Attachment B6 - Proposals Received (EAH Option 2) — Santa Monica City Council, January 11, 2022

EAH Housing (Option #2)
CA Lic. 853495 | HI Lic. RB-16985
eahhousing.org
November 1, 2019
Prepared for:

CITY OF SANTA MONICA, Attn: James Kemper
Housing and Economic Development Department
1901 Main Street, Suite B, Santa Monica, CA 90401
By: EAH Housing | 18801 Ventura Blvd., Suite 205, Tarzana, CA 91356 | Phone: (310) 622-9236 Contact Person: Steven Spielberg | [email protected] 1318 Fourth Street Affordable Housing Development
EAH Housing - RFP Submittal 2019
(150 Unit Proposal)
Through well-designed affordable housing
and a commitment to stewardship and
quality of life through services, the vision of
EAH Housing is of inclusive neighborhoods
with thriving socioeconomic and cultural
diversity for generations to come.

EAH HOUSING PROPOSAL | 1318 FOURTH ST. AFFORDABLE HOUSING DEVELOPMENT | Santa Monica | 2019 3 CA Lic. 853495 | HI Lic. RB-16985 Table of Contents
1) Cover Letter 5
2) Development Team Information 11
A) Official Name, Address and Principals
B) Form of Legal Entity
C) Experience in Southern California
D) Articles of Incorporation and Certificate of Good Standing E) Development Team
3) Development and Services Concepts 51
A) Overall Vision and Housing Concept
B) Supportive Services Plan
C) Conceptual Site and Floor Plan
D) Schedule of Performance
4) Community Involvement Plan
5) Financing Strategy 75
A) Construction Period Sources and Uses of Funds
B) Annotated Pro-Forma
C) Notes on Assumptions Applied in the Pro-Forma
D) Estimates of Income, Expenses, and Cash-Flow Projection E) Construction and Perm Loan Underwriting Terms
F) Responsibilities and/or obligations
G) Financial Contingencies
H) Proposed Repayment Structure
I) Proposed Ground‐Lease Term
J) Financing Timeline
K) Services Offered and Budget with Sources
6) Development Team’s Financial Capacity and Experience 105 A) Most Recent Audit
B) Portfolio of Developments
C) Portfolio of Partnerships and Financing for Supportive Services D) Experience Obtaining Funding Sources
E) List of Developments Successfully Competed for 9% Tax Credits F) Receipt and Administration of Federal Housing Subsidies G) Outstanding Recourse and Non‐Recourse Debt
H) Non‐Performing Loans
I) Loans or Financial Obligations
J) Legal Actions Taken Against Developer
7) Appendix
1) Cover Letter
Expanding the range of opportunities for all by
developing, managing and promoting quality
affordable housing and diverse communities.
18801 Ventura Blvd., Suite 205, Tarzana, CA 91361 | (310) 526-3209 CALIFORNIA 22 Pelican Way, San Rafael, CA 94901 | (415) 258-1800 | CA Lic. 853495 HAWAII 1001 Bishop Street, #2880, Honolulu, HI 96813 | (808) 523-8826 | HI Lic. RB-16985 www.EAHHousing.org
November 1, 2019
James Kemper
Housing and Economic Development Department, City of Santa Monica 1901 Main Street, Suite B
Santa Monica, CA 90405
Re: 1318 4th Street Affordable Housing Request for Proposals Dear Jim,
We are very excited to submit the proposal that follows and hopefully have the opportunity to work with you and your team to develop what we know will be a stand-out project in Downtown Santa Monica. Our proposal hits all the points the City is looking for including: not requesting any capital from the City, creating 50 supportive housing units, offering a below-market lease to a local nonprofit, and creating an amazing opportunity to attract a much needed grocer to the neighborhood.

To develop the concept, we assembled a stellar team of local professionals and experts in housing development, management and services; retail development, financing and leasing; mixed use and supportive housing design; all with collectively decades of intimate knowledge of and experience in Santa Monica.

EAH was founded in 1968 and is one of the most experienced and respected affordable housing developers and property managers in California. Over the past 51 years we have developed nearly 100 properties and currently manage 8,900 unit leases in 17 counties and 55 municipalities across all of California and Hawai’i.

Additionally, next year will mark my own 10-year anniversary working with you and your staff to develop affordable housing in Santa Monica. Joining EAH in 2016, I opened our first Southern California office in Santa Monica, and we are currently working with you and your team to develop the City’s first new-construction supportive housing project in years as well as a senior affordable development, which recently won a 9% tax credit award and will begin construction in March.

The project we are presenting in this proposal is a mixed-income, mixed-use development, which will house 50 individuals and families currently experiencing homelessness in Santa Monica as well as 100 other local low-income households. The ground floor will offer a grocery store as well as offices for the People Concern, our service provider. Below the retail we have included ample parking, which will help attract and retain the type of grocer we will secure.

EAH is uniquely poised to develop and manage this project. With decades of experience developing and managing mixed income projects combining formerly homeless tenants with lowExpanding the range of opportunities for all by developing, managing and promoting quality
affordable housing and diverse communities.
18801 Ventura Blvd., Suite 205, Tarzana, CA 91361 | (310) 526-3209 CALIFORNIA 22 Pelican Way, San Rafael, CA 94901 | (415) 258-1800 | CA Lic. 853495 HAWAII 1001 Bishop Street, #2880, Honolulu, HI 96813 | (808) 523-8826 | HI Lic. RB-16985 www.EAHHousing.org
November 1, 2019
James Kemper
Housing and Economic Development Department, City of Santa Monica 1901 Main Street, Suite B
Santa Monica, CA 90405
Re: 1318 4th Street Affordable Housing Request for Proposals Dear Jim,
We are very excited to submit the proposal that follows and hopefully have the opportunity to work with you and your team to develop what we know will be a stand-out project in Downtown Santa Monica. Our proposal hits all the points the City is looking for including: not requesting any capital from the City, creating 50 supportive housing units, offering a below-market lease to a local nonprofit, and creating an amazing opportunity to attract a much needed grocer to the neighborhood.

To augment our retail experience, Allen Lynch will provide consulting services. Mr. Lynch has been in real estate since 1982 and has been either an Owner, Development Partner, or Project Consultant on over 8 million square feet of completed projects. He has been a hands-on commercial property owner in Santa Monica since 2003 and has officed in Santa Monica for the last 27 years. Having experience in all aspects of retail development, Mr. Lynch provides instrumental input in design, leasing and financing of the retail component.

Van Tilburg, Banvard & Soderbergh is a renowned architectural firm headquartered in Santa Monica. With expertise in affordable housing and mixed use, the firm is also working on the Plaza at Santa Monica across the street at the southeast corner of 4th and Arizona. The firm’s principal, Johannes Van Tilburg is also a local leader. A member of the Board of Directors for the Promenade Bayside District of Santa Monica, Jan was appointed to a 4-year term by the Santa Monica City Council.

Michael Borman of Epsteen & Associates provides ongoing input on our retail design and leasing strategy. Epsteen had been headquartered in Santa Monica for nearly 50 years (until 2016) and is intimately familiar with the retail landscape in Downtown Santa Monica. Most recently they leased two major retail spaces on this street: 401 Broadway (Capital One Bank) and 1427 4th Street (West Elm Flagship). Both projects are among the newest developments on 4th Street; each of which exemplify successful ground-up multi-level designs. Through their expertise and relationships, they were able to deliver financially strong merchants. These two projects have helped stimulate traffic along 4th Street.

To bolster our own financial expertise, Paul Beesemyer of California Housing Partnership (CHPC) helped create the financing concept. Synthesizing input from Allen Lynch as well as multiple investors and lenders, Paul helped us evaluate splitting the retail from the housing as well as the more straightforward model we present in this proposal.

Again, we look forward to this amazing opportunity to develop what is sure to be one of the most exciting and beneficial projects for the city we all love.

Sincerely,
Steve Spielberg
Director of Development, Southern California
[email protected]

8 EAH HOUSING PROPOSAL | 1318 FOURTH ST. AFFORDABLE HOUSING DEVELOPMENT | Santa Monica | 2019 CA Lic. 853495 | HI Lic. RB-16985
A) Official Name, Address and Principals
Administrative Information
Company Name: EAH Inc. (dba EAH Housing)
Tax Identification Number: 94-1699153
Real Estate Licensce (CA): 00853495
Mailing Address: 18801 Ventura Blvd., Ste. 205, Los Angeles, CA 91356 Telephone Number: (310) 622-9236
Leadership Team/Principals
Laura Hall | President and CEO
Cathy Macy | Chief Financial Officer
Welton Jordan | Sr. Vice President, Real Estate Development Robert Schraeger | Sr. Vice President, Real Estate Management Steven Spielberg | Director of Development, Southern California B) Form of Legal Entity
EAH Housing (EAH) is a California nonprofit public benefit corporation.

2. Development
Team Information
EAH HOUSING PROPOSAL | 1318 FOURTH ST. AFFORDABLE HOUSING DEVELOPMENT | Santa Monica | 2019 9 CA Lic. 853495 | HI Lic. RB-16985
C) Experience in Southern California
EAH Housing has developed and managed affordable housing in Southern California since 2002, including apartment communities in Los Angeles County, Orange County and Riverside County. The team lead of the Southern California office has developed multiple projects in Santa Monica, including affordable and permanent supportive housing. EAH has several upcoming development projects in L.A. County, including two in Santa Monica:
• Magnolia Villas | 1445 and 1453 10th St. | 40 units | senior housing • The Laurel | 1413 Michigan Ave. | 44 units | permanent supportive housing Earlier this year, EAH broke ground on the Pointe on Vermont, a Measure HHH development in the City of Los Angeles. EAH also expanded real estate management operations with the signing of a new management contract with the Housing Authority of the City of Los Angeles (HACLA) for 74 of its properties.

In addition, due to recent growth, EAH has moved its Southern California office, established in 2016, to a new, larger space in order to accommodate additional operations. This office, now in Tarzana, had its beginnings in Santa Monica.

The next few pages highlight some EAH development and management showcase properties in Southern California.

2. Development
Team Information
10 EAH HOUSING PROPOSAL | 1318 FOURTH ST. AFFORDABLE HOUSING DEVELOPMENT | Santa Monica | 2019 CA Lic. 853495 | HI Lic. RB-16985

2. Development
Team Information
 Creating Community  Developing Housing  Managing Properties

FOUNDED
1968
98 properties
Over 7,900 units
Developed & Acquired
$870 million
Active development
$1 billion+
Developed housing
110 properties
Over 8,900 leases
$ $101 million+
Annual Cash Management
70% OWNED & MANAGED
30% FEE MANAGED

RELATIONSHIPS WITH
55 municipalities
17counties
IN CALIFORNIA & HAWAI‘I
500

EMPLOYEES

SERVING OVER
20,000

RESIDENTS
The mission of
EAH Housing is to
expand the range
of opportunities for
all by developing,
managing and
promoting quality
affordable housing
and diverse
communities.
 Geographic Reach (Counties)
Kauai
Honolulu
Maui
Big Island*
*Planning stage
Alameda
Contra Costa
Fresno
Imperial*
Los Angeles
Marin
Monterey*
Napa
Riverside
San Francisco
San Mateo
Santa Clara
Santa Cruz
Sonoma
Stanislaus
Yolo
EAH Housing Overview
EAH HOUSING PROPOSAL | 1318 FOURTH ST. AFFORDABLE HOUSING DEVELOPMENT | Santa Monica | 2019 11 CA Lic. 853495 | HI Lic. RB-16985

2. Development
Team Information
It takes the talents of many dedicated team members to see the mission and vision of EAH Housing to fruition.

OPERATIONS FINANCE &

ACCOUNTING

REAL ESTATE

MANAGEMENT

REAL ESTATE

DEVELOPMENT
The Operations Division
provides support,
supervision, direction, and
coordination for all of the
following departments:
• Business Systems
• Communications
• Human Resources
• Information Technology
The Finance and Accounting
Department is responsible
for the financial record
keeping for all properties,
development projects and
corporate departments. The
department also prepares
profit and loss analyses and
fifteen-year forecasts, and
tracks capital accounts:
• Assist Real Estate
Management Department
with annual budget
preparation
• Maintain financial records
• Schedule annual audits
and assist the auditors
• Track all cash flow
• Reconcile all bank
accounts
• Prepare monthly financials
The Real Estate Management
Department is responsible
for all services ranging
from resident services to
property and facilities/
asset management. The
department provides the
primary communications
link between property
management, our residents,
ownership and regulatory
agencies. Headed by the
Vice President of Real Estate
Management (REM), this
department coordinates the
efforts of:
• Property Supervisors
• Resident Managers
• Compliance Specialists
• Maintenance Supervisors
• Resource Coordinators
Across numerous counties
and two states, the Real
Estate Development
Department handles the
specific needs of each
municipality to ensure that
new affordable housing
communities are successfully
built. The department carries
out all phases of housing
development services:
• Site Identification
• Project Design
• Community Acceptance
• Predevelopment,
Construction, Equity, and
Mortgage Financing
• Regulatory Approvals,
Entitlements, Zoning,
Environmental Clearances
• Project Construction
Advocacy and Outreach
For more than four decades, EAH Housing has been at the forefront of outreach and advocacy, hiring its first full-time staff person to work on community acceptance issues in 1977. Today, EAH continues this tradition through public presentations and lectures, voter registration, trainings, resource referrals, resident communications, and strategy discussions with government leaders (local, state and federal). EAH Housing is a member of numerous advocacy organizations from local grassroots groups, chambers of commerce and housing organizations, to state and national advocacy and professional organizations, to promote policies/projects that fund affordable housing and increase opportunities for our resident populations. •Housing advocacy and outreach organizations - local, regional, state and federal •Community building and regional affordable housing networks EAH Housing Organizational Structure
12 EAH HOUSING PROPOSAL | 1318 FOURTH ST. AFFORDABLE HOUSING DEVELOPMENT | Santa Monica | 2019 CA Lic. 853495 | HI Lic. RB-16985

2. Development Team
Information - Development Showcase

LOS ANGELES COUNTY LOS ANGELES COUNTY LOS ANGELES COUNTY Magnolia Villas is a proposed
affordable housing development
in Santa Monica, CA that
will provide 40 units of
senior housing for a mix of
income levels. The proposed
development will feature four
stories of one-bedroom units.

EAH Housing partnered with the
city to finance the development,
which was awarded a competitive
9% tax credit allocation.

The surrounding areas offer many
amenities and transportation
options for residents. Both Kaiser
Permanente and UCLA Medical
Center are in the vicinity, as are
several bus stops with access to
multiple bus lines. Many leisure
options are available within a mile
such as the Santa Monica Pier
and Third Street Promenade.

Magnolia Villas
1445 and 1453 10th St.

Santa Monica, CA
Senior 40 units
● Estimated Start: 2020
● Estimated Completion: 2021
The Pointe on Vermont is a
mixed use 50-unit affordable
housing community in Los
Angeles, CA, with 25 units of
permanent supportive housing
(PSH) for individuals experiencing
homelessness or transitioning
from homelessness. The other
half of the units are for low
income individuals and families,
with one manager’s unit.

On-site supportive services and
property staff will be on hand to
support residents. Green building
methods will be utilized during
the development process, and
the ground floor will have a
meeting space and music center/
recording studio for community
programs.

The Laurel is a proposed
development of 44 units of
permanent supportive housing
for individuals experiencing
homelessness. The development
will be three stories of studio
units. EAH has partnered with the
People Concern to provide case
management services for the
residents of the building.

The project will offer several
community open spaces
including a rooftop garden. The
site is a unique part of Santa
Monica’s history. It was home to
a Japanese-American Community
Hall that will be preserved and
be renovated into the community
space for the residents
The Laurel
1413 Michigan Ave.

Santa Monica, CA
Family, PSH 44 units Family, PSH 50 units
Pointe on Vermont
7600 S. Vermont Ave.

Los Angeles, CA
● Estimated Start: 2020
● Estimated Completion: 2022
● Status: Under Construction
● Estimated Completion: 2022
EAH HOUSING PROPOSAL | 1318 FOURTH ST. AFFORDABLE HOUSING DEVELOPMENT | Santa Monica | 2019 13 CA Lic. 853495 | HI Lic. RB-16985

2. Development Team
Information - Management Showcase

LOS ANGELES COUNTY

RIVERSIDE COUNTY

LOS ANGELES COUNTY

ORANGE COUNTY

LOS ANGELES COUNTY

FRESNO COUNTY
Reflections at
Yosemite
Los Angeles, CA
Stonehaven
Apartments
Riverside, CA
Family
Student
100 units
200 units
● Portfolio of HACLA
● Managed since 2019
● Owned by EAH Housing
● Managed since 2002
Parkview
East
Los Angeles, CA
Vista
Del Campo
Irvine, CA
Family
Student
42 units
488 units
Student
Family
42 units
248 units
Parkview
West
Los Angeles, CA
Summer Park
Fresno, CA
● Portfolio of HACLA
● Managed since 2019
● Portfolio of HACLA
● Managed since 2019
● Formerly co-owned by EAH
● Early 2000s
● Owned by EAH Housing
● Managed since 1996
14 EAH HOUSING PROPOSAL | 1318 FOURTH ST. AFFORDABLE HOUSING DEVELOPMENT | Santa Monica | 2019 CA Lic. 853495 | HI Lic. RB-16985
D) Articles of Incorporation and Certificate of Good Standing Please see Appendix Item 2.D for Articles of Incorporation and Certificate of Good Standing.

2. Development
Team Information
EAH HOUSING PROPOSAL | 1318 FOURTH ST. AFFORDABLE HOUSING DEVELOPMENT | Santa Monica | 2019 15 CA Lic. 853495 | HI Lic. RB-16985
E) Development Team

2. Development
Team Information
EAH Housing (EAH Inc.)
www.eahhousing.org
18801 Ventura Blvd., Suite 205
Los Angeles, CA 91356
Steven Spielberg*
Director of Development,
Southern California
[email protected]
(310) 526-3209
Welton Jordan
Vice President
Real Estate Development
[email protected]
(415) 295-8876
*Main Proposal Contact
Developer Architect
Van Tilburg, Banvard &
Soderbergh | www.vtbs.com
1738 Berkeley St.

Santa Monica, CA 90404
Jan Van Tilburg, FAIA
[email protected] | (310) 394-0273
Management & Resident Services
EAH Housing (EAH Inc.)
www.eahhousing.org
Chris Evans
Director, Southern California
Real Estate Management
[email protected]
(323) 329-6044
Kristin Taylor
Director, Resident Services
[email protected]
(415) 852-9729
Tim Koehler
Director, Supportive Services
[email protected]
(415) 295-8884
Service Provider
The People Concern
www.thepeopleconcern.org
2116 Arlington Ave., Suite 100
Los Angeles, CA 90018
John Maceri
Chief Executive Officer
[email protected]
(323) 334-9000
Julie DeRose
Chief Program Officer,
Permanent Housing Services
[email protected]
(310) 265-6646 x 230
Financial Consultant
California Housing Partnership
chpc.net
600 Wilshire Blvd., Suite 890
Los Angeles, CA 90017
Paul Beesemyer
Director, Southern California
[email protected]
(213) 892-8875 x106
The Lynch Group Inc.
lgirealestategroup.com
Allen Lynch, President
[email protected]
(424) 290-1901
Retail Consultant
Retail Broker
Epsteen & Associates
epsteen.com
Michael Borman
[email protected]
(310) 451-8171 ext. 246
Construction Manager
AMJ Construction
Management | www.amjcm.com
7474 N Figueroa St, Los Angeles,
CA 90041
Jack Wickersham
[email protected]
(213) 392-0972
16 EAH HOUSING PROPOSAL | 1318 FOURTH ST. AFFORDABLE HOUSING DEVELOPMENT | Santa Monica | 2019 CA Lic. 853495 | HI Lic. RB-16985
E) Development Team: Org Chart

2. Development
Team Information
EAH Housing | Developer
Steven Spielberg
Director, Real Estate Development
EAH Housing
Property Management
Chris Evans
Director, Real Estate Management
EAH Housing
Resident Services
Kristin Taylor
Director, Resident Services
EAH Housing
Supportive Services
Tim Koehler
Director, Supportive Services
The People Concern | Service Provider
John Maceri
VTBS Architects | Architect
Jan Van Tilburg
AMJ | Construction Manager
Jack Wickersham
Lynch Group | Retail Consultant
Allan Lynch
Epsteen | Retail Broker
Michael Borman
CHPC | Financial Consultant
Paul Beesemyer
EAH HOUSING PROPOSAL | 1318 FOURTH ST. AFFORDABLE HOUSING DEVELOPMENT | Santa Monica | 2019 17 CA Lic. 853495 | HI Lic. RB-16985

2. Development
Team Information
EAH Housing
Overview
 Properties by Resident Type
Family/Workforce
Senior
Disabled/Special Needs, Formerly
Homeless, Veteran
Other: Artist, Farmworker, Transitional
Age Youth (TAY), Student
EAH Housing (EAH Inc.) is a 501(c)(3) not-for-profit organization, established in 1968. EAH was founded in response to the death of Dr. Martin Luther King, Jr. to address the housing needs of low income families, people with disabilities and older adults. The mission of EAH Housing is to expand the range of opportunities for all by developing, managing and promoting quality affordable housing and diverse communities.

EAH is one of the oldest and most experienced nonprofit housing management and development organizations in the western United States. Established in Northern California, EAH Housing has long since expanded beyond the borders of its original home. Serving over 25,000 residents daily, EAH has grown to a staff of 500 highly skilled and dedicated employees in 17 counties in California and Hawai‘i. In the Southern California office, EAH has over 1,200 units of property management, 50 under construction, and five projects in pre-development, including two in the City of Santa Monica. EAH continues to believe after 50 years of service that attractive affordable housing is the cornerstone to sustainable, healthy and livable communities.

Offices: San Rafael | Honolulu | Fresno | Los Angeles | Morgan Hill EAH Housing is recognized by government officials, community leaders, lenders, and residents as a capable and trustworthy organization motivated by concern for the people it serves.

Areas of development expertise:
• Infill Development
• Supportive and Special Needs Housing
• Affordable Family and Senior Housing
• Mixed Use Development with Community-Serving Retail
• Transit Oriented Development

STAFF BIOGRAPHY

EAH HOUSING
EAH Housing October 2019
STEVEN SPIELBERG | Director of Development
Steven Spielberg oversees all Southern California operations for EAH Housing, including identifying new supportive and affordable housing projects, overseeing acquisitions and development, managing development staff, and creating and maintaining relationships for the organization.

Since joining EAH in 2016, Mr. Spielberg has acquired and is currently overseeing the development of five separate sites for EAH, two in Santa Monica and three in Los Angeles, which will total 248 units once complete. Projects include senior affordable, supportive housing, and mixed income blending supportive units with general affordable.

Prior to joining EAH, Mr. Spielberg spent six years managing acquisitions, development and asset management for supportive housing developer Step Up on Second in Santa Monica. As Director of Acquisitions & Development, Mr. Spielberg acquired and/or developed 158 units across six projects including Step up on Colorado at 520 Colorado Avenue, Santa Monica and a rehab of the original Step Up on Second at 1328 Second Street, Santa Monica.

Mr. Spielberg has also held positions with several for-profit affordable and market rate developers of multifamily housing across Southern California. Prior to his work in real estate, Mr. Spielberg was a business consultant with IBM.

Education - M.B.A. – Marshall School of Business, University of Southern California - B.A. – Psychology, University of Missouri, Colombia
Professional
Affiliations
- Member – Urban Land Institute (ULI) Los Angeles Housing Council, Southern California Association of Nonprofit Housing (SCANPH) Representative Projects
The Pointe on Vermont, 50 units, mixed income (supportive and family) with ground-floor retail – new construction, Los Angeles, CA – (construction Q3 2019) Magnolia Villas, 40 units, senior – new construction, Santa Monica, CA (construction Q1 2020) The Laurel, 44 units supportive housing – new construction, Santa Monica, CA (construction Q4 2020) Step Up on Colorado*, 34 units, supportive housing – new construction, Santa Monica, CA (2015) *Prior to EAH Housing

STAFF BIOGRAPHY

EAH HOUSING
EAH Housing March 2018
WELTON JORDAN | Vice President, Real Estate Development Welton Jordan joined EAH Housing in October 2013 and became Vice President of Real Estate Development in December 2017. Mr. Jordan has worked in the field of real estate development, construction and finance for over a decade and has experience in financial underwriting and project management of both new construction and rehabilitation of a variety of multifamily developments. Throughout his career, Mr. Jordan has worked with various private and public funding sources to build affordable/family, market rate, mixed income, mixed use, workforce and permanent supportive housing.

At EAH Housing, Mr. Jordan manages a team of real estate development professionals and oversees the EAH pipeline, which includes business development, property acquisition, rehabilitation and new construction activities in California and Hawaii. In his previous role at the organization, he financed several projects in San Jose and Emeryville and served as an Area Director of Real Estate Development overseeing eight counties in northern California.

Prior to joining EAH, Mr. Jordan was a Development Project Specialist for the Housing Authority of the City and County of Fresno (HACCF) from 2009 to 2013. During his tenure he was a key member of a team that closed financing on/or constructed over 1,100 units of affordable housing, totaling over $220 million in public and private funding. A majority of the deals done while at HACCF were completed using 9% Low Income Housing Tax Credits and a combination of other public and private funding. On behalf of HACCF, Mr. Jordan applied for and successfully obtained multiple local, state and federal grants and loans, some of which included 9% and 4% Low Income Housing Tax Credits (LIHTC), MHP, MHSA, HOME, and AHP.

Originally from the Pacific Northwest, Mr. Jordan holds a Bachelor of Science in Economics with a minor in Finance from Southern University in Baton Rouge, Louisiana, and earned a Master of Arts in Economics from the University of Arkansas, Fayetteville, before returning to the west coast. He has worked in public and private sector housing finance throughout California, and received certification as a Housing Development Finance Professional from the National Development Council.

Education - M.A. Business Economics, Minor in Finance – University of Arkansas, Fayetteville
- B.S. Economics, Minor in Finance – Southern University, Baton Rouge, LA Industry
Designations
- Certification: Housing Development Finance Professional – National Development Council
Professional
Affiliations
- Board of the Housing Collaborative for Concord Naval Weapons Base - Member of East Bay Housing Organizations (EBHO)

STAFF BIOGRAPHY

EAH HOUSING
EAH Housing October 2019
SONIA SURESH | Development Analyst
As Development Analyst, Ms. Suresh is responsible for supporting new business development as EAH expands into Southern California. Her main responsibilities include researching and analyze available land and funding for affordable housing development. She is a recent graduate of the UCLA Luskin Urban Planning Master’s program with a concentration in Housing and Community Economic Development. Ms. Suresh is skilled in the technical aspects of urban planning and well versed in the policies and political landscape of affordable housing development.

Ms. Suresh has spent her entire career in the non-profit sector working to better communities through housing, parks and education related work. Prior to obtaining her Masters, Ms. Suresh worked on parks and open space for the San Francisco Parks Alliance. Her work focused on community outreach and data collection. She worked closely with over 19 government agencies in creating a plan for a system of parks and open space. Before that she served as an AmeriCorps VISTA volunteer working in a community college to assist students in receiving public benefits, financial coaching and resources to aid them in staying in school.

Education - M.A. – Urban and Regional Planning Candidate, UCLA Luskin School of Public Affairs, Los Angeles, California
- B.A. – Biology with a Minor in Economics, Chestnut Hill, MA Professional
Affiliations
- Co-founder, Bruin Housing Advocates, UCLA, Los Angeles, CA - Planning Pipeline Co-Chair, Planners of Color for Social Equity, UCLA, Los Angeles, CA

STAFF BIOGRAPHY

EAH HOUSING
EAH Housing July 2019
Chris Evans | Director, Real Estate Management
Chris Evans is the Director of Real Estate Management and oversees the whole Southern California portfolio.

Ms. Evans is a proven leader with almost 20 years of experience in managing multi-million dollar assets in conventional and affordable housing, and commercial properties. Ms. Evans continues to build strong relationships with HUD, HCIDLA, HACLA, HCD, LADBS, and other state, federal and local agencies.

Prior to her role with EAH, Ms. Evans worked as a Regional Portfolio Manager for several property management companies, overseeing their mixed use, multi-family and affordable housing portfolios, ensuring compliance with all Low Income Housing Tax Credit (LIHTC) requirements. She is adept in portfolio compliance, capital improvements, negotiations, strategic operations and management, and new construction lease-ups, from years of experience across Los Angeles, Southern California and Northern California property portfolios. Additionally, she has expertise in portfolio marketing strategy, budget objectives, controlled expenditures, occupancy, vendor contracts and enforcement of policies and procedures.

Previously, Ms. Evans also held positions as a Regional Property Manager and Associate Director of Property Management for The Richman Group and SRO Housing Corp., respectively, where she managed multi-family properties with commercial spaces and apartments for seniors, families, and the formerly homeless.

Education - BS Accounting with Minor in Economics – California State university, Los Angeles, CA
Software
Applications
- Yardi-Voyager, Onesite, On-site, Boston Post, Skyline, Real Estate Manager - Accruent, Lawson, Rent Roll, AMSI, Factual Data, Real Page, Saferent and Quicken
Professional
Affiliations
(Member)
- California Apartment Association, (CAA)
- National Apartment Association, (NAA)
- The Apartment Association of Greater Los Angeles (AAGLA) - California Department of Real Estate

STAFF BIOGRAPHY

EAH HOUSING
EAH Housing July 2019
Kristin Taylor | Director, Resident Services
Kristin Taylor is the Director of Resident Services at EAH Housing, overseeing a staff of over 40 team members. Shortly after joining EAH as a Services Program Manager in 2017, she was promoted to her current role in early 2018. She is responsible for oversight of the StayWell! Resident Services Department and all service-delivery initiatives, including resident advocacy, technology programming, and supportive services partnerships, as provided throughout the EAH portfolio in California and Hawaii.

Ms. Taylor manages agreements, oversees budgeting, approves scope of services documentation from potential partners, and ensures effective and timely communications with all parties. Her direct reports include the Resident Advocacy Coordinator, Technology Program Manager and Director of Supportive Services. Alongside business development and real estate management, she works on opportunities to leverage innovative and cost-effective collaborations to support residents living in affordable housing communities.

Prior to her role with EAH, Ms. Taylor worked in service coordination at Beacon Communities, LLC, serving residents living in public housing in Boston, Massachusetts. She was also a case manager with YMCA Family Services Division in Boston, and executive director of Tierney Learning Center. Her background is in program development with a focus on youth and families, specifically related to populations experiencing homelessness.

Ms. Taylor currently volunteers with StandUP for Kids Silicon Valley as the Director of Community Resource Development, and she is a member of the National Afterschool Association. She has worked in foster care youth settings, nonprofit leadership & program development, case management, trauma-informed practice, and conflict resolution, and has spoken at several Housing California and AHMA conferences.

Education - BA Sociology – Stonehill College, Easton, MA Relevant
Trainings
- Mental Health First Aid certification (Youth & Adult) - Psychological First Aid certification
- Crisis Prevention Intervention (CPI)
Professional
Affiliations
- StandUP for Kids Silicon Valley, Director of Community Resource Development (volunteer)
- San Jose Residents for Housing Solutions
- Women’s March, Peace Ambassador
- National Afterschool Association

STAFF BIOGRAPHY

EAH HOUSING
EAH Housing September 2019
Timothy Koehler | Director, Supportive Services
Tim Koehler is an experienced director with over thirty years managing non-profit organizations. He joined EAH Housing in July 2019 as the Director of Supportive Services. At EAH, he oversees supportive housing programs throughout the portfolio. He is responsible for oversight of case management contracts and overall quality of service delivery for permanent supportive housing communities, including projects in development.

Working with the real estate development department, Mr. Koehler provides services-related input on the financing, construction, and lease-up processes of new construction and rehabilitation projects that produce permanent supportive housing, helping to identify and address ongoing management needs. He also plays a leadership role as a liaison with other departments within EAH and represents the company to external stakeholders.

Mr. Koehler exercises strong management skills in program development, budgeting, staffing, retention, contract management, community outreach, and prevention education. He was a board member and regional vice president of the California Association of Alcohol and Drug Abuse Counselors for five years. Populations he has served include transition age youth (TAY), low income families and seniors, adolescents in drug treatment, and people experiencing homelessness.

Prior to his tenure at EAH, Mr. Koehler held several supportive services supervisory and leadership roles at non-profits including Mercy Housing and Father Joe’s Village/St. Vincent de Paul. He studied Business Administration at the University of Phoenix and has numerous certifications in counseling and behavioral health.

Education - BS Business Administration – University of Phoenix (124 semester credits) Certifications - Certified Alcohol and Drug Abuse Counselor (CADAC), California Certification Board of Alcoholism and Drug Abuse Counselors - Certificate in Chemical Dependency Counseling, San Diego City College - Certified Group Home Administrator, California Department of Social Services CCL
- Certified Mental Health First Aid Instructor, National Council for Behavioral Health
- Certified Trauma Informed Care Trainer
- Certified Tax Credit Specialist
Retail
Consultant
Allen J. Lynch
Allen J Lynch | President | The Lynch Group Inc.

PO Box 2183, Manhattan Beach, California 90267
T: 424.290.1901
E: [email protected]
Since entering the real estate business in 1982, Allen J. Lynch has been either an Owner, Development Partner or Project Consultant on over 8 million square feet of completed projects in the Western US, Florida, Georgia, and the Carolinas through his company, The Lynch Group Inc. In Santa Monica in particular, he has been part-owner of an office building since 2003, and he has also been very active in the retail and office sectors throughout Santa Monica and the Westside.

Concurrently, from 1991 through early 2019, Mr. Lynch served as President and as the primary operating partner of DPI Retail, LLC, which acquired and successfully managed a shopping center portfolio of approximately 2 million square feet.

From 1993 to 2011, he also served as President of Chesterfield Holdings (US) Inc. and its subsidiaries, the United States investment subsidiary of Quintain Estates plc, a publicly-held London-based property company. From 1985 to 1990, Mr. Lynch was Vice President of the Festival Companies (and its predecessor company) in Los Angeles, a national developer and manager of community shopping centers.

Mr. Lynch attended the University of California Los Angeles (UCLA) and is a licensed California Real Estate Broker. He is an active member of the International Council of Shopping Centers (ICSC) and holds the Certified Retail Real Estate Professional (CRRP) and Certified Leasing Specialist (CLS) designations. Mr. Lynch recently served ten years as a Commissioner on the City of Manhattan Beach, CA Board of Building Appeals, and has been a guest lecturer for ICSC, Crittenden, and the UCLA Real Estate Extension programs. Mr. Lynch presently serves on several non-profit Boards of Directors, and is a Founder of Westcoast Sports Associates, which has funded approximately $4 million in grants to support youth sports programs in disadvantaged areas of Southern California since 1995.

Summary of Recently Completed Projects
(Reverse Chronological)Allen J LynchProperty Address SQ FT. Major Tenants Project Summary and Comment___________________________Norwalk Plaza SC NWC Firestone & Pioneer 115,000 Northgate Market * Acquired 82% leased center with strong shadow-anchor grocer Norwalk, California Norwalk, California TJ Maxx, Fashion Q * Recaptured excess space from TJX, built new 10K Fashion Q Starbucks * Lease up to 100% occupancy
 Refinance/hold after strong NOI growth
Sun Valley Marketplace Sunland Blvd & Glenoaks 31,272 Grocery Outlet * Acquired center with vacating Ralphs Market Sun Valley (LA), California Sun Valley (LA), California Dollar Tree * Worked closely with area HOA group to replace grocer  Added successful Grocery Outlet, Dollar Tree Successful sale upon completion Main Street Marketplace 1043 E Main Street 75,328 Foodland Market * Acquired underperforming center in strong San Diego area El Cajon California El Cajon, California Big Lots * Negotiated Big Lots renewal at 45% increase  Increased occupancy, performed center upgrades
 Future redevelopment of grocery space
Yucaipa Marketplace 6th Street & Yucaipa Blvd 23,000 Aldi Market * Ground up development at request of grocery tenant Yucaipa, California Yucaipa, California Starbucks * Successful completion, opened 100% leased  Life company refinance/hold upon completion
Upland Shopping Center SWC Foothill & Mountain 105,325 Stater Bros Market * Acquired under-performing grocery anchored center Upland, California Upland, California Big Lots * Performed center upgrades, increased occupancy to 95%  Will ultimately replace below-market Big Lots anchor
 Refinance/hold after strong NOI growth
El Dorado Center NEC Norwalk & Wardlow 81,000 Grocery Outlet * Acquired under-performing center, completed exterior upgrade Long Beach, California Long Beach, California Dollar Tree * Increased occupancy to 100% through re-tenanting program TJ Maxx (original) * Current remodel adding Grocery Outlet at 250% rent increase  Upgraded from independent drug store with strong Dollar Tree  Refinance/hold after strong NOI growth
DPI Building 1448 15th Street 20,403 Various * Acquired office for company HQ, refurbished interior/exterior Santa Monica, California Santa Monica, California * Grew NOI in dynamic, rapidly-improving office sub-market  Refinance/hold on strong NOI growth

FIRM PROFILE
Van Tilburg, Banvard & Soderbergh, AIA (VTBS) is an architectural firm committed to service, quality and integrity. Our primary goal is to provide meaningful design solutions that effectively respond to the needs of our clients, while respecting the balance of community and the environment.

VTBS is widely acknowledged to be a creative design firm with substantial technical abilities. Few other firms share our experience in designing a wide range of low and high density residential and mixeduse buildings.

The multi-talented design firm was founded by Johannes Van Tilburg, FAIA, Navy F. Banvard, FAIA, and L. Gustaf Soderbergh, AIA, LEED AP in 1994. All are former partners of Johannes Van Tilburg & Partners, a firm founded by Van Tilburg in 1971. VTBS Architects is currently in its 3rd location in Santa Monica spanning a period of 40 years. In 2002, the founding Principals elevated two talented Partners to the position of Principal. Within the firm, Lucia Chang, AIA, LEED AP, is the Senior Designer and William A. Nishita, AIA, is the Senior Technical Advisor.

They include Lucia H. Chang, AIA, LEED AP, William A. Nishita, AIA, Dennis T. DiBiase, AIA, LEED AP, Edward “Ted” Youngs, AIA and Peter Petraglia. The eight Principals have worked together for twenty-five years or more and represent cumulative architectural experience of more than 250 years. Each Principal contributes to the firm in diverse ways that form a broad foundation for the practice of architecture.

VTBS currently employs over 60 employees in its California and Colorado offices. Each project within the office has a Principal assigned with ultimate responsibility for its success. Within the organizational structure of the firm, the Principals rely on a talented group of Partners, Senior Associates and staff in its Santa Monica, San Jose and Denver offices.

With its diverse residential portfolio, VTBS is one of the most accomplished and recognized residential architects in the nation. It currently has dozens of residential and mixed-use projects totaling several thousand units in various stages of design, approval and construction. The firm is currently working with OMA/Rem Koolhaas on the Plaza at Santa Monica project.

Award-Winning Design and Leadership in Affordable Housing Our experience with affordable and market-rate residential typologies and solutions is broad. It includes traditional single family detached homes, attached townhome communities, and detached row homes or ‘urban villas’ at a range of densities from six to twenty units per acre.

Our multi-family experience includes walk-up style garden apartments, three and four story ‘wrap-around’ projects with free-standing parking structures, three to eight story mid-rise podium projects both in wood frame and concrete, and high-rise apartments and condominiums. These examples range from 30 to more than 200 units per acre. Our projects have targeted a wide range of social and affordability categories including market-rate, upscale and economical projects, student housing communities and all components of senior housing including Independent Living, Assisted Living and Skilled Nursing Facilities.

Architect
Members of the VTBS Architects team have been involved with multiple projects sponsored by the U.S. Department of Housing and Urban Development in both California and Colorado. This includes Supportive Housing, Section 8 programs with the 202 Program, the 811 Program, and tax credit programs – all of which required compliance with the Minimum Property Standards and the 504 Housing Act. Our team has experience in understanding the constraints related to cost containment and area attributable to residential use versus public use.

A strong focus of the firm for many years has been infill and mixed-use projects. We believe they hold great promise for inner-city and other urban areas where redevelopment sites offer the possibility of mixed housing typologies, sometimes with neighborhood-serving retail and commercial development. These projects are often transit-oriented which opens up many opportunities and benefits. While the possibilities for these types of projects are tremendous, the environmental and political challenges for successfully obtaining the most difficult of entitlements and for working with the most demanding of Design Review Boards are being met within an unassailable track record.

Our projects successfully incorporate solutions to a wide variety of issues. Maintaining high design standards and efficient cost control hroughout the project development process, we work closely with our clients, their representatives, contractors and consultants. The results have been projects that are consistently completed on time, within budget and with great sensitivity to the needs of our clients, building users, the community at large and the environment. We are proud of the fact that projects we design are actually built - which is a testament to our pragmatic design philosophy. VTBS is committed to the preservation of our natural resources with its focus on sustainable design. More than one third of our professional staff are LEED Accredited Professionals within the firm and on each project we can achieve the level of sustainable design that our clients desire. We regularly incorporate elements set forth in LEED standards, the California Build-It-Green program, and other sustainable guidelines. In the area of sustainable design, we view our role as advisors, offering ideas and concepts to our clients from which they can choose from numerous menu options.

Recognized formally through a wide array of professional, community and industry commendations, VTBS has received awards from the American Institute of Architects; and from cities, counties and Chambers of Commerce throughout California and Colorado. In addition, design awards have been received from several professional builder organizations such as the Pacific Coast Builders Conference (Gold Nugget Awards,) The National Association of Homebuilders, the American Planning Association, and the National Commercial Business Council.

A further testament to our design ability and technical competence is the fact that vast majority of our work comes from satisfied repeat developer Clients.

Our design philosophy is simple: Van Tilburg, Banvard & Soderbergh, AIA will bring something unique and special to every project we design.

This goal is consistent from the most budget-conscious affordable housing project to major mixed-use and commercial developments that strive to make a statement for a particular client. We believe firmly that our services are a vehicle to help our clients achieve their project goals.

Agencies and Clients:

Flyaway Homes / The People Concern
CORE Affordable Housing
Archway Housing Development
Los Angeles Housing & Community; Investment Department
City of Santa Clara Housing & Community Services Division Sacramento Housing & Redevelopment Agency (SHRA)
U.S. Department of Housing and Urban Development (HUD)
City of Cerritos Redevelopment Agency
Long Beach Department of Community Development & LB RDA The Los Angeles Housing Department & City of LA CRA
San Bernardino & Imperial Valley Municipalities
AMCAL Multi-Housing, Inc.

Menorah Housing Foundation
Mercy Housing California
McCormack Baron Salazar
Sacramento Housing and Redevelopment Agency
West Hollywood Redevelopment Agency
City of San Jose Redevelopment Agency
City of Mountain View Community Development
Long Beach Housing Development Company
Gay & Lesbian Elderly Housing Corporation
Rocky Mountain HDC
Rural Colorado Housing Development Corporation
The Denver Housing Authority
Hope Communities, Inc. / The Five Points Business Association Colorado Coalition for the Homeless
Arapahoe Housing (CHDA)
Longmont Housing Authority & Housing Development Corp., Colorado Examples of our HUD financed and/or tax credit projects include:

Steaven K. Jones Supportive Community - L.A. – Homeless Affordable 206 E. Washington Blvd. – Los Angeles – Affordable
Broadway Villas – Los Angeles - Affordable
Willow Housing – Menlo Park, CA – Affordable Veteran
40 West Residences – Lakewood, CO – Affordable and Veteran Flats at Two Creeks – Lakewood, CO - Affordable
Presidio El Camino – Santa Clara, CA – Affordable
Edge Water Apts. / 626-630 I Street, Sacramento - Senior/Affordable - (HUD) American Recovery and Reinvestment Act of 2009
Montecito Terraces – Panorama City, Los Angeles, CA – Senior Housing Andalucia Heights – Los Angeles, CA – Multi-Family-IIG Funds Camino al Oro – Los Angeles, CA – Multi-Family
Casa de Angeles – Los Angeles, CA – Multi-Family
Flores de Valle – Los Angeles, CA – Multi-Family
New Dana Strand & Lifelong Learning Center-Los Angeles-HUD 202 Fifth Street Apartments – Santa Monica, CA – Multi-Family Long Beach Senior Housing – Long Beach, CA - Senior
Zev Yaroslavsky Apartments - Pico Veteran Senior - Los Angeles-HUD Serenity Senior Villas – Pomona, CA - Senior Housing
St. Francis Cornerstone Apartments – Homeless Housing, Denver, CO Tesoro del Valle – Los Angeles, CA – Senior Housing
Triangle Square Affordable Senior Apartments – Hollywood, CA Pueblo del Sol & Vista del Sol – Los Angeles, CA – Multi-Family Wilshire Courtyard Senior Housing – Mid-Wilshire Los Angeles, CA Castle Valley Ranch Senior Housing – New Castle, CO – HUD 202 The Lodge at Hover Crossing– Longmont, CO – HUD 202
Hearthstone at Hover Crossing-Longmont, CO – HUD 202
New Castle Senior Housing – New Castle, CO - HUD 202
Van Tilburg, Banvard & Soderbergh, AIA
Architecture · Planning · Interiors · Urban Design
Johannes Van Tilburg, FAIA Page 1 of 3
Johannes Van Tilburg, FAIA, Principal
Summary Mr. Van Tilburg is a founding principal of Van Tilburg, Banvard & Soderbergh, AIA. Mr. Van Tilburg has led the organization into the forefront of planning and design since founding his firm in 1971. His work as an architect is widely recognized throughout the state and indeed the entire country. In 1992 he was honored by his peers and elevated to the level of Fellow of the American Institute of Architects.

Mr. Van Tilburg is deeply committed to education in Los Angeles and since 1990 has been an Adjunct Professor at the USC School of Public Policy and Planning in the MRED Program (Masters Degree Real Estate Development). Mr. Van Tilburg also teaches an annual course at Harvard University Graduate School of Design entitled “Owning the Future,” Urban Housing and Mixed-Use Development since 1997.

Mr. Van Tilburg is a member of the Board of Directors for the Promenade Downtown Santa Monica, appointed to a third 4-year term by the Santa Monica City Council. He also serves on the Board of Directors for Move LA.

Mr. Van Tilburg was appointed Honorary Consul of The Netherlands in Los Angeles in 2010.

Education Bachelor of Science, Architecture
College of Arts and Architecture
The Hague, The Netherlands
Registration Licensed Architect – State of California
Licensed Architect – State of Arizona
Representative
Project Experience As founding principal, Mr. Van Tilburg is closely involved in all aspect of project delivery especially during the planning and design phases.

Representative projects include:

In Urban Planning and Architecture, Mixed-Use (Residential and Commercial Design) and large scale Urban Housing, Low-Rise, MidRise and High-Rise and commercial infill projects:

Mixed Use
 The Plaza @ Santa Monica - Winner of Design/Build
Competition for a 500,000 sf Mixed-Use Project consisting of Children’s Museum, Retail, Offices, Housing and Hotel;
Design Team: OMA, Olin & VTBS; Santa Monica, CA
 Pico Sepulveda – 586 units adjoining the new Light Rail Station, West Los Angeles, CA
 BLVD6200 / Eastown & BLVD6200 South – 1.12 million sf; 1,120 Units - The Clarett Group, Hollywood, CA
 Sacramento Commons – 10.25 Acres; 1,422 Residential Units, Hotel; 75,000-100,000 sf Commercial, Sacramento, CA
 1207 4th Street Bldg. – 25,130 sf; Johannes Van Tilburg; Santa Monica, CA
 Crescent – 88 units, 40,000 sf offices; J.H. Snyder; Beverly Hills, CA
 Holly Street Village – 374 units, lightrail station,& retail; Janss Corp.; Pasadena, CA
Van Tilburg, Banvard & Soderbergh, AIA
Architecture · Planning · Interiors · Urban Design
Johannes Van Tilburg, FAIA Page 2 of 3
 Janss Court; Janss Corp. – 131,000 sf, theaters, restuarant, offices & apartments; Santa Monica, CA
 Paseo Plaza – 210 units, 10,000 sf of retail, live-work, condos & townhomes; San Jose, CA
 Venice Renaissance – 89 units, 30,000 sf retail, 23 low-cost senior apartments; The Lee Group; Venice, CA
 Wilshire Borgata – 10,000 sf retail, 60 condos (12 low-income); Dkoby Group; West Los Angeles
 Fifth Street Building – art gallery, 56 apartments (28 lowincome);Frymer Construction; Santa Monica  225 Arizona Ave Bldg – 26,000 sf; Johannes Van Tilburg, Santa Monica, CA
 Quadrille Place – 1,096,086 sf ; Wasserman, West Palm Beach, Florida
 NoHo Lofts – 290 units ; J.H. Snyder, North Hollywood, CA  Palazzo Westwood – 50,000 sf retail, 350 units, Casden Dev, West L.A., CA
 Renaissance La Jolla – 2500 apts, senior living, condos + 50,000 sf retail ; McKeller Development, San Diego, CA
Residential
 San Jose Student Housing – 1.09 Acres – 119 Student Apts.  Archstone Commons Riverfront Apts – 273 units; Archstone; Denver, CO
 Marina Pointe – 544 units; J.H. Snyder/Goldrich & Kest; Marina del Rey, CA
 Park La Brea – 1400 units; Casden; Los Angeles, CA
 Palazzo Westwood - 1450 units; Casden; Los Angeles, CA  Playa Vista Homes – 98 homes; The Lee Group; Playa del Rey, CA
 Skyline Terrace – 198 units; G.H. Palmer; Los Angeles, CA  The Summit – 760 units; G.H. Palmer; Los Angeles, CA
 UCLA Family Student Housing – 1100 units; UCLA; Los Angeles  1993 NAHB Home of the Year; Las Vegas, NV
 Cape Ann – 146 units; John Laing Homes; Huntington Beach, CA
 Montilla – 120 units; Shea Homes; Irvine, CA
 Aventura Townhomes – 167 units; The Irvine Co.; Irvine, CA  Brio Townhomes – 284 units; The Irvine Company; Irvine, CA  Avignon – 120 units; Epac Development; Santa Clarita, CA  Le Parc – 300 units; Epac Development; El Toro, CA
 Le Parc – 300 units; Epac Development; Simi Valley, CA  Le Parc – 250 units; Epac Development; Pomona, CA
 UCLA Southwest Campus Student Hsg – 920 units; WLA, CA  Palazzo Park La Brea – 1,475 units; Casden Dev.; L.A. CA  Flower Street Lofts – 100 units; The Lee Group; Los Angeles, CA
 Newport Ridge Townhouses – 70 units; The Irvine Co; Newport Beach, CA
High-Rises
 Latitude 33 – 3.5 acres; Lee Homes, Marina del Rey
 Sky Lofts - Office tower conversion to 132 Condos
 Tel-Aviv Highrise – Casden Properties, Isreal
 The Summit@6th – 1.79 acres; Apollo Real Estate, Los Angeles  11th/Olive High-Rise, Los Angeles
 Gemini Towers; Rotterdam, The Netherlands with A.S. van Tilburg (twin brother)
Van Tilburg, Banvard & Soderbergh, AIA
Architecture · Planning · Interiors · Urban Design
Johannes Van Tilburg, FAIA Page 3 of 3
Masterplanning
 Kohanaiki Golf & Ocean Club; 450 acres ; Rutter Development; Kona, HI
 Marina Pointe – 544 units; J.H. Snyder/Goldrich & Kest; Marina del Rey, CA
 Chollas Heights – 412 units; U.S. Navy; San Diego, CA  Dominguez Hills Village – 72 acres; Estate of Albert Levinson, Carson, CA
 Olen Pointe – 19 acres; Olen Properties; Brea, CA
 Orient Square – 848,000 sf, 700 housing units; Shimizu Corp.; Santa Ana
Masterplanning - Continued
 Renaissance La Jolla – 50,000 sf,2300 units; McKeller Dev.  Seacliff Country Club – 120 acres; Cayman Dev.; Huntington Beach, CA
 UCLA Student Family Housing – 1100 units; UCLA; Los Angeles  Ambassador Campus; Worldwide Church of God, 1525 units; Pasadena, CA
 UCLA Southwest Campus – 920 units ; UCLA ; WLA
 Channel Gateway – 120,000 sf offices, 620 apartments/highrise/condos; Goldrich & Kest; Marina del Rey, CA Hotels/Senior Care/Senior Housing
 Holtz Hotels/Executive Suites;
 Brighton Gardens; Marriott International; Camarillo, CA  Brighton Gardens; Marriott International; Northridge, CA  Wilshire Courtyard; Tibold Construction; Los Angeles, CA  Castelar Apartments – 102 units; Amcal; Chinatown, CA Commercial
 1738 Berkeley Offices, Santa Monica, CA
 The Centrum; Epac; Los Angeles, CA
 2121 Wilshire Medical Bldg; West Los Angeles, CA
 3161 Cahuenga Blvd Offices; Epac Dev.; Los Angeles, CA  Johnson Motor Mercedes Dealership; West Covina, CA
 L’Express Restaruants; West Los Angeles, CA
 Olen Corporation Offices; Irvine, CA
 Olen Point Office Bldgs; Olen Properties, Brea, CA
 Columbia Pictures Offices; CL Peck Construction, Burbank, CA  One Rodeo; Beverly Hills, CA
 Torie Steele Boutiques; Beverly Hills, CA
 Inamori Jewelers; Beverly Hills, CA
 St. John’s Church Parish Hall, Los Angeles, CA
 Bijan; Beverly Hills, CA
 Oxnard Factory Outlets ; 150,000 sf ; Carl Buck Co., Oxnard, CA  UCLA Child Care Center; UCLA; West Los Angeles, CA
 San Diego Design Center, 350,000 sf ; McKeller Dev., San Diego, CA
Professional
Affiliations Memberships
 Dutch American Heritage Hall of Fame Honoree – October 2007  Invested Fellow in the American Institute of Architects  Professor at USC School of Urban and Regional Planning  Member of Dean’s Council at UCLA
 Board Member of the Urban Design Advisory Coalition
 Member of the Urban Land Institute
 Member of the National Association of Home Builders
Van Tilburg, Banvard & Soderbergh, AIA
Architecture ∙ Planning ∙ Interiors ∙ Urban Design
Trent R. Niemand, AIA Page 1 of 3
Trent R. Niemand, AIA, Partner
Summary Mr. Niemand joined Van Tilburg, Banvard & Soderbergh, AIA in 1998 and brings to our team 25 years of professional architecture experience. Mr. Niemand has successfully completed a wide range of projects ranging from single family production homes and small lot developments to high density mixed-use urban infill projects and senior housing. He directs all aspects of project design, from planning and entitlements to design development, consultant coordination, agency approval, and general quality control for construction documents and contract administration. He prides himself on his collaborative nature with clients, consultants and colleagues for the benefit of each project.

Education Bachelor of Architecture
University of Southern California, Los Angeles, California Registration Licensed Architect - State of California
Professional
Affiliations American Institute of Architects
Representative
Project Experience Modera West LA, Howard Hughes Center, Los Angeles, CA Project Manager for a mixed-use community consists of 376 apartment units and 1,500 sf. of neighborhood retail space located in West Los Angeles adjacent to a major regional transportation corridor. Three buildings ranging from five to seven stories with mezzanines will be constructed of Type-III wood-framed structures over three levels of Type-I parking.

Modera Glendale, Glendale, California
Mr. Niemand served as Project Architect for this multi-family development in Glendale, California. Modera Glendale consists of 235 market-rate apartments in 5 levels of Type-III wood-framed construction over 2 levels of at-grade and subterranean Type-I structure with common use amenities, leasing and parking.

Broadway Villas, Los Angeles, California
An infill development, Broadway Villas consists of 49 senior apartments in South Los Angeles. The residential units are devised in three levels of Type-V construction over one level of Type-I concrete subterranean garage. Mr. Niemand served as the Project Manager for this project.

Andalucia Heights, Los Angeles, California
Revitalizing a low-income neighborhood in the Westlake District of Los Angeles, Andalucia Heights has provided fresh, quality affordable apartments for families in 1, 2, 3 & 4-bedroom configurations. Designed as Type V construction with
subterranean parking, courtyards, a children’s play area, and a Community Clubhouse, the project was financed with $13,340,000 in 9% Low-Income Housing Tax Credits (allocated in 2008) as well as City CRA, AHP and State IIG funding.

Van Tilburg, Banvard & Soderbergh, AIA
Architecture ∙ Planning ∙ Interiors ∙ Urban Design
Trent R. Niemand, AIA Page 2 of 3
Marriott Brighton Gardens Retirement Community
Northridge & Camarillo, California
Mr. Niemand served as team member for this project located on

3.7 acres, including a three-story 90 assisted living unit building with an additional 25-units reserved for residents with various forms of dementia. Also included on the site, as part of the project, is a one-story 45-bed Skilled Nursing Facility.

Portofino Villas Senior Apartments, Pomona, California
Mr. Niemand served as Project Architect for this 174-unit senior affordable housing development on 4.7 acres in the City of Pomona. The Villas are conveniently located ½ mile from City Hall and the Metro-link station in downtown Pomona. The landmark Jules Hughes Winery, which is planned for renovation, is adjacent to this project.

Serenity Villas Senior Apartments, Pomona, California
Mr. Niemand served as Project Architect for this 174-unit senior affordable housing development on 3.9 acres in the City of Pomona. The development is comprised of 6 three-story, Type V building with elevators. On-grade parking of 112 spaces with security gates is provided.

West-Shore Marina, Richmond, California
Mr. Niemand served as Project Architect for the West-Shore Marina project in Richmond, CA. Occupying approximately 5 acres, this project contains 269 luxury condominium units within three 5-story buildings with lofts. Each building rests on one level of an above ground Type I Parking garage. The entire project consists of approximately 555,000 SF of residential space and 170,000 SF of garage area with approximately 580 parking spaces. Boasting breathtaking panoramic views of the San Francisco city skyline and the Bay, the project also includes a shoreline recreation area that ties into the existing bay trail.

Mayfield, Mountain View, California
Masterplan & Planning Areas 2 & 4
Team Leader for the entitlement of the Masterplan and subsequent Planned Community Permit approvals of Areas 2 & 4 of the Mayfield masterplanned community in the City of Mountain View.

Mayfield Areas 2 & 4 will provide 380 luxury condominium units in podium buildings of 3, 4 & 5 stories sited within a network of new open landscaped areas and dedicated public parks. Pedestrian promenades, bike paths and the Tunnel Plaza to the San Antonio Cal-train Station further engage this new residential community with the neighborhood beyond.

Camino Al Oro, Los Angeles, California
Mr. Niemand served as Project Architect for this 102-unit senior affordable housing development with one- and two-bedroom units located northeast of downtown Los Angeles in historic Lincoln Heights. Construction is a Type V wooden structure over a Type I concrete podium for subterranean parking.

Van Tilburg, Banvard & Soderbergh, AIA
Architecture ∙ Planning ∙ Interiors ∙ Urban Design
Trent R. Niemand, AIA Page 3 of 3
Tesoro Del Valle, Los Angeles, California
Mr. Niemand served as Project Architect for this 121-unit affordable development with two, three and four-bedroom large family units. Construction is a Type V wooden structure over a Type I concrete podium for secure subterranean parking. Tesoro Del Valle is built on a 2.28-acre site, part of a 6.67 acre master development located next to the new Avenue 26 Gold Line Station northeast of downtown Los Angeles.

Flores Del Valle Apartments
Los Angeles, California
Mr. Niemand served as Project Architect for this 146-unit affordable development with two, three and four –bedroom large family units. Flores Del Valle replaced a blighted, vacant warehouse and is helping to revitalize a historic neighborhood northeast of downtown Los Angeles. It is part of a large area master development that includes workforce apartments, marketrate, condominiums and loft and retail shops.

Casa Figueroa
Los Angeles, California
Mr. Niemand served as Project Architect for this 49-unit affordable development which includes flats and townhomes of Type V wood construction over Type I concrete underground parking. Amenities include a courtyard, tot-lot and barbeque area with tables and benches.

