Santa Monica City Council
December 17, 2024

HOLLYWOOD COMMUNITY HOUSING CORPORATION
(A NONPROFIT CALIFORNIA CORPORATION)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS OF DECEMBER 31, 2020
Liabilities and Net Assets
Current liabilities
Accounts payable and accrued expenses $ 665,526
Construction and development costs payable 17,425,301
Prepaid rent 97,521
Due to affiliates 27,274
Accrued interest payable, current portion 148,899
Tenant security deposits 675,864
Notes payable, current portion 21,088,511
Total current liabilities 40,128,896
Long-term liabilities
Notes payable, net of current portion and unamortized debt issuance costs 196,326,097 Accrued interest payable, net of current portion 29,159,274 Total long-term liabilities 225,485,371
Total liabilities 265,614,267
Commitments and contingencies (see Notes)
Net assets
Without donor restrictions
Controlling 424,464
Noncontrolling 56,823,601
Total net assets without donor restrictions 57,248,065
With donor restrictions 85,000
Total net assets 57,333,065
Total liabilities and net assets $ 322,947,332
See accompanying notes to consolidated financial statements.

HOLLYWOOD COMMUNITY HOUSING CORPORATION
(A NONPROFIT CALIFORNIA CORPORATION)

CONSOLIDATED STATEMENT OF ACTIVITIES AND CHANGES IN NET ASSETS FOR THE YEAR ENDED DECEMBER 31, 2020
Without With
Donor Donor
Restrictions Restrictions Total
Public support and revenues
Private contributions (corporate, foundation
and individuals) $ 153,798 $ 330,100 $ 483,898
Government contracts and grants 305,923 305,923 -
Special events revenue $ 207,622
Less: direct benefits to donors (15,820) 191,802 191,802 - Management fees 33,034 33,034 -
Rental revenue 9,595,928 9,595,928 -
Other revenue 367,437 367,437 -
Interest income 14,315 14,315 -
Contributed goods and services 55,913 55,913 -
Cancellation of indebtness 278,532 278,532 -
Total revenues 10,996,682 330,100 11,326,782
Net assets released from restrictions:

Satisfaction of program restrictions 309,668 (309,668) - Total public support and revenue 11,306,350 20,432 11,326,782 Expenses
Program services 17,787,026 17,787,026 -
General and administrative 321,541 321,541 -
Fundraising 293,642 293,642 -
Total expenses 18,402,209 18,402,209 -
Change in net assets (deficit) (7,095,859) 20,432 (7,075,427) Net assets, beginning of year, as originally reported 66,286,869 64,568 66,351,437 Change in accounting policy (Note 11) (2,249,396) (2,249,396) - Net assets, beginning of year, as adjusted 64,037,473 64,568 64,102,041 Contributions 306,451 306,451 -
Net assets, end of year $ 57,248,065 $ 85,000 $ 57,333,065 See accompanying notes to consolidated financial statements. 2020

HOLLYWOOD COMMUNITY HOUSING CORPORATION
(A NONPROFIT CALIFORNIA CORPORATION)

CONSOLIDATED STATEMENT OF FUNCTIONAL EXPENSES
FOR THE YEAR ENDED DECEMBER 31, 2020
Subtotal General
Housing Housing Resident Program and
Operations Development Services Services Administrative Fundraising Salaries, benefits, and taxes $ 2,379,401 $ 141,191 $ 410,615 $ 2,931,207 $ 203,001 $ 169,275 $ 3,3 Utilities 1,401,464 7,052 12,205 1,420,721 2,993 1,252 1,4 Repairs and maintenance 1,562,463 2,155 1,555 1,566,173 933 1,5 390
Property taxes and insurance 322,729 9,393 6,780 338,902 6,854 2,867 3 Professional fees 243,018 63,724 45,998 352,740 80,890 3,335 4 Management fees 776,120 - 776,120 - - 7
-
Advertising 149,028 429 310 149,767 313 4,247 1
Other 245,003 19,768 17,286 282,057 10,259 4,292 2
Office expenses 164,610 11,476 22,575 198,661 8,408 3,518 2 Events 11,344 13,452 9,710 34,506 101,165 - 1
Program furniture and supplies 5,228 52,263 - 57,491 -
-
Asset management fees 19,122 - 19,122 - -
-
Bad debt 21,894 - 21,894 - -
-
Total before depreciation, amortization,
interest and losses 7,301,424 268,640 579,297 8,149,361 313,651 290,341 8,7 Depreciation and amortization 5,814,587 7,907 5,707 5,828,201 5,770 2,414 5,8 Interest expense and finance fees 3,804,462 2,905 2,097 3,809,464 2,120 3,8887 Total expenses by function $ 16,920,473 $ 279,452 $ 587,101 $ 17,787,026 $ 321,541 $ 293,642 $ 18,4 See accompanying notes to consolidated financial statements.

Program Services

HOLLYWOOD COMMUNITY HOUSING CORPORATION
(A NONPROFIT CALIFORNIA CORPORATION)

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED DECEMBER 31, 2020
Cash flows from operating activities
Change in net assets $ (7,075,427)
Adjustments to reconcile change in net assets to
net cash provided by operating activities
Depreciation and amortization 5,836,385
Amortization of debt issuance costs 57,883
Cancellation of debt (278,532)
Change in operating assets and liabilities
Grants and contracts receivable (18,519)
Tenants and accounts receivable (135,033)
Deposits 82,759
Prepaid expenses and other current assets (60,369)
Accounts payable and accrued expenses 58,093
Prepaid rent 4,548
Due to affiliates 7,904
Accrued interest payable 3,863,640
Tenant security deposits, liability 5,833
Net cash provided by operating activities 2,349,165
Cash flows from investing activities
Expenditures for property (52,799,861)
Advances to affiliates (601,493)
Cash used in investing activities (53,401,354)
Cash flows from financing activities
Proceeds from notes payable 49,260,369
Repayment of notes payable (1,656,642)
Contributions 306,451
Net cash provided by financing activities 47,910,178
Net change in cash, cash equivalents and restricted cash (3,142,011) Cash, cash equivalents and restricted cash, beginning of year 16,017,157 Cash, cash equivalents and restricted cash, end of year $ 12,875,146 See accompanying notes to consolidated financial statements.

HOLLYWOOD COMMUNITY HOUSING CORPORATION
(A NONPROFIT CALIFORNIA CORPORATION)

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED DECEMBER 31, 2020
Supplemental disclosure of cash flow information:

Cash paid for:

Interest, net of capitalized interest of $852,197 $ 972,332 Noncash investing and financing activities:

Accrual of additions to property $ 7,803,664
See accompanying notes to consolidated financial statements.

HOLLYWOOD COMMUNITY HOUSING CORPORATION AND AFFILIATES
(A NONPROFIT CALIFORNIA CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2020

1. ORGANIZATION
Hollywood Community Housing Corporation (HCHC) is a community-based nonprofit California corporation organized for the purpose of providing affordable housing for low-income people. This is accomplished through acquisition, construction, rehabilitation, and operations of residential properties in a manner that enhances existing neighborhoods. HCHC’s affiliates are comprised of affordable housing affiliates. Collectively, these entities are referred to as the Organization.

HCHC wholly owns and operates the following:
 Argyle Court Apartments is a 23-unit complex located in Los Angeles, California, which provides permanent housing for families with low income.
 Orchard Gables is a restored City Historic-Cultural Monument which serves as offices for two community nonprofits and is located in Los Angeles, California.

HCHC is the single member in the following limited liability companies:
 HCHC Laundry, LLC (HCHC Laundry) was formed for the purpose of owning, constructing, and operating a neighborhood laundry facility located in one of HCHC’s affordable housing developments. On April 25, 2019, the Organization’s board of directors agreed to dissolve HCHC Laundry and ceased operations of the laundromat by September 1, 2019. In 2020, all accounts were settled and HCHC Laundry, LLC was fully dissolved on May 1, 2020.  Hollywood Housing Holdings, LLC (HHH) is a California limited liability company organized for the purpose of assisting HCHC in the development and management of affordable housing properties located in Los Angeles County, California.

In addition, HCHC controls affordable housing affiliate entities (Affordable Housing Affiliates) consisting of limited partnerships, limited liability companies and two nonprofit organizations regulated by the United States Department of Housing and Urban Development (HUD) Section 811 Program in which HCHC has both an economic interest and control of the organizations through a majority voting interest in their governing boards. Accordingly, the assets, liabilities, support, revenues and expenses of the following affiliated entities are consolidated in the financial statements of HCHC.

The following is a summary of limited liability companies (LLC) established to own up to a 1% general partner interest in Affordable Housing Affiliates:

General Partner Affordable Housing Affiliates
Alexandria House Apartments LLC Alexandria
HCHC Recap I, LLC Recap
Step Up on Colorado LLC Step Up on Colorado
Step Up on Vine LLC Step Up on Vine
HCHC General Partner LLC Coronel
Stanford Avenue GP, LLC Stanford
(Continued)

HOLLYWOOD COMMUNITY HOUSING CORPORATION AND AFFILIATES
(A NONPROFIT CALIFORNIA CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2020

General Partner Affordable Housing Affiliates
HCHC Florence Mills GP, LLC Florence Mills
HCHC Gramercy Place GP, LLC Gramercy
HCHC Palm Vista MGP, LLC Palm Vista
HCHC Walnut Park GP, LLC Walnut Park
HCHC Luna Vista GP, LLC Luna Vista
The following is a summary of Affordable Housing Affiliates and the consolidated ownership information as of December 31, 2020:

Affordable Housing Entities Owner Interest # of Units
Dunning Apartments Partnership, L.P. 100.00% 26
Kenmore Apartments, L.P. 100.00% 21
Mirada Terrace Apartments, L.P. 100.00% 30
Selma-Hudson Community, L.P. 100.00% 30
St. Andrew’s Community L.P. 100.00% 16
Barnsdall Court, L.P. 100.00% 38
Innes Heights, L.P. 100.00% 19
Harold Way Apartments, L.P. 100.00% 51
Views at 270, L.P. 100.00% 56
Alexandria House Apartments, L.P. (Alexandria) 0.0051% 16 HCHC Recap I, L.P. (Recap) 0.01% 68
Hollywood Bungalow Courts, L.P. 0.01% 42
Mariposa Place Apartments, L.P. 0.01% 58
Palomar Apartments, L.P.* 0.01% 27
Palo Verde Apartments, L.P. 0.01% 49
Coronel Apartments, L.P. (Coronel) 0.01% 54
Paul Williams Apartments, L.P. (Paul Williams) 0.01% 41 Step Up on Colorado, L.P. (Step Up on Colorado) 0.005% 34 Step Up on Vine, L.P. (Step Up on Vine) 0.005% 34
Florence Mills Apartments, L.P. (Florence Mills) * 0.01% 74 Stanford Avenue Apartments, L.P. (Stanford) 0.01% 85
Gramercy Place Apartments, L.P. (Gramercy) * 0.01% 64
Allesandro Housing 811-01 (Allesandro) NA 18
Hollywood Housing 811-97-Waterloo Heights Apts (Waterloo) NA 18 Luna Vista, LP (Luna Vista) 100.00% 73
Walnut Park, LP (Walnut Park) 100.00% 64
Total units 1,106
* Project was under construction or development in 2020.

Description of Programs The Organization improves the quality and affordability of housing in Los Angeles County by developing new apartments and rehabilitating existing properties. Organization properties are clustered in different parts of Los Angeles County and serve low-income households.  Housing Operations HCHC’s housing operations includes the operations of the Affordable Housing Affiliates and its asset management department which develops and implements strategies to ensure the long-term health of its properties for the benefit of its residents. The

HOLLYWOOD COMMUNITY HOUSING CORPORATION AND AFFILIATES
(A NONPROFIT CALIFORNIA CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2020

department monitors the lease-up process of new buildings, supervises property management operations, analyzes financial performance, imposes control over property maintenance, mediates resident grievances, and works with its housing development department on design considerations for new buildings. The asset management team actively seeks out ways to lower operating expenses, primarily through green initiatives and energy savings programs.  Housing Development HCHC's core programs include the development of affordable housing and permanent supportive housing. Since its inception, HCHC has developed 28 properties that house over 2,200 people in 951 units of safe, attractive and centrally located affordable housing.

Residents of HCHC properties have extremely low- to low-incomes, typically earning below 60% of the area median income. Over 30% of HCHC's housing units are designated for special-needs individuals and their families, those disabled by HIV/AIDS, formerly chronically homeless individuals and/or persons living with co-occurring and multiple conditions. Two of HCHC's buildings serve only seniors, one specifically for seniors with special needs.  Resident Services HCHC's resident services program provides care coordination, referral and linkage to resources, crisis intervention, a food pantry, ESL classes, GED instruction, group/individual therapy, and life-skills classes. When circumstances like a pandemic are not a factor, HCHC's Food Pantry is open once a week to HCHC residents and the community at large and provides 300 households, comprised of nearly 800 individuals with food staples, meat, and vegetables every month. People accessing the food pantry include a number of special-needs residents who live in HCHC communities, low-income households in the neighboring community, and individuals who identify as homeless.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation The consolidated financial statements have been prepared on the accrual basis of accounting, in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) and include the accounts of HCHC, wholly owned subsidiaries and all of its controlled affiliates. The controlled affiliates are included in the consolidation in accordance with U.S.

GAAP, which require that the partnership or company accounts be consolidated for all limited partnerships and limited liability companies which are deemed to be controlled by the Organization.

All significant intercompany balances and transactions have been eliminated in consolidation. The noncontrolling interests in the consolidated limited partnerships are shown separately in the components of net assets (deficit).

Classes of Net Assets Net assets of the Organization and changes therein are classified based on the existence or absence of donor or grantor-imposed restrictions. Accordingly, net assets and changes have been classified and are reported as follows:

Net Assets Without Donor Restrictions:
 Controlling Net assets not restricted by donor-imposed stipulations and are available for use at the discretion of the board of directors and/or management for general operating purposes. The only limits on net assets are broad limits resulting from the nature of the Organization and the purposes specified in its articles of incorporation or bylaws and, perhaps, limits resulting from contractual agreements. From time to time the board

HOLLYWOOD COMMUNITY HOUSING CORPORATION AND AFFILIATES
(A NONPROFIT CALIFORNIA CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2020

designates a portion of these net assets for specific purposes which makes them unavailable for use at management’s discretion (Note 10).
 Noncontrolling Net assets that represent the aggregate balance of the third party limited partners’ equity interest, generally 99.99%, in the controlled limited partnerships that are included in the consolidated financial statements.

Net Assets With Donor Restrictions Net assets of the Organization resulting from contributions and other inflows of assets whose use by the Organization is limited by donor-imposed stipulations.

Some donor-imposed restrictions are temporary in nature, such as those that will be met by the passage of time or other events specified by the donor. Other donor-imposed restrictions are perpetual in nature, where the donor stipulates that resources will be maintained in perpetuity.

Donor-imposed restrictions are released when a restriction expires, that is, when the time has elapsed, when the stipulated purpose for which the resource was restricted has been fulfilled, or both and the net assets are reclassified as net assets without donor restrictions and reported in the consolidated statement of activities as net assets released from restrictions.

Cash, Cash Equivalents, and Restricted Cash For purposes of the consolidated statement of financial position and statement of cash flows, cash and cash equivalents consist of cash and highly liquid unrestricted investments with an original maturity of three months or less when purchased.

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated statement of financial position that sum to the totals of the same such amounts presented in the consolidated statement of cash flows:

As of December 31, 2020
Cash and cash equivalents $ 4,475,174
Restricted cash:

Restricted reserves 7,759,516
Tenant security deposits 640,456
Cash, cash equivalents and restricted cash $ 12,875,146 Restricted Reserves The Organization has set up certain operating, replacement, development and other reserve accounts and continues to make annual deposits as required by the various loan and regulatory agreements. In addition, restricted reserves also include tenant security deposits and development reserves restricted by lenders to be used for development purposes.

Accounts, Grants and Tenant Receivables Accounts, grants and tenant receivables are charged to bad debt expense when they are determined to be uncollectible based upon a periodic review of the accounts by management. U.S. GAAP requires that an allowance method be used to recognize bad debts; however, the effect of using the direct write-off method is not materially different from the results that would have been obtained under the allowance method.

Property Property, including projects under development, is stated at cost.

HOLLYWOOD COMMUNITY HOUSING CORPORATION AND AFFILIATES
(A NONPROFIT CALIFORNIA CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2020

Depreciation and amortization of building and building improvements, furniture and equipment and leasehold improvements are provided using the straight-line method over the following estimated useful lives:

Description Life
Buildings and improvements 27.5 – 40 years
Furniture and equipment 3 – 7 years
Leasehold improvements Lesser of life or lease
The Organization capitalizes expenditures or betterments that materially increase asset lives and charges ordinary repairs and maintenance to operations as incurred. Costs of projects under development include direct and indirect costs of construction and carrying costs including, interest, property tax and insurance incurred during the development period. When assets are sold or otherwise disposed of, the costs and related accumulated depreciation are removed from the accounts, and any resulting gain or loss is included in operations. Interest costs directly related to, and incurred during, a project’s construction period are capitalized. Capitalized interest amounted to $852,197 for the year ended December 31, 2020.

The Organization reviews its property for impairment whenever events or circumstances indicate that the carrying value of such property may not be recoverable. When evaluating recoverability, management considers future undiscounted cash flows estimated to be generated by the property including any estimated proceeds from the eventual disposition. In the event these accumulated cash flows are less than the carrying amount of the property, the Organization recognizes an impairment loss equal to the excess of the carrying amount over the estimated fair value of the property. No impairment loss has been recognized during the year ended December 31, 2020.

Predevelopment Project Costs HCHC incurs costs in connection with properties it is considering for development as well as costs associated with properties in the initial state of development.

HCHC capitalizes these costs until the project is transferred to a separate entity or charges the costs to operations at the time it is determined the project is not feasible. Predevelopment project costs are included in property and equipment in the accompanying consolidated statement of financial position. Abandoned projects are expensed when management determines the project is not feasible. There were no abandoned project costs for the year ended December 31, 2020.

Deferred Costs Deferred costs consist of California Tax Credit Allocation Committee (TCAC) monitoring fees which are amortized over 10-15 years and other deferred costs amortized over one to 55 years. Deferred costs are as follows:

At December 31, 2020
TCAC fees $ 759,951
Other deferred costs 66,386
Less: accumulated amortization (307,519)
Deferred costs, net $ 518,818
Debt Issuance Costs Debt issuance costs, net of accumulated amortization, are reported as a direct reduction of the obligation to which such costs relate. Amortization of debt issuance costs is reported as a component of interest expense and is recorded using a method that approximates the effective interest method. Amortization of debt issuance costs is capitalized to construction in progress and development costs during development.

HOLLYWOOD COMMUNITY HOUSING CORPORATION AND AFFILIATES
(A NONPROFIT CALIFORNIA CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2020

Public Support and Revenue Recognition The Organization recognizes contributions when cash, securities or other assets or an unconditional promise to give is received. Conditional promises to give, that is, those with a measurable performance or other barrier and a right of return, are not recognized until the conditions on which they depend have been met. Any funds received in advance of a condition being met are recorded as a liability.

The Organization receives cost-reimbursable contract and grant funding from state and local agencies for providing permanent housing and supportive services which are conditioned upon certain performance requirements and/or the incurrence of allowable qualifying expenses. Amounts received are recognized as revenue when the Organization has incurred expenditures in compliance with specific contract or grant provisions. Amounts received prior to incurring the qualifying expenditures are reported as a liability.

Revenue from rental property is recognized as rents become due. Rental payments received in advance are deferred until earned. All leases between the Organization and its tenants are operating leases. Included in rental revenue is other income from laundry, vending and miscellaneous charges to tenants. Such other income is recognized when earned.

Revenue from special events include individual and corporate contributions and are recognized when the event is held. The related expenses are recognized on the date of the event. The contributions received for special events scheduled to occur after year-end are recorded as deferred revenues and recognized as revenues on the date of the event. Revenue from these events are included in contributions and the related direct expenses are included in events expense in the accompanying consolidated statement of activities and change in net assets (deficit).

Revenue from program service fees, including partnership project management fees, is recognized over time as services are performed.

Developer Fees Developer fees are recognized over the development period under a percentage of completion method based on the development costs incurred as a percentage of the total development costs expected. Amounts not received by the completion date are recorded as a receivable. The gross profit on developer fees earned from Affordable Housing Affiliates is eliminated in consolidation. Management determines the gross profit on developer fees based on project costs which include consultants, internal salaries and benefits, overhead and other nonreimbursed costs (Note 11).

Contributed Goods and Services Contributed goods and services are recorded as contributions at their estimated fair values at the date of donation. Contributions of services are recognized if the services received create or enhance non-financial assets or require specialized skills, and would typically need to be purchased if not provided by donation. For the year ended December 31, 2020, the Organization’s contributed services totaling $3,650 and goods totaling $52,263.

Investments in Unconsolidated Partnerships The Organization holds investments in limited partnerships that are not consolidated as they are not controlled by the Organization (Note 4). The ownership interests range from 0.005% to 20.0% and are accounted for under the equity method, since the Organization has significant influence over the major operating and financial policies of the limited partnerships. The Organization's cost is increased for its share of profits and contributions, and reduced by distributions and its share of losses.

HOLLYWOOD COMMUNITY HOUSING CORPORATION AND AFFILIATES
(A NONPROFIT CALIFORNIA CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2020

The Organization evaluates its investments in limited partnerships for impairment in value and records a write-down if it is determined that any impairment in value is other than temporary. No such write-downs have been recorded in the accompanying consolidated financial statements.

Functional Allocation of Expenses The cost of providing various programs and other activities of the Organization has been summarized by function and natural classification in the accompanying consolidated statement of functional expenses. Expenses that are directly attributable to a specific functional classification of HCHC are reported as expenses in those functional areas. Shared general and administrative expenses that benefit multiple functional areas are allocated among the various functions using a percentage method. The allocation methodology is periodically reviewed by management for relevancy and accuracy.

The functional classifications are defined as follows:
 Program service expenses consist of costs incurred in connection with providing services and conducting programs.
 General and administrative expenses consist of costs incurred in connection with the overall activities, which are not allocable to another functional expense category.  Fundraising expenses consist of costs incurred in connection with activities related to obtaining grants and activities designed to generate revenue.

Income Taxes The nonprofit entities consolidated in these consolidated financial statements have been granted an exemption from federal income taxes under Section 501(c)(3) of the Internal Revenue Code and Section 23701(d) of the California Revenue and Taxation Code. For the year ended December 31, 2020, no provision for unrelated business income taxes has been made.

Income taxes on limited partnership and limited liability company income are included in the tax returns of the partners or members. The federal tax status as a pass-through entity is based on its legal status as a limited partnership or limited liability company and is required to file tax returns with the IRS and other taxing authorities. Accordingly, these consolidated financial statements do not reflect a provision for income taxes. However, the limited partnerships and the limited liability companies are required to pay an $800 fee to the California Franchise Tax Board. The Organization determined there are no tax positions which must be considered for disclosure. With few exceptions, the Organization is no longer subject to income tax examinations by tax authorities for years before 2015. There are no current tax examinations pending.

Concentrations of Business and Credit Risk HCHC, either as direct owner or general partner, has an economic interest in real estate projects (Projects). The Projects rent to residents of Los Angeles County with qualifying levels of income who live in the Los Angeles area and/or to people who receive public assistance. The Projects are subject to business risks associated with the economy and level of unemployment in California and available subsidies, which affect occupancy as well as the tenants’ ability to make rental payments.

HOLLYWOOD COMMUNITY HOUSING CORPORATION AND AFFILIATES
(A NONPROFIT CALIFORNIA CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2020

In addition, the Projects operate in a heavily regulated environment. The operations of the Projects are subject to the administrative directives, rules and regulations of federal, state and local regulatory agencies, including, but not limited to, TCAC and HUD. Such administrative directives, rules and regulations are subject to change by an act of Congress or an administrative change mandated by HUD and may occur with little notice or inadequate funding to pay for the related cost, including the additional administrative burden, to comply with a change.

HCHC receives a significant amount of revenue from partnerships in which it is the general partner, as well as from grants. These sources of funds are dependent upon the continued successful development of affordable housing projects by the Organization, as well as the availability of funds from state and local programs. For the year ended December 31, 2020, the Organization had no private grants, which accounted for more than 10% of its public support and revenues. For the year ended December 31, 2019, the Organization had no private grants, which accounted for more than 10% of its public support and revenues.

HCHC provides advances to affiliates involved in the development of affordable housing projects and has deferred receipt of developer fees and partnership management fees from affiliates. Such advances and fees are unsecured and realization of fees is dependent upon the success of these projects. The advances and fees have been eliminated in consolidation.

The Organization’s cash and cash equivalents are maintained in various bank accounts. The Organization has exposure to credit risk to the extent that its cash and cash equivalents exceed amounts covered by federal deposit insurance. The Organization believes that its credit risk is not significant.

Property Tax Exemption The Projects are generally exempt from real property taxes for the residential portion of its affordable housing real estate properties. In the event such exemption is not renewed or no longer available, the Projects’ cash flow would be negatively impacted.

Use of Estimates The preparation of consolidated financial statements in conformity with U.S.

GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of revenues and expenses during the reporting period. Such estimates include the treatment of contingent interest to be forgiven if the properties comply with loan requirements, and the allocation of functional expenses. Actual results may differ from those estimates.

New Accounting Standards In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606) (ASU 2014-09) providing new revenue recognition guidance that superseded existing revenue recognition guidance. The update, as amended, requires the recognition of revenue related to the transfer of goods or services to customers reflects the consideration to which the entity expects to be entitled in exchange for those goods or services, as well as additional qualitative and quantitative disclosures about revenues. The Organization adopted the new revenue recognition guidance as of January 1, 2020 using the modified retrospective method of transition for all contracts that were not completed as of that date. Adoption of the new revenue recognition guidance resulted in no significant changes in the way the Organization recognized revenue and therefore no changes to the previously issued audited consolidated financial statements were required on a retrospective basis as a result of the

HOLLYWOOD COMMUNITY HOUSING CORPORATION AND AFFILIATES
(A NONPROFIT CALIFORNIA CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2020

adoption of Topic 606. However, an adjustment to beginning net assets was recorded with respect to the elimination of developer fee revenue earned from Affordable Housing Affiliates (Note 11).

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). This standard establishes a right-of-use (ROU) model that requires a lessee to record an ROU asset and a lease liability, measured on a discounted basis, on the statement of financial position for all leases with terms greater than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the consolidated statement of activities and change in net assets (deficit). A modified retrospective transition approach is required for capital and operating leases existing at the date of adoption, with certain practical expedients available. The standard is effective for annual reporting periods beginning after December 15, 2020 and was subsequently amended with ASU 2020-05, Revenue from Contracts with Customers and Leases: Effective Dates for Certain Entities, allowing deferral to reporting periods beginning after December 15, 2021. The use of either the retrospective or cumulative effect transition method is permitted. The Organization is currently evaluating the impact the adoption of ASU 2016-02 on January 1, 2022 will have on its consolidated financial statements.

3. LIQUIDITY AND AVAILABILITY
The Organization structures its financial assets to be available as its general expenditures, liabilities, and other obligations come due.

Financial assets without donor restrictions or other restrictions limiting their use that can be readily made available within one year of the consolidated statement of financial position date, comprise the following:
2020
Financial assets at year-end:

Cash, cash equivalents, and restricted cash $ 12,875,146 Grants and contracts receivable 160,860
Tenants and accounts receivable 285,182
Total financial assets 13,321,188
Less amounts not available to be used within one year:

Board designated cash (800,000)
Net assets with purpose restriction (85,000)
Restricted cash (8,399,972)
Financial assets not available to be used within one year (9,284,972) Financial assets available to meet general expenditures within one year $ 4,036,216 As part of liquidity management, the board approved an organizational operating reserve fund that could be made available for current use with board approval. Restricted cash, although restricted for purpose, can be utilized to cover salaries and other operating costs as restrictions are met. In addition, the Organization maintains an operating line of credit for additional liquidity (Note 7).

HOLLYWOOD COMMUNITY HOUSING CORPORATION AND AFFILIATES
(A NONPROFIT CALIFORNIA CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2020

The Affordable Housing Affiliates have been established to develop and operate affordable housing.

As a result, the Affordable Housing Affiliates have been structured in such a way to be self-sufficient regarding its liquidity needs. In the event of unplanned liquidity needs over and above that which is provided by their operations, they have access to cash reserves, reported as restricted cash, subject to lender and limited partner withdrawal approval. Included in financial assets available to meet general expenditures within one year are Affordable Housing Affiliates cash and cash equivalents which are available for general operation. In addition, in the normal course of business while under development, the Affordable Housing Affiliates rely on receiving funds from non-recourse permanent loan commitments and limited partner capital contributions. In the event the Affordable Housing Affiliates are unable to meet their liquidity needs, HCHC has provided limited guaranties to fund operating deficits. As of December 31, 2020, the Organization’s management believes they have sufficient liquidity availability to meet its obligations for the coming year.

4. INVESTMENT IN UNCONSOLIDATED PARTNERSHIPS

HCHC and its affiliates hold investments in limited partnerships that are not consolidated. Each partnership is a California limited partnership organized for the purpose of developing and operating low-income housing. As a general partner in the partnerships, the Organization is contingently liable for the obligations of the partnerships. Pursuant to the terms of the partnership agreements, limited partners are responsible only for initial capital contributions. As a result, the Organization may be required to arrange for additional funds related to the rehabilitation or operating needs of the partnerships.

The following is a summary of the financial information of HCHC’s equity interest in limited partnerships not controlled by HCHC and accounted for in accordance with the equity method:

Owner
Interest Total Assets
Total
Liabilities
Partners’
Equity
(Deficit)
Partners’
Net Loss
HCHC
Equity
As of December 31, 2020:

La Brea Franklin LP 20.000% $ 2,459,481 $ 7,381,067 $ (4,921,586) $ (218,580) $ (2,842) Western Carlton Apts LP 0.100% $ 6,665,809 $ 5,776,481 $ 889,328 $ (18,180) $ - Western Carlton II LP 0.005% $ 8,499,057 $ 8,229,414 $ 269,643 $ 43,568 $ - Palm Vista LP 49.005% $ 8,727,571 $ 8,634,636 $ - $ 92,935 $ -

5. RESTRICTED CASH
Restricted cash consists of the following:

As of December 31, 2020
Operating reserves $ 2,670,786
Replacement reserves 3,272,225
Interest reserves 329,954
Security deposits 640,456
Other reserves 1,486,551
Total restricted cash $ 8,399,972

HOLLYWOOD COMMUNITY HOUSING CORPORATION AND AFFILIATES
(A NONPROFIT CALIFORNIA CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2020

6. RELATED PARTY TRANSACTIONS
The Organization has significant related party transactions with affiliates, including the unconsolidated partnerships (Note 4). The Organization provides development and administrative services and also advances funds to affiliates to fund development activities.

Management and Other Fees Revenue HCHC earns management fees, tenant resident service fees and accounting fees in connection with services rendered to the Affordable Housing Affiliates under various terms and provisions. Such fees are eliminated in consolidation. In addition, for the year ended December 31, 2020, HCHC earned approximately $33,000 in management fees from the unconsolidated limited partnerships.

Office Facility HCHC purchased its office facility which is located within the Mariposa Place Apartments, L.P.’s (of which HCHC is the General Partner) affordable housing complex. Along with the purchase agreement, HCHC and Mariposa Place entered into a separate reciprocal easement agreement, which provided permanent easements, subject to covenants and restrictions per terms of the easement agreement. The reciprocal easement agreement was amended in January 2012 to include requirements that HCHC make annual payments to Mariposa Place for parking spaces of $3,840 and 7.55% of the annual building insurance costs.

In addition, HCHC entered into a master commercial lease agreement with Mariposa Place for additional commercial space located at the complex. The commercial lease agreement was amended in January 2012. The lease has a 30-year term expiring December 31, 2039. The lease also requires HCHC to pay an annual rent of $1 over the life of the lease, plus its proportional share of operating expenses. The rental income and related expense related to the office facility and lease eliminates in consolidation.

Note Receivable from Investee Entity The Organization has a note receivable agreement with investee entities (Note 4), secured by a deed of trust on the property owned and developed by the respective entity, bearing interest at 7%. The principal and the interest were fully repaid on July 7, 2021.

The balance of the note and interest receivable is as follows:

At December 31, 2020
Palm Vista, L.P. $ 873,153

7. NOTES PAYABLE
Notes payable consist of unsecured debt and collateralized trust deeds on real property and improvements as follows:

As of December 31, 2020
HCHC:

Unsecured subordinate loan ($500,000) with Wells Fargo Bank, bearing interest at 2% per annum. Interest only payable in quarterly installments through October 2021; thereafter principal payments of $62,500 plus interest payments due quarterly, any unpaid principal and accrued interest are due October 2023. $ 500,000

HOLLYWOOD COMMUNITY HOUSING CORPORATION AND AFFILIATES
(A NONPROFIT CALIFORNIA CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2020

As of December 31, 2020
Line-of-credit ($500,000) with Union Bank, secured by Organization assets, interest accruing at a rate of 0.5% per annum above the reference rate determined by Union Bank as of December 31, 2020. Interest only payable in monthly installments. On April 2021, the line of credit was renewed for one year and was converted to a unsecured loan. At December 31, 2020, $500,000 was available for borrowing on the line-of-credit. The line-of-credit is subject to certain bank covenants, as defined in the lender Covenant Agreement. The Organization was in compliance with the covenants as of December 31, 2020. -
Note payable to HCIDLA, secured by the deed of trust on real property and assignment of rents, simple annual interest at 5.0%, interest payable from residual receipts, as defined, and all unpaid principal and interest are due November 2061. 3,132,000 Residual receipts note payable to the City of Los Angeles (City), in the original amount of $1,113,875, secured by a deed of trust on real property, bearing interest at 5.0% per annum. Payable in annual installments of principal and interest based on residual receipts, until all amounts have been paid in full, due October 2030. 1,113,875 Residual receipts note payable to the City, in the original amount of $1,240,715, secured by a deed of trust on real property, bearing interest at 5.0% per annum. A $50,000 interest free portion is to be repaid as to principal only out of the same residual receipts. Payable in annual installments of principal and interest based on

77.54% of residual receipts, until all amounts have been paid in full, due November 2038. 1,190,715
Note payable to City National Bank (CNB), pursuant to the regulations governing the Federal Home Loan Bank Affordable Housing Program (AHP) in the original amount of $400,000, secured by a deed of trust on real property, bearing no interest, unpaid principal due November 15, 2072. 400,000
Note payable to CNB, pursuant to the regulations governing the AHP in the original amount of $480,000, secured by a deed of trust on real property, bearing no interest, unpaid principal is due December 16, 2071. 480,000 Note payable to Bank of America, in the original amount of $530,000, secured by a deed of trust on real property, bearing no interest, unpaid principal is due December 1, 2074. 530,000
Notes payable to Nonprofit Finance Fund (NFF), original borrowings up to $1,500,000, unsecured, annual interest at 5.50% to be used for interim financing for properties in predevelopment. At December 31, 2020, $1,500,000 was available for borrowing. -

HOLLYWOOD COMMUNITY HOUSING CORPORATION AND AFFILIATES
(A NONPROFIT CALIFORNIA CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2020

As of December 31, 2020
Deferred note payable to the City, in the original amount of $1,910,915, secured by a deed of trust on real property, bearing interest at 3.0% per annum. Beginning in 2012, the lender makes an annual determination if the property has been maintained in accordance with the loan agreement, as defined. If determined to be in compliance, 5.0% of the principal balance and all interest that was accrued for the year shall be deemed paid to the lender. Any amount of unpaid principal and accrued interest shall be due in full January 2031. 1,047,853 Note payable to the City, in the original amount of $437,479, secured by a deed of trust on real property, bearing interest at 5.0% per annum, payable in annual installments of principal and interest based on residual receipts, as defined, until all amounts have been paid in full, due the earlier of March 2037 or at the time of sale or refinancing. Subject to possible interest forgiveness provisions at the end of the loan term. 435,498
Note payable to the City, in the original amount of $1,200,000, secured by a deed of trust on real property, non-interest bearing, payable annually based on residual receipts, until all amounts have been paid in full, due the earlier of March 2037 or at time of sale or refinancing. 1,200,000
Note payable to the City, in the original amount of $135,000, secured by a deed of trust on real property, non-interest bearing, payable annually based on residual receipts, until all amounts have been paid in full, due at time of sale or refinancing. 135,000 Note payable to the Century Housing Corporation, in the original amount of $3,500,000 secured by deed of trust on real property, compound interest at LIBOR plus 4% with a floor rate of 6.5% is due monthly. Unpaid principal and interest were due October 2021. In August 2021, the maturity date was extended to October 2022. 3,500,000
Unsecured predevelopment note payable to Low Income Investment Fund, in the amount of $750,000, bearing interest at 6.22% per annum which is paid monthly. All unpaid principal and accrued interest were due August 9, 2021. In August 2021, the maturity date was extended to December 2022. 660,876
Note payable to Low Income Investment Fund, in the amount of $3,600,000, secured by deed of trust on real property, bearing interest at 5.47% per annum which is paid monthly. All unpaid principal and accrued interest were due August 9, 2021. In August 2021, the maturity date was extended to December 2022. 3,600,000 Note payable to Century Housing Corporation, in the original amount of $1,500,000 secured by deed of trust on real property, compound interest at LIBOR plus 4% with a floor rate of 6.5% is due monthly. Unpaid principal and interest are due October 15, 2021. 779,508

HOLLYWOOD COMMUNITY HOUSING CORPORATION AND AFFILIATES
(A NONPROFIT CALIFORNIA CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2020

As of December 31, 2020
Controlled Limited Partnerships:

Seven amortizing notes payable to various lenders, secured by deeds of trust on real property, bearing interest ranging from 2.40% to 8.45% per annum, principal and interest due date ranging from August 2024 to December 1, 2039. 8,262,409 Three construction notes payable to various lenders, secured by deeds of trust on real property, interest ranging from 3.20% to 3.5% per annum, principal and interest due date ranging from October 2021 to May 1, 2039 with an option to extend. The committed sources of repayment include proceeds from permanent debt or limited partner capital contributions. 45,829,133
Forty-five non-amortizing notes payable to various lenders, secured by deeds of trust on real property, interest ranging from zero to 5.96% per annum, payable based on residual receipts, as defined, until all amounts have been paid in full, due date ranging from June 2021 to December 1, 2073. 113,723,539 Wholly Owned Limited Partnerships:

Four amortizing notes payable to various lenders, secured by deeds of trust on real property, bearing interest ranging from 4.0% to 7.0% per annum, principal and interest due date ranging from May 2026 to October 1, 2029. 5,790,467 Fourteen non-amortizing notes payable to various lenders, secured by deeds of trust on real property, interest ranging from zero to 5.96% per annum, payable based on residual receipts, as defined, until all amounts have been paid in full, due date ranging from August 2028 to October 2053. Certain amounts of the notes payable are subject to interest forgiveness provisions (see below). 20,476,594 HUD 811 Entities:

Two non-amortizing notes payable to HUD under Section 811 of the Housing Act, in the original amount of $3,514,300, non-interest bearing. Loan forgiveness as stipulated in the loan agreements remain in effect as long as the properties are operated and maintained as low-income housing for the disabled. 3,514,300 Five non-amortizing notes payable to various lenders, secured by deeds of trust on real property, interest ranging from zero to 5% per annum, payable based on residual receipts, as defined, until all amounts have been paid in full, due date ranging from April 2031 to December 2043. 2,712,290
Total notes payable 219,014,057
Less: unamortized debt issuance costs (1,599,449)
Subtotal 217,414,608
Less: current portion (21,088,511)
Total, noncurrent portion $ 196,326,097

HOLLYWOOD COMMUNITY HOUSING CORPORATION AND AFFILIATES
(A NONPROFIT CALIFORNIA CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2020

Required principal repayments of notes payable are as follows:

Year Ending December 31, Amount
2021 $ 21,088,511
2022 22,369,701
2023 12,973,725
2024 764,273
2025 589,338
Thereafter 161,228,509
Total $ 219,014,057
An analysis of principal and accrued interest for 2020 on notes payable are as follows:

Principal Accrued
Current Noncurrent Balance as Interest as
Portion Portion of 12/31/20 of 12/31/20
HCHC:

Amortizing $ 95,545 $ 952,308 $ 1,047,853 $ 25,283
Non-amortizing 5,040,383 12,617,089 17,657,472 118,753
Total HCHC 5,135,928 13,569,397 18,705,325 144,036
Principal Accrued
Current Noncurrent Balance as Interest as
Portion Portion of 12/31/20 of 12/31/20
Controlled LP:

Amortizing $ 223,921 $ 8,038,488 $ 8,262,409 $ 1,359
Construction 15,548,239 30,280,894 45,829,133 73,915
Non-amortizing - 113,723,539 113,723,540 15,337,600
Total Controlled LP 15,772,160 152,042,921 167,815,081 15,412,874 Wholly Owned LP:

Amortizing 180,423 5,610,044 5,790,467 5,624
Non-amortizing - 20,476,594 20,476,594 12,425,874
Total Wholly Owned LP 180,423 26,086,638 26,267,061 12,431,498 HUD 811 Entities:

Amortizing - - - -
Non-amortizing - 6,226,590 6,226,590 1,319,765
Total HUD 811 Entities - 6,226,590 6,226,590 1,319,765
Total $ 21,088,511 $ 197,925,546 $ 219,014,057 $ 29,308,173 Included in current maturities as of December 31, 2020 is construction debt totaling $15,548,239, that has committed sources of repayment including proceeds from permanent long term debt and or limited partner investor equity.

HOLLYWOOD COMMUNITY HOUSING CORPORATION AND AFFILIATES
(A NONPROFIT CALIFORNIA CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2020

HCHC received loan proceeds of $6,846,590, in connection with eight separate loan agreements, interest ranging from 0% to 5% per annum, with maturity dates between 2030 and 2074 for the purpose of developing affordable housing. The lenders allowed HCHC to subsequently assign the real property and its rights under the loan agreements to certain Affordable Housing Affiliates, of which HCHC participates as the General Partner. Because the funds were part of government program grants that require the loans to remain with HCHC, the security interest for the loans are crossed collateralized against real property assigned to the Affordable Housing Affiliates.

Concurrent with the execution of these loans, HCHC received $6,846,590 in promissory notes from the Affordable Housing Affiliates, the terms of which were identical to the loans payable to the lenders. Proceeds due under the notes receivable will be used to offset the identical payments due under the notes payable.

Contingent Interest A regulatory agreement with the City of Los Angeles provides for possible forgiveness of interest on the Dunning Apartments mortgage note payable of $1,479,564, the St.

Andrews Community mortgage payable of $1,127,000 and the Argyle Court mortgage payable of $435,498. At the end of the note’s 40-year term, accrued interest will be due and payable only to the extent the fair market value of the property (as defined) exceeds the principal balance of the note plus all superior indebtedness secured against the property. Due to this contingency, interest on the note has not been accrued in the accompanying consolidated financial statements because the future fair market value of the property at loan maturity is not expected to be sufficient. At December 31, 2020, the Organization is contingently liable for the cumulative amount of unpaid interest that could be due on the note, which approximated $3,572,000, if the fair market value of the property is sufficient at loan maturity.

The deferral provisions related to the accrual of interest expense discussed above, and as stipulated in the respective loan agreements remain in effect only as long as the properties are operated and maintained as low-income housing and the Organization complies with various other provisions of the agreements. In the event that the properties are not maintained as low-income housing, or if there are other material violations of the loan agreements, the mortgage notes become due and payable. Although this is a possibility, management deems the contingency remote and plans to meet the conditions as set forth in the provisions of the loan agreements.

8. COMMITMENTS AND CONTINGENCIES
Guaranties HCHC, as the General Partner in various Affordable Housing Affiliates has entered into certain guarantees with the Investor Limited Partner regarding construction completion, initial operating, and tax credit guaranties, as defined in the Partnership Agreements, including the following:
 Development Guaranty In general, HCHC is obligated to pay any development cost deficits or, at the option of the investor limited partner, to purchase the interest of the investor limited partner if the project is not completed or if permanent financing has not been obtained by specific dates.

Under these guarantees, HCHC provides assurance on project completion and repayment guarantees to lenders for the respective loans. These obligations typically terminate upon funding of permanent project financing.

HOLLYWOOD COMMUNITY HOUSING CORPORATION AND AFFILIATES
(A NONPROFIT CALIFORNIA CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2020

 Credit Recapture Guaranty In the event of a recapture of tax credits previously received by an investor limited partner, HCHC shall be obligated to reimburse the investor limited partner for any recaptured credits plus any related penalties, interest or additional taxes due. HCHC is not obligated to reimburse if the recapture is due to a change in law or actions by the limited partners.
 Operating Deficit Guarantees HCHC has entered into various agreements with certain limited partnerships or their affiliated general partners whereby HCHC guarantees to loan funds to the partnerships in the event that the partnerships incur operating deficits, as defined in the respective partnership agreements, or fail to meet their current financial obligations. These agreements expire at various dates through the terms of the underlying partnership or debt agreements. Loans made pursuant to these guarantees are generally interest-free and unsecured. Generally, the maximum potential amount of future payments under these guarantees is equal to the amount guaranteed to the partnerships under the tax indemnification agreements discussed below.

HCHC entered into various agreements with certain limited partnerships or their affiliated general partners whereby HCHC offers tax indemnification in the event of low-income housing tax credit recapture. HCHC’s potential liability under these agreements is dependent upon IRS audits and final letters of determination of the limited partnership’s qualified basis in tax credit properties.

Similarly, HCHC has entered into agreements with state and local governments who have provided loans to certain limited partnerships for the development of affordable housing whereby HCHC has guaranteed any recapture of the loans resulting from non-compliance with affordable housing requirements. Management is not aware of any known liability for tax credit or loan recapture.

HCHC’s participation in the limited partnerships described above results in contingent liabilities.

Pursuant to the terms of the partnership agreements, the limited partners are responsible only for initial capital contributions. As a result, HCHC may be required to arrange for additional funds related to any rehabilitation or operating needs of the partnerships. HCHC may also be subject to other liabilities of the partnerships if the partnership’s assets should become insufficient to meet their obligations. In the opinion of management, the future revenues and the value of underlying assets of these partnerships will be sufficient to meet their obligations.

In connection with the Affordable Housing Affiliates who have received low-income housing tax credits, the Affordable Housing Affiliates’ awarded housing tax credits are contingent on their ability to maintain compliance with applicable Internal Revenue Service tax credit regulations on an ongoing basis. Failure to maintain compliance with occupant eligibility, and/or unit gross rent, or to correct noncompliance within a specified time period, could result in recapture of previously taken tax credits. HCHC, as the General Partner, is responsible to ensure that the Partnership satisfies such requirements as part of its guarantees, as defined in the Partnership Agreement.

The properties owned and operated by the Organization are typically developed using monies provided by restrictive, low-interest rate, loans. The terms of these loans restrict the use of the property and generally require that it be rented to low-income qualified tenants for the period of the related loan term. Failure to comply with the terms of the loans would result in a requirement to repay a portion or the entire amount of proceeds received.

HOLLYWOOD COMMUNITY HOUSING CORPORATION AND AFFILIATES
(A NONPROFIT CALIFORNIA CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2020

Joint Development and Operations Agreement During 2018, HCHC entered into a Joint Development and Operations Agreement with Venice Community Housing Corporation (VCHC) for the development and construction of 140 units of affordable housing and commercial/retail spaces in Venice, California. In connection with funding predevelopment costs for the project, HCHC and VCHC, as co-borrowers, entered into a joint loan agreement and promissory note payable to Supportive Housing Solutions Fund LLC, in the maximum amount of $3,273,000, bearing interest at 6% per annum which is paid monthly. During 2019, the loan maturity date was extended to December 30, 2022. The loan balance was $1,648,744 as of December 31, 2020, and the loan and related predevelopment costs are reflected on the books of VCHC. As co-borrower, HCHC is contingently liable for 50% of the loan balance if an Event of Default, as defined, occurs or upon the maturity of the note and there is no construction financing available to pay-off the note.

During 2020, HCHC entered into a Joint Development Agreement with GTM Holdings LLC for the development and construction of 91 units of affordable housing and commercial/retail spaces in Los Angeles, California.

Operating Leases HCHC leases office equipment under various operating lease agreements.

Gross monthly minimum lease payments are $647 through July 2024. Equipment rental expense for the year ended December 31, 2020 amounted to $10,470.

Litigation The Organization is subject to lawsuits and claims which arise out of the normal course of its activities. Management believes the disposition of any and all such actions of which it is aware will not have a material effect on the financial position or changes in net assets of the Organization.

Effects of the COVID-19 Outbreak During 2020, there was a global outbreak of a new strain of coronavirus, COVID-19. The global and domestic response to the COVID-19 outbreak continues to rapidly evolve. To date, certain responses to the COVID-19 outbreak have included mandates from federal, state and/or local authorities to mitigate the spread of the virus, which have adversely impacted global commercial activity and have contributed to significant volatility in financial markets.

The Organization’s management continues to gather information in response to the COVID-19 pandemic and the possible impact to the Organization’s cash flow. Management is adjusting its operations accordingly and will continue to assess and monitor the situation as it evolves. Although the Organization has received financial support, the ultimate impact to the financial condition, results of operations and cash flows of the Organization is unknown.

9. RETIREMENT PLAN
Employees may participate in an Internal Revenue Code section 403(b) retirement savings plan, established by HCHC. The plan is funded solely by employee contributions to the plan, pursuant to a salary reduction agreement. All employee contributions are immediately vested.

