Attachment B8 - Proposals Received (Jamboree Housing + Step Up on Second) — Santa Monica City Council, January 11, 2022 (part 2 of 2)

Santa Monica, California
We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the consolidated financial statements of Step Up On Second Street, Inc. (the ''Organization''), which comprise the consolidated statement of financial position as of June 30, 2018, and the related consolidated statements of activities, functional expenses, and cash flows for the year then ended, and the related notes to the consolidated financial statements, and have issued our report thereon dated March 28, 2019.

Internal Control Over Financial Reporting
In planning and performing our audit of the consolidated financial statements, we considered the Organization's internal control over financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinion on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the Organization's internal control. Accordingly, we do not express an opinion on the effectiveness of the Organization's internal control.

A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity's financial statements will not be prevented, or detected and corrected, on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance.

Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies.

Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. We did identify certain deficiencies in internal control, described in the accompanying schedule of findings and prior year findings that we consider to be a significant deficiency as 2018-001.

Compliance and Other Matters
As part of obtaining reasonable assurance about whether the Organization's consolidated financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion.

The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards.
24 The Organization's Response to Findings
The Organization's response to the findings identified in our audit is described in the accompanying schedule of findings and questioned costs. The Organization's response was not subjected to the auditing procedures applied in the audit of the financial statements and, accordingly, we express no opinion on it.

Purpose of this Report
The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the Organization's internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the Organization's internal control and compliance. Accordingly, this communication is not suitable for any other purpose.

ArmaninoLLP
Los Angeles, California
March 28, 2019
25 INDEPENDENT AUDITOR'S REPORT ON COMPLIANCE FOR EACH MAJOR PROGRAM,

INTERNAL CONTROL OVER COMPLIANCE, AND ON SCHEDULE OF EXPENDITURES OF

FEDERAL AWARDS REQUIRED BY THE UNIFORM GUIDANCE
Board of Directors
Step Up On Second Street, Inc.

Santa Monica, California
Report on Compliance for Each Major Federal Program
We have audited Step Up On Second Street, Inc. (the ''Organization'')'s compliance with the types of compliance requirements described in the OMB Compliance Supplement that could have a direct and material effect on each of the Organization's major federal programs for the year ended June 30, 2018. The Organization's major federal programs are identified in the summary of auditor's results section of the accompanying schedule of findings and questioned costs.

Management's Responsibility
Management is responsible for compliance with federal statutes, regulations, and the terms and conditions of its federal awards applicable to its federal programs.

Auditor's Responsibility
Our responsibility is to express an opinion on compliance for each of the Organization's major federal programs based on our audit of the types of compliance requirements referred to above. We conducted our audit of compliance in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and the audit requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the "Uniform Guidance"). Those standards and the Uniform Guidance require that we plan and perform the audit to obtain reasonable assurance about whether noncompliance with the types of compliance requirements referred to above that could have a direct and material effect on a major federal program occurred. An audit includes examining, on a test basis, evidence about the Organization's compliance with those requirements and performing such other procedures as we considered necessary in the circumstances.

We believe that our audit provides a reasonable basis for our opinion on compliance for each major federal program. However, our audit does not provide a legal determination of the Organization's compliance.

Opinion on Each Major Federal Program
In our opinion, the Organization complied, in all material respects, with the types of compliance requirements referred to above that could have a direct and material effect on each of its major federal programs for the year ended June 30, 2018.

Other Matters
The results of our auditing procedures disclosed instances of noncompliance, which are required to be reported in accordance with the Uniform Guidance and which are described in the accompanying schedule of findings and questioned costs as items 2018-002 and 2018-003. Our opinion on each major federal program is not modified with respect to these matters.
26 The Organization's response to the noncompliance findings identified in our audit are described in the accompanying schedules of findings and questioned costs. The Organization's response was not subjected to the auditing procedures applied in the audit of compliance and, accordingly, we express no opinion on the response.

Report on Internal Control Over Compliance
Management of the Organization is responsible for establishing and maintaining effective internal control over compliance with the types of compliance requirements referred to above. In planning and performing our audit of compliance, we considered the Organization's internal control over compliance with the types of requirements that could have a direct and material effect on each major federal program to determine the auditing procedures that are appropriate in the circumstances for the purpose of expressing an opinion on compliance for each major federal program and to test and report on internal control over compliance in accordance with the Uniform Guidance, but not for the purpose of expressing an opinion on the effectiveness of internal control over compliance. Accordingly, we do not express an opinion on the effectiveness of the Organization's internal control over compliance.

A deficiency in internal control over compliance exists when the design or operation of a control over compliance does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of a federal program on a timely basis.

A material weakness in internal control over compliance is a deficiency, or combination of deficiencies, in internal control over compliance, such that there is a reasonable possibility that material noncompliance with a type of compliance requirement of a federal program will not be prevented, or detected and corrected, on a timely basis. A significant deficiency in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance with a type of compliance requirement of a federal program that is less severe than a material weakness in internal control over compliance, yet important enough to merit attention by those charged with governance.

Our consideration of internal control over compliance was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control over compliance that might be material weakness or significant deficiencies.

Given these limitations, during our audit we did not identify any deficiencies in internal control over compliance that we consider to be material weaknesses. We did identify certain deficiencies in internal control, described in the accompanying schedule of findings and questioned costs that we consider to be significant deficiencies as 2018-002 and 2018-003.

The Organization's response to the internal control over compliance findings identified in our audit is described in the accompanying schedule of findings and questioned costs. The Organization's response was not subjected to the auditing procedures applied in the audit of compliance and, accordingly, we express no opinion on the response.

The purpose of this report on internal control over compliance is solely to describe the scope of our testing of internal control over compliance and the results of that testing based on the requirements of the Uniform Guidance.

Accordingly, this report is not suitable for any other purpose. 27 Report on Schedule of Expenditures of Federal Awards Required by the Uniform Guidance We have audited the the Organization's consolidated financial statements as of and for the year ended June 30, 2018, and have issued our report thereon dated March 28, 2019, which contained an unmodified opinion on those consolidated financial statements. Our audit was conducted for the purpose of forming an opinion on the consolidated financial statements as a whole. The accompanying schedule of expenditures of federal awards is presented for purposes of additional analysis as required by the Uniform Guidance and is not a required part of the consolidated financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the consolidated financial statements.

The information has been subjected to the auditing procedures applied in the audit of the consolidated financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the consolidated financial statements or to the consolidated financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the schedule of expenditures of federal awards is fairly stated, in all material respects, in relation to the consolidated financial statements as a whole.

ArmaninoLLP
Los Angeles, California
March 28, 2019
28 Step Up On Second Street, Inc.

Schedule of Expenditures of Federal Awards
For the Year Ended June 30, 2018
Federal Grantor/Pass-Through Grantor/ Federal CFDA Identifying Total Federal Program or Cluster Title Number Number Expenditures
Expenditures of Federal Awards
U.S. Department of Housing and Urban Development
Continuum of Care 14.267 CA0401L9D001609 $ 131,368
Continuum of Care 14.267 CA1614L9D091600 33,766
Continuum of Care 14.267 CA1519L9D091601 1,269,317
Continuum of Care 14.267 CA1616L9D091600 18,193
Pass-through program from Riverside County:

Continuum of Care 14.267 CA1613L9D081600 497,443
Continuum of Care Bonus 14.267 CA1634L9D081600 331,834
Pass-through program from Mercy House
Permanent Supportive Housing Program 14.267 CA1514L9D021601 227,399 2,509,320
Pass-through program from Los Angeles
Home Investment Partnership Program 14.239 11.1920 1,301,370 Pass-through program from Los Angeles Homeless Services Authority:

Supportive Housing Program 14.235 CA0991B9D001000 400,000 Total U.S. Department of Housing and Urban Development 4,210,690 U.S. Department of Health & Human Services
Passed Through County of Los Angeles Department of Mental Health:

Projects of Assistance in Transition from Homelessness (PATH) 93.150 MH121390 284,856 U.S. Department of Homeland Security
Passed Through United Way
Emergency Food and Shelter Program 97.024 Phase 34 55,648 Total Expenditures of Federal Awards $ 4,551,194
The accompanying notes to the Schedule of Expenditures of Federal Awards are an integral part of this schedule.
29 Step Up On Second Street, Inc.

Notes to Schedule of Expenditures of Federal Awards
June 30, 2018

1. BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Step Up On Second Street, Inc. (the "Organization") under programs of the federal government for the year ended June 30, 2018. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or limited as to reimbursement. Passthrough entity identifying numbers are presented where available and applicable.

3. INDIRECT COSTS
Step Up On Second Street, Inc. does not use the 10% de minimis cost rate.

4. LOAN BALANCES
The federal award of $400,000 from CFDA 14.235 is a loan. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures represented in the Schedule. There were no new loans made during the year and the amount reported as federal expenditures is the same as the June 30, 2017 balance.

The federal award of $1,301,370 from CFDA 14.239 is a loan. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures represented in the Schedule. There were no new loans made during the year and the amount reported as federal expenditures is the same as the June 30, 2017 balance. 30 Step Up On Second Street, Inc.