Castelar Apartments
Los Angeles, California
Mr. Niemand served as Construction Administrator for this 101 affordable family apartments located north of downtown Los Angeles at the gateway to the Chinatown district. In 2004, the Downtown News honored Castelar as the best affordable housing project in downtown Los Angeles.
801 Walnut Street – Alexan CityPlace
Pasadena, California
Mr. Niemand served as Team member and ran the Construction Administration for this 214 unit apartment community located on an urban infill site between Lake Avenue and the central business districts of Pasadena. Four and five-story buildings front three neighborhood streets and the interior of the site is preserved as a central landscaped courtyard.

Van Tilburg, Banvard & Soderbergh, AIA
Architecture · Planning · Interiors · Urban Design
Mihnea Popescu, LEED AP Page 1 of 2
Mihnea Popescu, LEED AP, Senior Associate
Summary Mr. Popescu joined VTBS Architects in 2001, and brings to our team 23 years of professional architectural experience. As a designer, his professional experience includes mixed-use, high-rise, urban housing, retail, offices, adaptive re-use, senior care facilities, landplanning and multi-family construction. .

Education Dipl. Architect
Master’s Degree and License in architecture, interior design and urban planning “Ion Mincu” University of Architecture & Urbanism, Bucharest, Romania
Representative Design Architect
Experience
Talaria at Burbank
Burbank, California
Mixed-Use Residential and Commercial Development

3.86 Acres – 385,650 sf Total Area
50,000 sf Commercial / Retail
241 Residential Units
760 Parking Stalls
63 du/ac – 2.34:1 FAR
The Pearl on Wilshire
Los Angeles, California
Mixed-Use Residential and Commercial Development

2.2 Acres – 281,540 sf Residential
8,460 sf Retail
346 Residential Units
585 Parking Stalls
157 du/ac
Steaven K. Jones Supportive Community
Los Angeles, California
Affordable Supportive Housing
Lot Area – 10,402 sf
Building Area – 7,360 sf
8 4-Bedroom Units created from repurposed shipping containers 1 Manager’s Unit
3 Automobile Stalls
12 Bicycle Stalls
3:1 FAR
Picasso Brentwood
Brentwood, California
Mixed-Use Commercial & Residential

0.52 Acres – 22,500 sf
60,061 sf Residential Area
7,250 sf Commercial / Retail Area
81 Residential Units
120 Parking Stalls

2.99 FAR
Van Tilburg, Banvard & Soderbergh, AIA
Architecture · Planning · Interiors · Urban Design
Mihnea Popescu, LEED AP Page 2 of 2
9920-9922 Jefferson
Culver City, California
Commercial Offices and Adaptive Re-Use
Total Project Area: 80,759 sf
Area: Building 1 (existing): 55,509 sf
Building 2 (new): 17,000 sf
Total Lease Space – 72,509 sf
Storage / Warehouse – 8,250 sf
Parking: 8 Handicap Stalls
205 Standard / Compact Stalls
Sunset and Western
Hollywood, California
Mixed-Use Residential and Commercial

6.75 Acres - 294,062 sf
Total Area: 845,868 sf
Commercial Area: 95,820 sf
735 Residential Units
1,463 Residential Parking Stalls
108.8 du/ac – 2.9 FAR
HollyHill
Los Angeles, California
Mixed-Use Residential and Retail

2.52 Acres
14,700 sf Ground Floor Retail
202 Residential Units
82 du/ac
Boulevard 6200 / Eastown and El Centro
Hollywood, California
Mixed-Use Development – 1.12 million sf
Two 3,000+ sf Central Plazas
1,042 Residential Rental Apartments
10% Onsite Affordable Housing Unsubsidized
40,000 sf Live-Work Units
175,000 sf Urban Street Retail
Parking Structures w/ approximately 2,696 spaces
Transit adjacent – LA Metro
Latitude 33 / Washington Square
Marina del Rey, California
45-Unit, 9-story Condominium Building (adaptive-reuse)
27-Unit Loft Building
50 Townhouses
Parking Structure
Jefferson at Hollywood
Los Angeles, California
Mixed-Use Residential and Commercial
270-Unit Apartment Building
Live/ Work Units
8,500 sf Retail Space
Subterranean Parking
QUALIFICATIONS FOR CONSTRUCTION MANAGEMENT SERVICES 1

INTRODUCTION
AMJ Construction Management, Inc. (AMJ) is dedicated to excellence through proven experience, integrity and superlative service. We provide value-added services to our clients by creating a unique, trust-based partnership throughout the entire construction process. Our pledge is to establish lasting relationships with our customers by exceeding their expectations through exceptional performance by every member of our team, resulting in successful outcomes with every project.

COMPANY HISTORY
AMJ’s expertise comes as a result of over 70 years of combined experience amongst the firm’s principals. Our experience spans the architectural, engineering and construction/project management industries, including work in residential and commercial structures, large civil developments, utility generation and transmission, and transportation infrastructure.

AMJ’s clients include public agencies, private corporations and not-for-profit organizations.

Among the client-types, AMJ has successfully managed a diverse range of projects from the historic renovation of individual Hollywood bungalows to the new construction of 200+ unit master-planned developments, located from San Diego to San Francisco. The professionals at AMJ are well-versed with managing multiple project types on fixed budgets and tight construction schedules. AMJ’s scope of services are customized to fit each client to ensure that every detail is considered, and the client can feel confident in having an experienced Owner’s Representative to manage their construction program from beginning to end.

COMPANY STRUCTURE
AMJ is boutique consulting firm with a dedicated staff of Principals, Project Managers and Engineers. With a mission to deliver high-caliber construction management services and a passion to support development throughout the State of California, the professionals at AMJ have delivered over seventy-five (75) residential projects Please direct all questions and/or concerns to:

Mr. Jack Wickersham
7474 N. Figueroa Street, Suite 150
Los Angeles, California 90041
Phone (213) 392-0972
E-Mail [email protected]
QUALIFICATIONS FOR CONSTRUCTION MANAGEMENT SERVICES 2

RELEVANT PROJECT EXPERIENCE
The AMJ Construction Management team works proactively with developers to complete their multifamily residential project within a timeline that meets their needs. Primarily consisting of new construction, renovation/rehab, and adaptive re-use projects, our multifamily construction management ranges from affordable to market rate, housing to hospitality. Each multifamily residential project presents a unique set of challenges, including lending requirements, construction scheduling, local compliance approvals, and various product types.

Throughout the entire construction process we work closely with the architect and various consultants, making key decisions for effective and efficient cost management. This includes using knowledgeable and experienced cost estimators on staff that utilize our vast historical database, which provides accurate cost expense forecasting at critical design milestones. These timely design decisions, coupled with accurate cost estimating, are critical to successful project outcomes for our clients.

Because we are involved in the construction management from inception to lease-up, we can provide critical value-added services at virtually every stage of the development lifecycle. In addition, we utilize our industry connections to bring together a network of proven professionals who are uniquely qualified to successfully deliver a specific product type.

Throughout each project phase, our experience in proactive, effective scheduling and cost management plays a key role in tracking overall progress, delivery date forecasting, and in assessing the potential for project acceleration to meet deadlines.

QUALIFICATIONS FOR CONSTRUCTION MANAGEMENT SERVICES 3
Project: Cuatro Vientos
Project Type: New Construction (Type V-A)
Site: Hillside
Construction Duration: 16 months
Description: Located in the working class El Sereno neighborhood of Los Angeles, Cuatro Vientos, presented a unique challenge for the development team. The property stood vacant for many years and had become an eyesore for the community. In addition, the site was long and narrow and was developed on a hillside, which created significant massing challenges. As a solution, the development team created a design consisting of three separate structures, and providing 25 units for low income families. The project emphasized a walkable community through its close proximity to community gardens, parks, schools, clinics and grocery stores.

The project also received an Enterprise Green Communities Certification for its use of native landscaping, watersense appliances and plumbing fixtures, low / no VOC materials and green label certified floor covering.

QUALIFICATIONS FOR CONSTRUCTION MANAGEMENT SERVICES 4
Project: Moonlight Villas
Project Type: New Construction (Type I & Type V-A)
Site: Hillside
Construction Duration: 18 months
Description: Constructed on a challenging hillside site in Pacoima, Moonlight Villas is a testament to innovative design and construction techniques. Due to the proximity of adjacent development, the construction team had to utilize a sophisticated shoring system to achieve the necessary massing. Upon completion, the development provided 27 units for single mothers and homeless youth, in addition to landscaped courtyards with barbecue grills and sitting areas.

QUALIFICATIONS FOR CONSTRUCTION MANAGEMENT SERVICES 12
Project: Step Up on Vine
Project Type: Rehabilitation / Adaptive Re-use
Construction Duration: 13 months
Description: Located on the prime corner of Santa Monica Boulevard and Vine Street in Hollywood, the Galaxy Inn was a top destination for those wanting to see the glamour of the movie making industry in the early and mid-1900’s. As time wore on, the Inn fell into disrepair and became a blight on the surrounding community. AMJ managed the renovation project to return the building to its former glory, and re-open its doors to 34 permanent residents. In addition to the residential construction, the ground floor lobby and meeting space was converted into a commercial kitchen and café, and additional retail space for businesses. The rooftop was turned into a garden utilizing state of the art hydroponics, along with a solar hot water pre-heating system. As a result of its efforts to pursue sustainability goals, the project was awarded a LEED Platinum certifications.

QUALIFICATIONS FOR CONSTRUCTION MANAGEMENT SERVICES 6
Project: Hollywood Family Apartments
Project Type: New Construction (Type I-A & Type III-A)
Site: Density Infill
Construction Duration: 18 months
Description: Hollywood Family Apartments consists of 40 one, two and three-bedroom units at the corner of Hollywood Boulevard and Western Avenue. The construction included one level of Type I-A subterranean parking and five levels of Type III-A mixed use above ground. The ground level included two areas for future retail along with dedicated parking. Amenities for the building residents included a community room and wrap-around deck on the second floor and a rooftop terrace, including areas for cooking and entertaining, and providing 360 degree views of the LA Basin. High efficiency fixtures and construction techniques earned the project a LEED Gold certification.

QUALIFICATIONS FOR CONSTRUCTION MANAGEMENT SERVICES 7
Project: Sol y Luna Apartments
Project Type: New Construction (Type I-A & Type V-A)
Site: Density Infill
Construction Duration: 17 months
Description: Located in the trendy Boyle Heights community of Los Angeles, the five-story Sol y Luna Apartments provides 53 units, including one, two and three bedroom layouts. The apartment development sits on 6,000 square feet of prime real estate along the First Street corridor, which was previously occupied by vacant parcels of land and dilapidated buildings.

Construction consisted of one level of Type I-A subterranean parking, and five levels of Type VA residential above ground. The award-winning mosaic tile veneer and exterior plaster work established the property as a new gathering space for the residents and surrounding community. In addition, high performance windows and fixtures, and substantial rooftop solar photovoltaic and hot water systems earned the building a LEED Platinum certification.

QUALIFICATIONS FOR CONSTRUCTION MANAGEMENT SERVICES 21

RESUMES

JACK WICKERSHAM
Professional Highlights
Mr. Wickersham is a knowledgeable and dedicated construction manager with over 30 years in the engineering, construction and project management of commercial, industrial and residential projects. His extensive experience has resulted in a proven record of accomplishments in project management, construction management and project controls in both the public and private sectors.

Project Experience
Mr. Wickersham served / is serving as the project/construction manager for each of the following affordable housing projects within the greater Los Angeles area:
• Miramonte (ACOF)
• Casa del Sol (ACOF)
• Beverly Terrace (ACOF)
• Silver Star (ACOF)
• Arlington (ACOF)
• Cedar Springs (ACOF)
• Avalon (ACOF)
• Vendome Palms (ACOF)
• ND Sepulveda (ACOF)
• Imagine (Abode)
• Vista del Mar (Abode)
• Greenway Meadows (CCSM)
• Sun Valley (ELACC)
• Cielito Phase I (ELACC)
• Whittier Phase I (ELACC)
• Beswick (ELACC)
• Paul Williams (HCHC)
• Boyle Hotel (ELACC)
• Coronel (HCHC)
• Palos Verdes (HCHC)
• Gateway (HCHC)
• Step Up on Colorado (HCHC)
• North Campus (LAFH)
• Day Street (LAFH)
• Budokan (LTSC)
• Pico Robertson (Mercy)
• Baldwin Rose (Mercy)
• Camino del Mar (Mercy)
• St. Mary Tower (Mercy)
• San Pedro & 7th (SRHT)
QUALIFICATIONS FOR CONSTRUCTION MANAGEMENT SERVICES 22
Mr. Wickersham has developed project controls systems for each of the following projects:
• Glendale Water and Power – Grayson Power Plant
• Pasadena Water and Power – Glenarm Repowering Project • San Diego Gas & Electric – Sunrise Powerlink Project
• Landtek – Inspirada Master Planned Community, Las Vegas, NV • Nevada Power Corporation, Las Vegas, NV
o Ten (10) Year Transmission Capital Improvement Project o Centennial Transmission Line Project
• Los Angeles World Airports – LAX South Airfield Improvement Project • Los Angeles Department of Water and Power:
o Renewable Energy Portfolio Standard
o Owens Lake Dust Mitigation Project, Keeler, CA
o Water Services Business Unit – Ten (10) Year Capital Improvement Plan o Generation Business Unit – Ten (10) Year Generation Repowering Project o Mead Adelanto Transmission Line Project
o Harbor Generating Station Repowering Project
o Intermountain Power Projects Units 1 and 2, Delta, UT • Port of Los Angeles – Pier 400 Construction Program
Education
• M.S., Mechanical and Aerospace Engineering, University of Delaware, Newark, DE • B.S., Mechanical Engineering, University of Delaware, Newark, DE Affiliations
• Construction Management Association of America (CMAA) – Member • Southern California Association of Non-Profit Housing (SCANPH) – Member

they conducted on the Homeless Multidisciplinary Street Team (HMST). This team provides on-going, intensive services to 25 individuals identified as the highest utilizers of public services in Santa Monica.

This program offers perhaps the most intensive services to the highest need clients of any program at the agency. The study indicated that the team has been successful and has improved client outcomes, has been accepted as a valuable resource by city stakeholders, and has led to substantial cost savings.

After being served by HMST for at least six months, participants on average had 70% fewer encounters with the police, nearly 50% fewer encounters with the fire department, and over 50% fewer emergency room visits. They estimate that the team has saved the city up to $259,000, not including costs for emergency services bourn by entities other than the city.

John Maceri Bio
John Maceri was appointed as Chief Executive Officer of The People Concern in 2016 after leading the merger between Ocean Park Community Center (OPCC) and Lamp Community, two of Los Angeles County’s leading homeless services agencies. He joined OPCC as its Executive Director in 1999, overseeing a full spectrum of homeless services in Santa Monica, and has nearly 30 years of experience as a chief executive. Mr. Maceri has served on the board of the Business Alliance of Los Angeles (formerly the Valley Business Alliance) as a member, Vice President and two-term President. He is a cochair of the Santa Monica Homelessness Steering Committee, a past Chair of the Westside Shelter and Hunger Coalition, and has also served as a member of the Board of the Santa Monica Chamber of Commerce. He also is a past Vice President of the Board of North Valley Caring Services, and a former member of the governing board of the Children Affected by AIDS Foundation.

Julie DeRose Bio:

Julie DeRose, MA, MFT, ATR is a licensed Marriage and Family Therapist and a Registered Art Therapist. She has over 25 years of experience as a mental health professional working in outpatient, psychiatric hospital, residential treatment, and emergency shelter settings. While on staff at Cedars Sinai Medical Center, she specialized in adolescents and family treatment. Her work with the homeless began over 18 years ago and includes positions at Covenant House California, St Joseph Center, and most recently as Chief of Programs, Permanent Housing Services at The People Concern. It is in these position that she has implemented programs to successfully house homeless individuals and families. This includes over 15 years of collaboration with the City of Santa Monica to house some of the most vulnerable street population. She helped to implement the initial Homeless Court Program, and was instrumental in the creation of the first homeless service registry in Santa Monica. 48 EAH HOUSING PROPOSAL | 1318 FOURTH ST. AFFORDABLE HOUSING DEVELOPMENT | Santa Monica | 2019 Retail
Broker
EAH HOUSING PROPOSAL | 1318 FOURTH ST. AFFORDABLE HOUSING DEVELOPMENT | Santa Monica | 2019 49 Retail
Broker
Epsteen & Associates
Epsteen had been headquartered in Santa Monica for nearly 50 years (until 2016) and is intimately familiar with the retail landscape in Downtown Santa Monica.

Most recently they leased two major retail spaces at:
• 401 Broadway (Capital One Bank)
• 1427 4th Street (West Elm Flagship)
Both projects are among the newest developments on 4th Street, each of which exemplify successful ground-up multi-level designs. Through their expertise and relationships, they were able to deliver financially strong merchants. These two projects have helped stimulate traffic along 4th Street. --
Michael Borman
Michael Borman
Retail Team - Southern California
[email protected]
(310) 451-8171 ext: 246
BRE #: 01515302
Michael Borman has developed a reputation in Southern California as one of the preeminent leasing Tenant and Landlord representatives. He represents many of the country’s leading retailers including Ross Dress for Less, dd’s Discounts, AT&T, Union Bank, ULTA Beauty, Dollar General, Fresh & Easy, and Lowe’s Home Improvement to name a few. He has played an integral role in assisting retailers with their entry into California and subsequently implementing growth strategies on their behalf. His in depth knowledge of the territory and his ability to close transactions have served as a valuable asset to his clients.

In an industry where relationships are crucial, Michael has developed a widespread professional network composed of the industry’s leading landlords, retailers, developers, and brokers. His access to this network coupled with his rigorous work ethic and a keen understanding of his client’s needs has contributed to his proven track record.

Michael is a graduate from the University of Michigan with a BA in economics, is a registered Broker in California, and a member of the International Council of Shopping Centers.
3) Development
and Services
Concepts
A) Overall Vision and Housing Concept
B) Supportive Services Approach
C) Conceptual Site and Floor Plan
D) Schedule of Performance
EAH HOUSING PROPOSAL | 1318 FOURTH ST. AFFORDABLE HOUSING DEVELOPMENT | Santa Monica | 2019 51 CA Lic. 853495 | HI Lic. RB-16985

3. Development and
Services Concepts
A) Overall Vision and Housing Concept
In narrative form, provide a description of the overall vision, housing concept (including affordability and rent targets), ground-floor concept (and basement, if applicable), and development program. Include a summary of uses and floor areas.

The submittal should include statements indicating how the development concept satisfies the objectives and conditions specified in the RFP.

Overall Vision
The vision for 1318 4th St is to create the first ever mixed-use, mixed-income development in the heart of Downtown Santa Monica. The project will provide homes for 50 individuals currently living on the streets of Santa Monica interspersed with 99 local low-income families and individuals and one resident manager. A mix of unit types has been included to serve the wide-ranging needs of Santa Monica’s low-income residents.

To create a cohesive, stable community, all residents will be supported with services. To assist with the unique and varied needs of the 50 residents who will be entering housing directly from the streets, intensive case management services (ICMS) will be provided by the People Concern, who will help individuals adapt to their new housing, connect with outside services and maintain and thrive in their new environment. The building will include a community room for services programming and socializing as well as offices for residents to receive services privately. Separately, The People Concern will be provided a 1,630 office on the ground floor at a significantly discounted rental rate.

The centerpiece of the ground floor will be a 19,600 square foot grocery store, something that is sorely needed in downtown Santa Monica. The space will help activate the street in both daytime and evening hours and will be supported with some ground floor and ample subterranean parking.

The development team is led by EAH Housing and combines professionals with decades of Santa Monica specific experience in affordable and supportive housing, mixed-use design, finance, retail, supportive services, construction and property management. The team balanced the highly visible location, the urgent need for affordable and supportive housing and the needs of the existing community to develop a visually striking and enduring building. The building will be Type III -1hr, 5 story wood framed over Type I concrete base with 75 stalls of on-grade and subterranean and parking and spaces for 212 bikes. The table below breaks down the overall uses and square footage of the building. 52 EAH HOUSING PROPOSAL | 1318 FOURTH ST. AFFORDABLE HOUSING DEVELOPMENT | Santa Monica | 2019 CA Lic. 853495 | HI Lic. RB-16985

3. Development and
Services Concepts
Floor area Breakout Table
Use Sq Ft
Grocery Store 19,600
Services/Non-Profit Office 1,630
Residential lobby 1,370
Ground Floor Amenities 300
Residential Units and Community Space 100,283
TOTAL 123,183
Van Tilburg Banvard & Soderbergh Architects have designed a space that will serve as home for some of Santa Monica’s most vulnerable residents as well as a property that will enhance the Downtown area and bring additional traffic to the world-famous Third Street Promenade. Residents will enter off of 4th Street, take an elevator up to their floor and have the opportunity to overlook the interior courtyard and 4th street. The design team has incorporated a stepped form to break down the massing of the building toward the podium forecourt with third floor terrace acting as transitional space. The break of the building mass has been accentuated by the angled cut of the podium and activity room. The cut also marks the point of entry for the ground floor grocery store, enhancing the building’s identity. A careful choice of materials such as a warm palette of wall panels and natural fiber compound balcony screens as well as thoughtful repeated details create rhythm and variation on the façade of the building.

EAH HOUSING PROPOSAL | 1318 FOURTH ST. AFFORDABLE HOUSING DEVELOPMENT | Santa Monica | 2019 53 CA Lic. 853495 | HI Lic. RB-16985

3. Development and
Services Concepts
Housing Concept
The housing concept was developed to maximize the number of total affordable housing units, while seamlessly integrating varying levels of income, need and family size within one building. The layout incorporates studios, ones and twobedroom units to provide a wide range of options for individuals and families most likely to need this housing.

EAH has over five decades of experience providing homes for low income individuals and families of all income levels and sizes and operates seven mixed income buildings incorporating special needs with other populations. Additionally, we are currently developing two buildings in Los Angeles, which blend supportive and family housing on top of retail, one of which is under construction and will be complete in early 2021.

The 150 proposed units provides high density while maximizing quality design in a cost-effective layout. The units are arranged around a central courtyard opened toward 4th street and are arranged in a double loaded corridor to increase efficiency with stairwells at three points for accessibility. The ends of the inner corridor will be left open to allow for more lighting, space and plants. These elements create a breathable yet safe space for formerly homeless individuals to transition into their living spaces. Residential amenities include a gym, an activity/ community room, roof terrace, children’s playground and shared laundry rooms.

The central courtyard will hold the playground. The gym and activity room will be on the 2nd floor. Laundry rooms will be on each floor. The spacing of the amenities across the floors offers residents a variety of options to choose the space that meets their needs.

The development will offer 50 units of Supportive Housing to homeless individuals earning no more than 30% of the area median income (AMI), 99 units for individuals and families earning less than 60% AMI and one managers unit.

Individuals and families and various income levels will have an equal opportunity to qualify to live in studios, one and two bedroom units interspersed throughout the building.

Please see the chart on the next page for more detail.
54 EAH HOUSING PROPOSAL | 1318 FOURTH ST. AFFORDABLE HOUSING DEVELOPMENT | Santa Monica | 2019 CA Lic. 853495 | HI Lic. RB-16985

3. Development and
Services Concepts
Unit Mix AMI
30%/Supportive 60% Unit Total
SRO/Efficiency 21 42 32
1-BR 21 42 27
2-BR 8 15 29
MGR 1
Total 50 99 150
While the unit count shown maximizes current zoning, recently passed AB 1763 would allow for increased height for affordable housing in transit-oriented areas.

Incorporating this new legislation would allow for an additional 93 units for a total of 243.

Ground Floor Concept
With a goal of adding vibrant, synergistic, and community-serving retail to the proposed project, EAH Housing has brought in a strong team of retail professionals with deep Santa Monica roots who have helped craft a vision for the 19,600 square feet of retail space, as well as the 1,630 square feet of office space for a Santa Monica-focused service/work non-profit.

The team’s goal is to attract a strong, neighborhood grocer who would not only serve the newly-developed housing units, but also the immediate Santa Monica community, which continues to be severely underserved by a limited supply of grocery operators. The grocery store will enliven the site and activate the street both day and night. In the rear of the building, the 3rd Court side of the building incorporates seven time-limited parking spots for pickup as well as a loading area. A subterranean garage has is also incorporated to attract the strongest tenant.

Santa Monica and its downtown continue to be under-represented by grocery stores, and the development team is focused on making an aggressive push to add a grocery operator for the first-floor retail space. Initial contact will be made to the following users who can operate in a smaller store format and are not currently represented in Santa Monica’s downtown:

Trader Joe’s - (Our team’s architect, VTBS, has previous created spaces in Southern California for this well-known operator, who has yet to land after considering multiple sites in Santa Monica over the last decade)
EAH HOUSING PROPOSAL | 1318 FOURTH ST. AFFORDABLE HOUSING DEVELOPMENT | Santa Monica | 2019 55 CA Lic. 853495 | HI Lic. RB-16985

3. Development and
Services Concepts
Grocery Outlet Market - (Expanding throughout Southern California and recently became a public company, team member The Lynch Group has recently built two stores for GO in Los Angeles County)
ALDI Grocery Store - (represented by team member Epsteen & Associates in multiple Southern California counties, and team member The Lynch Group has recently built two stores for ALDI in Southern California) Amazon Grocery – Making a “stealth” entry into Southern California; team member Epsteen & Associates represents other Amazon store formats in Southern California) We will expand this list to include all financially-qualified grocers experienced in urban store operations who can operate in a small-store format, which may additionally include Vintage Grocers and Erehwon Market.

The entire ground floor was designed in multiple collaborative meetings specifically to attract a grocery tenant, of which this team has intimate familiarity with.

All of the team members listed above participated including EAH, Allen Lynch, Michael Borman of Epsteen & Associates, and Jan Van Tilburg and his team at VTBS Architects.

The office space for local nonprofit service organization incorporated in an intentional way at the ground floor, accessible from 3rd Court, or through the residential lobby on 4th Street. We currently envision providing a below market lease for $1.00 per square foot per month to our service provider, The People Concern.

Development Program, Summary of Uses and Floor Area
The property will be developed with 22,900 square feet of usable ground floor space and 102,970 sf of residential floor area for a total of 125,870 sf. 56 EAH HOUSING PROPOSAL | 1318 FOURTH ST. AFFORDABLE HOUSING DEVELOPMENT | Santa Monica | 2019 CA Lic. 853495 | HI Lic. RB-16985

3. Development and
Services Concepts
Ground Floor Summary
GROCERY STORE 19,600 sf
SERVICE 1,630 sf
RESIDENTIAL LOBBY + OFFICE 1,370 sf
TRASH ROOM 300 sf
22,900 sf
Residential Floor Area Summary
TYPE SIZE NO. AREA
STUDIOS 378 sf 63 23,814 sf 42%
1BR 605 sf 63 38,115 sf 42%
2BR 890 sf 24 21,360 sf 16%
120 83,289 sf
LAUNDRY 1,030 sf
GYM 1,055 sf
COMMUNITY ROOM 1,475 sf
CORRIDORS 13,434 sf
TOTAL 100,283 sf
RESIDENTIAL (gross) 100,283 sf
GROUND FLOOR 22,900 sf
TOTAL 123,183 sf
The proposed development was specifically designed for and meets all the objectives and conditions as laid out in the Request for Proposals. Our package includes a significant number of supportive housing units for our most vulnerable neighbors fully integrated into an affordable housing community on top of a ground floor that will help enliven the site and the neighborhood by incorporating commercial uses that are not existing within Santa Monica’s Downtown. An opportunity for a local nonprofit service organization (likely The People Concern) to lease affordable space not fronting the street has also been included on the ground floor.

EAH HOUSING PROPOSAL | 1318 FOURTH ST. AFFORDABLE HOUSING DEVELOPMENT | Santa Monica | 2019 57 CA Lic. 853495 | HI Lic. RB-16985

3. Development and
Services Concepts
All of the residential units in the project will be subject to multiple regulatory agreements restricting rents for the next 55-years. Additionally, this proposal exceeds the stated goals of the RFP, as rather than just minimizing the City’s Housing Trust Fund investment, we are not requesting the City to contribute any Trust Fund dollars.

In addition to fulfilling all the requirements and desires contemplated by the request for proposals, the project team has extensive experience working in and with the City of Santa Monica to develop affordable, supportive, and mixed-use projects. EAH recently acquired two sites with funding from the City’s Housing Trust Fund, which we are currently developing. Through this process, we are intimately familiar with all the requirements and processes required. We have agreed to City loan terms and executed notes, deeds of trust, and affordability covenants, conducted community outreach and design meetings with City staff present, and worked with City Planning, Landmarks and the Architectural Review Board to entitle sites.

Additionally, prior to joining EAH, team lead Steven Spielberg secured Trust Fund loans and worked with current City staff to rehabilitate the 36 supportive units and ground floor services space at Step Up on Second at 1328 Second Street, Santa Monica and developed the 34 supportive units at Step Up on Colorado at 520 Colorado Ave., Santa Monica.

In sum, EAH is likely the only developer that will submit a proposal that has current experience in Santa Monica and also develops supportive, affordable, mixedincome and mixed-use projects. 58 EAH HOUSING PROPOSAL | 1318 FOURTH ST. AFFORDABLE HOUSING DEVELOPMENT | Santa Monica | 2019 CA Lic. 853495 | HI Lic. RB-16985

3. Development and
Services Concepts
B.1) Description of Supportive Services Approach
The People Concern has been selected as our service provider for the permanent supportive population. The services for the permanent supportive population will be fully funded by Measure H from the LA County Department of Health Services.

Please see section 2.E for a firm overview of The People Concern and section

5.K for the Services Budget.

EAH Supportive Services staff will act as the liaison to the People Concern to ensure seamless coordination between the Real Estate Management team and The People Concern. The services for the remainder of the residents will be provided by the EAH Housing internal Resident Services team as part of our inhouse StayWell! Resident Services program (see next). This will be paid for out of the project's operating expenses.

Services will be located on the ground floor of the building, adjacent to the ground floor commercial space and behind the main lobby. The two Case Management offices (labeled CM Office on the site plan) have been intentionally located away from the other community spaces on the 1st floor to allow for privacy when clients meet with their case managers. The case management offices have two doors for safety issues and are located near restrooms.

Additionally, there is a 1,630 square foot service and non-profit office space behind the two Case Management offices. A tenant has not been officially selected for this space. The People Concern is a potential tenant which could then include more case management offices for residents of the building as well as general operations offices. EAH will reach out to local non-profits upon receipt of award of the RFP.

EAH HOUSING PROPOSAL | 1318 FOURTH ST. AFFORDABLE HOUSING DEVELOPMENT | Santa Monica | 2019 59 CA Lic. 853495 | HI Lic. RB-16985

3. Development and
Services Concepts
EAH Housing utilizes a strengths-based and trauma-informed approach to support residents not only through Resident Services, but also within our internal policies and management plans. The overall philosophy of service delivery focuses on helping residents maximize their ability to live independently, and is based on providing compassionate, individualized and voluntary services to help them meet their own goals. Collaboratively property management, resident services, and case management partner to form an ecosystem that best supports the residents of our supportive housing communities.

Key factors:
• Supportive services team members have dedicated onsite office space at each property that is distinct from the management office space. • Residents are provided a copy of the lease and educated on the process for any lease violations and grievance and appeals procedures, as they arise. Residents are clearly explained their rights and responsibilities as a leaseholder, and leases are identical to non-supportive housing leases. • The property management team is committed to clear, fair and consistent enforcement of lease violations, visitor policies and on-site smoking ordinances; and clear policies regarding zero tolerance for violence or damage to property.
• The property management team supports and developments good relationships between staff and residents, neighbors in the surrounding community and first responders.
• The property management team is able to let supportive services staff know about potential issues early on so proper interventions may be identified to ensure the resident’s housing stability.

Ongoing elements in building successful collaboration between each entity:
• Shared training opportunities in Fair Housing & Housing First principles • Understanding of confidentiality and use of opt-in consent for residents • Ongoing and frequent meetings between management, services, and case management
• Utilization of a “Resident Satisfaction” survey to assess services/management • Staff engagement in community-building events
Collaboration between real estate management, services and case management helps foster a stable, healthy living environment for everyone residing and working in the supportive housing community, which leads to greater overall stability of the property.
60 EAH HOUSING PROPOSAL | 1318 FOURTH ST. AFFORDABLE HOUSING DEVELOPMENT | Santa Monica | 2019 CA Lic. 853495 | HI Lic. RB-16985
StayWell! Resident Services
StayWell! is the EAH Housing resident services initiative, ensuring enrichment and quality of life for our residents whether youth, adults or seniors. The Resident Services team at EAH Housing supports resident access to helpful resources to maintain stable housing.

Healthy
Eating
Active
Living
Community
Building
Physical &
Mental Health
Education Civic
Engagement
Increase food
security and
access to
healthy meals
Engage
residents in
physical activity
at their levels of
ability
Prevent
anxiety and
depression with
stable housing
and social
connectedness
Increase
strength and
confidence, and
promote better
health
Provide
enrichment
programs
and learning
opportunities
Expand
engagement
into leadership
development
Our service philosophy is based on providing compassionate, individualized, voluntary services designed to help residents meet their own goals. Services are offered through a coordinated effort between an onsite resource coordinator, the EAH Resident Services department, real estate management staff, community providers, and the residents themselves. This multi-faceted approach ensures cohesion and collaboration, and depends on community input to craft effective and inclusive programming.

Focus on Health & Wellness. Various programs are established and implemented to encourage engagement within the community and promote overall health and wellness of residents. Sample activities include gardening groups, food pantries, community gatherings, and ongoing out-of-school time (OST) programming.

Resource Referrals & Community Partners: EAH considers it a top priority to help residents secure and maintain their housing status. Services staff are trained to assist with benefits assistance and develop a deep network of local providers to refer residents with a “warm hand-off.”
Strengths-Based Approach & Staff Training: EAH uses a strength-based approach to services, giving residents "voice and choice" in engaging and participating in services that meet their needs. Using a harm-reduction and trauma informed approach to service delivery, EAH creates a safe, supportive community.

EAH believes in ensuring all site staff have a deeper understanding of the various issues residents may face so they can support them in maintaining their housing.

Please see next for a letter of intent from the third-party service provider.

Digital literacy
training and
device distribution
to resident
graduates in 23
communities
grant-funded
through a state
technology access
program.

Partnerships with
food banks in
nearly 100% of
counties served
by EAH Housing,
providing hundreds of pounds
of free food
every month.

Annual and
quarterly trainings
for employees on
20+ professional
and interpersonal topics a year.

3. Development and
Services Concepts
EAH HOUSING PROPOSAL | 1318 FOURTH ST. AFFORDABLE HOUSING DEVELOPMENT | Santa Monica | 2019 61 CA Lic. 853495 | HI Lic. RB-16985
#. Title
Villages of Moa’e Kū (Description)
Ewa Beach (City)
EAH Housing (EAH Inc.) is a 501(c)(3) nonprofit organization, established in 1968.

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B) Supportive Services Plan (Letter of Support)

3. Development and
Services Concepts
B.2)
62 EAH HOUSING PROPOSAL | 1318 FOURTH ST. AFFORDABLE HOUSING DEVELOPMENT | Santa Monica | 2019 CA Lic. 853495 | HI Lic. RB-16985 #. Title
Villages of Moa’e Kū (Description)
Ewa Beach (City)
EAH Housing (EAH Inc.) is a 501(c)(3) nonprofit organization, established in 1968.

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3. Development and
Services Concepts
B) Supportive Services Plan (Letter of Support)
EAH HOUSING PROPOSAL | 1318 FOURTH ST. AFFORDABLE HOUSING DEVELOPMENT | Santa Monica | 2019 63 CA Lic. 853495 | HI Lic. RB-16985
#. Title
Villages of Moa’e Kū (Description)
Ewa Beach (City)
EAH Housing (EAH Inc.) is a 501(c)(3) nonprofit organization, established in 1968.

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3. Development and
Services Concepts
B) Supportive Services Plan (Letter of Support)
64 EAH HOUSING PROPOSAL | 1318 FOURTH ST. AFFORDABLE HOUSING DEVELOPMENT | Santa Monica | 2019 CA Lic. 853495 | HI Lic. RB-16985

3. Development and
Services Concepts
B.3) Supportive Services Plan
Services Plan
The People Concern will offer comprehensive services on-site. The development will have adequate space and facilities for providing on site services including a community room and private offices. The community room will provide space for wellness and life skills groups. Case managers will proactively engage with residents, fostering beneficial social interactions.

The People Concern will work with the City of Santa Monica and/or the Santa Monica Housing Authority to lease up the development with residents who meet the criteria of Santa Monica Program Participants (SMPP). In coordination with other agencies and with The People Concern programs in Santa Monica, including interim housing sites, the access center, outreach teams, and fieldbased mental health teams, the program will target high acuity SMPP who are high utilizers of public services. This will meet the needs of the most vulnerable who are most likely to die on the streets, and serve to free up community resources for more appropriate interventions for homeless individuals than police, paramedics, and the emergency department.

The People Concern will provide Intensive Case Management Services (ICMS) in accordance with the policies of the Department of Health Services (DHS). Case managers and their supervisors will establish individual service plans and use clinical interventions such as motivational interviewing and trauma-informed care strategies to address all client needs. Services will include outreach and engagement; intake and assessment; service planning; linkages to health, mental health, substance use disorder services and other supportive services; ongoing monitoring and follow-up; assistance with benefits establishment, transportation, and legal issues; crisis management; eviction prevention; life skills education; housing location services; housing outplacement; social and recreational activities; employment and educational resources; and money management/ representative payee. All of these services will either be directly provided by the case manager, by another The People Concern staff on-site, or through linkage to an outside program. As appropriate and available, The People Concern will partner with DHS to offer substance use services on-site. The People Concern’s Department of Mental Health funded Full Service Partnership team will provide further mental health care to eligible residents.

Staff are sensitive to cultural considerations and familiarize themselves with all relevant services in the area. They will provide linkage with a warm handoff, ensuring that clients successfully receive the services they are referred to, and communicate as appropriate with partner staff to ensure consistency of care.

Case managers will make frequent contact with their clients: at least three times per month, typically more often, always tailored to the client’s level of EAH HOUSING PROPOSAL | 1318 FOURTH ST. AFFORDABLE HOUSING DEVELOPMENT | Santa Monica | 2019 65 CA Lic. 853495 | HI Lic. RB-16985
functioning, acuity, and need. At initial engagement and move-in, contact may be three times per week or more. All other services to which a participant is linked will be on an as needed basis, with the case manager ensuring that the client is successfully receiving the services as often as is necessary.

Case managers closely monitor whether their clients are participating in services to meet their full range of needs, proactively engaging them to participate while strictly adhering to the voluntary services model, Harm Reduction, Housing First, and trauma-informed care. Residents will be advised of the services available onsite through marketing materials and flyers, welcome packets on local resources, and a monthly calendar. Throughout the residency, case managers will make regular attempts to gain the trust of individual tenants and encourage them to participate in services by knocking on doors, engaging in casual conversation in the common spaces, and cross-marketing of opportunities at all on-site events and activities. Case managers will collaborate with each other to identify individual tenants who are isolated, and will make specific efforts to engage these individuals in community activities and relevant services.

Individualized Service Plans will be updated quarterly in order to ensure that the tenant is participating in goal setting and that the goals are being achieved.

Residential services meetings will take place at least bi-weekly in order that case managers receive input from other residential staff regarding progress and/or areas of concern. During these meetings, staff will look at updated assessment data as well as milestones achieved from stated goals in order to determine outcomes and identify when additional services are indicated. Supervisory staff will assess client satisfaction continually through feedback from individual meetings and community meetings, as well as an annual survey.

The People Concern examines how programs address the needs identified in the Santa Monica’s Wellbeing Index, and/or opportunities for possible program modification/expansion to address these needs. Understanding that physical health and mental health are interconnected, an integrated multi-disciplinary approach is used in all facets of our programming to help promote wellbeing in our clients.

To address “Outlook”, we encourage clients to be active outside of their homes including grocery shopping, exercising, and socializing, to better integrate in the community. We also encourage clients to gain employment, enabling them to give back to the community. Creating goals with their case managers surrounding wellbeing such as being substance free or minimizing use, enjoying proper rest, and eating healthy are other ways to address Outlook.

To foster “Community”, clients are encouraged to build healthy relationships with neighbors and landlords, to practice good neighbor practices, to volunteer, and

3. Development and
Services Concepts
66 EAH HOUSING PROPOSAL | 1318 FOURTH ST. AFFORDABLE HOUSING DEVELOPMENT | Santa Monica | 2019 CA Lic. 853495 | HI Lic. RB-16985
to provide peer support to other clients in the community. “Place” is addressed by providing bus tokens to local resources, directions for public transportation, referring clients out to community services, and keeping clean, safe spaces for all to enjoy.
“Learning” is promoted with coordination with participating Santa Monica Libraries for activities such as life skills and wellness groups which nurture learning, and furthering clients’ education. Clients who desire to further their education are assisted to do so.
“Health” is addressed in several ways including: our partnership with Venice Family Clinic, mental health agencies and programs with The People Concern, substance use treatment referrals, and wellness groups. Case managers work with health concerns in individual service plans.

Lastly, “Economic Opportunity” is addressed with: assistance with job searches and securing employment, referrals to workforce centers, providing interview attire when available, applying and increasing income benefits, and money management skills.

Funding Strategy
The services will be funded under The People Concern’s Supportive Housing Services Master Agreement with the DHS. The People Concern is in good standing under this agreement, and DHS has indicated that the agency is eligible to add additional slots. For the 50 units, they would provide $270,000 per year, enough funding for the staff to serve the units, their supervision, and other operational costs needed to provide intensive services.

Staffing Plan
The 50 units will be served by one Clinical Case Manager, required to have a Master’s degree in a mental health field; one Case Manager, required to have either a Bachelor’s degree or four years’ experience working with homeless individuals; and a Program Manager, with a Master’s degree in a mental health field, who will provide oversight to this building in addition to one or two other sites, and will carry a caseload at this project to ensure a ratio of approximately 1:20. The Clinical Case Manager will receive clinical supervision from the Program Manager or from a licensed consultant. The Program Manager will be overseen by the Director of Project Based Housing, also a licensed clinician.

Services On-Site and Off-Site
All services will be provided on-site, in the offices directly in the building or in

3. Development and
Services Concepts
B.3) Supportive Services Plan (cont.)
EAH HOUSING PROPOSAL | 1318 FOURTH ST. AFFORDABLE HOUSING DEVELOPMENT | Santa Monica | 2019 67 CA Lic. 853495 | HI Lic. RB-16985
the client’s unit. Services provided through linkage, such as medical care, will be provided according to the principle of client choice, with each resident assisted to locate a medical provider which meets their needs and desires. Mental health care may be provided by an agency clinician on-site based on eligibility, or by another provider off-site if desired.

Schedule of On-Site Staff
All services will be available during normal business hours, typically 8am until 4pm. Clients who are employed or who have other obligations may make arrangements with their case manager for a flexed schedule as needed. In addition, an on-call calendar ensures that crisis intervention is available 24/7.

Steps Before Beginning Eviction
The main priority of services staff is to ensure that participants retain their housing, and to that end eviction prevention is a core service. While the actual process of eviction is determined by Property Management, services staff communicate frequently with Property Management staff as needed. Case Managers work with residents to sign a release of information which allows communication between property management and supportive services staff to discuss and address behaviors of the tenant that may be affecting their tenancy.

Services staff who know the tenant best will propose a course of action that will take place to reconcile the adverse tenant behavior. Property Management works with the resident and service providers to be in compliance with lease violations and serving legal notices. Services staff are trained on how to properly communicate with property management in a way to address the behaviors of a tenant and to keep the privacy and confidentiality of the tenant secure.

For example, services staff might be aware of underlying causes of behavioral issues that put housing retention at risk, and thereby support management in determining which tools available to the management agent would be best to bring to bear in any given circumstance, but without disclosing information as pertains to disability status. Services staff counsel residents, helping them address problematic behaviors which may be leading towards eviction. If nonpayment of rent is the key cause, residents are referred to the agency’s money management and representative payee program, which can accept the resident’s benefits on their behalf and pay rent directly before disbursing funds for other expenses. If eviction is unavoidable, staff work with clients to voluntarily relinquish the unit, avoiding a record of an eviction which would create a barrier to becoming re-housed. They work to link the resident to legal services if they wish to contest the eviction, and to other interim or permanent housing options to ensure they do not return to the streets.

More specifically, services staff will work with property management to establish the following written procedure or a revised version of it:

1. First incident: Step One

3. Development and
Services Concepts
68 EAH HOUSING PROPOSAL | 1318 FOURTH ST. AFFORDABLE HOUSING DEVELOPMENT | Santa Monica | 2019 CA Lic. 853495 | HI Lic. RB-16985
a. The Property Manager and Case Manager will provide verbal warning to the client informing them of the problem identified or observed. b. The Property Manager will discuss expectations for change in order to prevent a written warning notice.
c. The Case Manager will support client in discussing available supports and referrals to target the identified issue or problem and support housing retention.
d. Team will communicate understanding for timeline for scheduling meeting to discuss Step Two written notice or review successful resolution of situation or problem.

2. Second incident: Step Two
a. The Property Manager will generate a written warning notice / lease violation according to their company policies.
b. The Property Manager and Case Manager will present the written notice to the client and reiterate the problem identified or observed and how it violates the terms of the lease.
c. The Property Manager will discuss expectations for change in order to prevent 3-day, 10-day, or 30-day perform (cure) or quit notice. d. The Case Manager will support creation of a housing retention plan to address the issue or problem, support the client in identifying any barriers to carrying out the plan, and make updates, as needed. e. Copy of retention plan will be shared with Property manager, if appropriate.
f. Team will communicate understanding for timeline for scheduling meeting to discuss Step Three legal notice or review successful resolution of situation or problem.

3. Third incident:
a. The Property Manager will generate a -day, 10-day, or 30-day perform (cure) or quit notice according to their company policies. b. The Property Manager and Case Manager will present the perform (cure) or quit notice to the client and reiterate the problem identified or observed and how it violates the terms of the lease.

B) Supportive Services Plan (continuation)
c. The Property Manager will discuss expectations for change in order to prevent eviction proceedings.
d. The Case Manager will review the retention plan to address the issue or problem, support the client in identifying any barriers to carrying out the plan, and make updates, as needed.
e. Copy of retention plan will be shared with Property manager, if appropriate.

3. Development and
Services Concepts
B.3) Supportive Services Plan (cont.)
EAH HOUSING PROPOSAL | 1318 FOURTH ST. AFFORDABLE HOUSING DEVELOPMENT | Santa Monica | 2019 69 CA Lic. 853495 | HI Lic. RB-16985

3. Development and
Services Concepts
f. Team will communicate understanding for timeline for scheduling meeting to discuss Step Four eviction proceedings or review successful resolution of situation or problem.

4. Fourth incident:
a. The Property Manager will provide updates to the Case Manager regarding legal proceedings to initiate eviction.
b. The Case Manager will discuss options with the client including participating in eviction proceedings or written relinquishment of unit. c. Case Manager will support client in finding alternative interim or permanent housing options, as appropriate and available.

Coordination of Services with County and Local Providers The program will prioritize collaboration, recognizing the benefit to program participants of a comprehensive approach which takes advantage of all programs and services offered. The program will aim to meet the goals of the City of Santa Monica and to be consistent with long-standing efforts to address homelessness.

For residents on the City’s Service Registry, case managers will also work with the program to which that individual is connected through the Service Registry.

When determining eligibility for the building, staff will work in concert with The People Concern’s Santa Monica C3 team, Homeless Multidisciplinary Street Team, and Homeless Full Service Partnership Team; Santa Monica’s Human Services Division; the HLP Team; and other services providers or The People Concern programs as appropriate.

Potentially eligible clients not receiving SSI will be linked to CBEST (County-wide Benefits Entitlement Services Team) for assistance and advocacy in enrolling.

Eligible participants with legal concerns may be referred to Homeless Community Court to have such issues resolved.

As the largest homeless services provider in Santa Monica, The People Concern has longstanding relationships with most agencies to which residents will be connected, and will use these relationships to ensure close collaboration. 70 EAH HOUSING PROPOSAL | 1318 FOURTH ST. AFFORDABLE HOUSING DEVELOPMENT | Santa Monica | 2019 CA Lic. 853495 | HI Lic. RB-16985

3. Development and
Services Concepts
C) Conceptual Site and Floor Plan
EAH HOUSING PROPOSAL | 1318 FOURTH ST. AFFORDABLE HOUSING DEVELOPMENT | Santa Monica | 2019 71 CA Lic. 853495 | HI Lic. RB-16985

3. Development and
Services Concepts
SITE CONTROL Date
Proposal Due Nov 1, 2019
Developer Selection by City November 2019-February 2020 Exclusive Negotiations with City - form of Development Agreement & Ground Lease February-April 2020 City Council Approval of Development Agreement & Ground Lease May 2020 Development Agreement execution June 2020
Ground Lease execution June 2020
DESIGN
Complete Schematic Design April 2020
Complete Design Development July 2020
Complete Construction Documents October 2021

PLANNING AND ENTITLEMENT APPROVALS
Complete site due diligence studies (Phase I Environmental, Geotech, ALTA, etc.) February 2020-August 2020 Neighborhood meetings April 2020- August 2020
Pre-submittal meeting August 2020
Administrative Approval September 2020-December 2020
Architecture Review Board Meeting 1 February 2021
Architecture Review Board Meeting 2 March 2021
Coastal Development Permit March 2021-Septemember 2021
Building Permit Review/Approval October 2021-April 2022

FINANCING
LA CDA Application October 2020
IIG Application December 2020
AHSC Application Feb 2021
Santa Monica Housing Authority Vouchers April 2021
4% Tax Credit Application/CDLAC Application October 2021 Secure LIHTC Equity Commitment January 2022
Construction Close May 2022
Permanent Loan Conversion June 2024
CONSTRUCTION STAGE Date
Subcontractor Bidding October 2021
22 month Construction Schedule May 2022-March 2024
MARKETING/LEASE-UP Date
Commercial Lease Up January-March 2021
Begin marketing, advertising, conduct lottery, etc. November 2023-March 2024 Lease-up of Units January 2024 - March 2024
OPERATIONS Date
100% Occupancy May 2024
Stabilization Apr - Jun 2024
4) Community
Involvement
Plan
80 EAH HOUSING PROPOSAL | 1318 FOURTH ST. AFFORDABLE HOUSING DEVELOPMENT | Santa Monica | 2019 CA Lic. 853495 | HI Lic. RB-16985
Villages of Moa’e Kū (Description)
Ewa Beach (City)
CA Lic. 853495 | HI Lic. RB-16985 CA Lic. 853495 | HI Lic. RB-16985

4. Community
Involvement Plan
Overview
Since 1968, EAH Housing has successfully brought forth numerous high quality affordable housing developments in some of the most challenging communities around the Bay Area. This could not have been accomplished without inclusive outreach programs to facilitate neighborhood and community participation, and build broad based project support.

We have learned that it is critical to listen to neighbors’ concerns early in the design process and to incorporate their ideas into the project. We also understand the importance of building trust between EAH and our new neighbors, and demonstrating a commitment to excellent design and management. In order to drive this point home, we encourage neighbors and public officials to visit our existing communities so they can see firsthand that affordable housing looks and feels as nice as any market rate development, if not better. We strongly believe that exemplary design and property management is the best way to convince a concerned public to support affordable housing in their neighborhood.

EAH Housing began shaping community outreach and project acceptance strategies for affordable housing over 50 years ago in small communities in northern California. From the smaller communities back then to today’s larger urban and suburban landscapes, one thing we have learned is that each project comes with its own set of unique circumstances, and that we must adjust our approach to fit the situation.

With two developments underway in Santa Monica, EAH is familiar with the community landscape of the city of Santa Monica. This site is in a high-profile location in the heart of the city. While there is no city recognized neighborhood group for the vicinity of this site, we have identified key stakeholders that we will engage throughout the process. Santa Monica also has an abundance of political activism. We have identified several groups that are not tied any specific geography but are pro-housing and will provide support for the project. EAH will work alongside the city Housing Authority and VTBS to develop appropriate meeting materials and strategies for approaching various groups.

The follow outreach strategy is a framework of the program that EAH employs to gain community acceptance of our proposed affordable housing developments.

Stakeholders
Community Groups. As mentioned above, this specific area of downtown does not have its own neighborhood group however the following groups are adjacent to the site and will likely be willing to engage on this project:

4. Community
Involvement Plan
• Wilshire/Montana Neighborhood Coalition
• Santa Monica Mid-City Neighbors
• Pico Neighborhood Association
Business Groups

1. Santa Monica Chamber of Commerce: The Santa Monica Chamber of Commerce advocates and represents business’ interests and issues facing the community. We provide the environment to help our members prosper and succeed through a proactive working partnership with all levels of government and community organizations to achieve a healthy local economy and quality of life. The Chamber has a Homeless Committee that meets occasionally and will be an important touch point for outreach.

2. Downtown Santa Monica Inc.: Downtown Santa Monica, Inc. is a private 501c(3) non-profit organization that works with the City of Santa Monica to manage services and operations in Downtown Santa Monica while promoting economic stability, growth and community life within this unique neighborhood. DTSM manages the Property-based Business Assessment District bounded by Ocean Avenue to the west, Wilshire Boulevard to the north, Lincoln Boulevard to the east and the Santa Monica Freeway to the south.

Advocacy Groups

1. Everyone In: Community movement to end homelessness and the housing crisis by building public and political will for building affordable and supportive housing in LA County. EAH is a Community Partner with Everyone In. As a part of the Everyone In network, Everyone In posts about EAH community meetings to draw support and attends to speak on behalf of our projects. Everyone In also shares resourced on community engagement tools and strategies.

2. Abundant Housing LA: Abundant Housing LA is committed to education and advocacy on the affordability, livability, and sustainability benefits of more housing. We want lower rents and a more sustainable and prosperous region, where everyone has more choices of where to live and how to pursue their dreams.

3. Women’s League of Voters: The League of Women Voters is a nonpartisan political organization which encourages informed and active participation in government.

4. Santa Monica Forward: We are forward thinking Santa Monica renters and homeowners, small business owners, parents and policy wonks who believe that equity, sustainability and diversity should be the guiding principles that shape our city’s future. Santa Monica Forward is working to turn these principles into model, progressive policies.
82 EAH HOUSING PROPOSAL | 1318 FOURTH ST. AFFORDABLE HOUSING DEVELOPMENT | Santa Monica | 2019 CA Lic. 853495 | HI Lic. RB-16985
Villages of Moa’e Kū (Description)
Ewa Beach (City)
CA Lic. 853495 | HI Lic. RB-16985

4. Community
Involvement Plan

5. Santa Monicans for Renters Rights: Tenants rights group formed in the 1970s

6. Human Rights Council of Santa Monica: The Human Relations Council (HRC) Santa Monica Bay Area is a nonprofit organization that promotes a culture of fair treatment, inclusion and equal access to opportunities.

Community Outreach & Acceptance Plan
PHASE 1: Information Gathering
Meet with city staff, planning commissioners and city council to identify supporters and potential opponents, and to document neighborhood and community concerns regarding the development of affordable housing. Assess the level of community support or opposition to the project, and scale (and target) the community outreach efforts accordingly. This can be achieved through conversations with local citizens groups and HOA board members, or through more formal survey tools. This first phase usually consists of informal one-on-one meetings or small group meetings.

PHASE 2: The Focused Community Outreach and Participation Program Facilitate a pre-application design charette to begin the dialog between the development team and local residents, and other stakeholders. Enlist 5 to 10 stakeholders to participate in a Design Advisory Group that would meet 2 to 3 times to refine the site plan and architectural details. Once consensus is achieved at the advisory group level, the preferred design concept would be unveiled at a second community open house meeting, to get neighborhood support, and then the consensus development plan and architecture would be submitted the to the City review and approval.

PHASE 3: Support Decision Makers
Clearly communicate to elected and appointed representatives all the support for the project from the various the community business leaders and neighbors.

Document this support with letters and encourage the supporters to speak at public hearings in favor of the proposed development plan. Give the decision makers good reason to approve the project.

PHASE 4: Ongoing Community Outreach
EAH Housing staff will continue to reach out to our neighbors long after project approval, from site development, construction, and through full occupancy. We pride ourselves in being an active and supportive partner in the communities where we develop and manage affordable housing. We consider our community outreach program as the first step in a long term relationship between EAH and our neighbors.
5) Financing
Strategy
A) Construction Period Sources and Uses of Funds
B) Annotated Pro-Forma
C) Notes on Assumptions Applied in the Pro-Forma
D) Estimates of Income, Expenses, and Cash-Flow Projection E) Construction and Perm Loan Underwriting Terms
F) Responsibilities and/or obligations
G) Financial Contingencies
H) Proposed Repayment Structure
I) Proposed Ground‐Lease Term
J) Financing Timeline
K) Services Offered and Budget with Sources
84 EAH HOUSING PROPOSAL | 1318 FOURTH ST. AFFORDABLE HOUSING DEVELOPMENT | Santa Monica | 2019 CA Lic. 853495 | HI Lic. RB-16985
5) Financing
Strategy
EAH has an excellent track record securing public and private funding necessary to develop and operate permanently affordable housing. At the front end, key to economic feasibility and financial leverage is to keep development costs as low as feasible – EAH does this by designing/building to a reasonably efficient density range and scale, and by using cost effective design/build systems and methods.

Given this early concept stage, our initial cost estimating is prudently conservative.

Hard cost estimates were provided by Construction Manager, Jack Wickersham, and soft cost estimating is consistent with several of our prevailing-wage Southern California projects of similar scale and building type.

To come up with the most effective structure to finance the project while at the same time minimizing any capital request to the City of Santa Monica, the development team evaluated several financial structures including completely separating out the residential and commercial financing pieces. Our process included running multiple models as well as working with our financial consultant and obtaining input from several prominent lending institutions that regularly finance projects like these. The combined input of all the various experts led to the model we are presenting, which we believe to be the most effective way to finance this project.

EAH HOUSING PROPOSAL | 1318 FOURTH ST. AFFORDABLE HOUSING DEVELOPMENT | Santa Monica | 2019 85 CA Lic. 853495 | HI Lic. RB-16985
5) Financing
Strategy
Along with conventional debt and 4% tax credits, the following public sources were assumed in the model:

LA County Development Authority (LA CDA) NOFA
LA County Development Authority issues a NOFA yearly from the County Trust Funds. In the latest round there is a 20% special needs requirement and a 1:3 affordable to special needs funding ratio. This project meets the required threshold scoring to be considered competitive for these funds, including development team experience, geography and special needs points. EAH has received three financing commitments from LACDA, including two No Place Like Home allocations.

Affordable Housing and Sustainable Communities (AHSC)
A relatively new source of funding related to the State of California’s sale of carbon offset credits. Large family projects in a TOD area are prioritized. Projects are scored based on Greenhouse Gas Emissions reductions as well as other sustainability initiatives, affordability, readiness, and funds leveraged. This project will meet the funding priorities. Two EAH project have secured funding from this source.

