Archey is responsible for all property management functions of Eden Housing Management Inc. and also oversees the Services and Asset Management needs of the corporation. Ms. Archey will oversee all property management-related decisions.

Andrea Osgood, Senior Vice President of Real Estate Development Email: [email protected]
Phone: (510) 247-8103
Office Location: Hayward, CA
Project Role: Ms. Osgood oversees Eden’s development activities. She will lead Eden’s collaboration with the City and County, assist with supervision of development staff, actively participate in early development activities, and will provide guidance and expertise throughout the development process.

Anna Gwyn Simpson, Vice President of Resident Services
Email: [email protected]
Phone: (510) 247-8181
Office Location: Hayward, Ca
Role: Ms. Simpson supervises services staff in implementing and providing EHRSI’s successful programs and services to residents. As well, she continues to build and maintain EHRSI’s strategic partnership with other local service providers and organizations to provide additional health, educational and enrichment programs at our developments. Ms. Simpson will actively participate in the planning and implementation process for the project’s Resident Services plan.

Louis Liss, Associate Director of Real Estate Development Email: [email protected]
Phone: (510) 363-2574
Office Location: Hayward, CA
Project Role: Mr. Liss will be the lead Project Developer handling the day-to-day responsibilities of the project through predevelopment and construction.

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Sean Whitacre, Principal/Senior Architect, Dahlin Group Email: [email protected]
Phone: 858-350-0544
Office Location: San Diego, CA
Project Role: Mr. Whitacre will be the principal -in-charge of the project, providing strategic input and oversight on major design decisions.

Jirair Garabedian, Senior Associate/Senior Architect, Dahlin Group Email: [email protected]
Phone: (949) 250-7214
Office Location: Irvine, CA
Project Role: Mr. Garabedian will be the day-to-day project manager for the design of the community, handling all elements of the design from concept to construction documents.

Ritu Raj Sharma, Principal/Senior Planner, Dahlin Group Email: [email protected]
Phone: (925) 251-7297
Office Location: Pleasanton, CA
Project Role: Mr. Sharma will provide input on the project’s planning process and context, helping the design team to tailor the project to meet local policy and planning goals.

Last Ten Years of Project Completions

Eden Housing’s robust development pipeline
has enabled the team to open (and re-open
after renovation) numerous projects in the last
decade, with many more to follow in the
coming years. Below is a list of the projects that
completed new construction in the past ten
years. A similarly large number of projects have
been substantially renovated and acquired
during this same period but are not included in
this list. Eden’s full Real Estate Owned schedule
is included as an attachment to this response.

Project
Year
Completed Units Location
Loro Landing 2022 62 San Leandro
The Starling 2022 70 Alameda
Reilly Station 2021 61 Fremont

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Project
Year
Completed Units Location
Corsair Flats 2020 60 Alameda
Hana Gardens 2018 63 El Cerrito
Pauline Weaver 2018 100 Fremont
Miraflores 2018 80 Richmond
Valor Crossing 2017 66 Dublin
Cranes Landing 2017 80 Lodi
Alta Mira 2016 151 Hayward
Camphora Apartments 2016 44 Soledad
Studio 819 Apartments 2015 49 Mountain View
Weinreb Place 2015 22 Hayward
University Village
Apartments
2014 108 Marina
Ford Road Plaza 2014 75 San Jose
Monteverde 2014 67 Orinda
Belle Terre 2014 46 Lafayette
Monterey Villa 2013 20 San Jose
Wexford Way 2013 131 Dublin
Warner Creek 2013 61 Novato
801 Alma 2013 50 Palo Alto
Cottonwood Place 2012 98 Fremont
Carlow Court 2012 50 Dublin
Eden Housing
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Sample Developments
Miraflores Senior Apartments
150 S. 45th Street, Richmond | Affordable Senior Housing Project Name Miraflores Senior Apartments
Project Location 150 S. 45th Street, Richmond, CA 94804 Construction Schedule Started in February 2017
Completed in May 2018
Development Cost $40,100,000
Lot Size and Density 1.56 acres; 51.2 dwelling units/acre Building Areas 70,143 SF of residential space
Units 80 affordable rental apartments
79 1-bedroom senior units
1 2-bedroom manager’s unit
Incomes 30-45% of AMI
Developer Eden Housing, Inc. and
Community Housing Development Corporation
Architect HKIT Architects
Contractor James E. Roberts-
Obayashi Corp.

Property Operations Eden Housing Management Inc.

Eden Housing Resident Services Inc.

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Overview: Eden Housing partnered with another non-profit, the Community Housing Development Corporation of North Richmond, to provide 79 new affordable senior rental apartments along with a number of community benefits including a new park. More than 15 years in the making, Miraflores Senior is a testament to the commitment of the Development Team and the City of Richmond to transform a 14-acre brownfield site and former flower nurseries into a new, vibrant community. The property serves very low and extremely low-income seniors in Contra Costa County with incomes are or below 30%- 45% of the area median income.

P
lacemaking and Amenities: Miraflores Senior Apartments includes a community room with a kitchen, a common courtyard with BBQs and community gardens, a computer lab, and bike storage. The design articulates a Spanish architectural style and sets a high design bar for future
development of the former
nursey site.

I
n addition to the affordable
housing, Eden was also able
to help the City secure
funding required to help build
a new public park that honors
the history of the Japanese-
American flower industry. The
park is located to the east of
the project and provides a
buffer to the Freeway. In
addition, the project was able
to help build new bicycle and
pedestrian paths that connect
the Park Plaza community to
the Richmond Greenway and
the McDonald Avenue
Commercial District. The
funding that made this
possible was from the State’s
Affordable Housing and
Sustainable Communities
(AHSC) program and was
secured in the inaugural round of this program.

Public Private Partnership: Eden worked closely with the City of Richmond to design, develop and finance a new park and connecting bicycle and pedestrian connections to the park from the housing development. Eden also worked closely California HCD on the funding of these improvements.

P
arking and Transportation Demand Management: The project includes 70 total surface parking spaces, with some provided on-site (32) and some on-street (38) which

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represents a total parking ratio of 0.875 spaces per unit. The off-street (on-site) ratio is 0.4 spaces per unit. Eden’s experience developing senior properties has shown us this is amount meets the demand of the senior population.

A
transit pass program provides a minimum of 1 AC Transit pass to each residential unit at the facility. The development’s operating funds pay for the cost of these passes for the first three years of operations, and after Year 3, the project will cover half of the cost of each pass and the resident will be asked to cover the other half. At $10 a month per pass, the cost for residents is 90% less than the regular price for a monthly pass.

F
inancing: Miraflores was financed using 4% tax credits and tax-exempt bonds. In addition, the project includes significant funding from two state level programs (AHSC and an Infill Grant), project-based vouchers, a small loan from the City and Federal Home Loan Bank of San Francisco Affordable Housing Program (AHP) loan. Wells Fargo serves as the project’s tax credit equity investor as well as construction lender. The California Community Reinvestment Corporation holds the first mortgage.

Funding Sources Type/Progra
m
Phase Total
Dollars
California Community
Reinvestment Corporation
Perm Loan Perm $8,965,000
Wells Fargo 9% Equity Perm $17,216,777
HCD AHSC Soft Loan Perm $5,077,558
HCD Infill Grant Grant Perm $3,312,544
City of Richmond Soft Loan Construction/P
erm
$2,869,059
Deferred Developer Fee Deferred Perm $1,915,906
AHP Soft Loan Perm $790,000
Total $40,146,84
4 Community Outreach: Miraflores Senior was part of a larger plan to redevelop several former nurseries and took many years of community outreach and environmental clean- up before construction could commence. Eden Housing, together with the City, helped lead an extensive community outreach and entitlement process that also included preparation of an EIR. Because a significant component of the project involved extensive environmental cleanup; Eden, CHDC and the City held numerous meetings to explain the scope of the clean‐up and solicited input regarding community concerns. In addition to the environmental work, the community was also interested in preserving some of the history of the former uses on the site. Eden met multiple times with the Historic Preservation Advisory Committee and ultimately created a plan to honor the site’s history as a Japanese-American nursery by preserving and re-using some of the old greenhouse structures, as well as the water tower and tank, and two original family homes. As the entitlement process continued, Eden and CHDC held several design charettes with the wider community and met with key neighborhood groups such as

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the Park Plaza Neighborhood Council, the Laurel Park Neighborhood Council, and the Pullman Neighborhood Council.

Gr
een/Sustainable Features: The project scored 150
points in the GreenPoint Rated program (Platinum
level) and has several green features including solar
photovoltaic panels and solar thermal system to
offset the common area gas usage and electrical
load. The landscaping is drought resistant and smart
timers control the irrigation systems to prevent over
watering of plants. Bioswales enhance natural
drainage of water on-site rather than into the storm
water system. Inside the building, low VOC paints
improve indoor air quality, high efficiency light
fixtures and Energy Star appliances reduce energy
consumption, and low flow toilets and showerheads
reduce water consumption.

R
esident Support Services: An integral part to each
Eden community is providing residents with service-
enriched housing options allowing seniors to live
independently and age-in-place. Eden Housing
Resident Services, Inc. (EHRSI), also an affiliate of
Eden, provides a variety of services to the residents
which include dedicated service coordination and
individualized one-on-one support, adult education opportunities, health and wellness classes, and community engagement activities.

R
eferences:

Alan Wolken, (former) Director of the Richmond Community Redevelopment Agency | 510-307-8137 and 707-410-6299 | [email protected] and awolken@solutions- mrg.com
Jef
f Bennett, Senior Vice President, Wells Fargo | (415) 396-0966 B
rian Johnston, HCD | (916) 263-6108 | [email protected]

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Hana Gardens Senior Apartments
10860 San Pablo Avenue, El Cerrito | Affordable Senior Housing Project Name Hana Gardens Senior Apartments
Project Location 10860 San Pablo Avenue, El Cerrito, CA Construction Schedule Started in
Completed in 2018
Development Cost $33,400,000
Lot Size and Density 0.96 acres; 65 dwelling units/acre Building Areas 53,400 SF of residential space
2,000 SF of commercial space
Units 63 affordable rental apartments
62 1-bedroom senior rental units
1 2-bedroom manager’s unit
Incomes 30-50% of AMI
Developer Eden Housing, Inc.

Architect Van Meter Williams Pollack Architects
Contractor Midstate Construction
Ground Lease None
Overview: Hana Gardens Senior Apartments is a 63-unit development of new affordable senior rental housing in El Cerrito, California, directly adjacent to City Hall. The development includes two buildings: a four-story, wood-frame structure and a pre-

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existing 900 SF stand-
alone building. The
ground floor frontage of
the four-story building
includes a 2,000 SF
commercial space, which
was leased to the City of
El Cerrito to be used for a
Senior Center. Sixty-two
(62) of the senior
apartment units include
one bedroom, a kitchen,
a living area and full
bathroom averaging
approximately 614
rentable square feet in
area. Fifty percent (50%)
of the units will be built
out to meet ADA
accessibility needs. All
apartments are designed
to allow for access by
persons in wheelchairs,
including all kitchens and
bathrooms.

P
lacemaking and Amenities: The design follows the principles of the San Pablo Avenue Specific Area Plan, including a high commercial ground floor, a strong articulated urban street presence on San Pablo Avenue, and a beautiful public plaza which serves the local community, visitors and the residents of the senior community as well. In response to feedback from the community, we decided to preserve the existing stone-faced commercial building located at 10848 San Pablo Avenue. Between 1935 and 1965, the building served as the Mabuchi family flower shop and was an integral part of the Japanese American cut flower industry that once thrived throughout Contra Costa County. This history inspired the name of the development, as "hana" is often translated from Japanese into English as "flower." The single-story structure was converted into a community room for Hana Gardens residents.