Schedule of Findings and Questioned Costs
For the Year Ended June 30, 2018

SECTION I - SUMMARY OF AUDITOR'S RESULTS
Financial Statements
Type of auditor's report issued: Unmodified
Internal control over financial reporting:

Material weakness(es) identified? No
Significant deficiency(ies) identified that are not considered to be material weaknesses? Yes
Noncompliance material to financial statements noted? No Federal Awards
Internal control over major programs:

Material weakness(es) identified? No
Significant deficiency(ies) identified that are not considered to be material weaknesses? Yes
Type of auditor's report issued on compliance for major programs: Unmodified Any audit findings disclosed that are required to be reported in accordance with 2 CFR 200.516(a)? Yes
Identification of major programs:

Name of Federal Program or Cluster CFDA Number
U.S Department of Housing and Urban Development:

Continuum of Care Program 14.267
Dollar threshold used to distinguish between Type A and Type B programs $750,000
Auditee qualified as low-risk auditee? No
31 Step Up On Second Street, Inc.

Schedule of Findings and Questioned Costs
For the Year Ended June 30, 2018

SECTION II - SUMMARY OF FINANCIAL STATEMENT FINDINGS
Finding number: 2018-001
Criteria: Management is required to perform a thorough review of the consolidated financial statements prior to presentation to users of the consolidated financial statements, including the auditors.

Condition: During our audit, we identified the following financial accounting issues:
 Operating activity of subsidiaries being recorded by independent management agent was not regularly and timely consolidated into the Organization's records. In addition, the subsidiaries' operating activity was not being regularly reviewed.
 Certain construction costs were not properly accrued and/or capitalized.

Cause: Due to significant backlog in the accounting department in prior years, management is still in the process of developing strong year-end closing procedures. Management does review financial statements for each entity on a regular basis, but reviews consolidated statements only annually.

Effect or potential
effect:

The consolidated financial statements at June 30, 2018, required adjustments.

Recommendation: We noted improvement from prior years and recommend the following additional improvements:
 Develop formal closing checklists.
 Develop additional written accounting policies and procedures, particularly for projects under development and management.
 Perform a full consolidation on a quarterly basis.
 Continue to implement new software and processes that will improve efficiency and accuracy.

View of responsible
officials:

In the prior year, approximately six (6) property assets were managed by “independent management agents”. In the current year, Management took measures to alleviate the lack of timely information by bringing three (3) property management contracts in-house, which improved the overall reporting process. Three property assets continue, pursuant to contracts, to be managed by “independent management agents”. Management is working toward collaboratively establishing better reporting procedures with these independent management agents for these assets.

The Company does follow formal closing checklists for each property as well as corporate accounting, but does not follow a consolidated checklist. Management intends to have consolidated statements on a quarterly basis by the end of the fiscal year. The newly implemented software, Intacct, will greatly improve the efficiency and accuracy of providing such statements.
32 Step Up On Second Street, Inc.

Schedule of Findings and Questioned Costs
For the Year Ended June 30, 2018

SECTION III - SUMMARY OF FEDERAL AWARD FINDINGS AND QUESTIONED COSTS Finding number: 2018-002
Criteria: Under the Uniform Guidance, specifically 2 CFR 200.430, charges to Federal awards for compensation must be supported by a system of internal control which provides reasonable assurance that costs are allocated appropriately and accurately. Organizations are permitted to use budget estimates when the system for developing the estimates provide reasonable approximations of the allocable costs and the internal controls include an after-the-fact review of charges, which adjustments entered as necessary.

Condition: We noted that documentation on cost allocations was unclear and that hours reporting, particularly for exempt employees, was inconsistent.

Cause: The payroll software does not allow for review of time allocation as part of the approval process. An alternate process to address the requirement has not yet been developed.

Possible effect: It is possible that time could be allocated to a funding source inaccurately and that documentation of the allocation may not be available to support the costs allocated to a Federal funding source.

Questioned cost: None identified.

Recommendation: Management should review the requirements of CFR 200.430 and implement a system that efficiently and effectively allows for allocation and documentation of compensation costs. The system could be transaction-based (i.e., a change in software that allows for approval of allocations each pay period) or estimate and review based (subsequent modification based on review of budgeted estimates.) Views of responsible
officials:

Currently, Step Up allocates costs based on the budgeted estimates provided by the program managers with the input of employees. These estimates are adjusted at the end of the month to reflect changes. We agree with the comment that our subsequent review procedures have not satisfactorily captured all changes. We are in the process of adding a new system that will update staff’s time in a more timely and accurate manner, which will provide more complete reports for Management to review in comparison to budgeted estimates. Management is also evaluating whether to implement a real-time time tracking software. _________________________________________________________ Finding number: 2018-003
Criteria: Management is required to document its internal controls related to compliance with the Uniform Guidance.

Condition: The Organization's written accounting policies do not include documented internal controls for all material compliance requirements.

Cause: Other demands have prevented management from fully updating its documentation to reflect all requirements of the Uniform Guidance. 33 Step Up On Second Street, Inc.

Schedule of Findings and Questioned Costs
For the Year Ended June 30, 2018
SECTION III - SUMMARY OF FEDERAL AWARD FINDINGS AND QUESTIONED COSTS (continued) Possible effect: The Organization may not be in compliance with the requirements of the Uniform Guidance.

Questioned cost: None identified.

Recommendation: Management should assess the compliance requirements related to each of its major funding sources using the Uniform Guidance, Compliance Supplements and relevant grant agreements. Management should document its major compliance requirements and related controls.

Views of responsible
officials:

Management is in agreement with the finding that some of the Organization’s policies regarding procurement do not reflect the language from latest updates of CFR Title 2, subtitle A, Office of Management and Budget Guidance for Grants and Agreements (the Uniform Guidelines). Management will update its Procurement policies accordingly. Management notes that it complies with its currently written policies and that, in practice, the Organization complies with the language of the Uniform Guidelines regarding its Procurements under §200.320 (a) and (b) and, further, that the Organization does not engaged in Procurement under subsection (c) “publicly solicited and a firm fixed price”. 34 Step Up On Second Street, Inc.

Schedule of Findings and Questioned Costs
For the Year Ended June 30, 2018

SECTION IV - STATUS OF PRIOR YEAR FINDINGS
Finding number: 2017-001
Condition: During our audit, we identified the following financial accounting issues:
 Operating activity of subsidiaries being recorded by independent management agent was not regularly and timely consolidated into the Organization's records. In addition, the subsidiaries' operating activity was not being regularly reviewed.
 Intercompany accounts did not appropriately eliminate and required adjustments.
 Many consolidated statement of financial position accounts included stale and erroneous balances that required adjustment:
 Accounts receivable
 Accounts payable and accrued expenses
 Accrued interest
Recommendation: We noted the Organization's accounting department was behind in performing various accounting functions. We recommend management and the Board of Directors address this issue by evaluating the resources needed by the department and designing and implementing a plan to address these needs in order to improve the timeliness and accuracy of financial reporting. Once the appropriate resources have been identified and provided, we recommend that the following procedures be implemented:
 Evaluate the Organizations significant processes and systems to help improve the efficiency and reliability of month-end close procedures.  Due to the Organization's growth, we recommend a controller position be created to support the additional financial reporting.
 During each monthly closing, management perform a detailed review of all significant statement of financial position accounts to identify potential adjustments and ensure intercompany accounts eliminate properly.  Establish periodic (monthly or quarterly) team meetings which include accounting, property development, and management. At these meetings, assess the Organization's accounting requirements and ensure the Organization's transactions are being reported accurately and consistent with U.S. GAAP.

Current status: The Organization hired a new property accountant and a new CFO. Internal financial reporting has improved, but we noted that adjustments were still required due to certain transactions not being recorded in accordance with GAAP. Conditions leading to this finding continue to exist and are reported this year as Finding 2018-001.
35 Step Up On Second Street, Inc.

Schedule of Findings and Questioned Costs
For the Year Ended June 30, 2018
SECTION IV - STATUS OF PRIOR YEAR FINDINGS (continued)
Finding number: 2016-002
Condition: In our review of debt documentation, we noted several instances where reserve accounts were required by lenders. These reserve accounts often require monthly deposits and prior authorization for withdrawals. We also noted debt instruments had several instances where annual residual receipts (as defined by these debt documents) were to be calculated, and if positive, portions were to be distributed to the lenders. During our audit we noted these deposit and withdrawal requirements were not being consistently monitored and annual residual receipt calculations were not being made.

Recommendation: We recommend management contact these lenders and determine whether reserve accounts continue to be required. We also recommend an annual residual receipts calculation process be developed where applicable.

Current status: Management has addressed these requirements. No similar finding was noted in the 2018 fiscal year audit.

SECTION V - CORRECTIVE ACTION PLAN
Step Up On Second Street, Inc. respectfully submits the following corrective action plan for the year ended June 30, 2017.

Name and address of independent public accounting firm:

Armanino LLP
11766 Wilshire Boulevard, 9th Floor
Los Angeles, CA 90025
Audit period: June 30, 2018
The findings from the June 30, 2018 schedule of findings and questioned costs are discussed below. The findings are numbered consistently with the numbers assigned in the schedule.