Infill Infrastructure Grant Program (IIG)
The IIG is a grant program administered by the California Department of Housing and Community Development that provides funding for the development of infill sites that will support higher-density affordable and mixed-income housing. These projects will also be prioritized by readiness, affordability levels, density, access to transit, proximity to amenities and consistency with regional plans. The project will score well for these criteria.
86 EAH HOUSING PROPOSAL | 1318 FOURTH ST. AFFORDABLE HOUSING DEVELOPMENT | Santa Monica | 2019 CA Lic. 853495 | HI Lic. RB-16985

5. Financing
Strategy
A) Conceptual Sources & Uses of Funds

DEVELOPMENT COSTS
Total Residential Commercial
TOTAL CONSTRUCTION 54,146,442 42,570,474 11,575,967 54,068,288 78,153 ‐ ‐ ARCHITECTURE & ENGINEERING 1,924,750 1,566,935 357,815 459,578 1,465,172 ‐ ‐ CONSTRUCTION INTEREST & FEES 3,745,890 3,049,521 696,369 696,369 3,049,521 ‐ ‐ LEGAL FEES 80,000 48,846 11,154 80,001 ‐ ‐ TAX CREDIT FEES 168,500 ‐ ‐ 168,500 ‐ ‐ ‐ PLANNING & PERMIT FEES 2,101,146 2,101,146 ‐ 2,101,146 ‐ ‐ ‐ OTHER SOFT COSTS 2,192,340 1,720,188 1,859 2,192,340 ‐ ‐ HARD COST CONTINGENCY 4,427,285 3,604,243 823,042 2,020,131 2407154 SOFT COST CONTINGENCY 540,504 440,023 100,481 540,504 DEVELOPER COSTS 1,980,000 1,611,913 368,087 1,980,000 COSTS DEFERRED TO CONVERSION 7,602,271 305,349 1,723,672 5,573,250 TOTAL DEVELOPMENT COSTS 73,335,879 55,101,376 13,566,689 62,632,207 7,000,000 3,703,672 5,573,250 SOURCE AMOUNT 62,632,207 7,000,000 3,703,672 5,573,250 LA CDA LP Capital
Deferred
Costs
Tax‐Exempt
Construction
Construction Period Sources and Uses
EAH HOUSING PROPOSAL | 1318 FOURTH ST. AFFORDABLE HOUSING DEVELOPMENT | Santa Monica | 2019 87 CA Lic. 853495 | HI Lic. RB-16985

5. Financing
Strategy

DEVELOPMENT COSTS
Total Residential Commercial
TOTAL CONSTRUCTION CONTRACT 54,146,442 42,570,474 11,575,967 11,575,967 6,969,030 20,000,000 4,063,366 11,538,078 ‐ ARCHITECTURE & ENGINEERING 1,924,750 1,566,935 357,815 357,815 ‐ ‐ ‐ 1,566,935 ‐ CONSTRUCTION INTEREST & FEES 3,745,890 3,049,521 696,369 696,369 ‐ ‐ ‐ 3,049,521 PERMANENT FINANCING 577,459 ‐ ‐ 566,456 11,003 ‐ ‐ ‐ ‐ ‐ LEGAL FEES 100,000 48,846 11,154 51,154 19,967 ‐ ‐ 28,880 ‐ TAX CREDIT FEES 168,500 ‐ ‐ 168,500 ‐ ‐ ‐ ‐ ‐ ‐ PLANNING & PERMIT FEES 2,101,146 2,101,146 ‐ 1,815,578 ‐ ‐ ‐ 285,568 ‐ OTHER SOFT COSTS 2,192,340 1,720,188 1,859 2,184,199 ‐ ‐ ‐ 8,141 ‐ ‐ HARD COST CONTINGENCY 4,427,285 3,604,243 823,042 823,042 3,604,243 SOFT COST CONTINGENCY 540,504 440,023 100,481 100,481 440,023 RESERVES 1,169,757 ‐ ‐ ‐ ‐ ‐ ‐ 1,169,757 ‐ ‐ DEVELOPER COSTS 7,815,055 7,815,055 ‐ ‐ 3,000,000 2,029,021 2,786,034 TOTAL DEVELOPMENT COSTS 78,909,128 55,101,376 13,566,689 18,339,562 7,000,000 20,000,000 4,063,366 24,691,146 2,029,021 2,786,034 18,339,562 7,000,000 20,000,000 4,063,366 24,691,146 2,029,021 2,786,034 Permanent
Loan

SOURCE AMOUNT
Permanent Sources and Uses
LP Capital
Deferred
LA CDA AHSC IIG Fee GP Equity
88 EAH HOUSING PROPOSAL | 1318 FOURTH ST. AFFORDABLE HOUSING DEVELOPMENT | Santa Monica | 2019 CA Lic. 853495 | HI Lic. RB-16985

5. Financing
Strategy
Annotated Development Pro‐Forma
Cost Notes
TOTAL ACQUISITION ‐ No Land/Acqusition Costs assumed

CONSTRUCTION COSTS
Off‐Site Improvements 96,000 Assumes prevailing wage Site Work 2,758,422 Assumes prevailing wage Structures 39,110,367 Assumes prevailing wage General Conditions 2,308,063 Assumes prevailing wage Contractor Insurance 853,983 Assumes prevailing wage Contractor Overhead & Profit 4,154,514 Assumes prevailing wage Contractor Bond 461,613 Assumes prevailing wage Builders Risk Insurance (Owner) 207,000 Assumes prevailing wage Design Contingency 4,196,479 Assumes prevailing wage TOTAL CONSTRUCTION 54,146,442

ARCHITECTURE & ENGINEERING FEES
Arch & Engineering 1,476,750 Fee estimates provided by VTBS Environmental Analysis 10,000 Fee estimates provided by VTBS Civil 90,000 Fee estimates provided by VTBS Geotech 60,000 Estimated using previous project budget Utility 20,000 Estimated using previous project budget Construction Consults 143,000 Fee estimates provided by AMJ Special Inspections 125,000 Estimated using previous project budget TOTAL A&E FEES 1,924,750

CONSTRUCTION INTEREST & FEES
Construction Loan Interest 3,127,684 Average Outstanding Balance estimate Origination Fees 533,206 .75% of construction eligible costs Lender Inspections 25,000 Estimated using previous project budget Lender Counsel 50,000 Estimated using previous project budget Title & Recording 10,000 Estimated using previous project budget TOTAL CONST. INTEREST & FEES 3,745,890

PERMANENT FINANCING
Title and Recording 10,000 Estimated using previous project budget Lender Counsel 10,000 Estimated using previous project budget Other: Diligence & Application 10,000 Estimated using previous project budget Cost of Issuance 547,459
Includes application fee, allocation fee, performance
deposit, issuer fee, issuer application fee, issuer and bond counsel fees
TOTAL PERMANENT FINANCING 577,459 B) Annotated Pro-Forma
EAH HOUSING PROPOSAL | 1318 FOURTH ST. AFFORDABLE HOUSING DEVELOPMENT | Santa Monica | 2019 89 CA Lic. 853495 | HI Lic. RB-16985

5. Financing
Strategy

LEGAL FEES
PreDev & Construction 60,000 Estimated using previous project budget Permanent Loan Closing 20,000 Estimated using previous project budget Organization of Partnership 10,000 Estimated using previous project budget Other Agreements 10,000 Estimated using previous project budget TOTAL LEGAL FEES 100,000

TAX CREDIT FEES
TCAC App/Alloc/Monitor Fees 63,500 Monitoring fee and application fee Market Study 10,000 Estimated using previous project budget Audit/Cost Certification 20,000 Estimated using previous project budget Financial Consultant 75,000 Estimated using previous project budget TOTAL TAX CREDIT FEES 168,500

ENTITLEMENT & PERMIT FEES
Impact Fees ‐ Estimated using previous project budget Planning Fees ‐ Estimated using previous project budget Building & Grading Permit Fees 1,782,000 Estimated using $15,000 per unit School Fees 263,744 Estimated using online caclulator Water & Sewer Fees 55,402 Estimated using online caclulator TOTAL ENTITLEMENT & PERMIT FEES 2,101,146

OTHER SOFT COSTS
Appraisal 10,000 Estimated using previous project budget Marketing/Leasing 79,340 Estimated using previous project budget FF&E 150,000 Estimated using previous project budget Other: Commercial Tenant Improvements 1,953,000 $90 per square foot of commercial space TOTAL OTHER SOFT COSTS 2,192,340

CONTINGENCIES
Hard Cost Contingency 4,427,285 10% of total hard costs Soft Cost Contingency 540,504 5% of soft costs TOTAL CONTINGENCIES 4,967,789

RESERVES
Capitalized Operating Reserve 1,169,757 $500 per unit TOTAL RESERVES 1,169,757

DEVELOPER COSTS
Developer Fee 7,815,055
TOTAL DEVELOPER COSTS 7,815,055 TOTAL DEVELOPMENT COSTS 78,909,128 90 EAH HOUSING PROPOSAL | 1318 FOURTH ST. AFFORDABLE HOUSING DEVELOPMENT | Santa Monica | 2019 CA Lic. 853495 | HI Lic. RB-16985

5. Financing
Strategy
C) Notes on Assumptions Applied in the Pro-Forma

1. Vouchers and voucher standards
The Proforma assumes Project Based Vouchers for the 50 Permanent Supportive Housing Units. We assume the Housing Authority will pay a two month vacancy period based off discussions with staff. The payment standards assumed are below. 0-BR 1-BR 2-BR 3-BR
$1,512 $1,930 $2,640 $3,366

2. Commercial income
The proforma is assuming commercial income of $24 per square foot annually for the Grocery space and $12 per square foot annually for the non-profit office space. Total combined annual income is $495,600. The proforma assumes a NNN lease with conservative underwriting. Miscellaneous income such as laundry and vending is calculated as $10 per unit per month.

3. Loan limits
The proforma calculated LA CDA and AHSC loans using per unit loan limits from guidelines published in October 2019. Project maximum loan for LA CDA outside of the city of LA is $7,000,000. Project maximum loan limit for AHSC is $20,000,000.

4. Hard cost estimates
The hard cost estimates were provided by AMJ Construction Management. They assume 10% design contingency and an escalation contingency. Estimates are attached next.

5. Vacancy Rates are assumed as below:

Resident 10.0%
Subsidy 5.0%
Commercial 20.0%
Other Income 10.0%
Although usual residential vacancy for a mixed income project is blended rate for 10% PSH and 5% for families, this proforma assumes a conservative 10% for all units. The subsidy vacancy was assumed at 5% due to the 2 month vacancy payout as described above.

EAH HOUSING PROPOSAL | 1318 FOURTH ST. AFFORDABLE HOUSING DEVELOPMENT | Santa Monica | 2019 91 CA Lic. 853495 | HI Lic. RB-16985

5. Financing
Strategy

6. Income and Expense Inflation Adjustors were assumed as below:

Resident Rent 2.5%
Subsidy Rent 2.5%
Commercial 2.5%
Other Income 2.5%
OpEx 3.5%

7. Developer fee was calculated to TCAC maximum as 15% of eligible basis. The total developer fee is $7,815,055. The cash portion of the fee is limited to TCAC maximum of $2,500,000 plus $10,000 for each unit over 100. $2,029,021 will be deferred and paid through cash flow. $2,786,034 will be contributed to the project as GP Equity.

Though EAH is aware of the developer fee restrictions required by the City of Santa Monica Affordable Housing Trust Fund, this proposal is not requesting any city funds. Thus, we are including the fully allowable fee in basis and generating more tax credit equity. If we were to use city funds, we would negotiate with the city for a 18,000 per unit calculation to equal a fee of $2,700,000. The current Affordable Housing Trust Fund guidelines show per unit limits for projects up to 50 units and states that larger projects would negotiate the fee.

8. Transit Passes were calculated assuming one annual Big Blue Bus Pass per unit. The cost of one annual bus pass is $500.

9. Fees: This site is in Zone 2 of Downtown Property Based Assessment District.

Fees were calculated according to their website using the following factors:
• Commercial space: .498 per square foot
• Residential space: .354 per square foot

10. Operating Expenses Assumptions
The operating expenses assume one full time property manager, one full time assistant property manager, two full time maintenance employees, a full time janitor, a part time leasing agent and a 24-hour security guard. There is one full time service coordinator also included in the budget. Management fees are calculated as 5% of the effective gross income. EAH Property Management used similar sized projects with PSH and family populations to estimate these costs for the proposal.

Residential Commercial

1.1 Site Security 90,000 0

1.2 Erosion Control 50,000 0

1.3 Cleanup 100,000 0

1.4 Survey 50,000 0

1.5 Miscellaneous Site Labor & Equipment 217,000 0

1.6 Temporary Construction Elevator 350,000 0

2.1 Demolition & Abatement 0 0

3.1 Structural Concrete 0 4,176,654

3.2 Lightweight Concrete 401,132 0

4.1 Masonry Units 120,000 979,560

5.1 Structural Steel 250,000 0

5.2 Ornamental & Miscellaneous Metal 1,100,000 100,000

6.1 Rough Carpentry 6,618,678 0

7.1 Building Insulation 240,679 0

7.2 Waterproofing 169,940 160,000

7.3 Roofing 240,679 0

7.4 Sheet Metal 451,274 0

8.1 Doors, Frames, Hardware & Trim 900,000 45,000

8.2 Storefront 0 370,000

8.2 Windows 600,000 0

9.1 Exterior Finish 2,166,113 0

9.2 Drywall 2,406,792 47,520

9.3 Tile Work 25,000 0

9.4 Flooring 666,312 16,500

9.5 Painting 516,445 8,250

10.1 Toilet, Bath and Laundry Accessories 60,000 0

10.2 Signage 45,000 25,000

10.3 Building Specialties 140,000 35,900

11.1 Residential Appliances 296,250 0

12.1 Cabinetry & Countertops 937,500 0

12.2 Window Treatments 75,000 0

13.1 Photovoltaic 0 0
Schematic Design Estimate
1318 Fourth Street - 150 Unit

13.2 Domestic Solar Hot Water 150,000 0

14.1 Elevator 500,000 240,000

21.1 Fire Sprinklers 421,189 195,000

22.1 Plumbing 4,020,000 225,000

23.1 HVAC 2,763,000 570,000

26.1 Electrical 4,350,000 330,000

27.1 Phone / Data / Television 225,000 25,000

27.2 Fire Alarm 225,000 75,000

27.3 Security System 60,000 20,000

27.4 Access Control 50,000 25,000

27.5 DAS 100,000 100,000

31.1 Grading 0 622,222

31.2 Shoring 0 490,000

32.1 Hardscape 79,200 0

32.2 Landscape 110,000 0

32.3 Furnishings 50,000 0

32.4 Offsite Work 96,000 0

33.1 Site Utilities 450,000 150,000
Total Direct Cost: 32,933,182 9,031,607
Design & Material Escalation Contingency @ 10%: 3,293,318 903,161 Subtotal: 36,226,501 9,934,767
General Conditions: 1,811,325 496,738
General Contractor Overhead & Profit: 3,260,385 894,129 Bond & Insurance 1,032,455 283,141
Total Cost: 42,330,666 11,608,775
Cost Estimate Provided By:

Jack Wickersham Date
AMJ Construction Management
[email protected]
213.392.0972
www.amjcm.com
Jack Wickersham 10/23/2019
D) Estimates of Income, Expenses, and Cash-Flow Projection REVENUE MULTIPLIER YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 YEAR 9 YEAR 10 YEAR 11 YEAR 12 YEAR 13 YEAR 14 YEAR 15 YEAR 16 YEAR 17 YEAR 18 Gross Rent 1.025 1,428,257 $ 1,463,963 $ 1,500,562 $ 1,538,076 $ 1,576,528 $ 1,615,941 $ 1,656,340 $ 1,697,749 $ 1,740,192 $ 1,783,697 $ 1,828,289 $ 1,873,997 $ 1,920,847 $ 1,968,868 $ 2,018,089 $ 2,068,542 $ 2,120,255 $ 2,173,262 $ Less Vacancy 0.100 (142,826) $ (146,396) $ (150,056) $ (153,808) $ (157,653) $ (161,594) $ (165,634) $ (169,775) $ (174,019) $ (178,370) $ (182,829) $ (187,400) $ (192,085) $ (196,887) $ (201,809) $ (206,854) $ (212,026) $ (217,326) $ Rental Subsidy 1.025 977,822 $ 1,002,267.96 $ 1,027,325 $ 1,053,008 $ 1,079,333 $ 1,106,316 $ 1,133,974 $ 1,162,324 $ 1,191,382 $ 1,221,166 $ 1,251,695 $ 1,282,988 $ 1,315,062 $ 1,347,939 $ 1,381,637 $ 1,416,178 $ 1,451,583 $ 1,487,872 $ Less Vacancy 0.050 (48,891) $ (50,113) $ (51,366) $ (52,650) $ (53,967) $ (55,316) $ (56,699) $ (58,116) $ (59,569) $ (61,058) $ (62,585) $ (64,149) $ (65,753) $ (67,397) $ (69,082) $ (70,809) $ (72,579) $ (74,394) $ Commercial income 1.025 495,600 $ 507,990 $ 520,690 $ 533,707 $ 547,050 $ 560,726 $ 574,744 $ 589,113 $ 603,840 $ 618,936 $ 634,410 $ 650,270 $ 666,527 $ 683,190 $ 700,270 $ 717,777 $ 735,721 $ 754,114 $ Less Vacancy 0.200 (99,120) $ (101,598) $ (104,138) $ (106,741) $ (109,410) $ (112,145) $ (114,949) $ (117,823) $ (120,768) $ (123,787) $ (126,882) $ (130,054) $ (133,305) $ (136,638) $ (140,054) $ (143,555) $ (147,144) $ (150,823) $ Miscellaneous Income 1.025 14,400 $ 14,760 $ 15,129 $ 15,507 $ 15,895 $ 16,292 $ 16,700 $ 17,117 $ 17,545 $ 17,984 $ 18,433 $ 18,894 $ 19,366 $ 19,851 $ 20,347 $ 20,855 $ 21,377 $ 21,911 $ Less Vacancy 0.100 (1,440) $ (1,476) $ (1,513) $ (1,551) $ (1,589) $ (1,629) $ (1,670) $ (1,712) $ (1,755) $ (1,798) $ (1,843) $ (1,889) $ (1,937) $ (1,985) $ (2,035) $ (2,086) $ (2,138) $ (2,191) $ Total Revenue 2,623,802 $ 2,689,397 $ 2,756,632 $ 2,825,548 $ 2,896,187 $ 2,968,592 $ 3,042,806 $ 3,118,877 $ 3,196,848 $ 3,276,770 $ 3,358,689 $ 3,442,656 $ 3,528,723 $ 3,616,941 $ 3,707,364 $ 3,800,048 $ 3,895,049 $ 3,992,426 $ EXPENSES Operating Expenses: 1.035 Administrative 87,712 $ 90,782 $ 93,959 $ 97,248 $ 100,652 $ 104,174 $ 107,820 $ 111,594 $ 115,500 $ 119,542.45 $ 123,726 $ 128,057 $ 132,539 $ 137,178 $ 141,979 $ 146,948 $ 152,091 $ 157,415 $ Management 131,190 $ 135,782 $ 140,534 $ 145,453 $ 150,544 $ 155,813 $ 161,266 $ 166,910 $ 172,752 $ 178,799 $ 185,057 $ 191,534 $ 198,237 $ 205,176 $ 212,357 $ 219,789 $ 227,482 $ 235,444 $ Utilities 184,140 $ 190,585 $ 197,255 $ 204,159 $ 211,305 $ 218,701 $ 226,355 $ 234,278 $ 242,477 $ 250,964 $ 259,748 $ 268,839 $ 278,248 $ 287,987 $ 298,066 $ 308,499 $ 319,296 $ 330,472 $ Payroll & Payroll Related 447,754 $ 463,425 $ 479,645 $ 496,433 $ 513,808 $ 531,791 $ 550,404 $ 569,668 $ 589,607 $ 610,243 $ 631,601 $ 653,707 $ 676,587 $ 700,268 $ 724,777 $ 750,144 $ 776,399 $ 803,573 $ Insurance (Property) 37,812 $ 39,135 $ 40,505 $ 41,923 $ 43,390 $ 44,909 $ 46,481 $ 48,107 $ 49,791 $ 51,534 $ 53,338 $ 55,204 $ 57,137 $ 59,136 $ 61,206 $ 63,348 $ 65,565 $ 67,860 $ Maintenance 261,290 $ 270,435 $ 279,900 $ 289,697 $ 299,836 $ 310,331 $ 321,192 $ 332,434 $ 344,069 $ 356,111 $ 368,575 $ 381,475 $ 394,827 $ 408,646 $ 422,949 $ 437,752 $ 453,073 $ 468,931 $ Other Operating Expenses 51,900 $ 53,717 $ 55,597 $ 57,542 $ 59,556 $ 61,641 $ 63,798 $ 66,031 $ 68,342 $ 70,734 $ 73,210 $ 75,772 $ 78,424 $ 81,169 $ 84,010 $ 86,951 $ 89,994 $ 93,144 $ Total Operating Expenses 1,201,798 $ 1,243,861 $ 1,287,396 $ 1,332,455 $ 1,379,091 $ 1,427,359 $ 1,477,317 $ 1,529,023 $ 1,582,539 $ 1,637,927 $ 1,695,255 $ 1,754,589 $ 1,815,999 $ 1,879,559 $ 1,945,344 $ 2,013,431 $ 2,083,901 $ 2,156,838 $ Transit Pass/Tenant Internet Expense* 1.035 60,000 $ 62,100 $ 64,274 $ 66,523 $ 68,851 $ 71,261 $ 73,755 $ 76,337 $ 79,009 $ 81,774 $ 84,636 $ 87,598 $ 90,664 $ 93,837 $ 97,122 $ 100,521 $ 104,039 $ 107,681 $ Santa Monica Assessments 1.035 47,023 $ 48,669 $ 50,372 $ 52,135 $ 53,960 $ 55,849 $ 57,803 $ 59,826 $ 61,920 $ 64,088 $ 66,331 $ 68,652 $ 71,055 $ 73,542 $ 76,116 $ 78,780 $ 81,537 $ 84,391 $ Replacement Reserves 1.000 60,000 $ 60,000 $ 60,000 $ 60,000 $ 60,000 $ 60,000 $ 60,000 $ 60,000 $ 60,000 $ 60,000 $ 60,000 $ 60,000 $ 60,000 $ 60,000 $ 60,000 $ 60,000 $ 60,000 $ 60,000 $ Real Estate Taxes 1.000 ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ Ground Lease Payments 1.000 100 $ 100 $ 100 $ 100 $ 100 $ 100 $ 100 $ 100 $ 100 $ 100 $ 100 $ 100 $ 100 $ 100 $ 100 $ 100 $ 100 $ 100 $ Other: (Specify) 1.035 ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ Total Expenses 1,368,921 $ 1,414,730 $ 1,462,142 $ 1,511,213 $ 1,562,002 $ 1,614,569 $ 1,668,975 $ 1,725,286 $ 1,783,567 $ 1,843,889 $ 1,906,321 $ 1,970,939 $ 2,037,819 $ 2,107,039 $ 2,178,682 $ 2,252,832 $ 2,329,578 $ 2,409,009 $ Income less Operating Expenses 1,254,881 $ 1,274,668 $ 1,294,490 $ 1,314,335 $ 1,334,185 $ 1,354,023 $ 1,373,831 $ 1,393,591 $ 1,413,281 $ 1,432,881 $ 1,452,367 $ 1,471,717 $ 1,490,904 $ 1,509,902 $ 1,528,683 $ 1,547,216 $ 1,565,472 $ 1,583,416 $ Perm Loan ‐ Annual Issuer Fee 4,000 $ 4,000 $ 4,000 $ 4,000 $ 4,000 $ 4,000 $ 4,000 $ 4,000 $ 4,000 $ 4,000 $ 4,000 $ 4,000 $ 4,000 $ 4,000 $ 4,000 $ 4,000 $ 4,000 $ 4,000 $ Mandatory HCD 0.0042 29,400 $ 29,400 $ 29,400 $ 29,400 $ 29,400 $ 29,400 $ 29,400 $ 29,400 $ 29,400 $ 29,400 $ 29,400 $ 29,400 $ 29,400 $ 29,400 $ 29,400 $ 29,400 $ 29,400 $ 29,400 $ Net Operating Income 1,221,481 $ 1,241,268 $ 1,261,090 $ 1,280,935 $ 1,300,785 $ 1,320,623 $ 1,340,431 $ 1,360,191 $ 1,379,881 $ 1,399,481 $ 1,418,967 $ 1,438,317 $ 1,457,504 $ 1,476,502 $ 1,495,283 $ 1,513,816 $ 1,532,072 $ 1,550,016 $ COSR Payment 0 0 0 0 0 0 0 0 0 0 0 0 0 0 00 00 COSR Balance ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ Adjusted Net Operating Income 1,221,481 $ 1,241,268 $ 1,261,090 $ 1,280,935 $ 1,300,785 $ 1,320,623 $ 1,340,431 $ 1,360,191 $ 1,379,881 $ 1,399,481 $ 1,418,967 $ 1,438,317 $ 1,457,504 $ 1,476,502 $ 1,495,283 $ 1,513,816 $ 1,532,072 $ 1,550,016 $ MUST PAY DEBT SERVICE Perm Loan ‐ Tranche A 1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ Perm Loan ‐ Tranche B ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ Total Debt Service 1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ Cash Flow After Debt Service 117,986 $ 137,772 $ 157,595 $ 177,440 $ 197,289 $ 217,127 $ 236,936 $ 256,695 $ 276,386 $ 295,986 $ 315,472 $ 334,822 $ 354,009 $ 373,007 $ 391,787 $ 410,321 $ 428,577 $ 446,521 $ Percent of Gross Revenue 4.87% 5.55% 6.20% 6.81% 7.38% 7.93% 8.44% 8.92% 9.37% 9.79% 10.18% 10.54% 10.87% 11.18% 11.46% 11.70% 11.93% 12.12% 25% Debt Service Test 11% 12% 14% 16% 18% 20% 21% 23% 25% 27% 29% 30% 32% 34% 36% 37% 39% 40% Debt Coverage Ratio 1.11 1.12 1.14 1.16 1.18 1.20 1.21 1.23 1.25 1.27 1.29 1.30 1.32 1.34 1.36 1.37 1.39 1.40 OTHER FEES** GP Partnership Management Fee 1.000 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ LP Asset Management Fee 1.000 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ Incentive Management Fee ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ Total Other Fees 30,000 $ 30,000 $ 30,000 $ 30,000 $ 30,000 $ 30,000 $ 30,000 $ 30,000 $ 30,000 $ 30,000 $ 30,000 $ 30,000 $ 30,000 $ 30,000 $ 30,000 $ 30,000 $ 30,000 $ 30,000 $ Remaining Cash Flow 87,986 $ 107,772 $ 127,595 $ 147,440 $ 167,289 $ 187,127 $ 206,936 $ 226,695 $ 246,386 $ 265,986 $ 285,472 $ 304,822 $ 324,009 $ 343,007 $ 361,787 $ 380,321 $ 398,577 $ 416,521 $ CF Years 1‐12
Deferred Developer Fees** 2,361,506 $ 87,986 $ 107,772 $ 127,595 $ 147,440 $ 167,289 $ 187,127 $ 206,936 $ 226,695 $ 246,386 $ 265,986 $ 285,472 $ 304,822 $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ 2,273,520 $ 2,165,748 $ 2,038,153 $ 1,890,713 $ 1,723,424 $ 1,536,296 $ 1,329,361 $ 1,102,665 $ 856,279 $ 590,294 $ 304,822 $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ Residual or Soft Debt Payments** ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ 324,009 $ 343,007 $ 361,787 $ 380,321 $ 398,577 $ 416,521 $ Residual to Partnership 0.50 ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ 162,004 $ 171,503 $ 180,894 $ 190,161 $ 199,288 $ 208,261 $ City/Local Funding 0.50 ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ 162,004 $ 171,503 $ 180,894 $ 190,161 $ 199,288 $ 208,261 $ Santa Monica AHTF 0.00% ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ LA CDA 25.00% ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ 40,501 $ 42,876 $ 45,223 $ 47,540 $ 49,822 $ 52,065 $ AHSC 71.43% ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ 115,717 $ 122,502 $ 129,210 $ 135,829 $ 142,349 $ 148,758 $ IIG 3.57% ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ 5,786 $ 6,125 $ 6,460 $ 6,791 $ 7,117 $ 7,438 $ AHP 0.00% ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ 0.00% ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ YEAR 19 YEAR 20 YEAR 21 YEAR 22 YEAR 23 YEAR 24 YEAR 25 YEAR 26 YEAR 27 YEAR 28 YEAR 29 YEAR 30 YEAR 31 YEAR 32 YEAR 33 YEAR 34 YEAR 35 YEAR 36 YEAR 37 YEAR 38 YEAR 39 YEAR 40 YEAR 41 YEAR 42 YEAR 43 YEAR 44 YEAR 45 2,227,593 $ 2,283,283 $ 2,340,365 $ 2,398,874 $ 2,458,846 $ 2,520,317 $ 2,583,325 $ 2,647,908 $ 2,714,106 $ 2,781,959 $ 2,851,508 $ 2,922,795 $ 2,995,865 $ 3,070,762 $ 3,147,531 $ 3,226,219 $ 3,306,875 $ 3,389,546 $ 3,474,285 $ 3,561,142 $ 3,650,171 $ 3,741,425 $ 3,834,961 $ 3,930,835 $ 4,029,106 $ 4,129,833 $ 4,233,079 $ (222,759) $ (228,328) $ (234,037) $ (239,887) $ (245,885) $ (252,032) $ (258,333) $ (264,791) $ (271,411) $ (278,196) $ (285,151) $ (292,280) $ (299,587) $ (307,076) $ (314,753) $ (322,622) $ (330,687) $ (338,955) $ (347,429) $ (356,114) $ (365,017) $ (374,143) $ (383,496) $ (393,083) $ (402,911) $ (412,983) $ (423,308) $ 1,525,069 $ 1,563,196 $ 1,602,276 $ 1,642,333 $ 1,683,391 $ 1,725,476 $ 1,768,613 $ 1,812,828 $ 1,858,149 $ 1,904,602 $ 1,952,218 $ 2,001,023 $ 2,051,049 $ 2,102,325 $ 2,154,883 $ 2,208,755 $ 2,263,974 $ 2,320,573 $ 2,378,588 $ 2,438,052 $ 2,499,004 $ 2,561,479 $ 2,625,516 $ 2,691,153 $ 2,758,432 $ 2,827,393 $ 2,898,078 $ (76,253) $ (78,160) $ (80,114) $ (82,117) $ (84,170) $ (86,274) $ (88,431) $ (90,641) $ (92,907) $ (95,230) $ (97,611) $ (100,051) $ (102,552) $ (105,116) $ (107,744) $ (110,438) $ (113,199) $ (116,029) $ (118,929) $ (121,903) $ (124,950) $ (128,074) $ (131,276) $ (134,558) $ (137,922) $ (141,370) $ (144,904) $ 772,967 $ 792,291 $ 812,098 $ 832,401 $ 853,211 $ 874,541 $ 896,405 $ 918,815 $ 941,785 $ 965,330 $ 989,463 $ 1,014,200 $ 1,039,554 $ 1,065,543 $ 1,092,182 $ 1,119,486 $ 1,147,474 $ 1,176,160 $ 1,205,565 $ 1,235,704 $ 1,266,596 $ 1,298,261 $ 1,330,718 $ 1,363,986 $ 1,398,085 $ 1,433,037 $ 1,468,863 $ (154,593) $ (158,458) $ (162,420) $ (166,480) $ (170,642) $ (174,908) $ (179,281) $ (183,763) $ (188,357) $ (193,066) $ (197,893) $ (202,840) $ (207,911) $ (213,109) $ (218,436) $ (223,897) $ (229,495) $ (235,232) $ (241,113) $ (247,141) $ (253,319) $ (259,652) $ (266,144) $ (272,797) $ (279,617) $ (286,607) $ (293,773) $ 22,459 $ 23,021 $ 23,596 $ 24,186 $ 24,791 $ 25,410 $ 26,046 $ 26,697 $ 27,364 $ 28,048 $ 28,750 $ 29,468 $ 30,205 $ 30,960 $ 31,734 $ 32,527 $ 33,341 $ 34,174 $ 35,029 $ 35,904 $ 36,802 $ 37,722 $ 38,665 $ 39,632 $ 40,622 $ 41,638 $ 42,679 $ (2,246) $ (2,302) $ (2,360) $ (2,419) $ (2,479) $ (2,541) $ (2,605) $ (2,670) $ (2,736) $ (2,805) $ (2,875) $ (2,947) $ (3,020) $ (3,096) $ (3,173) $ (3,253) $ (3,334) $ (3,417) $ (3,503) $ (3,590) $ (3,680) $ (3,772) $ (3,866) $ (3,963) $ (4,062) $ (4,164) $ (4,268) $ 4,092,236 $ 4,194,542 $ 4,299,406 $ 4,406,891 $ 4,517,063 $ 4,629,990 $ 4,745,739 $ 4,864,383 $ 4,985,993 $ 5,110,642 $ 5,238,408 $ 5,369,369 $ 5,503,603 $ 5,641,193 $ 5,782,223 $ 5,926,778 $ 6,074,948 $ 6,226,821 $ 6,382,492 $ 6,542,054 $ 6,705,606 $ 6,873,246 $ 7,045,077 $ 7,221,204 $ 7,401,734 $ 7,586,777 $ 7,776,447 $ 162,924 $ 168,626 $ 174,528 $ 180,637 $ 186,959 $ 193,503 $ 200,275 $ 207,285 $ 214,540 $ 222,049 $ 229,821 $ 237,864 $ 246,189 $ 254,806 $ 263,724 $ 272,955 $ 282,508 $ 292,396 $ 302,630 $ 313,222 $ 324,185 $ 335,531 $ 347,275 $ 359,429 $ 372,009 $ 385,030 $ 398,506 $ 243,684 $ 252,213 $ 261,041 $ 270,177 $ 279,633 $ 289,420 $ 299,550 $ 310,034 $ 320,886 $ 332,117 $ 343,741 $ 355,772 $ 368,224 $ 381,111 $ 394,450 $ 408,256 $ 422,545 $ 437,334 $ 452,641 $ 468,483 $ 484,880 $ 501,851 $ 519,416 $ 537,595 $ 556,411 $ 575,886 $ 596,042 $ 342,038 $ 354,009 $ 366,400 $ 379,224 $ 392,497 $ 406,234 $ 420,452 $ 435,168 $ 450,399 $ 466,163 $ 482,478 $ 499,365 $ 516,843 $ 534,932 $ 553,655 $ 573,033 $ 593,089 $ 613,847 $ 635,332 $ 657,569 $ 680,584 $ 704,404 $ 729,058 $ 754,575 $ 780,985 $ 808,320 $ 836,611 $ 831,698 $ 860,808 $ 890,936 $ 922,119 $ 954,393 $ 987,797 $ 1,022,369 $ 1,058,152 $ 1,095,188 $ 1,133,519 $ 1,173,192 $ 1,214,254 $ 1,256,753 $ 1,300,739 $ 1,346,265 $ 1,393,385 $ 1,442,153 $ 1,492,628 $ 1,544,870 $ 1,598,941 $ 1,654,904 $ 1,712,825 $ 1,772,774 $ 1,834,821 $ 1,899,040 $ 1,965,507 $ 2,034,299 $ 70,235 $ 72,694 $ 75,238 $ 77,871 $ 80,597 $ 83,418 $ 86,337 $ 89,359 $ 92,487 $ 95,724 $ 99,074 $ 102,542 $ 106,130 $ 109,845 $ 113,690 $ 117,669 $ 121,787 $ 126,050 $ 130,461 $ 135,028 $ 139,754 $ 144,645 $ 149,708 $ 154,947 $ 160,370 $ 165,983 $ 171,793 $ 485,343 $ 502,330 $ 519,912 $ 538,109 $ 556,943 $ 576,436 $ 596,611 $ 617,492 $ 639,105 $ 661,473 $ 684,625 $ 708,587 $ 733,387 $ 759,056 $ 785,623 $ 813,119 $ 841,579 $ 871,034 $ 901,520 $ 933,073 $ 965,731 $ 999,531 $ 1,034,515 $ 1,070,723 $ 1,108,198 $ 1,146,985 $ 1,187,130 $ 96,404 $ 99,778 $ 103,270 $ 106,884 $ 110,625 $ 114,497 $ 118,505 $ 122,652 $ 126,945 $ 131,388 $ 135,987 $ 140,746 $ 145,673 $ 150,771 $ 156,048 $ 161,510 $ 167,163 $ 173,013 $ 179,069 $ 185,336 $ 191,823 $ 198,537 $ 205,486 $ 212,678 $ 220,121 $ 227,826 $ 235,799 $ 2,232,327 $ 2,310,458 $ 2,391,325 $ 2,475,021 $ 2,561,647 $ 2,651,304 $ 2,744,100 $ 2,840,143 $ 2,939,548 $ 3,042,433 $ 3,148,918 $ 3,259,130 $ 3,373,199 $ 3,491,261 $ 3,613,456 $ 3,739,926 $ 3,870,824 $ 4,006,303 $ 4,146,523 $ 4,291,652 $ 4,441,859 $ 4,597,325 $ 4,758,231 $ 4,924,769 $ 5,097,136 $ 5,275,536 $ 5,460,179 $ 111,449 $ 115,350 $ 119,387 $ 123,566 $ 127,891 $ 132,367 $ 137,000 $ 141,795 $ 146,758 $ 151,894 $ 157,210 $ 162,713 $ 168,408 $ 174,302 $ 180,402 $ 186,717 $ 193,252 $ 200,015 $ 207,016 $ 214,262 $ 221,761 $ 229,522 $ 237,556 $ 245,870 $ 254,475 $ 263,382 $ 272,600 $ 87,345 $ 90,402 $ 93,566 $ 96,841 $ 100,230 $ 103,738 $ 107,369 $ 111,127 $ 115,016 $ 119,042 $ 123,208 $ 127,521 $ 131,984 $ 136,603 $ 141,384 $ 146,333 $ 151,455 $ 156,755 $ 162,242 $ 167,920 $ 173,798 $ 179,880 $ 186,176 $ 192,692 $ 199,437 $ 206,417 $ 213,642 $ 60,000 $ 60,000 $ 60,000 $ 60,000 $ 60,000 $ 60,000 $ 60,000 $ 60,000 $ 60,000 $ 60,000 $ 60,000 $ 60,000 $ 60,000 $ 60,000 $ 60,000 $ 60,000 $ 60,000 $ 60,000 $ 60,000 $ 60,000 $ 60,000 $ 60,000 $ 60,000 $ 60,000 $ 60,000 $ 60,000 $ 60,000 $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ 100 $ 100 $ 100 $ 100 $ 100 $ 100 $ 100 $ 100 $ 100 $ 100 $ 100 $ 100 $ 100 $ 100 $ 100 $ 100 $ 100 $ 100 $ 100 $ 100 $ 100 $ 100 $ 100 $ 100 $ 100 $ 100 $ 100 $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ 2,491,221 $ 2,576,310 $ 2,664,378 $ 2,755,527 $ 2,849,867 $ 2,947,509 $ 3,048,569 $ 3,153,165 $ 3,261,422 $ 3,373,468 $ 3,489,436 $ 3,609,463 $ 3,733,691 $ 3,862,267 $ 3,995,342 $ 4,133,076 $ 4,275,630 $ 4,423,174 $ 4,575,881 $ 4,733,933 $ 4,897,518 $ 5,066,827 $ 5,242,063 $ 5,423,431 $ 5,611,148 $ 5,805,435 $ 6,006,521 $ 1,601,015 $ 1,618,232 $ 1,635,028 $ 1,651,363 $ 1,667,196 $ 1,682,481 $ 1,697,171 $ 1,711,218 $ 1,724,570 $ 1,737,174 $ 1,748,972 $ 1,759,905 $ 1,769,912 $ 1,778,926 $ 1,786,880 $ 1,793,702 $ 1,799,318 $ 1,803,648 $ 1,806,611 $ 1,808,121 $ 1,808,088 $ 1,806,419 $ 1,803,014 $ 1,797,772 $ 1,790,586 $ 1,781,343 $ 1,769,925 $ 4,000 $ 4,000 $ 4,000 $ 4,000 $ 4,000 $ 4,000 $ 4,000 $ 4,000 $ 4,000 $ 4,000 $ 4,000 $ 4,000 $ 4,000 $ 4,000 $ 4,000 $ 4,000 $ 4,000 $ 4,000 $ 4,000 $ 4,000 $ 4,000 $ 4,000 $ 4,000 $ 4,000 $ 4,000 $ 4,000 $ 4,000 $ 29,400 $ 29,400 $ 29,400 $ 29,400 $ 29,400 $ 29,400 $ 29,400 $ 29,400 $ 29,400 $ 29,400 $ 29,400 $ 29,400 $ 29,400 $ 29,400 $ 29,400 $ 29,400 $ 29,400 $ 29,400 $ 29,400 $ 29,400 $ 29,400 $ 29,400 $ 29,400 $ 29,400 $ 29,400 $ 29,400 $ 29,400 $ 1,567,615 $ 1,584,832 $ 1,601,628 $ 1,617,963 $ 1,633,796 $ 1,649,081 $ 1,663,771 $ 1,677,818 $ 1,691,170 $ 1,703,774 $ 1,715,572 $ 1,726,505 $ 1,736,512 $ 1,745,526 $ 1,753,480 $ 1,760,302 $ 1,765,918 $ 1,770,248 $ 1,773,211 $ 1,774,721 $ 1,774,688 $ 1,773,019 $ 1,769,614 $ 1,764,372 $ 1,757,186 $ 1,747,943 $ 1,736,525 $ 00 0 00 0 0 000 00 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ 1,567,615 $ 1,584,832 $ 1,601,628 $ 1,617,963 $ 1,633,796 $ 1,649,081 $ 1,663,771 $ 1,677,818 $ 1,691,170 $ 1,703,774 $ 1,715,572 $ 1,726,505 $ 1,736,512 $ 1,745,526 $ 1,753,480 $ 1,760,302 $ 1,765,918 $ 1,770,248 $ 1,773,211 $ 1,774,721 $ 1,774,688 $ 1,773,019 $ 1,769,614 $ 1,764,372 $ 1,757,186 $ 1,747,943 $ 1,736,525 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ 1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ 464,120 $ 481,337 $ 498,133 $ 514,468 $ 530,301 $ 545,585 $ 560,276 $ 574,323 $ 587,675 $ 600,279 $ 612,077 $ 623,010 $ 633,017 $ 642,031 $ 649,985 $ 656,807 $ 662,423 $ 666,753 $ 669,716 $ 671,226 $ 671,193 $ 669,523 $ 666,119 $ 660,877 $ 653,691 $ 644,447 $ 633,030 $

12.29% 12.44% 12.56% 12.65% 12.73% 12.77% 12.80% 12.80% 12.78% 12.73% 12.67% 12.58% 12.47% 12.34% 12.19% 12.01% 11.82% 11.61% 11.37% 11.12% 10.85% 10.56% 10.25% 9.92% 9.57% 9.21% 8.82% 42% 44% 45% 47% 48% 49% 51% 52% 53% 54% 55% 56% 57% 58% 59% 60% 60% 60% 61% 61% 61% 61% 60% 60% 59% 58% 57%

1.42 1.44 1.45 1.47 1.48 1.49 1.51 1.52 1.53 1.54 1.55 1.56 1.57 1.58 1.59 1.60 1.60 1.60 1.61 1.61 1.61 1.61 1.60 1.60 1.59 1.58 1.57 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ 30,000 $ 30,000 $ 30,000 $ 30,000 $ 30,000 $ 30,000 $ 30,000 $ 30,000 $ 30,000 $ 30,000 $ 30,000 $ 30,000 $ 30,000 $ 30,000 $ 30,000 $ 30,000 $ 30,000 $ 30,000 $ 30,000 $ 30,000 $ 30,000 $ 30,000 $ 30,000 $ 30,000 $ 30,000 $ 30,000 $ 30,000 $ 434,120 $ 451,337 $ 468,133 $ 484,468 $ 500,301 $ 515,585 $ 530,276 $ 544,323 $ 557,675 $ 570,279 $ 582,077 $ 593,010 $ 603,017 $ 612,031 $ 619,985 $ 626,807 $ 632,423 $ 636,753 $ 639,716 $ 641,226 $ 641,193 $ 639,523 $ 636,119 $ 630,877 $ 623,691 $ 614,447 $ 603,030 $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ 434,120 $ 451,337 $ 468,133 $ 484,468 $ 500,301 $ 515,585 $ 530,276 $ 544,323 $ 557,675 $ 570,279 $ 582,077 $ 593,010 $ 603,017 $ 612,031 $ 619,985 $ 626,807 $ 632,423 $ 636,753 $ 639,716 $ 641,226 $ 641,193 $ 639,523 $ 636,119 $ 630,877 $ 623,691 $ 614,447 $ 603,030 $ 217,060 $ 225,668 $ 234,066 $ 242,234 $ 250,150 $ 257,793 $ 265,138 $ 272,161 $ 278,838 $ 285,139 $ 291,038 $ 296,505 $ 301,508 $ 306,016 $ 309,993 $ 313,404 $ 316,211 $ 318,376 $ 319,858 $ 320,613 $ 320,596 $ 319,762 $ 318,059 $ 315,439 $ 311,845 $ 307,224 $ 301,515 $ 217,060 $ 225,668 $ 234,066 $ 242,234 $ 250,150 $ 257,793 $ 265,138 $ 272,161 $ 278,838 $ 285,139 $ 291,038 $ 296,505 $ 301,508 $ 306,016 $ 309,993 $ 313,404 $ 316,211 $ 318,376 $ 319,858 $ 320,613 $ 320,596 $ 319,762 $ 318,059 $ 315,439 $ 311,845 $ 307,224 $ 301,515 $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ 54,265 $ 56,417 $ 58,517 $ 60,559 $ 62,538 $ 64,448 $ 66,284 $ 68,040 $ 69,709 $ 71,285 $ 72,760 $ 74,126 $ 75,377 $ 76,504 $ 77,498 $ 78,351 $ 79,053 $ 79,594 $ 79,964 $ 80,153 $ 80,149 $ 79,940 $ 79,515 $ 78,860 $ 77,961 $ 76,806 $ 75,379 $ 155,043 $ 161,192 $ 167,190 $ 173,024 $ 178,679 $ 184,138 $ 189,384 $ 194,401 $ 199,170 $ 203,671 $ 207,885 $ 211,789 $ 215,363 $ 218,583 $ 221,423 $ 223,860 $ 225,865 $ 227,412 $ 228,470 $ 229,009 $ 228,997 $ 228,401 $ 227,185 $ 225,313 $ 222,747 $ 219,445 $ 215,368 $ 7,752 $ 8,060 $ 8,360 $ 8,651 $ 8,934 $ 9,207 $ 9,469 $ 9,720 $ 9,958 $ 10,184 $ 10,394 $ 10,589 $ 10,768 $ 10,929 $ 11,071 $ 11,193 $ 11,293 $ 11,371 $ 11,423 $ 11,450 $ 11,450 $ 11,420 $ 11,359 $ 11,266 $ 11,137 $ 10,972 $ 10,768 $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ YEAR 46 YEAR 47 YEAR 48 YEAR 49 YEAR 50 YEAR 51 YEAR 52 YEAR 53 YEAR 54 YEAR 55 4,338,906 $ 4,447,379 $ 4,558,563 $ 4,672,527 $ 4,789,340 $ 4,909,074 $ 5,031,801 $ 5,157,596 $ 5,286,536 $ 5,418,699 $ (433,891) $ (444,738) $ (455,856) $ (467,253) $ (478,934) $ (490,907) $ (503,180) $ (515,760) $ (528,654) $ (541,870) $ 2,970,530 $ 3,044,793 $ 3,120,913 $ 3,198,936 $ 3,278,909 $ 3,360,882 $ 3,444,904 $ 3,531,027 $ 3,619,302 $ 3,709,785 $ (148,526) $ (152,240) $ (156,046) $ (159,947) $ (163,945) $ (168,044) $ (172,245) $ (176,551) $ (180,965) $ (185,489) $ 1,505,585 $ 1,543,224 $ 1,581,805 $ 1,621,350 $ 1,661,884 $ 1,703,431 $ 1,746,017 $ 1,789,667 $ 1,834,409 $ 1,880,269 $ (301,117) $ (308,645) $ (316,361) $ (324,270) $ (332,377) $ (340,686) $ (349,203) $ (357,933) $ (366,882) $ (376,054) $ 43,746 $ 44,839 $ 45,960 $ 47,109 $ 48,287 $ 49,494 $ 50,732 $ 52,000 $ 53,300 $ 54,633 $ (4,375) $ (4,484) $ (4,596) $ (4,711) $ (4,829) $ (4,949) $ (5,073) $ (5,200) $ (5,330) $ (5,463) $ 7,970,858 $ 8,170,129 $ 8,374,383 $ 8,583,742 $ 8,798,336 $ 9,018,294 $ 9,243,751 $ 9,474,845 $ 9,711,716 $ 9,954,509 $ 412,453 $ 426,889 $ 441,830 $ 457,294 $ 473,300 $ 489,865 $ 507,010 $ 524,756 $ 543,122 $ 562,131 $ 616,903 $ 638,495 $ 660,842 $ 683,971 $ 707,910 $ 732,687 $ 758,331 $ 784,873 $ 812,343 $ 840,775 $ 865,892 $ 896,199 $ 927,565 $ 960,030 $ 993,631 $ 1,028,408 $ 1,064,403 $ 1,101,657 $ 1,140,215 $ 1,180,122 $ 2,105,500 $ 2,179,192 $ 2,255,464 $ 2,334,405 $ 2,416,110 $ 2,500,673 $ 2,588,197 $ 2,678,784 $ 2,772,541 $ 2,869,580 $ 177,806 $ 184,029 $ 190,470 $ 197,136 $ 204,036 $ 211,177 $ 218,568 $ 226,218 $ 234,136 $ 242,331 $ 1,228,679 $ 1,271,683 $ 1,316,192 $ 1,362,259 $ 1,409,938 $ 1,459,286 $ 1,510,361 $ 1,563,223 $ 1,617,936 $ 1,674,564 $ 244,052 $ 252,594 $ 261,435 $ 270,585 $ 280,056 $ 289,858 $ 300,003 $ 310,503 $ 321,370 $ 332,618 $ 5,651,286 $ 5,849,081 $ 6,053,798 $ 6,265,681 $ 6,484,980 $ 6,711,955 $ 6,946,873 $ 7,190,014 $ 7,441,664 $ 7,702,122 $ 282,142 $ 292,016 $ 302,237 $ 312,815 $ 323,764 $ 335,096 $ 346,824 $ 358,963 $ 371,526 $ 384,530 $221,119 $ 228,858 $ 236,868 $ 245,159 $ 253,739 $ 262,620 $ 271,812 $ 281,325 $ 291,172 $ 301,363 $ 60,000 $ 60,000 $ 60,000 $ 60,000 $ 60,000 $ 60,000 $ 60,000 $ 60,000 $ 60,000 $ 60,000 $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $
100 $ 100 $ 100 $ 100 $ 100 $ 100 $ 100 $ 100 $ 100 $ 100 $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $
6,214,646 $ 6,430,055 $ 6,653,004 $ 6,883,755 $ 7,122,583 $ 7,369,770 $ 7,625,609 $ 7,890,401 $ 8,164,462 $ 8,448,115 $1,756,212 $ 1,740,074 $ 1,721,379 $ 1,699,987 $ 1,675,752 $ 1,648,524 $ 1,618,143 $ 1,584,444 $ 1,547,254 $ 1,506,395 $ 4,000 $ 4,000 $ 4,000 $ 4,000 $ 4,000 $ 4,000 $ 4,000 $ 4,000 $ 4,000 $ 4,000 $ 29,400 $ 29,400 $ 29,400 $ 29,400 $ 29,400 $ 29,400 $ 29,400 $ 29,400 $ 29,400 $ 29,400 $ 1,722,812 $ 1,706,674 $ 1,687,979 $ 1,666,587 $ 1,642,352 $ 1,615,124 $ 1,584,743 $ 1,551,044 $ 1,513,854 $ 1,472,995 $ 0 00 0 0 000 00
‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $
1,722,812 $ 1,706,674 $ 1,687,979 $ 1,666,587 $ 1,642,352 $ 1,615,124 $ 1,584,743 $ 1,551,044 $ 1,513,854 $ 1,472,995 $1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $
1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ 1,103,495 $ 619,316 $ 603,179 $ 584,484 $ 563,092 $ 538,857 $ 511,629 $ 481,248 $ 447,549 $ 410,359 $ 369,499 $

8.42% 8.00% 7.57% 7.11% 6.64% 6.15% 5.64% 5.12% 4.58% 4.02% 56% 55% 53% 51% 49% 46% 44% 41% 37% 33%

1.56 1.55 1.53 1.51 1.49 1.46 1.44 1.41 1.37 1.33
25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $
30,000 $ 30,000 $ 30,000 $ 30,000 $ 30,000 $ 30,000 $ 30,000 $ 30,000 $ 30,000 $ 30,000 $ 589,316 $ 573,179 $ 554,484 $ 533,092 $ 508,857 $ 481,629 $ 451,248 $ 417,549 $ 380,359 $ 339,499 $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $
‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $
589,316 $ 573,179 $ 554,484 $ 533,092 $ 508,857 $ 481,629 $ 451,248 $ 417,549 $ 380,359 $ 339,499 $ 294,658 $ 286,589 $ 277,242 $ 266,546 $ 254,429 $ 240,814 $ 225,624 $ 208,774 $ 190,180 $ 169,750 $ 294,658 $ 286,589 $ 277,242 $ 266,546 $ 254,429 $ 240,814 $ 225,624 $ 208,774 $ 190,180 $ 169,750 $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $
73,665 $ 71,647 $ 69,310 $ 66,636 $ 63,607 $ 60,204 $ 56,406 $ 52,194 $ 47,545 $ 42,437 $ 210,470 $ 204,707 $ 198,030 $ 190,390 $ 181,735 $ 172,010 $ 161,160 $ 149,124 $ 135,843 $ 121,250 $ 10,524 $ 10,235 $ 9,901 $ 9,519 $ 9,087 $ 8,601 $ 8,058 $ 7,456 $ 6,792 $ 6,062 $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $
‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $
Operating Budget Calculation Annual PUPA PUPM
INCOME:

Scheduled Gross Income ‐ Residential 1,428,257 11,902 992 Section 8 PBA (Incremental Income) 977,822 8,149 679 Commercial 495,600 ‐ ‐ Misc. Income (Laundry, Fin'l, Other) 14,400 120 10 Vacancy Loss ‐ Residential (142,826) (1,190) (99) Vacancy Loss ‐ Section 8 (48,891) (407) (34) Vacancy Loss ‐ Commerical (100,560) (838) (70) EFFECTIVE GROSS INCOME $ 2,623,802 17,735 1,478 EXPENSES ‐ RESIDENTIAL:

Administrative
Advertising                      600                    5                   0 Legal                   3,300                  28                   2 Accounting/Audit                 36,460               304                25 Misc. Admin                 47,352               395                33 Total Administrative $             87,712               731                61 Management Fee $           131,190            1,093                91 Utilities
Electricity                 23,064               192                16 Gas                 35,544               296                25 Total Utilities $             58,608               488                41 Water/Sewer $           125,532            1,046                87 Payroll/Payroll Taxes
On‐Site Manager/Office Salaries              140,860            1,174                98 Maintenance Payroll              179,220            1,494              124 Payroll Taxes/Benefits              127,674            1,064                89 Total Payroll/Payroll Taxes $           447,754            3,731              311 Insurance $             37,812               315                26 Maintenance
Painting                   1,500                  13                   1 Repairs              178,510            1,488              124 Trash Removal                 44,100               368                31 Exterminating                   7,500                  63                   5 Grounds                 21,492               179                15 Misc.                   8,188                  68                   6 Total Maintenance $           261,290            2,177              181 Replacement Reserve $             60,000               500                42 Other
Service Coordinator                 51,900               433                36 Total Other $             51,900               433                36 Annual PUPA PUPM
TOTAL EXPENSES ‐ RESIDENTIAL $        1,261,798 $       10,515 (incl. Reserves) $           876
(w/o taxes/res/svc)) $         9,582 $           488
TOTAL EXPENSES ‐ COMMERCIAL
NET AVAILABLE INCOME $        1,362,004
Less: HCD Mandatory Interest Payment $             33,810 Less: Annual Issuer Fee $                4,000
ADJUSTED NET AVAILABLE INCOME: TOTAL $        1,324,194 RENT SUBSIDY PAYMENT $           977,822
ADJUSTED NET AVAILABLE INCOME: Net of Rent S $        1,324,194 Debt Service Coverage Ratio 1.20
AVAILABLE FOR TRANCHE A DEBT SERVICE $        1,103,495 EAH HOUSING PROPOSAL | 1318 FOURTH ST. AFFORDABLE HOUSING DEVELOPMENT | Santa Monica | 2019 99 CA Lic. 853495 | HI Lic. RB-16985

5. Financing
Strategy
E) Construction and Perm Loan Underwriting Terms
Construction Loan
Loan Amount: $62,632,207
Rate: 4.54%
30 day
LIBOR

1.79%
Spread 1.75%
Cushion 1.00%
Amortization Period: 24 months
Permanent Loan
Tranche A-Conventional Loan
Loan Amount: $18,339,562
Rate: 4.78 %
10 yr T 1.78%
Spread 2.00%
Cushion 1.00%
Amortization Period: 35 years
Debt Service: $1,079,866
DSCR: 1.2
F) Responsibilities and/or Obligations of the Team
EAH is not requesting any responsibilities or obligations from the City of Santa Monica.
100 EAH HOUSING PROPOSAL | 1318 FOURTH ST. AFFORDABLE HOUSING DEVELOPMENT | Santa Monica | 2019 CA Lic. 853495 | HI Lic. RB-16985
G) Financial Contingencies
EAH does not require any financial contingencies on this proposal.

H) Proposed Repayment Structure
EAH is not requesting any construction or permanent financing from the City for this project. If awarded the project, EAH would consider requesting predevelopment funds from the City, however, this is not a contingency of this proposal. EAH is able to fund predevelopment ourselves and also has the ability to secure predevelopment financing from multiple lenders we currently work with including the Corporation for Supportive Housing (CSH), Century Housing, and LISC.

If after being awarded the project, EAH applied for and was provided predevelopment funds from the City, 100% of that loan would be repaid to the City upon construction close of construction financing.

I) Proposed Ground‐Lease Term
Upon award of the RFP, EAH will enter into negotiations with the City of Santa Monica to form a ground lease and potentially a disposition and development agreement. EAH proposes a 99 year ground lease with annual payment of $1.

The ground lease shall lay out the terms for rent, taxes and assessments, as well as the permitted uses, insurance requirements, and timeline for construction.

5. Financing
Strategy
EAH HOUSING PROPOSAL | 1318 FOURTH ST. AFFORDABLE HOUSING DEVELOPMENT | Santa Monica | 2019 101 CA Lic. 853495 | HI Lic. RB-16985
J) Financing Timeline
EAH Inc. intends to apply for city, county and state financing as well as obtaining conventional debt and Low-Income Housing Tax Credit Equity. Below is a timeline of the financing required.

LA County Development AuthorityApplication: October 2020 Award: January 2021
Infill Infrastructure GrantApplication: December 2020
Award:March 2020
Affordable Housing Sustainable CommunitiesApplication: February 2021 Award: June 2021
4% Tax CreditsApplication: August 2022
Award: October 2022
Conventional DebtApplication: August 2022
Award: October 2022

5. Financing
Strategy
102 EAH HOUSING PROPOSAL | 1318 FOURTH ST. AFFORDABLE HOUSING DEVELOPMENT | Santa Monica | 2019 CA Lic. 853495 | HI Lic. RB-16985
K) Services Offered and Budget with Sources

5. Financing
Strategy
Expenses Cost Source Notes

PERSONNEL
Clinical Case Manager $ 55,000.00 Measure H-DHS On-site Case Manager (BA) $ 45,000.00 Measure H-DHS On-site
Program Manager $ 67,000.00 Measure H-DHS On-site
EAH Resource Coordinator $ 50,420.00 Project Cash Flow
Payroll Taxes and Benefits $ 63,051.80 Measure H-DHS/Project Cash Flow Total Supportive Services Staff
Expenses $ 280,471.80 Measure H-DHS/Cash Flow

OTHER EXPENSES
Training $ 3,300.00 Measure H-DHS
Supplies $ 1,500.00 Measure H-DHS
Laptops, printers, other office
equipment (one time cost) $ 3,600.00 Measure H-DHS
Mileage/Parking $ 1,440.00 Measure H-DHS
Food $ 2,150.00 Measure H-DHS
Other:

Communications (mobile phone and
data, wireless mobile card) $ 5,580.00 Measure H-DHS
Client Personal/Medical $ 10,000.00 Measure H-DHS
Administrative Overhead $ 27,000.00 Measure H-DHS
EAH Supplies $ 1,480.00 Cash Flow
TOTAL $ 336,521.80
6) Development
Team’s Financial
Capacity and
Experience
A) Most Recent Audit
B) Portfolio of Developments
C) Portfolio of Partnerships and Financing for Supportive Services D) Experience Obtaining Funding Sources
E) List of Developments Successfully Competed for 9% Tax Credits F) Receipt and Administration of Federal Housing Subsidies G) Outstanding Recourse and Non‐Recourse Debt
H) Non‐Performing Loans
I) Loans or Financial Obligations
J) Legal Actions Taken Against Developer

EAH HOUSING PROPOSAL | 1318 FOURTH ST. AFFORDABLE HOUSING DEVELOPMENT | Santa Monica | 2019 105 CA Lic. 853495 | HI Lic. RB-16985
A) Most Recent Audit
Please refer to Appendix Item 6.A for the most recent EAH Audited Financial Statements.