T
he plaza is designed to welcome the community and passerby and honors the Japanese-American influence on the flower industry, including historical narrative panels in the plaza and a timeline along the sidewalk. Eden was pleased to partner with the Japanese American Citizens League and the El Cerrito Historical Society on the installation. The development’s design includes two community rooms. One community room opens onto an outdoor courtyard garden with seating while the second

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community room is located in the former flower shop building that was preserved.

Additional community spaces include a computer lab, fitness room and laundry room.

The private courtyard behind the building contains picnic-style seating, benches, community gardens, and extensive bay-friendly landscaping.

P
arking and Transportation Demand Management: Located on the transit-rich San Pablo Avenue and within one mile of El Cerrito Del Norte BART station, Hana Gardens is the quintessential transit-oriented development and is perfectly situated for seniors to utilize public transit. Residents will also be provided transit passes at no charge. The nearby transit and the provision of a shuttle/Van/passenger drop off space at the front of the building will provide greater access to transit and other convenient transportation facilities. The project provides 34 parking spaces for residents, which the parking evaluation demonstrated is sufficient for the senior residential needs. The building also includes a bike storage room. In addition, there are two off-street parking spaces for the commercial space.

H
ana Gardens is privileged to be one of the first developments to receive state Affordable Housing and Sustainable Communities (AHSC) funding. In partnership with the City of El Cerrito, new bicycle and pedestrian wayfinding and amenities has been created on the Ohlone Greenway, a multimodal path connecting the two El Cerrito BART stations.

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Financing: 4% LIHTC, City of El Cerrito Funds and Land Loan, Contra Costa County Funds, HCD Infill Infrastructure Grant, HCD AHSC, AHP, Wells Fargo (construction lender and equity investor), California Community Reinvestment Corporation (permanent lender). The project also received 39 project-based vouchers and 23 RAD vouchers from the Housing Authority of Contra Costa County.

Funding
Sources
Type/Program Phase Total
Dollars
City of El Cerrito Land Donation $3,900,000
City of El Cerrito Soft Loan Predev/Construction
/Perm
$300,000
Contra Costa
County

HOME, CDBG
Loan
Construction/Perm $2,100,000
HCD IIG Grant Construction/Perm $1,399547
HCD AHSC- Loan Perm $5,271,696
HCD AHSC- Grant
transit passes
for 3 years
Perm $22,680
Wells Fargo Equity Construction/Perm $13,267,966
CCRC Perm Loan Perm $6,555,000
FHLBSF –AHP Perm $620,000
Total $30,859,825
Business Relationship with a Public Agency: This project was awarded AHSC funding because it was a transit-oriented development in partnership with the City of El Cerrito.

Eden and El Cerrito worked together to use the funds to enhance the Ohlone Greenway.

To make the project successful, Eden had to work closely with both the California HCD and the City of El Cerrito staff.

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Green/Sustainable Features: Hana
Gardens achieved a gold level Green
Point Rating of 116 points. The building is
outfitted with photovoltaic solar panels
that are estimated to reduce the
common area electric usage by 65% as
well as solar thermal panels that are
estimated to reduce gas consumption by
50%. Bathrooms contain high efficiency
plumbing fixtures and irrigation systems
to minimize water use.

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:

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Corsair Flats and The Starling (Alameda Point)
171 West Atlantic Avenue & 170 Coronado Avenue, Alameda, CA

Overview: Located at the site of the former Naval Air Station, The Starling (70 units, formerly known as Alameda Point Family) and Corsair Flats (60 units, formerly known as Alameda Point Senior) are among the first buildings completed as part of the larger Alameda Point Site A redevelopment, led by master developer Alameda Point Partners.

Through these two buildings, Eden delivered Site A’s low-income and very low-income housing requirement. Corsair Flats is currently fully occupied, and The Starling is currently in lease-up.

Eden’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 includes hundreds of 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

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processes can be unpredictable, Eden has been aggressive in pursuing every available opportunity and maintaining flexibility in the projects’ capital structures.

Placemaking and Amenities: The Starling and Corsair Flats were designed as complementary U-Shapes with three stories of residential units surrounding 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.

Parking and Transportation Demand Management: The Starling and Corsair Flats provide a total of 98 parking spaces, all inside the podium levels of each building – 28 spaces in Corsair Flats and 70 spaces in Family. In addition, the community includes a significant commitment to sustainable transportation. The Family building includes a bike room with long-term parking to serve both buildings, and Eden is working with the Alameda Transportation Management Association to provide transit passes for residents.

The larger Site A redevelopment includes a new ferry terminal within walking distance that provides a direct link to San Francisco, and AC Transit Route 96 has been routed through the development and provides service through Alameda and into Oakland.

Green/Sustainable Features: The Starling and Corsair Flats will incorporate innovative green design elements that maximize energy and water efficiency, making use of recycled materials whenever possible. As such, the projects 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 pursued GreenPoint Rated (GPR) certification through Build It Green, achieving a Platinum rating.

Reference:

Lisa Maxwell, Community Development Director, Alameda | (510) 747-6899 | [email protected]

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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 .74 acres; 81 dwelling units/acre
Building Areas 73,247 SF of residential space
Units 60 total apartments (including 1 manager’s
unit)
30 units for veterans and people formerly
without homes
Incomes 20 to 60% AMI
Developer Eden Housing, Inc.

Architect KTGY Architects
Contractor James E. Roberts-Obayashi Corp.

Property Operations Eden Housing Management, Inc.

Eden Housing Resident Services, Inc.

Operation Dignity

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 exited homelessness while

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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 $36,184,146

Corsair Flats | 171 W Atlantic Ave, Alameda | Affordable Senior and Veterans Housing

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Project Name The Starling
Project Location 170 Coronado Avenue, Alameda, CA
Construction
Schedule
Construction Start June 2020
Construction Complete November 2021
Development
Cost $57,500,000
Lot Size and
Density 1 acre; 70 dwelling units/acre
Building Areas 100,805 SF of residential space
Units 70 total apartments (including 1 manager’s unit)
21 units for people exiting homelessness
Incomes 20-60% of AMI
Developer Eden Housing, Inc.

Architect KTGY Architects
Property
Operations
Eden Housing Management, Inc.

Abode Services

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Financing: The Starling is financed as a 4% tax credit deal, including additional non- competitive state tax credits. The project includes a loan from California HCD’s No Place Like Home program, which funds 21 units for people exiting homelessness. 17 units will have Project-based Section 8 Vouchers. 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.

Funding Sources Type/Program Phase Total Dollars
Lender Perm Loan Perm $8,115,000
Investor Equity Perm $27,278,336
AHP Soft Loan Perm $690,000
Alameda County A1 Perm $11,153,038
HCD NPLH Perm $4,285,696
Master Developer Sponsor Loan Perm $1,500,000
Eden Housing Deferred Developer Fee Perm $4,499,522
Total $57,521,592

The Starling | 170 Coronado Ave, Alameda | Affordable Family and Supportive Housing

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Cranes Landing
2245 Tienda Drive, Lodi | Affordable Senior Housing

Project Name Cranes Landing
Project Location 2245 Tienda Drive, Lodi
Construction
Schedule
Started in 2016
Completed in 2017
Development Cost $22,700,000
Lot Size and Density 3.39 acres; 23.5 dwelling units/acre Building Areas 59,130 SF of residential space
Units 80 affordable rental apartments
79 1-bedroom senior rental units
1 2-bedroom manager’s unit
Incomes 30-55% of AMI
Developer Eden Housing, Inc.

Architect Pyatok Architects
Contractor Brown Construction

Overview: Cranes Landing is an 80-unit two story building that was carefully designed around two open air courtyards that enable sweeping views of and easy access to the

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adjacent Roget Park. In addition to the nearby park, the community offers its senior residents easy access to a number of other amenities within walking distance including two neighborhood retail centers, Lodi Center and Sunwest Plaza.

The project was completed on time and on budget.

Placemaking and Amenities: The design of the project paid special attention to the adjacency of Lodi’s Roget Park and included seamless connections to the park and lush bioswales along the edge of the property to transition into the Park’s green space.

The design of the project
also includes various
building amenities
meant to allows seniors
to "age in place” -- thus
preventing the need for
people to move from one
facility to another as their
physical capacity
becomes more limited.

Examples of these
features include two
elevators and 5% of units
built out according to
Uniform Federal
Accessibility Standards
(UFAS). In addition, 2% of
the units are equipped to
suit the needs of the hearing or visually impaired, and all other units are adaptable for full accessibility and will include accessible features such as installed grab bars at tubs/showers and backing for grab bars at toilets.

Other on-site amenities include a community room with TV lounge, fitness room, computer lab and an outdoor patio.

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Financing: 9% LIHTC, City of Lodi Funds, San Joaquin County Funds, MHSA, AHP, Wells Fargo (construction lender and equity investor).

Funding
Sources
Type/Program Phase Total
Dollars
City of Lodi Soft Loan Predev/Construction
/Perm
$494,536
San Joaquin
County

HOME, CDBG
Loan
Construction/Perm $839,667
FHLBSF –AHP Perm $790,000
Wells Fargo Equity Construction/Perm $19,735,161
Deferred
Developer Fee
Perm $137,685
Total $22,779,609

Resident 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.

Reference: Steve Schwabauer, City Manager. [email protected]

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3. SITE PLAN AND PROPOSAL
zcould

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Project Overview

The East Laurel Drive site offers a terrific
opportunity to create a marquis
affordable housing development that
can grow in phases and provide a
picturesque hilltop perch for local
families and individuals, particularly
farmworkers participating in the area’s
sprawling agricultural economy. The
Daphne Heights vision presented in this section represents one set of possibilities for the site – a starting point for a project that is co-creating with the City and County, as well as the community. Based on experience, Eden is proposing a site plan that is conducive to phasing, scaled to available financial resources, and designed to keep construction costs manageable.

The site plan proposes investing in preparing the site to take advantage of the large area afforded, emphasizing welcoming landscaping ensconced by efficient, attractive walk-up buildings. Each phase of the project would meet the Large Family project type unit mix of at least 25% 2-beds and 25% 3-beds.

Two scenarios are presented below: the first is a two-phase development of 132 units on 5 acres, approximately the density and project area recommended by staff to take advantage of density bonus and potential CEQA exemptions. The second scenario incorporates additional land that staff suggested could be made available. The additional land is added to the second phase in the first alternative to create a total of 180 units. A summary is below.

Eden welcomes discussion of all the levers that could be pulled to adjust the project’s size and density. More ideas related to project possibilities are in the financing section.