FINDINGS—FINANCIAL STATEMENT AUDIT
Finding number: 2018-001
Condition: During our audit, we identified the following financial accounting issues:

Operating activity of subsidiaries being recorded by independent management agent was not regularly and timely consolidated into the Organization's records.

In addition, the subsidiaries' operating activity was not being regularly reviewed.

Certain construction costs were not properly accrued and/or capitalized. 36 Step Up On Second Street, Inc.

Schedule of Findings and Questioned Costs
For the Year Ended June 30, 2018
SECTION V - CORRECTIVE ACTION PLAN (continued)
Recommendation: We noted improvement from prior years and recommend the following additional improvements:
 Develop formal closing checklists.
 Develop additional written accounting policies and procedures, particularly for projects under development and management.  Perform a full consolidation on a quarterly basis.
 Continue to implement new software and processes that will improve efficiency and accuracy.

Action Taken: In the prior year, approximately six (6) property assets were managed by “independent management agents”. In the current year, Management took measures to alleviate the lack of timely information by bringing three (3) property management contracts in-house, which improved the overall reporting process. Three property assets continue, pursuant to contracts, to be managed by “independent management agents”. Management is working toward collaboratively establishing better reporting procedures with these independent management agents for these assets.

Responsible Party: Judson Leibee, Chief Financial Officer Timeline: June 2019
_________________________________________________________ Finding number: 2018-002
Condition: We noted that documentation on cost allocations was unclear and that hours reporting, particularly for exempt employees, was inconsistent.

Schedule of Findings and Questioned Costs
For the Year Ended June 30, 2018
SECTION V - CORRECTIVE ACTION PLAN (continued)
Action Taken: Currently, Step Up allocates costs based on the budgeted estimates provided by the program managers with the input of employees. These estimates are adjusted at the end of the month to reflect changes. We agree with the comment that our subsequent review procedures have not satisfactorily captured all changes. We are in the process of adding a new system that will update staff’s time in a more timely and accurate manner, which will provide more complete reports for Management to review in comparison to budgeted estimates. Management is also evaluating whether to implement a real-time time tracking software.

Responsible Party: Judson Leibee, Chief Financial Officer Timeline: June 2019
_________________________________________________________ Finding number: 2018-003
Condition: The Organization's written accounting policies do not include documented internal controls for all material compliance requirements.

Action Taken: Management is in agreement with the finding that some of the Organization’s policies regarding procurement do not reflect the language from latest updates of CFR Title 2, subtitle A, Office of Management and Budget Guidance for Grants and Agreements (the Uniform Guidelines). Management will update its Procurement policies accordingly. Management notes that it complies with its currently written policies and that, in practice, the Organization complies with the language of the Uniform Guidelines regarding its Procurements under §200.320 (a) and (b) and, further, that the Organization does not engaged in Procurement under subsection (c) “publicly solicited and a firm fixed price”.