6. Development Team’s
Financial Capacity and
Experience
106 EAH HOUSING PROPOSAL | 1318 FOURTH ST. AFFORDABLE HOUSING DEVELOPMENT | Santa Monica | 2019 CA Lic. 853495 | HI Lic. RB-16985
B) Portfolio of Developments (Marked bold are analogous to the project being proposed) Property Name Units City County Housing Type
1 Ola Ka `Ilima Artspace Lofts 84 Honolulu Honolulu Family 2 Piper Court 27 Fairfax Marin Family
3 Don De Dios 70 San Jose Santa Clara Family
6 Mackey Terrace 50 Novato Marin Senior
7 Orchard Ranch 41 Morgan Hill Santa Clara Family/Supportive 8 Park Place (Village Avante) 112 Morgan Hill Santa Clara Family 9 Walnut Place (West Marin Senior) 25 Pt. Reyes Station Marin Senior 12 Golden Oak Manor 50 Oakley Contra Costa Senior
14 Villages of Moa‘e Kū III 52 Ewa Beach Honolulu Family 15 Willow Housing 60 Menlo Park San Mateo Veterans/Supportive 16 Buchanan Park 68 San Francisco San Francisco Family
17 Cochrane Village 96 Morgan Hill Santa Clara Family
18 Kalani Gardens 118 Mililani Honolulu Family
20 Kaniko'o I 60 Lihue Kauai Senior
21 Kolopua 44 Princeville Kauai Family
22 Parkview Family Apartments 90 San Jose Santa Clara Family 23 Parkview Senior 140 San Jose Santa Clara Senior
26 The Oaks Apartments 36 Walnut Creek Contra Costa Family 27 Cathedral Gardens 100 Oakland Alameda Family/Supportive 29 Hibiscus Hill Apartments 80 Waipahu Honolulu Family
30 Kings Valley 99 Cloverdale Sonoma Senior
31 Stonebridge 80 St. Helena Napa Family
33 Villages of Moa‘e Kū II 76 Ewa Beach Honolulu Family 35 Archway Commons 76 Modesto Stanislaus Family
36 Avena Bella 80 Turlock Stanislaus Family
37 Bella Terra 40 Morgan Hill Santa Clara Senior/Supportive 38 Imi Ikena Apartments 28 Wailuku Maui Family
39 Shelter Hill 75 Mill Valley Marin Family
40 Sonoma Creekside 43 Santa Rosa Sonoma Family
41 Elena Gardens 168 San Jose Santa Clara Family
42 Kahuku Elderly Hauoli Hale 64 Kahuku Honolulu Senior 43 Los Robles 140 Union City Alameda Family

6. Development Team’s
Financial Capacity and
Experience
EAH HOUSING PROPOSAL | 1318 FOURTH ST. AFFORDABLE HOUSING DEVELOPMENT | Santa Monica | 2019 107 CA Lic. 853495 | HI Lic. RB-16985

6. Development Team’s
Financial Capacity and
Experience
B) Portfolio of Developments (Continuation)
Property Name Units City County Housing Type
45 Villages of Moa‘e Kū I 64 Ewa Beach Honolulu Family
46 Arbor Court 20 Fresno Fresno Special Needs
47 Belovida Newbury Park 185 San Jose Santa Clara Senior 48 Cornerstone at Japantown 53 San Jose Santa Clara Family 51 Casa Adobe 2 54 San Pablo Contra Costa Senior
52 Drake's Way 24 Larkspur Marin Family/Special Needs
53 Rohlffs Concordia Manor II 146 Napa Napa Senior
54 Rohlffs Concordia Manor III 209 Napa Napa Senior
57 Kahului Town Terrace 2 72 Kahului Maui Family
58 Camellia Place 112 Dublin Alameda Family
59 Crescent Park 378 Richmond Contra Costa Family
60 Kukui Gardens 389 Honolulu Honolulu Family
61 San Clemente Place 79 Corte Madera Marin Family/Special Needs 64 Edgewater Place 28 Larkspur Marin Family
65 Hamilton Meadows II 41 Novato Marin Special Needs/
Supportive
69 Point Reyes Family Homes 27 Pt. Reyes Station Marin Family 70 Pollard Plaza 130 San Jose Santa Clara Family
72 Gateway Santa Clara 42 Santa Clara Santa Clara Senior 73 Riviera Apartments 28 San Rafael Marin Family
74 Turina House 28 San Rafael Marin Family
75 Hamilton Meadows I 60 Novato Marin Special Needs/
Supportive
76 Rodeo Gateway 50 Rodeo Contra Costa Senior
77 Stonehaven 200 Riverside Riverside Student
78 Vista Park I 83 San Jose Santa Clara Senior
79 Vista Park II 83 San Jose Santa Clara Senior
82 Silver Oak 24 Oakley Contra Costa Special Needs
83 Palm Court 66 San Jose Santa Clara Senior
85 Primero Grove 181 Davis Yolo Student
86 Cecilia Place 16 Tiburon Marin Senior
88 Margaret Duncan Greene 16 Novato Marin Special Needs 89 Summer Park Apartments 248 Fresno Fresno Family
108 EAH HOUSING PROPOSAL | 1318 FOURTH ST. AFFORDABLE HOUSING DEVELOPMENT | Santa Monica | 2019 CA Lic. 853495 | HI Lic. RB-16985

6. Development Team’s
Financial Capacity and
Experience
B) Portfolio of Developments (Continuation)
Property Name Units City County Housing Type
90 Floral Gardens 56 Selma Fresno Family
91 Fountain West 72 Fresno Fresno Family
92 Kukui Tower 380 Honolulu Honolulu Family
93 Larkspur Isle 23 Larkspur Marin Family
94 Lincoln Avenue 7 San Rafael Marin Special Needs
95 Riverfield Homes 18 Healdsburg Sonoma Family
96 Ecology House 11 San Rafael Marin Special Needs
99 Centertown 60 San Rafael Marin Family
100 Farley Place 11 Belvedere Marin Senior
101 Marin Lagoon 4 San Rafael Marin Family
103 Live Oak 2 Fairfax Marin Family
104 Creekwood 12 Fairfax Marin Special Needs
105 Bee Street Housing 6 Sausalito Marin Senior
106 626 Del Ganado 12 San Rafael Marin Special Needs
107 Parnow Friendship House 72 San Rafael Marin Senior/Special Needs 108 Tiburon Hill Estates 16 Tiburon Marin Family
109 Hilarita, The 102 Tiburon Marin Family
CA Lic. 853495 | HI Lic. RB-16985
www.EAHHousing.org
Total Units
41 rental apartments
9-Chronically Homeless | 13-Homeless | 6-Special Needs
12-Large Family
Density 22.3 DU/acre
Financing
Participants
• City of Morgan Hill Funds
• Santa Clara County HOME and Affordable Housing
Funds
• 9% Low-Income Housing Tax Credits & State LIHTC
• Construction Lender: Wells Fargo
• Permanent Lender: California Community
Reinvestment Corporation
• Santa Clara County Housing Authority (SCCHA)
Total Cost $30,000,000
Development Team
Developer: EAH Housing
Architect: Chris Lamen
Gen. Contractor: L&D Construction Inc.
---------------------------------------------
Construction commenced: 2016
Year completed: 2018
Tobiano, Overo, and Palomino at Orchard Ranch is a multifamily rental community consisting of three scattered-site infill developments. In total, 41 one-, two- and three-bedroom apartments are spread across three noncontiguous locations that are within 3/4 of a mile of one another. Five units are fully ADA-accessible. There are also two commercial lease spaces.

The garden-style apartment buildings provide permanent housing for low-income families at or below 60% AMI, including six units set aside for Transitional Aged Youth (TAY units) and 22 for homeless or chronically homeless households. The property will receive 100% project based rental assistance from HASCC. Orchard Ranch is conveniently located near shopping centers, restaurants, the Morgan Hill Community and Cultural Center, and the Morgan Hill Caltrain Station.
16170-80, 16873
Monterey Rd., &
40 East Dunne Ave.

Morgan Hill, CA 95037
Tobiano, Overo, and Palomino at Orchard Ranch
Family Housing, Special Needs | 41 units
Site A - Tobiano at Orchard Ranch
Site B - Overo at Orchard Ranch Site C - Palomino at Orchard Ranch 1'-0"

SITE-MONUMENT
2 ELEVATION + SECTIO
± 10
± 10" 3'-4"

PRECAST

TRADITIO

TEXTURE
3"
CONC. BASE W/ 1-1/2

PAINTED AT EXPOSED
B
216
215
16180
16170
214
213
212
211
A
8 MAILBOXES, 1 MAIL SLOT, 2 PARCEL BOXES AT MONTEREY ROAD BUILDING 106
105
104
103
102
101
B
207
206
205
204
203
202
201
A
± 5'-2"

MAILBOXES
SCALE: 1/2" = 1'-0" 3 ELEVATION

FREE STANDING MANUFACTURED

MAILBOX

STATION - PEDISTAL

MOUNTED WITH DARK BRONZE FINISH
13 MAILBOXES, 1 MAIL SLOT, 2 PARCEL BOXES AT KEITH WAY BUILDING

P A L O

SAND FINISH STUCCO

PRECISION CMU BLOC
INDIVIDUAL 12" AND 5

PIN MOUNT OVER STUC
At Orchard Ranc

AN EAH HOUSING COMMUNITY
5'-3"

PUBLIC WAY
(MONTEREY ROAD)
COURTYARD 2

PUBLIC WAY (KEITH WAY)
101 102
103 104
105 106
201 202
203 204
41'-6"
BB
B1 B1
B
D D
B
B1 B1
BUILDING 2
SCALE: 1'- 0" = 10'- 0" 5 LEVEL ONE
O
B
D
M
N
P
B
4 LE
P
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
R R
S S
S S
BUILDING 2
SCALE: 1'- 0" = 10'- 0" 7 LEVEL TWO
B
6 LE
T
T
1 4 4
8 HC
HC
HI
8 10 9
1111
12 12 12
12 GAS
METERS
GAS

METERS GASMETERS
3A 3B
CHRIS LAMEN + ASSOCIATES C 2014

W/D W/D

NUMENT SIGN
+ SECTION SCALE: 1/2" = 1'-0"
SH STUCCO FINISH COAT OVER 8 X 8 X 16

N CMU BLOCKS - PAINTED PER SCHEDULE
± 10'-0"

PRECAST CONCRETE CAP- TRADITIONAL LIMESTONE TEXTURE, MEDIUM ETCH FINISH ± 4'-6"
L 12" AND 5" HIGH CAST BRONZE LETTERS
T OVER STUCCO (TYPE FACE: NEW YORK)
SE W/ 1-1/2" CHAMFER AT TOP -

AT EXPOSED SURFACES

B I A N O
4 0
6 X 6 RSN POSTS
PROJECT SITE PLAN BACKED W/ 3/4" RSN FACE PLYWD.
4'-2"
POST SET IN CONCRETE FTG.
(2) 2X6 RSN RAILS W/ 2X6 CAP
(2) 2X6 RSN RAILS
SITE MAP GRAPHIC DISPLAY BD.
± 5'-6"
3'-6"

ELEVATION SECTION
SCALE: 1/2" = 1'-0" 1 ELEVATION + SECTION
rd Ranch

G COMMUNITY
159.32'
159.60'
WH
WH
UPUP

P UP UP
201
202
203
204
205
206
207
101
102
103
106 104
HI HC
HC
45'-0"

PUBLIC WAY (EAST DUNNE AVE)
± 6'-6"
± 15'-8"
X XXX
A A
B
C
D
E E
D D
A1
B or M OCCUPANCY / TYPE V-A CONSTRUCTION 1 STORY / 9,000 S.F. PER TABLE 503 1 STORY / 1,300 S.F. ACTUAL R-2 OCCUPANCY / TYPE V-A CONSTUCTION 3 STORIES / 12,000 S.F. / STORY PER TABLE 503 (24,000 S.F. ALLOWED WITHOUT SPRINKLERS) 3 STORY / 15,462 S.F. ACTUAL INCLUDING 364 S.F. ACCESSORY OCCUPANCY AREAS (2%) COMBINED TOTAL BUILDING HEIGHT / BUILDING AREA 3 STORIES / 17,126 S.F.

BUILDING AREA + HEIGHT
OSS)
OSS)
ITEM LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
LEASABLE AREA 1,300 S.F. . 1,300 S.F.

BIKE ROOM 102 S.F. 102 S.F.

MAINTENANCE ROOM 124 S.F. 124 S.F.

ELECTRIC ROOM 138 S.F. 138 S.F.

APARTMENTS 4,460 S.F. 7,448 S.F. 3,554 S.F. 15,462 S.F.

TOTAL BY LEVEL 6,124 S.F. 7,448 S.F. 3,554 S.F. 17,126 S.F.

MARK TYPE #BED / #BA. QTY. S.F. TOTAL S.F.

A FLAT 2/1 2 880 1,760
A1 FLAT 2/1 1 997 997
B FLAT 2/1 3 900 2,700
C FLAT 3/2 1 1178 1,178
D TH 3/2 4 1258 5,032
E TH 3/2 3 1265 3,795
TOTAL 14 15,462 S.F.

OCCUPANCY
TYPES:

R-2

APARTMENT
TABULATIONS:

BUILDING AREA TABULATIONS:

LEVEL ONE , TWO AND THREE: RENTAL APARTMENTS - INCLUDES ACCESSORY OCCUPANCIES; BIKE STORAGE, MEP ROOMS, AND JANITOR / MAINTENANCE SPACES B or M LEVEL ONE: LEASABLE OFFICE OR RETAIL AREA AREA

PROJECT INFORMATION
ADDRESS: 40 E. DUNNE AVENUE, MORGAN HILL, CA 95037
PARCEL NO: APN# 817-01-031
SITE AREA: ± 25,440 S.F. (± 0.584 ACRES)

APPLICABLE
CODES: CBC 2013 EDITION CMC 2013 EDITION CPC 2013 EDITION CEC 2013 EDITION NFPA (13R) CURRENT EDITION TITLE 24 ENERGY 2013 EDITION ADA CURRENT EDITION / CBC 2013 EDITION

BUILDING
DESCRIPTION: THREE STORY TYPE V-A SLAB-ON-GRADE WOOD FRAME CONSTRUCTION WITH AUTOMATIC FIRE EXTINGUISHING SYSTEM (SPRINKLERS); § 903.3.1.1 AT B or M OCCUPANCY, § 903.3.1.2 AT R-2 OCCUPANCY CARPORTS: ONE STORY TYPE V-B METAL FRAME WITH AUTOMATIC FIRE EXTINGUISHING SYSTEM (SPRINKLERS); § 903.3.1.2 AT CARPORTS THAT EXCEED 1000 S.F. IN AREA

DEFERRED
APPROVALS: MANUFACTURED ROOF TRUSSES SOLAR PHOTOVOLTAIC ELECTRIC GENERATION SYSTEM FIRE SPRINKLERS FIRE ALARM FIRE UNDERGROUND SERVICE FIRE UNDERGROUND SERVICE SHALL BE IN OPERATION TO THE SATISFACTION OF THE FIRE MARSHALL PRIOR TO ANY CONSTRUCTION OR STORAGE OF COMBUSTABLE MATERIAL ON SITE.

SEE STRUCTURAL DRAWINGS FOR LIST OF CODE REQUIRED SPECIAL INSPECTIONS NOTES: 1.

AREA BASED ON UNIT SQUARE FOOTAGE ONLY; EXCLUDES PRIVATE BALCONIES AND EXIT STAIRS.

PARKING
SPACES: REQUIRED PARKING 27 SPACES (21 COVERED) PER PLANNING APPROVAL PARKING PROVIDED 27 SPACES;
21 STANDARD SPACES (9 TUCK-UNDER SPACES / 12 COVERD SPACES) 6 COMPACT SPACES (4 OPEN SPACES) TENANT PARKING IS ASSIGNED (1.5 : 1 RATIO) GUEST AND TENANT PARKING PER PARKING MANAGEMENT PLAN HANDICAP PARKING REQUIERD; 2 SPACES PER § 1109A.4 AND 1109A.5: 10% FOR UNASSIGNED PARKING SPACES (6 SPACES X 10% = 1 HC SPACE REQ) 5% REQUIRED FOR ASSIGNED SPACES (21 SPACES X 5% = 1 HC SPACE REQ) HANDICAP PARKING PROVIDED 1 VAN ACCESSIBLE SPACE WITH SIGNAGE 1 STANDARD ACCESSIBLE SPACE WITHOUT SIGNAGE (ASSIGNED SPACE)

2. ROOM IDENTIFICATION KEY

U ON-GRADE CARPORTS
ACCESSIBILITY: ALL UNITS AT GRADE LEVEL SHALL BE ACCESSIBLE AND ADAPTABLE PER CHAPTER 11A OF 2013 CBC.

IN ADDITION, 10% (TWO UNITS) HAVE BEEN DESIGNATED AS "HC" ON THE PLANS AND SHALL BE BUILT-OUT IN CONFORMANCE WITH CHAPTER 11A - DIVISION IV; DWELLING UNIT FEATURES ONE (1) UNIT HAS BEEN DESIGNATED "H/I" FOR HEARING IMPAIRED TENANTS, AND SHALL HAVE STROBES FOR FIRE ALARM, PHONE, DOOR BELL. SEE SHEETS E3.4 FOR ADDITIONAL INFORMATION. "HC" UNITS ARE: #101, #102 "HI" UNITS ARE: #103
A

BICYCLE STORAGE ROOM

ELECTRICAL / TELE / COM ROOM

COMMERCIAL / RENTAL AREA

RESTROOM
B
C
E
F
G
H
I

MAINTENANCE / MECHANICAL ROOM
AREA BASED ON GROSS SQUARE FOOTAGE - NET LEASABLE AREA = 1,210 S.F.

PATH OF TRAVEL TO PUBLIC WAY - ADA COMPLIANT

APARTMENT (DWELLING UNIT TYPE / NUMBER )

EGRESS BALCONY

EXIT STAIR
1 2
A A
1 2 2 2
B
D
C
G
G
G
H
F F F
F F
F F
F
F
F F F

TUCK-UNDER PARKING
I
I
1 §1019
HOUR
> 30 FEET
TABLE
30 FEET
2 2
2 2
2 3
4 4 4
4 4

BUILDING LEVEL ONE
SCALE: 1/16" = 1'- 0" 4

LEVEL TWO
SCALE: 1/16" = 1'- 0"
FIRE SPRINKLERS PROVIDED IN ATTIC AREAS PER § 903.3.1.2 ATTIC VENTILLATION SHALL BE PROVIDED AS REQUIRED BY § 1203.2 5 5
7 7
7 7
7 7
7 7
8 6
6 7
9 9
E
GAS
METERS

AS NOTED
21510
Scale
Job
Sheet

B E L L E A L L O R I SITE A
40 EAST DUNNE AVENUE, MORGAN HILL, CA 95037

MULTI-FAMILY AFFORDABLE RENTAL APARTMENTS
APN 817-01-031
FOR EAH HOUSING INC. SAN RAFAEL, CA
2 1 6 9 EAST FRANCISCO BLVD
S A N R A F A E L, C A 9 4 9 0 1
8 7 5 F O U R T H S T R E E T
S A N R A F A E L C A 9 4 9 0 1
[email protected]
C H R I S L A M E N + A S S O C I A T E S

A R C H I T E C T U R E A N D P L A N N I N G
PROJECT INFORMATION + CODE ANALYSIS
A0.1
8/1/2016

BUILDING PERMIT
CHRIS B. LAMEN
C 10,525
REN. 8-31-17
ED A

NS E IC

RCHITECT
L

F C O ETAT

ALIFORN IA
S
Community Amenities
• Community kitchen
• Community room
• Elevator (Overo only)
• Management office
• On-site laundry facilities (Palomino
only)
• On-site maintenance staff
• Parking (covered)
• Play area
• Security cameras
Apartment Features
• Air conditioning
• Ceiling fans
• Central air and heat
• Electric stoves/appliances
• Energy Star® Appliances
• Garbage disposals
• Washer and dryer hookups
• Window coverings
• Wheelchair accessible (some units)
Green Features
• Build It Green Certification
• Drought-tolerant landscaping
• Individually sub-metered water
utility hookups
• Solar photovoltaic (PV) panels
Resident Services
• Full-time Resource Coordinator
Transportation
• Bus lines
• Train station (Morgan Hill Caltrain)
Unit Types
9 at 30% AMI
6 at 40% AMI
11 at 50% AMI
14 at 60% AMI
Tobiano - Site A
6 2 BR (910 sq. ft.)
8 3 BR (1,251 sq. ft.)
1 Commercial Space (1,300 sq. ft.)
Santa Clara County
Tobiano, Overo and Palomino at Orchard Ranch
16170-16180, 16873 Monterey Rd., and 40 East Dunne Ave., Morgan Hill, CA 95037 Overo - Site B
8 2 BR (995 sq. ft.)
Palomino - Site C
6 1 BR (515 sq. ft.)
8 2 BR (902 sq. ft.)
4 3 BR (1,107 sq. ft.)
1 Community Space (3,350 sq. ft.)
1 Commercial Space (1,166 sq. ft.)
1 Staff unit
1'-0"
SITE-MONUMENT SIGN 2 ELEVATION + SECTION SCALE: 1/2" = 1'-0" SAND FINISH STUCCO FINISH COAT OVER 8 X 8 X 16 PRECISION CMU BLOCKS - PAINTED PER SCHEDULE ± 10'-0"
± 10" 3'-4"

PRECAST CONCRETE CAP- TRADITIONAL LIMESTONE TEXTURE, MEDIUM ETCH FINISH 3"
± 4'-6"
CONC. BASE W/ 1-1/2" CHAMFER AT TOP - PAINTED AT EXPOSED SURFACES 1 6 8 7 3

SECTION
B
304
303
302
201 301
202
203
204
A
8 MAILBOXES, 1 MAIL SLOT, & 2 PARCEL BOXES
± 5'-2"
MAILBOX 3 ELEVATION SCALE: 1/2" = 1'-0"

FREE STANDING MANUFACTURED

MAILBOX

STATION - PEDISTAL

MOUNTED WITH DARK BRONZE FINISH
6 X 6 RSN POSTS
PROJECT SITE PLAN BACKED W/ 3/4" RSN FACE PLYWD.
4'-2"
POST SET IN CONCRETE FTG.
(2) 2X6 RSN RAILS W/ 2X6 CAP
(2) 2X6 RSN RAILS
SITE MAP GRAPHIC DISPLAY BD.
± 5'-6"
3'-6"

ELEVATION SECTION
SCALE: 1/2" = 1'-0" 1 ELEVATION + SECTION

T O V E R O
INDIVIDUAL 12" AND 5" HIGH CAST BRONZE LETTERS PIN MOUNT OVER STUCCO (TYPE FACE: NEW YORK) At Orchard Ranch AN EAH HOUSING COMMUNITY
ENTRY
X XXX
± 21'-6"
15'-0"
15'-0"
A
B
C
C
C
C B
A
201
202
203
204
75 FOOT MAX.
75 FOOT MAX.

COMPACT
SPACE

VAN PARKING SPACE HC
HI
301
302
303
304
PARKING GARAGE IS ON-GRADE WITH NATURAL VENTILATION PER § 406.5.2 EXTERIOR OPENINGS ARE ON 4 SIDES PERIMETER = 308 L.F. 3080 S.F. WALL AREA 616 S.F. OPEN AREA REQUIRED 123 L.F. OPENING REQUIRED 736 S.F. OPEN AREA AND 125 L.F OPENINGS ARE PROVIDED BY 12 OPENINGS AND GARAGE GATES M
A

OCCUPANCY
TYPES:

APARTMENT
TABULATIONS:

BUILDING AREA TABULATIONS:

PROJECT INF
ADDRESS: 1
PARCEL NO: A
SITE AREA: ±

APPLICABLE
CODES: CC
C
C
N
T
A

BUILDING
DESCRIPTION: OS
T
W

DEFERRED
APPROVALS: MS
F
F
F
F
O
C
S
N

PARKING
SPACES: R
P
H
H
S
ACCESSIBILITY: A
A
I
D
C
O
A
S
"
A

FIRE SEPARATIONS
S-2 OCCUPANCY / TYPE II-B CONSTRUCTION 3 STORIES / 26,000 S.F. PER TABLE 503 1 STORY / 5,800 S.F. ACTUAL R-2 OCCUPANCY / TYPE V-A CONSTUCTION 3 STORIES / 12,000 S.F. / STORY PER TABLE 503 (24,000 S.F. ALLOWED WITHOUT SPRINKLERS) 2 STORY / 7960 S.F. ACTUAL COMBINED TOTAL BUILDING HEIGHT / BUILDING AREA 3 STORIES / 13,760 S.F. INCLUDING 270 S.F. ACCESSORY OCCUPANCY AREAS (0.5%) OCCUPANT LOAD / EXITS BUILDING AREA + HEIGHT
LEVEL TWO: R-2 OCCUPANCY; APARTMENTS (200 GROSS) FOUR UNITS/ 3,970 S.F. TOTAL OCCUPANT LOAD (TOTAL) = 20 ONE EXIT REQ PER TABLE 1021.1 (4 DWELLING UNITS) AND § 1015.1 EXCEPTION 1 LEVEL ONE S-2 OCCCUPANCY; OPEN PARKING GARAGE (200 GROSS) OCCUPANT LOAD = 29 MAXIMUM DISTANCE TO EXIT IS 75 FEET ONE EXIT REQ PER TABLE 1021.2

ROOM IDENTIFICATION KEY
A

TRASH ENCLOSURE

ELECTRICAL / TELE / COM ROOM
OPEN AIR PARKING GARAGE (S-2)
B
C
E
F
G
H

MAINTENANCE / MECHANICAL ROOM
D

PATH OF TRAVEL TO PUBLIC WAY - ADA COMPLIANT

APARTMENT (DWELLING UNIT TYPE /NUMBER )

EXIT STAIR

CBC CODE NOTES
ONE HOUR HORIZONTAL SEPARATION BETWEEN S-2 PARKING GARAGE OCCUPANCY AND R-2 OCCUPANCY PER TABLE 508.4 AND § 711 1 2
3 4
5 8

BUILDING LEVEL ONE
SCALE: 1/16" = 1'- 0" 4 BUILDING LEVEL TWOSCALE: 1/16" = 1'- 0" 5 BUILDING LEVEL THREESCALE: 1/16" = 1'- 0" 6 ONE HOUR FIRE PARTITION BETWEEN DWELLING UNITS PER § 708 A
B
C D
E
E
F
F
F
F
E
E
F
F
F
F
E
E
2 2
1 3
LEVEL THREE: R-2 OCCUPANCY; APARTMENTS (200 GROSS) FOUR UNITS/ 3,984 S.F. TOTAL OCCUPANT LOAD (TOTAL) =20 TWO UNITS/ EXIT: OCCUPANT LOAD = 10 / EXIT ONE EXIT REQ PER TABLE 1021.1 8'-0 X 5'-0 OPENING WITH WIRE GRILL - TYPICAL 12 LOCATIONS

AUTOMATIC OPENING OVERHEAD GARAGE GATE

HANDICAP PLATFORM LIFT
H
G

PUBLIC WAY (CIOLINO AVE)
7 6
4 4
4 4 4
4 5
6 7
8 8

PUBLIC WAY
(MONTEREY ROAD)
H

CONCRETE PODIUM DECK (ASSUMED GRADE LEVEL)
I
B
I
GAS
METERS
CHRIS LAMEN + ASSOCIATES C 2014
Tobiano 1st Floor Overo 2nd Floor Palomino Bldg 2 1st Floor Affordability
CA Lic. 853495 | HI Lic. RB-16985
www.EAHHousing.org
Development Team
Developer: EAH Housing
Land Owner: Oakland Housing Authority
Architect: Chris Lamen & Associates
---------------------------------------------
Construction commenced: 2012
Year completed: 2014
Total Units 100 rental apartments | 100 parking spaces
Density 73 DU/acre
Financing
Participants
• City of Oakland Redevelopment Agency Funds
• Oakland Housing Authority Land Donation
• Alameda County HOPWA Funds
• California State MHSA Funds
• Federal Home Loan Bank of San Francisco AHP Funds
• California Tax Private Activity Bonds
• 4% Low Income Housing Tax Credits
• Senior Lender: JP Morgan Chase
• Tax Credit Equity Investor: Merritt Community Capital Total Cost $40,728,979
Cathedral Gardens is an affordable rental housing community designed for families. Centrally located near downtown Oakland, 1/2 mile from a BART train station, the community consists of 100 apartment homes built on an infill urbanized redevelopment site. 43 of the units have project-based vouchers (PBV) and 5 units are fully ADA-accessible.

The development incorporates new construction and historic rehabilitation. Two new buildings, three and four stories, were constructed on either side of a 110-year-old historic rectory building (photo: left). The four-story building is over a parking garage with a landscaped podium deck to provide outdoor space for residents. The rectory was rehabilitated using the Secretary of the Interior’s Standards for the Treatment of Historic Buildings. Landscaping and irrigation were developed on all sides of the buildings, beautifying the neighborhood. 638 21st Street
Oakland, CA 94612
Cathedral Gardens | Family 100 units
Unit Types
40 at 30% AMI
20 at 50% AMI
39 at 60% AMI
1 Manager unit
35 1 BR (662-922 sq. ft.)
34 2 BR (925-1255 sq. ft.)
31 3 BR (1160-1208 sq. ft.)
Cathedral Gardens
638 21st Street, Oakland, CA 94612
Community Amenities
• After school homework center
• Bicycle parking
• Community room
• Computer learning center
• Fitness center
• Management office
• On-site laundry facilities
• On-site maintenance staff
• Parking (covered, garage, gated)
• Secured entry
• Security cameras
• Technology lounge
• Tot lot
Transportation
• Bus lines
• 19th St./Oakland BART Station
within 0.4 mile
Apartment Features
• All electric appliances
• Cable hook-ups
• Dishwashers
• Garbage disposals
• Private balconies or patios
• Walk-in closets
• Wall-to-wall carpet
• Wheelchair accessible
Green Features
• LEED® Gold certified
• Energy-efficient appliances and
windows
• Native plant landscaping
• Solar photovoltaic (PV) panels
• Solar thermal water heating
Resident Services
• Resource Coordinator
• 20 units reserved for people with
developmental disabilities, HIV/
AIDS or mental health care needs;
partnerships with HOPWA, MHSA,
and East Bay Innovations
Alameda County
www.EAHHousing.org
Offices: San Rafael | Morgan Hill | Los Angeles | Honolulu CA Lic. 853495 | HI Lic. RB-16985
Total Units 90 rental apartments | 156 parking spaces
Density 38.8 DU/acre
Financing
Participants
• 9% Low Income Housing Tax Credits
• First Mortgage: Union Bank of California
• Second Martgage: City of San Jose
Redevelopment Agency
• Investor: California Equity Fund
Total Cost $26,932,296
Parkview Family Apartments is part of a mixed-use, mixed income development constructed on a 12.6 acre parcel in San Jose referred to locally as the “old Sears site.” The master plan included a Safeway store, affordable family and senior apartments, market rate townhomes, a city park and a Paseo. EAH Housing also developed a sister project at the site, the 140-unit Parkview Senior Apartments.

Rents on these 90 one- to four-bedroom apartments are affordable for a period of 55 years to families with incomes at or below 50% and 60% of the Area Median Income. The development includes a community room, three laundry rooms, a tot lot and a computer center. It is located near Midtown Shopping Center, with a grocery store, bank, pharmacy and restaurants. Residents have close access to bus, light rail and train transportation.

Development Team
Developer: EAH Housing
Architect: SB Architects (Sandy & Babcock)
Gen. Contractor: Barry Swenson Builder
---------------------------------------------
Renovation commenced: 2014
Year completed: 2015
360 Meridian Avenue
San Jose, CA 95126
Parkview Family Apts. | Family 90 units
Unit Types
9 at 30% AMI
26 at 50% AMI
53 at 60% AMI
2 Manager unit
139 1 BR (556-582 sq. ft.)
1 2 BR (933 sq. ft.)
Apartment Features
• Electric stoves
• Gas water boilers
• Private patios or balconies
Green Features
• Drought-tolerant landscaping
• Tankless hot water heaters
• Solar photovoltaic (PV) panels
• Energy Star Appliances
• Energy-efficient lighting
Resident Services
• Resource Coordinator
• Community building activities
Community Amenities
• Community room
• Computer learning center
• On-site laundry facilities
• Tot lot
Transportation
• Bus lines
• Race St. Light Rail Station within

0.5 mile
• San Jose Diridon Station within 1.5
miles
Parkview Family Apartments
360 Meridian Avenue, San Jose, CA 95126
Santa Clara County
EAH HOUSING PROPOSAL | 1318 FOURTH ST. AFFORDABLE HOUSING DEVELOPMENT | Santa Monica | 2019 115

6. Development Team’s
Financial Capacity and
Experience
B) Portfolio of New Construction Developments in Pipeline (Marked bold are analogous to the project being proposed) City Property Name Total
Units
Community Type
(Primary)
Estimated
Completion

ALAMEDA COUNTY
Emeryville Estrella Vista1 87 Family 2019
Oakland 500 Lake Park1 53 Family 2023
Hayward Mission Paradise3 76 Senior 2022
Hayward Matsya Villa3 60 Family 2022

HAWAII COUNTY
Hilo Hilo Veterans 92 Senior & Veterans 2023

HONOLULU COUNTY
Honolulu Nohona Hale1 111 Family 2019
Honolulu Ola Ka 'Ilima Artspace Lofts1 84 Family 2019

IMPERIAL COUNTY
Imperial Imperial 60 Senior 2022

LOS ANGELES COUNTY
Los Angeles Pointe on La Brea2 50 Supportive 2022
Los Angeles Pointe on Vermont1,3 50 Family & Supportive 2021 Los Angeles Main St.3 64 Family & Supportive 2022
Los Angeles SOLA at 87th1,3 100 Family & Supportive 2023 Santa Monica Magnolia Villas 40 Senior 2021
Santa Monica The Laurel2 44 Supportive 2022

MONTEREY COUNTY
Greenfield Greenfield 200 Farmworker 2021
Marina Lightfighter Village3 71 Family & Veterans 2023

SANTA CLARA COUNTY
San Jose VTA Blossom Hill1 70 Family 2023

STANISLAUS COUNTY
Modesto Archway Commons II 74 Family 2020
Turlock Avena Bella II 60 Family 2020
1 Mixed use development 2Permanent supportive housing (PSH) 3Combination of affordable & PSH CA Lic. 853495 | HI Lic. RB-16985
www.EAHHousing.org
Total Units
(50)
25 - Chronic Homeless/Former Homeless/
Homeless Mentally Ill
8 - (30% AMI) | 17 - (60%)
Unit Sizes 22 (Studio 416 sq.ft.) | 27 (1-Bed 602 sq.ft.) | 1 (staff) Density 123 DU/acre
Financing
Participants
• California Community Reinvestment Corporation
• California Debit Limit Allocation Committee
• California Tax Credit Allocation Committee
• City of Los Angeles HCID - HHH
• City of Los Angeles HCID - HOME
• City of Los Angeles HCID - LMIHF
• Los Angeles County Development Authority
• Los Angeles County Department of Health Services
• US Bank
Total Cost $24,829,320
The Pointe on Vermont, a Measure HHH development, is a 50-unit mixed-use affordable housing community with 25 units of supportive housing for individuals experiencing homelessness or transitioning from homelessness. The other half of the units are for low income households, with one manager’s unit. This services-enriched community will be a local solution to a local issue, with an emphasis on housing homeless individuals from the area.

On-site supportive services and property staff will be on hand to support residents. Green building methods will be utilized during the development process. We envision this community as a center for activity and human-scaled, joyfully urban experience by having a retail space in the ground floor and a music center/recording studio for community programs.

Development Team
Developer:

EAH Housing & A2Z Enterprise
Architect: FSY Architects
General Contractor:

United Building Company
Construction Manager:

AMJ Construction Management
--------------------------------------------
Construction commenced: 2019
Estimated completion: 2021
7600 S Vermont Ave
Los Angeles, CA 90044 The Pointe on Vermont |
Family/Supportive Housing
50 units
www.EAHHousing.org
HI Lic. RB-16985 | CA Lic. 853495
Total Units 111 rental apartments
Density 500 DU/acre
Financing
Participants
• Hawaii Community Development Authority (HCDA)
• Hawaii Housing Finance and Development
Corporation (HHFDC)
◦ Low Income Housing Tax Credits (4%), tax
exempt bonds, Rental Housing Revolving Funds
• JP Morgan Chase
• Red Stone Equity Partners
• Sugar Creek Capital
Total Cost $52,780,000
Nohona Hale is located in the Kaka’ako District of Honolulu. A former surface parking lot, the 9,660 s.f. lot is leased from the Hawaii Community Development Authority which seeks to promote an affordable housing project that is green, supportive of multi-modal transit, and that repersents smart growth principles. Nohona Hale fulfills all of those goals by providing micro-units targeted to lower income households and maximizing the density of a previously under-utilized and centrally located infill parcel.

To enhance the living environment for residents, each unit features floor to ceiling window walls that slide open to their own private lanais. Building amenities in the 16-story tower include a community room, kitchen and lounge area, urban farm, fitness room and central laundry. Ground floor commercial space activates the street presence.

Development Team
Developer:

Bronx Pro Group LLC & EAH Housing
Architect: WCIT Architecture
Contractor: Swinerton Builders
---------------------------------------------
Construction start: 2018
Construction est. completion: 2019
630 Cooke Street Nohona Hale | 111 Micro-Units Honolulu, HI 96813 CA Lic. 853495 | HI Lic. RB-16985
www.EAHHousing.org
Total Units 87 rental apartments | 98 parking spaces
Density 77 DU/acre
Financing
Participants
• City of Emeryville
• City of Oakland
• County of Alameda
• Oakland Housing
Authority
• Housing Authority of the
County of Alameda
• Wells Fargo
• California Community
Reinvestment
Corporation
• California Department
of Housing and
Community
Development
• California Municipal
Finance Authority
• California Tax Credit
Allocation Committee
• California Debt Limit
Allocation Committee
• Federal Home Loan
Bank
• LIHTC financing 4%
Total Cost $64,210,000
Development Team
Developer: EAH Housing
Architect: KTGY Group
Gen. Contractor: J.H. Fitzmaurice
---------------------------------------------
Construction commenced: 2017
Est. construction completion: 2019
Estrella Vista is an affordable mixed-use apartment community in Emeryville, CA, providing studios and one- through four-bedroom apartments for families in a 6-story mid-rise building. Located by the “star” intersection of San Pablo Avenue, W. MacArthur Boulevard, and Adeline Street, Estrella Vista provides ground level retail on an infill site and is close to transit, shopping and local job centers.

The community will have several indoor and outdoor common spaces for residents and will utilize sustainable sources of energy, including solar thermal generation and a photovoltaic (PV) system. The project is pursuing LEED Platinum certification.
3706 San Pablo Avenue
Emeryville, CA 94608 Estrella Vista | Family 87 units
4 at 20% AMI
22 at 30% AMI
9 at 40% AMI
35 at 50% AMI
16 at 60% AMI
1 Staff unit
4 Studio (569 sq. ft.)
8 1 BR (634-657 sq. ft.)
45 2 BR (889-917 sq. ft.)
23 3 BR (1166-1408 sq. ft.)
7 4 BR (1450-1572 sq. ft.)
Unit Types
Estrella Vista
3706 San Pablo Avenue, Emeryville, CA 94608
21'-0"21'-0"
40'-1" 40'-1"
Plan 4-1
Level 1
4 Bedroom / 3 Bathroom
1564 SF
Level 2
Kitchen
Living/Dining
14'-3" x 16'-3"
Bath 3
Coats
M. Bath
M. Bedroom
12'-1" x 11'-0"
Bedroom 4
12'-0" x 11'-6"
Bath 2
Patio
10'-10" x 5'-0"
54 SF
Bedroom 2
10'-0" x 10'-2"
Bedroom 3
10'-0" x 10'-2"
787 SF 777 SF
UP DN Stor

EMERYVILLE, CA

SAN PABLO AVENUE
KTGY # 2012-0775
EAH
2169 E. Francisco Blvd. Suite B
San Rafael, CA 94901
415.258.1800
KTGY Group, Inc.

Architecture+Planning
580 Second St., Suite 200
Oakland, CA 94607
510.272.2910
ktgy.com

12.01.2014

UNIT PLANS
Community Amenities
• Bicycle storage area
• Commercial retail space
• Community room
• Computer learning center
• Fitness center
• On-site laundry facilities
• Outdoor courtyard
• Sky deck
• Zen garden
Transportation
• Bus lines: AC Transit
• MacArthur BART Station
within 1 mile
Apartment Features
• Cable hook-ups
• Central air and heat
• Dishwashers
• Dual-pane windows
• Energy Star® Appliances
• Garbage disposals
Green Features
• Pursuing LEED® certification
• Solar photovoltaic (PV) panels
• Solar thermal hot water system
Resident Services
• Resource Coordinator
• After school programs
• Adult classes
• 6 HOPWA-designated units
• 5 units for developmentally
disabled adults

SAMPLE FLOOR PLAN
Alameda County
120 EAH HOUSING PROPOSAL | 1318 FOURTH ST. AFFORDABLE HOUSING DEVELOPMENT | Santa Monica | 2019 CA Lic. 853495 | HI Lic. RB-16985

6. Development Team’s
Financial Capacity and
Experience
B) Portfolio of Rehabilitations in the Pipeline and Pre-Development City Property Name Total
Units
Community Type
(Primary)

ALAMEDA COUNTY
Dublin Camellia Place 112 Family

CONTRA COSTA COUNTY
Rodeo Rodeo Gateway II 50 Senior

FRESNO COUNTY
Selma Floral Gardens 56 Family
Fresno Fountain West 72 Family
Fresno Summer Park 248 Family
Fresno Village at Kings Canyon 48 Family

HONOLULU COUNTY
Honolulu Kukui Tower 380 Senior

MARIN COUNTY
Fairfax Piper Court 27 Family
Novato Hamilton Meadows I 60 Special Needs
Novato Hamilton Meadows II 40 Special Needs
San Rafael Centertown 60 Senior
San Rafael Turina House 28 Family
Tiburon Cecilia Place 16 Senior
Tiburon Hilarita 102 Family

SANTA CLARA COUNTY
Santa Clara Gateway Santa Clara 42 Senior
San Jose Palm Court 66 Senior
San Jose Pollard Plaza 130 Family
San Jose Vista Park I 83 Senior
San Jose Vista Park II 83 Senior
EAH HOUSING PROPOSAL | 1318 FOURTH ST. AFFORDABLE HOUSING DEVELOPMENT | Santa Monica | 2019 121 CA Lic. 853495 | HI Lic. RB-16985

6. Development Team’s
Financial Capacity and
Experience
C) Portfolio of Partnerships and Financing for Supportive Services (Including Pipeline) Service Provider Project Status Services
Funding
Sources
County Population
St. Joseph Center Pointe on
Vermont
Construction County LA Homeless/Chron.

Homeless
LifeSTEPS Pointe on La
Brea
PreDevelopmentCounty LA Homeless
People Concern The Laurel, Santa
Monica
PreDevelopmentCounty LA Homeless
St. Joseph Center Main Street PreDevelopmentCounty,
Operations
LA Homeless/ Chron.

Homeless
Community Solutions Orchard Ranch Operations County (PBV), Provider
Contract
Santa Clara Homeless/TAY
HomeFirst Willow Housing Operations Operations San Mateo Homeless/ Veterans
Bay Area Community
Services (BACS)
Mission Paradise PreDevelopmentNPLH,
Operations
AAlameda Homeless/
Seniors
Behavioral Health
Dept.

Greenfield PreDevelopmentAlameda Homeless/
Families
Commons PreDevelopment(TBD) Monterey Agriculture/
Homeless
Veterans
Veteran's Transition
Center (VTC)
Lightfighter Operations/
Rehab
Santa Clara SRO/Homeless
Village PreDevelopment(TBD) Monterey Veterans Homeless County Provided CES
contract in process
Markham Plaza
I & II
Operations/
Rehab
County PBV Santa Clara SRO/Homeless
Homeward Bound,
Ritter Center, and
Center Point
Hamilton
Meadows
Operations Provider
Contract
Marin Homeless
Center for Domestic
Peace
Hamilton
Meadows
Operations Provider
Contract
Marin Survivors of DV
ICS and Lifehouse Hamilton
Meadows
Operations Provider
Contract
Marin I/DD*
MAP Hamilton
Meadows
Operations Provider
Contract
Marin Persons living
with AIDS
*I/DD: Intellectual & Developmental Disabilities
122 EAH HOUSING PROPOSAL | 1318 FOURTH ST. AFFORDABLE HOUSING DEVELOPMENT | Santa Monica | 2019 CA Lic. 853495 | HI Lic. RB-16985
D) Experience Obtaining Funding Sources
Demonstrated experience obtaining the funding sources identified in the sources and uses of funds statement required in 4.5.5.

The EAH Housing Real Estate Development team utilizes a wide variety of federal, state and local financing programs and opportunities for the benefit of the project and its residents. The team has decades of experience with a variety of financing instruments and has developed and restructured projects under the following programs:
• 4% Tax Credits (LIHTC): Over 30 projects successfully built • 9% Tax Credits (LIHTC): Over 20 projects successfully built • Affordable Housing Program (AHP)
• Affordable Housing Sustainable Communities (AHSC) Program • Community Development Block Grant (CDBG) Program
• Emergency Low Income Housing Preservation Act (ELIHPA) • HOME Investment Partnerships Program
• Housing Opportunities for Persons with AIDS (HOPWA) Program • HUD Flexible Subsidy Loan
• HUD Section 236, HUD Section 202, HUD Section 811
• HUD Section 8 Loan Management Set-Aside Program
• HUD Section 8 Project Based Voucher (PBV) Program
• Low Income Housing Project Rehabilitation & Homeownership Program (LIHPRHA)
• Mental Health Services Act (MHSA)
• Tax Credit Assistance Program (TCAP)
• Veterans Housing & Homelessness Prevention (VHHP) Program Over the course of our 51 years, EAH has worked with public and private sources of debt and equity to successfully finance the development and longterm management of more than 100 residential and mixed-use communities representing a combined real estate value greater than $1B. Presently, our capital partners are deploying close to $870M to advance EAH’s development pipeline throughout California and Hawaii. Lenders and investors who have financed EAH Housing development projects include:
• Alliant Capital
• Bank of America
• Bank of Hawaii
• California Community Reinvestment Corporation
• California Equity Fund
• Citi
• Federal Home Loan Bank
• JPMorgan Chase
• Merritt Community Capital

6. Development Team’s
Financial Capacity and
Experience
EAH HOUSING PROPOSAL | 1318 FOURTH ST. AFFORDABLE HOUSING DEVELOPMENT | Santa Monica | 2019 123 CA Lic. 853495 | HI Lic. RB-16985

6. Development Team’s
Financial Capacity and
Experience
• National Equity Fund
• Silicon Valley Bank
• Union Bank
• US Bank
• Wells Fargo
Experience with Tax Credit Financing and Tax-Exempt Bonds EAH Housing has a deep familiarity with a multitude of financing products used in affordable housing finance, including tax credit financing and tax-exempt bonds. We have in-depth knowledge of the tax rules in both domains and how they interact with each other. We pride ourselves on our analytical skills, and the ability to define and execute the most efficient combination of debt and equity.

The following is a sampling of our recent history of tax credit financings and tax exempt bond transactions, along with an assortment of other financing products that we have employed in the past to build multifamily apartment communities:

Tax Credit Financing: EAH has extensive experience using 4% and 9% Federal credits as well as State tax credits. 9% “competitive” credits typically fund new construction projects. EAH has most recently used 9% tax credits to develop the following new affordable housing projects:
• Cathedral Gardens, (Oakland, California): 100 units of affordable family housing • Archway Commons (Modesto, California): 76 units of affordable family housing • Avena Bella (Turlock, California): 80 units of affordable family housing • Bella Terra Apartments (Morgan Hill, California): 40 units of affordable senior housing
4% credits are usually issued in connection with the allocation of tax exempt bonds and remain a reliable source of equity for the acquisition and rehabilitation of existing and new construction projects. EAH has extensive experience in the employment of 4% tax credits, most recently in connection with the following developments:
• Buchanan Park, (San Francisco, California): 68 units of affordable family housing • Stonebridge Apartments (St. Helena, California): 80 units of affordable family housing
• Parkview Senior, (San Jose, California): 140 units of affordable senior housing • Parkview Family, (San Jose, California): 90 units of affordable family housing • Cochrane Village Apartments (Morgan Hill, California): 96 units of affordable family housing
• Shelter Hill, (Mill Valley, California): 75 units of affordable family housing • Kings Valley Senior Apartments, (Cloverdale, California): 99 units of affordable senior housing
• Sonoma Creekside, (Santa Rosa, California): 43 units of affordable family housing
124 EAH HOUSING PROPOSAL | 1318 FOURTH ST. AFFORDABLE HOUSING DEVELOPMENT | Santa Monica | 2019 CA Lic. 853495 | HI Lic. RB-16985
Local and State Sources Experience
Project Name Population Award Date Award Amount
Santa Monica Affordable
Housing Trust Fund
Magnolia Villas Senior Jun-18 $11,400,000
The Laurel PSH May-19 $8,300,000
LA County Development
Authority NOFA
The Pointe on La Brea PSH Jan-19 $5,000,000
The Pointe on La Brea
(NPLH)
PSH Oct-19 $5,280,000
4507 Main St (NPLH) PSH/Family Oct-19 $3,860,000
Affordable Housing Sustainable Communities
Estrella Vista Family Jun-15 $5,532,400
Avena Bella II Family Nov-16 $1,661,667
IIG
Estrella Vista Family Apr-15 2,500,000

6. Development Team’s
Financial Capacity and
Experience
EAH HOUSING PROPOSAL | 1318 FOURTH ST. AFFORDABLE HOUSING DEVELOPMENT | Santa Monica | 2019 125 CA Lic. 853495 | HI Lic. RB-16985

6. Development Team’s
Financial Capacity and
Experience
E) List of Developments that Successfully Competed for 9% Tax Credits Property Name Type County Units Developed
1 Archway Commons Family Stanislaus 76 2013
3 Avena Bella Family Stanislaus 80 2013
4 Bella Terra Senior Santa Clara 40 2013
6 Camellia Place Family Alameda 112 2007
7 Cecilia Place Senior Marin 16 1997
8 Centertown Family Marin 60 1992
9 Cornerstone at Japantown Family Santa Clara 53 2011
10 De Anza Gardens Family Contra Costa 180 2004
11 Hamilton Meadows I Family Marin 60 2003
12 Hamilton Meadows II Family Marin 41 2006
13 Imi Ikena Apartments Family Maui 28 2013
14 Kahuku Elderly Hauoli Hale Senior Honolulu 64 2012
15 Kaniko'o I (Rice Camp Senior Housing) Senior Kauai 60 2015 16 Kekaha Plantation Elderly Senior Kauai 36 2006
17 Kolopua Family Kauai 44 2015
18 Markham Plaza I Family Santa Clara 152 2010
19 Markham Plaza II Family Santa Clara 152 2010
20 Palm Court Senior Santa Clara 66 1998
21 Riverfield Homes Family Sonoma 18 1995
22 Riverwalk Apartments Family Santa Cruz 21 2016
23 Villages of Moa‘e Kū I Family Honolulu 64 2012
24 Vista Park I Senior Santa Clara 83 2000
25 Vista Park II Senior Santa Clara 83 2000
26 Willow Housing Veterans San Mateo 60 2016
126 EAH HOUSING PROPOSAL | 1318 FOURTH ST. AFFORDABLE HOUSING DEVELOPMENT | Santa Monica | 2019 CA Lic. 853495 | HI Lic. RB-16985
F) Receipt and Administration of Federal Housing Subsidies G) Outstanding Recourse and Non‐Recourse Debt
Identification of the outstanding recourse and non-recourse debt, including repayment terms for the team member(s) that will be financially responsible for the proposed project.

Please see Appendix Item 6.G.

6. Development Team’s
Financial Capacity and
Experience
Property Name of PHA PBV Effective
Date
Number
of Units
End of
Contract
Date of Annual
Renewal
Drake's Way County of Marin Y 2/1/2017 6 1/31/2022 2/1/2018 Edgewater Place County of Marin Y 12/1/2017 5 1/31/2032 12/1/2018 Fairfax Vest Pocket County of Marin Y 7/1/2014 6 6/30/2029 6/30/2018 Farley Place County of Marin Y 2/1/2018 6 1/31/2033 2/1/2019 Hamilton I County of Marin Y 5/1/2017 4/30/2019 5/1/2018 Hamilton II County of Marin Y 5/1/2006 8 4/30/2016
Larkspur Isle County of Marin Y 12/1/2017 3 11/30/2032 12/1/2018 Markham Plaza I County of Santa Clara Y 8/6/2012 10 8/5/2027 8/6/2018 Orchard Morgan Hill County of Santa Clara Y 12/1/2016 40 11/30/2031 12/1/2018 Parkview Senior County of Santa Clara Y 8/1/2013 24 7/31/2028 8/1/2018 Piper Court County of Marin Y 2/1/2018 6 1/31/2033 2/1/2019 Point Reyes County of Marin Y 1/1/2016 2 12/31/2020 1/1/2018 San Clemente Place County of Marin Y 2/1/2017 10 1/31/2022 2/1/2018 Turina County of Marin Y 2/1/2017 5 1/31/2022 2/1/2018
Willow Housing County of San Mateo Y 12/17/2015 35 12/16/2030 12/17/2017 EAH HOUSING PROPOSAL | 1318 FOURTH ST. AFFORDABLE HOUSING DEVELOPMENT | Santa Monica | 2019 127 CA Lic. 853495 | HI Lic. RB-16985

6. Development Team’s
Financial Capacity and
Experience
H) Non‐Performing Loans
Identification of any non-performing loans including the outstanding balance and duration of the delinquency for the team member(s) that will be financially responsible for the proposed project.

There are no non-performing loans.

I) Loans or Financial Obligations
Identification of any loans or financial obligations that the team member(s) that will be financially responsible for the proposed project have defaulted on during the last five years.

No loans have defaulted in the past 5 years.
128 EAH HOUSING PROPOSAL | 1318 FOURTH ST. AFFORDABLE HOUSING DEVELOPMENT | Santa Monica | 2019 CA Lic. 853495 | HI Lic. RB-16985

6. Development Team’s
Financial Capacity and
Experience
J) Legal Actions Taken Against Developer
PROPERTY PLAINTIFF DEFENDANT CASE # DATE
FILED

COURTHOUSE FINANCIAL

OBLIGATION
(RULING)

BACKGROUND

OF CASE

INSURANCE

COVERED
Antoinette
Barker
EAH Inc &
L&D Construction
19cv342745 2/6/2019 Superior Court
of CA, County
of Santa Clara
Discovery Water Flow
Damage
Yes
Molouk
Sinaki
EAH Inc 19CV350100 6/18/2019 Superior Court
of CA, County
of Santa Clara
Discovery Trip and Fall Yes
Crescent
Park
Anthony
Ingram
Crescent
Park, EAH
Housing Inc,
MSL 19-03700 6/13/2019 Superior Court
of CA, County of
Contra Costa
Discovery Housing discriminationNo
Markham
Plaza
Gwayne
Hamel
EAH & Rebello's Tow18CV327365 3/27/2019 Superior Court of CA, Santa
Clara County
Discovery Car towed,
resident claims
unjustified.

No
Rosewood
Manor
Michael
Peck
EAH, Inc &
Rosewood
Manor, Inc.

R17665031 12/7/2017 Superior Court
of CA, Alameda
County
Discovery Resident was
displaced
due to water
damage at the
complex in
2016. Claims
unit was uninhabitable.

Yes

C L O S E D
Kahuku
Elderly
Kahuku
Senior
Citizens
Community
Association
Kahuku
Elderly Partners, LP, Kahuku Elderly
Management,
LLC, HUI Kahale Inc.,and
John Doe.
16-1-0438-03
KKS
3/7/2016 First Circuit
Court State of HI
Dismissed
1/28/19
Resident
Association
claiming
damages due
to 2011/2012
Rehab.

Yes
Rosewood
Manor
Vanessa
King and
Jahmari
Satterfield
EAH, Inc.

Rosewood
Manor
RC17867908 7/17/2017 Superior Court
of Alameda
County
Settled
1/9/19
Resident was
displaced
due to water
damage at the
complex in
2017.

Yes
Crescent
Park
Lisa Eason Crescent
Park EAH,
L.P.

C18-01383 7/13/2018 Superior Court
of CA - County
of Contra Costa
Settled
11/1/18
Resident
claims ongoing
Habitability
Issues
Yes
EAH HOUSING PROPOSAL | 1318 FOURTH ST. AFFORDABLE HOUSING DEVELOPMENT | Santa Monica | 2019 129 CA Lic. 853495 | HI Lic. RB-16985

6. Development Team’s
Financial Capacity and
Experience
J) Legal Actions Taken Against Developer (continuation) PROPERTY PLAINTIFF DEFENDANT CASE # DATE
FILED

COURTHOUSE FINANCIAL

OBLIGATION
(RULING)

BACKGROUND

OF CASE

INSURANCE

COVERED
Stonehaven Kenneth
Chambers
Stonehave
Student
Housing, Inc.
& EAH Inc.
161-1780 9/13/2016 Superior Court
of California
County of
Riverside.

Settled
8/14/17
Former
resident claims
microwave
vent fell on
stove causing
grease to
splash and
burn plaintiff's
arm.

Yes
Kaniko'o Dorothy
Collins
EAH, INC. 16-1-0045 3/22/2016 Circuit Court of
the Fifth Circuit
State of Hawaii
Settled
5/15/17
Slip & Fall in
Laundry Room
Yes
Lorin Station Theresa
Sonnier
South Berkely NeighborhoodRG15767881 4/23/2015 Superior Court of California
County of
Alameda
Settled
3/18/16
Claims breach
of habitability
due to bed
bugs, and
damage for
bites.

Yes
Los Robles Berry-FischerEAH Inc. HG14721458 4/25/2014 Superior Court of California
County of
Alameda
Settled on
1/8/16.

Minor child
backed into
downspout
of rain gutter
and injured
her Achilles
tendon.

Yes
Kahuku
Elderly
Donald
Powers
Kahuku
Elderly
Partnership
LP, et al
14-1-1431-06 8/11/2014 First Circuit
Court State
of HI
Settled
9/22/15
Resident fell
due to hole
left after tree
removal, suffered broken
hip.

Yes,
covered by
Scottsdale
Cornerstone
Gale
Courtney
Robinson
EAH Inc. C14-01544 8/26/2014 Superior Court
County of Santa
Clara
Settled
3/17/15
Resident
returned home
to find unit
descecrated,
blamed maintenance.