Scenario A Scenario B (Extra Land)
Phase 1
84 Units in 3 Buildings
1 Clubhouse
Portion of Original 5 Ac RFQ
Area
Phase 1
84 Units in 3 Buildings
1 Clubhouse
Portion of Original 5 Ac RFQ
Area
Phase 2
48 Units in 2 Buildings
1 Clubhouse
Portion of Original 5 Ac RFQ
Area
Larger
Phase 2
(Phase 2 and
Phase 3
Areas)
96 Units in 4 Buildings
1-Clubhouse
Portion of Original 5 Ac RFQ
Area + Additional 1.85 Ac
TOTAL 132 Units, 5 Ac TOTAL 180 Units, 6.85 Ac

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Initial Phase

Phase 1 Overview
Structure Use Size
Building 1 24 Units Residential 19,800 SF
Building 2 24 Units Residential 19,800 SF
Building 3 36 Units Residential 29,400 SF
Clubhouse 1 Management, Community Room 2,500 SF
Outdoor Open Space Recreation, Play Area 19,200 SF
Parking Surface parking @ 1.5 Spaces per Unit 126 Stalls Initial Phase Affordable Unit Mix
Unit Type AMI Level Count Net Rent
1-Bed 30% AMI 10 $512
1-Bed 50% AMI 18 $894
1-Bed 60% AMI 14 $1,084
2-Bed 30% AMI 6 $603
2-Bed 50% AMI 11 $1,061
2-Bed 60% AMI 4 $1,290
3-Bed 30% AMI 6 $686
3-Bed 50 % AMI 11 $1,215
3-Bed 60% AMI 4 $1,479
Total 47% Average 84
Farmworker Units 43

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Scenario A – 48 Units

Phase 2 Overview (Scenario A)
Structure Use Size
Building 4 24 Units Residential 19,800 SF
Building 5 24 Units Residential 19,800 SF
Clubhouse 2 Management, Community Room 1,800 SF
Outdoor Open Space Recreation, Play Area 19,200 SF
Parking Surface parking @ 1.5 Spaces per Unit 72 Stalls Phase 2 Affordable Unit Mix (Scenario A)
Unit Type AMI Level Count Net Rent
1-Bed 30% AMI 10 $512
1-Bed 50% AMI 10 $894
1-Bed 60% AMI 4 $1,084
2-Bed 30% AMI 7 $603
2-Bed 50% AMI 5 $1,061
3-Bed 30% AMI 7 $686
3-Bed 50 % AMI 5 $1,215
Total 41% Average 48
Farmworker Units 25

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Scenario B – 96 Units

Larger Phase 2 Overview (Phase 2 + Optional Phase 3 Areas) Structure Use Size
Building 4 24 Units Residential 19,800 SF
Building 5 24 Units Residential 19,800 SF
Building 6 24 Units Residential 19, 800SF
Building 7 24 Units Residential
Clubhouse 2 Management, Community Room 2,500 SF
Outdoor Open Space Recreation, Play Area 31,800 SF
Parking Surface parking @ 1.5 Spaces per Unit 144 Stalls

Larger Phase 2 Affordable Unit Mix (Scenario B)
Unit Type AMI Level Count Net Rent
1-Bed 30% AMI 12 $512
1-Bed 50% AMI 20 $894
1-Bed 60% AMI 16 $1,084
2-Bed 30% AMI 7 $603
2-Bed 50% AMI 12 $1,061
2-Bed 60% AMI 5 $1,290
3-Bed 30% AMI 7 $686
3-Bed 50 % AMI 12 $1,215
3-Bed 60 % AMI 5 $1,479
Total 47% Average 96
Farmworker Units 49

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Project Design Narrative

The proposed site plan and overall design are inspired not only by the City’s rich agricultural heritage but also by the site’s vibrant setting surrounded by open space, parks, soccer fields, recreation trails, and a future track and skate park. The multi-phase community of 180 family and farm-worker apartments is housed in 3-story breezeway-type buildings each with its own communal laundry room, organized around three outdoor recreation and activity areas, two of which (in phases 1 and 2) are anchored by a single-story community building which houses indoor recreation spaces such as community rooms, fitness centers, and after-school activity areas in addition to leasing and management offices and various resident-serving facilities. Outdoor recreation amenities include two tot-lots and various play areas, BBQ’s and communal gathering spaces, open activity areas, as well shaded seating pockets.

In addition to orienting buildings to actively engage the on-site open amenities, the site plan is shaped by existing utilities and constraints including a storm water easement running primarily along a north-south axis, and a sewer line that runs primarily along an east-west axis. This is in addition to observing the required setbacks from the existing power lines overhead, running in a northerly direction in the eastern half of the site. The community is accessible by vehicles from Veteran’s Way, while a second access point is located along Laurel Street for use by emergency vehicles. The existing stormwater drainage swale would be replaced by an underground drainage pipe in order to ensure connectivity of pedestrian and vehicular circulation and maintain an accessible path of travel throughout the site.

The architectural vernacular embraced by this community of one to 3-story buildings is inspired by the utilitarian beauty and simple but striking forms characteristic of agrarian architecture. The proposed building massing and roof forms of the 3-story residential buildings are intended as playful silhouettes articulated by the interplay of shed dormers

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with extended eaves, bay window cantilevers, and sculptural shade elements resulting in a rich variety of roof forms and building elements that engage the ground level. The single- story community buildings take on a simple but iconic barn form with a prominent central gallery and clerestory windows to promote natural lighting and ventilation.

Materials and textures include exterior cement plaster, board-and-batten siding, and various metal shade elements such as awnings, canopies, and brackets supporting deep overhangs, in addition to prominent gable-end ventilation grills and standing seam metal roofing applied to lower shed roofs. Colors range from whites to neutrals for cement plaster planes to more saturated and vibrant tones applied to siding surfaces.

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4. PROJECT FINANCING AND

SCHEDULE
Corporate Financial Capacity and Track Record Securing
Financing

Eden Housing 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.

Over 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.

Eden has had a strong operating history, meeting or exceeding its budget for the past 10 years. Eden ended last year 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.

Approach to Obtaining Financing for the Project
As noted in the financial capacity section above, 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 4% and competitive 9% programs – that is used to finance affordable housing communities.

Each phase of the project are currently underwritten as a 4% execution with soft debt from the City (or County as available) and the State’s Joe Serna, Jr. Farmworker Housing Grant Program and Multifamily Housing Program. We anticipate half of the units will be restricted for Farmworker housing in order to qualify for the Serna program.

Project-Based Vouchers are likely necessary in order to support a practical and competitive unit affordability mix under each state program. Since each component of the project will meet the Large Family housing type, there is flexibility to adjust the target populations and financing strategy to pursue alternative programs – the 9% tax credit program for example. In addition, the project has been designed as Type V

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garden-style walk-up buildings, which helps to limit overall hard cost per unit, offsetting the potentially intensive level of site work required.

A full breakdown of projected sources by phase follows.

Initial Phase / Phase 1 (84 Units)

Permanent
Funding Source
Funding Type Details Total Dollars
City of Salinas Soft Loan Soft costs during Predev $500,000 Local Funding Soft Loan E.g. HOME, CDBG, HAS $3,500,000 CA HCD Soft Loan MHP $7,324,699
CA HCD Sponsor Loan Joe Serna $11,716,463
Limited Partner Equity LIHTC Equity $24,970,270
General Partner Equity Deferred Developer Fee $233,172
General Partner Equity Non-Priority Deferred Fee $4,467,294 Bank Debt Permanent Loan Leveraging PBVs $2,954,232
Total $55,666,760

Permanent Debt: The project includes a permanent mortgage, which is shown in a single tranche that leverages Section 8 overhang. Tenant rents up to restricted AMIs cover operating expenses on this project. We have assumed interest rates consistent with the current market for debt. The project reflects 21 Section 8 vouchers, which are layered on farmworker units restricted at 50% AMI to enable deeper affordability for this target population. As noted above, Eden’s strong track record with conventional lenders will allow the project to get competitive rates and terms for debt financing.

Local Funding: Our underwriting for this phase of the project includes two line items for funding from the City of Salinas. First, we have included the $500,000 noted by City staff as available for soft costs during predevelopment. While it will likely cost several million dollars to bring the project to construction financing close, this initial loan will help Eden support continued feasibility analysis prior to obtaining site control. An additional $3,500,000 is underwritten at construction financing close to help close the project’s funding gap and increase competitiveness for State funds. This source could be offset should other funds become available that are a good fit for the project, particularly County funds. Eden would work closely with the City to determine which funding source – be it CDBG, HOME, ARPA, or HSA– works best for the project and the City.

California HCD Funds: The location of the site in the Salinas Valley makes the project a terrific fit for the Joe Serna, Jr. Farmworker Housing Grant Program. This program has recently been dovetailed with the MHP program through the SuperNOFA process, with projects recommended for Serna grants obtaining priority for MHP funds. Both resources would help to close the lion’s share of the project’s funding gap.

Competitiveness for these programs requires the Large Family housing type, a relatively low average affordability, leveraged soft financing and a favorable cost control profile.

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Low-Income Housing Tax Credit Equity: We have structured this phase as a bond- financed 4% tax credit execution that includes both Federal and State credits, a structure that Eden has used many times. Though allocation of private activity bonds through CDLAC has grown competitive, Eden’s projects have repeatedly competed favorably in recent years. A key aspect of maximizing tax credit equity will be to structure the project to maximize tax credit eligible basis. Eden has a strong team of counsel and auditors who can assist us to make sure that as much of the project scope as possible can generate tax credits. We have assumed a $0.92 investor pay-in per dollar of Federal tax credits and $0.80 per dollar of State credits, which leaves room for the unpredictable nature of equity pricing. Eden is well regarded by both direct investors and tax credit syndicators and routinely obtains highly competitive pricing on each project.

Deferred Developer Fees: Consistent with the regulations for the 4% tax credit program, this project assumes a net developer fee of $2,200,000 and $233,172 in priority deferred developer fee paid from cash flow in the first 12 years, as is customary. Another $4.5 million is underwritten as non-priority deferred fee or GP capital, which would be paid from Eden’s share of residual receipts. This structure allows the project to maximize eligible basis, which is used to determine the amount of tax credits.

Scenario A/Phase 2 (48 Units)

Permanent
Funding Source
Funding Type Details Total Dollars
Local Funding Soft Loan E.g. HOME, CDBG, HAS $2,400,000 CA HCD Soft Loan MHP $5,914,710
CA HCD Sponsor Loan Joe Serna $6,898,255
Limited Partner Equity LIHTC Equity $15,434,609
General Partner Equity Deferred Developer Fee $303,667
General Partner Equity Non-Priority Deferred Fee $1,762,035 Bank Debt Permanent Loan Leveraging PBVs $2,635,617
Total $35,348,893

Scenario B/Larger Phase 2 (96 Units)

Permanent
Funding Source
Funding Type Details Total Dollars
Local Funding Soft Loan E.g. HOME, CDBG, HAS $3,500,000 CA HCD Soft Loan MHP $8,481,676
CA HCD Sponsor Loan Joe Serna $13,406,800
Limited Partner Equity LIHTC Equity $27,893,862
General Partner Equity Deferred Developer Fee $230,596
General Partner Equity Non-Priority Deferred Fee $5,278,500 Bank Debt Permanent Loan Leveraging PBVs $3,106,490
Total $61,897,926

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Permanent Debt: Each scenario contemplates a similar number of project-based vouchers. Typically, a housing authority may cap the number of vouchers in excess of 25% of the total project units unless the project incorporates Special Needs units. This may be an approach worth considering. In addition, each scenario contemplates similar per-unit operating costs based on Eden’s local comparable properties. However, there may be opportunity to create operating efficiencies between phases.

Local Funding: Similar to the first phase, both scenarios will require local funding in order to help close the project’s financing gap. However, it’s worth noting that the larger project incorporates some economies of scale, stretching fixed transaction costs across a larger number of units. Approximately 50 units is typically Eden’s minimum viable project size.

California HCD Funds: Each scenario contemplates a similar split of Serna and MHP funding to the first phase.

Low-Income Housing Tax Credit Equity: Both scenarios use similar assumptions to the first phase on LIHTC equity. However, if a smaller second phase were deemed the best path forward, an alternative execution with 9% tax credits could also be worth considering.

Deferred Developer Fees: Each scenario for the second phase shows a similar developer fee structure to the first phase. Eden’s development staff time expended per project tends to be fairly flat across project size until a project is broken into phases.

Phasing and Flexibility Discussion

As noted previously, this proposal and financial sketch of Daphne Heights is merely a starting point and can be easily adapted depending on City and County needs and considerations.