Responsible Party: Judson Leibee, Chief Financial Officer Timeline: June 2019
_________________________________________________________ 38 EXHIBIT B
Cou
nt Project Location County Structure Type Status
Property
Management Role
Acquisition
Date
Acquisition/
Rehab/New
Construction Housing
Unit
Count
Unit Type
Special
Needs
Unit
Type
SRO
Unit
Type
Family
Unit
Type
Senior Funding Sources Set Asides
1 Alice Court Laguna Beach, CA Orange County SRO In Service Related Co-Developer 2004 New Construction Rental 27 27 LIHTC (9%), City of Laguna, Orange County 6 @ 30%, 21@40% 2 Anaheim House Anaheim, CA Orange County House In Service Jamboree Sole Owner 2010 Acquisition Rehab Rental 6 6 Anaheim RDA, City of Anaheim, St. Joseph Health Systems 3 Arbor at Woodbury Irvine, CA Orange County Apartment In Service JSCo Owner/Developer 2009 New Construction Rental 90 90 LIHTC (9%), TIC, City of Irvine 9@45%, 36@50%, 45@60% 4 Arborelle Citrus Heights, CA Sacramento County Apartment In Service First Pointe Co-Developer 2008 Acquisition Rehab Rental 179 179 SHRA, LIHTC (4%) 36 @50, 141 @60% 5 Asbury Place Sacramento, CA Sacramento County Apartment In Service First Pointe Co-Developer 2007 Acquisition Rehab Rental 104 104 LIHTC (4%) 43 @ 50% 6 Ashford Heights Sacramento, CA Sacramento County Apartment In Service First Pointe Co-Developer 2007 Acquisition Rehab Rental 300 300 SHRA, LIHTC (4%) 60 @ 50%, 240@60% 7 Belage Anaheim, CA Orange County Apartment In Service Preservation Co-Developer 2008 Acquisition Rehab Rental 180 180 LIHTC (4%) 59 @50, 119@60% 8 Birch Hills Brea, CA Orange County Apartment In Service JSCo Owner/Developer 2012 New Construction Rental 115 115 LIHTC 9%, OCHCS, Brea 12@30%, 29@45%, 46@50%, 28@60% 9 Bonterra Brea, CA Orange County Apartment In Service JSCo Owner/Developer 2011 New Construction Rental 94 94 LIHTC (4%), ARRA, Brea, OCHCS 9@30%, 38@50%, 47@60% 10 Breckenridge Sacramento, CA Sacramento County Apartment In Service First Pointe Co-Developer 2007 Acquisition Rehab Rental 160 160 SHRA, LIHTC (4%) 12 @ 50% 11 Briar Crest Garden Grove, CA Orange County Apartment In Service JSCo Owner/Developer 1996, 2016 Acquisition Rehab Rental 31 31 City of Garden Grove, HOME Funds, St. Joe's 10 @30%, 9 @ 50%, 11 @60% 12 Camden La Palma, CA Orange County Apartment In Service JSCo Sole Owner 1997 Acquisition Hold Rental 35 35 LIHTC (4%), RDA-City of LaPalma, CalHFA, County of O35 @ 50% 13 Cascades Sacramento, CA Sacramento County Apartment In Service First Pointe Co-Developer 2007 Acquisition Rehab Rental 112 112 SHRA, LIHTC (4%) 24@50%, 88@60% 14 Ceres Fontana, CA San Bernardino County Apartment In Service QMG Sole Owner 2005 Acquisition Rehab Rental 43 43 City of Fontana owns the property and leases it to LLC 43 @ 50% 15 Ceres II Fontana, CA San Bernardino County Apartment In Service QMG Sole Owner 2008 New Construction Rental 20 20 City of Fontana owns the land 20@50% 16 Ceres Way Fontana, CA San Bernardino County Apartment In Service QMG Owner/Developer 2011 New Construction Rental 60 60 LIHTC (4%), Fontana 60 @60% 17 Cienega Gardens Covina, CA Los Angeles County Apartment In Service Preservation Co-Developer 2003 Acquisition Rehab Rental 180 180 LIHTC (9%), City of Covina-RDA, Section 8 33 @ 30% (TV-Sec 8), 3@50%,1@60%, 141@30% w/PB Sec 8 18 Citrus Grove Fontana, CA San Bernardino County Apartment In Service Preservation Co-Developer 2004 Acquisition Rehab Rental 50 50 LIHTC (4%), CalHFA, Sec8, City of Fontana 50 @ 50% AMI 19 Clark Commons Buena Park, CA Orange County Apartment In Service FPI Owner/Developer 2014 New Construction Rental 70 70 LIHTC 9%, City of Buena Park 21@30%, 7@45%, 28@50%, 13@60% 20 Collage Apts Long Beach, CA Los Angeles County Apartment In Service JSCo Owner/Developer 2011 Acquisition Rehab Rental 14 14 LBHDC 5@30%, 8@50% 21 Columbus Square North Hills, CA Los Angeles County Apartment In Service Preservation Co-Developer 2008 Acquisition Rehab Rental 64 64 LIHTC (4%) 63 @ 50% 22 Compass Rose- Richm Fullerton, CA Orange County Apartment Development JSCo Owner/Developer 2018 New Construction Rental 46 46 23 Cornerstone-Wakeham Santa Ana, CA Orange County Apartment In Service JSCo Sole Owner 2001 Acquisition Rehab Rental 127 127 LIHTC (4%), City of SA, 127@ 50% 24 Corona Park Apts. Corona, CA Riverside County Apartment In Service Preservation Co-Developer 2004 Acquisition Rehab Rental 160 160 LIHTC (4%), Sec8, Century Housing 160 @ 60% 25 Courier Place Claremont, CA Los Angeles County Apartment In Service JSCo Owner/Developer 2011 New Construction Rental 75 37 38 LIHTC 9(%) 16@30%, 38@45%, 20@50% 26 Cypress House Orange, CA Orange County House In Service Jamboree Sole Owner 2010 Acquisition Rehab Rental 6 6 Orange County Loan 27 Delta Lane P1 -West G W. Sacto, CA Sacramento County Apartment In Service JSCo Owner/Developer 2014 New Construction Rental 77 77 LIHTC 9%,City of W.Sacto 8 @30%, 19@45%, 31@50%, 18@60% 28 Desert Oasis Indio, CA Riverside County Apartment In Service-RehabFPI Co-Developer 2017 Acquisition Hold Rental 90 90 Sec 8 90 @ HAP Sec8 29 Diamond Anaheim, CA Orange County Apartment In Service JSCo Owner/Developer 2008 New Construction Rental 25 25 LIHTC (4%), City of Anaheim, CalHFA, OCHCS, AHP, 24@30%,1@60% 30 El Modena House Orange, CA Orange County House In Service Jamboree Sole Owner 2010 Acquisition Rehab Rental 4 4 Lease with Orange County Housing Authority 31 El Monte Gateway El Monte, CA Los Angeles County Apartment In Service Pinnacle Owner/Developer 2014 New Construction Rental 132 132 LHTC 9%, City of El Monte, HOME 34@30%,31@45%,40@50% &26@60% 32 Emerald Cove Huntington Beach, CA Orange County Apartment In Service JSCo Owner/Developer 2010 Acquisition Rehab Rental 164 164 LIHTC (4%). City of HB 50@30%, 64@50%, 48@55% 33 Fullerton House Fullerton, CA Orange County House In Service Jamboree Sole Owner 2010 Acquisition Rehab Rental 6 6 State HCD 34 Granite Court Irvine, CA Orange County Apartment In Service JSCo Owner/Developer 2009 New Construction Rental 71 71 LIHTC (4%), CalHFA, OCHCS, MHP, Irvine 25@30%, 36@ 50%, 10@55% 35 Greenleaf Anaheim, CA Orange County Apartment In Service JSCo Owner/Developer 2010 New Construction Rental 20 20 LIHTC (9%), City of Anaheim 6@30%, 10@50%, 3@60% 36 Grove Park Garden Grove, CA Orange County Apartment In Service JSCo Owner/Developer 2010 Acquisition Rehab Rental 104 104 City of GG, LIHTC (9%), ARRA, HOME 31@30%, 62@50%, 9@60% 37 Hastings Park Sacramento, CA Sacramento County Apartment In Service First Pointe Co-Developer 2004 Acquisition Rehab Rental 242 242 LIHTC (4%), SHRA 48 @ 50%, 145@60%, 49market 38 Heritage Oaks Woodland, CA Sacramento County Apartment In Service First Pointe Co-Developer 2006 Acquisition Rehab Rental 120 120 LIHTC (4%), SHRA 12 @ 50%, 108@60% 39 Heritage Villas Mission Viejo, CA Orange County Apartment In Service-RehabPinnacle Sole Owner 2000 Acquisition Hold Rental 143 143 LIHTC (4%), City of MV, Orange County 15 @ 40%, 43@50%, 84@60% 40 Highgrove Affordable Highgrove, CA Riverside County Apartment In Service Barker Co-Developer 2013 New Construction Rental 89 89 LIHTC 9%, Riverside Co 9 @30%, 9@35%, 9@40%, 27@50% 41 Hill Crest Fontana, CA San Bernardino County Apartment In Service QMG Co-Developer 2002 Acquisition Rehab Rental 53 53 Fontana Housing Authority and RDA 53 @ 50% 42 Hotel Berry Sacramento, CA Sacramento County SRO In Service JSCo Sole Owner 2011 Acquisition Rehab Rental 105 35 70 LIHTC 4%, ARRA, SHRA 11@30%, 11@35%, 70@40%, 11@45% 43 Inn at Woodbridge Irvine, CA Orange County Apartment In Service Eenhoorn Co-Developer 1995 New Construction Rental 120 4 116 LIHTC (4%), 10 @ 35%, 10@40%, 36@50%, 60@60% 44 Jackson Aisle Midway City, CA Orange County Apartment In Service CoF/Barker Co-Developer 2010 New Construction Rental 30 30 9 @35%,10@40%,10@45%,1@50% 45 La Puente Apts. La Puente, CA Los Angeles County Apartment In Service Preservation Co-Developer 2002, 2016 Acquisition Rehab Rental 132 132 LIHTC (4%), Section 8 130 @ 30 % (Sect 8), 2@50% 46 Lake Merritt Oakland, CA Alameda County Apartment In Service Preservation Co-Developer 2003 Acquisition Rehab Rental 55 55 LIHTC (4%), City of Oakland (Section 8), 22@50%, 33@60% 47 Lakeview Aisle Irvine, CA Orange County House In Service Jamboree Sole Owner 2010 Acquisition New Rental 4 4 State HCD 48 Las Colinas Riverside, CA Riverside County Apartment Sold n/a Co-Developer 1999 Acquisition Rehab Rental 148 148 LIHTC (4%) 148 @ 60% 49 Laurel Crest Lancaster, CA Los Angeles County Apartment In Service JSCo Owner/Developer 2007 New Construction Rental 72 72 LIHTC (4%), State Credits, Lancaster-HOME, MHP 34@40%, 25@50%, 12@60% 50 Manzanita Walk Anaheim, CA Orange County Apartment Sold n/a Co-Developer 1997 New Construction For Sale 48 48 HOME Funds First-Time Homebuyer 51 Mendocino, Phase 2 San Clemente, CA Orange County Apartment In Service JSCo Owner/Developer 2003 New Construction Rental 62 62 LIHTC (4%), MHP, Orange County, City of SC 29 @ 40%, 32@60% 52 Mendocino, Phase I San Clemente, CA Orange County Apartment In Service JSCo Owner/Developer 2003 New Construction Rental 124 124 LIHTC (4%), MHP, AHP, Orange County, City of SC 52 @ 40% SMI, 23@50%, 48@60% 53 Miracle Terrace Anaheim, CA Orange County Apartment In Service-RehabFPI Co-Developer 2017 Acquisition Hold Rental 179 179 HUD 236 Program Sec 8 179 @ HUD 236 54 Monarch Pointe Anaheim, CA Orange County Apartment In Service JSCo Owner/Developer 2008 New Construction Rental 63 63 LIHTC (9%), City of Anaheim 10@30%, 12@40%, 28@50%, 13@60% 55 Monte Vista San Jose, CA Santa Clara County Apartment In Service FPI Co-Developer 2014, 2016 Acquisition Rehab Rental 144 144 CASH WNC 144 @60% 56 Montecito Vista Irvine, CA Orange County Apartment In Service JSCo Owner/Developer 2005 New Construction Rental 162 162 LIHTC (4%), City of Irvine, TIC, Orange County 17 @ 30%, 25@45%, 81@50%, 38@60% 57 Monument Arms Fairfield, CA Solano County Apartment In Service JSCo Owner/Developer 2013 Acquisition Rehab Rental 92 92 LIHTC 4%,CDLAC 30 @50%, 58 @60%,3 @mkt 58 Oakview Huntington Beach, CA Orange County Apartment In Service JSCo Sole Owner 2007 Acquisition Rehab Rental 19 19 City of Huntington Bch-HOME, RDA 19@ 50% AMI 59 Orland Arbor Orland, CA Glenn County Apartment In Service First Pointe Co-Developer 2006 Acquisition Rehab Rental 38 38 LIHTC (4%), USDA 12@50%, 26@60% 60 Orland Manor Orland, CA Glenn County Apartment In Service First Pointe Co-Developer 2006 Acquisition Rehab Rental 44 44 LIHTC (4%), USDA 14@50%, 29@60% 61 Panorama View Panorama City, CA Los Angeles County Apartment In Service Preservation Co-Developer 2008 Acquisition Rehab Rental 87 87 LIHTC (4%) 9@30%, 9@35%, 9@40%, 9@45, 9@50%, 41@60% 62 Park Landing Buena Park, CA Orange County Apartment In Service JSCo Owner/Developer 2012 New Construction Rental 70 70 LIHTC 4%, State HOME, MHP 25@30%, 21@45%, 24@60% 63 Plum Tree Gilroy, CA Santa Clara County Apartment In Service Preservation Co-Developer 2000, 2016 Acquisition Rehab Rental 70 70 LIHTC (4%) 70 @ 30% (Sect 8) 64 Puerto Del Sol Long Beach, CA Los Angeles County Apartment In Service JSCo Owner/Developer 2008 New Construction Rental 64 64 LIHTC (4%), City of LB, AHP, MHP 30@40%, 33@50%, 1@60% 65 River Ranch Victorville, CA San Bernardino County Manufactured Home In Service Newport Pacific Sole Owner 2002 Acquisition Rehab Rental 136 136 State HCD, MPROP 27 @ 50% 66 Rockwood-Lincoln Anaheim, CA Orange County Apartment In Service JSCo Owner/Developer 2014 New Construction Rental 70 15 55 30@30%, 12@40%, 27@50% 67 Rose Crest Garden Grove, CA Orange County Apartment In Service JSCo Owner/Developer 1996, 2016 Acquisition Rehab Rental 10 10 City of Garden Grove, HOME Funds, St. Joe's 2 @ 50%, 8 @60% 68 Rowland Heights Rowland Heights, CA Los Angeles County Apartment In Service Preservation Co-Developer 2000, 2015 Acquisition Rehab Rental 144 144 LIHTC (4%), Section 8, Century Housing 28 @ 50%, 115@60% 69 Royals Los Angeles, CA Los Angeles County Apartment In Service Preservation Co-Developer 2005 Acquisition Rehab Rental 114 114 LIHTC (4%) 12@30%, 12@40%, 56@ 50%, 31@60% 70 Seminole Palm Springs, CA Riverside County Apartment In Service Preservation Co-Developer 2003 Acquisition Rehab Rental 60 60 LIHTC (4%), Sec 8 25 @ 50%, 35@60% 71 Shenandoah Sacramento, CA Sacramento County Apartment In Service First Pointe Co-Developer 2007 Acquisition Rehab Rental 100 100 SHRA, LIHTC (4%) 20@50%, 80@ 60% 72 Sky Parkway Sacramento, CA Sacramento County Apartment In Service Preservation Co-Developer 2004 Acquisition Rehab Rental 59 59 LIHTC (4%), Sec 8, County of Sacto, RDA 23 @ 30%, 36@50% 73 St. Andrews Los Angeles, CA Los Angeles County Apartment In Service Preservation Co-Developer 2008 Acquisition Rehab Rental 43 43 LIHTC (4%) 5 @30%, 5@35%, 5@40%, 5@45%, 5@50%, 17@60% 74 Stonegate I-Doria I Irvine, CA Orange County Apartment In Service JSCo Owner/Developer 2011 New Construction Rental 60 10 50 LIHTC 9(%) 18@30%, 27@45%, 15@60% 75 Stonegate II-Doria II Irvine, CA Orange County Apartment In Service JSCo Owner/Developer 2013 New Construction Rental 74 11 63 LIHTC 9%, MHSA, Irvine 22 @30%, 33@45%, 18@60% 76 Summerfield Indio, CA Riverside County Apartment In Service FPI Co-Developer 2015 Acquisition Hold Rental 268 268 Bridge loan, WNC & JHC 268 @ HAP Sec8 77 Sunswept Garden Grove, CA Orange County Apartment In Service QMG Co-Developer 2003 Acquisition Rehab Rental 16 16 Conventional Mortgage (OC CDFI) 16 @ 50% 78 Swindler-Riley House Orange, CA Orange County House In Service Jamboree Sole Owner 2010 Acquisition Rehab Rental 6 6 St. Joseph Health Systems 79 Temecula Reflections Temecula, CA Riverside County Apartment In Service JSCo Sole Owner 2009 Acquisition New Rental 11 11 CASH 11 @50% 80 Tennyson Gardens Hayward Alameda County Apartment Sold n/a Co-Developer 2001 Acquisition Rehab Rental 96 96 LIHTC (4%), City of Hayward, Section 8 29 @ 50%, 67@60% 81 The Meadows Irvine, CA Orange County Manufactured Home In Service Newport Pacific Sole Owner 1998 Acquisition Rehab Rental 360 360 510(c)(3) Mort. Rev. Bonds, CDBG 72 @ 50% AMI, 198@80%, 90-MR 82 The Metropolitan Irvine, CA Orange County Apartment Sold n/a Sole Owner 1993 Acquisition New Rental 4 4 City of Irvine transferred ownership to JHC 1 @ 30%, 3@50% C:\Users\maryjo\Desktop\JHC'sGrowthByYear_New MASTER 11/19/2018