Yes

Appendix

2.D.1) Articles of Incorporation

2.D.2) Certificate of Good Standing

6.A) EAH Housing Audited Financial Statements

6.G) Outstanding Recourse and Non-Recourse Debt
FILRD
AFR3 0196-9
'I lzle oefA
44 a
name vi, fl-lis
AT U~1NS
f whic] hie
ion it be exclusively adan". expo:. . for religiou-i., chari'l.- - vurpr.,eCis is wa:th the development
maderate and ow c,: s t 'L'C", 7: t7 V 'i . la ~ ta z puppose s for copse of all races an-6 for no othe7 eX4CI.L-SiOn,
however, ( ti-. e_-x rr yir.g or. Cf r' ---a 0r at.t tmpt to influence legislation, Cr any ,, r 1. L. -on in. or iritervention i n (including the pUbl4SI:ing 01- ;4 Str.i hUt4-,1g Of statements) any political campaign on behalf of any candidate for public office. In order to accomplis'.1i the foref.cing religious, charitable and educational purposes and for no other purpose or purpcses, this corporat-lon shall also have the fcllowlng powers, provilded, however, that this cor;>oration s-nall not, except to an insubstantial degree engage in any activities or exercise any powers that are not in furtherance of vrift-ary puvposes c1f this corpora-ion:
(a.) S.,ie and be sued,;
(:-,/ Na, contracts;
(c) "AF-eIve property by devise or bequest, subject -tc the 'Laws -ho Y:ransfar cf property by Will, and ctherwise acquire -
OF end 11 property, real or personal, including shares . stock, '-,-)nJs &nz~ securities of other cori)orati.ors:
..Iz! *'ti`,n. +'...~i: .5;,% ~7.a '.i €'.. .'J t
/ , \ ,'i ♦ xaf'r' o' i:t:.~^ .:+.' , L 7`c5fi: i OJT
' ~ iit:.'I' .. .:G,.F- ..!": .. ....- .., .. ♦,, ,, :tsi!r?'., s9Ilri i' ,
i _ C: i' • :,... , ..: x ` I is _ _: r~ : t.'"l i.. i U l f. . ] C1 t~ 1. I! ) . r .1.UIi _. <Iiti ...._ i :?s1.7"n'd. .i i.i'.^ t.',Ivp .:V +i)<)2"I t 11'71 .

Z':...s..i :J.C;ct;:<... _.. ~i.:;'s~iii.I:f: ~"', i_.tC: ♦~E:.+f:rcl..

Noi r-rout Cor-pora"'-On Ld, - -t:%e -_,.

F0)i,iRTF The coi ntv `1,C- sm C whr.:Z`C? the rjvincira_ office 'Lcr t.^.(? tran aCi:c-.. { ~ i5?i.i^v o_`. -be cor?Oration is to be located is =^e -oun tL of
FTF?"d: '; a names and aedresses of the rQxscns who are to act in the capacitk' c f men,bers ai:•."'. directors until the selection of their successors are:

Name Address
'awrence Livings Tor., jr. -'0 'Old Street
San Francisco, Cali-fornia
Edward Napier Thomson 680 Bead: Street
San Francisco, California
~I rtlr, j. Rosen 140 Mon-!-gnmery Street
sa` Fra^c sco, Cai.if'ornia
_::t~ ........ u. c'° directors may b- changed from 1-4,11e to -t me by amendment 'nom: adopted ; prov-; d 'CI, hoiiEtver, the nuirber of .a., 51al'. no, be less than three (3).
^_ Z:o act or thing done hereundor shall confer any benen any member, director or officer of this corporation or i11diviC':ual, e-idle:'' c-ArE:t tly or I ndlrec ) , i n%`; .I7: no x
?A)v
of I
jj- 4 on,11
wh cnt un cl: nt
a"
F
u"I -Wal T~
.76 Rl
NAPT E. tO 77,el t,Cl.
bu the S S
r'-ey :e~' zhie Ga-mfi
Iave lhiexreuntc set my hand
and- af 77,v, o ff ic -I.al s--a; a- ".- c. f f ic e in the County and State aforesaid the day and year in '-- his
Certificate f";XSt. a.1-1ova wr4t`en.

C JJ58
~;Ar~ ear i A(1► l}1tH1A
r xR suw,wcrs.x.~nn~.a,.s~e,.~,

FRANCHISE TAX BOARD
Ims . s►IM
SACOAIAENI'o. CAUIONNIA 4%614
llprt l 48, 1.469
lcw-i"Ieal Agsoclatlon (-r Kousl.nf
1327 Lincoln Avenues
Un franc l cco , G9 94901
Rot Exemption from Franchi ar. Teex
Ge-ntlemen:

It is the opy.nion of this office, based upon the evidence presented, that you are exempt from State franchise tax under the provisions of Section 23701f of the Revenue and Taxation code, as it is shown that you are organized and operated exclusively as a social ww1fare orgsairotlao.

Accordingly, you will not be required to file franchise tax returns unless you change the chars--ter of your organization, the purposes for which you were organized, or your method of operation. You are required to report any such changes inne,diately to this office in order that their effect upon your exempt status may be determined.

If in any year your gross income exceeds $25,000, you are required to file an information return on Porn 199 on or before the 15th day of the 5th month following the close of your fiscal year. These formes Will be mailed to you if you provide us with your current postal address.

If the organization is not yet incorporated or has .mot yet qualified to do business in California, this approval will expire unless incorporation or qualification is completed within thirty days.

Very truly yours,
)'~TEensael
G. Stewart
i
JCS:
ccs Secretary of State
(c. f. g,i,J,I'M)
PM 4210 (1-69)
I hereby certify that the foregoing
transcript of—~ page(s)
is a full, true and correct copy of the
original record in the custody of the
California Secretary of State's office. \u a
SEP 2 8 2318
Date: n -
ALEX PADILLA, Secretary of State
-~ A130483
FILED M the *me$ of the sftm%,y d MaA
of the WN of Cdtforrtio
X FEB 161973
CERTIFICATE OF AMENDMENT fi OWN N
cWiry
O
Deputy

ARTICLES OF INCORPORATI
Elizabeth Moody and Hazen Goddard certify:

1. That they are the president and secretary, respectively, of the ECUMENICAL ASSOCIATION FOR HO[ISI, a California nonprofit corporation.

2. That at a meeting of the board of directors of said corporation, duly held at930 Tamalpais Ave on January 17, 1973, the followSan Rafael, CA ing resolution was adopted:

RESOLVED: That Article SIXTH of the Articles
of Incorporation of this corporation be amended to
read as follows:

The property of this corporation is irrevocably
dedicated to charitable purposes and no part of the
net income or assets of this organization shall ever
inure to the benefit of any director, officer or member thereof or to the benefit of any private persons.

Upon the dissolution or winding up of the corporation
its assets, remaining after payment, or provision for
payment, of all debts and liabilities of this corporation, shall be distributed to a nonprofit fund, foundation or corporation which is organized and operated exclusively for charitable purposes and which has established its tax exempt status under Section 501(c)(3) of the Internal Revenue Code.

If this corporation holds any assets in trust, or
the corporation is formed for charitable purposes, such assets shall be disposed of in such manner as may be
directed by decreo of the Superior Court of the county
in which the corporation has its principal office, upon petition therefor by the Attorney General or by any person concerned in the liquidation, in a proceeding to which the Attorney General is a party.

3. That the members of said corporation, being fully represented on the board of directors pursuant to the corporation's by-laws, at the same time and in the same meeting adopted said amendment of the Articles of Incorporation.

4. That the number of directors/members who voted affirmatively for the adoption of said resolution is 15 , and that the number of u-Liectors/members constituting a quorum is 9 .
~ t
fi
YAW..~.r,►,~, wm ffl x .

Each of the undersigned declares, under penalty of perjury, that the matters set forth in the foregoing certificate are true and correct.

Executed at ~i{f~, Q~, , on January ~~ , 1973.

President
r
AMC
(-" Secretary
2 I hereby certify that the foregoing
transcript of_~? _ page(s)
is a full, true and correct copy of the
original record in the custody of the
California Secretary of State's office.

SEP 2 8 2018
Date: ftiP,
2Xr tary of State
160,5
_.1 rev w
A304533 `

APPLICATION FOR CERTIFICATE OF AGENT OF PROCESS
Ecumenical Association fog Housing A California
corporation, makes the following statement:
(1) The complete address of its office in this state wherein any corporation designating it as agent may be served with process c/o Ecumenical Association for Housing
1510 Fifth Ave.

San Rafael, CA 94901
(2) The name of each person employed by it at such office to whom it authorizes the delivery of a copy of any such process is:

Julm W ilson-Eugbee, Executive Direcwr
Peggy McCall, Director Property Management
(3) Ecumenical Association for Housing consents
that delivery thereof to such person at the address designated shall constitute delivery of any such copy to it, as such agent.

NAME: arolyn Attkisson
TITLE: President
DATE:
-
September 4, 1985 .'r 1 D
SEP 1 ? X985
I hereby certify that the foregoing
transcript of I page(s)
is a full, true and correct copy of the
original record in the custody of the
California Secretary of State's office.

SEP 2 8 2018
Date: lrl
ALEX. PADILLA Seaetary of State
Paul S. Foster
Martha D. White
r0

CERTIFICATE OF AMENDMENT OF

ARTICLES OF INCORPORATION OF

ECUMENICAL ASSOCIATION FOR HOUSING
FILED .P
11 the
cmu d the
S c" ry o
State
DEC — 3 M8
The undersigned, ]Vaul S. Foster and Martha D. White, certify that: BILL JONES, Sere of Slate

1. They are the President and Secretary, respectively, of Ecumenical Association for Housing, a California nonprofit corporation.

2. The First Article of the Articles of Incorporation of this corporation is amended to read as follows:

FIRST: The name of this corporation is EAH Inc.

3. The foregoing amendment to the Articles of Incorporation has been duly approved by the board of directors.
4, The directors are the only members of the corporation.

We further declare under penalty of perjury under the laws of the State of California that the matters set forth in this certificate are true and correct of our own knowledge.

DATE: October 21, 1998
927001/49764
A H
Mali
November 10, 1998
California Secretary of State
1230 J Street, Room 100
Sacramento, CA 95814-2974
Dear Sir:

The undersigned, chief executive officer of EAH Contra Costa, a California Non-Profit Company, hereby gives permission to Ecumenical Association for Housing to use the similar corporate name of EAH Inc.

EAH Contra Costa is a subsidiary of Ecumenical Association for Housing.

Sincerely,
?Jen Smith
ief Executive Officer of EAH Contra Costa
JS:mm
■Creating community b. developing, managing, and promoting affordable housmg 2169 East Francisco Blvd. .

Suite B
San Rafael, California 94901
41-5 1258.1800 ■ Fax 415/453-4927
9 November 10, 1998
California Secretary of State
1230 3 Street, Room 100
Sacramento, CA 95814-2974
Dear Sir:

The undersigned, chief executive officer of EAH San Pablo, a California Non-Profit Company, hereby gives permission to Ecumenical Association for Housing to use the similar corporate name of EAH Inc.

EAH San Pablo is a subsidiary of Ecumenical Association for Housing.

Sincerely,
10~w 4
Paul Foster
Chief Executive Officer of EAH San Pablo
PF: mm
■Creating communit, 1 » developing, managing, and promoting affordable housing 216() East Francisco Blvd,
Suite B
San Rafael, California 94901
41 51258-1800 a Fax 4151453-4927
November 10, 1998
1 t1 M
11 t~ 1 I
California Secretary of State
1230 J Street, Room 100
Sacramento, CA 95814-2974
Dear Sir:

The undersigned, chief executive officer of EAH Creekside, a California Non-Profit Company, hereby gives permission to Ecumenical Association for Housing to use the similar corporate name of EAH Inc.

EAH Creekside is a subsidiary of Ecumenical Association for Housing.

Sincerely,
100.w 4
Paul Foster
Chief Executive Officer of EAH Creekside
PF:mm
lb
■ Creating community fn developing, managing, and promoting affordable loosing 2169 East Francisco Bl3d.

Suite B
San Rafael. California 94901
415/255-1800 ■ Fax 4151453.4927
I hereby certify tha>I foregoing
transcript of page(s)
is a full, true and correct copy of the
IVoriginal record in the custody of the
California Secretary of State's office.

SEP 2 8 2018
Date: M IRI
ALEX ADILLF, Secretary of State

EAH Portfolio Report
from audits Ending in 2018
Company Name: EAH, Inc.

Report Month: Multiple Months Selected
Construction Status: Stabilized
No. Property Name City State Placed in Service Date Sq. Ft. # of Units Owner / Investor Limited
Partner
Ownership
Interest
Acquisition Date
Total Required Debt
Service (including
Bond Fees)
1 Arbor Court Fresno CA No Date Set 13,034 20 Arbor Court Inc. 100.00% 6/28/2010 - 2 Archway Commons Modesto CA 7/31/2013 70,790 76 Hudson Housing Capital 99.99% 5/31/2012 41,563 3 Avena Bella Turlock CA 9/30/2013 75,632 80 Enterprise Community Partners 99.99% 2/24/2012 84,245 4 Bee Street Sausalito CA No Date Set 2,001 6 Bee Street Housing Inc 100.00% 1985 23,496 5 Bella Terra Morgan Hill CA 8/23/2013 22,590 40 Merritt Community Capital 99.99% 6/7/2012 87,872 6 Belovida at Newbury Park San Jose CA 10/14/2011 105,678 185 Hudson Housing Capital 99.99% 8/5/2010 816,083 7 Buchanan Park San Francisco CA 1/31/2016 67,500 68 Wells Fargo Housing 99.99% 3/14/2014 400,082 8 Camellia Place Dublin CA 1/17/2007 104,863 112 National Equity Fund 99.99% 6/1/2005 408,132 9 Casa Adobe San Pablo CA 11/5/2008 29,375 54 National Equity Fund 99.99% 11/7/2008 132,820 10 Cathedral Garden Apartments Oakland CA 9/25/2014 95,329 100 Merritt Community Capital 99.99% 6/27/2012 588,322 11 Cecilia Place Tiburon CA 7/11/1997 9,325 16 EAH 100.00% 11/1/1996 11,893 12 Center Town San Rafeal CA 10/30/1992 53,175 60 Bridge Housing/EAH Creekside 99.99% 8/20/1990 71,776 13 Cochrane Morgan Hill EAH Morgan Hill CA 9/16/2013 92,629 96 CA Community Housing Fund LLP 99.99% 9/16/2013 405,560 14 Cornerstone Japantown San Jose CA 6/17/2011 69,796 53 Hudson Housing Capital 99.99% 3/24/2010 302,277 15 Crescent Park Richmond CA 7/6/2007 397,159 378 Crescent Comunity Inv Fund LP 99.99% 7/6/2007 2,412,241 16 Drake's Way Larkspur CA 11/24/2009 23,020 24 Union Bank 99.99% 12/20/2007 79,586 17 Ecology House San Rafael CA 11/15/1994 6,083 11 Ecology House, Inc. 100.00% 11/15/1994 - 18 Edgewater Place 2 Larkspur CA 8/11/2006 23,440 28 National Equity Fund 99.99% 4/1/1991 82,918 19 Elena Gardens San Jose CA 1/1/1973 139,752 168 Hudson Housing Capital 99.99% 2/6/2012 1,026,844 20 Floral Gardens Selma CA No Date Set 43,440 56 Floral Gardens Apartments Inc. 100.00% 8/27/1996 - 21 Fountain West Fresno CA No Date Set 63,638 72 Fountain West Apartments Inc. 100.00% 8/27/1996 - 22 Gateway Santa Clara Santa Clara CA 12/29/2004 24,316 42 National Equity Fund 99.99% 10/1/2003 127,103 23 Golden Oak II Oakley CA 12/15/2015 22,350 50 Merritt Community Capital 99.99% 4/24/2015 112,763 24 Hamilton Transitional Phase 1 Novato CA 8/30/2003 60 60 Apollo Housing Capital 99.99% 4/21/2004 - 25 Hamilton Transitional Phase 2 Novato CA 1/17/2005 2,728 40 Apollo Housing Capital 99.99% 4/28/2006 - EAH Portfolio Report
from audits Ending in 2018
Company Name: EAH, Inc.

Report Month: Multiple Months Selected
Construction Status: Stabilized
26 Hibiscus Hill Waipahu HI No Date Set 47,040 80 Vitus Holding Hawaii LLC 99.99% 5/9/2014 679,926 27 Imi Ikena Kahului HI 12/1/2013 25,716 28 Hunt Capital Partners 99.99% 7/1/2012 28,788 28 Kahuku Senior Housing Kahuku HI 3/31/2013 36,480 64 Hunt Capital Partners 99.99% 3/5/2012 281,896 29 Kahului Town Terrace 2 Kahului HI 1/1/1992 56,656 72 Alliant 99.99% 5/16/2008 115,533 30 Kalani Gardens II Honolulu HI 3/13/2015 155,000 118 Hunt Capital Partners 99.99% 2013 422,710 31 Kings Canyon Fresno CA No Date Set 59,703 48 Dublin Transit EAH Inc. 100.00% 3/9/2018 37,833 32 Kings Valley Senior Cloverdale CA 1/1/1975 48,210 99 Enterprise Community Partners 99.99% 3/15/2013 197,965 33 Kolopua Partners LP Princeville HI 7/29/2015 36,772 44 City Real Estate Advisors Inc. 98.99% 8/1/2014 239,135 34 Kukui Gardens Makai Honolulu HI 10/29/2010 320,960 389 Enterprise Community Partners 99.99% 12/18/2007 802,751 35 Larkspur Isle Larkspur CA 1/1/1996 18,052 23 EAH 100.00% 3/1/1982 - 36 Lincoln Avenue San Rafael CA 3/1/1997 9,926 13 Lincoln Avenue Apartments Inc. 100.00% 11/1/1996 - 37 Live Oak Fairfax CA 1/1/1998 1,446 2 EAH 100.00% 7/1/1988 - 38 Los Robles Union City CA 1/1/1996 148,930 140 Hudson Housing Capital 99.99% 3/23/2012 681,520 39 Margaret Duncan Green Novato CA No Date Set 8,960 16 Olive Ave Apts Inc 100.00% 1996 - 40 Marin Lagoon San Rafael CA 1/1/1989 5,078 7 EAH 100.00% 6/1/1989 - 41 Oaks II Walnut Creek CA 12/15/2015 24,000 36 Merritt Community Capital 99.99% 4/24/2015 194,523 42 Palm Court San Jose CA 11/30/1998 36,164 66 Palm Court/Golden Oak 99.98% 11/1/1996 128,016 43 Parkview Family EAH II LP San Jose CA 11/12/1997 87,835 90 Merritt Community Capital 99.99% 11/26/2014 354,271 44 Parkview Senior EAH II LP San Jose CA 12/30/1998 83,459 140 Merritt Community Capital 99.99% 11/26/2014 245,581 45 Point Reyes Affordable Housing Point Reyes Station CA 1/1/2006 26,628 27 EAH Inc-effective 8/8/2018 99.99% 9/1/2003 7,300 46 Pollard Plaza San Jose CA 3/9/2005 73,340 130 National Equity Fund 99.99% 11/7/2002 504,638 47 Primero Grove Davis CA 9/1/1998 116,343 181 Beckett Hall Inc. 100.00% 1/27/1998 865,611 48 Rice Camp 1 Lihue HI 3/30/2015 60 CREA Rice Camp LLC 99.00% 6/24/2013 92,116 49 Riverfield Healdsburg CA 2/7/1995 19,101 18 EAH Inc 10.00% 7/25/1994 41,879 50 Riviera -San Rafael Assoc. L.P. San Rafael CA 10/23/1993 20,650 28 EAH Inc-effective 12/31/2018 99.99% 10/26/1993 96,000 51 Rodeo Gateway Rodeo CA 11/1/2002 28,988 50 Rodeo Senior Apartments Inc. 100.00% 10/1/2001 - 52 Rohlffs Concordia Manor Napa CA 3/12/2009 63,662 146 Union Bank 99.99% 1/28/2008 271,345 53 Rohlffs Concordia Manor (Phase III) Napa CA 3/12/2009 105,018 209 Union Bank 99.99% 1/28/2008 337,983 54 San Clemente Place Corte Madera CA 12/28/2007 71,637 79 National Equity Fund 99.99% 3/30/2004 400,402 55 Shelter Hill Apartments Mill Valley CA 10/1/2013 65,345 75 Union Bank 99.99% 7/6/2012 796,340 56 Silver Oak Oakley CA 12/7/1999 13,785 24 Main Street Apartments Inc. 100.00% 5/13/1998 - 57 Sonoma Creekside Santa Rosa CA 5/6/1996 41,151 43 Merritt Community Capital 99.99% 2/22/2013 238,179 EAH Portfolio Report
from audits Ending in 2018
Company Name: EAH, Inc.

Report Month: Multiple Months Selected
Construction Status: Stabilized
58 Stonebridge St Helena CA 12/23/2014 51,500 80 Merritt Community Capital 99.99% 2014 187,643 59 Stonehaven Student Housing Riverside CA 7/1/2000 343,790 200 Stonehaven Student Housing Inc 100.00% 3/28/2002 1,784,703 60 Tiburon Hills Tiburon CA 1/1/1980 15,732 16 Tiburon Hill Estates 100.00% 4/18/1980 - 61 Turina Association San Rafael CA 9/1/2004 24,404 28 EAH Inc-effective 12/31/2018 99.99% 12/29/1986 101,623 62 Villages of Moa'e Ku Ewa Beach HI 10/1/2012 54,776 64 Alliant 99.99% 4/12/2011 226,593 63 Villages of Moa'e Ku, Phase 2 Ewa Beach HI 6/17/2014 64,656 76 Alliant 99.99% 3/1/2013 220,736 64 Villages of Moa'e Ku, Phase 3 Ewa Beach HI 12/30/2016 72,665 52 Alliant 99.99% 6/30/2010 226,597 65 Vista Park 1 San Jose CA 5/19/2000 45,850 83 Golden Oak/EAH Inc 99.00% 6/1/1998 247,097 66 Vista Park 2 San Jose CA 11/30/2000 45,850 83 Golden Oak/EAH Inc 99.00% 11/30/2000 319,021 67 Willow Housing Menlo Park CA No Date Set 28,427 60 National Equity Fund 99.99% 11/26/2014 - Averages
EAH Guaranty
1st Loan
Property Loan GL Outstanding at Last Draw
Code Code Project Start Date End Date Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec 1267 2440 Don de Dios LP 12/2016 12/2018 4,123,374 5,638,131 8,511,898 11,816,908 13,342,909 15,702,859 17,044,471 Perm conversion 12/2018 1266 2440 EAH Park Place LP (fka VA) 06/2017 06/2019 6,510,106 7,078,974 8,170,070 9,407,511 13,513,111 17,266,618 19,927,941 22,994,550 Perm conversion 06/2019 1471 2440 Estrella Vista (3706 San Pablo Emeryville LP) 06/2017 12/2019 55,000 55,324 55,596 3,104,704 6,503,994 12,286,129 16,501,318 19,985,085 23,551,812 28,899,763 1309 2440 Ewa Homes III LP 11/2015 11/2017 11,739,000 11,739,000 11,739,000 Perm conversion 11/2017 1274 2440 Fellowship Plaza LP 12/2017 05/2020 55,000 17,182,917 21,634,524 29,621,883 36,400,626 38,808,926 40,935,320 44,735,971 1245 2440 Kukui Tower II LP 11/2018 08/2021 4,449,438 5,854,334 7,479,996 10,575,207 1259 2440 Mackey Terrace II LP 11/2016 08/2018 10,288,211 11,921,085 13,064,341 14,064,083 15,005,173 15,175,619 Perm conversion 8/2018 1473 2440 Orchards Morgan Hill 12/2016 06/2019 0 0 1,709,233 5,430,174 9,865,962 13,383,291 15,783,962 16,822,721 Perm conversion 06/2019 1277 2440 Piper Court Fairfax LP 01/2018 11/2019 4,973,274 6,243,793 7,160,850 9,033,662 10,500,456 11,576,238 11,905,6441478 2440 Pointe on Vermont LP 06/2019 12/2020 2,410,228 2,428,167 1262 2440 Summer Park Fresno LP 11/2018 09/2020 2,227,982 3,258,152 4,642,604 5,342,9151261 2440 Walnut Place II LP 12/2016 12/2018 2,282,279 3,753,058 4,486,503 5,346,131 6,172,461 6,784,531 6,880,501 Perm conversion 12/2018 Total Guaranty 28,432,864 39,616,379 44,936,040 41,217,021 74,619,121 95,424,394 103,643,742 104,324,928 118,224,224 90,596,198 103,887,667 0 Updated: 10/31/2019
Guaranty remains in effect due to project has not gone through perm conversion 2017 2018 2019
EAH Guaranty
1st LoanTotal Construction Loan ScheduledProject Start Date End Date Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Don de Dios LP 12/2016 12/2018 17,376,102 17,376,102 17,376,102 17,376,102 17,376,102 17,376,102 17,376,102 Perm conversion 12/2018 EAH Park Place LP (FKA VA) 06/2017 06/2019 25,691,304 25,691,304 25,691,304 25,691,304 25,691,304 25,691,304 25,691,304 25,691,304 Perm conversion 06/2019 Estrella Vista (3706 San Pablo Emeryville LP) 06/2017 12/2019 42,559,500 42,559,500 42,559,500 42,559,500 42,559,500 42,559,500 42,559,500 42,559,500 42,559,500 42,559,500 Ewa Homes III LP 11/2015 11/2017 11,739,000 11,739,000 11,739,000 Perm conversion 11/2017 Fellowship Plaza LP 12/2017 05/2020 63,000,000 63,000,000 63,000,000 63,000,000 63,000,000 63,000,000 63,000,000 63,000,000Kukui Tower II LP 11/2018 08/2021 28,467,000 28,467,000 28,467,000 28,467,000 Mackey Terrace II LP 11/2016 08/2018 15,933,000 15,933,000 15,933,000 15,933,000 15,933,000 15,933,000 Perm conversion 8/2018 Orchards Morgan Hill LP 12/2016 06/2019 18,900,881 18,900,881 18,900,881 18,900,881 18,900,881 18,900,881 18,900,881 18,900,881 18,900,881 Perm conversion 06/2019 Piper Court Fairfax LP 01/2018 11/2019 12,967,000 12,967,000 12,967,000 12,967,000 12,967,000 12,967,000 12,967,000 12,967,000 Pointe on Vermont LP 06/2019 12/2020 12,263,943 12,263,943 Summer Park Fresno LP 11/2018 09/2020 26,836,000 26,836,000 26,836,000 26,836,000Walnut Place II LP 12/2016 12/2018 7,000,000 7,000,000 7,000,000 7,000,000 7,000,000 7,000,000 7,000,000 Perm conversion 12/2018 Total Guaranty 70,948,983 139,199,787 139,199,787 203,427,787 203,427,787 203,427,787 187,494,787 218,421,685 218,421,685 186,093,443 186,093,443 0 Updated: 10/31/2019
2017 2018 2019
EAH, INC. AND AFFILIATES

COMBINED FINANCIAL STATEMENTS
AND INDEPENDENT AUDITOR’S REPORT
Year Ended June 30, 2016
EAH, INC. AND AFFILIATES

COMBINED FINANCIAL STATEMENTS
Year Ended June 30, 2016

TABLE OF CONTENTS
Page
INDEPENDENT AUDITOR’S REPORT 3

FINANCIAL STATEMENTS
Combined Statement of Financial Position 5
Combined Statement of Activities 6
Combined Statement of Cash Flows 7
Notes to Combined Financial Statements 8

SUPPLEMENTARY INFORMATION
Combining Schedule of Financial Position 25
Combining Schedule of Activities 27
EAH, Inc. Only - Schedule of Financial Position 28
EAH, Inc. Only - Schedule of Activities 29
EAH, Inc. Only - Schedule of Cash Flows 30
EAH, Inc. Only – Additional Schedules 32
INDEPENDENT AUDITOR’S REPORT
To the Board of Directors
EAH, Inc. and Subsidiaries
Report on the Financial Statements
We have audited the accompanying combined financial statements of EAH, Inc., a California nonprofit public benefit corporation, and affiliates which comprise the combined statement of financial position as of June 30, 2016, and the related combined statement of activities and cash flows for the year then ended, and the related notes to the combined financial statements.

Management’s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these combined financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility
Our responsibility is to express an opinion on these combined financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America.

Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.

Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the combined financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion
In our opinion, the combined financial statements referred to above present fairly, in all material respects, the financial position of EAH, Inc. and affiliates, as of June 30, 2016, and the changes in its net assets and cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America.

Other Matters
Other Information
Our audit was conducted for the purpose of forming an opinion on the basic combined financial statements taken as a whole. The accompanying supplementary information on pages 25 –37 is presented for purposes of additional analysis and is not a required part of the basic combined financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the combined financial statements. The information has been subjected to the auditing procedures applied in the audit of the combined financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the combined financial statements or to the combined financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated in all material respects in relation to the basic combined financial statements as a whole.

Moraga, California
December 15, 2016
The accompanying notes are an integral part of these financial statements. 5 EAH, INC. AND AFFILIATES

COMBINED STATEMENT OF FINANCIAL POSITION
June 30, 2016
ASSETS
Current assets
Cash and cash equivalents $ 16,759,112
Restricted cash and deposits, current portion (note B) 2,490,170 Investments (note C) 11,019,585
Receivables, current portion (note D) 3,616,538
Prepaid expenses and deposits 629,328
Total current assets 34,514,733
Other assets
Restricted cash and deposits, net of current portion (Note B) 25,274,546 Receivables, net of current portion (note D) 1,184,528
Development in progress (note E) 4,100,885
Notes and advances receivable, including interest (note F) 11,728,750 Prepaid ground lease rent (Note G) 4,798,392
Land held for development and lease (note H) 11,498,937 Property and equipment, net (note I) 441,230,252
Investments in partnerships and other companies (note C) 2,570,539 Deferred costs, net (note J) 8,044,400
Other assets 450,567
Total assets $ 545,396,529

LIABILITIES AND NET ASSETS
Current liabilities
Accounts payable and accrued expenses $ 842,457
Deferred revenue, current portion (note L) 193,521
Development costs payable 2,285,735
Interest payable, current portion 2,614,420
Notes and mortgages payable, current portion (note M) 3,319,377 Total current liabilities 9,255,510
Long-term obligations
Accrued expenses, less current portion 1,279,388
Deferred revenue, less current portion (note L) 6,078,850 Tenant security deposits 1,816,282
Related party fees payable 461,988
Ground lease payable (note N) 180,900
Accrued interest payable, less current portion 28,258,996 Notes and mortgages payable, less current portion (note M) 287,253,646 Total liabilities 334,585,560
Net assets
Controlling interests
Unrestricted 82,049,796
Board-designated funds (note A) 15,976,132
Total controlling interests 98,025,928
Non-controlling interests 112,785,041
Total net assets 210,810,969
Total liabilities and net assets $ 545,396,529
The accompanying notes are an integral part of these financial statements. 6 EAH, INC. AND AFFILIATES

COMBINED STATEMENT OF ACTIVITIES
Year Ended June 30, 2016
Unrestricted support and revenue
Support
Grants - administrative $ 292,309
Grants - project development 898,762
Other donations and fundraising events 1,324,210
Total support 2,515,281
Revenue
Property management and accounting fees 4,641,319
Partnership and asset management fees 286,680
Development fees 2,829,174
Rental property income 42,341,965
Income (loss) from investments in partnerships 4,381
Interest and investment income 400,316
Net realized and unrealized gain on investments 187,461 Other income 831,166
Total revenue 51,522,462
Total support and revenue 54,037,743
Expenses
Program services 62,066,991
Management and general 1,309,516
Fundraising 46,211
Total expenses 63,422,718
Change in net assets (9,384,975)
Net assets - beginning of year 206,420,847
Capital contributions, net of distributions and syndication costs 13,775,097 Net assets - end of year $ 210,810,969
Reconciliation of net assets
Controlling interest:

Beginning of year $ 92,251,762
Change in net assets 5,774,166
End of year 98,025,928
Non-controlling interest:

Beginning of year $ 114,169,085
Capital contributions, net of distributions and syndication costs 13,775,097 Non-controlling interests in limited partnership earnings (15,159,141) End of year 112,785,041
Net assets, end of year $ 210,810,969
The accompanying notes are an integral part of these financial statements. 7 EAH, INC. AND AFFILIATES

COMBINED STATEMENTS OF CASH FLOWS
Year Ended June 30, 2016

CASH FLOWS FROM OPERATING ACTIVITIES
Change in net assets $ (9,384,975)
Adjustments to reconcile change in net assets to net cash provided by operating activities:

Depreciation and amortization 10,014,191
(Increase) decrease in:

Receivables (291,023)
Prepaid expenses (412,768)
Notes receivable interest (145,818)
Prepaid ground lease 55,444
Investments in partnerships (618,517)
Other assets 209,967
Increase (decrease) in:

Accounts payable and accrued expenses 1,695,901
Tenant security deposits 29,173
Deferred revenue 759,883
Ground lease payable (11,356)
Accrued mortgage interest 3,157,299
Net cash used by operating activities 5,057,401

CASH FLOWS FROM INVESTING ACTIVITIES
(Deposits to) releases from restricted cash and deposits 29,605,621 (Deposits to) releases from investments (8,491,464)
Payments for development in progress (2,441,463)
Advances for note receivable (925,956)
Proceeds from sale of land 535,000
Additions to property and equipment (20,680,633)
Net cash provided by investing activities (2,398,895)

CASH FLOWS FROM FINANCING ACTIVITIES
Payments of deferred costs (1,330,862)
Capital contributions, net of syndication costs 13,775,097 Proceeds from mortgages payable 18,814,251
Principal payments on mortgages payable (42,244,450)
Net cash used by financing activities (10,985,964)
Decrease in cash (8,327,458)
Cash at beginning of year 25,086,570
Cash at end of year $ 16,759,112
8 EAH, INC. AND AFFILIATES

NOTES TO COMBINED FINANCIAL STATEMENTS
June 30, 2016

NOTE A - NATURE OF ACTIVITIES AND SUMMARY OF ACCOUNTING POLICIES EAH, Inc. (EAH) is a California nonprofit public benefit corporation whose purpose is the acquisition, development, rehabilitation and operation of housing for very low, low and moderate income households of the greater Bay Area and Fresno, California and Hawaii. In addition, EAH owns real properties located in Marin, California which provide housing for low- and moderate-income individuals and families. These real properties are included in these financial statements as directly owned properties.

In addition, EAH is also affiliated with and under common board control with other not-for-profit and for profit corporations which have been formed either as supporting entities to EAH, or as instruments to further EAH’s organization objectives. These entities, which are included in the combined financial statements of EAH in accordance with generally accepted accounting principles are:
 Ecumenical Housing Corporation, a wholly owned for profit subsidiary which owned a General Partner interest in Piper Court, LTD, a general partnership which owned and operated an apartment complex in San Rafael, California. The property was sold to an affiliated non-profit corporation during the year ended June 30, 2016.
 Single-purpose, single member limited liability companies (LLC’s) holding controlling general partner interest (ranging from 0.01% to 1%) in their respective partnerships whose affordable housing is currently in development under the low income housing tax credit program (LIHTC) as follows:

Not-For- Profit Corporations and LLC's Limited Partnership(s) Don de Dios EAH, LLC (2) Don de Dios, LP
EAH Park Place, LLC (2) EAH Park Place, LP
3706 San Pablo Emeryville EAH, LLC (2) 3706 San Pablo Emeryville, LP Walnut Place EAH, LLC (1) Walnut Place EAH, LP
Orchards EAH, LLC (2) Orchards Morgan Hill, LP
Mackey Terrace EAH, LLC (1) Mackey Terrace EAH, LP
Avena Bella EAH, LLC (1) Avena Bella II, LP
 Single-purpose not-for-profit corporations holding controlling general partner interest (ranging from

0.01% to 1%) in the respective limited partnerships which are no longer in operation and are in the process of being dissolved. In addition, EAH owns certain limited partner interests as noted:

Not-For- Profit Corporations Limited Partnership(s)
Morgan Hill Ranch, Inc. (1) Cochrane Village Apartments, L.P, (1) Morgan Hill Ranch Housing, L.P.

Sonoma County Affordable Homes, Inc. (1) Sonoma Creekside Limited Partnership Midtown Family Homes, Inc. (1) Midtown Family Associates, LP (1) Midtown Senior Associates, LP
EAH, Inc. (3) East Baybridge Partners, L.P.
(3) Bridgecourt Partners
(1) EAH is the Limited Partner
(2) EAH is the sole member of the General Partner
9 EAH, INC. AND AFFILIATES

NOTES TO COMBINED FINANCIAL STATEMENTS
June 30, 2016
NOTE A - NATURE OF ACTIVITIES AND SUMMARY OF ACCOUNTING POLICIES (Continued)  Single-purpose not-for-profit corporations and single member limited liability companies (LLC’s) holding controlling general partner interest (ranging from 0.01% to 1%) in their respective LIHTC limited partnerships providing affordable housing. In addition, EAH owns certain limited partner interests as noted :

Not-For- Profit Corporations and LLC's Limited Partnership(s) 32300 Almaden Boulevard LLC Los Robles Apartments Associates, L.P.

Archway Commons EAH, LLC Archway Commons I, L.P.

Avena Bella EAH, LLC Avena Bella I, L.P.

Buchanan Park EAH LLC Buchanan Park EAH, L.P.

Cathedral Gardens Oakland LLC Cathedral Gardens Oakland, L.P.

Cecilia Place Homes, Inc. (1) Cecilia Place Homes, L.P.

Bella Terra EAH, L.P.

Cochrane Morgan Hill EAH, LLC Cochrane Morgan Hill EAH, L.P.

Crescent Park EAH, LLC Crescent Park EAH, L.P.

Don Avante Family Homes, Inc. (1) Don Avante Associates I, L.P. (1) Don Avante Associates II, L.P.

Drakes Way EAH, Inc. Drakes Way Housing Partners, L.P.

Dublin & Demarcus, LLC (2) Dublin Transit Site A2, L.P.

EAH Bay Area Community LLC (2) San Clemente Housing Partners, L.P.

EAH Elena Gardens LLC EAH Elena Gardens, L.P.

EAH-Creekside EAH Larkspur Creekside Associates II, L.P.

EAH-San Pablo San Pablo Senior Associates II, L.P.

Golden Oak Manor EAH LLC Golden Oak Manor II, L.P.

Golden Oak Manor, Inc. (1) Golden Oak Manor, L.P.

Hamilton Affordable Homes, Inc. Hamilton Continuum Partners I, L.P.

Hamilton Continuum Partners II, L.P.

Interfaith Housing Foundation Shelter Hill, L.P.

Kings Valley EAH, LLC Kings Valley, L.P.

Larkspur Isle EAH, Inc (1) Larskpur Isle, LTD
Midtown Homes, Inc. EAH - Gateway Santa Clara I, L.P.

Story Plaza Apartments, L.P.

Palm Court Senior Homes, Inc. Riviera-San Rafael Associates, L.P.

Turina Associates, LP
Parkview Family II LLC Parkview Family EAH II, L.P.

Parkview Senior II LLC Parkview Senior EAH II, L.P.

Point Reyes EAH, Inc. Point Reyes Affordable Homes, L.P.

Rohlffs Manor EAH, Inc. EAH Rohlffs Concordia Manor, L.P.

Sonoma Creekside EAH, LLC Sonoma Creekside EAH II, L.P.

Sonoma County Affordable Homes, Inc. (1) Riverfield Homes Limited Partnership South Winery Housing, Inc. (1) South Winery Associates, L.P.

Three Oaks Family Homes, Inc. (1) Three Oaks Housing, L.P.

Oaks EAH, LLC Oaks II, LP
10 EAH, INC. AND AFFILIATES

NOTES TO COMBINED FINANCIAL STATEMENTS
June 30, 2016
NOTE A - NATURE OF ACTIVITIES AND SUMMARY OF ACCOUNTING POLICIES (Continued)

 Other single-purpose corporations holding sole member interests in LLC’s which hold controlling general partner interest (ranging from 0.01% to 1%) in their respective partnerships and other corporations which own affordable housing as noted below:

Corporations Property Name, if applicable
1150 Webster Street, Inc. Buchanan Park
EAH - Contra Costa, Inc. Crescent Park
Cloverdale Senior Housing, Inc. Kings Valley
Elena Gardens Homes, Inc. Elena Gardens
Los Robles Apartments, Inc. Los Robles Apartments
Bridgecourt Housing, Inc. Piper Court
Dublin Transit EAH, Inc. Camelia Place
San Clemente EAH, Inc. San Clemente
The combined financial statements do not include certain single-purpose LLC’s holding a general partner interest (ranging from .01 to 1%) in their respective limited partnerships and not for profit corporations providing affordable housing for which EAH is deemed not to have majority control or majority control and an economic benefit:

Not-For- Profit Corporations and LLC's Property Name or Limited Partnership Arbor Court, Inc. Arbor Court
Marin Housing for Handicapped, Inc. 626 Del Ganado
Floral Gardens Apartments, Inc. Floral Gardens
Fountain West Apartments, Inc. Fountain West
Main Street Apartments, Inc. Silver Oak
Bee Street Housing, Inc. Bee Street Housing
Belvedere - Tiburon Housing Association Farley Place
Olive Avenue Apartments, Inc. . Margaret Duncan Greene Apartments West Marin/Ecumenical Senior Housing Walnut Place
Ecology House, Inc. Ecology House
Lincoln Avenue Apartments, Inc. Lincoln Avenue Apartments North Marin Senior Housing Corporation Mackey Terrace
Rodeo Senior Apartments, Inc. Rodeo Gateway
Stonehaven Student Housing, Inc. Stonehaven
Beckett Hall, Inc. Primero Grove
Stonebridge Housing Corporation Stonebridge Housing II, L.P.

Stonebridge Housing Associates
Stonebridge Housing, LLC Stonebridge Housing Associates Centertown, Inc. Centertown Associates, Ltd.

Palm Court Senior Homes, L.P.

Golden Oak Manor, Inc. Vista Park Associates I, L.P.

Vista Park Associates II, L.P.
11 EAH, INC. AND AFFILIATES

NOTES TO COMBINED FINANCIAL STATEMENTS
June 30, 2016
NOTE A - NATURE OF ACTIVITIES AND SUMMARY OF ACCOUNTING POLICIES (Continued) A summary of the significant accounting policies applied in the preparation of the accompanying financial statements is as follows:

1. Principles of Combination
Not-for-Profit Corporations
The combined financial statements include the accounts of EAH (Parent) and other not-for-profit entities that are commonly controlled by EAH’s Officers or Board of Directors, including those notfor-profit entities that are majority controlled by EAH, and in which EAH has significant financial benefit. Other not-for-profit entities, over which EAH does not exercise majority control or have significant financial benefit, are not included in the combined financial statements. All material intercompany balances and transactions have been eliminated in the combined financial statements.

Limited Partnerships
Partnerships that are controlled by EAH or its affiliated not-for-profit entities are included in the combined financial statements. The partnership interests generally range from 0.005% to 1.0% with the remainder of the partnership’s equity held by a limited partner and shown as non-controlling interests in unrestricted net assets.

Partnerships over which EAH or its affiliates exercise significant influence are included in the financial statements using the equity method of accounting.

Eliminations
Material intercompany balances and transactions between controlled entities are eliminated in the combined financial statements. Examples include: elimination of partnership management, property management, accounting and other fees on the books of EAH against the corresponding operating expenses on a partnership or property’s books; elimination of receivables from partnerships and properties on EAH and certain affiliates’ books against the corresponding payables on the partnerships and properties books. Financial statements for each of the major business components, prior to eliminations, are available in the Supplementary Information.

In addition, the financial position and activities are presented on the basis of unrestricted, temporarily restricted and permanently restricted net assets depending on the nature of any donor imposed restrictions.

As of June 30, 2016, all of EAH’s net assets are unrestricted. 12 EAH, INC. AND AFFILIATES

NOTES TO COMBINED FINANCIAL STATEMENTS
June 30, 2016
NOTE A - NATURE OF ACTIVITIES AND SUMMARY OF ACCOUNTING POLICIES (Continued)

3. Cash and Concentration of Credit Risk
Cash is defined as cash in demand deposit accounts as well as cash on hand. Not included as cash are funds restricted as to their use such as tenant security deposits, mortgage impound accounts, reserves for replacements and operations.

EAH and affiliates maintain cash on deposit at banks in excess of the Federal Deposit Insurance Corporation limit. The uninsured cash balance, including the restricted cash, was approximately $10,300,000 as of June 30, 2016. EAH and affiliates have not experienced any losses in such accounts and believes it is not exposed to any significant risk of loss.

Cash equivalents are highly liquid investments that are readily convertible to known amounts of cash.

Generally, money market accounts and investments with original maturities of three months or less qualify as cash equivalents.

The designated cash for the capital fund has been designated by the board to be used for various purposes at the board’s discretion. These funds are not restricted by any outside third party.

4. Investments – Fair Value

Generally accepted accounting principles establish a fair value hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of EAH. Unobservable inputs, if any, reflects EAH’s assumption about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The fair value hierarchy is categorized into three levels based on the inputs as follows:

Level 1 – Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that EAH has the ability to access at measurement date. Valuation adjustments and block discounts are not applied to Level 1 securities. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these securities does not entail a significant degree of judgement.

Level 2 – Valuations based on significant inputs that are observable, either directly or indirectly or quoted prices in markets that are not active, that is, markets in which there are few transactions, the prices are not current or price quotations vary substantially either over time or among market makers.

Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

The availability of valuation techniques and observable inputs can vary from security to security and is affected by a wide variety of factors, including the type of security, whether the security is new and not yet established in the marketplace, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgement.
13 EAH, INC. AND AFFILIATES

NOTES TO COMBINED FINANCIAL STATEMENTS
June 30, 2016
NOTE A - NATURE OF ACTIVITIES AND SUMMARY OF ACCOUNTING POLICIES (Continued)

4. Investments – Fair Value (Continued)
Those estimated values do not necessarily represent the amounts that may be ultimately realized due to the occurrence of future circumstances that cannot be reasonably determined. Because of the inherent uncertainty of valuation, those estimated values may be materially higher or lower than the values that would have been used had a ready market for the securities existed.

5. Other Investments
Other investments, over which EAH’s officers and/or board are deemed not to have majority control, are accounted for using the cost, or equity method of accounting depending upon the existence or absence of significant influence. Under the equity method, the investments are initially recorded at cost then adjusted for the proportionate share of undistributed earnings or losses. Losses from operating partnerships in which EAH is not required to fund operating deficit obligations are no longer recognized once the balance in the investment account reaches zero. Other investments which are majority controlled by EAH are eliminated in the combined financial statements.

6. Allowance for Uncollectible Accounts
EAH records an allowance for doubtful accounts related to partnership management fees and developer fees based on a review of outstanding amounts receivable, existing conditions and specific situations. EAH elects to record bad debt for all other receivables using the direct write-off method. GAAP requires that the allowance method be used to reflect bad debts. However, the effect of the use of the direct write-off method is not materially different from the result that would be obtained had the allowance method been followed.

7. Development in Progress
Developments in progress include the cost of acquisition, construction or rehabilitation of housing projects that have not been completed. EAH incurs costs during the predevelopment phase of each affordable housing project undertaken. Property holding costs (including interest costs incurred on rehabilitationrelated debt, net of interest earned on investment of the borrowed funds) are also capitalized. Any funds expended on a project that does not pass beyond the development stage are recorded as expenses when further activity on the project ceases.

8. Property and Equipment and Deferred Costs
Property is stated at cost as of the date of acquisition, or fair market value as of the date of donation. The cost of maintenance and repairs for the buildings are charged to operations when incurred. Renewals and betterments are capitalized. Depreciation is provided in amounts sufficient to relate the cost or fair market value of depreciable assets to operations over their estimated service lives using the straight-line method.

Deferred costs are incurred in order to obtain permanent financing and tax credits for the properties.

Deferred costs are stated at cost and amortized on a straight-line basis. Organization costs are expensed as incurred.
14 EAH, INC. AND AFFILIATES

NOTES TO COMBINED FINANCIAL STATEMENTS
June 30, 2016
NOTE A - NATURE OF ACTIVITIES AND SUMMARY OF ACCOUNTING POLICIES (Continued)

8. Property and Equipment and Deferred Costs (Continued) The useful lives of the assets are estimated as follows:

Buildings and improvements 15 to 40 years
Furniture, fixtures and equipment 5 to 10 years
Tax credit costs 10 to 15 years
Permanent loan costs 15 to 55 years
EAH reviews its investment in real estate for impairment whenever events or changes in circumstances indicate that the carrying value of such property may not be recoverable. Recoverability is measured by a comparison of the carrying amount of the real estate to the future net undiscounted cash flow expected to be generated by the rental property and any estimated proceeds from the eventual disposition of the real estate. If the real estate is considered to be impaired, the impairment to be recognized is measured at the amount by which the carrying amount of the real estate exceeds the fair value of such property. There were no impairment losses recognized in the year ending June 30, 2016.

9. Fair Value of Financial Assets and Liabilities
The carrying amounts of financial instruments including cash and cash equivalents, other advances and receivables, accounts payable and accrued expenses, and tenant security deposits approximate fair value due to the relatively short-term maturity of these instruments. The carrying value of long-term debt approximates fair value based on prevailing borrowing rates currently available for loans with similar terms and maturities.

10. Revenue Recognition
Contributions and Recognition of Donor Restricted Contributions Donations and fundraising event contributions are recognized as revenue when they are unconditionally received.

Support that is restricted by the donor is reported as an increase in unrestricted net assets if the restriction is satisfied in the period in which the support is recognized. All other donor-restricted support is reported as an increase in temporarily or permanently restricted net assets depending on the nature of the restriction.

When a restriction expires, temporarily restricted net assets are reclassified to unrestricted net assets. At June 30, 2016, all the net assets of EAH are unrestricted.

Grant and Contract Revenue
EAH receives grants from governments, agencies, and others, which are conditioned upon incurring certain qualifying costs or meeting other conditions. The grants are recognized as revenue when the qualifying costs are incurred and the possibilities of not meeting the conditions are remote. Funds received for costs not yet incurred are recorded as deferred revenue. Funds for qualifying costs incurred and recognized as revenue but not yet received are recorded as grants and contracts receivable. 15 EAH, INC. AND AFFILIATES

NOTES TO COMBINED FINANCIAL STATEMENTS
June 30, 2016
NOTE A - NATURE OF ACTIVITIES AND SUMMARY OF ACCOUNTING POLICIES (Continued)

10. Revenue Recognition (Continued)
Rental Housing Revenue
Rental housing revenue is recognized as rent becomes due. Rental payments received in advance are deferred until earned. All leases between EAH and tenants are operating leases. Lease terms are usually one year or less.

Development Fee Revenue
EAH provides development services in connection with the acquisition, construction or rehabilitation of housing projects. Development fees are earned during the predevelopment, development and closing phases of the projects. Development fees are recognized based on the milestone method during the predevelopment and closing phases of the projects and based on the percentage-of-completion method during the development phase. Payments received for services not yet performed are deferred until earned.

Development fees recognized from combined affiliates or consolidated subsidiaries are eliminated as intercompany transactions. EAH estimates that 80% of its development fees cover related project costs.

Project costs include costs of development, such as consultants, allocated internal salaries and benefits, related overhead, and other non-reimbursed fees that are ordinarily capitalized.

Property Management Revenue
EAH provides property management, bookkeeping and related services. Property management revenue is recognized when the related services are performed and the earnings process is complete. In addition, EAH is reimbursed for expenses incurred in connection with the management of properties for third parties which are primarily salaries and benefits relating to employees at properties.

11. Allocation of Partnership Income/Losses and Tax Credits The affiliated partnerships are generally expected to generate low-income housing tax credits, which will be allocated in the same manner as the income or loss of each partnership. Because the limited partners' losses are limited to their investments, the limited partners' equity will not be reduced below zero unless future capital contributions will be made in an amount sufficient to absorb the losses. All remaining losses are allocated to the general partners. Any subsequent income allocable to the limited partners is allocated to the general partners first until the general partners' share of that income offsets the losses not previously recognized by the limited partners.

12. Functional Allocation of Expenses
The costs of providing the various programs and activities have been summarized on a functional basis in the statement of activities. Accordingly, certain costs have been allocated among the programs and supporting services based on estimates of employees’ time incurred and usage of resources. Program services include all expense relating to development, management and rental operations of properties, and community relations and advocacy. Supporting services consist of management and general purposes.

Fundraising expenses are not significant and are included in supporting services. 16 EAH, INC. AND AFFILIATES

NOTES TO COMBINED FINANCIAL STATEMENTS
June 30, 2016
NOTE A - NATURE OF ACTIVITIES AND SUMMARY OF ACCOUNTING POLICIES (Continued)

13. Income Taxes and Tax Exempt Status
EAH and other not-for profit corporations have been granted tax-exempt status by the Internal Revenue Service, under Code Section 501 (C) (3), and the California Franchise Tax Board under the Revenue and Taxation Code Section 23701(d). The income or loss from the partnerships is reported by the partners on their tax returns.

No income tax provision has been included in the combined financial statements for the single member limited companies which are generally considered disregarded entities. The income and loss of the LLCs is included in the tax returns of their respective sole members. Only the annual California limited liability company minimum tax and the annual fee appear as expense in the combined financial statements.

EAH and affiliates believe that they have appropriate support for any tax positions taken, and as such, do not have any uncertain tax positions that are material to the financial statements. EAH and affiliates’ federal and state income tax and information returns for the years 2011 through 2014 are subject to examination by the regulatory agencies, generally for three years and four after they were filed for federal and state, respectively.

14. Guarantees
Generally accepted accounting principles require a liability to be recorded for the fair value of the stand ready obligation associated with a guarantee issued after December 31, 2002. Guarantees issued between entities under common control or on behalf of an entity under common control are excluded.

Consequently, no liabilities have been recorded as all guarantees are considered to be issued to entities under common control.

15. Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates.

16. Related Party Transactions
Most related-party transactions have been eliminated in the combined financial statement. The remaining related-party transactions are immaterial.

17. Subsequent Events
Subsequent events were evaluated through December 15, 2016, which is the date the financial statements were available to be issued.
17 EAH, INC. AND AFFILIATES

NOTES TO COMBINED FINANCIAL STATEMENTS
June 30, 2016
NOTE B – RESTRICTED CASH AND DEPOSITS
EAH and affiliates are required to maintain various reserves for operations and maintenance of the property and equipment in accordance with the partnership agreements, loan and regulatory agreements. Certain affiliates are required to maintain impound accounts to cover property and insurance premiums. In addition, EAH and affiliates are required to hold tenant security deposits in separate bank accounts in the name of the properties.

Accordingly, such restricted cash and deposits as of June 30, 2016 consist of the following:

Tenant security deposits $ 1,908,777
Mortgage impound accounts 449,550
Replacement, operating and other reserves 25,406,389
Total restricted cash and deposits 27,764,716
Less current portion (2,490,170)
Restricted cash and deposits, long-term portion $ 25,274,546 NOTE C – INVESTMENTS
Investments
EAH’S investments measured at fair value on a recurring basis as of June 30, 2016, and the fair value hierarchy of the valuation techniques utilized by EAH to determine fair values are as follows:

Mutual funds $ 5,334,207 $ 5,257,774
Fixed income 5,206,875 5,275,157
Real estate 267,103 486,654
Total investments $ 10,808,185 $ 11,019,585
Cost as of
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
June 30, 2016 June 30, 2016
The following presents investments by category at fair value as of June 30, 2016:

Mutual funds:

US equity $ 3,182,006
Developed foreign 1,529,486
Emerging foreign 278,136
Hedged equity 268,146
Total mutual funds $ 5,257,774
Fixed income:

Taxable US $ 4,989,495
Taxable foreign emerging 285,662
Total fixed income $ 5,275,157
18 EAH, INC. AND AFFILIATES

NOTES TO COMBINED FINANCIAL STATEMENTS
June 30, 2016
NOTE C – INVESTMENTS (Continued)
Investments in other companies
EAH and affiliates serve as the general partner of partnerships which own and operate affordable housing in which EAH does not have majority control and does not consolidate. The investments are recorded using the equity method, which consists of the cumulative balance of the initial capital contribution to the partnership plus the general partners’ percentage allocation of the partnerships’ net earnings or loss.

In addition, EAH holds investments in Housing Partnership Insurance Exchange (HPIEx) to gain access to affordable workers’ compensation insurance from a reciprocal insurance company. The investment is recorded at cost and represent approximately 4.6% of the ownership shares of the workers’ compensation program at HPIEx as of June 30, 2016.

Investments in other companies consist of the following as of June 30, 2016:

Palm Court Senior Homes, LP $ 259,868
Stonebridge Housing Associates 1,030,538
Stonebridge Housing, L.P. 3,068
Stonebridge Housing II, LP 508
Vista Park Associates I, L.P. 214,497
Vista Park Associates II, L.P. 939,778
Cornerstone at Japan Town (155)
Belovida Cecilia LLC (101)
Willow Housing, L.P. (12)
HPIEx 122,550
Total investments in other companies $ 2,570,539
NOTE D – ACCOUNTS RECEIVABLE
Accounts receivable consists of the following as of June 30, 2016:

Tenant rents and subsidy assistance $ 290,869
Grants, contracts and other 416,921
Partnership management fees 257,893
Development costs 1,018,171
Developer fees 2,817,212
Total accounts receivable 4,801,066
Less current portion (3,616,538)
Accounts receivable, long term $ 1,184,528
19 EAH, INC. AND AFFILIATES

NOTES TO COMBINED FINANCIAL STATEMENTS
June 30, 2016
NOTE E – DEVELOPMENT IN PROGRESS
Development in progress consists of the following as of June 30, 2016:

Morgan Hill Family $ 848,073
Emeryville 567,265
Don de Dios II 509,534
Village Avante II 495,279
Mackey Terrace II 377,482
West Marin II 360,317
Imperial Senior 354,081
Avena Bella II 163,048
Lightfighter 250,156
Other projects 175,650
Total development in progress $ 4,100,885
NOTE F – NOTES RECEIVABLE
Long term notes receivable are stated at their fair value, increasing annually by the amount of accrued interest earned, unless otherwise noted. Payments are either made to the extent of annual surplus cash generated by the property or are deferred until maturity. The collection of the notes receivable are dependent on the long term operating results and the value of the properties owned by the partnerships at the maturity dates.

Secured note receivable from Belovida at Newbury Park, LP, whose Managing General Partner is an affiliated organization, in the amount of $2,600,171 is noninterest bearing, secured by a deed of trust on the property and due in full in the year 2065. $ 2,563,107
Secured note receivable from Belovida at Newbury Park, LP, whose Managing General Partner is an affiliated organization, in the amount of $735,022 is noninterest bearing, secured by a deed of trust on the property and due in full in the year 2068. 735,022
Secured note receivable from Stonebridge Housing II, L.P. whose General Partner is an affiliated organization, in the amount of $269,543 is non-interest bearing, secured by a deed of trust on the property and due in full on December 31, 2016. 269,543
Secured note receivable from Kalani Gardens II, LP, a Hawaii Limited Partnership, whose General Partner is an affiliated organization, in the amount of $6,295,000, bears interest at 2.40% compounded annually and is due in full in the year 2070. The outstanding balance includes $196,178 of accrued interest. 6,491,178 20 EAH, INC. AND AFFILIATES

NOTES TO COMBINED FINANCIAL STATEMENTS
June 30, 2016
NOTE F – NOTES RECEIVABLE (Continued)
Secured notes receivable from Willow Housing, L.P., whose General Partner is an affiliated organization, in the amounts of $55,000 and $1,615,100 are noninterest bearing, secured by a deed of trust on the property and due in full on December 31, 2069. $ 1,669,900
Total notes receivable $ 11,728,750

NOTE G - PREPAID LAND LEASE
EAH’s affiliates, Hamilton Continuum Partners I, L.P. and Hamilton Continuum Partners II, L.P. entered into ground lease agreements with the Novato Public Finance Authority (the Lease) to lease the land on which its properties are developed. The Leases are for 99 years and requires annual lease payments of $1, which was prepaid in the amount of $99. In addition, the affiliates were required to pay lease acquisition fees of $7,034,373 and incurred legal costs of $69,298 (collectively, Lease Costs) in connection with the Leases. Of the Lease Costs, $1,614,716 were capitalized into the cost of the buildings and the remaining $5,489,153 have been deferred as prepaid land lease and are being expensed over the 99 year term of the Leases. As of June 30, 2016, the balance of the prepaid land lease is $4,798,392.

The estimated aggregate land lease expense for each of the next five years ending June 30 is as follows:
2017 55,446 $ 2020 55,446 $
2018 55,446 $ 2021 55,446 $
2019 55,446 $
NOTE H – LAND HELD FOR DEVELOPMENT AND LEASE
EAH owns land that is either in the process of being developed or will be developed in the future for lowincome housing. The land has been recorded at the original cost or value upon the date of donation. The land held for development consists of the following:

Morgan Hill Family site (at cost) $ 1,935,404
EAH also owns land which is leased to partnerships that operate low-income housing apartment complexes.