HOLLYWOOD COMMUNITY HOUSING CORPORATION AND AFFILIATES
(A NONPROFIT CALIFORNIA CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2020

10. NET ASSETS
The following is a summary of consolidated net assets of the Organization as of December 31, 2020:
0 Without donor restrictions
Non- With
Controlling controlling Donor
Interest Interest Restrictions Total
Net assets, January 1, 2020 $ 4,513,184 $ 61,773,685 $ 64,568 $ 66,351,437 Change in accounting policy (Note 11) (2,249,396) - - (2,249,396) Net assets, beginning of year, as
adjusted 2,263,788 61,773,685 64,568 64,102,041
Release from donor restrictions 309,668 - (309,668) -
Contributions - 306,451 - 306,451
Change in net assets (deficit) (2,148,992) (5,256,535) 330,100 (7,075,427) Net assets, December 31, 2020 $ 424,464 $ 56,823,601 $ 85,000 $ 57,333,065 2020
Net assets without donor restrictions - controlling
Board designated $ 800,000
Undesignated (375,536)
Total net assets without donor restrictions - controlling $ 424,464 Undesignated net assets are available for any purpose within the scope of the Organization’s activities. Board designated net assets are appropriated by the Board of Directors for a specific activity and could be changed only by action of the Board.

Donor restricted net assets are available for the following purposes:

Net Assets with Donor Restrictions
Available New Available
December 31, Revenues, December 31,
2019 Net Releases 2020
Subject to expenditure for special purposes:

Tenant supportive services $ 39,568 $ 10,000 $ (39,568) $ 10,000 Affordable housing predevelopment
expense - 115,000 (90,000) 25,000
39,568 125,000 (129,568) 35,000
Subject to passage of time:

General operating support 25,000 205,100 (180,100) 50,000 25,000 205,100 (180,100) 50,000
Total net assets with donor
restrictions $ 64,568 $ 330,100 $ (309,668) $ 85,000

HOLLYWOOD COMMUNITY HOUSING CORPORATION AND AFFILIATES
(A NONPROFIT CALIFORNIA CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2020

11. CHANGE IN ACCOUNTING POLICY

The Organization elected to change its accounting policy with respect to the elimination of the developer fee gross profit earned from Affordable Housing Affiliates. This new policy was adopted to enhance the presentation of the consolidated activities of HCHC and the Affordable Housing Affiliates under development. Effective January 1, 2020, the developer fee gross profit earned from Affordable Housing Affiliates included in the consolidated financial statements are eliminated as discussed in Note 2. Previously, the Organization only eliminated the deferred portion of developer fees payable from future Project operations. As a result of this accounting change, net assets as of December 31, 2019 was decreased by $2,249,396 and property was decreased by the same amount.

12. SUBSEQUENT EVENTS
Management has evaluated subsequent events that have occurred through the date of the independent auditor’s report, which is the date that the consolidated financial statements were available to be issued and determined that there were no subsequent events or transactions that required recognition or disclosure in the consolidated financial statements, except as disclosed below and in Note 6 and 7.  In January 2021, the Limited Partner and the Investor Limited Partner withdrew from Palomar Apartments, L.P. in accordance with the terms of the partnership agreement.  In March 2021, Palm Vista IIG, a single member LLC, was formed for the purpose of provide funding to Palm Vista L.P. from an Infill Infrastructure Gran of $4,186,600 from HCD which was awarded in June 23, 2020.
 During 2021, HCHC transitioned property management services for three wholly owned properties from an unrelated party to in-house property management services.

SUPPLEMENTARY INFORMATION

SCHEDULE I

HOLLYWOOD COMMUNITY HOUSING CORPORATION
(A NONPROFIT CALIFORNIA CORPORATION)

CONSOLIDATING STATEMENT OF FINANCIAL POSITION
AS OF DECEMBER 31, 2020
HCHC Consolidated
excluding Total
Rental Rental HCHC HCHC Wholly HUD 811 Before Elimination Operations (a) Operations Total Laundry Controlled Owned Entities Eliminations Adjustments Total Assets
Current assets
Cash and cash equivalents $ 2,821,729 $ 141,866 $ 2,963,595 $ 816,585 - $ $ 670,264 $ 24,730 $ 4,475,174 $ 4,475,174 - $ Grants and contracts receivable 160,860 160,860 - - - - 160,860 - 160,860 - Tenants and accounts receivable 1,571 1,405 2,976 123,993 - 133,148 25,065 285,182 285,182 - Deposits 10,000 - 10,000 124,620 - 8,620 143,240 - 143,240 - Prepaid expenses and other current assets 21,011 4,214 25,225 - 124,474 45,339 1,100 196,138 - 196,138 Note and interest receivable - affiliate 873,153 - 873,153 - - - - 873,153 - 873,153 Restricted cash - 13,008 13,008 - 394,401 222,048 10,999 640,456 - 640,456 Total current assets 3,888,324 160,493 4,048,817 1,584,073 - 1,079,419 61,894 6,774,203 6,774,203 - Restricted cash 482,860 255,389 738,249 4,227,658 - 2,677,839 115,770 7,759,516 7,759,516 - Property, at cost
Land 7,100,000 549,053 7,649,053 28,851,841 - 4,887,654 503,600 41,892,148 41,892,148 - Buildings and improvements 1,018,649 3,279,372 4,298,021 186,755,743 - 53,074,609 5,939,842 250,068,215 (7,099,935) 242,968,280 Furniture and equipment 356,097 101,321 457,418 2,174,712 - 1,122,832 46,319 3,801,281 3,801,281 - Construction in progress and development costs 3,071,750 3,071,750 - 75,079,147 - - 78,150,897 - (3,064,757) 75,086,140 Total property, at cost 11,546,496 3,929,746 15,476,242 292,861,443 - 59,085,095 6,489,761 373,912,541 (10,164,692) 363,747,849 Less: accumulated depreciation (622,441) (1,311,889) (1,934,330) (24,408,343) - (27,783,307) (2,299,897) (56,425,877) 560,283 (55,865,594) Property, net 10,924,055 2,617,857 13,541,912 268,453,100 - 31,301,788 4,189,864 317,486,664 (9,604,409) 307,882,255 Developer fee receivable 7,093,521 7,093,521 - - - - 7,093,521 - (7,093,521) - Accrued interest receivable 131,937 131,937 - - - - 131,937 - (131,937) - Loans receivable, net 12,533,767 12,533,767 - - - - 12,533,767 - (12,533,767) - Investments in and advances to limited partnerships 2,171,208 2,171,208 - - 859,569 - 3,030,777 - (3,018,237) 12,540 Deferred costs, net - - - 504,839 - 13,979 - 518,818 518,818 - Total assets $ 37,225,672 $ 3,033,739 $ 40,259,411 $ 274,769,670 - $ $ 35,918,615 $ 4,381,507 $ 355,329,203 $ (32,381,871) $ 322,947,332 (a) HCHC includes the accounts of all single member LLCs.

See independent auditor's report.

Limited Partnerships

SCHEDULE I

HOLLYWOOD COMMUNITY HOUSING CORPORATION
(A NONPROFIT CALIFORNIA CORPORATION)

CONSOLIDATING STATEMENT OF FINANCIAL POSITION
AS OF DECEMBER 31, 2020
HCHC Consolidated
excluding Total
Rental Rental HCHC HCHC Wholly HUD 811 Before Elimination Operations (a) Operations Total Laundry Controlled Owned Entities Eliminations Adjustments Total Limited Partnerships
Liabilities and Net Assets
Current liabilities
Accounts payable and accrued expenses $ 216,770 $ 11,408 $ 228,178 $ 189,178 - $ $ 211,929 $ 36,241 $ 665,526 $ 665,526 - $ Construction and development costs payable 213,008 213,008 - 17,212,293 - - 17,425,301 - 17,425,301 - Prepaid rent - 809 809 - 53,135 36,894 6,683 97,521 - 97,521 Due to affiliates 25,807 - 25,807 1,151,109 - 687,297 1,066 1,865,279 (1,838,005) 27,274 Accrued interest payable, current portion 42,718 25,283 68,001 - 75,274 5,624 148,899 - 148,899 Tenant security deposits 30,250 12,219 42,469 375,345 - 247,826 10,224 675,864 675,864 - Notes payable, current portion 5,040,383 95,545 5,135,928 15,772,160 - 180,423 21,088,511 - 21,088,511 - Total current liabilities 5,543,129 171,071 5,714,200 34,828,494 - 1,369,993 54,214 41,966,901 (1,838,005) 40,128,896 Long-term liabilities
Notes payable, net of current portion and
unamortized debt issuance costs 10,828,590 2,721,505 13,550,095 160,691,520 - 28,383,494 6,226,590 208,851,699 (12,525,602) 196,326,097 Accrued interest payable, net of current portion 76,035 - 76,035 16,405,125 - 12,425,874 1,319,765 30,226,799 (1,067,525) 29,159,274 Other liabilities - - - - - - - - - -
Developer fee payable - - - 7,105,880 - 51,385 - 7,157,265 (7,157,265) - Total long-term liabilities 10,828,590 2,797,540 13,626,130 184,202,525 - 40,809,368 7,597,740 246,235,763 (20,750,392) 225,485,371 Total liabilities 16,371,719 2,968,611 19,340,330 219,031,019 - 42,179,361 7,651,954 288,202,664 (22,588,397) 265,614,267 Net assets (deficit)
Without donor restrictions
Controlling interest 20,768,953 65,128 20,834,081 (1,084,950) - (6,260,746) (3,270,447) 10,217,938 (9,793,474) 424,464 Non-controlling interest - - - 56,823,601 - - 56,823,601 - 56,823,601 - Total net assets without donor restrictions 20,768,953 65,128 20,834,081 55,738,651 - (6,260,746) (3,270,447) 67,041,539 (9,793,474) 57,248,065 With donor restrictions 85,000 - 85,000 - - - - 85,000 - 85,000 Total net assets (deficit) 20,853,953 65,128 20,919,081 55,738,651 - (6,260,746) (3,270,447) 67,126,539 (9,793,474) 57,333,065 Total liabilities and net assets (deficit) $ 37,225,672 $ 3,033,739 $ 40,259,411 $ 274,769,670 - $ $ 35,918,615 $ 4,381,507 $ 355,329,203 $ (32,381,871) $ 322,947,332 (a) HCHC includes the accounts of all single member LLCs.

See independent auditor's report.

SCHEDULE II

HOLLYWOOD COMMUNITY HOUSING CORPORATION
(A NONPROFIT CALIFORNIA CORPORATION)

CONSOLIDATING STATEMENT OF ACTIVITIES AND CHANGES IN NET ASSETS (DEFICIT) FOR THE YEAR ENDED DECEMBER 31, 2020
HCHC Consolidated
excluding Total
Rental Rental HCHC HCHC Wholly HUD 811 Before Elimination Operations (a) Operations Total Laundry Controlled Owned Entities Eliminations Adjustments Total Public support and revenues
Private contributions (corporate, foundation
and individuals) $ 483,898 $ 483,898 - $ $ - $ - $ - $ 483,898 - $ $ - 483,898 $ Government contracts and grants 305,923 - 305,923 - - - 305,923 - - 305,923 Special events revenue 207,622 - 207,622 - - - 207,622 - - 207,622 Less: direct benefits to donors (15,820) - (15,820) - - - (15,820) - - (15,820) Management fees 359,279 - 359,279 - 14,953 - 374,232 - (341,198) 33,034 Developer fees 4,001,862 - 4,001,862 - - - 4,001,862 - (4,001,862) - Rental revenue 144,000 276,378 420,378 - 5,048,506 3,728,706 398,338 9,595,928 - 9,595,928 Other revenue 152,942 3,644 156,586 - 303,124 52,737 2,494 514,941 (147,504) 367,437 Interest income 35,322 122 35,444 - 4,697 1,957 42,098 - (27,783) 14,315 Investment income 92,544 - 92,544 - - - 92,544 - (92,544) - Contributed goods and services 55,913 - 55,913 - - - 55,913 - - 55,913 Cancellation of indebtness 128,532 - 128,532 - - 150,000 - 278,532 - 278,532 Total revenue 5,823,485 408,676 6,232,161 - 5,356,327 3,798,353 550,832 15,937,673 (4,610,891) 11,326,782 Expenses
Program services 2,037,436 466,356 2,503,792 10,793,657 4,480 5,449,467 578,169 19,329,565 (1,542,539) 17,787,026 General and administrative 321,541 - 321,541 - - - 321,541 - - 321,541 Fundraising 293,642 - 293,642 - - - 293,642 - - 293,642 Total expenses 2,652,619 466,356 3,118,975 10,793,657 4,480 5,449,467 578,169 19,944,748 (1,542,539) 18,402,209 Change in net assets (deficit) 3,170,866 (57,680) 3,113,186 (5,437,330) (4,480) (1,651,114) (27,337) (4,007,075) (3,068,352) (7,075,427) Net assets, beginning of year, as originally reported 17,683,087 122,808 17,805,895 4,480 60,869,530 (4,538,754) (3,243,110) 70,898,041 (4,546,604) 66,351,437 Change in accounting policy (Note 11) - - - - - - (2,249,396) - (2,249,396) Net assets, beginning of year, as adjusted 17,683,087 122,808 17,805,895 60,869,530 4,480 (4,538,754) (3,243,110) 70,898,041 (6,796,000) 64,102,041 Transfer of net assets - - - - (23,077) (23,077) - 23,077 - Contributions - - - 306,451 - - 306,451 - 306,451
Distributions - - - - (47,801) (47,801) - 47,801 -
Net assets, end of year $ 20,853,953 $ 65,128 $ 20,919,081 $ - $ 55,738,651 $ (6,260,746) $ (3,270,447) $ 67,126,539 $ (9,793,474) $ 57,333,065 (a) HCHC includes the accounts of all single member LLCs.

See independent auditor's report.

Limited Partnerships

SCHEDULE III

HOLLYWOOD COMMUNITY HOUSING CORPORATION
(A NONPROFIT CALIFORNIA CORPORATION)

CONSOLIDATING STATEMENT OF EXPENSES
FOR THE YEAR ENDED DECEMBER 31, 2020
HCHC Consolidated
excluding Total
Rental Rental HCHC HCHC Wholly HUD 811 Before Elimination Operations (a) Operations Total Laundry Controlled Owned Entities Eliminations Adjustments Total Salaries, benefits, and taxes $ 2,016,067 $ 2,080,560 64,493 $ $ 946,017 - $ $ 854,618 $ 108,467 $ 3,989,662 $ (686,179) $ 3,303,483 Utilities 34,443 35,929 70,372 755,121 - 564,319 35,154 1,424,966 1,424,966 - Repairs and maintenance 11,769 53,638 65,407 734,589 - 656,442 111,058 1,567,496 1,567,496 - Property taxes and insurance 33,534 8,236 41,770 173,070 - 121,281 12,502 348,623 - 348,623 Professional fees 202,208 6,731 208,939 (167) 203,927 134,978 24,000 571,677 (134,712) 436,965 Management fees 24,958 - 24,958 409,357 - 294,323 47,482 776,120 - 776,120 Advertising 5,647 - 5,647 148,680 - - 154,327 - - 154,327 Other 69,742 11,569 81,311 4,647 241,204 51,902 4,510 383,574 (86,966) 296,608 Office expenses 50,115 9,363 59,478 69,508 - 59,747 21,854 210,587 - 210,587 Events 135,671 - 135,671 - - - 135,671 - - 135,671
Program furniture and supplies 52,263 - 52,263 - - 5,228 57,491 - - 57,491 Asset management fees - 20,345 20,345 158,612 - 181,363 360,320 - (341,198) 19,122 Bad debt 2,559 - 2,559 19,141 - 194 21,894 - - 21,894
Total before depreciation, amortization,
interest and losses 2,614,018 235,262 2,849,280 3,859,226 4,480 2,924,395 365,027 10,002,408 (1,249,055) 8,753,353 Depreciation and amortization 28,229 88,410 116,639 4,340,130 - 1,358,656 141,338 5,956,763 (120,378) 5,836,385 Interest expense and finance fees 10,372 142,684 153,056 2,594,301 - 1,166,416 71,804 3,985,577 (173,106) 3,812,471 Total expenses $ 2,652,619 $ 466,356 $ 3,118,975 $ 4,480 $ 10,793,657 $ 5,449,467 $ 578,169 $ 19,944,748 $ (1,542,539) $ 18,402,209 (a) HCHC includes the accounts of all single member LLCs.

See independent auditor's report.

Limited Partnerships

HOLLYWOOD COMMUNITY HOUSING CORPORATION
(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

CONSOLIDATED FINANCIAL STATEMENTS AND

INDEPENDENT AUDITOR'S REPORT
YEAR ENDED DECEMBER 31, 2021

HOLLYWOOD COMMUNITY HOUSING CORPORATION
(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

TABLE OF CONTENTS
Page
Independent auditor's report 1-3
Consolidated financial statements
Consolidated statement of financial position 4-5
Consolidated statement of activities 6
Consolidated statement of changes in net assets 7
Consolidated statement of cash flows 8
Notes to consolidated financial statements 9-26
Supplementary information
Consolidating financial statements 27-29

INDEPENDENT AUDITOR'S REPORT
To the Board of Directors of
Hollywood Community Housing Corporation
(A California Not-For-Profit Corporation)
Opinion
We have audited the accompanying financial statements of Hollywood Community Housing Corporation, which comprise the consolidated statement of financial position as of December 31, 2021, and the related consolidated statement of activities, changes in net assets, and cash flows for the year then ended, and the related notes to the consolidated financial statements.

In our opinion, based on our audit and the reports of the component auditors, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Hollywood Community Housing Corporation as of December 31, 2021, and the results of its operations and its cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America.

We did not audit the financial statements of 20 controlled and wholly owned entities, of which the activity on these controlled entities represents approximately $303.4 million of the total assets of Hollywood Community Housing Corporation's controlled and wholly owned entities at December 31, 2021, and approximately $10.2 million of the total revenue of Hollywood Community Housing Corporation's controlled and wholly owned entities for the year ended December 31, 2021, all respectively. Those statements were audited by component auditors, whose reports have been furnished to us, and our opinion, insofar as it relates to the amounts included for those entities, is based solely on the reports of the component auditors.

Basis for Opinion
We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are required to be independent of Hollywood Community Housing Corporation and to meet our other ethical responsibilities in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Responsibilities of Management for the Consolidated Financial Statements Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.
2 Hollywood Community Housing Corporation

Responsibilities of Management for the Consolidated Financial Statements (continued) In preparing the consolidated financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about Hollywood Community Housing Corporation's ability to continue as a going concern within one year after the date that the consolidated financial statements are available to be issued.

Auditor's Responsibilities for the Audit of the Consolidated Financial Statements Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with generally accepted auditing standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the consolidated financial statements.

In performing an audit in accordance with generally accepted auditing standards, we:
 Exercise professional judgment and maintain professional skepticism throughout the audit.  Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements.
 Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of Hollywood Community Housing Corporation's internal control.

Accordingly, no such opinion is expressed.
 Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the consolidated financial statements.
 Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about Hollywood Community Housing Corporation's ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit.
3 Hollywood Community Housing Corporation

Report on Supplementary Information
Our audit was conducted for the purpose of forming an opinion on the consolidated financial statements as a whole. The consolidating financial statements are presented for purposes of additional analysis and are 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 information is fairly stated in all material respects in relation to the consolidated financial statements as a whole.

July 14, 2022 Dauby O'Connor & Zaleski, LLC
Carmel, Indiana Certified Public Accountants
Current assets
Cash and cash equivalents
Cash $ 8,004,116
Restricted reserves 11,981,006
Total cash and cash equivalents 19,985,122
Resident receivables 562,834
Total current assets 20,547,956
Property and equipment
Land 36,341,381
Buildings and improvements 319,751,206
Furniture and equipment 5,343,139
Construction in progress 9,669,119
371,104,845
Less: Accumulated depreciation (64,604,999)
Total property and equipment 306,499,846
Other assets
Grants and contracts receivable 134,527
Notes and other related party receivables 106,760
Investments in partnerships 185,356
Unamortized costs, net 488,791
Other assets 278,915
Total other assets 1,194,349
$ 328,242,151

HOLLYWOOD COMMUNITY HOUSING CORPORATION
(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
DECEMBER 31, 2021
ASSETS
See notes to financial statements 4
Current liabilities
Accounts payable and accrued expenses $ 4,436,946
Accounts payable - construction 3,134,726
Prepaid revenue 117,763
Accrued interest - current 9,604
Mortgages and notes payable - current maturities 42,324,418 Total current liabilities 50,023,457
Deposit liabilities
Resident security deposits 867,735
Long term liabilities
Mortgages and notes payable, net of current maturities (amortizing) 17,612,828 Mortgages and notes payable (non amortizing) 150,216,126 Less: Unamortized debt issuance costs (1,213,369)
Due to affiliates - long-term 22,201
Accrued interest - long-term 33,235,502
Total long term liabilities 199,873,288
Total liabilities 250,764,480
Net assets - without donor restrictions
Controlling interest (1,834,656)
Non-controlling interest 79,167,327
Total net assets - without donor restrictions 77,332,671 Net Assets - with donor restrictions 145,000
Total net assets 77,477,671
Total liabilities and net assets $ 328,242,151

HOLLYWOOD COMMUNITY HOUSING CORPORATION
(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED) DECEMBER 31, 2021

LIABILITIES AND NET ASSETS
See notes to financial statements 5

HOLLYWOOD COMMUNITY HOUSING CORPORATION
(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)
Revenues
Net rental income $ 11,809,187
Contribution income 7,533
Government contracts and grants 1,158,265
Special events income 21,553
Development income 245,000
Management and partnership fee income 62,800
Interest income, net 49,310
Other income 399,855
Total revenue 13,753,503
Operating expenses
Administration 1,788,320
Management fees 634,053
Salaries and benefits 4,209,989
Utilities 1,388,017
Repairs and maintenance 2,291,093
Taxes and insurance 656,568
Total operating expenses 10,968,040
2,785,463
Debt maintenance
Interest expense 5,437,985
Interest expense - other 45,487
Total debt maintenance 5,483,472
Income (loss) from operations before other expenses (2,698,009) Other expenses
Depreciation and amortization 8,285,196
Other entity expenses 110,335
Total other expenses 8,395,531
Change in net assets $ (11,093,540)

CONSOLIDATED STATEMENT OF ACTIVITIES
YEAR ENDED DECEMBER 31, 2021
expenses
Income (loss) from operations before debt maintenance and other See notes to financial statements 6

HOLLYWOOD COMMUNITY HOUSING CORPORATION
(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

CONTROLLING INTEREST
Balance, January 1, 2021 $ 424,646
Contributions 100,000
Distributions (31,286)
Other changes in controlling interest 103,074
Change in net assets (2,431,090)
Balance, December 31, 2021 $ (1,834,656)

NON-CONTROLLING INTEREST
Balance, January 1, 2021 $ 56,823,601
Contributions 31,349,223
Distributions -
Syndication costs (110,000)
Other changes in non-controlling interest (173,047)
Change in net assets (8,722,450)
Balance, December 31, 2021 $ 79,167,327
Balance, January 1, 2021 $ 85,000
Change in net assets - with donor restrictions 60,000
Balance, December 31, 2021 $ 145,000

CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS
DECEMBER 31, 2021

NET ASSETS - WITHOUT DONOR RESTRICTIONS

NET ASSETS - WITH DONOR RESTRICTIONS
See notes to financial statements 7

HOLLYWOOD COMMUNITY HOUSING CORPORATION
(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)
Cash flows from operating activities
Change in net assets $ (11,093,540)
Adjustments to reconcile change in net assets to net
cash provided by (used in) operating activities:

Depreciation and amortization 8,285,196
Changes in:

Resident receivables (277,652)
Grants and contracts receivable 26,333
Notes and other related party receivables 766,393
Prepaid expense 60,463
Accounts payable and accrued expenses 3,771,420
Due to related party (5,073)
Accrued interest 3,936,933
Prepaid revenue 20,242
Security deposit liability 191,871
Net cash provided by (used in) operating activities 5,682,586 Cash flows from investing activities
Payments for property and equipment (21,595,347)
Investments in partnerships (172,816)
Net cash provided by (used in) investing activities (21,768,163) Cash flows from financing activities
Contributions 31,449,223
Proceeds from mortgages and notes payable 9,845,103
Syndication costs (110,000)
Distributions (31,286)
Principal payments on mortgages and notes payable (17,910,093) Payments for tax credit fees (47,394)
Net cash provided by (used in) financing activities 23,195,553 Net change in cash and cash equivalents 7,109,976
Cash and equivalents, beginning 12,875,146
Cash and equivalents, ending $ 19,985,122
Supplemental disclosure of other information
Cash paid for interest $ 2,539,993

CONSOLIDATED STATEMENT OF CASH FLOWS
YEAR ENDED DECEMBER 31, 2021
See notes to financial statements 8
9 HOLLYWOOD COMMUNITY HOUSING CORPORATION
(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 2021
NOTE 1-ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

ORGANIZATION
Hollywood Community Housing Corporation (HCHC) was formed to provide affordable housing through acquisition, construction, rehabilitation, and operation of residential properties in a manner that enhances existing neighborhoods.