EXHIBIT B
Cou
nt Project Location County Structure Type Status
Property
Management Role
Acquisition
Date
Acquisition/
Rehab/New
Construction Housing
Unit
Count
Unit Type
Special
Needs
Unit
Type
SRO
Unit
Type
Family
Unit
Type
Senior Funding Sources Set Asides
83 Thornbridge San Jose, CA Santa Clara County Apartment Sold n/a Co-Developer 1999 Acquisition Rehab Rental 286 286 LIHTC (4%) 286 @ 60% 84 Two Worlds Los Angeles, CA Los Angeles County Apartment In Service Preservation Co-Developer 2009 Acquisition Rehab Rental 96 96 LIHTC (4%) 29 @30%,10@40%, 10@45, 15@50%, 29@60% 85 Valencia Woods Fontana, CA San Bernardino County Apartment In Service QMG Sole Owner 2005 Acquisition Rehab Rental 60 60 City of Fontana owns the property and leases it to LLC 60 @ 50% 86 Vista Pointe fka Arbor TColton, CA San Bernardino County Apartment In Service FPI Co-Developer 2013 Acquisition Rehab Rental 129 129 LIHTC (4%), 100% Section 8 PBV 28@50%, 99@60% w/100% PB Sec8 87 Voorhis Village San Dimas, CA Los Angeles County Apartment In Service FPI Co-Developer 2013 Acquisition Rehab Rental 65 65 LIHTC 4%, 100% Section 8-PBV (21) & Enhanced (43) 43@60%AMI 21@50%AMI 88 Watercrest Sacramento, CA Sacramento County Apartment Sold n/a Co-Developer 1999 Acquisition Rehab Rental 286 286 LIHTC (4%), City of Sacto 86 @ 50%, 200 @60% 89 Wesley Village - UMC GGarden Grove, CA Orange County Apartment In Service FPI Owner/Developer 2014 New Construction Rental 47 31 16 LIHTC 9%, City of GG 15@50%, 31@59% 90 Woodglen Vista Santee, CA San Diego County Apartment In Service FPI Owner/Developer 2004 Acquisition Rehab Rental 188 188 501(c)(3) Bonds Mort. Revenue Bonds 188 @ 30% (Section 8) 91 Woodpark Aliso Viejo, CA Orange County Apartment Sold n/a Owner/Developer 1996 New Construction Rental 128 128 LIHTC (4%), County of Orange 8 @ 35%, 48@50%, 71@60% Total 91 8,536 158 101 6,575 1,702
C:\Users\maryjo\Desktop\JHC'sGrowthByYear_New MASTER 11/19/2018

JAMBOREE HOUSING CORPORATION

SCHEDULE OF REAL ESTATE OWNERSHIP INTERESTS
Operating Properties
As of 12/31/18

PROPERTY ANNUAL CASH FLOW

PROPERTY
City, State
Legal Entity Name Units Property
Type
Occupancy
@ 12/31
Completion of
Const/Rehab
LIHTC Investor or Syndicator Mortgage Balance Maturity Date Interest Rate Mortgage Lender Net Operating Income
(incl soc svcs)
Repl and Op Reserve
Deposits
Total Net
Operating
Income
Debt Service DSCR JHC % Joint Venture
Partner
Guarantee Amount Expiration Comments
Alice Court
Laguna Beach, CA
Laguna Housing Partners, LP 27 SRO 96% 2004 Related $364,078 12/1/2034 6.72% CCRC/Berkadia $ 88,192 $ 8,100 $ 80,092 $ 37,092 2.16 0.001% The Related Companies

N/A N/A
Ground Lease
Arbor at Woodbury
Irvine, CA
JHC-Woodbury, LP 90 family 100% 2009 Union Bank $2,778,392 10/1/2027 7.35% MUFG Union Bank $ 652,477 $ 35,229 $ 617,248 $ 253,992 2.43 0.01% N/A N/A N/A Ground Lease
Arborelle Citrus
Heights, CA
Arborelle, LP 179 family 99% 2008 Alliant $14,400,000 8/1/2040 4.75% CSCDA $ 1,051,974 $ 66,897 $ 985,077 843,468 1.17 0.004% Ezralow N/A N/A Asbury Place
Sacramento, CA
Asbury Place, LP 104 family 99% 2008 Alliant $6,890,000 10/1/2040 5.315% HA of the County of Sacramento
$ 493,318 $ 26,000 $ 467,318 373,008 1.25 0.004% Ezralow N/A N/A Ashford Heights
Sacramento, CA
Ashford Heights, LP 300 family 98% 2007 Alliant $21,255,000 12/15/2039 variable HA of the County of Sacramento
$ 1,598,991 $ 104,100 $ 1,494,891 $ 591,054 2.53 0.004% Ezralow N/A N/A Bel Age
Anaheim, CA
Belage Preservation LP 180 family 99% 2008 Merritt $ 19,202,051 2/1/2044 4.69% Union Bank $ 1,465,503 $ 54,000 $ 1,411,503 $ 1,328,954 1.06 0.001% Preservation Partners
N/A N/A Property has Operating Reserve balance of
$699,691 as of YE 2018
Birch Hills Brea, CA Birch Hills Housing Partners, LP 115 family 99% 2013 Union Bank $6,232,458 5/13/2029 variable Union Bank $ 546,761 $ 34,500 $ 512,261 $ 433,025 1.18 0.01% N/A Expired 2017 Bonterra,
Brea, CA
Tonner Hills Housing Partners, LP 94 family 99% 2011 Merritt $3,660,222 12/1/2042 6.50% Bank of America $ 516,038 $ 56,400 $ 459,638 303,768 1.51 0.01% N/A $ 700,000 2026 Breckenridge,
Sacramento, CA
Breckenridge Village, LP 160 family 99% 2008 Alliant $10,800,000 9/1/2040 5.154% Swap Berkadia/HA of County of Sacramento
$ 596,954 $ 63,684 $ 533,270 552,186 0.97 0.004% Ezralow N/A N/A Operating deficits funded by advances from Ezralow
Camden Place
La Palma, CA
Denni Street Partners, LP 35 senior 97% 1997 N/A $871,594 12/1/2028 7.25% CalHFA $ 177,448 $ 27,035 $ 150,413 $ 122,796 1.22 100% N/A N/A N/A Cascades
Sacramento, CA
The Cascades at Sacramento, LP 112 family 99% 2006 Paramount $6,535,000 $2,250,754
9/15/2035
9/1/2045
variable
4%
HA of the County of
Sacramento
SHRA
$ 472,799 $ 36,288 $ 436,511 $ 364,737 1.20 0.004% Ezralow N/A N/A Ceres I & II Apartments
Fontana, CA
JHC-Ceres, LLC 63 family 98% 2008 N/A N/A N/A N/A N/A $ 108,800 N/A $ 108,800 N/A N/A 100% N/A N/A N/A Ground Lease; construction costs funded by grant from City of Fontana
Ceres Way
Fontana, CA
Ceres Way, LP 60 family 100% 2011 RBC $986,910 12/1/2028 6.05% Northmarq $ 113,667 21,493 $ 92,174 79,566 1.16 0.009% N/A Expired 2016 Ground Lease
Cienega Gardens
Covina, CA
Cienega Gardens Preservation LP 180 family 100% 2003 Paramount $34,100,000 9/1/2050 4.76% CSCDA $ 2,307,675 54,000 $ 2,253,675 N/A N/A 0.0010% Preservation Partners
N/A N/A Resyndicated, Rehab completion June
2019, conversion expected January 2020
Citrus Grove
Fontana, CA
Citrus Grove Preservation, LP 50 family 100% 2004 Merritt $680,515 $2,037,961
6/10/2034
2/3/2050