Eden’s team is well equipped to collaborate with our governmental partners and identify pros and cons associated with tweaks to the development program. When selected, any number of the following changes would be wide open for discussion:
• Adjusting the project’s phasing structure to better adapt to funding capacity in current and future years
• Adding density on the site by building above common spaces, considering taller buildings, or considering double-loaded buildings in order to deliver more units or leave more land available for future growth
• Evaluating the cost and benefits of adding elevators
• Reducing density on the site to further control costs or change the character of the project
• Considering adjusting the unit targeting for any or all of the phases to add Special Needs or even Senior units
• Further evaluating the parking ratio and design, evaluating the costs and benefits of features such as tuck-under parking or carports.
• Discuss programming opportunities to activate the site such as a farmer’s market or other uses valuable to residents and the larger community

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Project Schedule and Process

Our project schedule produces the first 84 new homes 5 years from developer selection.

The project site has been identified by the
City and County as an opportunity to make
a large dent in the region’s housing
shortage by putting underutilized public
land to good work. It is our understanding
that City staff anticipate working closely
with the developer of this project as they
prepare a general plan update that will
include the project site. In addition, we
understand that the current general plan
designation allows multifamily use with a
Conditional Use Permit, which may be able
to be paired with a CEQA infill exemption for
a project under five acres.

The Scenario A plan for Daphne Heights
would fit into a density bonus permitted
density for the site and would meet the five-
acre benchmark. However, Eden has gained
significant experience with additional CEQA
exemptions as well as streamlining
provisions that would enable ministerial
approvals. We have also pursued and
repeatedly succeeded in more traditional
rezoning pathways. If selected, Eden would collaborate closely with the City to determine the most efficient and defensible entitlement process and then take the lead in moving it forward. That said, this does not preclude an extensive community outreach process. Eden would pursue a collaborative process with the community to ensure that the project that is submitted for approval has had the opportunity for community review.

Additionally, but not required to be completed prior to project approval is review under the under National Environmental Policy Act (“NEPA”). NEPA is a financing requirement in the likely event the project uses federal funds and is a six-month process for third- party report completion, public review and comment, and state agency approval. In order to obtain the most flexibility in financing, we will pursue this approval process. For the first phase, we are assuming the timelines and milestones below. Many processes can and will occur simultaneously, and some work on the second phase can occur simultaneously with the first.

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If selected by the City and County, we could kick off community outreach as soon as possible to inform the design efforts early on.

Eden Housing will draw upon half a century of experience with building affordable housing to deliver units as quickly as possible.

Eden Housing has been building affordable housing since 1968. With that comes experience with innovative strategies to accelerate the delivery of units. Some strategies that may be used for this development include:
• Cultivating a proactive and cooperative relationship with the City of Salinas to expedite application processing timelines and ensure the project is scheduled for review in a timely manner.
• Early engagement of a general contractor and key trades during the design process to identify conflicts and efficiencies before construction starts. • Expansion of labor crews at critical points during construction, such as framing and drywalling.
• Utilizing techniques such as prefabrication of wall and floor-ceiling panels off-site.

Phase 1 Schedule
Milestone Start Month/Year End Month/Year
Selection of Developer June 2022 August 2022
Exclusive Negotiations Agreement September 2022 November 2022 Community Outreach and
Concept Design
August 2022 November 2022
Lease Option Agreement November 2022 January 2023
Schematic Design and
Entitlements
December 2022 June 2023
Local and State Gap Funding
Applications and Awards
July 2023 August 2024
Tax Credit Funding Application
and Allocation
August 2024 November 2024
Full Design and Permitting June 2023 October 2024
Finance Closing November 2025 April 2025
Construction April 2025 January 2027
Lease-Up and Stabilization January 2027 October 2027

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Phase 2 Schedule
Milestone Start Month/Year End Month/Year
Local and State Gap Funding
Applications and Awards
June 2023 August 2025
Tax Credit Funding Application
and Allocation
August 2025 November 2025
Full Design and Permitting June 2023 October 2025
Finance Closing November 2025 April 2026
Construction April 2026 January 2028
Lease-Up and Stabilization January 2028 October 2028

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ATTACHMENT

EDEN HOUSING

REAL ESTATE OWNED

SCHEDULE

Residential Properties County City Placed In
Service
Community
Served
Rentable
Area
Units Occupied % LIHTC
Investor
Eden
Housing
Ownership
Federal/
State
Subsidy
Gross Rental
Revenue
Other
Income
Vacancy Operating
Expenses
NOI Debt Service Reserves
Deposit
Reserve
Withdrawals
NOI After Debt
Service
DSCR Mortgage
Lender
Mortgage
Balance
Due Date for
1st
Mortgage
Soft Debt
Outstanding
Reserve
Balances
Market
Value
Comments
801 Alma Family Apartments (664) Santa Clara Palo Alto 2013 Family 90,434 50 100.0% Enterprise < 1% 548,059 22,156 487 502,999 66,728 22,000 25 ,000 0 19,728 0 12,904,960 1,057,128 1,482,852 Almond Court (564) San Joaquin Manteca 2008 Senior 26,048 40 100.0% 100% HUD 202 319,080 3,367 201 277,841 44,405 0 23,909 0 20,496 0 350,000 258,237 986,769 Almond Terrace (304) San Joaquin Manteca 2004 Senior 32,452 50 98.0% 100% HUD 202 334,780 5,486 1,317 311,771 27,178 0 20,823 0 6,355 0 1,980,932 105,911 603,956 Altenheim Senior Housing (588) Alameda Oakland 2006 Senior 78,968 93 95.7% Union Bank < 1% 1,114,060 53,574 50,797 857,067 259,771 151,686 79,5 54 0 28,531 0 6,883,008 673,802 5,772,686 Altenheim Senior Housing, Phase II (592) Alameda Oakland 2010 Senior 59,636 81 100.0% Union Bank < 1% HCD 1,262,691 50,105 31,956 648,929 631, 912 276,709 48,600 0 306,602 1.94 Bonds 441,155 2026 15,278,773 766,850 14,042,482 Arroyo Del Valle (308) Alameda Livermore 1998 Special Needs 6,015 12 100.0% 0% HUD 811 102,939 936 0 99,181 4,694 0 5,928 0 (1,234) 0 0 105,461 104,306 HUD property; budget-based rent increase will be requested
Arroyo Vista Apartments (576) Orange Mission
Viejo 1995 Family 161,799 156 98.7% Post Buyout 100% Calhfa 2,496,126 21,994 56,697 1,497,938 963,485 758,770 78,000 1,149 127,864 1.15 Calhfa 5,966,562 2036 174,065 221,598 21,410,785 Ashland Village Apartments (560) Alameda San Leandro 2009 Family 179,000 142 97.9% Merritt < 1% HUD/HCD 4, 109,934 18,902 38,114 1,599,516 2,491,206 1,056,785 200,000 143,134 1,377,555 1.98 Bonds 8,490,740 2041 10,116,631 1,484,138 55,360,126 Aspen Grove (716) Santa Clara Gilroy 1987 Family 24,912 24 95.8% 100% USDA 222,341 13,266 3,515 201,205 30,887 657 17,800 8,488 20,918 1.67 USDA RD 11,779 2040 0 134,078 686,382 Belle Terre Senior Apartments (712) Contra
Costa Lafayette 2014 Senior 53,934 46 95.7% Union Bank < 1% HCD 1,037,737 7,032 39,585 371,138 634,045 221,715 27,600 0 384,730 2.54 US Bank 2,847,353 204 5 10,516,549 759,763 14,089,885 Brentwood Senior Commons (316) Contra
Costa Brentwood 2006 Senior 60,000 80 93.8% Union Bank < 1% 1,634,976 11,034 70,149 672,155 903,706 131,701 32,800 0 739,205 5.49 CCRC 1,314,940 2037 3,82 9,221 600,586 20,082,356 Brookwood Terrace Santa Clara San Jose 2011 Family 84 97.6% Hudson < 1% 1,815,093 24,312 15,438 536,787 1,287,180 583,573 33,168 0 670,439 2.09 Ci tibank 6,850,000 2044 8,428,880 585,880 28,604,000 Cambrian Center (684) Santa Clara San Jose 2014 Senior 78,183 153 100.0% Bank of America < 1% HUD 236 4, 379,746 16,920 21,831 1,251,814 3,123,021 1,512,079 78,030 0 1,532,912 1.96 Citibank 24,373,840 2047 10,138,189 4,821,987 69,400,469 Camphora Apartments (724) Monterey Soledad 2016 Family 48,204 44 100.0% US Bank < 1% HCD 531,564 14,201 286 364,202 181,277 99,043 38,778 0 43,456 1.32 US Bank 648,396 2031 11,140,610 555,518 4,028,377 Carlow Court (640) Alameda Dublin 2012 Senior 27,475 50 100.0% Wells Fargo < 1% 912,095 14,003 8,342 413,738 504,018 301,661 34,079 9,303 177,582 1.50 Citibank (partial assgn to Calhfa) 3,666,724 2031 4,460,692 149,529 11,200,408 Casa De Los Amigos (320) Santa Clara San Jose 1995 Special Needs 15,264 24 100.0% 100% HUD 811 263,415 5,277 5,411 244,358 18,923 0 24,000 0 (5,077) 0 351,429 419,160 420,510 HUD property; budget-based rent increase will be requested
Catalonia (978) Santa Clara San Jose 2018 Family 91,982 50 100.0% RBC < 1% 1,051,283 3,654 3,312 460,346 591,280 352,661 27,798 7,905 218,726 1.55 CCRC 6,197,128 2036 10,503,051 280,636 13,139,553 Charles Apartments (992) Monterey Marina 1997 Family 118,233 105 99.9% US Bank < 1% HUD 236 1, 146,429 3,199 144,681 684,723 320,224 1,202 0 0 319,022 Construction Loan 0 0 0 7,116,083 Substantial rehabilitation completed in 2020
CHHP_Cypress Glen (340) Alameda Hayward 2016 Family 46,752 54 100.0% RBC < 1% HCD 875,767 12,397 12,398 453,629 422,137 245,637 21,600 0 154,900 1.58 Union Bank 4,037,5 44 2035 6,987,976 749,843 9,380,817 Owned/operated with Harris
Court(412) and Huntwood Commons
(424)
CHHP_Harris Court (412) Alameda Hayward 2016 Family 19,200 24 100.0% RBC < 1% 327,293 5,588 6,781 209,462 116,639 109,045 9,600 0 (2,007) 0.98 Union Bank 1,794,660 2035 3,410,631 29,623 2,591,968 Owned/operated with Cypress Glen (340) and Huntwood Commons (424)
CHHP_Huntwood Commons (424) Alameda Hayward 2016 Family 44,000 40 100.0% RBC < 1% 715,612 5,961 8,315 331,284 381,975 181,949 16,000 0 184,026 1.93 Union Bank 2,991,100 203 5 5,241,462 49,372 8,488,326 Owned/operated with Cypress Glen (340) and Harris Court(412)
Connell Apartments (974) Santa Clara Gilroy 2018 Family 21,598 28 96.4% CREA < 1% 495,926 8,136 20,022 219,516 264,524 143,757 20,800 4,000 103, 967 1.61 CCRC 2,716,307 2035 7,365,786 240,046 5,878,313 Coronado Terrace Apartments (980) San Diego San Diego 2018 Family 277,000 312 100.0% US Bank < 1% HUD 202 6, 452,024 96,111 13,146 1,971,590 4,563,399 3,195,871 143,000 0 1,224,528 1.37 Citibank 59,401,787 2050 18,005,441 1,870,359 101,408,859 Corralitos Creek Apartments (736) Santa Cruz Freedom 2003 Family 56,274 64 98.4% Post Buyout 100% 815,469 26,731 0 567,537 274,662 165,661 57,4 39 0 51,562 1.23 Calhfa 1,672,688 2035 4,982,777 681,394 6,103,605 Corsair Flats (967) Alameda Alameda 2020 Senior 84,939 60 100.0% Union Bank < 1% 553,729 1,611 136,827 205,088 213,425 8,700 0 0 204,725 Construct ion Loan 0 4,950,000 0 4,742,778 Ground-up construction completed in 2020
Cottonwood Place (568) Alameda Fremont 2012 Senior 62,815 98 100.0% Enterprise < 1% HUD 202 852,275 9,039 622 603,247 257,445 105,003 78,216 0 74,227 0 26,479,739 1,514,294 5,721,004 Cranes Landing Apartments (932) San Joaquin Lodi 2017 Senior 67,770 80 97.5% Wells Fargo < 1% Calhfa 519,164 29,593 1,937 476,672 70,148 3,108 4 0,000 0 27,040 0 3,133,418 1,495,955 1,558,842 Crest Avenue Apartments (740) Santa Clara Morgan Hill 2012 Family 42,729 50 100.0% Alliant < 1% 792,609 9,937 2,232 424,444 375,870 171,586 50, 000 0 154,284 1.70 US Bank 2,015,773 2028 9,276,951 471,911 8,352,664 CRWC_Corona Ranch (954) Sonoma Petaluma 2017 Family 85,450 74 98.7% Wells Fargo < 1% HCD 985,597 16,017 2,150 692,392 307,071 184,292 44,399 0 78, 380 1.34 Citibank 1,774,528 2033 7,562,211 456,410 6,823,810 Owned/Operated with Washington Creek (956)
CRWC_Washington Creek (956) Sonoma Petaluma 2017 Family 38,000 32 100.0% Wells Fargo < 1% HCD 379,011 8,261 0 288,991 98,281 79,684 19,201 0 (604) 0.99 Citibank 767,412 2033 4,298,093 75,822 2,184,015 Owned/Operated with Corona Ranch (954)
Cypress Gardens (994) Monterey Marina 1997 Family 74,944 96 100.0% US Bank < 1% HUD 236 1, 211,320 19,564 239,938 730,595 260,351 1,099 0 0 259,252 Construction Loan 0 0 0 5,785,586 Substantial rehabilitation completed in 2020
Del Nido Apartments (964) Sonoma Santa Rosa 2012 Family 125,268 206 97.1% Post Buyout 100% HUD 811 2, 911,598 55,130 39,611 1,463,033 1,464,084 830,479 51,504 0 582,101 1.66 Bellwether 14,401,085 2024 0 187,994 32,535,193 Depot Commons (748) Santa Clara Morgan Hill 2015 Family 8,500 13 100.0% 100% HCD 120,582 3,279 10,733 126,793 (13,665) 0 7,973 23,879 2,241 0 924,672 72,395 0 Scheduled for resyndication and financial restructuring in 2021
Downtown River Apartments (348) Sonoma Petaluma 2005 Family 104,434 81 95.1% Post Buyout 100% 1,308,648 34,683 13,800 794,349 535,182 440,165 6 2,092 5,746 38,672 1.07 CCRC 4,332,000 2035 8,058,832 215,647 11,892,933 East Bluff Apartments (616) Contra
Costa Pinole 2016 Family 100,747 144 95.1% US Bank < 1% 1,996,770 45,681 67,427 1,258,228 716,796 484,269 67,827 10,339 175,039 1.30 CCRC 8,182,334 2036 2 0,361,739 669,818 15,928,802 Eden Baywood Apartments (356) Alameda Fremont 2005 Family 80,018 82 100.0% Merritt < 1% 1,263,772 2,851 453 656,505 609,665 185,551 49,200 0 374, 914 2.60 Citibank 1,940,493 2037 3,575,204 469,133 13,548,117 Eden Lodge LP (364) Alameda San Leandro 2011 Senior 124,197 144 99.3% Hudson < 1% HUD 202 3, 491,976 85,849 35,078 1,100,774 2,441,973 577,851 96,528 0 1,767,594 3.62 Prudential 7,920,000 2040 87,798 2,052,268 54,266,072 Real Estate Schedule as of 12/31/2020
Cap Rate = 4.50