The General Partners of the partnerships are affiliated to EAH and are combined in these financial statements. The land has been recorded at the original cost or value upon the date of donation. The land held for lease consists of the following:

San Clemente Apartments (at cost) leased for 85 years $ 5,295,533 Camelia Place Apartments (appraised value) leased for 55 years 3,120,000 Anise Turina Apartments (at cost) leased for 55 years 672,000 Riviera Apartments (at cost) leased for 55 years 476,000 Subtotal land held for lease 9,563,533
Total land held for development and lease $ 11,498,937
21 EAH, INC. AND AFFILIATES

NOTES TO COMBINED FINANCIAL STATEMENTS
June 30, 2016
NOTE I – PROPERTY AND EQUIPMENT

Property and equipment and accumulated depreciation as of June 30, 2016 consist of the following:

Land $ 26,136,322
Building and improvements 486,180,130
Furniture and equipment 17,026,020
Total property and equipment 529,342,472
Less accumulated depreciation (88,112,220)
Property and equipment, net $ 441,230,252
NOTE J – DEFERRED COSTS

Deferred costs and accumulated amortization as of June 30, 2016 consist of the following:

Permanent loan costs $ 9,736,902
Tax credit fees 1,560,243
Total property and equipment 11,297,145
Less accumulated amortization (3,252,745)
Property and equipment, net $ 8,044,400
NOTE K – LINES OF CREDIT

EAH has a secured line of credit with Westamerica Bank in the amount of $2,060,000 that is secured by 7 units at Tiburon Hills Estates and matures on December 31, 2016. Outstanding principal bears interest at a variable interest rate equal to Westamerica’s index rate plus 0.250%, equal to 4.5% at June 30, 2016. As of June 30, 2016, there was no balance outstanding.

EAH has an unsecured line of credit with Westamerica Bank in the amount of $1,250,000 which matures on December 31, 2016. Outstanding principal bears interest at a variable rate equal to Westamerica’s index rate plus 0.0750%, equal to 5% at June 30, 2016. As of June 30, 2016, there was no balance outstanding.

EAH has an unsecured line of credit with Westamerica Bank in the amount of $1,690,000 which matures on December 31, 2016. Outstanding principal bears interest at a variable rate equal to Westamerica’s index rate plus 0.0750%, equal to 5% at June 30, 2016. As of June 30, 2016, there was no balance outstanding. 22 EAH, INC. AND AFFILIATES

NOTES TO COMBINED FINANCIAL STATEMENTS
June 30, 2016
NOTE L – DEFERRED REVENUE
Deferred revenue includes amounts of $6,272,371 related to the 20% profit portion of EAH’s development fees earned from affiliates included in the combined financial statements. In 2016, amortization to offset depreciation expense related to the fee capitalized as real property costs was $193,521. As of June 30, 2016 the accumulated amortization related to the profit portion of the development fee was approximately $1,192,461 and total deferred revenue less the current portion amounted to $6,078,850.

NOTE M – LONG TERM OBLIGATIONS
Mortgages payable to various banks, secured by deeds of trust on the related properties, are payable in monthly installments including interest at rates ranging from 3.67% to 6.44%. Interest expense on these mortgages for year ending June 30, 2016 totaled $5,170,783. As of June 30, 2016, accrued interest totaled $2,450,585. $ 97,517,781

Bond loans bearing interest from 2.26% to 5.26%, generally with principal and interest paid monthly, to be repaid in full through 2045. Principal payments are generally accumulated in a principal fund held by a trustee.

Interest expense on these mortgages for year ending June 30, 2016 totaled $2,417,316. As of June 30, 2016, accrued interest totaled $163,835. 50,524,495 Deferred mortgages payable to various federal, state and local agencies. Such notes are secured by the related property and are either non-interest bearing or bear interest at 1% to 6.88%. Interest expense on these mortgages for year ending June 30, 2016 totaled $3,961,155. As of June 30, 2016, accrued interest totaled $28,258,996. 123,168,569

Construction loans bearing interest at variable rates from 1.99% to 2.48%, generally with principal and interest paid monthly, to be repaid in full through 2017. Interest expense on these mortgages for year ending June 30, 2016 totaled $38,337. As of June 30, 2016, accrued interest totaled $0. 19,362,178 Total mortgages and notes payable 290,573,023
Less current maturities (3,319,377)

Total long-term portion $ 287,253,646
Principal payments for the next five years are subject to changes in net cash flow, which is a contingency that cannot reasonably be estimated. Minimum required payments on amortizing loans are estimated as follows:
2017 3,319,377 $ 2020 3,897,090 $
2018 3,522,498 $ 2021 4,589,821 $
2019 3,701,664 $
23 EAH, INC. AND AFFILIATES

NOTES TO COMBINED FINANCIAL STATEMENTS
June 30, 2016
NOTE N – GROUND LEASE PAYABLE
EAH’S affiliate, EAH Larkspur Creekside Associates II, L.P., entered into a lease agreement with the City of Larkspur to lease the land on which its property is developed. The ground lease term runs for ninety-five years from June 1, 1989. Annual rent shall be equal to ten percent (10%) of annual gross receipts and payments are limited to 60% of surplus cash, as defined in the Partnership Agreement, not to exceed the annual rent. In the event that 60% of surplus cash is less than the annual rent, the unpaid rent will accrue without interest. Any deferred rent shall be paid upon sale or transfer to an entity other than any entity controlled by EAH. As of June 30, 2016, accrued ground lease rent amounted to $180,900.

NOTE O – LEASE COMMITMENT
EAH leases office space in San Rafael under an agreement which expires in December 2017, in Morgan Hill under an agreement which expires in June 2022, and in Hawaii under an agreement which expires in September 2019. EAH also entered into a lease for office space in Santa Monica, California on a month-tomonth basis. The rental expense for the years ended June 30, 2016 was $721,725. The future minimum annual lease commitments for the years ended June 30 are estimated as follows:
2017 749,250 $ 2020 56,209 $
2018 420,643 $ 2021 58,457 $
2019 88,505 $
NOTE P – CONTINGENCIES
Guarantees
To assist with the development and operation of these projects, EAH has provided loan and operating deficit guarantees as well as indemnifications with regard to tax benefits projected for its various affiliates and projects. EAH will be responsible for repaying a loan if, when the loan becomes due, the respective affiliate or project does not make payment on the loan. EAH will cover operating deficits as needed up to a stated limit. EAH does not require any collateral or other security from its affiliates and projects related to these guarantees. A reasonable estimate of the outstanding operating deficit guarantees at June 30, 2016 amounted to approximately $11,600,000, and outstanding loan guarantees were approximately $22,400,000. In addition as of June 30, 2016, EAH has guaranteed an aggregate amount in excess of approximately $130,000,000 to the limited investors for tax credits and other deductions for eighteen affiliated limited partnerships with various expirations through December 31, 2026. Management believes that the likelihood of funding a material amount of any of the guarantees is remote.

In connection with the development of affordable housing projects, which are owned by limited partnerships, EAH has acquired the options to purchase the projects at the close of the projects' 15-year compliance period.
24 EAH, INC. AND AFFILIATES

NOTES TO COMBINED FINANCIAL STATEMENTS
June 30, 2016
NOTE Q – RETIREMENT PLAN
EAH offers a 403(b) tax deferred annuity plan for all of its employees. Eligible employees’ annual contribution may not exceed the lesser of 100% of their salary or $18,000. Employees who are 50 years or older are permitted to make additional contributions up to $6,000 annually.

EAH contributes to the plan in an amount equal to 1% of the employees’ annual salary for all employees.

For those employees who contribute to the plan, EAH also contributed an amount equal to the employees’ contribution up to 3% of the employees’ annual salary. The total employer contribution for June 30, 2016 was $388,740.

EAH also offers a 457(b) top hat plan to allow senior management to defer compensation. EAH does not contribute to this plan. Eligible employees’ annual contributions may not exceed the lesser of 100% of their salary or $18,000. Employees who are 50 years or older are permitted to make additional contributions up to $6,000 annually.

NOTE R – OPTION AGREEMENT
EAH has entered into an option agreement with the California Housing and Finance Agency to acquire a note receivable from South Winery Apartments, L.P in the amount of $2,310,000. EAH paid $268,000 for the option to purchase the note for $1. The option is expected to be exercised after the withdrawal of the current Limited Partner from the partnership and expires on February 28, 2025.

NOTE S – SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION Cash paid for interest during the years ending June 30, 2016 amounted to $8,471,315.

NOTE T – CHANGE IN REPORTING ENTITY
The combined financial statements include affiliated nonprofit corporations, including the respective limited partnerships in which the entities are a controlling general partner, that were not previously combined. During the year, the bylaws of these nonprofit corporations were revised to name EAH as the sole supported organization. As a result, EAH has both control and an economic interest in these entities and has included them in the combined financial statements accordingly. The change in reporting entity resulted in an addition to net assets as of July 1, 2015 in the amount of $138,184,765 and a decrease in the change net assets for the year ending June 30, 2016 in the amount of $2,382,617.

SUPPLEMENTARY INFORMATION
26 EAH, INC. AND AFFILIATES

COMBINING SCHEDULE OF FINANCIAL POSITION
June 30, 2016
ASSETS
Current assets
Cash and cash equivalents $ 6,872,998 $ 3,722,770 $ 6,163,344 $ 16,759,112 $ - $ 16,759,112 Restricted cash and deposits, current portion - - 2,490,170 2,490,170 - 2,490,170 Investments 10,774,068 245,517 - 11,019,585 - 11,019,585 Receivables, current portion 13,243,373 550,082 289,234 14,082,689 3,616,538 (10,466,151) Prepaid expenses and deposits 1,690 - 627,638 629,328 - 629,328 Total current assets 30,892,129 4,518,369 9,570,386 44,980,884 (10,466,151) 34,514,733 Other assets
Restricted cash and deposits, net of current portion 194,105 - 25,080,441 25,274,546 - 25,274,546 Receivables, net of current portion 2,878,915 - - 2,878,915 1,184,528 (1,694,387) Development in progress 942,935 - 3,157,950 4,100,885 - 4,100,885 Notes and advances receivable, including interest 33,635,397 102,979,199 - 136,614,596 (124,885,846) 11,728,750 Land held for development and lease 11,498,937 - - 11,498,937 - 11,498,937 Property and equipment, net 390,237 - 519,460,270 519,850,507 (78,620,255) 441,230,252 Ground lease rent receivable 611,006 - - 611,006 (611,006) - Prepaid ground lease rent - - 9,434,581 9,434,581 (4,636,189) 4,798,392 Investments in partnerships and other companies 6,355,748 (1,217,709) - 5,138,039 (2,567,500) 2,570,539 Deferred costs, net - - 8,044,400 8,044,400 - 8,044,400 Other assets 392,567 - 58,000 450,567 - 450,567
Total assets $ 87,791,976 $ 106,279,859 $ 574,806,028 $ 768,877,863 $ (223,481,334) $ 545,396,529 EAH Affiliates Properties Eliminations Total
LIHTC
Subtotal
27 EAH, INC. AND AFFILIATES
COMBINING SCHEDULE OF FINANCIAL POSITION (Continued)
June 30, 2016

LIABILITIES AND NET ASSETS
Current liabilities
Accounts payable and accrued expenses $ 299,776 $ - $ 763,234 1,063,010 (220,553) $ 842,457 Deferred revenue, current portion - - - - 193,521 193,521 Related party fees payable, current - - 6,943,360 6,943,360 (6,943,360) - Development costs payable - - 5,443,685 5,443,685 (3,157,950) 2,285,735 Interest payable, current portion - - 2,614,420 2,614,420 - 2,614,420 Notes and mortgages payable, current portion - - 3,319,377 3,319,377 - 3,319,377 Total current liabilities 299,776 - 19,084,076 19,383,852 (10,128,342) 9,255,510 Long-term obligations
Accrued expenses, less current portion 1,279,388 - - 1,279,388 - 1,279,388 Deferred revenue, less current portion - - - - 6,078,850 6,078,850 Tenant security deposits 28,243 - 1,788,039 1,816,282 - 1,816,282 Related party fees payable - 2,712 3,523,027 3,525,739 461,988 (3,063,751) Prepaid ground rent 4,636,189 - - 4,636,189 - (4,636,189)Ground lease payable, less current portion - - 791,906 791,906 (611,006) 180,900 Accrued interest payable, less current portion 81,626 - 43,370,143 43,451,769 (15,192,773) 28,258,996 Notes and mortgages payable, less current portion 3,880,912 735,022 392,484,000 397,099,934 287,253,646 (109,846,288) Total liabilities 10,206,134 737,734 461,041,191 471,985,059 (137,399,499) 334,585,560 Net assets
Controlling interests
Unrestricted 61,609,710 105,542,125 979,796 168,131,631 (86,081,835) 82,049,796 Board-designated funds 15,976,132 15,976,132 - 15,976,132 Total controlling interests 77,585,842 105,542,125 979,796 184,107,763 (86,081,835) 98,025,928 Non-controlling interests - - 112,785,041 112,785,041 - 112,785,041 Total net assets 77,585,842 105,542,125 113,764,837 296,892,804 210,810,969 (86,081,835) Total liabilities and net assets $ 87,791,976 $ 106,279,859 $ 574,806,028 $ 768,877,863 $ (223,481,334) $ 545,396,529 EAH Affiliates Properties Subtotal Eliminations
LIHTC
Total
28 EAH, INC. AND AFFILIATES

COMBINING SCHEDULE OF ACTIVITES
June 30, 2016
Unrestricted support and revenue
Support
Grants - administrative $ 169,745 $ - $ 122,564 $ 292,309 $ - $ 292,309 Grants - project development 580,000 318,762 - 898,762 - 898,762 Other donations and fundraising events 4,272,396 1,232,392 722,970 6,227,758 (4,903,548) 1,324,210 Total support 5,022,141 1,551,154 845,534 7,418,829 (4,903,548) 2,515,281 Revenue
Property management and accounting fees 7,397,373 - - 7,397,373 (2,756,054) 4,641,319 Partnership and asset management fees 1,078,269 583 - 1,078,852 (792,172) 286,680 Development fees 7,596,194 - - 7,596,194 (4,767,020) 2,829,174 Rental property income 485,629 - 41,856,336 42,341,965 - 42,341,965 Ground lease rental income 159,036 - - 159,036 (159,036) - Income (loss) from investments in partnerships 551,150 (1,774,069) - (1,222,919) 1,227,300 4,381 Interest and investment income 967,338 3,845,669 68,314 4,881,321 (4,481,005) 400,316 Net realized and unrealized gain on investments 187,461 - - 187,461 - 187,461 Other income 678,821 1,940,282 152,345 2,771,448 (1,940,282) 831,166 Total revenue 19,101,271 4,012,465 42,076,995 65,190,731 (13,668,269) 51,522,462 Total support and revenue 24,123,412 5,563,619 42,922,529 72,609,560 (18,571,817) 54,037,743 Expenses
Program services 15,217,696 4,133,422 58,076,522 77,427,640 62,066,991 (15,360,649) Management and general 1,274,619 34,897 - 1,309,516 - 1,309,516 Fundraising 46,211 - - 46,211 - 46,211
Total expenses 16,538,526 4,168,319 58,076,522 78,783,367 (15,360,649) 63,422,718 Change in net assets 7,584,886 1,395,300 (15,153,993) (6,173,807) (3,211,168) (9,384,975)Net assets - beginning of year 70,000,956 104,146,825 115,143,733 289,291,514 (82,870,667) 206,420,847 Capital contributions, net of
distributions and syndication costs - - 13,775,097 13,775,097 - 13,775,097 Net assets - end of year $ 77,585,842 $ 105,542,125 $ 113,764,837 $ 296,892,804 $ (86,081,835) $ 210,810,969 EAH Total
LIHTC
Affiliates Properties Subtotal Eliminations
29 EAH, INC. AND AFFILIATES
EAH, INC. ONLY - SCHEDULE OF FINANCIAL POSITION
June 30, 2016
ASSETS
Current assets
Cash and cash equivalents $ 6,872,998
Investments 10,774,068
Receivables, current portion 13,243,373
Prepaid expenses and deposits 1,690
Total current assets 30,892,129
Other assets
Restricted cash and deposits, net of current portion 194,105 Receivables, net of current portion 2,878,915
Development in progress 942,935
Notes and advances receivable, including interest 33,635,397 Land held for development and lease 11,498,937
Property and equipment, net 390,237
Ground lease rent receivable 611,006
Investments in partnerships and other companies 6,355,748 Other assets 392,567
Total assets $ 87,791,976

LIABILITIES AND NET ASSETS
Current liabilities
Accounts payable and accrued expenses $ 299,776
Total current liabilities 299,776
Long-term obligations
Accrued expenses, less current portion 1,279,388
Tenant security deposits 28,243
Prepaid ground rent 4,636,189
Accrued interest payable 81,626
Notes and mortgages payable 3,880,912
Total liabilities 10,206,134
Net assets
Unrestricted 61,609,710
Board-designated funds 15,976,132
Total net assets 77,585,842
Total liabilities and net assets $ 87,791,976
30 EAH, INC. AND AFFILIATES
EAH, INC. ONLY - SCHEDULE OF ACTIVITES
June 30, 2016
Unrestricted support and revenue
Support
Grants - administrative $ 169,745
Grants - project development 580,000
Other donations and fundraising events 4,272,396
Total support 5,022,141
Revenue
Property management and accounting fees 7,397,373
Partnership and asset management fees 1,078,269
Development fees 7,596,194
Rental property income 485,629
Ground lease rental income 159,036
Income (loss) from investments in partnerships 551,150
Interest and investment income 967,338
Net realized and unrealized gain on investments 187,461 Other income 678,821
Total revenue 19,101,271
Total support and revenue 24,123,412
Expenses
Program services
Property management expenses 8,176,637
Property development expense 3,408,164
Asset management expense 1,010,529
Tenant services expense 581,236
Rental property expenses 283,044
Capital grant donations 796,469
Community relations and advocacy 961,617
Management and general 1,274,619
Fundraising 46,211
Total expenses 16,538,526
Change in net assets 7,584,886
Net assets - beginning of year 70,000,956
Net assets - end of year $ 77,585,842
31 EAH, INC. AND AFFILIATES

EAH, INC, ONLY - SCHEDULE OF CASH FLOWS
June 30, 2016

CASH FLOWS FROM OPERATING ACTIVITIES
Change in net assets $ 7,584,886
Adjustments to reconcile change in net assets to net cash provided by operating activities:

Depreciation and amortization 90,102
(Increase) decrease in:

Receivables (5,822,929)
Prepaid expenses (34)
Notes receivable interest (669,745)
Ground lease rent receivable (2,840)
Investments in partnerships (551,150)
Other assets (68,700)
Increase (decrease) in:

Accounts payable and accrued expenses (903,751)
Tenant security deposits 204
Prepaid ground lease rent (62,300)
Accrued mortgage interest 44,250
Net cash provided by operating activities (362,007)

CASH FLOWS FROM INVESTING ACTIVITIES
(Deposits to) releases from restricted cash and deposits (27,666) (Deposits to) releases from investments (8,735,947)
Payments for development in progress 377,803
Advances for note receivable (2,713,615)
Proceeds from sale of land 535,000
Additions to property and equipment (17,708)
Net cash used by investing activities (10,582,133)

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from mortgages payable 527,859
Net cash provided by financing activities 527,859
Decrease in cash (10,416,281)
Cash at beginning of year 17,289,279
Cash at end of year $ 6,872,998
32 EAH, INC. AND AFFILIATES
EAH, INC, ONLY – ADDITIONAL SCHEDULES
June 30, 2016

SCHEDULE OF NOTES RECEIVABLE
Long term notes receivable are stated at their fair value, increasing annually by the amount of accrued interest earned, unless otherwise noted. Payments are either made to the extent of annual surplus cash generated by the property or are deferred until maturity. The collection of the notes receivable are dependent on the long term operating results and the value of the properties owned by the partnerships at the maturity dates.

Unsecured note receivable from San Clemente Housing Partners, LP, whose General Partner is an affiliated organization, in the amount of $2,500,000, bears simple interest at 3% and is due in full in December 2060. The outstanding balance includes $752,075 of accrued interest. $ 3,252,075
Unsecured non-interest bearing advance receivable from San Clemente Housing Partners, LP, a California Limited Partnership, whose General Partner is an affiliated organization. 66,000
Unsecured non-interest bearing advance receivable from San Clemente Housing Partners, LP, a California Limited Partnership, whose General Partner is an affiliated organization. 120,879
Secured note receivable from Belovida at Newbury Park, LP, whose Managing General Partner is an affiliated organization, in the amount of $2,600,171 is non-interest bearing, secured by a deed of trust on the property and due in full in the year 2065. 2,563,107 Unsecured note receivable from San Pablo Senior Housing Associates II, LP, a California Limited Partnership, whose General Partner is an affiliated organization, in the amount of $1,673,627, bears interest at 4.24% compounded annually and is due in full in the year 2063. The outstanding balance includes $626,367 of accrued interest. 2,299,994 Unsecured note receivable from EAH Larkspur Creekside Associates II, a California Limited Partnership, whose General Partner is an affiliated organization, in the amount of $1,319,689 (original amount of $1,363,634) bears interest at 5.36% compounded annually is due in full in the year 2062. The outstanding balances include $732,603 of accrued interest. 2,052,292
Unsecured notes receivable from Drakes Way Housing Partners, LP, a California Limited Partnership, whose General Partner is an affiliated organization, is non-interest bearing and due in full in the year 2062. 1,571,250
Unsecured, non-interest bearing advance receivable from Drakes Way Housing, L.P., a California limited partnership, whose General Partner is an affiliated organization. 10,000 Secured note receivable from Avena Bella I, LP, a California Limited Partnership, whose General Partner is an affiliated organization, in the amount of $1,000,000, bears interest at 5.85% compounded annually and is due in full in the year 2067. The outstanding balance includes $259,627 of accrued interest. 1,259,627 33 EAH, INC. AND AFFILIATES
EAH, INC, ONLY – ADDITIONAL SCHEDULES
June 30, 2016
SCHEDULE OF NOTES RECEIVABLE (Continued)
Unsecured note receivable from Riviera–San Rafael Associates, LP, a California limited partnership, whose General Partner is an affiliated organization, in the amount of $377,225, bears interest at 4.84% compounded annually and is due in full in May 2059.

The outstanding balance includes $296,362 of accrued interest. $ 673,587 Unsecured, non-interest bearing advance receivable due in full in the year 2070, from Palm Court, Inc., a California nonprofit corporation, which is an affiliated organization. 296,382 Unsecured note receivable from Turina Associates, a California limited partnership, whose General Partner is an affiliated organization, in the amount of $62,500, bears interest at 4.84% compounded annually, due in full in May 2059. The outstanding balance includes $49,102 of accrued interest. 111,602
Unsecured, non-interest bearing advance receivable from Turina Associates, a California limited partnership, whose General Partner is an affiliated organization. 50,016 Unsecured, non-interest bearing advance receivable from Larkspur Isle, LTD, a California limited partnership, whose General Partner is an affiliated organization. 1,185,862 Secured note receivable from EAH Rohlffs Concordia Manor, LP, a California Limited Partnership, whose General Partner is an affiliated organization. The note was acquired on August 8, 2014 for cash consideration of $56,561 from an unrelated entity. The note has a face value of $2,227,194 bears interest at 3.52% compounded annually, payable to the extent of surplus cash, and matures in 2064. The Organization accounts for the note under the cost recovery method because a reasonable expectation of expected cash flows to be collected cannot be made. During the year ended June 30, 2016, payments were received in the amount of $109,400. In accordance with the cost recovery method, the payments were applied to the cost of the note reducing it to zero, and gain for the amount in excess of the cost of $109,400 has been recorded. - Secured note receivable from EAH Rohlffs Concordia Manor, LP, a California Limited Partnership (Rohlffs Manor III property), whose General Partner is an affiliated organization. The note was acquired on August 8, 2014 for cash consideration of $68,349 from an unrelated entity. The note has a face value of $2,628,484 bears interest at 3.52% compounded annually, payable to the extent of surplus cash, and matures in 2064. The Organization accounts for the note under the cost recovery method because a reasonable expectation of expected cash flows to be collected cannot be made. 68,349 Secured note receivable from Kalani Gardens II, LP, a Hawaii Limited Partnership, whose General Partner is an affiliated organization, in the amount of $6,295,000, bears interest at 2.40% compounded annually and is due in full in the year 2070. The outstanding balance includes $196,178 of accrued interest. 6,491,178

34 EAH, INC. AND AFFILIATES
EAH, INC, ONLY – ADDITIONAL SCHEDULES
June 30, 2016
SCHEDULE OF NOTES RECEIVABLE (Continued)
Secured note receivable from Parkview Family EAH II, LP, a California Limited Partnership, whose General Partner is an affiliated organization, in the amount of $2,536,800, bears interest at 2.91% compounded annually and is due in full in the year 2069. The outstanding balance includes $79,930 of accrued interest. $ 2,616,730 Secured note receivable from Parkview Senior EAH II, LP, a Hawaii Limited Partnership, whose General Partner is an affiliated organization, in the amount of $5,572,202, bears interest at 2.91% compounded annually and is due in full in the year 2069. The outstanding balance includes $224,358 of accrued interest. 5,796,560 Secured note receivable from Bridgecourt Housing, Inc., LP, a California nonprofit corporation, which is an affiliated organization, in the amount of $2,280,349, bears interest at 2.24% compounded annually and is due in full in the year 2070. The outstanding balance includes $980 of accrued interest. 2,281,329 Secured note receivable from Cochrane Morgan Hill, LP, a California Limited Partnership, whose General Partner is an affiliated organization, in the amount of $229,713, bears interest at 3.28% compounded annually and is due in full in the year 2069. The outstanding balance includes $1,559 of accrued interest. 164,779 Secured note receivable from Cochrane Morgan Hill, LP, a California Limited Partnership, whose General Partner is an affiliated organization, in the amount of $45,943, bears interest at 3.28% compounded annually and is due in full in the year 2069. The outstanding balance includes $309 of accrued interest. 32,629 Secured note receivable from Oaks II, L.P., LP, a California Limited Partnership, whose General Partner is an affiliated organization, in the amount of $396,000, bears interest at

2.61% compounded annually and is due in full in the year 2070. The outstanding balance includes $5,627 of accrued interest. 401,627
Unsecured note receivable from Stonebridge Housing II, L.P., a California Limited Partnership, whose General Partner is an affiliated organization, in the amount of $269,543 due in full in December 2016. $ 269,543
Total notes receivable $ 33,635,397
35 EAH, INC. AND AFFILIATES
EAH, INC, ONLY – ADDITIONAL SCHEDULES
June 30, 2016

SCHEDULE OF GROUND LEASE AGREEMENTS
The long term ground lease rents receivable are stated at their fair value, increasing annually by the amount of annual ground lease rent earned. Payments are either made to the extent of annual surplus cash generated by the property or are deferred until maturity. The collection of the ground lease rents receivable are dependent on the long term operating results and value of the properties owned by the partnerships at the maturity date.

Ground lease rent receivable
The Organization entered into a ground lease agreement with Turina Associates, a California limited partnership, whose General Partner is an affiliated California nonprofit corporation, to lease the land on which Anise Turina Apartments is located.

The term of the lease is 55 years commencing March 2004, and requires annual rent of $37,576. Rent shall be payable only to the extent there is surplus cash, as defined in the agreement, and unpaid rents are due in full in the year 2060. $ 295,481 The Organization entered into a ground lease agreement with Riviera-San Rafael Associates, a California limited partnership, whose General Partner is an affiliated California nonprofit corporation, to lease the land on which Riviera Apartments is located. The term of the lease is 55 years commencing March 2004, and requires annual rent of $34,160. Rent shall be payable only to the extent there is surplus cash, as defined in the agreement, and unpaid rents are due in full in the year 2060. 219,470 The Organization entered into a ground lease agreement with Dublin Transit Site A2, LP, a California limited partnership, whose General Partner is an affiliated organization, to lease the land on which the Dublin Transit site is located. The term of the lease is 55 years commencing June 30, 2005, and requires annual rent of $25,000. Rent shall be payable only to the extent there is surplus cash, as defined in the agreement, and unpaid rents are due in full in the year 2061. 96,055
Total ground lease rent receivable $ 611,006
Prepaid ground lease
The Organization entered into a ground lease agreement with San Clemente Housing Partners, LP, a California limited partnership, whose General Partner is an affiliated organization, to lease the land on which San Clemente Apartments is located. The term of the lease is 85 years commencing December 2005, and required prepayment of the entire ground lease rent of $5,295,533. The Organization recognizes annual lease income of $62,300. $ 4,636,189
36 EAH, INC. AND AFFILIATES
EAH, INC, ONLY – ADDITIONAL SCHEDULES
June 30, 2016

SCHEDULE OF INVESTMENTS
EAH serve as the general partner of partnerships which own and operate affordable housing. The investments are recorded using the equity method, which consists of the cumulative balance of the initial capital contribution to the partnership plus the general partners’ percentage allocation of the partnerships’ net earnings or loss.

Investments in other companies consist of the following as of June 30, 2016:

Larkspur Isle, LTD 99% Limited $ 257,204
Morgan Hill Ranch Housing, L.P. 99% Limited -
Cochrane Village Apartments, L.P. 99% Limited -
Stonebridge Housing Corporation 50% Limited 1,030,537
Sonoma Creekside, L.P. 10% Limited 204,442
Riverfield Homes, L.P. 10% Limited -
Cecilia Place Homes, L.P. 10% Limited -
Midtown Family Associates, L.P. 10% Limited 550,943
Midtown Senior Associates, L.P. 10% Limited 518,973
Golden Oak Manor, L.P. 10% Limited 199,919
Cecilia Place Homes, L.P. 10% Limited -
Three Oaks Housing, L.P. 1% Limited 24,231
South Winery Associates, L.P. 1% Limited 67,482
Don Avante Associates I, L.P. .1% Limited 167,462
Don Avante Associates II, L.P. .1% Limited 182,676
San Clemente Housing Partners .01% General 1,800,092
Dublin Transit Site A2, L.P. .01% General 1,229,237
Don de Dios, L.P. 51% General -
3706 San Pablo Emeryville, L.P. 51% General -
Avena Bella II, L.P. 49% Limited -
Mackey Terrace EAH, L.P. 49% Limited -
Orchards Morgan Hill, L.P. 49% Limited -
Walnut Place EAH, L.P. 49% Limited -
HPIEx 122,550
Total investments in other companies $ 6,355,748
37 EAH, INC. AND AFFILIATES
EAH, INC, ONLY – ADDITIONAL SCHEDULES
June 30, 2016

SCHEDULE OF NOTES AND MORTGAGES PAYABLE
Note payable for Imperial Senior
Note payable to the City of Imperial in the amount of $500,000, is unsecured and non-interest bearing. Upon acquisition of the site, the balance of the loan will be rolled into a deferred loan. $ 176,605
Note payable for Morgan Hill Family
Note payable to the City of Morgan Hill in the amount of $3,622,000 bears 3% simple interest and is secured by a deed of trust on the property. Annual payments of 50% of Surplus Cash, as defined in the note, is due on May 1 of each year commencing upon the issuance of the final certificate of occupancy. Outstanding principal and accrued interest is due in full in the year 2071. As of June 30, 2016, accrued interest amounted to $81,626. 2,161,992
Note payable for Morgan Hill Family
Note payable to the City of Morgan Hill in the amount of $390,000 bears 3% simple interest and is secured by a deed of trust on the property. Annual payments of 50% of Surplus Cash, as defined in the note, is due on May 1 of each year commencing upon the issuance of the final certificate of occupancy. Outstanding principal and accrued interest is due in full in the year 2071. As of June 30, 2016, accrued interest amounted to $0. 390,000
Note payable for Avena Bella II
Note payable to the City of Turlock in the amount of $500,000, is unsecured and non-interest bearing. Upon acquisition of the site, the balance of the loan will be rolled into a deferred loan. 152,315
Note payable for Avena Bella
Note payable to JPMorgan Bank and Trust Company, N.A. under the Federal Home Loan Bank of San Francisco’s Affordable Housing Program (AHP), is non-interest bearing, and is secured by a deed of trust on the property. Payments are deferred for 55 years principal is due in full in the year 2067. 1,000,000 Total notes and mortgages payable $ 3,880,912
EAH, INC. AND AFFILIATES
A California Nonprofit Public Benefit Corporation

COMBINED FINANCIAL STATEMENTS
AND INDEPENDENT AUDITOR’S REPORT
June 30, 2017 and 2016
EAH, INC. AND AFFILIATES

COMBINED FINANCIAL STATEMENTS
Years Ended June 30, 2017 and 2016

TABLE OF CONTENTS
Page
INDEPENDENT AUDITOR’S REPORT 3

FINANCIAL STATEMENTS
Combined Statements of Financial Position 5
Combined Statements of Activities 6
Combined Statements of Cash Flows 7
Notes to Combined Financial Statements 8

SUPPLEMENTARY INFORMATION
Combining Schedules of Financial Position 29
Combining Schedules of Activities 31
EAH, Inc. Only - Schedules of Financial Position 32
EAH, Inc. Only - Schedules of Activities 33
EAH, Inc. Only - Schedules of Cash Flows 34
EAH, Inc. Only – Additional Schedules 35
INDEPENDENT AUDITOR’S REPORT
To the Board of Directors
EAH Inc. and Affiliates
Report on the Combined Financial Statements
We have audited the accompanying combined financial statements of EAH, Inc., a California nonprofit public benefit corporation, and affiliates which comprise the combined statements of financial position as of June 30, 2017 and 2016, and the related combined statements of activities and cash flows for the years then ended, and the related notes to the combined financial statements.

Management’s Responsibility for the Combined Financial Statements Management is responsible for the preparation and fair presentation of these combined financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of combined financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility
Our responsibility is to express an opinion on these combined financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America.

Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the combined financial statements are free of material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the combined financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the combined financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the combined financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the combined financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion
In our opinion, the combined financial statements referred to above present fairly, in all material respects, the financial position of EAH, Inc. and affiliates, as of June 30, 2017 and 2016, and the changes in its net assets and cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.

Other Matters
Other Information
Our audit was conducted for the purpose of forming an opinion on the basic combined financial statements taken as a whole. The accompanying supplementary information on pages 29 –42 is presented for purposes of additional analysis and is not a required part of the basic combined financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the combined financial statements. The information has been subjected to the auditing procedures applied in the audit of the combined financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the combined financial statements or to the combined financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated in all material respects in relation to the basic combined financial statements as a whole.

Moraga, California
December 21, 2017
The accompanying notes are an integral part of these financial statements. 5 EAH, INC. AND AFFILIATES

COMBINED STATEMENTS OF FINANCIAL POSITION
June 30, 2017 and 2016
Current assets
Cash and cash equivalents $ 21,263,737 $ 16,759,112
Restricted cash and deposits, current portion (note B) 5,814,377 2,490,170 Investments (note C) 11,925,238 11,019,585
Receivables, current portion (note D) 5,203,972 3,616,538 Prepaid expenses and deposits 593,373 629,328
Total current assets 44,800,697 34,514,733
Other assets
Restricted cash and deposits, net of current portion (Note B) 28,066,424 25,274,546 Receivables, net of current portion (note D) 352,365 1,184,528 Development in progress (note E) 2,680,610 4,100,885
Notes and advances receivable, including interest (note F) 11,803,945 11,728,750 Prepaid ground lease rent (Note G) 4,742,947 4,798,392
Land held for development and lease (note H) 9,563,533 11,498,937 Property and equipment, net (note I) 500,043,436 441,230,252 Investments in partnerships and other companies (note C) 1,323,047 2,570,539 Deferred costs, net (note J) 814,411 928,861
Other assets 255,332 450,567
Total assets $ 604,446,747 $ 538,280,990
Current liabilities
Accounts payable and accrued expenses $ 1,481,176 $ 842,457 Deferred revenue, current portion (note L) 218,158 193,521 Development costs payable 553,707 2,285,735
Interest payable, current portion 560,323 2,614,420
Notes and mortgages payable, current portion (note M) 3,847,158 3,319,377 Total current liabilities 6,660,522 9,255,510
Long-term obligations
Accrued expenses, less current portion 1,460,677 1,279,388 Deferred revenue, less current portion (note L) 7,228,657 6,078,850 Tenant security deposits 2,025,158 1,816,282
Related party fees payable 132,099 461,988
Ground lease payable (note N) 171,300 180,900
Accrued interest payable, less current portion 34,177,469 28,258,996 Notes and mortgages payable, less current portion (note M) 315,941,750 280,138,107 Total liabilities 367,797,632 327,470,021
Net assets
Controlling interests
Unrestricted 86,444,864 82,198,677
Board-designated funds (note A) 19,505,177 15,827,251
Total controlling interests 105,950,041 98,025,928
Non-controlling interests 130,699,074 112,785,041
Total net assets 236,649,115 210,810,969
Total liabilities and net assets $ 604,446,747 $ 538,280,990

LIABILITIES AND NET ASSETS
ASSETS
2017 2016
The accompanying notes are an integral part of these financial statements. 6 EAH, INC. AND AFFILIATES

COMBINED STATEMENTS OF ACTIVITIES
Years Ended June 30, 2017 and 2016
Unrestricted support and revenue
Support
Grants - administrative $ 133,887 $ 292,309
Grants - project development 471,208 898,762
Donations from affiliates 5,896,414 1,162,021
Other donations and fundraising events 143,846 162,189
Total support 6,645,355 2,515,281
Revenue
Property management and accounting fees 4,230,283 4,641,319 Partnership and asset management fees 455,863 286,680
Development fees 756,299 2,829,174
Rental property income 46,205,122 42,341,965
Income (loss) from investments in partnerships 42,493 4,381 Interest and investment income 587,939 400,316
Net realized and unrealized gain on investments 942,416 187,461 Other income 1,339,964 831,166
Total revenue 54,560,379 51,522,462
Total support and revenue 61,205,734 54,037,743
Expenses
Program services 63,051,462 62,066,991
Management and general 1,243,333 1,309,516
Fundraising 18,242 46,211
Total expenses 64,313,037 63,422,718
Change in net assets (3,107,303) (9,384,975)
Net assets - beginning of year 210,810,969 206,420,847
Acquisition of controlling interest 1,155,691 -
Capital contributions, net of distributions and syndication costs 27,789,758 13,775,097 Net assets - end of year $ 236,649,115 $ 210,810,969
Reconciliation of net assets
Controlling interest:

Beginning of year $ 98,025,928 $ 92,251,762
Acquisition of controlling interests 1,155,691 -
Change in net assets 6,768,422 5,774,166
End of year 105,950,041 98,025,928
Non-controlling interest:

Beginning of year 112,785,041 114,169,085
Capital contributions, net of distributions and syndication costs 27,789,758 13,775,097 Non-controlling interests in limited partnership earnings (9,875,725) (15,159,141) End of year 130,699,074 112,785,041
Net assets, end of year $ 236,649,115 $ 210,810,969
2017 2016
The accompanying notes are an integral part of these financial statements. 7 EAH, INC. AND AFFILIATES

COMBINED STATEMENTS OF CASH FLOWS
Years Ended June 30, 2017 and 2016

CASH FLOWS FROM OPERATING ACTIVITIES
Change in net assets $ (3,107,303) $ (9,384,975)
Donation of notes receivable and accrued interest (5,164,094) - Adjustments to reconcile change in net assets to net cash provided by operating activities:

Depreciation and amortization 16,848,699 10,014,191
(Increase) decrease in:

Receivables (752,999) (291,023)
Prepaid expenses 51,358 (412,768)
Notes receivable interest (155,789) (145,818)
Prepaid ground lease 55,445 55,444
Investments in partnerships 41,427 (618,517)
Other assets 195,235 209,967
Increase (decrease) in:

Accounts payable and accrued expenses 291,066 1,695,901 Tenant security deposits 129,433 29,173
Deferred revenue 1,174,444 759,883
Ground lease payable (9,600) (11,356)
Accrued mortgage interest 1,523,435 3,157,299
Net cash used by operating activities 11,120,757 5,057,401

CASH FLOWS FROM INVESTING ACTIVITIES
(Deposits to) releases from restricted cash and deposits (4,745,044) 29,605,621 (Deposits to) releases from investments (905,653) (8,491,464) Payments for development in progress (1,009,967) (2,441,463) Collection of (advances for) note receivable 80,594 (925,956) Proceeds from sale of land - 535,000
Additions to property and equipment (56,012,807) (20,680,633) Net cash provided by investing activities (62,592,877) (2,398,895)

CASH FLOWS FROM FINANCING ACTIVITIES
Payments of deferred costs (1,510,383) (1,330,862)
Capital contributions, net of syndication costs 27,581,680 13,775,097 Proceeds from mortgages payable 70,656,069 18,814,251
Principal payments on mortgages payable (40,750,621) (42,244,450) Net cash used by financing activities 55,976,745 (10,985,964) Increase (decrease) in cash 4,504,625 (8,327,458)
Cash at beginning of year 16,759,112 25,086,570
Cash at end of year $ 21,263,737 $ 16,759,112
2017 2016
8 EAH, INC. AND AFFILIATES

NOTES TO COMBINED FINANCIAL STATEMENTS
June 30, 2017 and 2016

In addition, EAH is also affiliated with and under common board control with other not-for-profit and for profit corporations which have been formed either as supporting entities to EAH, or as instruments to further EAH’s organization objectives. These entities, which are included in the combined financial statements of EAH in accordance with accounting principles generally accepted in the Unites States of America, are listed below:
 Pelican Way EAH, LLC (Pelican Way), a single member limited liability company whose single member is EAH, that was formed to own, operate and maintain real property in San Rafael, CA. EAH leases its office space from Pelican Way.
 Single-purpose, single member limited liability companies (LLC’s) holding controlling general partner interest (ranging from 0.01% to 1%) in their respective partnerships whose affordable housing is currently in development under the low income housing tax credit program (LIHTC) as follows:

Not-For- Profit Corporations and LLC's Limited Partnership(s) Avena Bella EAH, LLC (1) Avena Bella II, LP
Lightfighter Village EAH LLC Lightfighter Village, LP
Summer Park EAH LLC Summer Park Fresno, L.P.

Fellowship Plaza LLC (1) Fellowship Plaza, L.P.

Piper Court EAH LLC (1) Piper Court Fairfax, L.P.
 Single-purpose not-for-profit corporations holding controlling general partner interest (ranging from

0.01% to 1%) in the respective limited partnerships which are no longer in operation and are in the process of being dissolved. In addition, EAH owns certain limited partner interests as noted:

Not-For- Profit Corporations Limited Partnership(s), if applicable Don Avante Family Homes, Inc. (1) Don Avante Associates I, L.P. (1) Don Avante Associates II, L.P.

Golden Oak Manor, Inc. (1) Golden Oak Manor, LP
Midtown Family Homes, Inc. (1) Midtown Family Associates, LP (1) Midtown Senior Associates, LP
Sonoma County Affordable Homes, Inc. (1) Sonoma Creekside Limited Partnership Three Oaks Family Homes, Inc. (1) Three Oaks Housing, LP Ecumenical Housing Corporation
North Marin Senior Housing Corporation
West Marin/Ecumenical Senior Housing
(1) EAH is the Limited Partner
(2) EAH is the sole member of the General Partner
9 EAH, INC. AND AFFILIATES

NOTES TO COMBINED FINANCIAL STATEMENTS
June 30, 2017 and 2016
NOTE A - NATURE OF ACTIVITIES AND SUMMARY OF ACCOUNTING POLICIES (Continued)  Single-purpose not-for-profit corporations and single member limited liability companies (LLC’s) holding controlling general partner interest (ranging from 0.01% to 1%) in their respective LIHTC limited partnerships providing affordable housing. In addition, EAH owns certain limited partner interests as noted :

Not-For- Profit Corporations and LLC's Limited Partnership(s) 32300 Almaden Boulevard LLC Los Robles Apartments Associates, L.P. 3706 San Pablo Emeryville EAH, LLC (2) 3706 San Pablo Emeryville, LP Archway Commons EAH, LLC Archway Commons I, L.P.

Avena Bella EAH, LLC Avena Bella I, L.P.

Buchanan Park EAH LLC Buchanan Park EAH, L.P.

Cathedral Gardens Oakland LLC Cathedral Gardens Oakland, L.P.

Cecilia Place Homes, Inc. (1) Cecilia Place Homes, L.P.

Bella Terra EAH, L.P.

Cochrane Morgan Hill EAH, LLC Cochrane Morgan Hill EAH, L.P.

Crescent Park EAH, LLC Crescent Park EAH, L.P.

Don de Dios EAH, LLC (2) Don de Dios, LP
Drakes Way EAH, Inc. Drakes Way Housing Partners, L.P.

Dublin & Demarcus, LLC (2) Dublin Transit Site A2, L.P.

EAH Bay Area Community LLC (2) San Clemente Housing Partners, L.P.

EAH Elena Gardens LLC EAH Elena Gardens, L.P.

EAH-Creekside EAH Larkspur Creekside Associates II, L.P.

EAH Park Place, LLC EAH Park Place, LP
EAH-San Pablo San Pablo Senior Associates II, L.P.

Golden Oak Manor EAH LLC Golden Oak Manor II, L.P.

Golden Oak Manor, Inc. Vista Park Associates I, L.P.

Vista Park Associates II, L.P.

Hamilton Affordable Homes, Inc. Hamilton Continuum Partners I, L.P.

Hamilton Continuum Partners II, L.P.

Interfaith Housing Foundation Shelter Hill, L.P.

Kings Valley EAH, LLC Kings Valley, L.P.

Larkspur Isle EAH, Inc (1) Larskpur Isle, LTD
Mackey Terrace EAH, LLC Mackey Terrace EAH, LP
Midtown Homes, Inc. EAH - Gateway Santa Clara I, L.P.

Story Plaza Apartments, L.P.

Orchards EAH, LLC (2) Orchards Morgan Hill, LP
Palm Court Senior Homes, Inc. Riviera-San Rafael Associates, L.P.

Turina Associates, LP
Palm Court Senior Homes, L.P.

Parkview Family II LLC Parkview Family EAH II, L.P.

Parkview Senior II LLC Parkview Senior EAH II, L.P.

Point Reyes EAH, Inc. Point Reyes Affordable Homes, L.P.

Rohlffs Manor EAH, Inc. EAH Rohlffs Concordia Manor, L.P. (1) EAH is the Limited Partner
(2) EAH is the sole member of the General Partner
10 EAH, INC. AND AFFILIATES

NOTES TO COMBINED FINANCIAL STATEMENTS
June 30, 2017 and 2016
NOTE A - NATURE OF ACTIVITIES AND SUMMARY OF ACCOUNTING POLICIES (Continued) Not-For- Profit Corporations and LLC's Limited Partnership(s) Sonoma Creekside EAH, LLC Sonoma Creekside EAH II, L.P.

Sonoma County Affordable Homes, Inc. (1) Riverfield Homes Limited Partnership South Winery Housing, Inc. (1) South Winery Associates, L.P.

Oaks EAH, LLC Oaks II, LP
Walnut Place EAH, LLC Walnut Place EAH, LP
 Other single-purpose corporations holding sole member interests in LLC’s which hold controlling general partner interest (ranging from 0.01% to 1%) in their respective partnerships and other corporations which own affordable housing as noted below:

Corporations Property Name, if applicable
1150 Webster Street, Inc. Buchanan Park
Bridgecourt Housing, Inc. Piper Court
Cloverdale Senior Housing, Inc. Kings Valley
Dublin Transit EAH, Inc. Camelia Place
EAH - Contra Costa, Inc. Crescent Park
Elena Gardens Homes, Inc. Elena Gardens
Los Robles Apartments, Inc. Los Robles Apartments
Morgan Hill Ranch, Inc. Cochrane-Morgan
San Clemente EAH, Inc. San Clemente
The combined financial statements do not include certain single-purpose LLC’s holding a general partner interest (ranging from .01 to 1%) in their respective limited partnerships and not for profit corporations providing affordable housing for which EAH is deemed not to have majority control or majority control and an economic benefit:

Not-For- Profit Corporations and LLC's Property Name or Limited Partnership Arbor Court, Inc. Arbor Court
Floral Gardens Apartments, Inc. Floral Gardens
Fountain West Apartments, Inc. Fountain West
Main Street Apartments, Inc. Silver Oak
Bee Street Housing, Inc. Bee Street Housing
Belvedere - Tiburon Housing Association Farley Place
Olive Avenue Apartments, Inc. . Margaret Duncan Greene Apartments Ecology House, Inc. Ecology House
Lincoln Avenue Apartments, Inc. Lincoln Avenue Apartments Rodeo Senior Apartments, Inc. Rodeo Gateway
Stonehaven Student Housing, Inc. Stonehaven
Beckett Hall, Inc. Primero Grove
Stonebridge Housing Corporation Stonebridge Housing II, L.P.

Stonebridge Housing Associates
Stonebridge Housing, LLC Stonebridge Housing Associates Centertown, Inc. Centertown Associates, Ltd.
11 EAH, INC. AND AFFILIATES

NOTES TO COMBINED FINANCIAL STATEMENTS
June 30, 2017 and 2016
NOTE A - NATURE OF ACTIVITIES AND SUMMARY OF ACCOUNTING POLICIES (Continued) A summary of the significant accounting policies applied in the preparation of the accompanying combined financial statements is as follows:

Partnerships over which EAH or its affiliates exercise significant influence are included in the combined financial statements using the equity method of accounting.

Eliminations
Material intercompany balances and transactions between controlled entities are eliminated in the combined financial statements. Examples include: elimination of partnership management, property management, accounting and other fees on the books of EAH against the corresponding operating expenses on a partnership or property’s books; elimination of receivables from partnerships and properties on EAH and certain affiliates’ books against the corresponding payables on the partnerships and properties books; and elimination of developer fee revenue on EAH’s books against developer fee costs which is capitalized into building cost on a partnership’s books. Financial statements for each of the major business components, prior to eliminations, are available in the Supplementary Information.

2. Basis of Presentation
The accompanying combined financial statements have been prepared on the accrual basis in accordance with accounting principles generally accepted in the United States of America (GAAP). Support and revenues are recorded in the period when earned and expenses when incurred, regardless of the timing of payments. In addition, the financial position and activities are presented on the basis of unrestricted, temporarily restricted and permanently restricted net assets depending on the nature of any donor imposed restrictions. As of June 30, 2017, all of EAH’s net assets are unrestricted. 12 EAH, INC. AND AFFILIATES

NOTES TO COMBINED FINANCIAL STATEMENTS
June 30, 2017 and 2016
NOTE A - NATURE OF ACTIVITIES AND SUMMARY OF ACCOUNTING POLICIES (Continued)

EAH and affiliates maintain cash on deposit at banks in excess of the Federal Deposit Insurance Corporation limit. EAH and affiliates have not experienced any losses in such accounts and believes it is not exposed to any significant risk of loss.

Cash equivalents are highly liquid investments that are readily convertible to known amounts of cash.

Generally, money market accounts and investments with original maturities of three months or less qualify as cash equivalents.

The designated cash for the capital fund has been designated by the board to be used for various purposes at the board’s discretion. These funds are not restricted by any outside third party.

4. Restricted Cash and Deposits
Restricted cash includes reserves for repairs and replacements, operating reserves, tax and insurance impound accounts, and other reserves.

5. Investments – Fair Value

Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement.
13 EAH, INC. AND AFFILIATES

NOTES TO COMBINED FINANCIAL STATEMENTS
June 30, 2017 and 2016
NOTE A - NATURE OF ACTIVITIES AND SUMMARY OF ACCOUNTING POLICIES (Continued)

5. Investments – Fair Value (Continued)
The availability of valuation techniques and observable inputs can vary from security to security and is affected by a wide variety of factors, including the type of security, whether the security is new and not yet established in the marketplace, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgement.

Those estimated values do not necessarily represent the amounts that may be ultimately realized due to the occurrence of future circumstances that cannot be reasonably determined. Because of the inherent uncertainty of valuation, those estimated values may be materially higher or lower than the values that would have been used had a ready market for the securities existed.

6. Investments in Uncombined Entities
EAH uses the equity method to account for its investments in partnerships over which EAH’s officers and/or board are deemed not to have majority control. Under the equity method, the initial investment is recorded at cost and is subsequently increased by EAH’s share of earnings and decreased by its share of losses and distributions. Under the equity method, losses from operating partnerships in which EAH is not required to fund any operating deficit obligations are no longer recognized once the balance in the investment account reaches zero.

7. Allowance for Uncollectible Accounts
EAH records an allowance for doubtful accounts related to partnership management fees and developer fees based on a review of outstanding amounts receivable, existing conditions and specific situations. EAH elects to record bad debt for all other receivables using the direct write-off method. GAAP requires that the allowance method be used to reflect bad debts. However, the effect of the use of the direct write-off method is not materially different from the result that would be obtained had the allowance method been followed.

8. Development in Progress
Developments in progress include the cost of acquisition, construction or rehabilitation of housing projects that have not been completed. EAH incurs costs during the predevelopment phase of each affordable housing project undertaken. Property holding costs (including interest costs incurred on rehabilitationrelated debt, net of interest earned on investment of the borrowed funds) are also capitalized. Any funds expended on a project that does not pass beyond the development stage are recorded as expenses when further activity on the project ceases.

9. Property and Equipment and Deferred Costs
Property is stated at cost as of the date of acquisition, or fair market value as of the date of donation. The cost of maintenance and repairs for the buildings are charged to operations when incurred. Renewals and betterments are capitalized. Depreciation is provided in amounts sufficient to relate the cost or fair market value of depreciable assets to operations over their estimated service lives using the straight-line method. 14 EAH, INC. AND AFFILIATES

NOTES TO COMBINED FINANCIAL STATEMENTS
June 30, 2017 and 2016
NOTE A - NATURE OF ACTIVITIES AND SUMMARY OF ACCOUNTING POLICIES (Continued)

9. Property and Equipment and Deferred Costs (Continued) The useful lives of the assets are estimated as follows:

Buildings and improvements 15 to 40 years
Furniture, fixtures and equipment 5 to 10 years

EAH reviews its investment in real estate for impairment whenever events or changes in circumstances indicate that the carrying value of such property may not be recoverable. Recoverability is measured by a comparison of the carrying amount of the real estate to the future net undiscounted cash flow expected to be generated by the rental property and any estimated proceeds from the eventual disposition of the real estate. If the real estate is considered to be impaired, the impairment to be recognized is measured at the amount by which the carrying amount of the real estate exceeds the fair value of such property. There were no impairment losses recognized in the years ending June 30, 2017 and 2016.

10. Land
Purchased land is carried at cost. Donated land is carried at estimated fair market value at the date of donation. EAH leases most of its land to affiliated affordable housing developments under long-term leases.

11. Capitalized Interest
EAH and affiliates capitalize interest incurred during construction as a component of development in progress and building and improvements costs.

12. Deferred Costs and Amortization
Deferred costs consist of tax credit monitoring fees and market study costs that are amortized over ten to fifteen years using the straight-line method. As of June 30, 2017 and 2016, deferred costs are net of accumulated amortization of $812,350 and $638,705, respectively.

13. Fair Value of Financial Assets and Liabilities
The carrying amounts of financial instruments including cash and cash equivalents, other advances and receivables, accounts payable and accrued expenses, and tenant security deposits approximate fair value due to the relatively short-term maturity of these instruments. The carrying value of long-term debt approximates fair value based on prevailing borrowing rates currently available for loans with similar terms and maturities.

14. Revenue Recognition
Property Management Revenue
EAH provides property management, bookkeeping and related services. Property management revenue is recognized when the related services are performed and the earnings process is complete. In addition, EAH is reimbursed for expenses incurred in connection with the management of properties for third parties which are primarily salaries and benefits relating to employees at properties. 15 EAH, INC. AND AFFILIATES

NOTES TO COMBINED FINANCIAL STATEMENTS
June 30, 2017 and 2016
NOTE A - NATURE OF ACTIVITIES AND SUMMARY OF ACCOUNTING POLICIES (Continued)

14. Revenue Recognition (Continued)
Contributions Revenue
Contributions are recognized as revenue when they are unconditionally promised. Noncash contributions are recorded at their estimated fair value when received. Contributions to be received after one year are discounted at an appropriate discount rate when material. Grants represent contributions if resource providers receive no value in exchange for the assets transferred. Contributions are recorded at their fair value as unrestricted support, temporarily restricted support or permanently restricted support, depending on the absence or existence of donor-imposed restrictions as applicable. When a restriction expires, that is when a stipulated time restriction ends or purpose restriction is accomplished, temporarily restricted net assets are reclassified to unrestricted net assets and reported in the combined statements of activities as net assets released from restrictions. Contributions restricted for the purpose of long-lived assets are reported as unrestricted support when expended for that purpose in the individual financial statements of each affiliated entity, but may be reported as temporarily restricted net assets in the combined financial statements.

Rental Housing Revenue
Revenue from resident fees, rents and services is recognized in the period rendered. Rental income is shown at its maximum gross potential. Vacancy loss and concessions are shown as a reduction of rental income.

Rental units occupied by employees are included in rental income and as an expense of operations. Most of the rental income is received under short-term residential leases.

Revenue from long-term leases on land is recorded in the period earned, according to lease contract terms.

In many situations, rental revenue is payable only from excess cash and is recorded when cash is received.

Development Fee Revenue
EAH provides development services in connection with the acquisition, construction or rehabilitation of housing projects. Developer fees are earned during the predevelopment, development and closing phases of the projects. Developer fees are recognized based on the milestone method during the predevelopment and closing phases of the projects and based on the percentage-of-completion method during the development phase. Payments received for services not yet performed are deferred until earned.

Developer fees recognized from combined affiliates or combined affiliates are eliminated as intercompany transactions. EAH estimates that 80% of its development fees cover related project costs. Project costs include costs of development, such as consultants, allocated internal salaries and benefits, related overhead, and other non-reimbursed fees that are ordinarily capitalized. The 20% profit portion of developer fees are considered as deferred revenue and amortized annually to offset the depreciation expense related to the fee capitalized as real property costs.
16 EAH, INC. AND AFFILIATES

NOTES TO COMBINED FINANCIAL STATEMENTS
June 30, 2017 and 2016
NOTE A - NATURE OF ACTIVITIES AND SUMMARY OF ACCOUNTING POLICIES (Continued)

15. Allocation of Partnership Income/Losses and Tax Credits The affiliated partnerships are generally expected to generate low-income housing tax credits, which will be allocated in the same manner as the income or loss of each affiliated partnership. Because the limited partners' losses are limited to their investments, except when EAH and affiliates are also the co-general partner and co-limited partner, the limited partners' equity will not be reduced below zero unless future capital contributions will be made in amounts sufficient to absorb the losses. All remaining losses are allocated to the general partners. Any subsequent income allocable to the limited partners is allocated to the general partners first until the general partners' share of that income offsets the losses not previously recognized by the limited partners.

16. Functional Allocation of Expenses
The costs of providing the various programs and activities have been summarized on a functional basis in the statement of activities. Accordingly, certain costs have been allocated among the programs and supporting services based on estimates of employees’ time incurred and usage of resources. Program services include all expense relating to development, management and rental operations of properties, and community relations and advocacy. Supporting services consist of management and general purposes.

Fundraising expenses are not significant and are included in supporting services.

17. Income Taxes and Tax Exempt Status
EAH and other not-for profit corporations have been granted tax-exempt status by the Internal Revenue Service, under Code Section 501 (C) (3), and the California Franchise Tax Board under the Revenue and Taxation Code Section 23701(d). The income or loss from the partnerships is reported by the partners on their tax returns.

EAH and affiliates believe that they have appropriate support for any tax positions taken, and as such, do not have any uncertain tax positions that are material to the combined financial statements. EAH and affiliates’ federal and state income tax and information returns for the years 2012 through 2015 are subject to examination by the regulatory agencies, generally for three years and four after they were filed for federal and state, respectively.

18. Guarantees
Generally accepted accounting principles require a liability to be recorded for the fair value of the stand ready obligation associated with a guarantee issued after December 31, 2002. Guarantees issued between entities under common control or on behalf of an entity under common control are excluded.

Consequently, no liabilities have been recorded as all guarantees are considered to be issued to entities under common control.
17 EAH, INC. AND AFFILIATES

NOTES TO COMBINED FINANCIAL STATEMENTS
June 30, 2017 and 2016
NOTE A - NATURE OF ACTIVITIES AND SUMMARY OF ACCOUNTING POLICIES (Continued)

19. Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates.