5.5%
2%
CalHFA
Fontana HA
$ 545,738 $ 15,552 $ 530,186 $ 402,268 1.32 0.01% Preservation Partners

N/A N/A
Clark Commons
Buena Park, CA
City Yard Housing Partners LP 70 family 99% 2016 Bank of America $2,885,299 11/1/2046 5.27% Bank of America $ 335,519 $ 21,000 $335,519 $ 197,316 1.70 0.01% N/A $ 329,843 2020 Collage
Long Beach, CA
JHC-Pine Avenue, LLC 14 family 100% 2012 N/A $5,396,615 2/11/2068 0% N/A $ 10,847 $ 4,900 $ 5,947 N/A N/A 100.00% N/A N/A N/A Financed by residual receipts loans from Long Beach Housing Dev Co
Columbus Square
Los Angeles, CA
Columbus Preservation LP 64 senior 98% 2009 Merritt $2,482,382 $2,850,000
2/1/2045
12/18/2063

4.1% Swap
3%
Union Bank
HCD
$ 469,259 $ 40,938 $ 428,321 $ 168,049 2.55 0.001% Preservation Partners

N/A N/A
Cornerstone (WakehamGrant) Santa
Ana, CA
Wakeham-Grant Apartments, LP 127 family 98% 2003 Alliant $3,788,067 2/1/2034 5.03% US Bank $ 721,898 $ 67,232 $ 654,666 $ 337,740 1.94 0.01% N/A Expired 2008 Compass Rose
Fullerton, CA
Richman Park Housing Partners LP 47 family n/a 2019 Union Bank N/A N/A N/A N/A $ - $ - $ - $ - N/A 0.01% N/A N/A N/A Under Construction
Corona Park
Corona, CA
Corona Preservation LP 160 family 99% 2004 Richman $12,098,098 7/1/2049 3.80% HUD $ 1,053,820 $ 81,600 $ 972,220 $ 748,416 1.30 0.005% Preservation Partners

N/A N/A
Courier Place
Claremont, CA
Claremont Village Housing
Partners, LP
75 family 97% 2011 WNC N/A N/A N/A N/A $ 311,527 $ 22,500 $ 289,027 N/A N/A 0.01% N/A Expired 2017 Financed by residual receipts loans from City of Claremont and HACOLA
Crest
Garden Grove, CA
Crest Housing Partners, LP 41 family 98% 2017 WNC $546,575 $3,145,085
4/1/2033
4/1/2033

4.38%

3.94%
Citibank $ 295,141 $ 12,669 $ 295,141 $ 203,200 1.45 0.01% N/A $ 1,970,300 2020 Desert Oasis-Jackson
Terrace
Indio, CA
Desert Oasis Community Partners,
LP
90 family 98% 2018 WNC $12,202,000 4/1/2034 5.00% Citibank $ 798,725 $ - $ 798,725 $ 738,984 N/A 0.001% CPP-WNC $ 349,216 2024 Rehab complete 2018. Conversion
expected in 2019
Diamond
Anaheim, CA
Diamond Aisle, LP 25 special
needs
96% 2008 WNC $87,189
$3,180,732
1/1/2020
12/22/2064
1%
3%
CalHFA
HCD
$ 157,010 $ 13,544 $ 143,466 $ 94,311 1.52 0.005% N/A Expired 2014 Ground Lease

OWNERSHIP OPERATING DEFICIT
7/17/2019

JAMBOREE HOUSING CORPORATION

SCHEDULE OF REAL ESTATE OWNERSHIP INTERESTS
Operating Properties
As of 12/31/18

PROPERTY ANNUAL CASH FLOW

OWNERSHIP OPERATING DEFICIT
Doria I
Irvine, CA
Stonegate Housing Partners, LP 60 family 97% 2011 The Irvine Company $2,429,594 10/1/2029 6.01% US Bank $ 305,636 $ 21,493 $ 284,143 $ 190,716 1.49 0.01% N/A Expired 2015 Ground lease Doria II
Irvine, CA
Stonegate Housing Partners II, LP 74 family 97% 2013 The Irvine Company $2,836,879 $394,060
1/1/2032
1/1/2025

5.25%

3.70%
US Bank
US Bank
$ 514,140 $ 37,000 $ 477,140 $ 321,468 1.48 0.01% N/A Expired 2017 Ground lease
Emerald Cove
Huntington Beach, CA
Emerald Cove, LP 164 senior 99% 2011 WNC $2,887,202 12/1/2026 5.69% US Bank $ 811,725 $ 60,504 $ 751,221 $ 235,499 3.19 0.01% N/A Expired 2016 Exchange, The
El Monte, CA
El Monte Housing Partners LP 132 family 100% 2016 Union Bank $4,298,893 5/1/2031 6.02% Swap
Union Bank $ 581,901 $ 40,986 $ 540,915 $ 237,909 2.27 0.01% N/A $ 852,727 2019 Granite
Irvine, CA
JHC-Granite, LP 71 family 99% 2009 MMA $2,547,290
$6,308,877
3/1/2040
2/9/2065

5.6%
3%
Union Bank
HCD
$ 411,219 $ 42,600 $ 368,619 $ 233,593 1.58 0.01% N/A Expired 2013 Greenleaf
Anaheim, CA
Jamboree Greenleaf, LP 20 family 90% 2010 Enterprise $603,221 11/1/2028 7.57% US Bank $ 112,533 $ 7,601 $ 104,932 $ 54,912 1.91 0.01% N/A Expired 2016 Ground Lease Grove Park
Garden Grove, CA
Grove Park, LP 104 family 100% 2011 Union Bank $4,382,507 $617,125
10/1/2026
10/1/2026

6.56%

6.13%
Union Bank
Union Bank
$ 796,565 $ 44,767 $ 751,798 $ 470,064 1.60 0.01% N/A Expired 2014 Hastings Park
Antelope, CA
Hastings at Antelope, LP 242 family 97% 2005 Paramount $16,200,000 $3,199,282
1/15/2035
5/1/2028
variable
4%
HA of County of
Sacramento
SHRA
$ 1,521,969 $ 90,024 $ 1,431,945 $ 943,650 1.52 0.004% Ezralow N/A N/A Heritage Oaks
Woodland, CA
Heritage Oaks, LP 120 family 99% 2005 Paramount $6,800,000 $1,550,000
2/15/2035
8/22/2024
variable
3%
CSCDA/US Bank
City of Woodland
$ 470,966 $ 38,160 $ 432,806 $ 321,911 1.34 0.004% Ezralow N/A N/A Heritage Villas
Mission Viejo, CA
Heritage Villas Housing Partners LP 143 senior 100% 2018 N/A $11,037,000 12/1/2036 4.90% CCRC $ 862,188 $ 42,900 $ 819,288 $ 660,000 1.24 0.01% N/A $ 1,516,904 2021 Rehab complete 2018, conversion occurred November 2018
Hillcrest Apts.