Residential Properties County City Placed In
Service
Community
Served
Rentable
Area
Units Occupied % LIHTC
Investor
Eden
Housing
Ownership
Federal/
State
Subsidy
Gross Rental
Revenue
Other
Income
Vacancy Operating
Expenses
NOI Debt Service Reserves
Deposit
Reserve
Withdrawals
NOI After Debt
Service
DSCR Mortgage
Lender
Mortgage
Balance
Due Date for
1st
Mortgage
Soft Debt
Outstanding
Reserve
Balances
Market
Value
Comments
Real Estate Schedule as of 12/31/2020
Cap Rate = 4.50
Eden Palms (368) Santa Clara San Jose 1996 Family 132,223 146 100.0% Post Buyout 100% 3,161,022 1,180 2,359 1,385,515 1,774,328 933,552 75,000 0 765,777 1.76 Citibank 14,501,175 2025 0 536,086 39,429,513 Edenvale Apartments (376) Santa Clara San Jose 2007 Special Needs 13,515 15 100.0% 100% HUD 811/HCD 180,471 2,865 1,389 171,047 10,901 7,418 15,815 7,418 (4,914) 0 2,046,162 379,231 242,235 HUD property; budget-based rent increase will be requested
EHP E.C. Magnolia LP (708) Alameda Hayward 2013 Special Needs 12,429 21 100.0% Merritt < 1% HUD 202 493,836 2,727 0 258,763 237,800 90,202 19,310 0 128,288 2.17 Citibank (partial assgn to Calhfa) 1,313,366 2032 245,010 384,072 5,284,438 EHP Fuller Lodge LP (700) Alameda San Leandro 2014 Special Needs 15,860 26 100.0% Merritt < 1% HUD 202 608,201 3,834 7,869 218,180 385,986 151,665 21,210 0 213,111 2.23 Citibank (partial assgn to Calhfa) 2,255,671 2032 1,440,921 562,059 8,577,460 EHP Issei Terrace LP (692) Alameda Hayward 2014 Senior 89,928 100 99.0% Merritt < 1% HUD 202 2, 440,614 107,440 20,913 829,035 1,698,106 550,715 65,918 0 1,081,473 2.75 Citibank (partial assgn to Calhfa) 8,439,278 2033 1,144,708 1,997,847 37,735,684 EHP Olive Tree Plaza LP (704) Alameda Hayward 2013 Special Needs 16,940 26 92.3% Merritt < 1% HUD 202 657,945 2,953 1,875 228,765 430,258 116,905 17,702 0 295,650 3.20 Citibank (partial assgn to Calhfa) 1,732,888 2033 964,467 421,529 9,561,286 EHP Redwood Lodge LP (688) Alameda Fremont 2013 Special Needs 25,000 24 100.0% Merritt < 1% HUD 202 640,940 1,823 4,242 202,142 436,379 160,131 15,697 0 260,551 2.48 Citibank 2,378,805 2032 1,189,333 586,816 9,697,313 EHP Sequoia Manor LP (696) Alameda Fremont 2013 Senior 99,087 81 100.0% Merritt < 1% HUD 202 1, 981,408 4,633 6,474 496,702 1,482,865 503,949 50,167 0 928,748 2.68 Citibank (partial assgn to Calhfa) 7,683,068 2033 312,713 2,496,431 32,952,548 Emerson Arms (384) Contra
Costa Martinez 1995 Family 25,326 32 96.9% 100% Calhfa/HUD 699,514 4,756 36,022 374,857 293,391 164,336 19,114 0 109,941 1.60 Calhfa 1,672,093 2035 252,27 6 1,426,799 6,519,799 Estabrook Senior Housing (624) Alameda San Leandro 2010 Senior 41,620 51 100.0% Enterprise < 1% HUD 202 415,963 4,364 1,819 373,473 45,035 0 48,348 0 (3,313) 0 12,067,350 709,509 1,000,779 HUD property; budget-based rent increase will be requested
Faith Manor (996) Alameda Hayward 2017 Family 74,048 62 100.0% Hudson < 1% 1,196,018 6,187 0 521,185 681,020 0 0 0 681,020 Construction Loan 0 0 0 15, 133,774 Substantial rehabilitation completed in 2020
Fireside Apartments (612) Marin Mill Valley 2010 Family 44,197 50 100.0% Enterprise < 1% Calhfa/HCD 1,100,175 15,147 4,657 647,086 463,580 110, 800 25,008 0 327,772 3.41 Calhfa 859,850 2031 10,706,375 588,128 10,301,772 Ford Road Plaza (888) Santa Clara San Jose 2014 Family 16,900 75 100.0% Wells Fargo < 1% HCD 1,100,448 13,969 18,400 629,628 466,388 264,435 37, 500 0 164,453 1.54 CCRC 3,835,895 2033 9,848,543 983,491 10,364,182 Foss Creek Court (628) Sonoma Healdsburg 2010 Family 79,555 64 100.0% US Bank < 1% 647,528 26,015 4,463 553,699 115,382 88,042 25,600 10,000 11,7 40 1.02 CCRC 398,455 2026 3,400,000 918,333 2,564,038 Fuller Gardens (392) Alameda San Leandro 2004 Special Needs 14,635 16 100.0% 100% HUD 811/HCD 173,616 2,852 0 145,654 30,814 5,225 9,552 0 16,037 0 2,055,322 127,230 684,754 Gateway Palms (756) San Benito Hollister 2011 Family 28,934 31 100.0% Alliant < 1% HCD 292,194 5,868 1,114 259,185 37,763 0 28,600 0 9,163 0 4,539,9 37 356,079 839,173 Replacement reserve withdrawal is made to cover deficit
Gilroy Sobrato (760) Santa Clara Gilroy 2013 Family 18,000 26 96.2% 100% Calhfa/HCD 511,261 5,917 7,372 294,614 215,192 24,768 19,500 4,934 175,8 58 0 8,085,015 493,687 4,782,049 Glen Berry (958) Alameda Hayward 2017 Family 81,524 50 100.0% Wells Fargo < 1% HCD 757,507 10,851 13,077 523,565 231,716 157,995 34,651 9,302 48,3 72 1.20 CCRC (sale to Freddie Mac) 1,712,348 2038 5,803,636 245,821 5,149,239 Glen Eden (960) Alameda Hayward 2017 Family 71,768 36 100.0% Wells Fargo < 1% HCD 545,947 5,444 0 332,854 218,537 113,756 24,949 6,698 86,529 1.58 CCRC (sale to Freddie Mac) 1,232,890 2038 4,707,337 187,971 4,856,369 Grove Way Apartments (952) Alameda Hayward 1982 Family 7,030 11 100.0% 100% 279,782 1,667 0 72,546 208,903 28,703 2,748 0 177,452 6.64 Citibank 200 ,089 2029 0 118,817 4,642,290 Hana Gardens (926) Contra
Costa El Cerrito 2018 Senior 38,924 63 100.0% Wells Fargo < 1% HCD 1,200,410 11,263 0 545,011 666,663 466,026 45,859 8,059 162,836 1.30 CCRC 6,447,277 10/ 1/2049 10,642,547 1,050,557 14,814,727 Hayward Senior Apts (556) Alameda Hayward 2008 Senior 36,448 60 100.0% Union Bank < 1% 720,687 5,680 4,556 434,473 287,338 115,995 36,000 0 135,3 43 1.89 CCRC 1,208,297 2038 568,567 199,606 6,385,298 Highlands Apartments (662) Solano Vacaville 1977 Family 8,800 11 100.0% 100% 129,307 4,990 7,788 83,309 43,200 0 4,656 0 38,544 0 1,408,588 142,886 959,992 Commenced property management services Jan 1, 2020
Hillside Senior Apartments (663) Solano Vacaville 1977 Senior 11,200 15 93.3% 100% 200,042 362 7,637 108,486 84,281 9,514 4,200 0 70,567 0 702,500 39,308 1,872,918 Commenced property management services Jan 1, 2020
Hillview Glen Apartments (632) Santa Clara San Jose 1995 Family 134,433 139 100.0% Post Buyout 100% Calhfa 2,359,505 14,894 4,051 1,039,872 1, 330,476 959,123 103,500 0 267,853 1.25 Calhfa 9,641,686 2037 7,020,386 552,691 29,566,138 Jardines de Boronda (764) Monterey Salinas 2006 Family 14,784 15 100.0% 100% USDA/HCD 231,713 5,016 15,694 144,817 76,219 54,155 0 0 22,064 1.41 US DA RD 712,464 2039 855,077 98,565 1,693,751 Jasmine Square Apartments (768) Santa Clara Morgan Hill 2005 Family 65,637 72 100.0% Post Buyout 100% 1,135,627 32,041 9,425 664,155 494,088 3 06,692 72,000 0 115,396 1.30 Walker & Dunlop 3,986,760 2030 4,442,076 688,921 10,979,733 Refinanced in 2020 Josephine Lum Lodge, L.P. (436) Alameda Hayward 2005 Senior 130,000 151 98.0% Merritt < 1% HUD 236 2, 507,978 63,043 35,397 1,143,445 1,392,178 499,879 76,476 0 815,823 2.42 Citibank 3,991,960 2027 5,465,852 1,001,244 30,937,298 Kirker Court Apartments (440) Contra
Costa Clayton 1992 Special Needs 16,740 20 90.0% 100% HUD 811 226,494 1,636 0 175,192 52,938 0 22,800 0 30,138 0 567,000 255,103 1,176,395 Las Palmas Apartments (608) Alameda San Leandro 2016 Family 57,000 91 100.0% US Bank < 1% 1,394,288 22,273 22,725 643,521 750,315 400,717 31,30 0 4,000 322,298 1.74 CCRC 7,166,452 2036 12,411,658 421,624 16,673,664 Leidig Court LLC (668) Alameda Hayward 2013 Family 12,990 16 87.5% 100% 263,386 5,675 16,538 156,417 96,106 73,300 5,280 0 17,526 1.22 Citibank 982 ,137 2029 923,139 83,799 2,135,694 Light Tree Apartments (947) San Mateo East Palo
Alto 2000 Family 31,158 37 86.5% US Bank < 1% HUD 346,170 8,702 78,757 192,929 83,186 0 0 0 83,186 Construction Loan 0 6,496,652 0 1,848,586 Closed construction financing to
demolish and rebuild 128 replacement
units.