20. Related Party Transactions
Most related-party transactions have been eliminated in the combined financial statement. The remaining related-party transactions are immaterial.

21. Risks and Uncertainties
EAH is subject to various risks and uncertainties in the ordinary course of business that could have adverse impacts on its operating results and financial condition. Future operations could be affected by changes in the economy or other conditions in the geographical area where the corporation is located or by changes in federal, state and/or local low-income housing subsidies or the demand for such housing. 22 Subsequent Events
Subsequent events were evaluated through December 21, 2017, which is the date the combined financial statements were available to be issued.

23. Recently Adopted Accounting Standards
In April 2015, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2015-03, Simplifying the Presentation of Debt Issuance Costs, which changes the presentation of debt issuance costs in a reporting entity’s financial statements. Under this new guidance, debt issuance costs will be presented as a direct deduction from the related debt liability instead of an asset.

Amortization of debt issuance costs will be reported as interest expense in the statements of operations.

This accounting update does not affect the current accounting guidance for the recognition and measurement of debt issuance costs. Amortization of the debt issuance costs is calculated using the straight-line method and is included as a component of interest expense. The adoption of this guidance did not have a material impact on the financial statements. Certain amounts in the 2016 financial statements have been reclassified to conform with current year presentation which had no impact on net income for 2016.
18 EAH, INC. AND AFFILIATES

NOTES TO COMBINED FINANCIAL STATEMENTS
June 30, 2017 and 2016
NOTE B – RESTRICTED CASH AND DEPOSITS
EAH and affiliates are required to maintain various reserves for operations and maintenance of the property and equipment in accordance with the partnership agreements, loan and regulatory agreements. Certain affiliates are required to maintain impound accounts to cover property and insurance premiums. In addition, EAH and affiliates are required to hold tenant security deposits in separate bank accounts in the name of the properties.

Accordingly, such restricted cash and deposits as of June 30, 2017 and 2016 consist of the following:

Tenant security deposits $ 2,065,040 $ 1,908,777
Mortgage impound accounts 513,797 449,550
Replacement, operating and other reserves 31,301,964 25,406,389 Total restricted cash and deposits 33,880,801 27,764,716 Less current portion (5,814,377) (2,490,170)
Restricted cash and deposits, long-term portion $ 28,066,424 $ 25,274,546 2017 2016
NOTE C – INVESTMENTS
Investments
EAH’S investments measured at fair value on a recurring basis as of June 30, 2017 and 2016, and the fair value hierarchy of the valuation techniques utilized by EAH to determine fair values are as follows:

Mutual funds $ 5,042,579 $ 5,822,525
Fixed income 5,609,105 5,637,042
Real estate 495,262 465,671
Total investments $ 11,146,946 $ 11,925,238
Mutual funds $ 5,334,207 $ 5,257,774
Fixed income 5,206,875 5,275,157
Real estate 267,103 486,654
Total investments $ 10,808,185 $ 11,019,585
Cost as of
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
Cost as of
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
June 30, 2017 June 30, 2017
June 30, 2016 June 30, 2016
19 EAH, INC. AND AFFILIATES

NOTES TO COMBINED FINANCIAL STATEMENTS
June 30, 2017 and 2016
NOTE C – INVESTMENTS (Continued)
The following presents investments by category at fair value as of June 30, 2016:

Mutual funds:

US equity $ 3,666,777 $ 3,182,006
Developed foreign 1,822,882 1,529,486
Emerging foreign 332,866 278,136
Hedged equity - 268,146
Total mutual funds $ 5,822,525 $ 5,257,774
Fixed income:

Taxable US $ 5,342,174 $ 4,989,495
Taxable foreign emerging 294,868 285,662
Total fixed income $ 5,637,042 $ 5,275,157
2017 2016
Investments in Uncombined Entities
EAH and affiliates serve as the general partner of partnerships which own and operate affordable housing in which EAH does not have majority control and does not consolidate. The investments are recorded using the equity method, which consists of the cumulative balance of the initial capital contribution to the partnership plus the general partners’ percentage allocation of the partnerships’ net earnings or loss.

Investments in other companies consist of the following as of June 30, 2017:

Palm Court Senior Homes, LP $ - $ 259,868
Vista Park Associates I, L.P. - 214,497
Vista Park Associates II, L.P. - 939,778
Stonebridge Housing Associates 1,073,165 1,030,538
Stonebridge Housing, L.P. 3,909 3,068
Stonebridge Housing II, LP 461 508
Cornerstone at Japan Town (189) (155)
Belovida Cecilia LLC 256 (101)
Willow Housing, L.P. (55) (12)
Fellowship Plaza EAH, LLC 400 -
HPIEx 245,100 122,550
Total investments in other companies $ 1,323,047 $ 2,570,539 2017 2016
20 EAH, INC. AND AFFILIATES

NOTES TO COMBINED FINANCIAL STATEMENTS
June 30, 2017 and 2016
NOTE D – ACCOUNTS RECEIVABLE
Accounts receivable consists of the following as of June 30, 2017:

Tenant rents and subsidy assistance $ 264,326 $ 290,869 Grants, contracts and other 936,307 416,921
Partnership management fees 219,516 257,893
Development costs 841,643 1,018,171
Developer fees 3,294,545 2,817,212
Total accounts receivable 5,556,337 4,801,066
Less current portion (5,203,972) (3,616,538)
Accounts receivable, long term $ 352,365 $ 1,184,528
2017 2016
NOTE E – DEVELOPMENT IN PROGRESS
Development in progress consists of the following as of June 30, 2017:

Morgan Hill Family $ - $ 848,073
Emeryville - 567,265
Don de Dios II - 509,534
Village Avante II - 495,279
Mackey Terrace II - 377,482
West Marin II - 360,317
Imperial Senior 361,474 354,081
Avena Bella II 454,325 163,048
Lightfighter 280,342 250,156
Fellowship Plaza 882,475 45,207
Piper Court 326,684 18,500
Winery Apartments 161,547 31,218
Pointe on Vermont 57,534 -
Other projects 156,229 80,725
Total development in progress $ 2,680,610 $ 4,100,885
2017 2016
NOTE F – NOTES RECEIVABLE
Long term notes receivable are stated at their fair value, increasing annually by the amount of accrued interest earned, unless otherwise noted. Payments are either made to the extent of annual surplus cash generated by the property or are deferred until maturity. The collection of the notes receivable are dependent on the long term operating results and the value of the properties owned by the partnerships at the maturity dates. 21 EAH, INC. AND AFFILIATES

NOTES TO COMBINED FINANCIAL STATEMENTS
June 30, 2017 and 2016
NOTE F – NOTES RECEIVABLE (Continued)
2017 2016 .

Secured note receivable from Belovida at Newbury Park, LP, whose Managing General Partner is an affiliated organization, in the amount of $2,600,171 is noninterest bearing, secured by a deed of trust on the property and due in full on January 1, 2065. $ 2,563,107 $ 2,563,107
Secured note receivable from Belovida at Newbury Park, LP, whose Managing General Partner is an affiliated organization, in the amount of $735,022 is noninterest bearing, secured by a deed of trust on the property and due in full on February 28, 2068. 735,022 735,022
Secured note receivable from Stonebridge Housing II, L.P. whose General Partner is an affiliated organization, in the amount of $269,543 is non-interest bearing, secured by a deed of trust on the property and due in full on December 31, 2017. 188,949 269,543
Secured note receivable from Kalani Gardens II, LP, a Hawaii Limited Partnership, whose General Partner is an affiliated organization, in the amount of $6,295,000, bears interest at 2.40% compounded annually and is due in full on December 31, 2070. As of June 30, 2017 and 2016, the outstanding balance includes $351,967 and $196,178 of accrued interest. 6,646,967 6,491,178 Secured notes receivable from Willow Housing, L.P., whose General Partner is an affiliated organization, in the amounts of $55,000 and $1,615,100 are noninterest bearing, secured by a deed of trust on the property and due in full on November 26, 2069. 1,669,900 1,669,900
Total notes receivable $ 11,803,945 $ 11,728,750

NOTE G - PREPAID LAND LEASE
EAH’s affiliates, Hamilton Continuum Partners I, L.P. and Hamilton Continuum Partners II, L.P. entered into ground lease agreements with the Novato Public Finance Authority (the Lease) to lease the land on which its properties are developed. The Leases are for 99 years and requires annual lease payments of $1, which was prepaid in the amount of $99. In addition, the affiliates were required to pay lease acquisition fees of $7,034,373 and incurred legal costs of $69,298 (collectively, Lease Costs) in connection with the Leases. Of the Lease Costs, $1,614,716 were capitalized into the cost of the buildings and the remaining $5,489,153 have been deferred as prepaid land lease and are being expensed over the 99 year term of the Leases. As of June 30, 2017 and 2016, the balance of the prepaid land lease is $4,742,947 and $4,798,392, respectively.

The estimated aggregate land lease expense for each of the next five years ending June 30 is as follows:
2017 55,446 $ 2020 55,446 $
2018 55,446 $ 2021 55,446 $
2019 55,446 $
22 EAH, INC. AND AFFILIATES

NOTES TO COMBINED FINANCIAL STATEMENTS
June 30, 2017 and 2016
NOTE H – LAND HELD FOR DEVELOPMENT AND LEASE
EAH owns land that is either in the process of being developed or will be developed in the future for lowincome housing. The land has been recorded at the original cost or value upon the date of donation. The land held for development consists of the following:

Morgan Hill Family site (at cost) $ - 1,935,404
Subtotal land held for development - 1,935,404
2017 2016
EAH also owns land which is leased to partnerships that operate low-income housing apartment complexes.

The General Partners of the partnerships are affiliated to EAH and are combined in these combined financial statements. The land has been recorded at the original cost or value upon the date of donation. The land held for lease consists of the following:

San Clemente Apartments (at cost) leased for 85 years $ 5,295,533 5,295,533 Camelia Place Apartments (appraised value) leased for 55 years 3,120,000 3,120,000 Anise Turina Apartments (at cost) leased for 55 years 672,000 672,000 Riviera Apartments (at cost) leased for 55 years 476,000 476,000 Subtotal land held for lease 9,563,533 9,563,533
Total land held for development and lease $ 9,563,533 $ 11,498,937 2017 2016
NOTE I – PROPERTY AND EQUIPMENT

Property and equipment and accumulated depreciation as of June 30, 2017 and 2016 consist of the following:

Land $ 33,774,885 $ 26,136,322
Building and improvements 552,139,550 486,180,130
Furniture and equipment 18,280,542 17,026,020
Total property and equipment 604,194,977 529,342,472
Less accumulated depreciation (104,151,541) (88,112,220) Property and equipment, net $ 500,043,436 $ 441,230,252 2017 2016
23 EAH, INC. AND AFFILIATES

NOTES TO COMBINED FINANCIAL STATEMENTS
June 30, 2017 and 2016
NOTE J – LINES OF CREDIT

EAH has a secured line of credit with Westamerica Bank in the amount of $2,060,000 that is secured by 7 units at Tiburon Hills Estates and matures on December 31, 2017. Outstanding principal bears interest at a variable interest rate equal to Westamerica’s index rate plus 0.250%, equal to 5.5% at June 30, 2017. As of June 30, 2017 and 2016, there was no balance outstanding.

EAH has an unsecured line of credit with Westamerica Bank in the amount of $1,250,000 which matures on December 31, 2017. Outstanding principal bears interest at a variable rate equal to Westamerica’s index rate plus 0.0750%, equal to 6% at June 30, 2017. As of June 30, 2017 and 2016, there was no balance outstanding.

EAH has an unsecured line of credit with Westamerica Bank in the amount of $1,690,000 which matures on December 31, 2017. Outstanding principal bears interest at a variable rate equal to Westamerica’s index rate plus 0.0750%, equal to 6% at June 30, 2017. As of June 30, 2017 and 2016, there was no balance outstanding.

NOTE K – DEFERRED REVENUE
Deferred revenue includes amounts related to the 20% profit portion of EAH’s development fees earned from affiliates included in the combined financial statements. During the years ended June 30, 2017 and 2016, amortization to offset depreciation expense related to the fee capitalized as real property costs, was $218,158 and $193,521, respectively. As of June 30, 2017 the total developer fees deferred and accumulated amortization are as follows:

Deferred developer fee 8,726,328 7,333,726
Less accumulated amortization (1,279,513) (1,061,355)
Deferred developer fee, net $ 7,446,815 $ 6,272,371
2017 2016
NOTE L – LONG TERM OBLIGATIONS
2017 2016 .

Mortgages payable to various banks, secured by deeds of trust on the related properties, are payable in monthly installments including interest at rates ranging from 3.67% to 6.44%. Interest expense on these mortgages for years ending June 30, 2017 and 2016 totaled $4,882,066 and $5,170,783, respectively. As of June 30, 2017 and 2016, accrued interest totaled $418,929 and $412,232, respectively. $ 98,021,305 $ 97,517,781

Interest expense on these mortgages for years ending June 30, 2017 and 2016 totaled $2,532,521 and $2,417,316, respectively. As of June 30, 2017 and 2016, accrued interest totaled $141,394 and $163,835, respectively. 62,239,179 50,524,495 24 EAH, INC. AND AFFILIATES

NOTES TO COMBINED FINANCIAL STATEMENTS
June 30, 2017 and 2016
NOTE L – LONG TERM OBLIGATIONS (Continued)
2017 2016 .

Deferred mortgages payable to various federal, state and local agencies. Such notes are secured by the related property and are either non-interest bearing or bear interest at 1% to 6.88%. Interest expense on these mortgages for years ending June 30, 2017 and 2016 totaled $8,723,546 and $3,961,155, respectively. As of June 30, 2017 and 2016, accrued interest totaled $34,141,080 and $28,258,996, respectively. $ 140,402,089 $ 123,168,569

Construction loans bearing interest at variable rates from 1.99% to 2.48%, generally with principal and interest paid monthly, to be repaid in full through 2017. Interest expense on these mortgages for years ending June 30, 2017 and 2016 totaled $47,977 and $38,337, respectively. As of June 30, 2017 and 2016, accrued interest totaled $13,735 and $0, respectively. 27,411,992 19,362,178 Total mortgages and notes payable 328,074,565 290,573,023 Less: debt issuance costs (8,017,656) (7,341,539)
Less: current maturities (3,847,158) (3,319,377)

Total long-term portion $ 316,209,751 $ 279,912,107
Principal payments for the next five years are subject to changes in net cash flow, which is a contingency that cannot reasonably be estimated. Minimum required payments on amortizing loans are estimated as follows:
2018 3,847,158 $ 2021 4,712,099 $
2019 4,247,540 $ 2022 4,992,229 $
2020 4,471,538 $
NOTE M – GROUND LEASE PAYABLE
EAH’S affiliate, EAH Larkspur Creekside Associates II, L.P., entered into a lease agreement with the City of Larkspur to lease the land on which its property is developed. The ground lease term runs for ninety-five years from June 1, 1989. Annual rent shall be equal to ten percent (10%) of annual gross receipts and payments are limited to 60% of surplus cash, as defined in the Partnership Agreement, not to exceed the annual rent. In the event that 60% of surplus cash is less than the annual rent, the unpaid rent will accrue without interest. Any deferred rent shall be paid upon sale or transfer to an entity other than any entity controlled by EAH. As of June 30, 2017 and 2016, accrued ground lease rent amounted to $171,300 and 180,900, respectively.
25 EAH, INC. AND AFFILIATES

NOTES TO COMBINED FINANCIAL STATEMENTS
June 30, 2017 and 2016
NOTE N – LEASE COMMITMENT
EAH leases office space in San Rafael under an agreement which expires in December 2017, in Morgan Hill under an agreement which expires in June 2022, and in Hawaii under an agreement which expires in September 2019. EAH also entered into a lease for office space in Santa Monica, California on a month-tomonth basis. In June 2017, EAH commenced leasing office space in San Rafael from its wholly owned subsidiary, Pelican Way. All intercompany transactions have been eliminated in connection with that lease.

The rental expense for the years ended June 30, 2017 and 2016 was $841,363 and $721,725, respectively. The future minimum annual lease commitments for the years ended June 30 are estimated as follows:

2018 420,643 $ 2021 58,457 $
2019 88,505 $ 2022 4,887 $
2020 56,209 $
NOTE O – GUARANTEES
EAH issues a variety of guarantees in the course of developing properties. The guarantees are generally issued in favor of limited partner investors or lenders. Guarantees, as of June 30, 2017, (except for tax benefits which are one year in arrears), consist of the following:

Operating deficits $ 10,450,250 $ 11,600,000
Construction loan repayment and completion (1) 22,400,000 122,000,000 Tax credits 147,000,000 130,000,000
Total guarantees $ 279,450,250 $ 164,000,000
2017 2016
(1) $34,000,000 of construction loan funds had been drawn as of June 30, 2017.

Operating Deficit Guarantees
Operating deficit guarantees are commitments to fund future operating deficits of partnerships. The guarantees are issued in favor of limited tax credit partnerships, and generally are for the fifteen year period when the investor is expected to hold its limited partner interest, or for shorter periods (for example, until certain debt ratios are achieved). A payment under a guarantee would result in the transfer of cash resources from the guarantor to an affiliate, resulting in an obligation to repay the advance, usually from future operating cash flow. To date, EAH has not experienced any calls on these guarantees.

Construction Loan Repayment and Completion Guarantees
EAH provides repayment guarantees for construction loans used for the development of properties. EAH has also provided construction completion guarantees in favor of certain lenders for the development of properties and lease-up of a project, should the project not receive expected permanent financing, or should the cost of the development exceed permanent financing received. A payment under such a guarantee would result in the transfer of cash resources from the guarantor to an affiliate that is obligated to complete a development, resulting in an obligation to repay the advance, usually from future operating cash flow. There are no significant completion delays in EAH current developments. To date, EAH has not experienced noncompletion of a project, nor has it been called on for any loan repayment guarantee. 26 EAH, INC. AND AFFILIATES

NOTES TO COMBINED FINANCIAL STATEMENTS
June 30, 2017 and 2016
NOTE O – GUARANTEES (Continued)
Tax Credit Guarantees
As the sponsor or the developer of certain properties financed in part by federal and/or state tax credit allocations, EAH has made certain guarantees to investors as to the tax credits and other benefits to be derived from the properties. These guarantees generally cover the tax compliance periods of fifteen years after initial lease-up. A payment under such a guarantee could result in a cash distribution from an affiliate's operating cash flow to the investor limited partner. In the opinion of management, compliance with tax regulations and careful monitoring of the properties should preclude these contingent liabilities from materializing. To date, EAH has not experienced any calls on these guarantees.

NOTE P – RETIREMENT PLAN
EAH offers a 403(b) tax deferred annuity plan for all of its employees. Eligible employees’ annual contribution may not exceed the lesser of 100% of their salary or $18,000. Employees who are 50 years or older are permitted to make additional contributions up to $6,000 annually. EAH contributes to the plan in an amount equal to 1% of the employees’ annual salary for all employees. For those employees who contribute to the plan, EAH also contributed an amount equal to the employees’ contribution up to 3% of the employees’ annual salary. The total employer contribution for June 30, 2017 and 2016 was $415,290 and $388,740, respectively.

NOTE Q – OPTION AGREEMENT
EAH entered into an option agreement with the California Housing and Finance Agency to acquire a note receivable from South Winery Apartments, L.P in the amount of $2,310,000. EAH paid $268,000 for the option to purchase the note for $1. The option was exercised and the note was acquired in June 2017.

NOTE R – RELATED PARTY TRANSACTIONS
Property management fees, accounting fees, compliance fees and partnership management fees charged to affiliated organizations related by common members on the Board of Directors totaled approximately $2,067,000 and $2,735,000 for the years ended June 30, 2017 and 2016, respectively. As of June 30, 2017 and 2016, amounts receivable from affiliated organizations for these fees totaled approximately $336,000 and $278,000, respectively.

Development fees charged to affiliated organizations related by common members on the Board of Directors totaled 756,299 and 2,829,174 for the years ended June 30, 2017 and 2016, respectively. As of June 30, 2017 and 2016, amounts receivable from affiliated organizations for developer fees totaled $3,294,545 and 2,817,212, respectively.
27 EAH, INC. AND AFFILIATES

NOTES TO COMBINED FINANCIAL STATEMENTS
June 30, 2017 and 2016
NOTE S – SUPPLEMENTAL STATEMENT OF CASH FLOW INFORMATION For the years ended June 30, 2017 and 2016, cash paid for interest amounted to approximately $10,514,000 and $8,471,000, respectively.

During the year ended June 30, 2017, Hamilton Affordable Homes, Inc. assumed the Co-General Partner interest in Hamilton Continuum Partners I, L.P. and Hamilton Continuum Partners II, L.P. from an unrelated entity. In addition, Hamilton Affordable Homes, Inc, assumed notes receivable and accrued interest which were payable to the Co-General Partner. A donation in the amount of $5,606,886 has been recorded.

During the year ended June 30, 2017, Golden Oak Manor Inc. acquired a controlling interest in Vista Park I Associates, Vista Park II Associates, and Palm Court, Inc. The inclusion of those partnerships in the combined financial statements resulted in a noncash increase in assets of $18,294,774, increase in liabilities $17,658,580 and an increase net assets of $636,194.

During the year ended June 30, 2017, EAH acquired both control and economic benefit in West Marin Ecumenical Senior Housing and North Marin Senior Housing Corporation. The inclusion of those entities in the combined financial statements resulted in a noncash increase in assets and net assets of $519,497.

SUPPLEMENTARY INFORMATION
29 EAH, INC. AND AFFILIATES

COMBINING SCHEDULE OF FINANCIAL POSITION
June 30, 2017
ASSETS
Current assets
Cash and cash equivalents $ 11,237,104 $ 3,642,841 $ 6,383,792 $ 21,263,737 $ - $ 21,263,737 Restricted cash and deposits, current portion - - 5,814,377 5,814,377 - 5,814,377 Investments 11,680,020 245,218 - 11,925,238 - 11,925,238 Receivables, current portion 10,950,912 809,410 263,849 12,024,171 5,203,972 (6,820,199) Prepaid expenses and deposits 1,725 - 591,648 593,373 - 593,373 Total current assets 33,869,761 4,697,469 13,053,666 51,620,896 (6,820,199) 44,800,697 Other assets
Restricted cash and deposits, net of current portion 221,605 - 27,844,819 28,066,424 - 28,066,424 Receivables, net of current portion 2,357,293 - - 2,357,293 352,365 (2,004,928) Development in progress 1,297,073 - 1,383,537 2,680,610 - 2,680,610 Notes and advances receivable, including interest 61,191,403 119,395,326 - 180,586,729 (168,782,784) 11,803,945 Land held for development and lease 9,563,533 - - 9,563,533 - 9,563,533 Property and equipment, net 330,364 12,264,088 604,648,432 617,242,884 (117,199,448) 500,043,436 Ground lease rent receivable 653,187 - - 653,187 (653,187) - Prepaid ground lease rent - - 9,316,834 9,316,834 (4,573,887) 4,742,947 Investments in partnerships and other companies 11,113,002 4,118,636 - 15,231,638 (13,908,591) 1,323,047 Deferred costs, net - - 814,411 814,411 - 814,411
Other assets 117,367 - 137,965 255,332 - 255,332
Total assets $ 120,714,588 $ 140,475,519 $ 657,199,664 $ 918,389,771 $ (313,943,024) $ 604,446,747 EAH Affiliates Properties Eliminations Total
LIHTC
Subtotal
30 EAH, INC. AND AFFILIATES
COMBINING SCHEDULE OF FINANCIAL POSITION (Continued)
June 30, 2017

LIABILITIES AND NET ASSETS
Current liabilities
Accounts payable and accrued expenses $ 297,870 $ - $ 1,698,179 1,996,049 (514,873) $ 1,481,176 Deferred revenue, current portion - - - - 218,158 218,158 Related party fees payable, current - - 2,526,641 2,526,641 (2,526,641) - Development costs payable - 14,882 4,317,510 4,332,392 (3,778,685) 553,707 Interest payable, current portion - - - - 560,323 560,323 Notes and mortgages payable, current portion - - - - 3,847,158 3,847,158 Total current liabilities 297,870 14,882 8,542,330 8,855,082 (2,194,560) 6,660,522 Long-term obligations
Accrued expenses, less current portion 1,460,677 - - 1,460,677 - 1,460,677 Deferred revenue, less current portion - - - - 7,228,657 7,228,657 Tenant security deposits 28,433 47,000 1,949,725 2,025,158 - 2,025,158 Related party fees payable - - 4,197,630 4,197,630 132,099 (4,065,531) Prepaid ground rent 4,573,887 - - 4,573,887 - (4,573,887)Ground lease payable, less current portion - - 824,487 824,487 (653,187) 171,300 Accrued interest payable, less current portion - 81,428 53,992,263 54,073,691 (19,896,222) 34,177,469 Notes and mortgages payable, less current portion 1,589,391 15,467,970 452,178,432 469,235,793 315,941,750 (153,294,043) Total liabilities 7,950,258 15,611,280 521,684,867 545,246,405 (177,448,773) 367,797,632 Net assets
Controlling interests
Unrestricted 103,285,786 124,864,239 4,815,723 232,965,748 (146,520,884) 86,444,864 Board-designated funds 9,478,544 - - 9,478,544 10,026,633 19,505,177 Total controlling interests 112,764,330 124,864,239 4,815,723 242,444,292 (136,494,251) 105,950,041 Non-controlling interests - - 130,699,074 130,699,074 - 130,699,074 Total net assets 112,764,330 124,864,239 135,514,797 373,143,366 (136,494,251) 236,649,115 Total liabilities and net assets $ 120,714,588 $ 140,475,519 $ 657,199,664 $ 918,389,771 $ (313,943,024) $ 604,446,747 EAH Affiliates Properties Subtotal Eliminations
LIHTC
Total
31 EAH, INC. AND AFFILIATES

COMBINING SCHEDULE OF ACTIVITES
June 30, 2017
Unrestricted support and revenue
Support
Grants - administrative $ 94,769 $ - $ 39,118 $ 133,887 $ - $ 133,887 Grants - project development 471,208 - - 471,208 - 471,208Donations from affiliates 33,857,253 5,728,836 61,133 39,647,222 (33,750,808) 5,896,414Other donations and fundraising events 243,846 - - 243,846 (100,000) 143,846 Total support 34,667,076 5,728,836 100,251 40,496,163 (33,850,808) 6,645,355 Revenue
Property management and accounting fees 7,346,779 - - 7,346,779 (3,116,496) 4,230,283Partnership and asset management fees 1,362,428 - - 1,362,428 (906,565) 455,863Development fees 7,063,768 - - 7,063,768 (6,307,469) 756,299Rental property income 490,941 444,616 45,313,542 46,249,099 (43,977) 46,205,122Ground lease rental income 159,038 - - 159,038 (159,038) -Income (loss) from investments in partnerships 227,149 4,523,154 - 4,750,303 (4,707,810) 42,493Interest and investment income 1,218,273 4,664,179 67,103 5,949,555 (5,361,616) 587,939Net realized and unrealized gain on investments 942,416 - - 942,416 - 942,416Other income 367,567 22,763 23,607,272 23,997,602 (22,657,638) 1,339,964 Total revenue 19,178,359 9,654,712 68,987,917 97,820,988 (43,260,609) 54,560,379 Total support and revenue 53,845,435 15,383,548 69,088,168 138,317,151 (77,111,417) 61,205,734 Expenses
Program services 15,572,055 33,804,766 64,506,596 113,883,417 63,051,462 (50,831,955) Management and general 1,160,271 83,062 - 1,243,333 - 1,243,333Fundraising 18,242 - - 18,242 - 18,242 Total expenses 16,750,568 33,887,828 64,506,596 115,144,992 (50,831,955) 64,313,037 Change in net assets 37,094,867 (18,504,280) 4,581,572 23,172,159 (26,279,462) (3,107,303)Net assets - beginning of year 77,585,842 105,542,125 113,764,837 296,892,804 (86,081,835) 210,810,969 Prior period adjustments (1,916,379) 2,281,329 - 364,950 (364,950) -Acquisition of controlling interest - 38,540,762 (17,382,504) 21,158,258 (20,002,567) 1,155,691Capital contributions, net of distributions and syndication costs - (2,995,697) 34,550,892 31,555,195 (3,765,437) 27,789,758 Net assets - end of year $ 112,764,330 $ 124,864,239 $ 135,514,797 $ 373,143,366 $ (136,494,251) $ 236,649,115 EAH Total
LIHTC
Affiliates Properties Subtotal Eliminations
32 EAH, INC. AND AFFILIATES
EAH, INC. ONLY - SCHEDULE OF FINANCIAL POSITION
June 30, 2017
Current assets
Cash and cash equivalents $ 11,237,104 $ 6,872,998
Investments 11,680,020 10,774,068
Receivables, current portion 10,950,912 13,243,373
Prepaid expenses and deposits 1,725 1,690
Total current assets 33,869,761 30,892,129
Other assets
Restricted cash and deposits, net of current portion 221,605 194,105 Receivables, net of current portion 2,357,293 2,878,915 Development in progress 1,297,073 942,935
Notes and advances receivable, including interest 61,191,403 33,635,397 Land held for development and lease 9,563,533 11,498,937 Property and equipment, net 330,364 390,237
Ground lease rent receivable 653,187 611,006
Investments in partnerships and other companies 11,113,002 6,355,748 Other assets 117,367 392,567
Total assets $ 120,714,588 $ 87,791,976
Current liabilities
Accounts payable and accrued expenses $ 297,870 $ 299,776 Total current liabilities 297,870 299,776
Long-term obligations
Accrued expenses, less current portion 1,460,677 1,279,388 Tenant security deposits 28,433 28,243
Prepaid ground rent 4,573,887 4,636,189
Accrued interest payable - 81,626
Notes and mortgages payable 1,589,391 3,880,912
Total liabilities 7,950,258 10,206,134
Net assets
Unrestricted 103,285,786 71,644,705
Board-designated funds 9,478,544 5,941,137
Total net assets 112,764,330 77,585,842
Total liabilities and net assets $ 120,714,588 $ 87,791,976

LIABILITIES AND NET ASSETS
ASSETS
2017 2016
33 EAH, INC. AND AFFILIATES
EAH, INC. ONLY - SCHEDULE OF ACTIVITES
June 30, 2017
Unrestricted support and revenue
Support
Grants - administrative $ 94,769 $ 169,745
Grants - project development 471,208 580,000
Donations from affiliates 33,857,253 4,110,208
Other donations and fundraising events 243,846 162,188
Total support 34,667,076 5,022,141
Revenue
Property management and accounting fees 7,346,779 7,397,373 Partnership and asset management fees 1,362,428 1,078,269 Development fees 7,063,768 7,596,194
Rental property income 490,941 485,629
Ground lease rental income 159,038 159,036
Income (loss) from investments in partnerships 227,149 551,150 Interest and investment income 1,218,273 967,338
Net realized and unrealized gain on investments 942,416 187,461 Other income 367,567 678,821
Total revenue 19,178,359 19,101,271
Total support and revenue 53,845,435 24,123,412
Expenses
Program services
Property management expenses 8,488,837 8,213,387
Property development expense 2,559,421 3,444,914
Asset management expense 2,345,745 1,010,529
Tenant services expense 613,213 581,236
Rental property expenses 301,578 283,044
Capital grant donations - 722,969
Community relations and advocacy 1,263,261 961,617
Management and general 1,160,271 1,274,619
Fundraising 18,242 46,211
Total expenses 16,750,568 16,538,526
Change in net assets 37,094,867 7,584,886
Prior period adjustment (1,916,379) -
Net assets - beginning of year 77,585,842 70,000,956
Net assets - end of year $ 112,764,330 $ 77,585,842
2017 2016
34 EAH, INC. AND AFFILIATES

EAH, INC, ONLY - SCHEDULE OF CASH FLOWS
June 30, 2017

CASH FLOWS FROM OPERATING ACTIVITIES
Change in net assets $ 37,094,867 $ 7,584,886
Donation of notes receivable and accrued interest (23,900,286) - Adjustments to reconcile change in net assets to net cash provided by operating activities:

Depreciation and amortization 66,379 90,102
(Increase) decrease in:

Receivables 2,115,869 (5,822,929)
Prepaid expenses (35) (34)
Notes receivable interest (690,774) (669,745)
Ground lease rent receivable (42,181) (2,840)
Investments in partnerships (227,149) (551,150)
Other assets 7,200 (68,700)
Increase (decrease) in:

Accounts payable and accrued expenses 179,383 (903,751) Tenant security deposits 190 204
Prepaid ground lease rent (62,302) (62,300)
Accrued mortgage interest - 44,250
Net cash provided by operating activities 14,541,161 (362,007)

CASH FLOWS FROM INVESTING ACTIVITIES
(Deposits to) releases from restricted cash and deposits (27,500) (27,666) (Deposits to) releases from investments (905,952) (8,735,947) Payments for development in progress (354,138) 375,036
Advances for notes receivable (4,978,275) (2,713,615)
Capital contributions to partnerships, net of distributions (4,165,155) 2,767 Proceeds from sale of land - 535,000
Additions to property and equipment (6,506) (17,708)
Net cash used by investing activities (10,437,526) (10,582,133)

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from mortgages payable 260,471 527,859
Net cash provided by financing activities 260,471 527,859 Increase (decrease) in cash 4,364,106 (10,416,281)
Cash at beginning of year 6,872,998 17,289,279
Cash at end of year $ 11,237,104 $ 6,872,998
2017 2016
35 EAH, INC. AND AFFILIATES
EAH, INC, ONLY – ADDITIONAL SCHEDULES
June 30, 2017

Secured note receivable from Avena Bella I, LP, a California Limited Partnership, whose General Partner is an affiliated organization, in the amount of $1,000,000, bears interest at 5.85% compounded annually and is due in full in the year 2067. As of June 30, 2017 and 2016, the outstanding balances include 332,170 and $259,627 of accrued interest. $ 1,332,170 $ 1,259,627 Unsecured note receivable from San Pablo Senior Housing Associates II, LP, a California Limited Partnership, whose General Partner is an affiliated organization, in the amount of $1,673,627, bears interest at 4.24% compounded annually and is due in full in the year 2063. As of June 30, 2017 and 2016, the outstanding balances include $723,887 and $626,367 of accrued interest. 2,397,514 2,299,994
Secured note receivable from Cochrane Morgan Hill, LP, a California Limited Partnership, whose General Partner is an affiliated organization, in the amount of $229,713, bears interest at 3.28% compounded annually and is due in full in the year 2069. As of June 30, 2017 and 2016, the outstanding balances include $2,669 and $1,559 of accrued interest. 157,318 164,779 Secured note receivable from Cochrane Morgan Hill, LP, a California Limited Partnership, whose General Partner is an affiliated organization, in the amount of $45,943, bears interest at 3.28% compounded annually and is due in full in the year 2069. As of June 30, 2017 and 2016, the outstanding balances include $677 and $309 of accrued interest. 31,295 32,629 Unsecured notes receivable from Drakes Way Housing Partners, LP, a California Limited Partnership, whose General Partner is an affiliated organization, is non-interest bearing and due in full in the year 2062. 1,571,250 1,571,250 Unsecured, non-interest bearing advance receivable from Drakes Way Housing, L.P., a California limited partnership, whose General Partner is an affiliated organization. 10,000 10,000
Unsecured note receivable from EAH Larkspur Creekside Associates II, a California Limited Partnership, whose General Partner is an affiliated organization, in the amount of $1,319,689 (original amount of $1,363,634) bears interest at 5.36% compounded annually is due in full in the year 2062.

As of June 30, 2017 and 2016, the outstanding balances include $802,302 and $732,603 of accrued interest. 2,122,001 2,052,292
36 EAH, INC. AND AFFILIATES
EAH, INC, ONLY – ADDITIONAL SCHEDULES
June 30, 2017
SCHEDULE OF NOTES RECEIVABLE (Continued)
2017 2016 .

Unsecured note receivable from Golden Oak Manor, Inc. an affiliated organization, in the amount of $1,100,000, bears interest at 2.26% compounded annually and is due in full in the year 2071. As of June 30, 2017 and 2016, the outstanding balance includes $13,119 and $0 of accrued interest. $ 1,113,119 $ -
Unsecured note receivable from Golden Oak Manor, Inc. an affiliated organization, in the amount of $809,820, bears interest at 2.26% compounded annually and is due in full in the year 2071. As of June 30, 2017 and 2016, the outstanding balance includes $9,658 and $0 of accrued interest. 819,478 -
Unsecured note receivable from Golden Oak Manor, Inc. an affiliated organization, in the amount of $2,426,490, bears interest at 2.26% compounded annually and is due in full in the year 2071. As of June 30, 2017 and 2016, the outstanding balance includes $29,231 and $0 of accrued interest. 2,455,721 -
Secured, non-interest bearing note receivable from Golden Oak Manor II, LP, a California Limited Partnership, whose General Partner is an affiliated organization, in the amount of $1,300,000, due in full in the year 2070. 1,068,023 - Secured note receivable from Golden Oak Manor II, LP,, a California Limited Partnership, whose General Partner is an affiliated organization, in the amount of $442,364, bears interest at 2.61% compounded annually and is due in full in the year 2069. As of June 30, 2017 and 2016, the outstanding balances include $1,838 and 0 of accrued interest. 440,409 - Secured note receivable from Oaks II, L.P., LP, a California Limited Partnership, whose General Partner is an affiliated organization, in the amount of $396,000, bears interest at 2.61% compounded annually and is due in full in the year 2070. As of June 30, 2017 and 2016, the outstanding balances include $886 and $5,627 of accrued interest. 340,672 401,627 Unsecured, non-interest bearing advance receivable from Larkspur Isle, LTD, a California limited partnership, whose General Partner is an affiliated organization. 1,081,093 1,185,862
Unsecured, non-interest bearing advance receivable from Palm Court, Inc., an affiliated California nonprofit corporation, is due in full in the year 2070. - 296,382 37 EAH, INC. AND AFFILIATES
EAH, INC, ONLY – ADDITIONAL SCHEDULES
June 30, 2017
SCHEDULE OF NOTES RECEIVABLE (Continued)
2017 2016 .

Secured note receivable from Parkview Family EAH II, LP, a California Limited Partnership, whose General Partner is an affiliated organization, in the amount of $2,536,800, bears interest at 2.91% compounded annually and is due in full in the year 2069. As of June 30, 2017 and 2016, the outstanding balances include $115,160 and $79,930 of accrued interest. $ 2,651,960 $ 2,616,730 Secured note receivable from Parkview Family EAH II, LP, a California Limited Partnership, whose General Partner is an affiliated organization, in the amount of $6,884,083, bears interest at 2.91% compounded annually and is due in full in the year 2069. As of June 30, 2017 and 2016, the outstanding balance includes $359,469 of accrued interest. 7,243,552 - Secured note receivable from Parkview Senior EAH II, LP, a California Limited Partnership, whose General Partner is an affiliated organization, in the amount of $5,572,202, bears interest at 2.91% compounded annually and is due in full in the year 2069. As of June 30, 2017 and 2016, the outstanding balance includes $318,056 and $224,358 of accrued interest. $5,890,258 5,796,560 Secured note receivable from Parkview Senior EAH II, LP, a California Limited Partnership, whose General Partner is an affiliated organization, in the amount of $4,932,528, bears interest at 2.91% compounded annually and is due in full in the year 2069. As of June 30, 2017 and 2016, the outstanding balance includes $281,543 and $0 of accrued interest. 5,214,071 - Unsecured note receivable from Riviera–San Rafael Associates, LP, a California limited partnership, whose General Partner is an affiliated organization, in the amount of $377,225, bears interest at 4.84% compounded annually and is due in full in May 2059. As of June 30, 2017 and 2016, the outstanding balances include $328,075 and $296,362 of accrued interest. 706,189 673,587
Unsecured note receivable from San Clemente Housing Partners, LP, whose General Partner is an affiliated organization, in the amount of $2,500,000, bears simple interest at 3% and is due in full in December 2060. As of June 30, 2017 and 2016, the outstanding balances include $827,075 and $752,075 of accrued interest. 3,327,075 3,252,075
Unsecured non-interest bearing advance receivable from San Clemente Housing Partners, LP, a California Limited Partnership, whose General Partner is an affiliated organization. 66,000 66,000
Unsecured non-interest bearing advance receivable from San Clemente Housing Partners, LP, a California Limited Partnership, whose General Partner is an affiliated organization. 120,879 120,879
38 EAH, INC. AND AFFILIATES
EAH, INC, ONLY – ADDITIONAL SCHEDULES
June 30, 2017
SCHEDULE OF NOTES RECEIVABLE (Continued)
2017 2016 .

Secured note receivable from Shelter Hill, LP, a California Limited Partnership, whose General Partner is an affiliated organization, in the amount of $9,595,278, bears interest at 3.4% compounded annually and is due in full in the year 2068. As of June 30, 2017 and 2016, the outstanding balance includes $86,492 and $0 of accrued interest. $ 9,681,770 $ - Secured note receivable from EAH Rohlffs Concordia Manor, LP, a California Limited Partnership, whose General Partner is an affiliated organization. The note was acquired from an unrelated entity on August 8, 2014 for cash consideration of $56,561. The note has a face value of $2,227,194 bears interest at 3.52% compounded annually, payable to the extent of surplus cash, and matures in 2064. EAH accounts for the note under the cost recovery method because a reasonable expectation of expected cash flows to be collected cannot be made. During the years ended June 30, 2017 and 2016, payments were received in the amount of $49,093 and $109,400. In accordance with the cost recovery method, the payments were applied to the cost of the note reducing it to zero, and gain for the amounts in excess of the cost of $49,093 and $109,400 have been recorded. - - Secured note receivable from EAH Rohlffs Concordia Manor, LP, a California Limited Partnership (Rohlffs Manor III property), whose General Partner is an affiliated organization. The note was acquired from an unrelated entity on August 8, 2014 for cash consideration of $68,349. The note has a face value of $2,628,484 bears interest at 3.52% compounded annually, payable to the extent of surplus cash, and matures in 2064. EAH accounts for the note under the cost recovery method because a reasonable expectation of expected cash flows to be collected cannot be made. During the years ended June 30, 2017 and 2016, payments were received in the amount of $73,369 and $0. In accordance with the cost recovery method, the payments were applied to the cost of the note reducing it to zero, and gain for the amount in excess of the cost of $5,020 has been recorded. - 68,349 Unsecured note receivable from Turina Associates, a California limited partnership, whose General Partner is an affiliated organization, in the amount of $62,500, bears interest at 4.84% compounded annually, due in full in May 2059. As of June 30, 2017 and 2016, the outstanding balances include $54,504 and $49,102 of accrued interest. 117,004 111,602 Unsecured, non-interest bearing advance receivable from Turina Associates, a California limited partnership, whose General Partner is an affiliated organization. 46,166 50,016
39 EAH, INC. AND AFFILIATES
EAH, INC, ONLY – ADDITIONAL SCHEDULES
June 30, 2017
SCHEDULE OF NOTES RECEIVABLE (Continued)
2017 2016 .

Secured note receivable from Walnut Place, LP, a California Limited Partnership, whose General Partner is an affiliated organization, in the amount of $1,500,000, bears interest at 2.24% compounded annually and is due in full in the year 2070. As of June 30, 2017 and 2016, the outstanding balance includes $19,392 and $0 of accrued interest. $ 1,519,392 $ - Secured note receivable from South Winery Associates, LP, a California Limited Partnership, whose General Partner is an affiliated organization.

The note was acquired from an unrelated entity on June 1, 2017 for cash consideration of $1 plus a $268,000 option payment. The note has a face value of $2,310,000 bears interest at 6.88% compounded annually, payable to the extent of surplus cash, and matures in 2024. EAH accounts for the note under the cost recovery method because a reasonable expectation of expected cash flows to be collected cannot be made. In accordance with the cost recovery method, the payments are applied to the cost of the note reducing it to zero, and gain for the amount in excess of the cost will be recorded. 268,001 -
Secured note receivable from Bridgecourt Housing, Inc., LP, a California nonprofit corporation, which is an affiliated organization, in the amount of $2,280,349, bears interest at 2.24% compounded annually and is due in full in the year 2070. As of June 30, 2016, the outstanding balance includes $980 of accrued interest. - 2,281,329
Secured note receivable from Belovida at Newbury Park, LP, whose Managing General Partner is an affiliated organization, in the amount of $2,600,171 is non-interest bearing, secured by a deed of trust on the property and due in full in the year 2065. 2,563,107 2,563,107 Secured note receivable from Kalani Gardens II, LP, a Hawaii Limited Partnership, whose General Partner is an affiliated organization, in the amount of $6,295,000, bears interest at 2.40% compounded annually and is due in full in the year 2070. As of June 30, 2017 and 2016, the outstanding balance includes $351,967 and $196,178 of accrued interest. 6,646,967 6,491,178 Unsecured note receivable from Stonebridge Housing II, L.P., a California Limited Partnership, whose General Partner is an affiliated organization, in the amount of $269,543 due in full in December 2017. 188,949 269,543 Total notes receivable $ 61,191,403 $ 33,635,397
40 EAH, INC. AND AFFILIATES
EAH, INC, ONLY – ADDITIONAL SCHEDULES
June 30, 2017

Ground lease rent receivable
EAH entered into a ground lease agreement with Turina Associates, a California limited partnership, whose General Partner is an affiliated California nonprofit corporation, to lease the land on which Anise Turina Apartments is located. The term of the lease is 55 years commencing March 2004, and requires annual rent of $37,576. Rent shall be payable only to the extent there is surplus cash, as defined in the agreement, and unpaid rents are due in full in the year 2060. $ 318,336 $ 295,481 EAH entered into a ground lease agreement with Riviera-San Rafael Associates, a California limited partnership, whose General Partner is an affiliated California nonprofit corporation, to lease the land on which Riviera Apartments is located. The term of the lease is 55 years commencing March 2004, and requires annual rent of $34,160. Rent shall be payable only to the extent there is surplus cash, as defined in the agreement, and unpaid rents are due in full in the year 2060. 246,164 219,470 EAH entered into a ground lease agreement with Dublin Transit Site A2, LP, a California limited partnership, whose General Partner is an affiliated organization, to lease the land on which the Dublin Transit site is located.

The term of the lease is 55 years commencing June 30, 2005, and requires annual rent of $25,000. Rent shall be payable only to the extent there is surplus cash, as defined in the agreement, and unpaid rents are due in full in the year 2061. 88,687 96,055
Total ground lease rent receivable $ 653,187 $ 611,006
Prepaid ground lease
EAH entered into a ground lease agreement with San Clemente Housing Partners, LP, a California limited partnership, whose General Partner is an affiliated organization, to lease the land on which San Clemente Apartments is located. The term of the lease is 85 years commencing December 2005, and required prepayment of the entire ground lease rent of $5,295,533. EAH recognizes annual lease income of $62,300. $ 4,573,887 $ 4,636,189 41 EAH, INC. AND AFFILIATES
EAH, INC, ONLY – ADDITIONAL SCHEDULES
June 30, 2017

In addition, EAH holds investments in Housing Partnership Insurance Exchange (HPIEx) to gain access to affordable workers’ compensation insurance from a reciprocal insurance company. The investment is recorded at cost and represents approximately 4.6% of the ownership shares of the workers’ compensation program at HPIEx as of June 30, 2017.

Investments in other companies consist of the following as of June 30, 2017:
3706 San Pablo Emeryville, L.P. 51% General $ 2,000,000 $ - Avena Bella II, L.P. 49% Limited - -
Cecilia Place Homes, L.P. 10% Limited - -
Cochrane Village Apartments, L.P. 99% Limited - -
Don Avante Associates I, L.P. .1% Limited 175,512 167,462 Don Avante Associates II, L.P. .1% Limited 182,374 182,676 Don de Dios, L.P. .009% General 4,567 -
Dublin Transit Site A2, L.P. .01% General 1,249,147 1,229,237 Ecumenical Housing Corporation 100% owner 364,950 -
Fellowship Plaza EAH, LLC 50% Member 400 -
Golden Oak Manor, L.P. 10% Limited - 199,919
Larkspur Isle, LTD 99% Limited 275,166 257,204
Midtown Family Associates, L.P. 10% Limited - 550,943
Midtown Senior Associates, L.P. 10% Limited - 518,973
Orchards Morgan Hill, L.P. .01% General 100 -
Park Place EAH, LP .01% General 328,208 -
Pelican Way, LLC 100% owner 3,087,385 -
Riverfield Homes, L.P. 10% Limited - -
San Clemente Housing Partners .01% General 1,800,000 1,800,092 Sonoma Creekside, L.P. 10% Limited 209,703 204,442
South Winery Associates, L.P. 1% Limited 60,267 67,482
Stonebridge Housing, LLC 50% Member 1,073,165 1,030,537 Three Oaks Housing, L.P. 1% Limited 24,268 24,231
Vista Park Associates, I .05% Limited 8,180 -
Vista Park Associates, II .05% Limited 24,510 -
Walnut Place EAH, L.P. .01% General - -
HPIEx 245,100 122,550
Total investments in other companies $ 11,113,002 $ 6,355,748 2017 2016
42 EAH, INC. AND AFFILIATES
EAH, INC, ONLY – ADDITIONAL SCHEDULES
June 30, 2017

SCHEDULE OF NOTES AND MORTGAGES PAYABLE
2017 2016 .

Note payable for Imperial Senior
Note payable to the City of Imperial in the amount of $500,000, is unsecured and non-interest bearing. Upon acquisition of the site, the balance of the loan will be rolled into a deferred loan. $ 176,605 $ 176,605 Note payable for Morgan Hill Family
Note payable to the City of Morgan Hill in the amount of $3,622,000 bears 3% simple interest and is secured by a deed of trust on the property. Annual payments of 50% of Surplus Cash, as defined in the note, is due on May 1 of each year commencing upon the issuance of the final certificate of occupancy. Outstanding principal and accrued interest is due in full in the year 2071. As of June 30, 2017 and 2016, accrued interest amounted to $0 and $81,626, respectively. - 2,161,992 Note payable for Morgan Hill Family
Note payable to the City of Morgan Hill in the amount of $390,000 bears 3% simple interest and is secured by a deed of trust on the property.

Annual payments of 50% of Surplus Cash, as defined in the note, is due on May 1 of each year commencing upon the issuance of the final certificate of occupancy. Outstanding principal and accrued interest is due in full in the year 2071. As of June 30, 2017 and 2016, accrued interest amounted to $0 and $0, respectively. - 390,000 Note payable for Avena Bella II
Note payable to the City of Turlock in the amount of $500,000, is unsecured and non-interest bearing. Upon acquisition of the site, the balance of the loan will be rolled into a deferred loan. 412,786 152,315 Note payable for Avena Bella
Note payable to JPMorgan Bank and Trust Company, N.A. under the Federal Home Loan Bank of San Francisco’s Affordable Housing Program (AHP), is non-interest bearing, and is secured by a deed of trust on the property. Payments are deferred for 55 years principal is due in full in the year 2067. 1,000,000 1,000,000
Total notes and mortgages payable $ 1,589,391 $ 3,880,912 EAH INC. AND AFFILIATES
A California Nonprofit Public Benefit Corporation

COMBINED FINANCIAL STATEMENTS
AND INDEPENDENT AUDITOR’S REPORT
June 30, 2018 and 2017
EAH INC. AND AFFILIATES

COMBINED FINANCIAL STATEMENTS
Years Ended June 30, 2018 and 2017

TABLE OF CONTENTS
Page
INDEPENDENT AUDITOR’S REPORT 3

COMBINED FINANCIAL STATEMENTS
Combined Statements of Financial Position 5
Combined Statements of Activities 6
Combined Statements of Cash Flows 7
Notes to Combined Financial Statements 8

SUPPLEMENTARY INFORMATION
Combining Schedule of Financial Position 28
Combining Schedule of Activities 30
EAH Inc. Only - Schedules of Financial Position 31
EAH Inc. Only - Schedules of Activities 32
EAH Inc. Only - Schedules of Cash Flows 33
EAH Inc. Only – Additional Schedules 34
INDEPENDENT AUDITOR’S REPORT
To the Board of Directors
EAH Inc. and Affiliates
Report on the Combined Financial Statements
We have audited the accompanying combined financial statements of EAH Inc., a California nonprofit public benefit corporation, and affiliates which comprise the combined statements of financial position as of June 30, 2018 and 2017, and the related combined statements of activities and cash flows for the years then ended, and the related notes to the combined financial statements.

Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the combined financial statements are free of material misstatement.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion
In our opinion, the combined financial statements referred to above present fairly, in all material respects, the financial position of EAH Inc. and affiliates, as of June 30, 2018 and 2017, and the changes in its net assets and cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.

Other Matters
Other Information
Our audit was conducted for the purpose of forming an opinion on the basic combined financial statements taken as a whole. The accompanying supplementary information on pages 28 –41 is presented for purposes of additional analysis and is not a required part of the basic combined financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the combined financial statements. The information has been subjected to the auditing procedures applied in the audit of the combined financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the combined financial statements or to the combined financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated in all material respects in relation to the basic combined financial statements as a whole.

Moraga, California
December 4, 2018
The accompanying notes are an integral part of these combined financial statements. 5 EAH INC. AND AFFILIATES

COMBINED STATEMENTS OF FINANCIAL POSITION
June 30, 2018 and 2017
Current assets
Cash and cash equivalents $ 17,058,380 $ 21,263,737
Restricted cash and deposits, current portion (note B) 5,638,591 5,814,377 Investments (note C) 15,603,280 11,925,238
Receivables, current portion (note D) 3,239,511 5,203,972 Prepaid expenses and deposits 640,962 593,373
Total current assets 42,180,724 44,800,697
Other assets
Restricted cash and deposits, less current portion (note B) 28,9 28,066,424 98,524 Receivables, less current portion (note D) 1,466,158 352,365 Development in progress (note E) 4,239,464 2,680,610
Notes and advances receivable, including interest (note F) 11,91 11,803,945 8,274 Prepaid ground lease rent (note G) 4,687,501 4,742,947
Land held for lease (note H) 9,563,533 9,563,533
Property and equipment, net (note I) 552,605,472 500,043,436 Investments in uncombined entities (note C) 1,363,798 1,323,047 Deferred costs, net 734,888 814,411
Other assets 715,197 255,332
Total assets $ 658,473,533 $ 604,446,747
Current liabilities
Accounts payable and accrued expenses $ 1,053,104 $ 1,481,176 Deferred revenue, current portion (note K) 284,182 218,158 Development costs payable 5,706,250 553,707
Interest payable, current portion 629,945 560,323
Notes payable, current portion (note L) 3,992,022 3,847,158 Total current liabilities 11,665,503 6,660,522
Long-term obligations
Accrued expenses, less current portion 1,443,617 1,460,677 Deferred revenue, less current portion (note K) 9,519,345 7,228,657 Tenant security deposits 2,048,480 2,025,158
Related party fees payable 155,646 132,099
Ground lease payable (note M) 162,153 171,300
Accrued interest payable, less current portion 37,597,508 34,177,469 Notes payable, net (note L) 362,531,422 315,941,750
Total liabilities 425,123,674 367,797,632
Net assets
Controlling interests
Unrestricted 98,342,210 86,444,864
Board-designated funds (note A) 16,424,411 19,505,177
Total controlling interests 114,766,621 105,950,041
Non-controlling interests 118,583,238 130,699,074
Total net assets 233,349,859 236,649,115
Total liabilities and net assets $ 658,473,533 $ 604,446,747

LIABILITIES AND NET ASSETS
ASSETS
2018 2017
The accompanying notes are an integral part of these combined financial statements. 6 EAH INC. AND AFFILIATES

COMBINED STATEMENTS OF ACTIVITIES
Years Ended June 30, 2018 and 2017
Unrestricted support and revenue
Support
Grants and contributions - administrative $ 40,000 $ 133,887 Grants and contributions - project development 154,157 471,208 Donations from affiliates 349,883 5,896,414
Other donations and fundraising events 125,868 143,846
Total support 669,908 6,645,355
Revenue
Property management and accounting fees 4,436,769 4,230,283 Partnership and asset management fees 451,588 455,863
Development fees 1,868,135 756,299
Rental property income 50,171,194 46,205,122
Income from investments in partnerships 36,983 42,493
Interest and investment income 543,986 587,939
Net realized and unrealized gain on investments 618,222 942,416 Other income 2,378,996 1,339,964
Total revenue 60,505,873 54,560,379
Total support and revenue 61,175,781 61,205,734
Expenses
Program services 63,893,105 63,051,462
Management and general 1,489,332 1,243,333
Fundraising 34,305 18,242
Total expenses 65,416,742 64,313,037
Change in net assets (4,240,961) (3,107,303)
Net assets - beginning of year 236,649,115 210,810,969
Acquisition of controlling interest - 1,155,691
Capital contributions, net of distributions and syndication costs 941,705 27,789,758 Net assets - end of year $ 233,349,859 $ 236,649,115
Reconciliation of net assets
Controlling interest:

Beginning of year $ 105,950,041 $ 98,025,928
Acquisition of controlling interests - 1,155,691
Change in net assets 8,816,580 6,768,422
End of year 114,766,621 105,950,041
Non-controlling interest:

Beginning of year 130,699,074 112,785,041
Capital contributions, net of distributions and syndication costs 941,705 27,789,758 Non-controlling interests in limited partnership earnings (13,05 (9,875,725) 7,541) End of year 118,583,238 130,699,074
Net assets, end of year $ 233,349,859 $ 236,649,115
2018 2017
The accompanying notes are an integral part of these combined financial statements. 7 EAH INC. AND AFFILIATES

COMBINED STATEMENTS OF CASH FLOWS
Years Ended June 30, 2018 and 2017

CASH FLOWS FROM OPERATING ACTIVITIES
Change in net assets $ (4,240,961) $ (3,107,303)
Donation of notes receivable and accrued interest - (5,164,094) Adjustments to reconcile change in net assets to net cash provided by operating activities:

Depreciation and amortization 16,419,318 16,848,699
Change in fair value of derivative financial instrument (589,692 - ) (Increase) decrease in:

Receivables 850,668 (752,999)
Prepaid expenses (47,589) 51,358
Notes receivable interest (159,571) (155,789)
Prepaid ground lease 55,446 55,445
Investments in partnerships (36,982) 41,427
Other assets 129,827 195,235
Increase (decrease) in:

Accounts payable and accrued expenses (421,585) 291,066 Tenant security deposits 23,322 129,433
Deferred revenue 2,356,712 1,174,444
Ground lease payable (9,147) (9,600)
Accrued mortgage interest 3,317,045 1,523,435
Net cash provided by operating activities 17,646,811 11,120,757

CASH FLOWS FROM INVESTING ACTIVITIES
(Deposits to) releases from restricted cash and deposits (756,31 (4,745,044) 4) (Deposits to) releases from investments (3,678,042) (905,653) Payments for development in progress (1,558,854) (1,009,967) Collection of (advances for) note receivable 45,242 80,594 Additions to property and equipment (62,844,325) (56,012,807) Net cash used by investing activities (68,792,293) (62,592,877)

CASH FLOWS FROM FINANCING ACTIVITIES
Payments of debt issuance and deferred costs (654,397) (1,510,383) Capital contributions, net of syndication costs 937,936 27,581,680 Proceeds from notes payable 53,077,186 70,656,069
Principal payments on notes payable (6,420,600) (40,750,621) Net cash provided by financing activities 46,940,125 55,976,745 Increase (decrease) in cash (4,205,357) 4,504,625
Cash and cash equivalents at beginning of year 21,263,737 16,759,112 Cash and cash equivalents at end of year $ 17,058,380 $ 21,263,737 2018 2017
8 EAH INC. AND AFFILIATES

NOTES TO COMBINED FINANCIAL STATEMENTS
June 30, 2018 and 2017

NOTE A - NATURE OF ACTIVITIES AND SUMMARY OF ACCOUNTING POLICIES EAH Inc. (EAH) is a California nonprofit public benefit corporation whose purpose is the acquisition, development, rehabilitation and operation of housing for very low, low and moderate income households of the greater Bay Area and Fresno, California and Hawaii. In addition, EAH owns real properties located in Marin, California which provide housing for low- and moderate-income individuals and families. These real properties are included in these combined financial statements as directly owned properties.