Fontana, CA
Fountain Crest, LP 53 family 100% 2003 N/A $1,552,285 10/1/2026 5.5% CDFI $ 233,840 $ 30,000 $ 203,840 $ 117,671 1.73 60% SCHRD N/A N/A Highgrove
Riverside, CA
Highgrove Workforce Housing, LP 89 family 97% 2014 RBC $2,344,992 8/1/2032 6.00% Day Trust $ 204,418 $ 28,326 $ 176,092 $ 165,463 1.06 0.0037% Inland Empire Preservation

N/A N/A
Hotel Berry
Sacramento, CA
JHC-Hotel Berry, LLC 104 family 97% 2012 N/A N/A N/A N/A N/A $ 33,896 $ - $ 33,896 N/A N/A 100% N/A N/A N/A Financed by SHRA residual receipts loans with operating deficit reserve
Inn at Woodbridge
Irvine, CA
Woodbridge Villas LP 120 senior 95% 1996 Eenhoorn N/A N/A N/A N/A $ 674,283 NA $ 674,283 $ - N/A 0.5% Eenhoorn N/A N/A Jackson Aisle Apartments
Midway, CA
Jackson Aisle Apartments, LP 29 family 93% 2003 Bank of America $0 N/A N/A N/A $ 103,913 $ 11,685 $ 92,228 N/A N/A 0.005% ACOF N/A N/A La Puente Park Apts.

La Puente, CA
La Puente Park Preservation LP 132 family 100% 2018 NA $29,277,000 6/1/2058 3.7% HUD $ 2,000,752 $ 66,000 $ 1,934,752 $ 1,463,472 N/A 0.0005% Preservation Partners
N/A N/A Rehab complete 2018, conversion
expected 2019
Lake Merritt
Oakland, CA
Lake Merritt II Preservation LP 55 family 100% 2018 CREA $16,525,000 4/1/2050 4.43% CSCDA $ 1,069,057 $ 16,500 $ 1,052,557 $ 929,892 N/A 0.0010% Preservation Partners
N/A N/A Rehab complete 2018, conversion
expected 2019
Laurel Crest
Lancaster, CA
Laurel Crest, LP 72 family 93% 2007 Enterprise $1,739,410 $4,024,440
9/1/2037
11/26/2063

5.23%
3%
US Bank
HCD
$ 224,119 $ 43,200 $ 180,919 $ 164,543 1.10 0.01% N/A Expired 2011 Mendocino at Talega I
San Clemente, CA
Jamboree-Tal Housing, LP 124 family 100% 2003 MMA $3,536,394 $4,500,000
11/1/2033
12/1/2058

6.25%
3%
US Bank
HCD
$ 688,321 $ 73,436 $ 614,885 $ 390,726 1.57 0.1% N/A $ 25,000 N/A Mendocino at Talega II
San Clemente, CA
Jamboree-Tal Housing II, LP 62 family 100% 2003 MMA $2,037,237 $3,226,134
5/1/2034
6/1/2059

5.99%
3%
US Bank
HCD
$ 311,932 $ 29,914 $ 282,018 $ 223,461 1.26 0.1% N/A $ 25,000 N/A Metro East (TPC), Santa
Ana
Santa Ana Senior Associates, LP 418 seniors n/a 2020 CREA N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Property under construction, conversion expected February 2021
Miracle Terrace
Fullerton, CA
Miracle Terrace Community
Partners, LP
179 family 99% 2017 WNC $26,550,000 2/1/2050 4.00% Anaheim Housing Authority
$ 2,027,614 $ - $ 2,027,614 $ - N/A 0.001% CPP-WNC $ 676,417 2022 Rehab complete 2017, conversion expected 2020
Monarch Pointe
Anaheim, CA
Monarch Pointe, LP 63 family 100% 2008 Enterprise $2,727,735 2/15/2039 6.73% US Bank $ 316,289 $ 26,964 $ 289,325 $ 244,668 1.18 0.01% N/A Expired 2011 Ground lease
Monte Vista Gardens
San Jose, CA
Monte Vista Community Partners,
LP
144 family 99% 2017 WNC $25,000,000 2/1/2049 4.22% CALHFA $ 1,964,986 $ 43,200 $ 1,921,786 $ 1,295,173 1.48 0.005% CPP-WNC $ 274,906 2021 Rehab complete 2017, conversion occurred August 2018
Montecito Vista
Irvine, CA
JHC-Culver, LP 162 family 100% 2005 The Irvine Company $7,541,498 12/1/2035 5.70% US Bank $ 1,412,476 $ 59,400 $ 1,353,076 $ 694,500 1.95 0.01% N/A Expired 2009 Ground lease
Monument Arms
Fairfield, CA
Monument Arms Communities
Partners LP
92 family 99% 2015 WNC $9,212,718 3/1/2047 5.18% CA MFA/Citibank $ 725,219 $ 29,281 $ 695,938 $ 589,399 1.18 0.005% N/A $ 456,181 2019 Oakview I
Huntington Beach, CA
JHC-Oakview, LLC 5 family 100% 2008 N/A $214,788 12/1/2021 2.33% St. Joseph Health Systems $ 33,962 $ - $ 33,962 $ 10,454 3.25 100%

N/A N/A N/A
7/17/2019

JAMBOREE HOUSING CORPORATION

SCHEDULE OF REAL ESTATE OWNERSHIP INTERESTS
Operating Properties
As of 12/31/18

PROPERTY ANNUAL CASH FLOW

OWNERSHIP OPERATING DEFICIT
Oakview II
Huntington Beach, CA
JHC-Oakview, LLC 5 family 100% 2008 N/A $170,042 7/31/2022 2.67% St. Joseph Health Systems $ 27,100 $ - $ 27,100 $ 8,499 3.19 100%

N/A N/A N/A
Oakview III
Huntington Beach, CA
JHC-Oakview, LLC 4 family 100% 2009 N/A N/A N/A N/A N/A $ 20,481 $ 1,511 $ 18,970 N/A N/A 100%
N/A N/A N/A Financed by City of Huntington Beach
residual receipts loan
Oakview IV
Huntington Beach, CA
JHC-Oakview, LLC 5 family 100% 2009 N/A $180,933 5/31/2022 2.67% St. Joseph Health Systems $ 21,413 $ - $ 21,413 $ 9,092 2.36 100%

N/A N/A N/A
Orland Arbor & Manor
Orland, CA
Orland Apartments, LP 82 senior &
family
95% 2006 Paramount $765,239
$1,937,067
4/1/2038
9/30/2035

5.32%
1%
Chase

USDA/RD
$ 148,989 $ 43,092 $ 105,897 $ 189,975 0.56 0.004% Ezralow N/A N/A Operating deficits funded by advances from Ezralow
Panorama View
Panorama, CA
Panorama Preservation LP 87 senior 79% 2008 Merritt $8,347,485 11/1/2050 3.08% HUD $ 891,707 $ 72,012 $ 819,695 $ 411,132 1.99 0.001% Preservation Partners

N/A N/A
Park Landing
Buena Park, CA
Buena Park Housing Partners LP 70 family 100% 2013 WNC $2,484,906 $4,805,228
4/1/2029
8/27/2069

5.03%
3%
US Bank
HCD
$ 347,846 $ 42,000 $ 305,846 $ 232,030 1.32 100% N/A Expired 2017 Plum Tree Apts.

Gilroy, CA
Plum Tree West Preservation LP 70 family 100% 2016 CREA $16,633,609 9/1/2048 3.7% CalHFA $ 1,160,680 $ 21,636 $ 1,139,044 $ 866,916 1.31 0.001% Preservation Partners

N/A N/A
Puerto del Sol
Long Beach, CA
Jamboree West Gateway, LP 64 family 100% 2008 MMA $911,155 $3,863,196
12/1/2038
11/26/2063

7.32%
3%
Chase

HCD MHP
$ 135,815 $ 38,400 $ 97,415 $ 103,105 0.94 0.01% N/A Expired 2012 River Ranch MHP
Victorville, CA
JHC River Ranch, Inc. 138 senior 97% 2002 N/A $3,110,086 1/1/2027 4.43% Barings/Fannie Mae $ 272,932 $ 8,004 $ 264,928 $ 193,516 1.37 100% N/A N/A N/A Rockwood Apts.

Anaheim, CA
Lincoln Housing Partners LP 70 special
needs
99% 2016 Bank of America $1,671,197
$3,722,789
5/26/2047
5/26/2032

5.25%

5.25%
Bank of America
Bank of America
$ 552,237 $ 35,000 $ 517,237 $ 498,678 1.04 0.01% N/A $ 274,729 2021 Rowland Heights Apts.

Rowland Heights, CA
Rowland Preservation LP 144 family 93% 2016 RBC $15,773,573 $1,080,000
7/1/2048
1/1/2071

4.31%
1%
CalHFA Bond
Citibank
$ 1,359,057 $ 43,200 $ 1,315,857 $ 900,933 1.46 0.001% Preservation Partners

N/A N/A
Royals I & II
Los Angeles, CA
Royals Preservation LP 114 family 98% 2005 Hudson $4,972,797 5/1/2020 5.355% Chase $ 855,194 $ 34,500 $ 820,694 $ 415,992 1.97 0.001% Preservation Partners

N/A N/A
Santa Ana VV,
Sant Ana, CA
Santa Ana Village LP 76 veterans N/A 2019 Union Bank N/A N/A N/A N/A N/A N/A N/A N/A N/A 0.01% N/A N/A N/A Property under construction, conversion expected June 2020
Seminole Apts.