Light Tree Apartments (948) San Mateo East Palo
Alto 2000 Family 37,126 57 91.2% US Bank < 1% HUD 34,198 2,903 31,004 116,419 (110,322) 000 (110,322) Construction Loan 0 0 0 0 Under subtantial rehabilitiation; units held for relocation/rehabilitation
Lincoln Corner Apartments (653) Solano Vacaville 2004 Family 144,860 134 99.3% BFIM 0% 1,915,275 254,923 24,756 1,006,367 1,139,076 844,258 72, 504 39,000 261,314 1.24 CSCDA 8,100,416 2043 2,571,223 3,082,679 25,312,792 Lincoln Square (776) Santa Cruz Watsonville 1999 Family 24,334 19 100.0% 100% USDA 266,640 12,243 0 179,309 99,574 76,091 0 15,342 38,825 1.31 USDA RD 916,085 2033 0 334,658 2,212,756 Maple Gardens (982) Santa Clara Gilroy 2017 Family 15,492 18 100.0% 100% USDA 189,048 9,793 0 157,151 41,690 56 15,828 0 25,806 2.62 USDA RD 866 2040 0 80,178 926,446 Meadows Court / Holly Lane (654) Solano Vacaville 2017 Family 0 82 97.6% Aegon < 1% 1,064,730 5,454 11,859 556,318 502,007 417,987 25,338 0 58,68 3 1.13 Citibank 6,820,568 2050 7,525,301 355,194 11,155,717 Residential Properties County City Placed In
Service
Community
Served
Rentable
Area
Units Occupied % LIHTC
Investor
Eden
Housing
Ownership
Federal/
State
Subsidy
Gross Rental
Revenue
Other
Income
Vacancy Operating
Expenses
NOI Debt Service Reserves
Deposit
Reserve
Withdrawals
NOI After Debt
Service
DSCR Mortgage
Lender
Mortgage
Balance
Due Date for
1st
Mortgage
Soft Debt
Outstanding
Reserve
Balances
Market
Value
Comments
Real Estate Schedule as of 12/31/2020
Cap Rate = 4.50
Miraflores Senior Apartments (634) Contra
Costa Richmond 2018 Senior 44,942 80 98.8% Wells Fargo < 1% HCD 1,847,802 19,924 78,650 602,490 1,186,586 622,091 72,388 4,447 496,553 1.71 CCRC 8,787,16 4 8/1/2049 13,170,453 1,124,276 26,368,573 Monterey Villa (672) Santa Clara San Jose 2013 Special Needs 69,746 20 100.0% 100% HUD Sec 8 195,456 6,782 0 188,155 14,084 0 16,368 15,725 13,441 0 3,838,634 175,346 312,974 Monterra Village (976) Santa Clara Gilroy 2018 Family 29,593 34 100.0% CREA < 1% HCD 423,030 23,714 1,525 270,862 174,357 84,852 24,400 4,000 69, 105 1.60 CCRC 1,074,645 2039 6,252,821 247,724 3,874,590 Monteverde (884) Contra
Costa Orinda 2014 Senior 71,700 67 94.0% Union Bank < 1% 1,490,281 7,884 32,656 467,254 998,255 383,772 30,156 0 584,326 2.41 Union Bank 5,237,958 2029 5, 922,773 789,151 22,183,441 Montgomery Plaza Apartments (880) Alameda Hayward 2014 Senior 38,000 50 100.0% Merritt < 1% HUD Sec 8 1, 177,967 2,864 11,877 412,978 755,976 321,299 50,000 0 384,677 2.04 Walker & Dunlop 5,162,767 2049 693,109 519,138 16,799,474 Monticelli Apartments (788) Santa Clara Gilroy 2002 Family 43,940 52 98.1% Post Buyout 100% 954,188 16,284 18,773 508,106 443,593 208,846 39,48 0 0 195,267 1.79 Calhfa 1,787,384 2033 2,573,368 343,895 9,857,624 Nuevo Amanecer (792) Santa Cruz Watsonville 2006 Family 76,101 63 100.0% Post Buyout 100% USDA/HCD 790,091 77,280 5,032 581,540 280,800 212,446 37,800 569,451 600,005 1.12 USDA RD 2,987,158 2040 8,570,000 409,788 6,240,001 Buyout on 12/31/2020 Nuevo Sol LLC (918) Santa Clara Santa Clara 2007 Family 17,947 14 100.0% 100% Calhfa/HCD 180,900 554 0 123,122 58,332 6,388 6,816 0 45,128 0 2,582, 002 132,174 1,296,267 Nugent Square Apartments (456) San Mateo East Palo
Alto 2004 Family 33,756 32 100.0% Post Buyout 100% 582,827 12,278 2,306 459,609 133,190 86,440 65,582 0 (18,832) 0.88 Citibank 1,977,000 2021 3,512,712 400,665 2,959,772 Refinanced in 2020 with lower payment
Ohlone Chynoweth (460) Santa Clara San Jose 2000 Family 183,714 195 100.0% Post Buyout 100% 3,439,715 74,045 14,800 1,525,564 1,973,397 928,86 8 67,200 0 977,328 1.98 Union Bank 12,172,550 2029 5,555,016 2,137,515 43,853,256 Orvieto Santa Clara San Jose 2014 Family 92 100.0% Aegon < 1% 2,188,934 16,389 3,387 549,671 1,652,265 549,990 9,200 0 1,093,075 2.95 Wells Fargo 7 ,165,000 2029 11,372,232 736,428 36,717,000 Owl's Landing (468) Alameda Livermore 2000 Family 89,928 74 100.0% Post Buyout 100% Calhfa 1,223,231 6,694 11,232 771,104 447,590 342,078 72,000 0 33,512 1.08 Calhfa 3,314,598 2035 4,381,132 105,970 9,946,438 Pacific Family MHP LLC (920) Santa Cruz Santa Cruz 2014 Family N/A 34 N/A 100% HCD 182,299 13,642 1,140 0 194,801 41,000 10,000 0 143,801 0 4,402,3 82 80,980 4,328,911 Pacific Grove (472) Alameda Fremont 1997 Special Needs 13,900 20 100.0% 100% HUD 811 198,825 5,954 0 175,050 29,729 0 6,912 0 22,817 0 1,183,079 95,123 660,635 Pacific Terrace (796) Santa Cruz Freedom 1998 Family 37,836 28 100.0% Post Buyout 100% Calhfa 389,750 16,851 224 239,563 166,813 59,033 22,368 0 8 5,412 2.05 Citibank 374,284 2029 1,827,000 197,120 3,706,946 Pajaro Court (800) Santa Cruz Watsonville 1994 Family 10,402 10 100.0% Post Buyout 100% HCD 145,408 5,906 0 93,149 58,166 23,696 5,000 0 29,470 2.0 3 Union Bank 83,124 2025 850,000 54,778 1,292,567 Pauline Weaver Senior Apartments (Four) (970 Alameda Fremont 2018 Senior 28,742 44 100.0% Enterprise < 1% 710,909 3,363 103 315,202 398,968 29 4,041 22,000 0 82,927 1.26 JP Morgan 4,752,244 2037 5,419,921 78,614 8,865,951 Pauline Weaver Senior Apartments (Nine) (972 Alameda Frem ont 2018 Senior 28,760 46 100.0% Enterprise < 1% 727,942 4,433 698 331,271 400,406 28 8,460 23,000 0 88,946 1.29 JP Morgan 4,166,994 2037 3,070,079 85,376 8,897,912 Pleasant Acres MHP LLC (938) Santa Cruz Santa Cruz 2016 Family N/A 65 N/A 100% HCD 324,450 34,585 6,072 287,928 65,035 0 19,537 0 45,498 0 5,056,88 6 422,455 1,445,222 Quail Run Alameda County (990) Alameda San Leandro 2018 Family 76,320 104 94.2% HPET 25% 2,115,754 19,897 44,802 856,057 1,234,792 718,032 26,0 00 0 490,760 1.66 Jones Lang LaSalle 14,285,000 2030 2,090,856 697,202 27,439,814 Quail Run Apartments (945) Sonoma Santa Rosa 1999 Family 200,716 200 94.5% Union Bank < 1% HUD 811 2, 462,404 13,433 108,821 1,168,158 1,198,858 6,272 0 0 1,192,585 Construction Loan 0 23,060,683 0 26,641,288 Under subtantial rehabilitiation Rancho Park (804) San Benito Hollister 2016 Family 49,318 54 100.0% Wells Fargo < 1% HCD 601,208 25,988 0 506,410 120,786 0 32,400 0 88,386 0 5,166, 237 759,334 2,684,126 Redwoods Apartments (984) Santa Clara Gilroy 2018 Family 25,000 24 100.0% RBC < 1% HCD 346,164 9,414 0 201,201 154,377 55,541 15,080 680 84,436 2.1 9 CCRC 5,415,970 2036 23,565,516 745,269 3,430,605 Ridgeview Commons (480) Alameda Pleasanton 1989 Senior 178,302 200 99.0% Post Buyout 100% Calhfa 2,139,657 99,503 31,637 1,275,129 932,393 582, 723 140,850 0 208,820 1.29 Calhfa 4,069,871 2029 6,475,000 1,433,534 20,719,855 Rielly Station (892) Alameda Fremont 2020 Family 61,176 61 75.4% Wells Fargo < 1% 61,321 1 23,538 0 37,784 0 0 0 37,784 Construction Loan 0 5,646,21 8 0 839,644 Ground-up construction completed in 2020
Riverhouse Hotel (484) Contra
Costa Martinez 1993 Senior 45,000 81 100.0% Post Buyout 100% HCD 578,395 25,829 26,764 588,043 (10,582) 0 26,246 0 (36,828) 0 3,879,021 283,167 0 Experienced incidents of bed bugs
and termintes resulting in large
extermination costs
Riverside MHP LLC (922) Santa Cruz Watsonville 2009 Family N/A 25 N/A 100% HCD 111,397 252 5,839 84,879 20,931 0 8,400 0 12,531 0 5,700,000 173,935 4 65,133 Rivertown Place (548) Contra
Costa Antioch 2007 Family 41,844 40 97.5% RBC < 1% 613,556 5,302 18,660 471,414 128,785 60,211 24,000 38 44,612 1.53 CCRC 605,715 2038 2,297,986 239,566 2,8 61,884 Rocky Hill (658) Solano Vacaville 2018 Family/ Special
Needs 0 39 100.0% NEF < 1% HCD 768,606 28,337 18,889 394,055 383,998 315,548 19,500 0 48,950 1.15 Citibank 5,609,817 2054 10,218,410 407,106 8,533,297 Rosewood Terrace (488) Alameda Union City 2000 Senior 34,266 45 100.0% 100% HUD 202 391,253 6,458 851 354,498 42,362 0 27,000 0 15,362 0 2,287,385 199,112 941,382 Royal Court Apartments (812) Santa Clara Morgan Hill 2007 Family 65,809 55 100.0% Union Bank < 1% 842,136 11,824 0 441,225 412,735 228,364 90,0 00 0 94,371 1.30 Citibank 2,204,540 2037 3,675,000 470,378 9,171,892 Rustic Gardens (816) San Benito Hollister 2016 Family 21,295 19 100.0% Wells Fargo < 1% HCD 222,708 10,618 0 201,032 32,294 0 11,400 0 20,894 0 1,96 7,919 0 717,651 Samara Terrace Apartments (420) Contra
Costa Hercules 2006 Senior 43,643 52 92.3% Post Buyout 100% 1,153,169 4,592 80,901 371,560 705,300 102,671 51,996 0 550,633 4.56 US Bank 1,058,368 2037 2, 454,996 330,939 15,673,331
Sara Conner Court (492) Alameda Hayward 2006 Family 59,984 57 100.0% Enterprise < 1% 891,753 14,517 1,142 626,102 279,026 196,579 34,713 0 47,734 1.21 CDT 1,956,383 2037 6,528,681 501,437 6,200,588 Seacliff Highlands Apartments (820) Santa Cruz Aptos 2006 Family 37,960 39 97.4% Post Buyout 100% HCD 571,673 22,657 28,459 403,309 162,562 108 ,510 39,000 0 15,052 1.10 Calhfa 1,017,441 2037 4,060,066 160,340 3,612,479 Sereno Village Apartments (596) Solano Vallejo 2003 Family 148,000 126 99.2% Post Buyout 100% 1,330,100 18,581 17,490 1,177,175 154,017 0 125,0 00 0 29,016 0 3,662,577 319,521 3,422,589 Skeels Apartments (824) Santa Clara Morgan Hill 1995 Family 5,052 14 100.0% 100% 210,874 1,945 0 131,288 81,530 63,422 0 0 18,109 1.29 NWA 688,594 2 021 1,114,526 63,841 1,811,788 Will be refinanced in 2021 Residential Properties County City Placed In
Service
Community
Served
Rentable
Area
Units Occupied % LIHTC
Investor
Eden
Housing
Ownership
Federal/
State
Subsidy
Gross Rental
Revenue
Other
Income
Vacancy Operating
Expenses
NOI Debt Service Reserves
Deposit
Reserve
Withdrawals
NOI After Debt
Service
DSCR Mortgage
Lender
Mortgage
Balance
Due Date for
1st
Mortgage
Soft Debt
Outstanding
Reserve
Balances
Market
Value
Comments
Real Estate Schedule as of 12/31/2020
Cap Rate = 4.50
Sobrato Family Apartments (828) Santa Clara Gilroy 2006 Family 62,900 60 96.7% Post Buyout 100% Calhfa/HCD 1,216,350 18,498 10,346 619,349 605 ,153 45,567 24,000 0 535,586 8.70 Calhfa 174,151 2029 7,412,505 336,718 13,447,838 Buyout on 12/31/2020 South Hayward_Alta Mira Family (916) Alameda Hayward 2016 Family 76,053 87 100.0% Wells Fargo < 1% Calhfa/HCD 1,107,682 23,854 17,515 769,174 344,845 205,162 52,200 21,295 108,779 1.34 CCRC (sale to Freddie Mac) 1,435,041 2050 16,731,925 1,347,860 7,663,229 Owned/operated with Alta Mira Senior (928)
South Hayward_Alta Mira Senior (928) Alameda Hayward 2016 Senior 174,009 64 98.4% Wells Fargo < 1% Calhfa/HCD 598,668 15,807 18,574 525,648 70 ,253 146,278 38,400 0 (114,425) 0.38 CCRC (sale to Freddie Mac) 1,039,167 2050 12,043,664 117,774 1,561,181 Owned/operated with Alta Mira Family (916)
Sparks Way Commons (500) Alameda Hayward 1984 Family 57,010 45 95.6% < 1% HCD 766,403 35,989 6,444 425,379 370,568 10,495 27,000 0 333,073 0 2,748, 810 46,728 8,234,851 Stone Pine Meadows (943) San Joaquin Tracy 2000 Family 74,159 72 100.0% NEF < 1% Calhfa 774,025 8,285 20,886 449,935 311,489 0 0 0 311,489 Constru ction Loan 0 7,411,391 586,279 6,921,980 Under subtantial rehabilitiation Stoney Creek (925) Alameda Livermore 2018 Family 75,336 70 100.0% Redstone < 1% HCD 1,037,778 6,676 7,655 636,656 400,143 282,366 42,000 0 75,777 1 .23 US Bank 2,889,542 7/1/2034 15,336,190 328,226 8,892,070 Studio 819 Apartments (896) Santa Clara Mountain
View 2015 Family 21,000 49 100.0% Wells Fargo < 1% 480,959 10,503 3,952 430,005 57,505 48,100 19,608 0 (10,203) 0.85 CCRC 363,235 2031 8,165,642 276,376 1,277,896 Replacement reserve withdrawal is
made to cover the deficit after year-
end
Surf Apartments (604) Alameda San Leandro 2010 Family 21,975 46 95.7% Post Buyout 100% Calhfa 720,568 7,087 22,427 291,529 413,699 146,117 17,71 2 0 249,870 2.53 Calhfa 2,302,394 2035 1,754,885 323,283 9,193,313 Sycamore Glen (832) Santa Clara Morgan Hill 1989 Family 11,772 20 100.0% 100% HUD 202 424,056 1,411 0 187,805 237,662 169,147 8,358 0 60,157 1.34 Walker & Dunlop 4,917,000 2035 351,090 1,103,877 5,281,376 Under moderate rehabilit ation Sycamore Square (512) Alameda Hayward 1983 Family 28,436 26 100.0% 100% Calhfa/HUD 936,349 1,397 0 263,912 673,834 153,226 91,530 0 429,079 2.75 Ca lhfa 1,250,038 2031 0 222,915 14,974,100 Tennyson Garden Apartments (998) Alameda Hayward 2001 Family 92,000 96 97.9% Hudson < 1% HUD Sec 8 2, 241,742 17,960 51,136 944,167 1,264,399 0 0 0 1,264,399 Construction Loan 0 0 0 28,097,751 Substantial rehabilitation completed in 2020
The Savannah at Southport (912) Yolo Sacramento 2015 Family 233,920 228 96.5% HPET 14% 3,261,765 29,175 104,969 1,446,453 1,739,518 1,305,830 1 50,000 0 283,688 1.19 Jones Lang LaSalle 22,943,155 2026 0 636,434 38,655,955 The Trees Apartments (836) Santa Clara Gilroy 1982 Family 12,590 14 85.7% 100% USDA/HCD 171,904 9,118 4,753 111,580 64,689 64 0 32,587 97,212 1017 .13 USDA RD 816 2034 0 98,577 1,437,541 The Willows (872) Santa Clara Morgan Hill 1992 Family 22,879 20 100.0% Post Buyout 100% HCD 316,048 5,459 1,427 199,748 120,332 29,653 30,000 0 60 ,679 2.02 JP Morgan 313,731 2037 954,228 261,383 2,674,051 Tierra Linda (840) Santa Cruz Watsonville 1994 Family 18,967 18 100.0% Post Buyout 100% HCD 247,097 7,525 2,075 155,645 96,902 33,176 18,000 0 45, 726 1.89 Citibank 123,564 2025 1,234,667 111,760 2,153,368 Union Court (516) San Joaquin Manteca 2000 Family 49,422 68 97.1% Post Buyout 100% Calhfa/HCD 689,887 12,001 6,404 476,363 219,122 97,749 48,100 0 73,272 1.50 Calhfa 818,160 2033 4,575,229 228,471 4,869,367 University Village Apartments (844) Monterey Marina 2014 Family 100,958 108 100.0% Alliant < 1% HCD 976,197 22,299 4,284 681,397 312,815 130,03 9 64,800 0 117,976 1.61 JP Morgan 1,013,930 2035 14,755,799 685,414 6,951,450 Vacaville Meadows Drive Solano Vacaville 1968 Family 68,189 65 95.4% BFIM 0% 705,316 222,077 19,745 522,179 385,469 200,695 16,250 0 168,525 1.78 I mpact Funding LLC 1,917,958 2023 1,789,516 15,876 8,565,988 Valor Crossing (914) Alameda Dublin 2017 Family 133,377 66 98.5% Bank of America < 1% 1,275,408 5,572 19,458 709,994 551,528 269,233 44,471 4,897 242,722 1.76 CCRC 3,896,842 2035 13,403,000 736,283 12,256,187 Vandenburgh Villa (520) Alameda Livermore 2005 Senior 24,126 40 100.0% 100% HUD 202 329,264 1,084 138 303,837 26,373 0 17,720 0 8,654 0 3,431,952 228,323 586,069 VCH_Orchard/Maples Apartments (659) Solano Vacaville 1965 Family 147,062 168 97.6% 100% 2,126,304 22,167 46,305 1,166,119 936,046 317,013 94,2 00 0 524,834 2.28 Bonds 1,876,190 2024 6,309,159 258,480 20,801,029 Commenced property management
services Jan 1, 2020; owned and
o
perated with Willows Apartments
VCH_Willows Apartments (661) Solano Vacaville 1993 Family 98,185 125 96.8% 100% 1,359,819 30,676 44,588 1,082,162 263,746 236,844 78,000 0 (51,098) 0.84 Bonds 1,876,190 2024 7,159,437 220,869 5,861,019 Commenced property management
services Jan 1, 2020; owned and
o
perated with Orchard Maples (659)
Victoria Green Apartments (380) Contra
Costa Hercules 2004 Family 133,699 132 97.0% Post Buyout 100% Calhfa/HCD 1,956,220 34,704 59,632 1,147,379 783,912 648,220 50,832 0 84,860 1.12 Calhfa 6, 152,093 2034 6,564,309 483,893 17,420,268 Villa Ciolino (848) Santa Clara Morgan Hill 2001 Family 39,776 42 97.6% Post Buyout 100% 607,220 5,699 3,225 360,568 249,126 134,986 66,170 0 47, 970 1.24 Bank of America 1,104,992 2032 2,856,723 212,875 5,536,131 Villa Esperanza (966) Santa Clara Gilroy 2000 Special Needs 15,616 21 100.0% 100% HUD 811 200,405 5,157 1,700 193,817 10,045 0 9,204 21,063 21,904 0 1,229,454 199,138 223,220 Villa Springs (524) Alameda Hayward 2008 Family 59,633 66 100.0% Enterprise < 1% Calhfa/HCD 773,658 8,986 0 551,786 230,858 199,698 48,722 16,524 (1,038) 0.93 Calhfa 2,447,190 2039 5,284,804 386,910 5,130,177 $30k in insurance claim damage that wasn’t reimbursed in 2020.