In addition, EAH is also affiliated with and under common board control with other not-for-profit and for profit corporations which have been formed either as supporting entities to EAH or as instruments to further EAH’s organization objectives. These entities, which are included in the combined financial statements of EAH in accordance with accounting principles generally accepted in the Unites States of America, are listed below:
 Pelican Way EAH LLC (Pelican Way), a single member limited liability company whose single member is EAH that was formed to own, operate and maintain real property in San Rafael, CA. EAH leases its office space from Pelican Way.
 Single-purpose, single member limited liability companies (LLC’s) holding controlling general partner interest (ranging from 0.01% to 1%) in their respective partnerships whose affordable housing is currently in development under the low income housing tax credit program (LIHTC) as follows:

Not-For- Profit Corporations and LLC's Limited Partnership(s) Avena Bella EAH, LLC (1) Avena Bella II, LP
Lightfighter Village EAH LLC (2) Lightfighter Village, LP Summer Park EAH LLC (2) Summer Park Fresno, L.P.

Fellowship Plaza LLC Fellowship Plaza, L.P.

Hilarita Belvedere EAH, LLC (2) Hilarita Belvedere, LP
Pointe on Vermont EAH, LLC (1) Pointe on Vermont, LP
 Single-purpose not-for-profit corporations that previously owned affordable housing project or currently hold a controlling general partner interest (ranging from 0.01% to 1%) in a limited partnership that is no longer operating an affordable housing project and in the process of being dissolved. In addition, EAH owns certain limited partner interests as noted:

Not-For- Profit Corporations Limited Partnership(s), if applicable Don Avante Family Homes, Inc. (1) Don Avante Associates I, L.P. (1) Don Avante Associates II, L.P.

Ecumenical Housing Corporation
North Marin Senior Housing Corporation
West Marin/Ecumenical Senior Housing
(1) EAH is the Limited Partner
(2) EAH is the sole member of the General Partner
9 EAH INC. AND AFFILIATES

NOTES TO COMBINED FINANCIAL STATEMENTS
June 30, 2018 and 2017
NOTE A - NATURE OF ACTIVITIES AND SUMMARY OF ACCOUNTING POLICIES (Continued)  Single-purpose not-for-profit corporations and single member limited liability companies (LLC’s) holding controlling general partner interest (ranging from 0.01% to 1%) in their respective LIHTC limited partnerships providing affordable housing. In addition, EAH owns certain limited partner interests as noted :

Avena Bella EAH, LLC Avena Bella I, L.P.

Buchanan Park EAH LLC Buchanan Park EAH, L.P.

Cathedral Gardens Oakland LLC Cathedral Gardens Oakland, L.P.

Cecilia Place Homes, Inc. (1) Cecilia Place Homes, L.P.

Bella Terra EAH, L.P.

Cochrane Morgan Hill EAH, LLC Cochrane Morgan Hill EAH, L.P.

Crescent Park EAH, LLC Crescent Park EAH, L.P.

Don de Dios EAH, LLC (2) Don de Dios, LP
Drakes Way EAH, Inc. Drakes Way Housing Partners, L.P.

Dublin & Demarcus, LLC (2) Dublin Transit Site A2, L.P.

EAH Bay Area Community LLC (2) San Clemente Housing Partners, L.P.

EAH Elena Gardens LLC EAH Elena Gardens, L.P.

EAH-Creekside EAH Larkspur Creekside Associates II, L.P.

EAH Park Place, LLC EAH Park Place, LP
EAH-San Pablo San Pablo Senior Associates II, L.P.

Golden Oak Manor EAH LLC Golden Oak Manor II, L.P.

Golden Oak Manor, Inc. Vista Park Associates I, L.P.

Vista Park Associates II, L.P.

Hamilton Affordable Homes, Inc. Hamilton Continuum Partners I, L.P.

Hamilton Continuum Partners II, L.P.

Interfaith Housing Foundation Shelter Hill, L.P.

Kings Valley EAH, LLC Kings Valley, L.P.

Larkspur Isle EAH, Inc (1) Larskpur Isle, LTD
Mackey Terrace EAH, LLC Mackey Terrace EAH, LP
Midtown Homes, Inc. EAH - Gateway Santa Clara I, L.P.

Story Plaza Apartments, L.P.

Orchards EAH, LLC (2) Orchards Morgan Hill, LP
Palm Court Senior Homes, Inc. Riviera-San Rafael Associates, L.P.

Turina Associates, LP
Palm Court Senior Homes, L.P.

Parkview Family II LLC Parkview Family EAH II, L.P.

Parkview Senior II LLC Parkview Senior EAH II, L.P.

Piper Court EAH LLC (2) Piper Court Fairfax, L.P.

Point Reyes EAH, Inc. Point Reyes Affordable Homes, L.P.

Rohlffs Manor EAH, Inc. EAH Rohlffs Concordia Manor, L.P. (1) EAH is the Limited Partner
(2) EAH is the sole member of the General Partner
10 EAH INC. AND AFFILIATES

NOTES TO COMBINED FINANCIAL STATEMENTS
June 30, 2018 and 2017
NOTE A - NATURE OF ACTIVITIES AND SUMMARY OF ACCOUNTING POLICIES (Continued) Not-For- Profit Corporations and LLC's Limited Partnership(s) Sonoma Creekside EAH, LLC Sonoma Creekside EAH II, L.P.

Sonoma County Affordable Homes, Inc. (1) Riverfield Homes Limited Partnership South Winery Housing, Inc. (1) South Winery Associates, L.P.

Corporations Property Name, if applicable
1150 Webster Street, Inc. Buchanan Park
Cloverdale Senior Housing, Inc. Kings Valley
Dublin Transit EAH, Inc. Villages at Kings Canyon
EAH - Contra Costa, Inc. Crescent Park
Elena Gardens Homes, Inc. Elena Gardens
Los Robles Apartments, Inc. Los Robles Apartments
Morgan Hill Ranch, Inc. Cochrane-Morgan
San Clemente EAH, Inc. San Clemente
The combined financial statements do not include certain single-purpose LLC’s holding a general partner interest (ranging from .01 to 1%) in their respective limited partnerships and not for profit corporations providing affordable housing for which EAH is deemed not to have majority control or majority control and an economic benefit:

Stonebridge Housing Associates
Stonebridge Housing, LLC Stonebridge Housing Associates Centertown, Inc. Centertown Associates, Ltd.
11 EAH INC. AND AFFILIATES

NOTES TO COMBINED FINANCIAL STATEMENTS
June 30, 2018 and 2017
NOTE A - NATURE OF ACTIVITIES AND SUMMARY OF ACCOUNTING POLICIES (Continued) A summary of the significant accounting policies applied in the preparation of the accompanying combined financial statements is as follows:

1. Principles of Combination
Not-for-Profit Corporations
The combined financial statements include the accounts of EAH (Parent) and other not-for-profit entities that are commonly controlled by EAH’s Officers or Board of Directors, including those notfor-profit entities that are majority controlled by EAH and in which EAH has significant financial benefit. Other not-for-profit entities, over which EAH does not exercise majority control or have significant financial benefit, are not included in the combined financial statements. All material intercompany balances and transactions have been eliminated in the combined financial statements.

Partnerships over which EAH or its affiliates exercise significant influence are included in the combined financial statements using the equity method of accounting.

Eliminations
Material intercompany balances and transactions between controlled entities are eliminated in the combined financial statements. Examples include: elimination of partnership management, property management, accounting and other fees on the books of EAH against the corresponding operating expenses on a partnership or property’s books; elimination of receivables from partnerships and properties on EAH and certain affiliates’ books against the corresponding payables on the partnerships and properties books; and elimination of developer fee revenue on EAH’s books against developer fee costs which is capitalized into building cost on a partnership’s books. Financial statements for each of the major business components, prior to eliminations, are available in the Supplementary Information.

2. Basis of Presentation
The accompanying combined financial statements have been prepared on the accrual basis in accordance with accounting principles generally accepted in the United States of America (GAAP). Support and revenues are recorded in the period when earned and expenses when incurred, regardless of the timing of payments. In addition, the financial position and activities are presented on the basis of unrestricted, temporarily restricted and permanently restricted net assets depending on the nature of any donor imposed restrictions. As of June 30, 2018 and 2017, all of EAH’s net assets are unrestricted. 12 EAH INC. AND AFFILIATES

NOTES TO COMBINED FINANCIAL STATEMENTS
June 30, 2018 and 2017
NOTE A - NATURE OF ACTIVITIES AND SUMMARY OF ACCOUNTING POLICIES (Continued)

Cash equivalents are highly liquid investments that are readily convertible to known amounts of cash.

Generally, money market accounts and investments with original maturities of three months or less qualify as cash equivalents.

The designated cash for the capital fund has been designated by the board to be used for various purposes at the board’s discretion. These funds are not restricted by any outside third party.

4. Restricted Cash and Deposits
Restricted cash includes reserves for repairs and replacements, operating reserves, tax and insurance impound accounts, and other reserves.

5. Investments – Fair Value

Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement.
13 EAH INC. AND AFFILIATES

NOTES TO COMBINED FINANCIAL STATEMENTS
June 30, 2018 and 2017
NOTE A - NATURE OF ACTIVITIES AND SUMMARY OF ACCOUNTING POLICIES (Continued)

9. Property and Equipment and Deferred Costs (Continued) The useful lives of the assets are estimated as follows:

Buildings and improvements 15 to 40 years
Furniture, fixtures and equipment 5 to 10 years

11. Capitalized Interest
EAH and affiliates capitalize interest incurred during construction as a component of development in progress and building and improvements costs. For the year ended June 30, 2018, capitalized interest amounted $311,811.

12. Deferred Costs and Amortization
Deferred costs consist of tax credit monitoring fees and market study costs that are amortized over ten to fifteen years using the straight-line method. As of June 30, 2018 and 2017, deferred costs are net of accumulated amortization of $903,847 and $812,350, respectively.

13. Fair Value of Financial Assets and Liabilities
The carrying value of cash and cash equivalents approximates fair value due to the short-term maturity of these instruments. It is not practicable for management to estimate the fair value of accounts and notes receivable, notes payable, investments in other companies, and financial guarantees because of the nature of such instruments and because there is no readily available market information for financial instruments with similar terms.

NOTES TO COMBINED FINANCIAL STATEMENTS
June 30, 2018 and 2017
NOTE A - NATURE OF ACTIVITIES AND SUMMARY OF ACCOUNTING POLICIES (Continued)

Rental units occupied by employees are included in rental income and as an expense of operations. Most of the rental income is received under short-term residential leases.

Revenue from long-term leases on land is recorded in the period earned, according to lease contract terms.

In many situations, rental revenue is payable only from excess cash and is recorded when cash is received.

Developer fees recognized from combined affiliates or consolidated subsidiaries are eliminated as intercompany transactions. EAH estimates that 80% of its development fees cover related project costs.

Project costs include costs of development, such as consultants, allocated internal salaries and benefits, related overhead, and other non-reimbursed fees that are ordinarily capitalized. The 20% profit portion of developer fees are considered as deferred revenue and amortized annually to offset the depreciation expense related to the fee capitalized as real property costs.

15. Debt Issuance Costs
Debt issuance costs, net of accumulated amortization, are reported as a direct deduction from the face amount of the mortgage loan payable to which such costs relate. Amortization of debt issuance costs is reported as a component of interest expense and is computed using the straight-line method, which approximates an imputed interest rate on the related loan. 16 EAH INC. AND AFFILIATES

NOTES TO COMBINED FINANCIAL STATEMENTS
June 30, 2018 and 2017
NOTE A - NATURE OF ACTIVITIES AND SUMMARY OF ACCOUNTING POLICIES (Continued)

16. Allocation of Partnership Income/Losses and Tax Credits The affiliated partnerships are generally expected to generate low-income housing tax credits, which will be allocated in the same manner as the income or loss of each affiliated partnership. Because the limited partners' losses are limited to their investments, except when EAH and affiliates are also the co-general partner and co-limited partner, the limited partners' equity will not be reduced below zero unless future capital contributions will be made in amounts sufficient to absorb the losses. All remaining losses are allocated to the general partners. Any subsequent income allocable to the limited partners is allocated to the general partners first until the general partners' share of that income offsets the losses not previously recognized by the limited partners.

17. Functional Allocation of Expenses
The costs of providing the various programs and activities have been summarized on a functional basis in the statement of activities. Accordingly, certain costs have been allocated among the programs and supporting services based on estimates of employees’ time incurred and usage of resources. Program services include all expense relating to development, management and rental operations of properties, and community relations and advocacy. Supporting services consist of management and general purposes.

Fundraising expenses are not significant and are included in supporting services.

18. Income Taxes and Tax Exempt Status
EAH and other not-for profit corporations have been granted tax-exempt status by the Internal Revenue Service, under Code Section 501 (C) (3), and the California Franchise Tax Board under the Revenue and Taxation Code Section 23701(d). The income or loss from the partnerships is reported by the partners on their tax returns.

EAH and affiliates believe that they have appropriate support for any tax positions taken, and as such, do not have any uncertain tax positions that are material to the combined financial statements. EAH and affiliates’ federal and state income tax and information returns for the years 2013 through 2016 are subject to examination by the regulatory agencies, generally for three years and four after they were filed for federal and state, respectively.

19. Guarantees
GAAP require a liability to be recorded for the fair value of the stand ready obligation associated with a guarantee issued after December 31, 2002. Guarantees issued between entities under common control or on behalf of an entity under common control are excluded. Consequently, no liabilities have been recorded as all guarantees are considered to be issued to entities under common control (see Note O). 17 EAH INC. AND AFFILIATES

NOTES TO COMBINED FINANCIAL STATEMENTS
June 30, 2018 and 2017
NOTE A - NATURE OF ACTIVITIES AND SUMMARY OF ACCOUNTING POLICIES (Continued)

20. Use of Estimates
The preparation of combined financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the combined financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

21. Related Party Transactions
Most related-party transactions have been eliminated in the combined financial statement. The remaining related-party transactions are immaterial.

22. Risks and Uncertainties
EAH is subject to various risks and uncertainties in the ordinary course of business that could have adverse impacts on its operating results and financial condition. Future operations could be affected by changes in the economy or other conditions in the geographical area where the corporation is located or by changes in federal, state and/or local low-income housing subsidies or the demand for such housing.

23. Subsequent Events
Subsequent events were evaluated through December 4, 2018, which is the date the combined financial statements were available to be issued.

NOTE B – RESTRICTED CASH AND DEPOSITS
EAH and affiliates are required to maintain various reserves for operations and maintenance of the property and equipment in accordance with the partnership agreements, loan and regulatory agreements. Certain affiliates are required to maintain impound accounts to cover property and insurance premiums. In addition, EAH and affiliates are required to hold tenant security deposits in separate bank accounts in the name of the properties.

Accordingly, such restricted cash and deposits as of June 30, 2018 and 2017 consist of the following:

Tenant security deposits $ 2,137,239 $ 2,065,040
Escrow impound accounts 510,671 513,797
Replacement, operating and other reserves 31,989,205 31,301,964 Total restricted cash and deposits 34,637,115 33,880,801 Less current portion (5,638,591) (5,814,377)
Restricted cash and deposits, long-term portion $ 28,998,524 $ 28,066,424 2018 2017
18 EAH INC. AND AFFILIATES

NOTES TO COMBINED FINANCIAL STATEMENTS
June 30, 2018 and 2017
NOTE C – INVESTMENTS
Investments
EAH’S investments measured at fair value on a recurring basis as of June 30, 2018 and 2017, and the fair value hierarchy of the valuation techniques utilized by EAH to determine fair values are as follows:

Mutual funds $ 5,599,497 $ 6,748,868
Fixed income 8,416,173 8,346,001
Real estate 540,915 508,411
Total investments $ 14,556,585 $ 15,603,280
Mutual funds $ 5,042,579 $ 5,822,525
Fixed income 5,609,105 5,637,042
Real estate 495,262 465,671
Total investments $ 11,146,946 $ 11,925,238
June 30, 2017 June 30, 2017
June 30, 2018 June 30, 2018
Cost as of
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
Cost as of
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
The following presents investments by category at fair value as of June 30, 2018 and 2017:

Mutual funds:

US equity $ 4,589,185 $ 3,666,777
Developed foreign 1,864,314 1,822,882
Emerging foreign 295,369 332,866
Total mutual funds $ 6,748,868 $ 5,822,525
Fixed income:

Taxable US $ 6,409,237 $ 5,342,174
Taxable foreign emerging 1,936,764 294,868
Total fixed income $ 8,346,001 $ 5,637,042
2018 2017
19 EAH INC. AND AFFILIATES

NOTES TO COMBINED FINANCIAL STATEMENTS
June 30, 2018 and 2017
NOTE C – INVESTMENTS (Continued)
Investments in Uncombined Entities
EAH and affiliates serve as the general partner of partnerships which own and operate affordable housing in which EAH does not have majority control and does not consolidate. The investments are recorded using the equity method, which consists of the cumulative balance of the initial capital contribution to the partnership plus the general partners’ percentage allocation of the partnerships’ net earnings or loss.

Investments in other companies consist of the following as of June 30, 2018 and 2017:

Stonebridge Housing Associates $ 1,117,700 $ 1,073,165
Stonebridge Housing, LLC 800 -
Belovida Cecilia LLC 418 256
Fellowship Plaza EAH, LLC 95 400
Napa Valley Homes, LLC (12) -
Willow Housing, LP (82) (55)
Cornerstone at Japantown (222) (189)
Stonebridge Housing Associates - 3,909
Stonebridge Housing II, LP - 461
HPIEx 245,100 245,100
Total investments in uncombined entities $ 1,363,797 $ 1,323,047 2018 2017
NOTE D – ACCOUNTS RECEIVABLE
Accounts receivable consists of the following as of June 30, 2018 and 2017:

Tenant rents and subsidy assistance $ 580,061 $ 264,326 Grants, contracts and other 792,557 936,307
Partnership management fees 299,133 219,516
Development costs 897,861 841,643
Developer fees 2,136,057 3,294,545
Total receivables 4,705,669 5,556,337
Less current portion (3,239,511) (5,203,972)
Receivables, less current portion $ 1,466,158 $ 352,365 2018 2017
20 EAH INC. AND AFFILIATES

NOTES TO COMBINED FINANCIAL STATEMENTS
June 30, 2018 and 2017
NOTE E – DEVELOPMENT IN PROGRESS
Development in progress consists of the following as of June 30, 2018 and 2017:

Pointe on Vermont $ 973,076 $ 57,534
Winery Apartments 710,702 161,547
Avena Bella II 600,786 454,325
Imperial Senior 450,660 361,474
Lightfighter Village 290,712 280,342
Hilarita Belvedere 188,851 -
Archway Commons II 50,391 45,122
Fellowship Plaza - 882,475
Piper Court - 326,684
Lake Park 231,922 -
Tenth Street Santa Monica 203,226 -
La Brea 183,768 -
Second Street Hayward 150,780 -
Hilo Vets 52,729 -
Other projects 151,861 111,107
Total development in progress $ 4,239,464 $ 2,680,610
2018 2017
NOTE F – NOTES RECEIVABLE
Long term notes receivable are stated at their fair value, increasing annually by the amount of accrued interest earned, unless otherwise noted. Payments are either made to the extent of annual surplus cash generated by the property or are deferred until maturity. The collection of the notes receivable are dependent on the long term operating results and the value of the properties owned by the partnerships at the maturity dates. 2018 2017 .

NOTES TO COMBINED FINANCIAL STATEMENTS
June 30, 2018 and 2017
NOTE F – NOTES RECEIVABLE (Continued)
2018 2017 .

Secured note receivable from Kalani Gardens II, LP, a Hawaii Limited Partnership, whose General Partner is an affiliated organization, in the amount of $6,295,000, bears interest at 2.40% compounded annually and is due in full on December 31, 2070. As of June 30, 2018 and 2017, the outstanding balance includes $466,294 and $351,967 of accrued interest. $ 6,761,294 $ 6,646,967 Secured notes receivable from Willow Housing, L.P., whose General Partner is an affiliated organization, in the amounts of $55,000 and $1,615,100 are noninterest bearing, secured by a deed of trust on the property and due in full on November 26, 2069. 1,669,900 1,669,900
Total notes and advances receivable, including interest $ 11,918,274 $ 11,803,945

NOTE G - PREPAID GROUND LEASE
EAH’s affiliates, Hamilton Continuum Partners I, L.P. and Hamilton Continuum Partners II, L.P. entered into ground lease agreements with the Novato Public Finance Authority (the Lease) to lease the land on which its properties are developed. The Leases are for 99 years and requires annual lease payments of $1, which was prepaid in the amount of $99. In addition, the affiliates were required to pay lease acquisition fees of $7,034,373 and incurred legal costs of $69,298 (collectively, Lease Costs) in connection with the Leases. Of the Lease Costs, $1,614,716 were capitalized into the cost of the buildings and the remaining $5,489,153 have been deferred as prepaid land lease and are being expensed over the 99 year term of the Leases. As of June 30, 2018 and 2017, the balance of the prepaid land lease is $4,687,501 and $4,742,947, respectively.

The estimated aggregate land lease expense for each of the next five years ending June 30 is as follows:
2019 55,446 $ 2022 55,446 $
2020 55,446 $ 2023 55,446 $
2021 55,446 $
NOTE H – LAND HELD FOR LEASE
EAH owns land which is leased to partnerships that operate low-income housing apartment complexes. The General Partners of the partnerships are affiliated to EAH and are combined in these combined financial statements. The land has been recorded at the original cost or value upon the date of donation. The land held for lease consists of the following:

San Clemente Apartments (at cost) leased for 85 years $ 5,295,533 5,295,533 Camelia Place Apartments (appraised value) leased for 55 years 3 3,120,000 ,120,000 Anise Turina Apartments (at cost) leased for 55 years 672,000 672,000 Riviera Apartments (at cost) leased for 55 years 476,000 476,000 Total land held for lease $ 9,563,533 $ 9,563,533
2018 2017
22 EAH INC. AND AFFILIATES

NOTES TO COMBINED FINANCIAL STATEMENTS
June 30, 2018 and 2017
NOTE I – PROPERTY AND EQUIPMENT

Property and equipment and accumulated depreciation as of June 30, 2018 and 2017 consist of the following:

Land $ 38,724,914 $ 33,774,885
Building and improvements 613,123,642 552,139,550
Furniture and equipment 19,563,500 18,280,542
Total property and equipment 671,412,056 604,194,977
Less accumulated depreciation (118,806,584) (104,151,541) Property and equipment, net $ 552,605,472 $ 500,043,436 2018 2017
NOTE J – LINES OF CREDIT

EAH has a secured line of credit with Westamerica Bank in the amount of $2,060,000 that is secured by 7 units at Tiburon Hills Estates and matures on December 31, 2018. Outstanding principal bears interest at a variable interest rate equal to Westamerica’s index rate plus 0.250%, equal to 5.5% at June 30, 2018. As of June 30, 2018 and 2017, there was no balance outstanding.

EAH has an unsecured line of credit with Westamerica Bank in the amount of $1,250,000 which matures on December 31, 2018. Outstanding principal bears interest at a variable rate equal to Westamerica’s index rate plus 0.0750%, equal to 6% at June 30, 2018. As of June 30, 2018 and 2017, there was no balance outstanding.

EAH has an unsecured line of credit with Westamerica Bank in the amount of $1,690,000 which matures on December 31, 2018. Outstanding principal bears interest at a variable rate equal to Westamerica’s index rate plus 0.0750%, equal to 6% at June 30, 2018. As of June 30, 2018 and 2017, there was no balance outstanding.

NOTE K – DEFERRED REVENUE
Deferred revenue includes amounts related to the 20% profit portion of EAH’s development fees earned from affiliates included in the combined financial statements. During the years ended June 30, 2018 and 2017, amortization to offset depreciation expense related to the fee capitalized as real property costs, was $284,182 and $218,158, respectively. As of June 30, 2018 and 2017 the total developer fees deferred and accumulated amortization are as follows:

Deferred revenue $ 11,367,221 $ 8,726,328
Less accumulated amortization (1,563,694) (1,279,513)
Deferred revenue, net of accumulated amortization 9,803,527 7,446,815 Less current portion (284,182) (218,158)
Deferred revenue, less current portion $ 9,519,345 $ 7,228,657 2018 2017
23 EAH INC. AND AFFILIATES

NOTES TO COMBINED FINANCIAL STATEMENTS
June 30, 2018 and 2017
NOTE L – NOTES PAYABLE
2018 2017 .

Notes payable to various banks, secured by deeds of trust on the related properties, are payable in monthly installments including interest at rates ranging from 3.67% to 6.44%. Interest expense on the notes for years ending June 30, 2018 and 2017 totaled $4,869,144 and $4,882,066, respectively. As of June 30, 2018 and 2017, accrued interest totaled $412,959 and $418,929, respectively. $ 94,798,377 $ 97,753,304

Interest expense on the notes for years ending June 30, 2018 and 2017 totaled $2,597,330 and $2,532,521, respectively. As of June 30, 2018 and 2017, accrued interest totaled $216,986 and $141,394, respectively. 60,989,244 62,239,179 Deferred notes payable to various federal, state and local agencies. Such notes are secured by the related property and are either non-interest bearing or bear interest at 1% to 6.88%. Interest expense on these notes for years ending June 30, 2018 and 2017 totaled $4,445,663 and $8,723,546, respectively. As of June 30, 2018 and 2017, accrued interest totaled $37,594,195 and $34,141,080, respectively. 146,474,541 140,402,089

Construction loans bearing interest at variable rates from 1.99% to 2.48%, generally with principal and interest paid monthly, to be repaid in full through 2017. Interest expense on the notes for years ending June 30, 2018 and 2017 totaled $1,031,679 and $47,977, respectively. As of June 30, 2018 and 2017, accrued interest totaled $0 and $13,735, respectively. 72,200,988 27,411,992 Total notes payable 374,463,150 327,806,564
Less: debt issuance costs (7,939,706) (8,017,656)
Less: current maturities (3,992,022) (3,847,158)

Total notes payable, net $ 362,531,422 $ 315,941,750
Principal payments for the next five years are subject to changes in net cash flow, which is a contingency that cannot reasonably be estimated. Minimum required payments on amortizing loans are estimated as follows:
2019 3,992,022 $ 2022 4,670,413 $
2020 4,204,900 $ 2023 4,905,257 $
2021 4,428,441 $
24 EAH INC. AND AFFILIATES

NOTES TO COMBINED FINANCIAL STATEMENTS
June 30, 2018 and 2017
NOTE M – GROUND LEASE PAYABLE
EAH’S affiliate, EAH Larkspur Creekside Associates II, L.P., entered into a lease agreement with the City of Larkspur to lease the land on which its property is developed. The ground lease term runs for ninety-five years from June 1, 1989. Annual rent shall be equal to ten percent (10%) of annual gross receipts and payments are limited to 60% of surplus cash, as defined in the Partnership Agreement, not to exceed the annual rent. In the event that 60% of surplus cash is less than the annual rent, the unpaid rent will accrue without interest. Any deferred rent shall be paid upon sale or transfer to an entity other than any entity controlled by EAH. As of June 30, 2018 and 2017, accrued ground lease rent amounted to $162,153 and $171,300, respectively.

NOTE N – LEASE COMMITMENT
EAH leases office space in San Rafael under an agreement which expired in December 2017, in Morgan Hill under an agreement which expires in June 2022, and in Hawaii under an agreement which expires in September 2019. EAH also entered into a lease for office space in Santa Monica, California on a month-tomonth basis.

In June 2017, EAH commenced leasing office space in San Rafael from its wholly owned subsidiary, Pelican Way. All intercompany transactions have been eliminated in connection with that lease. The rental expense for the years ended June 30, 2018 and 2017 was $1,357,139 and $841,363, respectively. The future minimum annual lease commitments for the years ended June 30 are estimated as follows:

2019 88,505 $ 2021 58,457 $
2020 56,209 $ 2022 4,887 $
NOTE O – GUARANTEES
EAH issues a variety of guarantees in the course of developing properties. The guarantees are generally issued in favor of limited partner investors or lenders. Guarantees, as of June 30, 2018, (except for tax benefits which are one year in arrears), consist of the following:

Operating deficits $ 12,300,000 $ 10,450,250
Construction loan repayment and completion (1) 122,000,000 203,430,000 Tax credits 144,000,000 147,000,000
Total guarantees $ 359,730,000 $ 279,450,250
2018 2017
(1) $110,815,000 of construction loan funds had been drawn as of June 30, 2018. 25 EAH INC. AND AFFILIATES

NOTES TO COMBINED FINANCIAL STATEMENTS
June 30, 2018 and 2017
NOTE O – GUARANTEES (Continued)
Operating Deficit Guarantees
Operating deficit guarantees are commitments to fund future operating deficits of partnerships. The guarantees are issued in favor of limited tax credit partnerships, and generally are for the fifteen year period when the investor is expected to hold its limited partner interest, or for shorter periods (for example, until certain debt ratios are achieved). A payment under a guarantee would result in the transfer of cash resources from the guarantor to an affiliate, resulting in an obligation to repay the advance, usually from future operating cash flow. To date, EAH has not experienced any calls on these guarantees.

Tax Credit Guarantees
As the sponsor or the developer of certain properties financed in part by federal and/or state tax credit allocations, EAH has made certain guarantees to investors as to the tax credits and other benefits to be derived from the properties. These guarantees generally cover the tax compliance periods of fifteen years after initial lease-up. A payment under such a guarantee could result in a cash distribution from an affiliate's operating cash flow to the investor limited partner. In the opinion of management, compliance with tax regulations and careful monitoring of the properties should preclude these contingent liabilities from materializing. To date, EAH has not experienced any calls on these guarantees.

NOTE P – RETIREMENT PLAN
EAH offers a 403(b) tax deferred annuity plan for all of its employees. Eligible employees’ annual contribution may not exceed the lesser of 100% of their salary or $18,000. Employees who are 50 years or older are permitted to make additional contributions up to $6,000 annually. EAH contributes to the plan in an amount equal to 1% of the employees’ annual salary for all employees. For those employees who contribute to the plan, EAH also contributed an amount equal to the employees’ contribution up to 3% of the employees’ annual salary. The total employer contribution for June 30, 2018 and 2017 was $401,186 and $415,290, respectively.

NOTES TO COMBINED FINANCIAL STATEMENTS
June 30, 2018 and 2017
NOTE Q – RELATED PARTY TRANSACTIONS
Property management fees, accounting fees, compliance fees and partnership management fees charged to affiliated organizations related by common members on the Board of Directors totaled approximately $2,200,000 and $2,067,000 for the years ended June 30, 2018 and 2017, respectively. As of June 30, 2018 and 2017, amounts receivable from affiliated organizations for these fees totaled approximately $284,000 and $336,000, respectively.

Development fees charged to affiliated organizations related by common members on the Board of Directors totaled $1,833,831 and $756,299 for the years ended June 30, 2018 and 2017, respectively. As of June 30, 2018 and 2017, amounts receivable from affiliated organizations for developer fees totaled $2,136,057 and $3,294,545, respectively.

NOTE R – SUPPLEMENTAL STATEMENT OF CASH FLOW INFORMATION For the years ended June 30, 2018 and 2017, cash paid for interest amounted to approximately $9,768,000 and $10,514,000, respectively.

SUPPLEMENTARY INFORMATION
28 EAH INC. AND AFFILIATES

COMBINING SCHEDULE OF FINANCIAL POSITION
June 30, 2018
ASSETS
Current assets
Cash and cash equivalents $ 8,066,614 $ 1,535,942 $ 7,455,824 $ 17,058,380 $ - $ 17,058,380 Restricted cash and deposits, current portion - - 5,638,591 5,638,591 - 5,638,591 Investments 13,278,379 2,324,901 - 15,603,280 - 15,603,280 Receivables, current portion 12,138,069 984,283 577,694 13,700,046 3,239,511 (10,460,535) Prepaid expenses and deposits 1,749 17,000 622,213 640,962 - 640,962 Total current assets 33,484,811 4,862,126 14,294,322 52,641,259 (10,460,535) 42,180,724 Other assets
Restricted cash and deposits, less current portion 249,927 - 28,748,597 28,998,524 - 28,998,524 Receivables, less current portion 12,539,425 - - 12,539,425 1,466,158 (11,073,267) Development in progress 1,475,337 - 2,764,127 4,239,464 - 4,239,464 Notes and advances receivable, including interest 74,147,774 113,599,974 - 187,747,748 (175,829,474) 11,918,274 Land held for lease 9,563,533 - - 9,563,533 - 9,563,533 Property and equipment, net 277,075 13,304,583 539,023,814 552,605,472 - 552,605,472 Ground lease rent receivable 466,871 - - 466,871 (466,871) - Prepaid ground lease rent - - 9,199,088 9,199,088 (4,511,587) 4,687,501 Investments in uncombined entities (8,370,792) (94,866,504) - (103,237,296) 104,601,094 1,363,798 Deferred costs, net - - 734,888 734,888 - 734,888
Other assets 63,878 589,692 61,627 715,197 - 715,197
Total assets $ 123,897,839 $ 37,489,871 $ 594,826,463 $ 756,214,173 $ (97,740,640) $ 658,473,533 EAH Affiliates Properties Eliminations Total
LIHTC
Subtotal
29 EAH INC. AND AFFILIATES
COMBINING SCHEDULE OF FINANCIAL POSITION (Continued)
June 30, 2018

LIABILITIES AND NET ASSETS
Current liabilities
Accounts payable and accrued expenses $ 239,075 $ 29 $ 1,310,673 1,549,777 (496,673) $ 1,053,104 Deferred revenue, current portion - - - - 284,182 284,182 Related party fees payable, current - - 6,155,975 6,155,975 (6,155,975) - Development costs payable - - 9,514,137 9,514,137 (3,807,887) 5,706,250 Interest payable, current portion - - - - 629,945 629,945 Notes payable, current portion - - - - 3,992,022 3,992,022 Total current liabilities 239,075 29 16,980,785 17,219,889 (5,554,386) 11,665,503 Long-term obligations
Accrued expenses, less current portion 1,443,617 - - 1,443,617 - 1,443,617 Deferred revenue, less current portion - - - - 9,519,345 9,519,345 Tenant security deposits 28,533 - 2,019,947 2,048,480 - 2,048,480 Related party fees payable - - 12,414,019 12,414,019 155,646 (12,258,373) Prepaid ground rent 4,511,587 - - 4,511,587 - (4,511,587)Ground lease payable, less current portion - - 629,024 629,024 (466,871) 162,153 Accrued interest payable, less current portion - 182,786 60,645,661 60,828,447 (23,230,939) 37,597,508 Notes payable, net 15,296,333 1,676,605 502,778,986 519,751,924 362,531,422 (157,220,502) Total liabilities 7,899,417 15,479,148 595,468,422 618,846,987 (193,723,313) 425,123,674 Net assets
Controlling interests
Unrestricted 108,565,777 20,474,781 (143,193,830) (14,153,272) 112,495,482 98,342,210 Board-designated funds 7,432,645 1,535,942 7,455,824 16,424,411 - 16,424,411 Total controlling interests 115,998,422 22,010,723 (135,738,006) 2,271,139 112,495,482 114,766,621 Non-controlling interests - - 135,096,047 135,096,047 (16,512,809) 118,583,238 Total net assets 115,998,422 22,010,723 (641,959) 137,367,186 95,982,673 233,349,859 Total liabilities and net assets $ 123,897,839 $ 37,489,871 $ 594,826,463 $ 756,214,173 $ (97,740,640) $ 658,473,533 LIHTC
EAH Affiliates Properties Subtotal Eliminations Total
30 EAH INC. AND AFFILIATES

COMBINING SCHEDULE OF ACTIVITES
June 30, 2018
Unrestricted support and revenue
Support
Grants - administrative $ 40,000 $ - $ - $ 40,000 $ - $ 40,000 Grants - project development 154,157 - - 154,157 - 154,157 Donations from affiliates 33,857,253 5,728,836 61,133 39,647,222 (39,297,339) 349,883 Other donations and fundraising events (20,449,535) (5,582,732) (61,133) (26,093,400) 26,219,268 125,868 Total support 13,601,875 146,104 - 13,747,979 (13,078,071) 669,908 Revenue
Property management and accounting fees 7,694,153 - - 7,694,153 (3,257,384) 4,436,769 Partnership and asset management fees 1,268,637 - - 1,268,637 (817,049) 451,588 Development fees 15,038,303 34,304 - 15,072,607 (13,204,472) 1,868,135 Rental property income 520,505 821,223 49,642,938 50,984,666 (813,472) 50,171,194 Ground lease rental income 159,036 - - 159,036 (159,036) - Income (loss) from investments in partnerships 100,680 (3,738,444) - (3,637,764) 3,674,747 36,983 Interest and investment income 2,435,786 3,678,328 79,307 6,193,421 (5,649,435) 543,986 Net realized and unrealized gain on investments 668,357 - - 668,357 (50,135) 618,222 Other income 1,054,321 1,018,905 305,770 2,378,996 - 2,378,996 Total revenue 28,939,778 1,814,316 50,028,015 80,782,109 (20,276,236) 60,505,873 Total support and revenue 42,541,653 1,960,420 50,028,015 94,530,088 (33,354,307) 61,175,781 Expenses
Program services 16,901,207 14,825,339 67,383,975 99,110,521 63,893,105 (35,217,416) Management and general 1,394,307 95,025 - 1,489,332 - 1,489,332 Fundraising 34,305 - - 34,305 - 34,305
Total expenses 18,329,819 14,920,364 67,383,975 100,634,158 (35,217,416) 65,416,742 Change in net assets 24,211,834 (12,959,944) (17,355,960) (6,104,070) 1,863,109 (4,240,961)Net assets - beginning of year 112,764,330 124,864,239 135,514,797 (136,494,251) 373,143,366 236,649,115 Prior period adjustments (20,977,742) (95,456,669) (116,633,408) (233,067,819) 233,067,819 - Acquisition of controlling interest - - - - - -
Capital contributions, net of
distributions and syndication costs - 5,563,097 (2,167,388) 3,395,709 (2,454,004) 941,705 Net assets - end of year $ 115,998,422 $ 22,010,723 $ (641,959) $ 137,367,186 $ 95,982,673 $ 233,349,859 EAH Total
LIHTC
Affiliates Properties Subtotal Eliminations
31 EAH INC. AND AFFILIATES
EAH INC. ONLY - SCHEDULES OF FINANCIAL POSITION
June 30, 2018
Current assets
Cash and cash equivalents $ 8,066,614 $ 11,237,104
Investments 13,278,379 11,680,020
Receivables, current portion 12,138,069 10,950,912
Prepaid expenses and deposits 1,749 1,725
Total current assets 33,484,811 33,869,761
Other assets
Restricted cash and deposits, less current portion 249,927 221,605 Receivables, less current portion 12,539,425 2,357,293
Development in progress 1,475,337 1,297,073
Notes and advances receivable, including interest 74,147,774 61,191,403 Land held for lease 9,563,533 9,563,533
Property and equipment, net 277,075 330,364
Ground lease rent receivable 466,871 653,187
Investments in partnerships and other companies - 11,113,002 Other assets 63,878 117,367
Total assets $ 132,268,631 $ 120,714,588
Current liabilities
Accounts payable and accrued expenses, current portion $ 239,075 $ 297,870 Total current liabilities 239,075 297,870
Long-term obligations
Accounts payable and accrued expenses, less current portion 1,44 1,460,677 3,617 Tenant security deposits 28,533 28,433
Prepaid ground rent 4,511,587 4,573,887
Investments in partnerships and other companies, net deficit 8, - 370,792 Notes payable 1,676,605 1,589,391
Total liabilities 16,270,209 7,950,258
Net assets
Unrestricted 108,565,777 103,285,786
Board-designated funds 7,432,645 9,478,544
Total net assets 115,998,422 112,764,330
Total liabilities and net assets $ 132,268,631 $ 120,714,588

LIABILITIES AND NET ASSETS
ASSETS
2018 2017
32 EAH INC. AND AFFILIATES
EAH INC. ONLY - SCHEDULES OF ACTIVITES
June 30, 2018
Unrestricted support and revenue
Support
Grants - administrative $ 40,000 $ 94,769
Grants - project development 154,157 471,208
Donations from affiliates 13,231,850 33,857,253
Other donations and fundraising events 175,868 243,846
Total support 13,601,875 34,667,076
Revenue
Property management and accounting fees 7,694,153 7,346,779 Partnership and asset management fees 1,268,637 1,362,428 Development fees 15,038,303 7,063,768
Rental property income 520,505 490,941
Ground lease rental income 159,036 159,038
Income (loss) from investments in partnerships 100,680 227,149 Interest and investment income 2,435,786 1,218,273
Net realized and unrealized gain on investments 668,357 942,416 Other income 1,054,321 367,567
Total revenue 28,939,778 19,178,359
Total support and revenue 42,541,653 53,845,435
Expenses
Program services
Property and asset management expenses 8,735,436 8,488,837 Property development expense 2,888,194 2,559,421
Syndication management expense 2,989,637 2,345,745
Tenant services expense 677,514 613,213
Rental property expenses 334,660 301,578
Community relations and advocacy 1,275,766 1,263,261
Management and general 1,394,307 1,160,271
Fundraising 34,305 18,242
Total expenses 18,329,819 16,750,568
Change in net assets 24,211,834 37,094,867
Prior period adjustment (20,977,742) -
Net assets - beginning of year 112,764,330 75,669,463
Net assets - end of year $ 115,998,422 $ 112,764,330
2018 2017
33 EAH INC. AND AFFILIATES

EAH INC, ONLY - SCHEDULE OF CASH FLOWS
June 30, 2018

CASH FLOWS FROM OPERATING ACTIVITIES
Change in net assets $ 24,211,834 $ 37,094,867
Donation of notes receivable and accrued interest (8,504,543) (23,900,286) Adjustments to reconcile change in net assets to net cash provided by operating activities:

Depreciation and amortization 57,825 66,379
(Increase) decrease in:

Receivables (11,369,289) 2,115,869
Prepaid expenses (24) (35)
Notes receivable interest (667,318) (690,774)
Ground lease rent receivable 186,316 (42,181)
Investments in partnerships 207,794 (227,149)
Other assets 53,489 7,200
Increase (decrease) in:

Accounts payable and accrued expenses (75,855) 179,383
Tenant security deposits 100 190
Prepaid ground lease rent (62,300) (62,302)
Net cash provided by operating activities 4,038,029 14,541,161

CASH FLOWS FROM INVESTING ACTIVITIES
(Deposits to) releases from restricted cash and deposits (28,322 (27,500) ) (Deposits to) releases from investments (1,598,359) (905,952) Payments for development in progress (178,264) (354,138) Advances for notes receivable (3,784,510) (4,978,275)
Capital contributions to partnerships, net of distributions (1,7 (4,165,155) 01,742) Additions to property and equipment (4,536) (6,506)
Net cash used by investing activities (7,295,733) (10,437,526)

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from notes payable 87,214 260,471
Net cash provided by financing activities 87,214 260,471 Increase (decrease) in cash (3,170,490) 4,364,106
Cash and cash equivalents at beginning of year 11,237,104 6,872,998 Cash and cash equivalents at end of year $ 8,066,614 $ 11,237,104 2018 2017
34 EAH INC. AND AFFILIATES
EAH INC, ONLY – ADDITIONAL SCHEDULES
June 30, 2018

Secured note receivable from Avena Bella I, LP, a California Limited Partnership, whose General Partner is an affiliated organization, in the amount of $1,000,000, bears interest at 5.85% compounded annually and is due in full in the year 2067. As of June 30, 2018 and 2017, the outstanding balances include $408,766 and $332,170 of accrued interest. $ 1,408,766 $ 1,332,170 Secured note receivable from Belovida at Newbury Park, LP, whose Managing General Partner is an affiliated organization, in the amount of $2,600,171 is non-interest bearing, secured by a deed of trust on the property and due in full in the year 2065. 2,563,109 2,563,107 Secured note receivable from Cochrane Morgan Hill, LP, a California Limited Partnership, whose General Partner is an affiliated organization, in the amount of $229,713, bears interest at 3.28% compounded annually and is due in full in the year 2069. As of June 30, 2018 and 2017, the outstanding balances include $2,280 and $2,669 of accrued interest. 136,332 157,318 Secured note receivable from Cochrane Morgan Hill, LP, a California Limited Partnership, whose General Partner is an affiliated organization, in the amount of $45,943, bears interest at 3.28% compounded annually and is due in full in the year 2069. As of June 30, 2018 and 2017, the outstanding balances include $450 and $677 of accrued interest. 26,890 31,295 Unsecured notes receivable from Drakes Way Housing Partners, LP, a California Limited Partnership, whose General Partner is an affiliated organization, is non-interest bearing and due in full in the year 2062. 1,571,250 1,571,250 Unsecured, non-interest bearing advance receivable from Drakes Way Housing, L.P., a California limited partnership, whose General Partner is an affiliated organization. - 10,000
Unsecured note receivable from Dublin Transit EAH Inc., a California nonprofit public benefit corporation, which is an affiliated organization, in the amount of $548,113, is non-interest bearing is due in full in the year 2057. 548,113 -
Secured note receivable from EAH Elena Gardens, LP, a California Limited Partnership, whose General Partner is an affiliated organization, in the amount of $8,345,848, bears interest at 3.45% compounded annually and is due in full in the year 2066. As of June 30, 2018 and 2017, the outstanding balance includes $176,058 and $- of accrued interest. 8,521,906 - 35 EAH INC. AND AFFILIATES
EAH INC, ONLY – ADDITIONAL SCHEDULES
June 30, 2018
SCHEDULE OF NOTES RECEIVABLE (Continued)
2018 2017 .

Unsecured note receivable from Golden Oak Manor, Inc. an affiliated organization, in the amount of $1,100,000, bears interest at 2.26% compounded annually and is due in full in the year 2071. As of June 30, 2018 and 2017, the outstanding balance includes $38,275 and $13,119 of accrued interest. $ 1,138,275 $ 1,113,119
Unsecured note receivable from Golden Oak Manor, Inc. an affiliated organization, in the amount of $809,820, bears interest at 2.26% compounded annually and is due in full in the year 2071. As of June 30, 2018 and 2017, the outstanding balance includes $28,178 and $9,658 of accrued interest. 837,998 819,478
Unsecured note receivable from Golden Oak Manor, Inc. an affiliated organization, in the amount of $2,426,490, bears interest at 2.26% compounded annually and is due in full in the year 2071. As of June 30, 2018 and 2017, the outstanding balance includes $84,731 and $29,231 of accrued interest. 2,511,221 2,455,721
Secured, non-interest bearing note receivable from Golden Oak Manor II, LP, a California Limited Partnership, whose General Partner is an affiliated organization, in the amount of $1,300,000, due in full in the year 2070. 1,054,066 1,068,023 Secured note receivable from Golden Oak Manor II, LP, a California Limited Partnership, whose General Partner is an affiliated organization, in the amount of $442,364, bears interest at 2.61% compounded annually and is due in full in the year 2069. As of June 30, 2018 and 2017, the outstanding balances include $2,760 and $1,838 of accrued interest. 425,726 440,409 Secured note receivable from Kalani Gardens II, LP, a Hawaii Limited Partnership, whose General Partner is an affiliated organization, in the amount of $6,295,000, bears interest at 2.40% compounded annually and is due in full in the year 2070. As of June 30, 2018 and 2017, the outstanding balance includes $466,294 and $351,967 of accrued interest. 6,761,294 6,646,967 Unsecured note receivable from EAH Larkspur Creekside Associates II, a California Limited Partnership, whose General Partner is an affiliated organization, in the amount of $1,319,689 (original amount of $1,363,634) bears interest at 5.36% compounded annually is due in full in the year 2062.

As of June 30, 2018 and 2017, the outstanding balances include $873,960 and $802,302 of accrued interest. 2,193,659 2,122,001
Unsecured, non-interest bearing advance receivable from Larkspur Isle, LTD, a California limited partnership, whose General Partner is an affiliated organization. 976,314 1,081,093
36 EAH INC. AND AFFILIATES
EAH INC, ONLY – ADDITIONAL SCHEDULES
June 30, 2018
SCHEDULE OF NOTES RECEIVABLE (Continued)
2018 2017 .

Secured note receivable from Oaks II, L.P., LP, a California Limited Partnership, whose General Partner is an affiliated organization, in the amount of $396,000, bears interest at 2.61% compounded annually and is due in full in the year 2070. As of June 30, 2018 and 2017, the outstanding balances include $2,790 and $886 of accrued interest. $ 321,244 $ 340,672 Secured note receivable from Parkview Family EAH II, LP, a California Limited Partnership, whose General Partner is an affiliated organization, in the amount of $2,536,800, bears interest at 2.91% compounded annually and is due in full in the year 2069. As of June 30, 2018 and 2017, the outstanding balances include $152,834 and $115,160 of accrued interest. 2,689,634 2,651,960 Secured note receivable from Parkview Family EAH II, LP, a California Limited Partnership, whose General Partner is an affiliated organization, in the amount of $6,884,083, bears interest at 2.91% compounded annually and is due in full in the year 2069. As of June 30, 2018 and 2017, the outstanding balance includes $221,380 and $359,469 of accrued interest. 7,349,243 7,243,552 Secured note receivable from Parkview Senior EAH II, LP, a California Limited Partnership, whose General Partner is an affiliated organization, in the amount of $5,572,202, bears interest at 2.91% compounded annually and is due in full in the year 2069. As of June 30, 2018 and 2017, the outstanding balance includes $432,107 and $318,056 of accrued interest. 6,004,309 5,890,258 Secured note receivable from Parkview Senior EAH II, LP, a California Limited Partnership, whose General Partner is an affiliated organization, in the amount of $4,932,528, bears interest at 2.91% compounded annually and is due in full in the year 2069. As of June 30, 2018 and 2017, the outstanding balance includes $382,500 and $281,543 of accrued interest. 5,315,028 5,214,071 Secured note receivable from Piper Court Fairfax, LP, a California Limited Partnership, whose General Partner is an affiliated organization, in the amount of $3,279,912, is non-interest bearing and is due in full in the year 2073. 3,279,912 -
Unsecured note receivable from Riviera–San Rafael Associates, LP, a California limited partnership, whose General Partner is an affiliated organization, in the amount of $377,225, bears interest at 4.84% compounded annually and is due in full in May 2059. As of June 30, 2018 and 2017, the outstanding balances include $363,143 and $328,964 of accrued interest. 740,368 706,189
37 EAH INC. AND AFFILIATES
EAH INC, ONLY – ADDITIONAL SCHEDULES
June 30, 2018
SCHEDULE OF NOTES RECEIVABLE (Continued)
2018 2017 .

Secured note receivable from EAH Rohlffs Concordia Manor, LP, a California Limited Partnership, whose General Partner is an affiliated organization, has a face value of $2,227,194, bears interest at 3.52% compounded annually, is payable to the extent of surplus cash, and matures in 2064. The note was acquired from an unrelated entity for cash consideration of $56,561. EAH accounts for the note under the cost recovery method because a reasonable expectation of expected cash flows to be collected cannot be made. In accordance with the cost recovery method, payments were applied to the cost of the note reducing it to zero. During the years ended June 30, 2018 and 2017, payments were received in the amount of $50,135 and $49,093 and have been recorded as gain. $ - $ - Secured note receivable from EAH Rohlffs Concordia Manor, LP, a California Limited Partnership (Rohlffs Manor III property), whose General Partner is an affiliated organization, has a face value of $2,628,484, bears interest at 3.52% compounded annually, is payable to the extent of surplus cash, and matures in 2064. The note was acquired from an unrelated entity for cash consideration of $68,349. EAH accounts for the note under the cost recovery method because a reasonable expectation of expected cash flows to be collected cannot be made. In accordance with the cost recovery method, payments were applied to the cost of the note reducing it to zero. During the years ended June 30, 2018 and 2017, payments were received in the amount of $0 and $5,020 and have been recorded as gain. - -
Unsecured note receivable from San Clemente Housing Partners, LP, whose General Partner is an affiliated organization, in the amount of $2,500,000, bears simple interest at 3% and is due in full in December 2060. As of June 30, 2018 and 2017, the outstanding balances include $789,442 and $827,075 of accrued interest. 3,289,442 3,327,075
Unsecured non-interest bearing advance receivable from San Clemente Housing Partners, LP, a California Limited Partnership, whose General Partner is an affiliated organization. 66,000 66,000
Unsecured non-interest bearing advance receivable from San Clemente Housing Partners, LP, a California Limited Partnership, whose General Partner is an affiliated organization. 120,879 120,879
Unsecured note receivable from San Pablo Senior Housing Associates II, LP, a California Limited Partnership, whose General Partner is an affiliated organization, in the amount of $1,673,627, bears interest at 4.24% compounded annually and is due in full in the year 2063. As of June 30, 2018 and 2017, the outstanding balances include $825,541 and $723,887 of accrued interest. 2,499,168 2,397,514
38 EAH INC. AND AFFILIATES
EAH INC, ONLY – ADDITIONAL SCHEDULES
June 30, 2018
SCHEDULE OF NOTES RECEIVABLE (Continued)
2018 2017 .

The note was acquired from an unrelated entity on June 1, 2017 for cash consideration of $1 plus a $268,000 option payment. The note has a face value of $2,310,000 bears interest at 6.88% compounded annually, payable to the extent of surplus cash, and matures in 2024. EAH accounts for the note under the cost recovery method because a reasonable expectation of expected cash flows to be collected cannot be made. In accordance with the cost recovery method, the payments are applied to the cost of the note reducing it to zero, and gain for the amount in excess of the cost will be recorded. 268,001 268,001
Unsecured note receivable from Stonebridge Housing II, LP, a California Limited Partnership, whose General Partner is an affiliated organization, in the amount of $269,543 due in full in December 2017. 188,949 188,949 Unsecured note receivable from Turina Associates, a California limited partnership, whose General Partner is an affiliated organization, in the amount of $62,500, bears interest at 4.84% compounded annually, due in full in May 2059. As of June 30, 2018 and 2017, the outstanding balances include $60,167 and $54,504 of accrued interest. 122,667 117,004 Unsecured, non-interest bearing advance receivable from Turina Associates, a California limited partnership, whose General Partner is an affiliated organization. 44,798 46,166
Secured note receivable from Walnut Place, LP, a California Limited Partnership, whose General Partner is an affiliated organization, in the amount of $1,500,000, bears interest at 2.24% compounded annually and is due in full in the year 2070. As of June 30, 2018 and 2017, the outstanding balance includes $53,731 and $19,392 of accrued interest. 1,553,731 1,519,392 Total advances and notes receivable, including interest $ 74,147,774 $ 61,191,403 39 EAH INC. AND AFFILIATES
EAH INC, ONLY – ADDITIONAL SCHEDULES
June 30, 2018

Ground lease rent receivable
EAH entered into a ground lease agreement with Turina Associates, a California limited partnership, whose General Partner is an affiliated California nonprofit corporation, to lease the land on which Anise Turina Apartments is located. The term of the lease is 55 years commencing March 2004, and requires annual rent of $37,576. Rent shall be payable only to the extent there is surplus cash, as defined in the agreement, and unpaid rents are due in full in the year 2060. $ 198,337 $ 318,336 EAH entered into a ground lease agreement with Riviera-San Rafael Associates, a California limited partnership, whose General Partner is an affiliated California nonprofit corporation, to lease the land on which Riviera Apartments is located. The term of the lease is 55 years commencing March 2004, and requires annual rent of $34,160. Rent shall be payable only to the extent there is surplus cash, as defined in the agreement, and unpaid rents are due in full in the year 2060. 196,389 246,164 EAH entered into a ground lease agreement with Dublin Transit Site A2, LP, a California limited partnership, whose General Partner is an affiliated organization, to lease the land on which the Dublin Transit site is located.

The term of the lease is 55 years commencing June 30, 2005, and requires annual rent of $25,000. Rent shall be payable only to the extent there is surplus cash, as defined in the agreement, and unpaid rents are due in full in the year 2061. 72,145 88,687
Total ground lease rent receivable $ 466,871 $ 653,187
Prepaid ground lease
EAH entered into a ground lease agreement with San Clemente Housing Partners, LP, a California limited partnership, whose General Partner is an affiliated organization, to lease the land on which San Clemente Apartments is located. The term of the lease is 85 years commencing December 2005, and required prepayment of the entire ground lease rent of $5,295,533. EAH recognizes annual lease income of $62,300. $ 4,511,587 $ 4,573,887 40 EAH INC. AND AFFILIATES
EAH INC, ONLY – ADDITIONAL SCHEDULES
June 30, 2018

In addition, EAH holds investments in Housing Partnership Insurance Exchange (HPIEx) to gain access to affordable workers’ compensation insurance from a reciprocal insurance company. The investment is recorded at cost and represents approximately 4.6% of the ownership shares of the workers’ compensation program at HPIEx as of June 30, 2018.

Investments in other companies consist of the following as of June 30, 2018:
3706 San Pablo Emeryville, LP 51% General $ 2,000,000 $ 2,000,000 Avena Bella II, LP 49% Limited - -
Don Avante Associates I, LP .1% Limited 23,209 175,512
Don Avante Associates II, LP .1% Limited 197,526 182,374 Don de Dios, LP .009% General (8,049,076) 4,567
Dublin Transit Site A2, LP .01% General 1,269,060 1,249,147 Ecumenical Housing Corporation 100% owner 2,406,039 364,950 Fellowship Plaza EAH, LLC 50% Member 95 400
Larkspur Isle, LTD 99% Limited 427,218 275,166
Orchards Morgan Hill, LP .01% General 100 100
Park Place EAH, LP .01% General (14,490,394) 328,208
Pelican Way, LLC 100% owner 4,355,906 3,087,385
Riverfield Homes, LP 10% Limited - -
San Clemente Housing Partners .01% General 1,799,938 1,800,000 Sonoma Creekside, LP 10% Limited 216,725 209,703
South Winery Associates, LP 1% Limited 53,784 60,267
Stonebridge Housing, LLC 50% Member 1,118,500 1,073,165 Three Oaks Housing, LP 1% Limited 25,040 24,268
Vista Park Associates, I .05% Limited 6,950 8,180
Vista Park Associates, II .05% Limited 23,488 24,510
Walnut Place EAH, LP .01% General - -
HPIEx 245,100 245,100
Total investments in other companies $ (8,370,792) $ 11,113,002 2018 2017
41 EAH INC. AND AFFILIATES
EAH INC, ONLY – ADDITIONAL SCHEDULES
June 30, 2018

SCHEDULE OF NOTES PAYABLE
2018 2017 .

Note payable for Imperial Senior
Note payable to the City of Imperial in the amount of $500,000, is unsecured and non-interest bearing. Upon acquisition of the site, the balance of the loan will be rolled into a deferred loan. $ 176,605 $ 176,605 Note payable for Avena Bella II
Note payable to the City of Turlock in the amount of $500,000, is unsecured and non-interest bearing. Upon acquisition of the site, the balance of the loan will be rolled into a deferred loan. 500,000 412,786 Note payable for Avena Bella
Note payable to JPMorgan Bank and Trust Company, N.A. under the Federal Home Loan Bank of San Francisco’s Affordable Housing Program (AHP), is non-interest bearing, and is secured by a deed of trust on the property. Payments are deferred for 55 years principal is due in full in the year 2067. 1,000,000 1,000,000
Total notes and mortgages payable $ 1,676,605 $ 1,589,391 PASSION:

For our mission, our work, our residents, and our communities.

ETHICS:
● In our culture from one generation of employees to the next. ● In our relationships with partners, contractors and vendors. ● In our reputation with lenders, donors and public servants.

AMBITION:
● To fulfill our common vision by building excellent affordable housing. ● To serve a critical need in society today.
● To create social justice.

COLLABORATION:

With respect, integrity, openness, and encouragement in our team efforts.

EXCELLENCE:
● Developing and managing each property to ensure financial integrity, permanent affordability and architectural designs that enhance neighborhoods: EAH Housing communities are built to last. ● Each property is a source of pride and a testament to the dedication, creativity and talents of the whole team.
● Ensuring a high quality of life for our residents, a roof is just the beginning.

EAH Housing Core Values
www.EAHHousing.org
Offices: San Rafael, Honolulu, Fresno, Los Angeles, Morgan Hill CA Lic. 853495 | HI Lic. RB-16985

Santa Monica City CouncilJanuary 11, 2022

Santa Monica City Council
January 11, 2022