Palm Springs
Seminole Preservation LP 60 family 95% 2003 Paramount $2,498,035 12/1/2047 2.5% HUD $ 324,529 $ 33,444 $ 291,085 $ 132,549 2.20 0.0495% Preservation Partners

N/A N/A
Shenandoah
Sacramento, CA
The Shenandoah, LP 100 family 99% 2007 Alliant $5,205,000 $2,200,000
$1,795,000
8/15/2036
8/01/2039
8/15/2036
variable
4%
variable
HA City of Sacramento
HA City of Sacramento
West Coast
$ 302,782 $ 30,200 $ 272,582 $ 186,815 1.46 0.004% Ezralow N/A N/A Sky Parkway Sacramento,
CA
Sky Parkway Preservation LP 59 senior 100% 2004 Richman $1,394,484 $800,000
1/1/2020
4/1/2020

4.96%
4%
Chase
SHRA
$ 77,954 $ 37,003 $ 40,951 $ 196,008 0.21 0.005% Preservation Partners
N/A N/A Operating deficit funded by advances from
AGP, Resyndicated March 2019
St. Andrews Arms
Los Angeles, CA
St. Andrews Preservation LP 43 senior 100% 2008 Hudson $1,878,880 6/1/2039 6.3% US Bank $ 400,409 $ 12,900 $ 387,509 $ 161,556 2.40 0.001% Preservation Partners

N/A N/A
Sunswept Apts.

Garden Grove, CA
Sunswept, LP 16 family 100% 2003 N/A $624,713 10/1/2026 5.5% Clearinghouse CDFI $ 110,861 $ 1,600 $ 109,261 $ 47,367 2.31 50% SCHRD N/A N/A Summerfield Apts.

Indio, CA
Summerfield Community Partners,
LP
268 family 100% 2017 WNC $42,000,000 4/1/2033 4.534% Jones Lange $ 3,123,698 $ 82,812 $ 3,040,886 $ 2,395,837 1.27 0.0010% CPP-WNC $ 1,554,882 2022 The Meadows In Irvine, Irvine,
CA
The Meadows in Irvine 360 senior 100% 1998 N/A $22,606,027 2/29/2032 4.805% PNC Bank $ 2,117,039 $ 9,000 $ 2,108,039 $ 1,606,401 1.31 100% N/A N/A N/A Non-Recourse loan is guaranteed by Jamboree
Temecula Reflections
Temecula, CA
JHC-Temecula Reflections, LLC 11 family 100% 2009 N/A N/A N/A N/A N/A $ 6,287 $ - $ 6,287 N/A N/A 100% N/A N/A N/A Condos purchased by Jamboree, Operating reserves of $30,710
Two Worlds
Los Angeles, CA
Two Worlds Preservation LP 96 family 100% 2008 Union Bank $6,906,160 3/1/2048 2.23% HUD $ 638,904 $ 35,748 $ 603,156 $ 353,054 1.71 0.001% Preservation Partners

N/A N/A
Valencia Woods
Fontana, CA
JHC-Valencia Woods, LLC 60 family 98% 2006 N/A N/A N/A N/A N/A $ 123,903 $ 51,225 $ 72,678 N/A N/A 100% N/A N/A N/A Ground Lease + rehab costs funded by grant from City of Fontana
Vista Ponte fka Arbor Terrace
Colton, CA
Arbor Terrace Community Partners,
LP
127 family 97% 2014 WNC $13,080,080 12/1/2029 5.29% Citibank $ 874,521 $ 38,100 $ 836,421 $ 846,480 0.99 0.005% CPP-WNC $ 1,353,184 N/A Voorhis
San Dimas, CA
San Dimas Community Partners,
LP
65 family 95% 2013 WNC $9,057,762 11/1/2045 4.78% Citibank (serviced by Berkadia)
$ 697,332 $ 21,308 $ 676,024 $ 564,449 1.20 0.005% CPP-WNC Expired 2018 Wesley Village
Garden Grove, CA
Garden Grove Housing Partners,
LP
47 family 100% 2017 BFIM $4,207,923 4/1/2036 4.46% Cornerstone CCRC Mortgage Fund II LLC
$ 310,525 $ 11,750 $ 298,775 $ 239,652 N/A 0.01% N/A $ 386,703 2023 Converted to perm May 2018
7/17/2019

JAMBOREE HOUSING CORPORATION

SCHEDULE OF REAL ESTATE OWNERSHIP INTERESTS
Operating Properties
As of 12/31/18

PROPERTY ANNUAL CASH FLOW

OWNERSHIP OPERATING DEFICIT
West Gateway Delta Lane Housing Partners, LP 77 family 100% 2017 Union Bank $1,660,177 $2,600,000
6/1/2032
9/11/2072
Libor + 2.25%

3.0%
Union Bank
HCD
$ 185,712 $ 46,200 $ 139,512 $ 106,639 1.31 0.01% N/A $ 439,000 2020 Woodglen
Santee, CA
Woodglen Vista Housing Partners
LP
188 family 100% 2017 WNC $25,275,845 9/27/2052 5.0% CalHFA $ 2,181,781 $ 94,000 $ 2,087,781 $ 1,550,401 1.35 0.006% N/A $ 2,692,238 2020 TOTALS 8,347
Corporate Office, Suite 200
Irvine, CA
Jamboree Holdings, LLC N/A N/A N/A N/A N/A N/A N/A N/A N/A 100% N/A N/A N/A Loan paid of December 2016
Corporate Office, Suite 220
Irvine, CA
Jamboree Holdings II, LLC $1,142,711 12/18/2022 4.86% US Bank N/A N/A N/A $ 85,193 N/A 100% N/A N/A N/A Office expansion
NOTES: "Mortgage Balance" includes debts with monthly amortization or required annual payments This schedule is updated annually based upon audited financial statements Acquired in 2007
10,077 usable square footage
Acquired in 2015
4,941 usable square footage
7/17/2019
2018 REO Explanations
Properties Underperformance
statistic Explanation
Belage 1.06x
Property had higher NOI than last year. AGP monitors
operations closely and there is an Operating Reserve to fund any potential deficits. The property has Operating Reserve balance of $699,691 as of YE 2018.

Breckenridge .97x
Property operations are monitored by Administrative GP.

Operating deficits are funded by advances from
Administrative GP/Ezralow. Operating Reserve balance as of YE 2018 was $176,101.

Highgrove 1.06x
Property operations are monitored by AGP. The Operating Reserve balance as of YE 2018 was $153,549 and is available to fund any potential deficits. The property experienced a fire late 2017 of which $15k of invoices were paid in 2018. In addtion the property had higher that usual expenses in
repairs, HVAC and landscape enhancements.

Laurel Crest 1.10x
Property had an unusual amount of vacancies (19) and
evictions (4), which impacted revenue projections. Average days for a move in was 58 days due to issues finding qualified applicants. The vehicle gate motor replacement, the key fob system repair to the laundry rooms, HVAC repairs and pan replacements, pool pump replacement and 5-year sprinkler test which resulted in some repairs to the system resulted in expenses higher than normal. In addition, the ext. paint deposit of $26k was expensed in the current year.

Orland Arbor &
Manor
.56x
Property operations are monitored by Administrative GP.

Operating deficits are funded by advances from
Administrative GP/Ezralow.

Puerto Del Sol .94x
The property experienced a loss in laundry income due to broken laundry machines, the machines were repaired.

Several expense categories where higher than previous years:
legal expenses due to resident issues and evictions, electrical expense due to better lighting and water expense high due to a slab leak and a water leak that cost $9,000 more than insurance proceeds received.

Rockwood 1.04x
The property had higher operational expenses than budgeted (not expected in 2019)due to the following: one isolated case of bed bugs that was addressed and eradicated , elevator maintenance higher than usual, increased unit turnover costs and associated collection losses, water damage claims in two units with $10k of uncovered costs (deductible) and increased payroll and janitorial services to meet the needs of the residents. The property also incurred unplanned expenses to troubleshoot and mitigate immediate concerns of the garage door/motor and planter drainage on the 2nd floor.
2018 REO Explanations
Properties Underperformance
statistic Explanation
Sky Parkway .21x
Property operations are monitored by AGP and there is an Operating Reserve to fund any potential deficits. The
Operating Reserve balance was $234,237 as of YE 2018. In 2018, the GP advanced $84K.

Vista Pointe fka
Arbor Terrace
Colton, CA
.99x
AGP monitors operations closely and there is an Operating Reserve to fund any potential deficits. The property has Operating Reserve balance of $344,720 as of YE 2018. In 2018, there was a significant increase in bad debt expense of $50k for write-off of 2017 and 2018 resident balances
(evictions) and an increase in contracted services by $85k for bed bug treatment, pest control, gate repairs and the costs for the preparation of a HUD REAC inspection (temporary maintenance personnel & repairs).

Santa Monica City CouncilJanuary 11, 2022

Santa Monica City Council
January 11, 2022