HCHC's wholly owned affiliates include Hollywood Housing Holdings, LLC, HCHC Recap I, LLC, Step Up On Vine, LLC, HCHC General Partner, LLC, Stanford Avenue GP, LLC, HCHC Florence Mills GP, LLC, HCHC Gramercy Place GP, LLC, HCHC Palm Vista MGP, LLC, HCHC Palm Vista IIG, LLC, HCHC Walnut Park GP, LLC, HCHC Luna Vista GP, LLC, and Venice Dell GP, LLC. HCHC or these affiliates have ownership in the following entities (the Properties, and together with HCHC, the Corporation):

Entity DBA Units Ownership %
Controlled Entities
Alexandria House Apartments, LP Alexandria House Apartments 16 0.0051 Palo Verde Apartments, LP Palo Verde Apartments 49 0.010 Paul Williams Apartments, LP Paul Williams Apartments 41 0.010 Florence Mills Apartments, LP Florence Mills Apartments 74 0.010 Gramercy Place Apartments, LP Gramercy Place Apartments 64 0.010 Stanford Avenue Apartments, LP Stanford Avenue Apartments 85 0.010 HCHC Recap 1, LP Argyle, Carlton Way, Wilcox 68 0.010
Hollywood Bungalow Courts, LP Hollywood Bungalow Courts 42 0.010 Mariposa Place Apartments, LP Mariposa Place Apartments 58 0.010 Coronel Apartments, LP Coronel Apartments 54 0.010
Step Up on Colorado, LP Step Up on Colorado 34 0.005
Step Up on Vine, LP Step Up on Vine 34 0.005
Wholly Owned Entities
Not separately incorporated Argyle Court Apartments 23 100.000 Not separately incorporated Orchard Gables n/a 100.000
Innes Heights, LP Innes Heights Apartments 19 100.000
Barnsdall Court, LP Barnsdall Court Apartments 38 100.000 Selma-Hudson Community, LP Casa Verde Apartments 30 100.000 Dunning Apartments Partnership, LP Dunning Apartments 26 100.000 Kenmore Apartments, LP Kenmore Apartments 21 100.000
Mirada Terrace Apartments, LP Mirada Terrace Apartments 30 100.000 St. Andrew's Community, LP St. Andrew's Bungalow Court 16 100.000 Harold Way Apartments, LP Harold Way Apartments 51 100.000 Palomar Apartments, LP Palomar Apartments 27 100.000
Views at 270, LP Views Apartments 56 100.000
Luna Vista, LP Luna Vista Apartments 73 100.000
Walnut Park, LP Walnut Park Apartments 64 100.000
Allesandro Housing 811-01 Allesandro Housing 18 100.000 Waterloo Heights 811-97 Waterloo Heights Apartments 18 100.000 10 HOLLYWOOD COMMUNITY HOUSING CORPORATION
(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2021
NOTE 1-ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

ORGANIZATION (CONTINUED)
Entity DBA Units Ownership %
Equity Method Investments
La Brea Franklin, LP La Brea Franklin Apartments 40 20.000 Western Carlton Apartments, LP Western Carlton Apartments I 61 0.100 Western Carlton II, LP Metro Hollywood 60 0.005
Palm Vista, LP Palm Vista Apartments 91 0.0049
During the year ended December 31, 2021, construction on Florence Mills and Gramercy Place was completed, and construction on Palm Vista was in process.

The majority of the Corporation's Wholly Owned Entities are separately incorporated partnerships.

The Corporation also presents Argyle Court Apartments and Orchard Gables as Wholly Owned Entities, however, these Properties are not separately incorporated. In addition, the Corporation presents two nonprofit organizations regulated by the United States Department of Housing and Urban Development (HUD) Section 811 Program, Allesandro Housing and Waterloo Heights, as Wholly Owned Entities as HCHC has both an economic interest and control of the organizations through a majority voting interest in their governing boards.

Cash flow from operating activities generated by the Properties is payable in accordance with each Property's respective organizational documents. The Properties pay distributions in accordance with the terms of the partnership or operating agreements, after priority payments which include payments to the limited partner, the asset manager, the developer fee, repayment of advances to the property, and reimbursable service charges as applicable.

Description of programs
The Corporation improves the quality and affordability of housing in Los Angeles County by developing new apartments and rehabilitating existing properties. The Properties are clustered in different parts of Los Angeles County and serve low-income households. The Corporation's programs are as follows:

Housing Operations - HCHC's housing operations includes the operations of the Properties and its asset management department which develops and implements strategies to ensure the long-term health of its properties for the benefit of its residents. HCHC also manages 147 units as of December 31, 2021 and anticipates self managing additional Properties in future periods. The department monitors the lease-up process of new buildings, supervises property management operations, analyzes financial performance, imposes control over property maintenance, mediates resident grievances, and works with its housing development department on design considerations for new buildings. The asset management team actively seeks out ways to lower operating expenses, primarily through green initiatives and energy savings programs. 11 HOLLYWOOD COMMUNITY HOUSING CORPORATION
(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2021
NOTE 1-ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Description of programs (continued)
Housing Development - HCHC's core programs include the development of affordable housing and permanent supportive housing. Since its inception, HCHC has developed 32 properties that house over 2,500 people in 1,153 units of safe, attractive and centrally located affordable housing.

Residents of HCHC properties have extremely low- to low-incomes, typically earning below 60% of the area median income. Over 30% of HCHC's housing units are designated for special-needs individuals and their families, those disabled by HIV/AIDS, formerly chronically homeless individuals and/or persons living with co-occurring and multiple conditions. Three of HCHC's buildings serve only seniors, one specifically for seniors with special needs.

Resident Services - HCHC's resident services program provides care coordination, referral and linkage to resources, crisis intervention, a food pantry, ESL classes, GED instruction, group/individual therapy, and life-skills classes. When circumstances like a pandemic are not a factor, HCHC's Food Pantry is open once a week to HCHC residents and the community at large and provides food staples, meat, and vegetables every month. People accessing the food pantry include a number of special-needs residents who live in HCHC communities, low-income households in the neighboring community, and individuals who identify as homeless.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation of the consolidated financial statements The consolidated financial statements are prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America, and are in conformity with the provisions required by the Not-for-Profit Entities Presentation of Financial Statements topic of the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 958-205. This topic established standards for external financial reporting for Not-for-Profit Organizations.

The Not-for-Profit Entities Presentation of Financial Statements topic primarily affects the display of the consolidated financial statements and requires that the amounts for each of two classes of net assets - with or without donor restrictions - be displayed in the Consolidated Statement of Financial Position and the amounts of the change in each of those classes of net assets be displayed in a Consolidated Statement of Changes in Net Assets.

In accordance with FASB ASC 958-810, the consolidated financial statements include the accounts of the Corporation and its wholly owned partnerships and limited liability companies, after elimination of all material intercompany accounts, transactions, and profits. The Corporation does not consolidate the transactions and accounts of the previously mentioned equity method investments.

The financial statements also consolidate the assets, liabilities, and activities of the Corporation and various limited partnerships and limited liability companies for which the Corporation, as the general partner or managing member, has a controlling financial and legal interest. All significant intercompany transactions have been eliminated in the consolidation. 12 HOLLYWOOD COMMUNITY HOUSING CORPORATION
(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2021
NOTE 1-ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Net assets without donor restrictions - controlling interests Net assets without donor restrictions - controlling interests are not restricted by donor-imposed stipulations and are available for use at the discretion of the board of directors and/or management for general operating purposes. The only limits on net assets are broad limits resulting from the nature of the Corporation and the purposes specified in its articles of incorporation or bylaws and, perhaps, limits resulting from contractual agreements. From time to time the board designates a portion of these net assets for specific purposes which makes them unavailable for use at management's discretion.

Net assets without donor restrictions – noncontrolling interests Net assets without donor restrictions – noncontrolling interests represent the aggregate balance of the third party limited partners' equity interest, generally 99.99%, in the controlled limited partnerships that are included in the consolidated financial statements.

Net assets with donor restrictions
Net assets with donor restrictions are contributions and other inflows of assets whose use by the Corporation is limited by donor-imposed stipulations. Some donor-imposed restrictions are temporary in nature, such as those that will be met by the passage of time or other events specified by the donor. Other donor-imposed restrictions are perpetual in nature, where the donor stipulates that resources will be maintained in perpetuity. Donor-imposed restrictions are released when a restriction expires, that is, when the time has elapsed, when the stipulated purpose for which the resource was restricted has been fulfilled, or both and the net assets are reclassified as net assets without donor restrictions and reported in the consolidated statement of activities as net assets released from restrictions.

New accounting pronouncements
In February 2016, the FASB issued Accounting Standards Update (ASU) 2016-02, Leases, which once implemented will result in lessees recognizing most leased assets and corresponding lease liabilities on the consolidated statement of financial position. The standard is effective for yearends beginning after December 15, 2021 and early adoption is permitted.

In March 2020, FASB issued ASU 2020-04, Reference Rate Reform (Topic 848), which provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The standard is effective from March 2020 through December 31, 2022 and will allow the Corporation to adopt other reference rates without applying the contract modifications provisions of accounting standards generally accepted in the United States of America. During the year ended December 31, 2021, ASU 2020-04 did not have a material impact on the Corporation. Management expects to apply the provisions of ASU 2020-04 once the LIBOR reference rate related to the debt is discontinued. 13 HOLLYWOOD COMMUNITY HOUSING CORPORATION
(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2021
NOTE 1-ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Cash
For the consolidated statement of cash flows, all unrestricted investments with original maturities of three months or less are cash. At December 31, 2021, cash consists of operating checking and money market accounts. The carrying amount of cash and deposits held in trust-funded accounts approximates fair value due to the type of investments and the maturity dates.

Restricted reserves
The Properties have set up certain operating, replacement, development and other reserve accounts and continues to make annual deposits as required by the various loan and regulatory agreements. In addition, restricted reserves also include tenant security deposits and development reserves restricted by lenders to be used for development purposes.

Resident receivable and bad debt policy
The Properties' resident rent charges for the current month are due on the first of the month.

Residents who are evicted or move-out are charged with damages or cleaning fees, if applicable.

Resident receivables consist of amounts due for rental income or the charges for damages and cleaning fees. The Properties do not accrue interest on the resident receivable balances.

Resident receivables are charged to bad debt expense when they are determined to be uncollectible based upon a periodic review of the accounts by management. Accounting principles generally accepted in the United States of America require that the allowance method be used to recognize bad debts; however, the effect of using the direct write-off method is not material to the consolidated financial statements for the year ended December 31, 2021. Bad debts expensed for the year ended December 31, 2021 totaled $28,336.

Developer fee receivable
Developer fee receivable consists of amounts earned in connection with the development of affordable housing facilities and are based on a percentage of development costs incurred and is eliminated in consolidation. Amounts due from the housing facilities are stated at unpaid balances, less an allowance for doubtful accounts. The Corporation may accrue interest on the developer fee receivable balance. As of December 31, 2021, the allowance for doubtful accounts relating to the developer fee receivable totaled $-0-. Bad debts expensed for the year ended December 31, 2021 totaled $-0-.

Property and equipment
The Properties' depreciation of property and equipment, stated at cost, is computed primarily using the straight-line method over the estimated useful lives of the assets ranging from 3 - 40 years.

Costs that are deemed to increase the useful life of the property or equipment are capitalized.

When assets are sold or otherwise disposed of, the costs and related reserves are removed from the accounts, and any resulting gain or loss is included in operations. 14 HOLLYWOOD COMMUNITY HOUSING CORPORATION
(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2021
NOTE 1-ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Property and equipment (continued)
The Properties incurred costs related to the construction period, including development service fees, interest, real estate taxes, and insurance, which are capitalized and included in property and equipment.

The Properties are subject to the provisions of the Impairment or Disposal of Long-Lived Assets topic of the FASB ASC 360-10. Impairment or Disposal of Long-Lived Assets has no retroactive impact on the Corporation's consolidated financial statements. The standard requires impairment losses to be recorded on long-lived assets when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets (excluding interest) are less than the carrying amount of the assets. In such cases, the carrying value of assets to be held and used are adjusted to their estimated fair value and assets held for sale are adjusted to their estimated fair value less selling expenses. No impairment losses were recognized during the year ended December 31, 2021.

Pre-development costs receivable
Pre-development costs receivable consist of amounts advanced to fund entity formation and predevelopment of affordable housing facilities. Amounts due from the housing facilities are stated at unpaid balances, less an allowance for doubtful accounts. As of December 31, 2021, the allowance for doubtful accounts relating to the pre-development costs receivable totaled $-0-. Bad debts expensed for the year ended December 31, 2021 totaled $-0-.

Notes and other related party receivables
Notes and other related party receivable are carried at amounts contractually due, less an allowance for doubtful accounts. The Corporation accrues interest on the note receivable balances.

Management periodically reviews notes receivable and uses an allowance for doubtful accounts to recognize bad debts. Notes receivable on the Consolidated Statement of Financial Position is shown net of the allowance for doubtful accounts. As of December 31, 2021, the allowance for doubtful accounts relating to the notes and other related party receivables totaled $-0-. Bad debts expensed for the year ended December 31, 2021 totaled $-0-.
15 HOLLYWOOD COMMUNITY HOUSING CORPORATION
(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2021
NOTE 1-ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Investment in partnerships
The Corporation does not consolidate the accounts and activities of certain Properties it considers equity investments. The Corporation has determined that it is unable to exercise significant influence of the limited liability entities under FASB ASC 958-810. The Corporation accounts for its equity investments in accordance with the equity method of accounting, under which the equity investment is carried at cost and is adjusted for the Corporation's share of net income or loss and by cash distributions received. Equity in loss of each equity investment allocated to the Corporation is recognized to the extent of the Corporation's equity investment balance. Previously unrecognized equity in loss is recognized in the year in which equity in income is earned by such equity investment or additional investment is made by the Corporation. Distributions received subsequent to the elimination of an equity investment balance will be recorded as other income. Advances and additional capital contributions will be recorded as additional equity investments if they occur. The Corporation assesses the carrying value of its equity investments whenever there are indications that a permanent impairment may have occurred. No impairment losses were recognized during the year ended December 31, 2021.

Unamortized costs
Certain Properties incurred costs including California Tax Credit Allocation (TCAC) monitoring fees which are being amortized over 10-15 year terms using the straight-line method.

Debt issuance costs
The Corporation or Properties are subject to the provisions of the Interest-Imputation of Interest topic of the FASB ASC 835-30 which requires unamortized debt issuance costs to be presented as a reduction of the outstanding debt and the amortization of the debt issuance costs to be presented as a component of interest expense. Debt issuance costs are amortized on a straight-line basis or effective interest method over the term of the loans.

Contingent interest
Certain Properties do not record continent interest due on certain notes payable as the Corporation anticipates it will be forgiven upon loan maturity.

Contributions
Syndication costs incurred in connection with generating contributions of the non-controlling interests are reported net of syndication costs for financial reporting purposes.

Rental income
The Properties' rental income is recognized as rents become due. Rental payments received in advance are deferred until earned. All leases between the Properties and the residents of the property are operating leases under FASB ASC 840 and are not within the scope of FASB ASU 2014-09.
16 HOLLYWOOD COMMUNITY HOUSING CORPORATION
(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2021
NOTE 1-ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Management fee income
The Corporation's management fee income is earned based on the terms as outlined in the management agreements between HCHC and various properties. Management fees are typically paid by various properties one month in arrears.

Grant revenue
Grants that the Corporation receives from various government and nongovernmental agencies have long-term compliance requirements. The Corporation intends to fulfill the compliance requirements as part of its mission. The amounts received are recognized as revenue in the period that the compliance requirements are met.

Contributions and donations
Contributions and donations that the Corporation receives, including unconditional promises to give, are recognized in the period received or made, in accordance with FASB ASC 958-605 under the Revenue Recognition of Contributions Receivable topic.

Developer fee revenue
The Corporation earns developer fees primarily for orchestrating the financing and construction of affordable housing, generally in its capacity as general partner or managing member of various real estate partnerships and limited liability companies. Fees are recognized based on completion of various phases of the property representing its performance obligations, as specified in the respective agreements. Certain fees are deferred and payable from the properties' future available operating cash flow. In accordance with FASB ASC 606, an allowance should be established to reserve against balances determined to be uncollectible. However, the receivable balances are eliminated as intercompany transactions, and the difference is considered to not be material to the consolidated financial statements.

Advertising costs
The Properties' advertising costs are expensed as incurred and are included in administrative expenses in the consolidated statement of activities.

Property taxes
The Properties are generally exempt from property taxes on residential property. If property taxes are not exempt, they are expensed in the year of the lien on the property such that twelve months of expense are charged to operations each year.
17 HOLLYWOOD COMMUNITY HOUSING CORPORATION
(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2021
NOTE 1-ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Functional allocation of expenses
The Corporation's program is to provide affordable housing and those costs have been summarized on a functional basis in the table below. Management and general expenses include those expenses that are not directly identifiable with any other specific function but provide for the overall support and direction of the Corporation.

Subtotal
Housing Housing Resident Program Management
Operations Development Services Services and General Fundraising Total Administration $ 1,500,368 $ 109,372 $ 1,709,909 100,169 $ $ 40,987 $ 46,214 $ 1,797,110 Management fees 634,053 - 634,053 - - 634,053 -
Salaries and benefits 2,614,985 604,396 401,498 3,620,879 424,223 156,097 4,201,199 Utilities 1,382,133 1,643 2,645 1,386,421 1,167 1,388,017 429 Repars and
maintenance 2,286,301 1,818 1,208 2,289,327 1,291 2,291,093 475 Taxes and insurance 622,625 12,878 8,555 644,058 9,145 3,365 656,568 Interest expense 5,448,695 11,297 7,505 5,467,497 8,023 2,952 5,478,472 Depreciation
and amortization 8,257,463 12,419 8,250 8,278,132 8,819 3,245 8,290,196 Other entity expense 110,335 - 110,335 - - 110,335 -
$ 753,823 22,856,958 $ $ 24,140,611 529,830 $ 493,655 $ $ 212,777 $ 24,847,043 Program Services
Concentration of credit risk
The Corporation maintains various cash balances at one financial institution. The balances in the accounts are insured by the Federal Deposit Insurance Corporation up to $250,000. From time to time during the period, the cash balances held at the institution exceeded the FDIC Insurance Limit. Management monitors the financial strength ratings of the institution on a periodic basis.

The Corporation's operations are concentrated in the multifamily real estate market. In addition, the Corporation operates in a heavily regulated environment. The operations of the Corporation are subject to the administrative directives, rules and regulations of federal, state, and local regulatory agencies, including, but not limited to, HUD. Such administrative directives, rules and regulations are subject to change by an act of Congress or an administrative change mandated by regulatory bodies. Such changes may occur with little notice or inadequate funding to pay for the related cost, including the additional administrative burden, if any, to comply with a change.

Use of estimates in the preparation of consolidated financial statements The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
18 HOLLYWOOD COMMUNITY HOUSING CORPORATION
(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2021
NOTE 1-ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Accounting for uncertainty in income taxes
The Corporation is exempt from federal income tax under Section 501(c)(3) of the Internal Revenue Code and state income tax and has been classified as other than a private foundation.

Accordingly, no provision for federal and state taxes on revenue and income has been recognized in the accompanying financial statements.

Even though the Corporation is recognized as tax exempt, it still may be liable for tax on its unrelated business income ("UBI"). The Corporation evaluates uncertain tax positions through its review of the sources of income to identify UBI and certain other matters, including those which may affect its tax-exempt status. The effect of the uncertainty would be recorded if the outcome was considered probable and reasonably estimable. As of December 31, 2021, the Corporation had no uncertain tax positions requiring accrual.

Several of the Properties are treated as pass-through entities for income tax purposes and, as such, are not subject to income taxes. Rather, all items of taxable income, deductions and tax credits are passed through to and are reported by their owners on their respective income tax returns. These entities' federal tax statuses as pass-through entities are based on their legal status as limited partnerships and limited liability companies. Accordingly, these entities are not required to take any tax positions in order to qualify as pass-through entities. These entities are required to file and do file tax returns with the Internal Revenue Service and other taxing authorities.

Accordingly, these Consolidated Financial Statements do not reflect a provision for income taxes and these entities have no other tax positions which they must consider for disclosure. There has been no interest or penalties recognized in the consolidated statement of activities or Consolidated Statement of Financial Position for the year ended December 31, 2021. Generally, the federal and state returns are subject to examination for three years after the later of the original or extended due date or the date filed with the applicable tax authorities.

Fair value
The Corporation is subject to the provisions of the Fair Value Measurement topic of the FASB ASC 820-10 which provides guidance for assets and liabilities which are required to be measured at fair value and requires expanded disclosure for fair value measurement. The standard clarifies the principle that fair value should be based on the assumptions that market participants would use when pricing the asset or liability and establishes the following fair value hierarchy:

Level 1 - Inputs utilize quoted prices in active markets for identical assets or liabilities that the Corporation has the ability to access;
Level 2 - Inputs may include quoted prices for similar assets or liabilities in active markets; and
Level 3 - Unobservable inputs for the asset or liability based on the best available information.
19 HOLLYWOOD COMMUNITY HOUSING CORPORATION
(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2021
NOTE 1-ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Subsequent events
Management performed an evaluation of the Corporation's activity through July 14, 2022, the audit report date, and has concluded that there are no significant subsequent events requiring disclosure through the date these consolidated financial statements were available to be issued except as disclosed in Notes 6 and 10.

NOTE 2-RESTRICTED CASH
The Properties have various cash balances which are segregated and restricted and consist of resident security deposits, replacement reserves, interest reserves, operating reserves, and other reserves which are required to be maintained by various operating, regulatory, or lending agreements. The Properties' designated restricted cash balances held as of December 31, 2021, consisted of the following:

Operating reserves $ 2,906,012
Replacement reserves 3,393,809
Security deposits 894,620
Construction reserves 3,426,514
Other reserves 1,360,051
$ 11,981,006
NOTE 3-LIQUIDITY AND AVAILABILITY OF FINANCIAL ASSETS
The Corporation manages its liquidity by providing sufficient funds for general expenditures in meeting liabilities and other obligations as they become due and maintains cash and cash equivalents that may be drawn upon as needed during the year to manage cash flow and make necessary expenditures. The Corporation's cash and cash equivalents is available within one year of the statement of financial position date to meet cash needs for general expenditures. The Corporation's available financial assets as of December 31, 2021, consisted of the following:

Cash and cash equivalents $ 8,004,116
Receivables 804,121
Less: board designated cash ( 925,000)
Less: net assets with use restrictions ( 145,000)
$ 7,738,237
The Properties' restricted cash may also be drawn upon in the event of financial distress, to make improvements to the properties or an immediate liquidity need resulting from events outside the typical life cycle of converting financial assets to cash or settling financial liabilities. In addition, the Corporation maintains a line of credit for additional liquidity. 20 HOLLYWOOD COMMUNITY HOUSING CORPORATION
(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2021
NOTE 4-INVESTMENTS IN UNCONSOLIDATED PARTNERSHIPS
The Corporation and its affiliates hold investments in limited partnerships that are not consolidated.

Each partnership is a California limited partnership organized for the purpose of developing and operating low-income housing. As a general partner in the partnerships, the Corporation is contingently liable for the obligations of the partnerships. Pursuant to the terms of the partnership agreements, limited partners are responsible only for initial capital contributions. As a result, the Corporation may be required to arrange for additional funds related to the rehabilitation or operating needs of the partnerships.

The following is a summary of the financial information of Corporation's equity interest in limited partnerships not controlled by the Corporation and accounted for in accordance with the equity method:

Income HCHC
Entity Assets Liabilities (Loss) Equity
La Brea Franklin, LP $ 2,319,951 $ 7,542,250 $( 300,713) -0- Palm Vista, LP 14,949,564 11,921,133 8,574 -0-
Western Carlton Apartments, LP 6,493,268 5,597,999 26,851 -0- Western Carlton II, LP 8,297,241 8,410,842 ( 381,060) -0- NOTE 5-UNAMORTIZED COSTS
Certain Properties incurred costs including California Tax Credit Allocation (TCAC) monitoring fees which are being amortized over 10-15 year terms using the straight-line method.

NOTE 6-MORTGAGES AND NOTES PAYABLE
HCHC Notes
Note payable to Wells Fargo in the original amount of $500,000. The note was amended in 2021, bears simple interest at 2% per annum and matures December 2027. Interest only payments are required quarterly through April 2026. Thereafter, quarterly principal payments of $62,500 are required in addition to interest payments. $ 500,000
Note payable to City of Los Angeles Housing Department (HCIDLA) in the original amount of $3,132,000. The note bears simple interest at 5% per annum and matures November 2061. Annual payments are due from residual receipts, as defined. The note is secured by a deed of trust on the real property and assignment of rents. $ 3,132,000
Note payable to the City of Los Angeles in the original amount of $1,113,875. The note bears simple interest at 5% per annum and matures October 2030. Annual payments are due from residual receipts, as defined.