Virginia Lane (950) Contra
Costa Concord 2017 Family 60,506 91 97.8% Wells Fargo < 1% HCD 1,002,356 29,496 20,625 760,942 250,284 170,567 54,600 12,000 37,117 1.11 Citibank 2,053,5 13 2038 15,323,615 599,846 5,561,877 Vista Point at Pacific Grove (856) Monterey Pacific
Grove 2006 Senior 49,875 49 98.0% Post Buyout 100% Calhfa/HCD 767,963 4,325 4,263 418,369 349,656 142,637 19,608 0 187,411 2.16 Calhfa 1,510,589 2036 4,26 2,000 373,235 7,770,140 Vista Terrace Hills (962) San Diego San Diego 2017 Family 279,045 262 100.0% US Bank < 1% 6,327,294 83,475 2,291 1,791,236 4,617,241 3,571,330 131,540 0 914,372 1.25 US Bank 59,542,184 2035 3,456,213 2,001,992 102,605,365 Vista Verde (860) Santa Cruz Freedom 2001 Family 74,436 76 100.0% Post Buyout 100% HCD 992,753 44,563 575 614,001 422,739 111,963 58,720 0 252,056 2.48 Bank of America 960,442 2031 3,134,133 578,727 9,394,204 Walker Landing Apartments (552) Alameda Hayward 2008 Family 76,651 78 98.7% US Bank < 1% HCD 970,741 13,307 14,308 735,881 233,859 157,279 46,80 0 0 29,780 1.15 Union Bank 1,456,721 2039 9,366,695 281,195 5,196,864 Warner Creek Senior Housing (652) Marin Novato 2013 Senior 61,830 61 100.0% Bank of America < 1% HCD 1,606,200 5,224 13,221 648,674 949,530 362,028 40,806 8,412 555,108 2.36 Citibank 3,553,840 2038 9,647,062 870,540 21,100,662 Weinreb Place (900) Alameda Hayward 2015 Senior 20,813 22 100.0% NEF < 1% HUD 202 261,831 1,890 1,579 215,490 46,652 6,602 25,745 13,410 27,715 0 5,979,200 595,461 1,036,718 West Rivertown (536) Contra
Costa Antioch 2003 Family 43,560 57 96.5% Post Buyout 100% 841,949 14,979 93,999 544,206 218,723 182,824 28,380 0 7,518 1.04 Citibank 1,555,048 2033 4,344 ,186 226,146 4,860,503 Westside Terrace (864) San Benito Hollister 2015 Family 16,656 16 100.0% 100% USDA/HCD 225,026 11,221 0 152,139 84,107 58,617 15,792 33,136 42,83 4 1.13 USDA RD 345,815 2028 1,494,457 282,476 1,869,052 Wexford Way (644) Alameda Dublin 2013 Family 119,539 131 99.2% Wells Fargo < 1% 2,559,746 15,463 62,878 1,174,269 1,338,062 778,599 87,632 23,92 3 495,753 1.54 Citibank (partial assgn to Calhfa) 9,428,720 2031 11,470,351 1,749,552 29,734,708 Wheeler Manor (986) Santa Clara Gilroy 2018 Senior 93,583 119 100.0% RBC < 1% HCD 1,201,284 51,064 5,808 723,096 523,444 271,171 73,520 3,320 182, 073 1.52 CCRC 5,415,970 2036 23,565,516 745,269 11,632,092 Residential Properties County City Placed In
Service
Community
Served
Rentable
Area
Units Occupied % LIHTC
Investor
Eden
Housing
Ownership
Federal/
State
Subsidy
Gross Rental
Revenue
Other
Income
Vacancy Operating
Expenses
NOI Debt Service Reserves
Deposit
Reserve
Withdrawals
NOI After Debt
Service
DSCR Mortgage
Lender
Mortgage
Balance
Due Date for
1st
Mortgage
Soft Debt
Outstanding
Reserve
Balances
Market
Value
Comments
Real Estate Schedule as of 12/31/2020
Cap Rate = 4.50
Wicklow Square Apartments (540) Alameda Dublin 2005 Senior 39,135 54 98.2% Post Buyout 100% 608,903 6,933 12,080 320,451 283,305 109,869 44,640 0 128,795 1.83 Citibank 1,012,196 2021 2,208,248 330,092 6,295,656 Refinanced in 2021 Windscape Apartments (580) Los Angeles Northridge 1996 Family 31,674 45 100.0% Post Buyout 100% 594,627 4,343 10,296 406,320 182,354 117,942 27 ,000 0 37,412 1.26 Citibank 1,007,182 2026 0 109,639 4,052,321 Wisteria Place Senior Apts (544) Alameda Union City 2004 Senior 36,591 40 100.0% 100% HUD 202 325,165 7,906 764 311,977 20,330 0 20,820 0 (490) 0 2,184,438 195,307 451,770 HUD property; budget-based rent increase will be requested
Woodside Court (680) Solano Fairfield 2013 Family 104,680 129 99.2% HPET 16% 1,752,499 22,307 11,969 829,906 932,931 614,048 42,312 0 276,570 1.42 Wells Fargo 7,893,793 2021 0 236,390 20,731,792 Refinanced in 2021 z-Fell Street (Gough Street) San
Francisco
San
Francisco Family 82 < 1% Passive interest with limited oversight z-Pinole Grove (John Street) Contra
Costa Pinole Family 70 < 1% Passive interest with limited oversight 154 9,179,934 10 ,362 98.38% 116 97 159 ,346,940 3 ,011,455 2 ,834,383 80 ,889,217 78 ,634,795 38 ,636,644 5 ,750,359 1 ,103,604 35 ,351,395 523 ,493,128 814 ,194,562 79 ,741,282 1 ,750,430,312 UNITS
TOTAL UNITS OWNED OR MANAGED 10,362
TOTAL UNITS OWNED 10,106
TOTAL UNITS MANAGED 9,696
Commercial Space County City Placed In
Service
Use Rentable Area Occupied % Eden
Housing
Ownership
Rental Revenue Comments
Depot Commons Santa Clara Morgan Hill 2015 Day Care 1,299 100% 100% 12,000 Use of space restricted by regulatory agreement Downtown River Sonoma Petaluma 2005 Retail 5,210 32% 100% 127,549 Master Tenant Structure with Eden Commercial Inc Eden Lodge Alameda San Leandro 2011 Salon 290 0% < 1% 600 Use of space restricted by regulatory agreement Eden Palms Santa Clara San Jose 1996 Daycare 1,984 100% 100% 1,592 Use of space restricted by regulatory agreement Excelsior Building Alameda Oakland 2006 Office 0 100% < 1% 1 Ground lease interest for the school unit Glen Berry Alameda Hayward 2017 Day Care 400 100% < 1% 1,908 Master Tenant Structure with Eden Commercial Inc Glen Eden Alameda Hayward 2017 Office 3,667 100% < 1% 34,438 Master Tenant Structure with Eden Commercial Inc Hana Gardens Contra Costa El Cerrito 2018 Senior Center 2,161 100% < 1% 10 Master Tenant Structure with Eden Commercial Inc Hillview Glen Santa Clara San Jose 1995 Day Care 2,295 100% 100% 17,028 Jasmine Square Santa Clara Morgan Hill 2005 Office & Day Care 8,844 72% 100% 75,763 Master Tenant Structure with Eden Commercial Inc Josephine Lum Lodge Alameda Hayward 2005 Community
Kitchen 2,000 100% < 1% 19,200 Use of space restricted by regulatory agreement La Avendida Street Santa Clara Mountain View 2018 Office 12,850 50% 75% 12 Nugent Square San Mateo East Palo Alto 2004 Office N/A 100% < 1% 459,609 Use of space restricted by regulatory agreement Ohlone Chynoweth Santa Clara San Jose 2000 Retail 4,072 100% 100% 71,654 Master Tenant Structure with Eden Commercial Inc Owl's Landing Alameda Livermore 2000 Day Care/
Church 45,821 100% 100% 12
Rengstorff Commercial Santa Clara Mountain View 2015 Restaurant 1,643 100% 50% 86,950 Master Lessee of Studio 819 Apartments Ridgeview Commons Alameda Pleasanton 1989 Kitchen 2,000 100% 100% 12,912 Riverhouse Hotel Contra Costa Martinez 1993 Office & Retail 4,650 100% 100% 26,400 Ruby Street Alameda Castro Valley 2019 Retail 0 100% 100% 12,000 Sereno Village Solano Vallejo 2003 Day Care 3,600 100% 100% 3,003 Use of space restricted by regulatory agreement Stevenson Land Alameda Fremont n/a Land 4.1 (acres) 100% 100% 0 Land leased to an affordable housing project The Skeels Apartments Santa Clara Morgan Hill 1995 Restaurant 3,600 100% 100% 91,566 Vista Verde Childcare Santa Cruz Freedom 2001 Daycare 5,496 100% 100% 36,552 Break-even property; commercial rent increase is restricted in lease Wexford Way Alameda Dublin 2013 Day Care 4,059 100% < 1% 1,931 Use of space restricted by regulatory agreement Wheeler Manor Santa Clara Gilroy 2018 Adult Care/
Office 3,225 100% < 1% 8,412 Use of space restricted by regulatory agreement Timber Street Alameda Newark 2020 Retail 9,000 100% 100.00% 45,407 26 128,166 1,146,509
Real Estate Schedule as of 12/31/2020
Ca
p Rate = 4.50