The note is secured by a deed of trust on the real property. $ 1,113,875 21 HOLLYWOOD COMMUNITY HOUSING CORPORATION
(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2021
NOTE 6-MORTGAGES AND NOTES PAYABLE (CONTINUED)
HCHC Notes (continued)
Note payable to the City of Los Angeles in the original amount of $1,240,715. The note bears simple interest at 5% per annum and matures November 2038. Annual payments are due from 77.54% of residual receipts, as defined. The note is secured by a deed of trust on the real property. $ 1,190,715
Note payable to City National Bank in the original amount of $400,000. The note is non-interest bearing and matures November 15, 2072. Unpaid amounts are due at the maturity date. The note is secured by a deed of trust on the real property. $ 400,000
Note payable to City National Bank in the original amount of $480,000. The note is non-interest bearing and matures December 16, 2071. Unpaid amounts are due at the maturity date. The note is secured by a deed of trust on the real property. $ 480,000
Note payable to Bank of America in the original amount of $530,000. The note is non-interest bearing and matures December 1, 2074. Unpaid amounts are due at the maturity date. The note is secured by a deed of trust on real property. $ 530,000
Note payable to Nonprofit Finance Fund in the original amount of $1,500,000. The note bears simple interest at 5.50% per annum and matures December 22, 2023. $ 1,500,000
Principal payments for the next five year and thereafter are approximately as follows:
2022 $ -
2023 1,500,000
2024 -
2025 -
2026 187,500
Thereafter 7,159,090
$ 8,846,590
Debt issuance costs incurred by the Corporation through December 31, 2021 in connection with obtaining long term financing totaled $15,000. Amortization expense for the year ended December 31, 2021, totaled $5,000 and is included in interest on the statement of activities. Accumulated amortization at December 31, 2021 totaled $5,000.
22 HOLLYWOOD COMMUNITY HOUSING CORPORATION
(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2021
NOTE 6-MORTGAGES AND NOTES PAYABLE (CONTINUED)
Wholly Owned Entities Notes
Note payable to the City of Los Angeles (Orchard Gables) in the original amount of $1,910,915. The note bears simple interest at 3% per annum and matures January 2031. If the property continues to operate in accordance with the loan agreement, as defined, the lender forgives 5% of any unpaid principal and interest. This determination is made on an annual basis. The note is secured by a deed of trust on the real property. $ 952,308 Note payable to the City of Los Angeles (Argyle Court) in the original amount of $437,479. The note bears simple interest at 5% per annum and is subject to interest forgiveness at the end of the loan term. The note matures March 2037 or at the time of sale or refinance. The Partnership is required to make annual payments from residual receipts, as defined. The note is secured by a deed of trust on real property. $ 435,498
Note payable to the City of Los Angeles (Argyle Court) in the original amount of $1,200,000. The note is non-interest bearing and matures March 2037 or at the time of sale or refinance. The Partnership is required to make annual payments from residual receipts, as defined. The note is secured by a deed of trust on the real property. $ 1,200,000
Note payable to the City of Los Angeles (Argyle Court) in the original amount of $135,000. The note is non-interest bearing and matures at the time of sale or refinance. The Partnership is required to make annual payments from residual receipts, as defined. The note is secured by a deed of trust on the real property. $ 135,000
Six amortizing notes payable to various lenders at differing amounts. The notes bear interest ranging from 4.09% to 8.45% per annum and have maturity dates ranging from August 2024 to May 2035. The notes are secured by deeds of trust on real property. $ 5,838,388 Twenty non-amortizing notes payable to various lenders at differing amounts. The notes bear interest ranging from zero to 5% per annum and have maturity dates ranging from August 2028 to April 2061. Principal and interest payments from residual receipts are required, as defined. The notes are secured by deeds of trust on real property. $ 25,171,812 Two non-amortizing notes payable to HUD under Section 811 of the Housing Act in the original amount of $3,514,300. The notes are non-interest bearing. Notes are subject to loan forgiveness if the properties continue to operate in accordance with the loan agreements. $ 3,514,300 23 HOLLYWOOD COMMUNITY HOUSING CORPORATION
(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2021
NOTE 6-MORTGAGES AND NOTES PAYABLE (CONTINUED)
Wholly Owned Entities Notes (continued)
Five non-amortizing notes payable to various lenders at differing amounts.

The notes bear interest ranging from zero to 5% per annum and have maturity dates ranging from April 2031 to December 2043. Principal and interest payments from residual receipts are required, as defined. The notes are secured by deeds of trust on real property. $ 2,712,291 Two notes payable to Century Housing Corporation (Walnut Park) in the original amount of $3,500,000 and $1,500,000. The notes bear compound interest at the LIBOR rate + 4% with a minimum rate of 6.5% per annum due monthly. The note matures October 18, 2022 after extension at which date an unpaid principal and interest are due. $ 4,414,577 Two notes payable to Low Income Investment Fund (Luna Vista) in the original amount of $750,000 and $3,600,000. The notes bear simple interest at 6.22% and 5.47% per annum due monthly. The notes mature December 2022 after extension at which date an unpaid principal and interest are due. $ 4,290,787
Principal payments for the next five year and thereafter after eliminations are approximately as follows:
2022 $ 9,000,811
2023 307,327
2024 518,232
2025 321,257
2026 301,577
Thereafter 35,807,874
$ 46,257,078
Controlled Limited Partnership Notes
Seven amortizing notes payable to various lenders at differing amounts.

The notes bear interest ranging from 4.47% to 6.20% per annum and have maturity dates ranging from August 2030 to November 2054. The notes are secured by deeds of trust on real property. $ 11,490,369 Two construction notes payable to various lenders at differing amounts. One note has a variable interest rates based on LIBOR and one note has bears interest at 4.60%. Both notes were paid in full with the proceeds of permanent loans and limited partner contributions in 2022. $ 32,950,817 Fifty-one non-amortizing notes payable to various lenders at differing amounts. The notes bear interest ranging from zero to 6% per annum and have maturity dates ranging from November 2032 to April 2076. Principal and interest payments from residual receipts are required, as defined. The notes are secured by deeds of trust on real property. $ 120,588,186 24 HOLLYWOOD COMMUNITY HOUSING CORPORATION
(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2021
NOTE 6-MORTGAGES AND NOTES PAYABLE (CONTINUED)
Controlled Limited Partnership Notes (continued)
Principal payments for the next five year and thereafter after eliminations are approximately as follows:
2022 $ 33,323,607
2023 415,098
2024 429,536
2025 460,539
2026 477,596
Thereafter 120,749,698
$ 155,856,074
NOTE 7-GRANT INCOME
The Corporation's affiliate HCHC Palm Vista IIG, LLC was awarded a $4,186,800 grant from the Infill Infrastructure Grant Program with Department of Housing and Community Development, a public agency of the State of California. At December 31, 2021, funds received totaled $471,639 which was utilized to fund a loan to Palm Vista, LP (see Note 8).

NOTE 8-RELATED PARTIES
Development income
The Corporation provides services in connection with the development of various Properties. These contracts are at times subject to investor or regulatory agency approval and performance standards. For the year ended December 31, 2021, development fee revenue before eliminations totaled $2,030,413.

Management and partnership fee income
The Corporation provides services in connection with the management of various Properties. These contracts are at times subject to investor or regulatory agency approval and performance standards. For the year ended December 31, 2021, management fee revenue before eliminations totaled $490,418.

Palm Vista note receivable
The Corporation's affiliate HCHC Palm Vista IIG, LLC has executed a loan agreement with Palm Vista, LP in the maximum amount of $4,186,800, bearing no interest, and maturing in 57 years from issuance of certificates of occupancy (projected to be received in 2023). At December 31, 2021, funds loaned and receivable totaled $471,639.
25 HOLLYWOOD COMMUNITY HOUSING CORPORATION
(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2021
NOTE 9-RETIREMENT PLAN
Employees of the Corporation may participate in an Internal Revenue Code section 403(b) retirement savings plan. The plan is funded solely by employee contributions to the plan, pursuant to a salary reduction agreement. All employee contributions are immediately vested.

NOTE 10-COMMITMENTS AND CONTINGENCIES
Guarantees
As general partner or managing member of various entities, the Corporation or affiliates have made certain guarantees. Guarantees typically include the following:
 To ensure the completion of project development and obtain permanent financing  To guaranty the reimbursement of investor limited partner in the event of tax credit recapture
 To lend funds to the partnership to fund any operating deficits during various terms outlined in partnership and debt agreements
As of December 31, 2021, the Corporation had ongoing development completion guaranty agreements on Palm Vista. The estimated development budget is $49 million, of which approximately $14 million was incurred as of December 31, 2021. The Corporation also commenced development on Venice Dell and Washington Boulevard in 2022.

Litigation
The Corporation is subject to lawsuits and claims which arise out of the normal course of its activities. Management believes the disposition of any and all such actions of which it is aware will not have a material effect on the financial position or changes in net assets of the Corporation.

Low-income housing tax credits
Certain Properties received allocations of low-income housing tax credits. The awards of the lowincome housing tax credits are contingent on their ability to maintain compliance with applicable Internal Revenue Service tax credit regulations on an ongoing basis. Failure to maintain compliance with occupant eligibility, and/or unit gross rent, or to correct noncompliance within a specified time period, could result in recapture of previously taken tax credits. The Corporation or its affiliates, as the general partner, is responsible to ensure that the Properties satisfy such requirements as part of its guarantees, as defined in the partnership agreements. 26 HOLLYWOOD COMMUNITY HOUSING CORPORATION
(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2021
NOTE 10-COMMITMENTS AND CONTINGENCIES (CONTINUED)
Contingent interest
Three Properties (Dunning Apartments, St. Andrews Community, and Argyle Court) have loan and regulatory agreements with the City of Los Angeles which provide for possible forgiveness of interest at the end of the note's 40-year term in the event the fair market value of the property (as defined) exceeds the principal balance of the note plus all superior indebtedness secured against the property. Accordingly, interest on the notes have not been accrued in the accompanying consolidated financial statements because the future fair market value of the property at loan maturity is not expected to be sufficient. At December 31, 2021, the Corporation is contingently liable for the cumulative amount of unpaid interest that could be due on the note, which approximated $3,449,000, if the fair market value of the properties is sufficient at loan maturity.

The deferral provisions related to the accrual of interest expense discussed above, and as stipulated in the respective loan agreements remain in effect only as long as the properties are operated and maintained as low-income housing and the Properties comply with various other provisions of the agreements. In the event that the Properties are not maintained as low-income housing, or if there are other material violations of the loan agreements, the mortgage notes become due and payable.

Although this is a possibility, management deems the contingency remote and plans to meet the conditions as set forth in the provisions of the loan agreements.

HOLLYWOOD COMMUNITY HOUSING CORPORATION
(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)
HCHC Wholly Controlled
Corp. Owned Entities Eliminations TOTAL
Current assets
Cash and cash equivalents
Cash $ 5,169,077 $ 1,441,535 $ 1,393,504 $ - $ 8,004,116 Restricted reserves 152,982 3,872,421 7,955,603 - 11,981,006 Total cash and cash
equivalents 5,322,059 5,313,956 9,349,107 - 19,985,122
Resident receivables 146 186,192 376,496 - 562,834
Developer fee receivable, current - - - - -
Prepaid expenses - - - - -
Total current assets 5,322,205 5,500,148 9,725,603 - 20,547,956 Property and equipment
Land - 6,614,228 29,727,153 - 36,341,381
Buildings and improvements 1,300,234 66,950,462 261,201,219 (9,700,709) 319,751,206 Furniture and equipment 386,367 1,330,050 3,626,722 - 5,343,139 Construction in progress 194,447 11,086,993 100,665 (1,712,986) 9,669,119 1,881,048 85,981,733 294,655,759 (11,413,695) 371,104,845 Less: Accumulated depreciation (661,948) (34,724,160) (29,333,174) 114,283 (64,604,999) Total property and equipment 1,219,100 51,257,573 265,322,585 (11,299,412) 306,499,846 Other assets
Developer fee receivable, non current 6,680,235 - - (6,680,235) - Pre-development costs receivable - - - - -
Grants and contracts receivable 134,527 - - - 134,527
Notes and other related party receivables 12,811,016 - - (12,704,256) 106,760 Investments in partnerships 4,487,190 162,000 - (4,463,834) 185,356 Unamortized costs, net - - 488,791 - 488,791
Other assets 34,968 82,326 161,621 - 278,915
Total other assets 24,147,936 244,326 650,412 (23,848,325) 1,194,349 $ 30,689,241 $ 57,002,047 $ 275,698,600 $ (35,147,737) $ 328,242,151

SUPPLEMENTARY INFORMATION
DECEMBER 31, 2021
ASSETS
27 HOLLYWOOD COMMUNITY HOUSING CORPORATION
(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)
HCHC Wholly Controlled
Corp. Owned Entities Eliminations TOTAL
Current liabilities
Accounts payable and accrued expenses $ 259,572 $ 259,192 $ 3,932,188 $ (14,006) $ 4,436,946 Accounts payable - construction - - 3,134,726 - 3,134,726 Prepaid revenue 11,501 28,203 78,059 - 117,763
Due to affiliates - current - - - - -
Accrued interest - current 9,604 - - - 9,604
Mortgages and notes payable -
current maturities - 9,000,811 33,323,607 - 42,324,418
Total current liabilities 280,677 9,288,206 40,468,580 (14,006) 50,023,457 Deposit liabilities
Security deposits 6,000 308,174 553,561 - 867,735
Long term liabilities
Mortgages and notes payable, net
of current maturities (amortizing) - 6,495,249 11,117,579 - 17,612,828 Mortgages and notes payable (non
amortizing) 8,846,590 33,168,901 120,635,739 (12,435,104) 150,216,126 Less: Unamortized debt issuance costs (10,000) (125,588) (1,077,781) - (1,213,369) Due to affiliates - long-term - 3,263,838 889,042 (4,130,679) 22,201 Accrued interest - long-term - 15,676,127 18,302,532 (743,157) 33,235,502 Developer fee payable - 51,385 6,692,595 (6,743,980) -
Total long term liabilities 8,836,590 58,529,912 156,559,706 (24,052,920) 199,873,288 Total liabilities 9,123,267 68,126,292 197,581,847 (24,066,926) 250,764,480 Net assets - without donor restrictions
Controlling interest 21,420,974 (11,124,245) (1,050,574) (11,080,811) (1,834,656) Non-controlling interest - - 79,167,327 - 79,167,327
Net Assets - with donor restrictions 145,000 - - - 145,000 Total net assets - without
donor restrictions 21,565,974 (11,124,245) 78,116,753 (11,080,811) 77,477,671 $ 30,689,241 $ 57,002,047 $ 275,698,600 $ (35,147,737) $ 328,242,151

SUPPLEMENTARY INFORMATION (CONTINUED)
DECEMBER 31, 2021

LIABILITIES AND NET ASSETS
28 HOLLYWOOD COMMUNITY HOUSING CORPORATION
(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)
HCHC Wholly Controlled
Corp. Owned Entities Eliminations TOTAL
Revenues
Net rental income $ - $ 4,809,676 $ 6,999,511 $ - $ 11,809,187 Contribution income 7,533 - - - 7,533
Government contracts and grants 686,626 471,639 - - 1,158,265 Special events income 21,553 - - - 21,553
Development income 2,030,413 - - (1,785,413) 245,000
Management and partnership fee income 490,418 - - (427,618) 62,800 Interest income, net 105,200 1,503 1,720 (59,113) 49,310 Investment income 22,822 - - (22,822) -
Other income 235,218 224,075 104,125 (163,563) 399,855
Total revenue 3,599,783 5,506,893 7,105,356 (2,458,529) 13,753,503 Operating expenses
Administration 391,638 549,418 1,010,827 (163,563) 1,788,320 Management fees - 269,343 407,537 (42,827) 634,053
Salaries and benefits 2,167,981 909,951 1,132,057 - 4,209,989 Utilities 7,440 568,093 812,484 - 1,388,017
Repairs and maintenance 6,515 1,173,862 1,110,716 - 2,291,093 Taxes and insurance 46,152 216,800 393,616 - 656,568
Total operating expenses 2,619,726 3,687,467 4,867,237 (206,390) 10,968,040 Income (loss) from operations before
debt maintenance and other expenses 980,057 1,819,426 2,238,119 (2,252,139) 2,785,463 Debt maintenance
Interest expense - 1,220,631 4,393,932 (176,578) 5,437,985 Interest expense - other 45,487 - - - 45,487
Total debt maintenance 45,487 1,220,631 4,393,932 (176,578) 5,483,472 Income (loss) from operations before
other expenses 934,570 598,795 (2,155,813) (2,075,561) (2,698,009) Other expenses
Depreciation and amortization 39,507 1,528,091 6,837,976 (120,378) 8,285,196 Other entity expenses - 265,760 229,366 (384,791) 110,335 Total other expenses 39,507 1,793,851 7,067,342 (505,169) 8,395,531 Change in net assets $ 895,063 $ (1,195,056) $ (9,223,155) $ (1,570,392) $ (11,093,540)

SUPPLEMENTARY INFORMATION (CONTINUED)
YEAR ENDED DECEMBER 31, 2021

STATEMENTS OF ACTIVITIES
29 This Page
Intentionally
Left Blank

HOLLYWOOD COMMUNITY HOUSING CORPORATION
(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

CONSOLIDATED FINANCIAL STATEMENTS

AND SUPPLEMENTARY INFORMATION

WITH INDEPENDENT AUDITOR'S REPORT
YEAR ENDED DECEMBER 31, 2022

HOLLYWOOD COMMUNITY HOUSING CORPORATION
(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

TABLE OF CONTENTS
Page
Independent auditor's report 1-3
Consolidated financial statements
Consolidated statement of financial position 4-5
Consolidated statement of activities 6
Consolidated statement of changes in net assets 7
Consolidated statement of cash flows 8
Notes to consolidated financial statements 9-26
Supplementary information 27-29

INDEPENDENT AUDITOR'S REPORT
To the Board of Directors of
Hollywood Community Housing Corporation
(A California Not-For-Profit Corporation)
Opinion
We have audited the accompanying financial statements of Hollywood Community Housing Corporation, which comprise the consolidated statement of financial position as of December 31, 2022, and the related consolidated statement of activities, changes in net assets, and cash flows for the year then ended, and the related notes to the consolidated financial statements.

In our opinion, based on our audit and the reports of the component auditors, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Hollywood Community Housing Corporation as of December 31, 2022, and the results of its operations and its cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America.

We did not audit the financial statements of 15 controlled and wholly owned entities, of which the activity on these entities represents approximately $278.7 million of the total assets at December 31, 2022, and approximately $10.3 million of the total revenue for the year ended December 31, 2022, all respectively. Those statements were audited by component auditors, whose reports have been furnished to us, and our opinion, insofar as it relates to the amounts included for those entities, is based solely on the reports of the component auditors.

Basis for Opinion
We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are required to be independent of Hollywood Community Housing Corporation and to meet our other ethical responsibilities in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

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

Hollywood Community Housing Corporation

Responsibilities of Management for the Consolidated Financial Statements In preparing the consolidated financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about Hollywood Community Housing Corporation's ability to continue as a going concern within one year after the date that the consolidated financial statements are available to be issued.

Auditor's Responsibilities for the Audit of the Consolidated Financial Statements Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with generally accepted auditing standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the consolidated financial statements.

In performing an audit in accordance with generally accepted auditing standards, we:
 Exercise professional judgment and maintain professional skepticism throughout the audit.  Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements.
 Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of Hollywood Community Housing Corporation's internal control.

Accordingly, no such opinion is expressed.
 Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the consolidated financial statements.
 Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about Hollywood Community Housing Corporation's ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit.
2 Hollywood Community Housing Corporation

Report on Supplementary Information
Our audit was conducted for the purpose of forming an opinion on the consolidated financial statements as a whole. The consolidating financial statements are presented for purposes of additional analysis and are 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 information is fairly stated in all material respects in relation to the consolidated financial statements as a whole.

June 20, 2023 Dauby O'Connor & Zaleski, LLC
Carmel, Indiana Certified Public Accountants
3 Current assets
Cash, equivalents, and restricted cash
Cash $ 7,636,526
Restricted reserves 10,949,480
Total cash, equivalents, and restricted cash 18,586,006 Resident receivables 709,789
Prepaid expenses 348,548
Total current assets 19,644,343
Property and equipment
Land 42,669,709
Buildings and improvements 318,009,858
Furniture and equipment 5,550,587
Construction in progress 17,173,471
383,403,625
Less: Accumulated depreciation (73,309,157)
Total property and equipment 310,094,468
Other assets
Grants and contracts receivable 267,732
Notes and other related party receivables 4,912,489
Unamortized costs, net 419,803
Right-of-use-asset 36,772
Other assets 68,801
Total other assets 5,705,597
$ 335,444,408

HOLLYWOOD COMMUNITY HOUSING CORPORATION
(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
DECEMBER 31, 2022
ASSETS
See notes to financial statements
4 Current liabilities
Accounts payable and accrued expenses $ 1,328,442
Prepaid revenue 257,627
Accrued interest - current 616,065
Mortgages and notes payable - current maturities 7,632,140 Total current liabilities 9,834,274
Deposit liabilities
Resident security deposits 872,335
Long term liabilities
Mortgages and notes payable, net of current maturities 23,927,520 Mortgages and notes payable (deferred) 168,685,587
Less: Unamortized debt issuance costs (1,258,740)
Due to affiliates - long-term 21,104
Accrued interest - long-term 35,941,499
Total long term liabilities 227,316,970
Total liabilities 238,023,579
Net assets - without donor restrictions
Controlling interest (1,157,088)
Non-controlling interest 98,263,427
Total net assets - without donor restrictions 97,106,339 Net Assets - with donor restrictions 314,490
Total net assets 97,420,829
Total liabilities and net assets $ 335,444,408

HOLLYWOOD COMMUNITY HOUSING CORPORATION
(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
DECEMBER 31, 2022

LIABILITIES AND NET ASSETS
See notes to financial statements
5 HOLLYWOOD COMMUNITY HOUSING CORPORATION
(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)
Revenues
Net rental income $ 13,270,034
Contribution income 281,201
Government contracts and grants 3,973,865
Special events income 5,612
Interest income, net 19,721
Investment income -
Other income 1,146,267
Total revenue 18,696,700
Operating expenses
Administration 2,030,547
Management fees 637,798
Salaries and benefits 4,767,676
Utilities 1,573,683
Repairs and maintenance 3,200,521
Taxes and insurance 767,250
Total operating expenses 12,977,475
5,719,225
Debt maintenance
Interest expense 5,427,647
Total debt maintenance 5,427,647
Income (loss) from operations before other expenses 291,578 Other expenses
Depreciation and amortization 8,617,229
Other entity expenses 69,785
Total other expenses 8,687,014
Change in net assets $ (8,395,436)

CONSOLIDATED STATEMENT OF ACTIVITIES
YEAR ENDED DECEMBER 31, 2022
expenses
Income (loss) from operations before debt maintenance and other See notes to financial statements
6 HOLLYWOOD COMMUNITY HOUSING CORPORATION
(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

CONTROLLING INTEREST
Balance, January 1, 2022 $ (1,834,656)
Other changes in controlling interest (9,409)
Change in net assets 686,977
Balance, December 31, 2022 $ (1,157,088)

NON-CONTROLLING INTEREST
Balance, January 1, 2022 $ 79,167,327
Contributions 28,145,397
Other changes in non-controlling interest 202,606
Change in net assets (9,251,903)
Balance, December 31, 2022 $ 98,263,427
Balance, January 1, 2022 $ 145,000
Change in net assets - with donor restrictions 169,490
Balance, December 31, 2022 $ 314,490

CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS
DECEMBER 31, 2022

NET ASSETS - WITHOUT DONOR RESTRICTIONS

NET ASSETS - WITH DONOR RESTRICTIONS
See notes to financial statements
7 HOLLYWOOD COMMUNITY HOUSING CORPORATION
(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)
Cash flows from operating activities
Change in net assets $ (8,395,436)
Adjustments to reconcile change in net assets to net
cash provided by (used in) operating activities:

Depreciation and amortization 8,617,229
Amortization - right-of-use asset 471
Amortization - debt issuance costs 132,976
Forgiveness of debt 266,545
Changes in:

Resident receivables (146,955)
Grants and contracts receivable (133,205)
Notes and other related party receivables (1,138,169)
Prepaid expense (138,434)
Accounts payable and accrued expenses (3,108,504)
Due to related party (1,097)
Accrued interest 3,312,458
Prepaid revenue 139,864
Security deposit liability 4,600
Net cash provided by (used in) operating activities (587,657) Cash flows from investing activities
Payments for property and equipment (15,599,350)
Notes and other related party receivables (3,482,204)
Net cash provided by (used in) investing activities (19,081,554) Cash flows from financing activities
Contributions 28,145,397
Proceeds from mortgages and notes payable 28,224,542
Principal payments on mortgages and notes payable (37,866,122) Increase in net assets - with donor restrictions (100,000) Payments for debt issuance costs (133,722)
Net cash provided by (used in) financing activities 18,270,095 Net change in cash and cash equivalents (1,399,116)
Cash and equivalents, beginning 19,985,122
Cash and equivalents, ending $ 18,586,006
Supplemental disclosure of other information
Cash paid for interest $ 2,539,993

CONSOLIDATED STATEMENT OF CASH FLOWS
YEAR ENDED DECEMBER 31, 2022
See notes to financial statements
8 HOLLYWOOD COMMUNITY HOUSING CORPORATION
(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 2022
NOTE 1-ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

ORGANIZATION
Hollywood Community Housing Corporation (HCHC) was formed to provide affordable housing through acquisition, construction, rehabilitation, and operation of residential properties in a manner that enhances existing neighborhoods.

HCHC's wholly owned affiliates include Hollywood Housing Holdings, LLC, HCHC Recap I, LLC, Step Up On Vine, LLC, HCHC General Partner, LLC, Stanford Avenue GP, LLC, HCHC Florence Mills GP, LLC, HCHC Gramercy Place GP, LLC, HCHC Palm Vista MGP, LLC, HCHC Palm Vista IIG, LLC, HCHC Walnut Park GP, LLC, HCHC Luna Vista GP, LLC, and Venice Dell GP, LLC. HCHC or these affiliates have ownership in the following entities (the Properties, and together with HCHC, the Corporation):

Entity DBA Units Ownership %
Controlled Entities
Alexandria House Apartments, LP Alexandria House Apartments 16 0.0051 Palo Verde Apartments, LP Palo Verde Apartments 49 0.010 Paul Williams Apartments, LP Paul Williams Apartments 41 0.010 Florence Mills Apartments, LP Florence Mills Apartments 74 0.010 Gramercy Place Apartments, LP Gramercy Place Apartments 64 0.010 Stanford Avenue Apartments, LP Stanford Avenue Apartments 85 0.010 HCHC Recap 1, LP Argyle, Carlton Way, Wilcox 68 0.010
Hollywood Bungalow Courts, LP Hollywood Bungalow Courts 42 0.010 Luna Vista, LP Luna Vista Apartments 73 0.010
Mariposa Place Apartments, LP Mariposa Place Apartments 58 0.010 Coronel Apartments, LP Coronel Apartments 54 0.010
Step Up on Colorado, LP Step Up on Colorado 34 0.005
Step Up on Vine, LP Step Up on Vine 34 0.005
Wholly Owned Entities
Not separately incorporated Argyle Court Apartments 23 100.000 Not separately incorporated Orchard Gables n/a 100.000
Not separately incorporated Peak Plaza Apartments n/a 100.000 Innes Heights, LP Innes Heights Apartments 19 100.000
Barnsdall Court, LP Barnsdall Court Apartments 38 100.000 Selma-Hudson Community, LP Casa Verde Apartments 30 100.000 Dunning Apartments Partnership, LP Dunning Apartments 26 100.000 Kenmore Apartments, LP Kenmore Apartments 21 100.000
Mirada Terrace Apartments, LP Mirada Terrace Apartments 30 100.000 St. Andrew's Community, LP St. Andrew's Bungalow Court 16 100.000 Harold Way Apartments, LP Harold Way Apartments 51 100.000 Palomar Apartments, LP Palomar Apartments 27 100.000
Views at 270, LP Views Apartments 56 100.000
Walnut Park, LP Walnut Park Apartments 64 100.000
Allesandro Housing 811-01 Allesandro Housing 18 100.000 Waterloo Heights 811-97 Waterloo Heights Apartments 18 100.000 9 HOLLYWOOD COMMUNITY HOUSING CORPORATION
(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 2022
Entity DBA Units Ownership %
Equity Method Investments
La Brea Franklin, LP La Brea Franklin Apartments 40 20.000 Western Carlton Apartments, LP Western Carlton Apartments I 61 0.100 Western Carlton II, LP Metro Hollywood 60 0.005
Palm Vista, LP Palm Vista Apartments 91 0.0049
Venice Dell, LP Venice Dell Community 140 0.0049
During the year ended December 31, 2022, construction on Luna Vista Apartments (73 units) and Palm Vista Apartments (91 units) were in process. Walnut Park Apartments (64 units) will commence construction in 2023, and Peak Plaza Apartment (104 units) and Venice Dell Community (140 units) are in predevelopment.

The majority of the Corporation's Wholly Owned Entities are separately incorporated partnerships.

The Corporation also presents Argyle Court Apartments and Orchard Gables as Wholly Owned Entities, however, these Properties are not separately incorporated. In addition, the Corporation presents two nonprofit organizations regulated by the United States Department of Housing and Urban Development (HUD) Section 811 Program, Allesandro Housing and Waterloo Heights, as Wholly Owned Entities as HCHC has both an economic interest and control of the organizations through a majority voting interest in their governing boards.

Cash flow from operating activities generated by the Properties is payable in accordance with each Property's respective organizational documents. The Properties pay distributions in accordance with the terms of the partnership or operating agreements, after priority payments which include payments to the limited partner, the asset manager, the developer fee, repayment of advances to the property, and reimbursable service charges as applicable.

Description of programs
The Corporation improves the quality and affordability of housing in Los Angeles County by developing new apartments and rehabilitating existing properties. The Properties are clustered in different parts of Los Angeles County and serve low-income households. The Corporation's programs are as follows:

Housing Operations - HCHC's housing operations includes the operations of the Properties and its asset management department which develops and implements strategies to ensure the long-term health of its properties for the benefit of its residents. HCHC also manages 360 units as of December 31, 2022 and anticipates self managing additional Properties in future periods. The department monitors the lease-up process of new buildings, supervises property management operations, analyzes financial performance, imposes control over property maintenance, mediates resident grievances, and works with its housing development department on design considerations for new buildings. The asset management team actively seeks out ways to lower operating expenses, primarily through green initiatives and energy savings programs. 10 HOLLYWOOD COMMUNITY HOUSING CORPORATION
(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 2022
Housing Development - HCHC's core program is the development of affordable housing. HCHC is committed to doing its part to address the housing crisis and is building affordable housing, including permanent supportive housing (PSH) at the fastest rate in the organizations history.

Since its inception HCHC has developed 32 properties that house over 2,500 people in 1,153 apartment units of safe, attractive and centrally located affordable housing. Residents of HCHC properties have extremely low to low-incomes, typically earning below 60% of the area median income. All of HCHC's housing units are affordable and almost 40% of HCHC's housing units are designated to support individuals with special needs and their families, those diagnosed with HIV/AIDS, those who have formerly experienced chronic homelessness, and persons living with co-occurring and multiple diagnosed conditions. Three of HCHC's buildings are dedicated to serving seniors only, and one specifically serves seniors living with special needs.

Resident Services - HCHC's resident services program provides care coordination, referral and linkage to resources, crisis intervention, a food pantry, ESL classes, GED instruction, group/individual therapy, and life-skills classes. When circumstances like a pandemic are not a factor, HCHC's Food Pantry is open once a week to HCHC residents and the community at large and provides food staples, meat, and vegetables every month. People accessing the food pantry include a number of HCHC residents living with special needs, low-income households in the neighboring community, and individuals who may identify as homeless.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation of the consolidated financial statements The consolidated financial statements are prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America, and are in conformity with the provisions required by the Not-for-Profit Entities Presentation of Financial Statements topic of the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 958-205. This topic established standards for external financial reporting for Not-for-Profit Organizations.

The Not-for-Profit Entities Presentation of Financial Statements topic primarily affects the display of the consolidated financial statements and requires that the amounts for each of two classes of net assets - with or without donor restrictions - be displayed in the Consolidated Statement of Financial Position and the amounts of the change in each of those classes of net assets be displayed in a Consolidated Statement of Changes in Net Assets.

In accordance with FASB ASC 958-810, the consolidated financial statements include the accounts of the Corporation and its wholly owned partnerships and limited liability companies, after elimination of all material intercompany accounts, transactions, and profits. The Corporation does not consolidate the transactions and accounts of the previously mentioned equity method investments.

The financial statements also consolidate the assets, liabilities, and activities of the Corporation and various limited partnerships and limited liability companies for which the Corporation, as the general partner or managing member, has a controlling financial and legal interest. All significant intercompany transactions have been eliminated in the consolidation. 11 HOLLYWOOD COMMUNITY HOUSING CORPORATION
(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 2022
Net assets without donor restrictions - controlling interests Net assets without donor restrictions - controlling interests are not restricted by donor-imposed stipulations and are available for use at the discretion of the board of directors and/or management for general operating purposes. The only limits on net assets are broad limits resulting from the nature of the Corporation and the purposes specified in its articles of incorporation or bylaws and, perhaps, limits resulting from contractual agreements. From time to time the board designates a portion of these net assets for specific purposes which makes them unavailable for use at management's discretion.

Net assets without donor restrictions - noncontrolling interests Net assets without donor restrictions - noncontrolling interests represent the aggregate balance of the third party limited partners' equity interest, generally 99.99%, in the controlled limited partnerships that are included in the consolidated financial statements.

Net assets with donor restrictions
Net assets with donor restrictions are contributions and other inflows of assets whose use by the Corporation is limited by donor-imposed stipulations. Some donor-imposed restrictions are temporary in nature, such as those that will be met by the passage of time or other events specified by the donor. Other donor-imposed restrictions are perpetual in nature, where the donor stipulates that resources will be maintained in perpetuity. Donor-imposed restrictions are released when a restriction expires, that is, when the time has elapsed, when the stipulated purpose for which the resource was restricted has been fulfilled, or both and the net assets are reclassified as net assets without donor restrictions and reported in the consolidated statement of activities as net assets released from restrictions.

New accounting pronouncements
In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-02, Leases, which requires the lessee to recognize leased assets and corresponding lease liabilities on the Consolidated Statements of Financial Position. This standard was effective for Corporation on January 1, 2022. The Corporation elected to adopt the standard using the modified retrospective approach which requires leases to be measured and recognized at the beginning of the period of adoption with no restatement of prior periods. The impact of implementation of FASB ASU 2016-02 was the recognition of a "right-of-use" asset of $36,772 and an adjustment to net assets without donor restrictions of $9,428 on January 1, 2022.

The Corporation elected to apply the following practical expedients related to the adoption of the new guidance: (1) not reassessing whether a contract includes an embedded lease at adoption, the previously determined classification of a lease as operating or finance lease, or the treatment of prior initial direct costs; (2) using hindsight to determine the lease term and assessing impairment on right-of-use assets.
12 HOLLYWOOD COMMUNITY HOUSING CORPORATION
(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 2022
In March 2020, FASB issued ASU 2020-04, Reference Rate Reform (Topic 848), which provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The standard is effective from March 2020 through December 31, 2022 and will allow the Corporation to adopt other reference rates without applying the contract modifications provisions of accounting standards generally accepted in the United States of America. During the year ended December 31, 2022, ASU 2020-04 did not have a material impact on the Corporation. Management expects to apply the provisions of ASU 2020-04 once the LIBOR reference rate related to the debt is discontinued.

In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses. The amendments in this ASU replace the incurred loss model with a methodology that reflects the "current expected credit losses" over the life of the loan and requires consideration of a broader range of reasonable and supportable information to calculate credit loss estimates. ASU 2016-13 replaces the incurred loss impairment methodology with a new methodology that reflects expected credit losses over the lives of the loans and requires consideration of a broader range of information to form credit loss estimates. The ASU requires an organization to estimate all expected credit losses for financial assets measured at amortized cost, including loans and held-to-maturity debt securities, based on historical experience, current conditions, and reasonable and supportable forecasts. The amendments in ASU 2016-13 are effective for fiscal years beginning after December 15, 2022. The amendments are not expected to have a material impact on the Corporation's financial statements.

Cash and cash equivalents
For the consolidated statement of cash flows, all unrestricted cash and restricted cash with original maturities of three months or less are considered cash. At December 31, 2022, cash consists of operating checking and money market accounts. The carrying amount of cash and deposits held in trust-funded accounts approximates fair value due to the type of investments and the maturity dates.

Restricted reserves
The Properties have set up certain operating, replacement, development and other reserve accounts and continues to make annual deposits as required by the various loan and regulatory agreements. In addition, restricted reserves also include tenant security deposits and development reserves restricted by lenders to be used for development purposes.

Resident receivable and bad debt policy
The Properties' resident rent charges for the current month are due on the first of the month.

Residents who are evicted or move-out are charged with damages or cleaning fees, if applicable.

Resident receivables consist of amounts due for rental income or the charges for damages and cleaning fees. The Properties do not accrue interest on the resident receivable balances.

Resident receivables are charged to bad debt expense when they are determined to be uncollectible based upon a periodic review of the accounts by management. Accounting principles generally accepted in the United States of America require that the allowance method be used to recognize bad debts; however, the effect of using the direct write-off method is not material to the consolidated financial statements for the year ended December 31, 2022. Bad debts expensed for the year ended December 31, 2022 totaled $134,291.
13 HOLLYWOOD COMMUNITY HOUSING CORPORATION
(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 2022
Developer fee receivable
Developer fee receivable consists of amounts earned in connection with the development of affordable housing facilities and are based on a percentage of development costs incurred and is eliminated in consolidation. Amounts due from the housing facilities are stated at unpaid balances, less an allowance for doubtful accounts. The Corporation may accrue interest on the developer fee receivable balance. As of December 31, 2022, the allowance for doubtful accounts relating to the developer fee receivable totaled $-0-. Bad debts expensed for the year ended December 31, 2022 totaled $-0-.

Property and equipment
The Properties' depreciation of property and equipment, stated at cost, is computed primarily using the straight-line method over the estimated useful lives of the assets ranging from 3 - 40 years.

Costs that are deemed to increase the useful life of the property or equipment are capitalized.

When assets are sold or otherwise disposed of, the costs and related reserves are removed from the accounts, and any resulting gain or loss is included in operations.

The Properties incurred costs related to the construction period, including development service fees, interest, real estate taxes, and insurance, which are capitalized and included in property and equipment.

The Properties are subject to the provisions of the Impairment or Disposal of Long-Lived Assets topic of the FASB ASC 360-10. Impairment or Disposal of Long-Lived Assets has no retroactive impact on the Corporation's consolidated financial statements. The standard requires impairment losses to be recorded on long-lived assets when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets (excluding interest) are less than the carrying amount of the assets. In such cases, the carrying value of assets to be held and used are adjusted to their estimated fair value and assets held for sale are adjusted to their estimated fair value less selling expenses. No impairment losses were recognized during the year ended December 31, 2022.

Pre-development costs receivable
Pre-development costs receivable consist of amounts advanced to fund entity formation and predevelopment of affordable housing facilities. Amounts due from the housing facilities are stated at unpaid balances, less an allowance for doubtful accounts. As of December 31, 2022, the allowance for doubtful accounts relating to the pre-development costs receivable totaled $-0-. Bad debts expensed for the year ended December 31, 2022 totaled $-0-.

Notes and other related party receivables
Notes and other related party receivable are carried at amounts contractually due, less an allowance for doubtful accounts. The Corporation accrues interest on the note receivable balances.

Management periodically reviews notes receivable and uses an allowance for doubtful accounts to recognize bad debts. Notes receivable on the Consolidated Statement of Financial Position is shown net of the allowance for doubtful accounts. As of December 31, 2022, the allowance for doubtful accounts relating to the notes and other related party receivables totaled $-0-. Bad debts expensed for the year ended December 31, 2022 totaled $-0-.
14 HOLLYWOOD COMMUNITY HOUSING CORPORATION
(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 2022
Investment in partnerships
The Corporation does not consolidate the accounts and activities of certain Properties it considers equity investments. The Corporation has determined that it is unable to exercise significant influence of the limited liability entities under FASB ASC 958-810. The Corporation accounts for its equity investments in accordance with the equity method of accounting, under which the equity investment is carried at cost and is adjusted for the Corporation's share of net income or loss and by cash distributions received. Equity in loss of each equity investment allocated to the Corporation is recognized to the extent of the Corporation's equity investment balance. Previously unrecognized equity in loss is recognized in the year in which equity in income is earned by such equity investment or additional investment is made by the Corporation. Distributions received subsequent to the elimination of an equity investment balance will be recorded as other income. Advances and additional capital contributions will be recorded as additional equity investments if they occur. The Corporation assesses the carrying value of its equity investments whenever there are indications that a permanent impairment may have occurred. No impairment losses were recognized during the year ended December 31, 2022.

Unamortized costs
Certain Properties incurred costs including California Tax Credit Allocation (TCAC) monitoring fees which are being amortized over 10-15 year terms using the straight-line method.

Debt issuance costs
The Corporation or Properties are subject to the provisions of the Interest-Imputation of Interest topic of the FASB ASC 835-30 which requires unamortized debt issuance costs to be presented as a reduction of the outstanding debt and the amortization of the debt issuance costs to be presented as a component of interest expense. Debt issuance costs are amortized on a straight-line basis or effective interest method over the term of the loans.

Mortgages and notes payable (deferred)
The Corporation and Properties have obtained financing which do not typically require payments unless the Properties cease to provide affordable housing or fail meet other requirements in the loan agreements. Payments if required are due at maturity or annually in the event of positive residual receipts as stated in the loan agreements. These loans are presented as deferred on the consolidated statements of activities.

Contingent interest
Certain Properties do not record contingent interest due on certain notes payable as the Corporation anticipates it will be forgiven upon loan maturity.

Contributions
Syndication costs incurred in connection with generating contributions of the non-controlling interests are reported net of syndication costs for financial reporting purposes. 15 HOLLYWOOD COMMUNITY HOUSING CORPORATION
(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 2022
Rental income
The Properties' rental income is recognized as rents become due. Rental payments received in advance are deferred until earned. All leases between the Properties and the residents of the property are operating leases under FASB ASC 842 and are not within the scope of FASB ASU 2014-09.

Management fee income
The Corporation's management fee income is earned based on the terms as outlined in the management agreements between HCHC and various properties. Management fees are typically paid by various properties one month in arrears.

Grant revenue
Grants that the Corporation receives from various government and nongovernmental agencies have long-term compliance requirements. The Corporation intends to fulfill the compliance requirements as part of its mission. The amounts received are recognized as revenue in the period that the compliance requirements are met.

Contributions and donations
Contributions and donations that the Corporation receives, including unconditional promises to give, are recognized in the period received or made, in accordance with FASB ASC 958-605 under the Revenue Recognition of Contributions Receivable topic.

Developer fee revenue
The Corporation earns developer fees primarily for orchestrating the financing and construction of affordable housing, generally in its capacity as general partner or managing member of various real estate partnerships and limited liability companies. Fees are recognized based on completion of various phases of the property representing its performance obligations, as specified in the respective agreements. Certain fees are deferred and payable from the properties' future available operating cash flow. In accordance with FASB ASC 606, an allowance should be established to reserve against balances determined to be uncollectible. However, the receivable balances are eliminated as intercompany transactions, and the difference is considered to not be material to the consolidated financial statements.

Advertising costs
The Properties' advertising costs are expensed as incurred and are included in administrative expenses in the consolidated statement of activities.

Property taxes
The Properties are generally exempt from property taxes on residential property. If property taxes are not exempt, they are expensed in the year of the lien on the property such that twelve months of expense are charged to operations each year.
16 HOLLYWOOD COMMUNITY HOUSING CORPORATION
(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 2022
Investment in partnerships
The Corporation does not consolidate the accounts and activities of certain Properties it considers equity investments. The Corporation has determined that it is unable to exercise significant influence of the limited liability entities under FASB ASC 958-810. The Corporation accounts for its equity investments in accordance with the equity method of accounting, under which the equity investment is carried at cost and is adjusted for the Corporation's share of net income or loss and by cash distributions received. Equity in loss of each equity investment allocated to the Corporation is recognized to the extent of the Corporation's equity investment balance. Previously unrecognized equity in loss is recognized in the year in which equity in income is earned by such equity investment or additional investment is made by the Corporation. Distributions received subsequent to the elimination of an equity investment balance will be recorded as other income. Advances and additional capital contributions will be recorded as additional equity investments if they occur. The Corporation assesses the carrying value of its equity investments whenever there are indications that a permanent impairment may have occurred. No impairment losses were recognized during the year ended December 31, 2022.

Unamortized costs
Certain Properties incurred costs including California Tax Credit Allocation (TCAC) monitoring fees which are being amortized over 10-15 year terms using the straight-line method.

Debt issuance costs
The Corporation or Properties are subject to the provisions of the Interest-Imputation of Interest topic of the FASB ASC 835-30 which requires unamortized debt issuance costs to be presented as a reduction of the outstanding debt and the amortization of the debt issuance costs to be presented as a component of interest expense. Debt issuance costs are amortized on a straight-line basis or effective interest method over the term of the loans.

Mortgages and notes payable (deferred)
The Corporation and Properties have obtained financing which do not typically require payments unless the Properties cease to provide affordable housing or fail meet other requirements in the loan agreements. Payments if required are due at maturity or annually in the event of positive residual receipts as stated in the loan agreements. These loans are presented as deferred on the consolidated statements of activities.

Contingent interest
Certain Properties do not record contingent interest due on certain notes payable as the Corporation anticipates it will be forgiven upon loan maturity.

Contributions
Syndication costs incurred in connection with generating contributions of the non-controlling interests are reported net of syndication costs for financial reporting purposes. 15 HOLLYWOOD COMMUNITY HOUSING CORPORATION
(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 2022
Rental income
The Properties' rental income is recognized as rents become due. Rental payments received in advance are deferred until earned. All leases between the Properties and the residents of the property are operating leases under FASB ASC 842 and are not within the scope of FASB ASU 2014-09.

Management fee income
The Corporation's management fee income is earned based on the terms as outlined in the management agreements between HCHC and various properties. Management fees are typically paid by various properties one month in arrears.

Grant revenue
Grants that the Corporation receives from various government and nongovernmental agencies have long-term compliance requirements. The Corporation intends to fulfill the compliance requirements as part of its mission. The amounts received are recognized as revenue in the period that the compliance requirements are met.

Contributions and donations
Contributions and donations that the Corporation receives, including unconditional promises to give, are recognized in the period received or made, in accordance with FASB ASC 958-605 under the Revenue Recognition of Contributions Receivable topic.

Developer fee revenue
The Corporation earns developer fees primarily for orchestrating the financing and construction of affordable housing, generally in its capacity as general partner or managing member of various real estate partnerships and limited liability companies. Fees are recognized based on completion of various phases of the property representing its performance obligations, as specified in the respective agreements. Certain fees are deferred and payable from the properties' future available operating cash flow. In accordance with FASB ASC 606, an allowance should be established to reserve against balances determined to be uncollectible. However, the receivable balances are eliminated as intercompany transactions, and the difference is considered to not be material to the consolidated financial statements.

Advertising costs
The Properties' advertising costs are expensed as incurred and are included in administrative expenses in the consolidated statement of activities.

Property taxes
The Properties are generally exempt from property taxes on residential property. If property taxes are not exempt, they are expensed in the year of the lien on the property such that twelve months of expense are charged to operations each year.
16 HOLLYWOOD COMMUNITY HOUSING CORPORATION
(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 2022
Functional allocation of expenses
The Corporation's program is to provide affordable housing and those costs have been summarized on a functional basis in the table below. Management and general expenses include those expenses that are not directly identifiable with any other specific function but provide for the overall support and direction of the Corporation.

Concentration of credit risk
The Corporation maintains various cash balances at one financial institution. The balances in the accounts are insured by the Federal Deposit Insurance Corporation up to $250,000. From time to time during the period, the cash balances held at the institution exceeded the FDIC Insurance Limit. Management monitors the financial strength ratings of the institution on a periodic basis.

The Corporation's operations are concentrated in the multifamily real estate market. In addition, the Corporation operates in a heavily regulated environment. The operations of the Corporation are subject to the administrative directives, rules and regulations of federal, state, and local regulatory agencies, including, but not limited to, HUD. Such administrative directives, rules and regulations are subject to change by an act of Congress or an administrative change mandated by regulatory bodies. Such changes may occur with little notice or inadequate funding to pay for the related cost, including the additional administrative burden, if any, to comply with a change.

Use of estimates in the preparation of consolidated financial statements The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Subtotal
Housing Housing Resident Program Management
Operations Development Services Services and General Fundraising Total Administration $ 1,732,546 $ 118,232 $ 69,649 $ 1,920,427 $ 83,299 $ 26,821 $ 2,030,547 Management fees 637,798 - - 637,798 - - 637,798
Salaries and benefits 3,264,917 596,221 351,226 4,212,364 420,059 135,253 4,767,676 Utilities 1,566,705 2,768 1,631 1,571,104 1,951 628 1,573,683 Repairs and
maintenance 3,191,472 3,590 2,115 3,197,177 2,530 814 3,200,521 Taxes and insurance 736,646 12,142 7,153 755,941 8,555 2,754 767,250 Interest expense 5,373,286 21,568 12,705 5,407,559 15,195 4,893 5,427,647 Depreciation
and amortization 8,585,048 12,768 7,521 8,605,337 8,996 2,896 8,617,229 Other entity expense 69,785 - - 69,785 - - 69,785
$ 767,289 25,158,203 $ $ 26,377,492 452,000 $ $ 540,585 $ 174,059 $ 27,092,136 Program Services
17 HOLLYWOOD COMMUNITY HOUSING CORPORATION
(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 2022
Accounting for uncertainty in income taxes
The Corporation is exempt from federal income tax under Section 501(c)(3) of the Internal Revenue Code and state income tax and has been classified as other than a private foundation.

Accordingly, no provision for federal and state taxes on revenue and income has been recognized in the accompanying financial statements.

Even though the Corporation is recognized as tax exempt, it still may be liable for tax on its unrelated business income ("UBI"). The Corporation evaluates uncertain tax positions through its review of the sources of income to identify UBI and certain other matters, including those which may affect its tax-exempt status. The effect of the uncertainty would be recorded if the outcome was considered probable and reasonably estimable. As of December 31, 2022, the Corporation had no uncertain tax positions requiring accrual.

Several of the Properties are treated as pass-through entities for income tax purposes and, as such, are not subject to income taxes. Rather, all items of taxable income, deductions and tax credits are passed through to and are reported by their owners on their respective income tax returns. These entities' federal tax statuses as pass-through entities are based on their legal status as limited partnerships and limited liability companies. Accordingly, these entities are not required to take any tax positions in order to qualify as pass-through entities. These entities are required to file and do file tax returns with the Internal Revenue Service and other taxing authorities.