Real Estate Schedule as of 12/31/2020
Cap Rate = 4.50
Properties in Construction County Location Estimated
Completion
Date
Community
Served
Rentable Area Units Investor Eden
Housing
Ownership
Canyon Flats (890) Alameda Fremont 2021 Family 54,507 71 Wells Fargo < 1% Parrot Street (989) Alameda San Leandro 2021 Family 62 BofA < 1% Alameda Point (969) Alameda Alameda 2020 Family 70 Wells Fargo < 1% 3 54
,507 203
Land Held for Development County Location Acerage Eden
Housing
Ownership
Appraised
Value
Land Loan Due Date for
Land Loan
Interest
Reserve
Balance
Comments
Granite Ridge/Sequoia Road (981) Alameda Fremont 1.95 51% 7,500,000 7,500,000 55 years 0 Maritime and Harbour Point Drive (983) Sacramento Elk Grove 3.06 60% 2,000,000 2,000,000 2021 47,283 Due June 2021; 36 month extension available Ruby Street (987) Alameda Castro Valley 6.24 100% 4,600,000 4,600,000 2021 105,100 Due April 2021; 12 month extension available La Avendida (988) Santa Clara Mountatin View 0.96 75% 9,700,000 10,600,000 2023 745,355 Due January 2023; 6 month extension available SJ Auzerais (991) Santa Clara San Jose 1.02 100% 12,500,000 12,500,000 55 years 0 Timber Street (995) Alameda Newark 1.06 100% 4,480,000 4,256,000 2022 308,789 Due April 2022; 12 month extension available Oak Grove (657) Solano Vacav ille 0.75 100% 275,000 - n/a 0 7 15.04 41,055,000 41,456,000 1,206,527 4 Properties In Predevelopment
Eden Housing Inc. is in predevelopment and site control phase at various sites in the Northern California.

Salinas City CouncilOctober 4, 2022

Salinas City Council
October 4, 2022