Accordingly, these Consolidated Financial Statements do not reflect a provision for income taxes and these entities have no other tax positions which they must consider for disclosure. There has been no interest or penalties recognized in the consolidated statement of activities or Consolidated Statement of Financial Position for the year ended December 31, 2022. Generally, the federal and state returns are subject to examination for three years after the later of the original or extended due date or the date filed with the applicable tax authorities.

Fair value
The Corporation is subject to the provisions of the Fair Value Measurement topic of the FASB ASC 820-10 which provides guidance for assets and liabilities which are required to be measured at fair value and requires expanded disclosure for fair value measurement. The standard clarifies the principle that fair value should be based on the assumptions that market participants would use when pricing the asset or liability and establishes the following fair value hierarchy:

Level 1 - Inputs utilize quoted prices in active markets for identical assets or liabilities that the Corporation has the ability to access;
Level 2 - Inputs may include quoted prices for similar assets or liabilities in active markets; and
Level 3 - Unobservable inputs for the asset or liability based on the best available information.

Subsequent events
Management performed an evaluation of the Corporation's activity through June 20, 2023, the audit report date, and has concluded that there are no significant subsequent events requiring disclosure through the date these consolidated financial statements were available to be issued except as disclosed in Notes 6 and 10.
18 HOLLYWOOD COMMUNITY HOUSING CORPORATION
(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 2022
NOTE 2-RESTRICTED CASH
The Properties have various cash balances which are segregated and restricted and consist of resident security deposits, replacement reserves, interest reserves, operating reserves, and other reserves which are required to be maintained by various operating, regulatory, or lending agreements. The Properties' designated restricted cash balances held as of December 31, 2022, consisted of the following:

Operating reserves $ 3,635,462
Replacement reserves 3,602,303
Security deposits 915,601
Construction reserves 897,184
Other reserves 1,898,930
$ 10,949,480
NOTE 3-LIQUIDITY AND AVAILABILITY OF FINANCIAL ASSETS
The Corporation manages its liquidity by providing sufficient funds for general expenditures in meeting liabilities and other obligations as they become due and maintains cash and cash equivalents that may be drawn upon as needed during the year to manage cash flow and make necessary expenditures. The Corporation's cash and cash equivalents is available within one year of the statement of financial position date to meet cash needs for general expenditures. The Corporation's available financial assets as of December 31, 2022, consisted of the following:

Cash and cash equivalents $ 7,636,526
Receivables 1,332,450
Less: board designated cash ( 1,040,400)
Less: net assets with use restrictions ( 314,490)
$ 7,614,086
The board of directors designates 3 months of budgeted operating expenses as an operation reserve. The Properties' restricted cash may also be drawn upon in the event of financial distress, to make improvements to the properties or an immediate liquidity need resulting from events outside the typical life cycle of converting financial assets to cash or settling financial liabilities. In addition, the Corporation maintains a line of credit for additional liquidity.

NOTE 4-INVESTMENTS IN UNCONSOLIDATED PARTNERSHIPS
The Corporation and its affiliates hold investments in limited partnerships that are not consolidated.

Each partnership is a California limited partnership organized for the purpose of developing and operating low-income housing. As a general partner in the partnerships, the Corporation is contingently liable for the obligations of the partnerships. Pursuant to the terms of the partnership agreements, limited partners are responsible only for initial capital contributions. As a result, the Corporation may be required to arrange for additional funds related to the rehabilitation or operating needs of the partnerships.
19 HOLLYWOOD COMMUNITY HOUSING CORPORATION
(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 2022
The following is a summary of the financial information of Corporation's equity interest in limited partnerships not controlled by the Corporation and accounted for in accordance with the equity method:

Income HCHC
Entity Assets Liabilities (Loss) Equity
La Brea Franklin, LP $ 2,294,228 $ 7,795,588 $( 279,061) -0- Palm Vista, LP 32,283,530 29,254,727 432 -0-
Western Carlton Apartments, LP 6,391,869 5,472,237 45,398 -0- Western Carlton II, LP 8,114,712 8,631,547 ( 362,109) -0- Venice Dell, LP 2,588,902 2,588,902 -0- -0-
NOTE 5-UNAMORTIZED COSTS
Certain Properties incurred costs including California Tax Credit Allocation (TCAC) monitoring fees which are being amortized over 10-15 year terms using the straight-line method.

NOTE 6-MORTGAGES AND NOTES PAYABLE
HCHC Notes
Note payable to Union Bank in the original amount of $500,000. The note bears interest at the reference rate plus 0.5% per annum and matures June 2023. Interest only payments are required monthly. $ -
Note payable to Wells Fargo in the original amount of $500,000. The note was amended in 2021, bears simple interest at 2% per annum and matures December 2027. Interest only payments are required quarterly through April 2026. Thereafter, quarterly principal payments of $62,500 are required in addition to interest payments. $ 500,000
Note payable to City of Los Angeles Housing Department (HCIDLA) in the original amount of $3,132,000. The note bears simple interest at 5% per annum and matures November 2061. Annual payments are due from residual receipts, as defined. The note is secured by a deed of trust on the real property and assignment of rents. $ 3,132,000
Note payable to the City of Los Angeles in the original amount of $1,113,875. The note bears simple interest at 5% per annum and matures October 2030. Annual payments are due from residual receipts, as defined.

The note is secured by a deed of trust on the real property. $ 1,113,875 Note payable to the City of Los Angeles in the original amount of $1,240,715. The note bears simple interest at 5% per annum and matures November 2038. Annual payments are due from 77.54% of residual receipts, as defined. The note is secured by a deed of trust on the real property. $ 1,190,715
20 HOLLYWOOD COMMUNITY HOUSING CORPORATION
(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 2022
Note payable to City National Bank in the original amount of $400,000. The note is non-interest bearing and matures November 15, 2072. Unpaid amounts are due at the maturity date. The note is secured by a deed of trust on the real property. $ 400,000
Note payable to City National Bank in the original amount of $480,000. The note is non-interest bearing and matures December 16, 2071. Unpaid amounts are due at the maturity date. The note is secured by a deed of trust on the real property. $ 480,000
Note payable to City National Bank in the original amount of $890,000. The note is non-interest bearing and matures July 1, 2036. Unpaid amounts are due at the maturity date. The note is secured by a deed of trust on the real property. $ 890,000
Note payable to Bank of America in the original amount of $530,000. The note is non-interest bearing and matures December 1, 2074. Unpaid amounts are due at the maturity date. The note is secured by a deed of trust on real property. $ 530,000
Note payable to Nonprofit Finance Fund in the original amount of $1,500,000. The note bears simple interest at 5.50% per annum and matures December 22, 2023. $ 1,500,000
Principal payments for the next five year and thereafter are approximately as follows:
2023 $ 1,500,000
2024 -
2025 -
2026 187,500
2027 312,500
Thereafter 7,736,590
$ 9,736,590
Debt issuance costs incurred by the Corporation through December 31, 2022 in connection with obtaining long term financing totaled $15,000. Amortization expense for the year ended December 31, 2022, totaled $5,000 and is included in interest on the statement of activities. Accumulated amortization at December 31, 2022 totaled $10,000.

Wholly Owned Entities Notes
Note payable to the City of Los Angeles (Orchard Gables) in the original amount of $1,910,915. The note bears simple interest at 3% per annum and matures January 2031. If the property continues to operate in accordance with the loan agreement, as defined, the lender forgives 5% of any unpaid principal and interest. This determination is made on an annual basis. The note is secured by a deed of trust on the real property. $ 856,763 21 HOLLYWOOD COMMUNITY HOUSING CORPORATION
(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 2022
Note payable to the City of Los Angeles (Argyle Court) in the original amount of $437,479. The note bears simple interest at 5% per annum and is subject to interest forgiveness at the end of the loan term. The note matures March 2037 or at the time of sale or refinance. The Partnership is required to make annual payments from residual receipts, as defined. The note is secured by a deed of trust on real property. $ 435,498
Note payable to the City of Los Angeles (Argyle Court) in the original amount of $1,200,000. The note is non-interest bearing and matures March 2037 or at the time of sale or refinance. The Partnership is required to make annual payments from residual receipts, as defined. The note is secured by a deed of trust on the real property. $ 1,200,000
Note payable to the City of Los Angeles (Argyle Court) in the original amount of $135,000. The note is non-interest bearing and matures at the time of sale or refinance. The Partnership is required to make annual payments from residual receipts, as defined. The note is secured by a deed of trust on the real property. $ 135,000
Six amortizing notes payable to various lenders at differing amounts. The notes bear interest ranging from 4.09% to 8.45% per annum and have maturity dates ranging from August 2024 to May 2035. The notes are secured by deeds of trust on real property. $ 5,640,649 Eighteen non-amortizing notes payable to various lenders at differing amounts. The notes bear interest ranging from zero to 5.96% per annum and have maturity dates ranging from August 2028 to April 2061. Principal and interest payments from residual receipts are required, as defined. The notes are secured by deeds of trust on real property. $ 22,675,701 Two non-amortizing notes payable to HUD under Section 811 of the Housing Act in the original amount of $3,514,300. The notes are non-interest bearing. Notes are subject to loan forgiveness if the properties continue to operate in accordance with the loan agreements. $ 3,514,300 Five non-amortizing notes payable to various lenders at differing amounts.

The notes bear interest ranging from zero to 5% per annum and have maturity dates ranging from April 2031 to December 2043. Principal and interest payments from residual receipts are required, as defined. The notes are secured by deeds of trust on real property. $ 2,712,290 Two notes payable to Century Housing Corporation (Walnut Park) in the original amount of $3,500,000 and $1,500,000. The notes bear compound interest at the LIBOR rate + 4% with a minimum rate of 6.5% per annum due monthly. The notes mature April 30, 2023 after extension at which date an unpaid principal and interest are due. Subsequent to December 31, 2022, the loan was paid in full with other permanent financing sources. $ 4,956,607 22 HOLLYWOOD COMMUNITY HOUSING CORPORATION
(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 2022
Note payable to Century Housing Corporation (Peak Plaza) in the original amount of $6,375,000. The note bears compound interest at the SOFR rate + 4.5% with a minimum rate of 6% per annum due monthly. The note matures August 2024 at which date all unpaid principal and interest are due. $ 5,615,000
Note payable to Local Initiatives Support Corporation (Peak Plaza) in the original amount of $1,000,000. The note bears interest at a rate of 2.9% per annum due monthly. The note matures August 2024 at which date all unpaid principal and interest are due. $ 56,778
Note payable to Local Initiatives Support Corporation (Peak Plaza) in the original amount of $500,000. The note bears interest at a rate of 5.75% per annum due monthly. The note matures August 2024 at which date all unpaid principal and interest are due. $ 85,864
Principal payments for the next five year and thereafter after eliminations are approximately as follows:
2023 $ 5,533,934
2024 6,275,331
2025 321,257
2026 302,723
2027 3,546,937
Thereafter 31,904,268
$ 47,884,450
Controlled Limited Partnership Notes
Nine amortizing notes payable to various lenders at differing amounts. The notes bear interest ranging from 4.47% to 6.20% per annum and have maturity dates ranging from August 2030 to November 2054. The notes are secured by deeds of trust on real property. $ 18,335,641 Forty-four non-amortizing notes payable to various lenders at differing amounts. The notes bear interest ranging from zero to 6% per annum and have maturity dates ranging from December 2025 to April 2076. Principal and interest payments from residual receipts are required, as defined. The notes are secured by deeds of trust on real property. $ 124,288,566 Principal payments for the next five year and thereafter after eliminations are approximately as follows:
2023 $ 598,206
2024 621,907
2025 7,972,734
2026 689,924
2027 733,794
Thereafter 132,007,642
$ 142,624,207
23 HOLLYWOOD COMMUNITY HOUSING CORPORATION
(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 2022
NOTE 7-GRANT INCOME
The Corporation's affiliate HCHC Palm Vista IIG, LLC was awarded a $4,186,800 grant from the Infill Infrastructure Grant Program with Department of Housing and Community Development, a public agency of the State of California. At December 31, 2022, funds received totaled $3,640,603 which was utilized to fund a loan to Palm Vista, LP (see Note 8).

The Corporation's affiliate HCHC Luna Vista IIG, LLC was awarded a $3,407,000 grant from the Infill Infrastructure Grant Program with Department of Housing and Community Development, a public agency of the State of California. At December 31, 2022, no funds have been received.

NOTE 8-RELATED PARTIES
Development income
The Corporation provides services in connection with the development of various Properties. These contracts are at times subject to investor or regulatory agency approval and performance standards. For the year ended December 31, 2022, development fee revenue before eliminations totaled $660,000.

Management and partnership fee income
The Corporation provides services in connection with the management of various Properties. These contracts are at times subject to investor or regulatory agency approval and performance standards. For the year ended December 31, 2022, management fee revenue before eliminations totaled $568,732.

Palm Vista note receivable
The Corporation's affiliate HCHC Palm Vista IIG, LLC has executed a loan agreement with Palm Vista, LP in the maximum amount of $4,186,800, bearing no interest, and maturing in 57 years from issuance of certificates of occupancy (projected to be received in 2023). At December 31, 2022, funds loaned and receivable totaled $3,640,603.

NOTE 9-RETIREMENT PLAN
Employees of the Corporation may participate in an Internal Revenue Code section 403(b) retirement savings plan. The plan is funded solely by employee contributions to the plan, pursuant to a salary reduction agreement. All employee contributions are immediately vested.

On July 1, 2022, HCHC began 100% matching employees' contributions to their 403(b) funds, up to 3% of the employee's salary. Matching funds portion of the contributions vest over 3 years.

Employee participation in the program is 95% as of December 21, 2022. 24 HOLLYWOOD COMMUNITY HOUSING CORPORATION
(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 2022
NOTE 10-COMMITMENTS AND CONTINGENCIES
Guarantees
As general partner or managing member of various entities, the Corporation or affiliates have made certain guarantees. Guarantees typically include the following:
 To ensure the completion of project development and obtain permanent financing  To guaranty the reimbursement of investor limited partner in the event of tax credit recapture
 To lend funds to the partnership to fund any operating deficits during various terms outlined in partnership and debt agreements
As of December 31, 2022, the Corporation had ongoing development completion guaranty agreements on Luna Vista. The estimated development budget is $46.9 million, of which approximately $10 million were incurred as of December 31, 2022.

Litigation
The Corporation is subject to lawsuits and claims which arise out of the normal course of its activities. Management believes the disposition of any and all such actions of which it is aware will not have a material effect on the financial position or changes in net assets of the Corporation.

Low-income housing tax credits
Certain Properties received allocations of low-income housing tax credits. The awards of the lowincome housing tax credits are contingent on their ability to maintain compliance with applicable Internal Revenue Service tax credit regulations on an ongoing basis. Failure to maintain compliance with occupant eligibility, and/or unit gross rent, or to correct noncompliance within a specified time period, could result in recapture of previously taken tax credits. The Corporation or its affiliates, as the general partner, is responsible to ensure that the Properties satisfy such requirements as part of its guarantees, as defined in the partnership agreements.

Contingent interest
Three Properties (Dunning Apartments, St. Andrews Community, and Argyle Court) have loan and regulatory agreements with the City of Los Angeles which provide for possible forgiveness of interest at the end of the note's 40-year term in the event the fair market value of the property (as defined) exceeds the principal balance of the note plus all superior indebtedness secured against the property. Accordingly, interest on the notes have not been accrued in the accompanying consolidated financial statements because the future fair market value of the property at loan maturity is not expected to be sufficient. At December 31, 2022, the Corporation is contingently liable for the cumulative amount of unpaid interest that could be due on the note, which approximated $3,518,000, if the fair market value of the properties is sufficient at loan maturity.
25 HOLLYWOOD COMMUNITY HOUSING CORPORATION
(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 2022
The deferral provisions related to the accrual of interest expense discussed above, and as stipulated in the respective loan agreements remain in effect only as long as the properties are operated and maintained as low-income housing and the Properties comply with various other provisions of the agreements. In the event that the Properties are not maintained as low-income housing, or if there are other material violations of the loan agreements, the mortgage notes become due and payable.

Although this is a possibility, management deems the contingency remote and plans to meet the conditions as set forth in the provisions of the loan agreements. 26 HOLLYWOOD COMMUNITY HOUSING CORPORATION
(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)
HCHC Wholly Controlled
Corp. Owned Entities Eliminations TOTAL
Current assets
Cash, equivalents, and restricted cash
Cash $ 4,423,347 $ 1,374,566 $ 1,838,613 $ - $ 7,636,526 Restricted reserves 153,102 4,282,718 6,513,660 - 10,949,480 Total cash , equivalents,
and restricted cash 4,576,449 5,657,284 8,352,273 - 18,586,006 Resident receivables 1,562 163,193 545,034 - 709,789
Prepaid expenses 34,484 84,063 230,001 - 348,548
Total current assets 4,612,495 5,904,540 9,127,308 - 19,644,343 Property and equipment
Land - 12,942,556 29,727,153 - 42,669,709
Buildings and improvements 1,300,234 66,997,618 261,095,111 (11,383,105) 318,009,858 Furniture and equipment 413,245 1,390,434 3,746,908 - 5,550,587 Construction in progress 862 7,758,034 10,259,534 (844,959) 17,173,471 1,714,341 89,088,642 304,828,706 (12,228,064) 383,403,625 Less: Accumulated depreciation (716,140) (36,530,350) (36,867,159) 804,492 (73,309,157) Total property and equipment 998,201 52,558,292 267,961,547 (11,423,572) 310,094,468 Other assets
Developer fee receivable, non current 2,307,379 - - (2,307,379) - Grants and contracts receivable 267,732 - - - 267,732
Notes and other related party receivables 19,896,147 3,640,603 - (18,624,261) 4,912,489 Investments in partnerships 3,057,047 - - (3,057,047) - Unamortized costs, net - - 419,803 - 419,803
Right-of-use-asset - 36,772 - - 36,772
Other assets 10,000 23,581 35,220 - 68,801
Total other assets 25,538,305 3,700,956 455,023 (23,988,687) 5,705,597 $ 31,149,001 $ 62,163,788 $ 277,543,878 $ (35,412,259) $ 335,444,408

SUPPLEMENTARY INFORMATION
DECEMBER 31, 2022
ASSETS
27 HOLLYWOOD COMMUNITY HOUSING CORPORATION
(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)
HCHC Wholly Controlled
Corp. Owned Entities Eliminations TOTAL
Current liabilities
Accounts payable and accrued expenses $ 198,861 $ 391,326 $ 878,011 $ (139,756) $ 1,328,442 Prepaid revenue 11,501 145,375 100,751 - 257,627
Accrued interest - current - 174,214 441,851 - 616,065
Mortgages and notes payable -
current maturities 1,500,000 5,533,934 598,206 - 7,632,140 Total current liabilities 1,710,362 6,244,849 2,018,819 (139,756) 9,834,274 Deposit liabilities
Security deposits 6,000 312,979 553,356 - 872,335
Long term liabilities
Mortgages and notes payable, net
of current maturities - 6,190,085 17,737,435 - 23,927,520 Mortgages and notes payable (deferred) 8,236,590 38,465,021 134,406,485 (12,422,509) 168,685,587 Less: Unamortized debt issuance costs (5,000) (113,267) (1,140,473) - (1,258,740) Due to affiliates - long-term - 4,715,592 1,133,693 (5,828,181) 21,104 Accrued interest - long-term - 16,387,300 20,673,555 (1,119,356) 35,941,499 Developer fee payable - 51,385 2,319,739 (2,371,124) -
Total long term liabilities 8,231,590 65,696,116 175,130,434 (21,741,170) 227,316,970 Total liabilities 9,947,952 72,253,944 177,702,609 (21,880,926) 238,023,579 Net assets - without donor restrictions
Controlling interest 20,886,559 (10,090,156) 1,577,842 (13,531,333) (1,157,088) Non-controlling interest - - 98,263,427 - 98,263,427
Net Assets - with donor restrictions 314,490 - - - 314,490 Total net assets - without
donor restrictions 21,201,049 (10,090,156) 99,841,269 (13,531,333) 97,420,829 $ 31,149,001 $ 62,163,788 $ 277,543,878 $ (35,412,259) $ 335,444,408

SUPPLEMENTARY INFORMATION
DECEMBER 31, 2022

LIABILITIES AND NET ASSETS
28 HOLLYWOOD COMMUNITY HOUSING CORPORATION
(A CALIFORNIA NOT-FOR-PROFIT CORPORATION)
HCHC Wholly Controlled
Corp. Owned Entities Eliminations TOTAL
Revenues
Net rental income $ - $ 4,829,866 $ 8,440,168 $ - $ 13,270,034 Contribution income 281,201 - - - 281,201
Government contracts and grants 804,901 3,168,964 - - 3,973,865 Special events income 5,612 - - - 5,612
Development income 660,000 - - (660,000) -
Management and partnership fee income 568,732 - - (568,732) - Interest income, net 216,885 3,168 13,903 (214,235) 19,721 Investment income 8,159 - - (8,159) -
Other income 346,251 443,773 521,237 (164,994) 1,146,267 Total revenue 2,891,741 8,445,771 8,975,308 (1,616,120) 18,696,700 Operating expenses
Administration 501,822 600,945 1,092,774 (164,994) 2,030,547 Management fees - 281,855 483,385 (127,442) 637,798
Salaries and benefits 2,530,591 843,174 1,393,911 - 4,767,676 Utilities 11,751 587,761 974,171 - 1,573,683
Repairs and maintenance 15,237 1,410,360 1,774,924 - 3,200,521 Taxes and insurance 51,535 248,727 466,988 - 767,250
Total operating expenses 3,110,936 3,972,822 6,186,153 (292,436) 12,977,475 Income (loss) from operations before
debt maintenance and other expenses (219,195) 4,472,949 2,789,155 (1,323,684) 5,719,225 Debt maintenance
Interest expense 91,542 1,289,553 4,226,898 (180,346) 5,427,647 Total debt maintenance 91,542 1,289,553 4,226,898 (180,346) 5,427,647 Income (loss) from operations before
other expenses (310,737) 3,183,396 (1,437,743) (1,143,338) 291,578 Other expenses
Depreciation and amortization 54,192 1,654,750 7,598,496 (690,209) 8,617,229 Other entity expenses - 241,539 216,589 (388,343) 69,785 Total other expenses 54,192 1,896,289 7,815,085 (1,078,552) 8,687,014 Change in net assets $ (364,929) $ 1,287,107 $ (9,252,828) $ (64,786) $ (8,395,436)

SUPPLEMENTARY INFORMATION
YEAR ENDED DECEMBER 31, 2022

STATEMENTS OF ACTIVITIES
29 This Page
Intentionally
Left Blank
Appendix H
Supportive Services Plan,
TPC Letter of Commitment,
Supportive Services Budget
& DHS Funding Commitment
Suppor�ve Services Plan
The People Concern (TPC) will serve as the lead suppor�ve service provider for Hollywood Community Housing Corpora�on’s proposed housing development located at 1217 Euclid Street, Santa Monica, CA 90404, 1211 14th Street, Santa Monica, CA 90404, and 1146 16th Street, Santa Monica, CA 90403. The proposed development will include 130 units of housing, with 40 units set aside as permanent suppor�ve housing (PSH) for people experiencing homelessness. TPC will serve as the lead suppor�ve service provider for 40 PSH units.

The residents of the project will receive intensive services they require, especially in the areas of mental health, substance abuse, health care. TPC will administer intensive services including case management, mental health services, crisis interven�on, individual therapy, rehabilita�on and therapeu�c groups, substance abuse services, and referrals to other services, if appropriate. All services will be voluntary.

Services:
• Life Skills Educa�on: The People Concern staff will provide comprehensive services including money management and socializa�on. Tenants will be provided the necessary life skills needed to pay rent on �me, be a good neighbor, and provide proper care for their unit, which are the common requirements for all rental housing and increases chances of successful tenancy. • Case management: Both prior to and a�er placement, tenants are assessed at regular intervals for their level of care needs using various psychosocial assessment tools. These assessments will determine the frequency of visits each tenant will need as well as provide baseline data to monitor stability. Tenants that are ini�ally placed into permanent housing may need to be visited three to four �mes a week by their case manager. As clients become more stable, the frequency of visits may decrease if appropriate.

In order to keep tenants housed who remain high acuity, case management services will remain intensive. In addi�on to helping clients with day-to-day needs and providing linkages to other forms of care, Case Managers will help with logis�cal challenges such as security deposits, furnishings, and assistance with move in funds.
• Individualized Service Plan: Case Managers will work with clients to assess which services will benefit the resident and to recommend par�cipa�on. Case managers will help each resident set goals specific to their situa�on, making them aware of all that is available to them and crea�ng a plan to achieve those goals. Each par�cipant will agree to receive suppor�ve services based on their individualized service needs as outlined in individualized service plans; in this way, tenants can remain successful in housing. • Mental Health Care: Comprehensive mental health care is provide through The People Concern’s onsite clinician. These individuals conduct assessments to all clients and provide individual psychotherapy when necessary. A number of wellness groups on specific topics are facilitated on-site. The People Concern mental staff are available for crisis interven�on, as well as consulta�on around client issues to nonclinical staff of the program. In the first weeks and months a�er a client moves into permanent housing, they benefit from increased contact with the case manager, clinician, and other care providers through home visits in an effort to provide adequate assistance needed to make the transi�on to more independence.
• Substance Use Services: The People Concern employs a Harm Reduc�on approach for clients living with substance addic�on, wherein TPC con�nues to work with clients while assis�ng them to receive treatment. The People Concern’s Wellness Program provides an array of groups and workshops designed to give clients the skills they need to begin to look at their substance addic�on, and over �me, to begin steps toward decreasing their substance use. Referrals to residen�al treatment facili�es are available when necessary.
• Housing Outplacement: The People Concern will research and provide linkages and advocacy for poten�al outplacements should they become an appropriate alterna�ve for a resident because they either require a higher level of care (i.e., residen�al treatment facility or hospital) or because permanent suppor�ve housing is no longer required (i.e., other affordable housing or market rate housing more atrac�ve to or more suitable for the individual becomes available). Such considera�ons will be a part of rou�ne case management.
• Medica�on Management: Case Managers are trained to provide assistance with maintaining medica�on regimen and will coordinate with medical team to ensure a stable rou�ne, as well as ensuring the pa�ent understands the importance of their medica�on and any side effects. • Peer Advocate Services: The People Concern uses peer support to enhance services and more effec�vely engage the tenants within specific programs. The People Concern has a strong commitment to support posi�ve peer influences. Visits from alumni may be part of the monthly programming coordinated by the Resident Service Coordinator. Peer support is necessary as shared experiences and understanding provide individuals with support and advocacy. • Benefits Assistance: Each resident will be assessed for an eligibility for benefits which they may not yet be receiving. Tenants are re-assessed regularly for eligibility in benefits programs. All poten�ally eligible tenants receive hands on assistance with enrollment, such as obtaining and compiling documents, and with transporta�on to appointments as needed.
• Social and Recrea�onal Ac�vi�es: All housed par�cipants are strongly encouraged to atend monthly community mee�ngs where speakers present on a variety of tenant educa�on topics. To encourage par�cipa�on, raffles are also held for household items. In addi�on to the community mee�ngs, case managers work to fully integrate tenants into the communi�es for which they are now housed by providing linkages to meaningful produc�ve ac�vi�es within their areas. The People Concern also leverages its large volunteer network for groups to facilitate ac�vi�es such as bingo and barbecues onsite. • Atendant care: The People Concern will work with In Home Suppor�ve Services (IHSS) so that residents who may need it can get appropriate care and remain in their own homes. As a part of Case Management, the TPC links residents with higher levels of care such as this when necessary. • Representa�ve Payee - The People Concern will provide a .2 FTE representa�ve payee on-site. The People Concern has extensive experience ac�ng in this role, including both interfacing with the Social Security Administra�on and in helping high acuity clients to manage their money effec�vely.

Culturally Competent Services
The People Concern staff receive training on cultural competencies, including an understanding of how cultural differences impact tenant care, and ways in which services can be adapted to meet cultural needs. Addi�onally, they are trained in diversity, interpersonal skills, conflict resolu�on, and effec�ve cross cultural communica�on. TPC staff are also skilled at using people-first language, including harm reduc�on language (not referring to the tenants by their disability), styles of verbal communica�on, writen communica�on, and non-verbal communica�on. Case Managers and others work to iden�fy transla�on services as needed, including by facilita�ng communica�on between the property manager and the non-English speaking tenants. The People Concern provides suppor�ve services in permanent suppor�ve housing to over 1,000 individuals throughout Los Angeles County and serves persons from diverse cultural backgrounds. 20% of The People Concern staff were formerly homeless or in recovery themselves, and a large por�on are bilingual. To foster understanding and promote diversity, staff also plan to hold various cultural events for tenants throughout the year. The People Concern also focuses on training staff on Diversity, Equity and Inclusion in the work place.

Addi�onally, staff will be trained on specific issues related to this popula�on, including understand the effects of an individual’s culture and beliefs on their interac�on with the health care system. The needs of adults experiencing homelessness and chronical homelessness specifically, will be addressed in a culturally competent and sensi�ve manner. Ensuring that staff understand cultural influences, will ensure that clients have good experiences with all services for which they are connected.

Case Managers:

The People Concern staff provide intensive case management services to each tenant. This includes the development of a rela�onship for staff and tenant to work towards resolu�ons of any challenges or barriers that may prevent stability in housing. The People Concern staff take both a Harm Reduc�on approach along with a "whatever it takes" approach to suppor�ve services. The long term goal of case management services is to enable tenants to become as stable and independent in housing as possible.

The case manager will conduct a psychosocial assessment to determine areas of greatest need as well as strengths. This includes help with ac�vi�es of daily living, mental health needs, self-management of symptoms, substance use issues, primary medical care needs, educa�onal and employment goals, benefits establishment, and planning leisure ac�vi�es. The case manager takes an ac�ve role in ensuring the client is successful in accessing services in each of these areas, interfacing with other on-site staff or facilita�ng transporta�on to off-site services. Also, the case manager will ensure linkage to appropriate off site referrals including but not limited to mental health and substance abuse services, paren�ng skills training, and family reunifica�on support if appropriate.

Individualized Service Plans
At �me of lease up, tenants will meet with the onsite case manager within 72 hours. During this mee�ng, the case manager will work with the tenant to complete an Ini�al Assessment and develop an Individualized Service Plan. Through this process the case manager will assist tenants in iden�fying their individual priority needs such as medical care, mental health care, stable income, educa�on/voca�onal training, independent living skills, and other suppor�ve services. Case Managers will meet frequently with each tenant to address any barriers to stable housing and document progress. Some tenants many need to be seen daily when first transi�oning into housing, decreasing intensity as they increase housing stability. Individualized Service Plans will be updated quarterly in order to ensure that the tenant is par�cipa�ng in goal se�ng and that the goals are being achieved. Residen�al services mee�ngs will take place bi-weekly in order that case managers receive input from other residen�al staff regarding progress and/or areas of concern. During these mee�ng, staff will look at updated assessment data as well as milestones achieved from stated goals in order to determine outcomes and iden�fy when addi�onal services are indicated.

Available Hours of Service:

The People Concern will provide two Case Managers, are full-�me employees who will be onsite 40 hours per week. The staff will be supervised by a Program Manager that will have a master’s degree and have experience with the special needs popula�on. These staff will work Monday through Friday with some evening hours when necessary in order to accommodate tenants that may be employed. These hours may also fluctuate depending on the events and schedules of residents. Suppor�ve services coordinated by the Case Manager can be scheduled on demand as well as through appointment. Many special events will take place, including holiday celebra�ons, and community building ac�vi�es. Case Managers will also help tenants schedule appointment to offsite providers, arranging transporta�on when necessary and ensuring easy access, adjus�ng their own schedule if necessary. All services will be available predominately during regular business hours. In addi�on, staff will be available 24/7 for crisis interven�on. A designated line will be established to reach an on-call crisis interven�on staff member for a�erhours emergencies
Transporta�on:

Clients will be provided with bus tokens as needed to make all scheduled appointments. The People Concern staff are available to take clients to appointment as part of their transi�onal services. In addi�on, case managers will u�lize public transporta�on with tenants as a means of u�lizing engagement, life skill, and case management techniques with tenants to further ensure successful tenancy. At �mes, Ly� may also be used to ensure that tenants make all medical appointments scheduled. Staff will determine most appropriate means of transporta�on during case management sessions.

Reasonable Accommoda�on:

The People Concern staff will offer tenants help in reques�ng reasonable accommoda�ons for all of its programs and services so that they are equally accessible and beneficial to individuals with disabili�es.

Service delivery will also keep in mind special needs such as recep�ve and expressive language limita�ons, visual and hearing limita�ons, reading and wri�ng limita�ons and will accommodate through interpreters and Braille literature, etc. as needed.

TPC staff are skilled and experienced in providing assistance to applicants in reques�ng and naviga�ng the reasonable accommoda�ons procedure, both internally and externally, with such en��es as housing authori�es and property management. Staff are trained to understand the differences between property reasonable accommoda�ons versus external reasonable accommoda�ons. These processes are reviewed at least once per year.

Evic�on Policies:

Evic�on Preven�on services are provided using a team approach that involves The People Concern case manager with assistance from their supervisors. If rehabilita�ve services are needed out of the home during periods of crisis, staff will assess and place tenants in one of The People Concern’s respite beds, hospital, community treatment facility or rehabilita�on center un�l stability is regained. During this �me, tenants will be provided assistance with paying their rent to retain their housing while addressing their medical, substance abuse, physical or mental health issue. Landlord/tenant media�on will be provided as well. Should reloca�on be warranted, par�cipants who wish to move out of the jurisdic�on will be assisted by obtaining an alterna�ve housing plan to connect tenants with housing and suppor�ve services in the area of reloca�on. Evic�ons will only be ini�ated as a last resort where there is documented evidence of a serious lease viola�on. The People Concern staff will work collabora�vely with property management staff to be sensi�ve to the needs of the tenants and make every effort to keep the resident in housing. At ini�al lease up, tenants will develop a housing reten�on plan as part of their individualized service plans, and will work with The People Concern case management staff to update this plan quarterly. In the event that a behavioral or health and safety viola�on occurs, a behavioral contract and improvement plan will be tailored to encourage posi�ve engagement and prevent future infrac�ons, and will be coordinated with the resident, their case manager, the property manager. For cases of nonpayment of rent, The People Concern staff will assist tenants to work with property management to resolve the issue, and will have the op�on to agree to a rent payment program as well as enrolling in a money management program if late payment of rent becomes a patern. The People Concern staff can also refer residents to services agencies who may provide assistance.

In addi�on, The People Concern adheres to a 4-Step Housing Reten�on Procedure that is intended to support tenants to successfully maintain housing. One part of maintaining housing is helping tenants adhere to the guidelines of lease contract. When the Services and property management team becomes aware that a viola�on of the lease has occurred, they will offer support according to the 4-Step Housing Reten�on Procedure outlined below.

1. First incident: Step One
a. The Property Manager and Case Manager will provide verbal warning to the client informing them of the problem iden�fied or observed.
b. The Property Manager will discuss expecta�ons for change in order to prevent a writen warning no�ce.
c. The Case Manager will support client in discussing available supports and referrals to target the iden�fied issue or problem and support housing reten�on. d. Team will communicate understanding for �meline for scheduling mee�ng to discuss Step Two writen no�ce or review successful resolu�on of situa�on or problem.

2. Second incident: Step Two
a. The Property Manager will generate a writen warning no�ce / lease viola�on according to their company policies.
b. The Property Manager and Case Manager will present the writen no�ce to the client and reiterate the problem iden�fied or observed and how it violates the terms of the lease.
c. The Property Manager will discuss expecta�ons for change in order to prevent 3-day, 10- day, or 30-day perform (cure) or quit no�ce.
d. The Case Manager will support crea�on of a housing reten�on plan to address the issue or problem, support the client in iden�fying any barriers to carrying out the plan, and make updates, as needed.
e. Copy of reten�on plan will be shared with Property manager, if appropriate. f. Team will communicate understanding for �meline for scheduling mee�ng to discuss Step Three legal no�ce or review successful resolu�on of situa�on or problem.

3. Third incident:
a. The Property Manager will generate a -day, 10-day, or 30-day perform (cure) or quit no�ce according to their company policies.
b. The Property Manager and Case Manager will present the perform (cure) or quit no�ce to the client and reiterate the problem iden�fied or observed and how it violates the terms of the lease.
c. The Property Manager will discuss expecta�ons for change in order to prevent evic�on proceedings.
d. The Case Manager will review the reten�on plan to address the issue or problem, support the client in iden�fying any barriers to carrying out the plan, and make updates, as needed.
e. Copy of reten�on plan will be shared with Property manager, if appropriate. f. Team will communicate understanding for �meline for scheduling mee�ng to discuss Step Four evic�on proceedings or review successful resolu�on of situa�on or problem.

4. Fourth incident:
a. The Property Manager will provide updates to the Case Manager regarding legal proceedings to ini�ate evic�on.
b. The Case Manager will discuss op�ons with the client including par�cipa�ng in evic�on proceedings or writen relinquishment of unit.
c. Case Manager will support client in finding alterna�ve interim or permanent housing op�ons, as appropriate and available.

Outreach and Engagement with Applicants and Residents
The People Concern u�lizes the Asser�ve Community Treatment, or ACT model of early engagement.

ACT provides emo�onal and prac�cal support during the cri�cal �me of transi�on from street to home and strengthens the individual’s long-term �es to services, family and friends. Transi�oning to a new apartment and possibly a new community can be difficult to navigate when systems of care are fragmented and resources scarce. Regardless of popula�on, The People Concern staff is trained to u�lize a strength-based approach to assessing the tenant's established supports and resiliencies and build upon those founda�ons. The People Concern staff priori�zes early engagement by assis�ng the tenant with the difficult task of collec�on documenta�on, comple�ng applica�ons and atending appointments.

The services staff is trained in Trauma Informed Care, Harm Reduc�on principles and u�lizes the Stages of Change model and Mo�va�onal Interviewing to respect tenant choice and elicit change. Our Harm Reduc�on work focuses on decreasing the harmful consequences of problema�c use and works to address problema�c use from a trauma-focused or health-focused perspec�ve. The People Concern services team strives to bolster the tenant's internal and external resources and address the underlying issues regarding the use rather than focusing on the use itself. Addi�onally, our harm reduc�on strategies extend beyond substance use, and are applied to other areas such as mental health, medica�on compliance, money management and hoarding.

Tenants will be engaged in discussions regarding building opera�ons during monthly community mee�ngs. A sugges�on box will also all be place in a community space enabling tenants to make comments and sugges�on ways to improve the space in which they live. During these regular monthly mee�ngs, building staff will listen to tenants and address any sugges�ons or concerns. If building opera�on changes need to take place, building staff will first present changes to tenants and gather input.

Tenants will have access to client sa�sfac�on surveys that are model a�er the Home for Good guidelines.

These surveys will be easily accessible by clients and explore their perspec�ve on both the case management services they receive as well as their experience with property management and the building and community in which they reside. Staff will review results of the survey as a team and iden�fy areas of improvement. A sugges�on box will also all be place in a community space enabling tenants to make comments and sugges�on ways to improve the services. If services delivery changes are being planned, staff will first present changes to tenants and gather input. In addi�on, tenants will be made aware of grievance process at �me of intake. The upda�ng of individualized service plans on a quarterly basis will also present as an addi�onal opportunity for staff to obtain tenant par�cipa�on in service delivery.

Social and educa�onal programs will be developed and implemented by tenants, staff, and volunteers to foster community within the development and help tenants become comfortable with the service staff.

On-site ac�vi�es may include movie nights, game nights, reading groups and book clubs, spiritual groups, holiday celebra�ons, arts and cra�s, field trips, cooking classes and nutri�on counseling, AA/NA style mee�ngs, and a monthly tenant community mee�ng. The communal space in the building will help facilitate this programming. A monthly ac�vi�es calendar will be posted in a common area at the beginning of each month by the Resident Service Coordinator. Ac�vi�es will be open to all popula�ons in the building to help build cohesion. If tenants desire specialty ac�vi�es, these will be considered – for example, paren�ng classes. As services are planned and delivered, The People Concern staff will take into account the resources that are available in the larger community and assist tenants in re-integra�ng back in the community. Tenants will be informed about, and encouraged to par�cipate in, community events and services that are offered locally, in nearby recrea�onal centers, parks, libraries, schools, colleges, health centers and community centers. No�ces concerning special events in the neighborhood will be posted in prominent places on community bulle�n boards so tenants can inform themselves and take advantage of local opportuni�es. At the �me of move in, tenants will be made aware of what services, businesses, or ac�vi�es are available in their new community.

Measuring Outcomes
The People Concern will use an informa�on systems as required by funders, including an HMIS database to track tenant service and engagement, as well as to evaluate and measure outcomes data. Service systems to be tracked in HMIS include physical health, mental health, substance use, legal, educa�on, employment, on-site social/recrea�onal, and case management. Case managers will have read and write access to the system to document services provided and access client history. Project managers and directors across TPC access the system to monitor data quality and accuracy. The Director of Compliance and Evalua�on provides an addi�onal level of monitoring, technical assistance, and training to ensure data quality and the mee�ng of outputs and outcomes.

The tracking data will include frequency and �ming of service. The data will be collected from referring service providers, and recorded, compiled and analyzed by The People Concern staff in order to monitor tenant progress toward their goals. Service u�liza�on data of the tenants will be mapped against desired outcomes to determine progress and make mid-course changes in services as needed. Service u�liza�on data may be shared (while respec�ng tenants’ anonymity and confiden�ality) with appropriate external researchers in connec�on with ongoing efforts to measure the cost-effec�veness of suppor�ve housing.

Green Educa�on
Property management staff and the Resident Services Coordinator (RSC) will host events for all residents to inform them of the building’s green features, the importance of resource conserva�on, and to help them save money and support environmental sustainability. Topics include green cleaning products, recycling, healthy meals, healthy living choices, and u�li�es use. These events will include workshops with hands-on demonstra�ons related to these topics. The RSC will engage with residents regularly on these topics. They will also explore rela�onships with local environmental organiza�ons. Residents will have easy access to recycling. Residents with special needs may request a training that meets their individualized needs.

Exhibits:
4-Step Reten�on Procedures
Case Manager Job Descrip�on
Clinical Case Manager Job Descrip�on
Program Manager/Supervisor Job Descrip�on
The 4-Step Housing Retention Procedure’s main goal is to concretize a path to client housing retention success by operationalizing collaborative standards for frequent communication with clients that promotes clear and specific expectations related to presenting problems and subsequent responses. “Clear is kind, unclear is unkind.” – Brené Brown!

1. Assume positive intent and flex your diplomacy and relationship building muscles. Continuously working to gain and keep Property Management staff’s buy-in is important. a. No one likes to feel bad at their job (late on deadlines, receiving negative feedback, reporting bad outcomes to their agency or partners). What can we do to support Property Managers? Generally overcommunicate, honor times for recurring meeting, schedule appointments, send reminders, plan and prepare for difficult conversations, send follow-up emails, offer regular updates without prompting. b. No one enjoys witnessing ongoing suffering – our Property Managers bring emotion and life experience to that table as well and need our support in delivering undesirable, yet necessary consequences.

2. Over-communicate about roles, expectations, plans for collaboration, action steps, and updates. a. Designated ICMS staff should dedicate time to organizing the tracking of 4-Step Retention procedures, ensure mutual understanding of next steps / actions, and support follow-up communications. b. Before a plan is started, ICMS should work to identify issues, potential causes, past barriers, and possible solutions within the team first to prepare for the discussion with Property Management so that we can comprehensively advocate for a realistic, fair, client-centered plan that improves the probably of clients’ success in following through with the plan.
c. Property Management and ICMS staff should meet to discuss a plan, agree on a plan, and ensure mutual understanding of actions steps prior to proposing timelines and dates to clients. d. It is not the role of ICMS to give lease violations, but we can support the Property Manager in communication with clients and support the clients’ understanding of the process.

3. Always complete steps with property management staff. a. Delivery of verbal or written warnings are completed in partnership with property management to support the communication and mutual understanding of the identified issue, the consequence, the expected change, and the timeline for expected change.
b. If collaborative visits are not feasible, continue to send follow-up emails to all parties involved summarizing the completion of Step 1-2-3-4 conversations with clients.

December 2019
Things to Keep in Mind When
Executing 4-Step Retention Procedures:

4. Meet frequently with clients in-between steps.
a. Review identified issue and clients’ understanding of the issue. b. Support clients’ exploration of changes and solutions to which they are open. c. Remove barriers to change and connect with resources to support success in change. d. Clearly communicate and reiterate expectations around change including how success will be measured and timeline upon which success will be assessed.

5. Incorporate 4-Step Retention discussions into typical case management tasks. a. Add 4-Step Retention worksheet to goal plan, when appropriate. b. Reference housing retention engagements and discussions in progress notes.

6. Document everything including positive change, backslides, and neutral updates. a. Document specific follow-up dates or timelines in progress notes. b. Document resources or support offered and accepted by clients. c. Document successes and positive changes - Remember to celebrate the client! d. Document resources or support offered and declined by clients. e. Document barriers to change or progress.
f. Document attempts to engage in housing retention planning. g. Document pertinent case conferencing or collateral conversations.

7. Involve other supportive partners.
a. Link other service providers into plan and intervention (Brilliant Corners, Mental Health, Probation Officer, etc.). If consents are needed, obtain those first.

Permanent Housing Services (PHS)
Case Manager – Project Based Housing
Job Description
Job Title: Case Manager
Reports to: Program Manager
Status: Non-Exempt

SUMMARY
The Project Based Housing Case Manager will work with clients to assess housing stability, provide stabilization services, and coordinate multiple services to meet each client’s specific needs.

ESSENTIAL DUTIES & RESPONSIBILITIES

1. Maintain a case load of up to 20 clients for case management services

2. Ensure that medical and case management services to clients are reflective of the Community Model, which emphasizes customer choice, harm reduction, and psycho-social rehabilitation

3. Ensure that each client that is being case managed has an up-to-date and comprehensive biopsychosocial assessment, and that this assessment is used in collaboration with the client to create individualized case management plans designed to improve quality of life and improved health outcomes

4. Collaborate with each client to develop their individual service plan; review and update quarterly and upon completion of goals

5. Develop and maintain a complete, accurate, and current client file with all required documents and data; ensure all client paperwork and data collection is complete, timely, accurate, and current in agency records and electronic databases

6. Coordinate with DHS and HFH partners to ensure clients are connected to primary health care and to reduce need for emergency health care services

7. Maintain confidentiality of client files per HIPAA and all applicable guidelines

8. Responsible for coordinating appointments, transportation, and follow-up services for clients accessing primary health care, mental health care, recovery services, and who need community resources

9. Transport clients in your vehicle to various agencies and healthcare providers in the greater Los Angeles area to increase community support services and community reintegration

10. Develop effective, trusting relationships with clients, with a focus on facilitating independence and maintenance of improved physical and mental health

11. Assist in the screening, assessment, and enrollment of clients, including orientation to program policies, resources and goals

12. Maintain a current, thorough knowledge of community resources and utilize them to provide comprehensive, wrap-around services to clients

13. Assist clients with becoming involved in daily activities, scheduling and attending appointments, budgeting, socialization, health maintenance, sense of community, and progress in recovery

14. Work cooperatively and cohesively with other members of the staff team, including participation in weekly staff meetings and staff trainings, and on-going communication with property management staff.

15. Maintain up to date, accurate, and complete data and progress notes as required by the project and its funding sources

QUALIFICATIONS

1. Valid CA Driver’s license, reliable car, auto insurance, and an acceptable driving record

2. Able to transport Clients in your vehicle

3. Bachelor’s degree preferred; or a minimum four years’ experience working with homeless individuals, preferably those living with mental illness and/or substance addictions, or an equivalent combination of education and experience

4. Demonstrated knowledge of case management

5. Able to work in a high tolerance Harm Reduction model with Clients who have multiple barriers

6. Skill in non-violent crisis intervention

7. Computer literate; able to effectively use computerized database for client file management, with basic skills in Microsoft Word, Outlook, and Excel programs

8. Detail oriented with strong time management, organizational, written, verbal, interpersonal, and computer skills

9. Able to obtain and maintain CPR/1st Aid certification

10. Minimum 30 WPM typing speed preferred

WORK ENVIRONMENT

1. Combination of field and office environment

2. Regularly required to sit, stand, bend; occasionally lift or carry up to 35 lbs.

3. On occasion walk or drive to different local sites

4. Will necessitate working in busy and loud environments

5. Will be exposed to elements like cold, heat, dust, noise and odor

6. May need to bend, stoop, twist, and sit throughout the day

RESPONSIBILITIES COMMON TO ALL AGENCY EMPLOYEES

1. Maintain a safe work environment and confidentiality at all times

2. Be proactive, creative, and flexible in determining, evaluating, researching, and resolving issues

3. Organize and prioritize multiple activities to meet all external and internal deadlines

4. Maintain professional demeanor that reflects positively on the agency

5. Demonstrate respect and courtesy toward others

6. Able to thrive in a work environment emphasizing teamwork and collaboration

7. Respond in a timely manner in all aspects of communication

8. Work with minimum supervision

9. Perform other duties as assigned

ACKNOWLEDGEMENT
Employee Incumbent Name Employee Signature Date
Permanent Housing Services
Clinical Case Manager
Job Description
Job Title: Clinical Case Manager – Project Bases Housing Dept: Permanent Housing Services
Status: Exempt

SUMMARY
As part of a multi-disciplinary team, the Clinical Case Manager will provide field and site based therapeutic services with clients in their homes to help them sustain permanent housing. The Clinical Case Manager’s primary responsibilities are to actively engage clients and provide intensive mental health and case management services through the use of evidence based practices that will ensure housing stability, self-sufficiency and community integration.

ESSENTIAL DUTIES & RESPONSIBILITIES

1. Assess mental health service needs of clients

2. Provide crisis intervention and clinical case management services to participants

3. Link clients with appropriate medical, mental health, substance abuse, and vocational resources

4. Assist clients in obtaining all benefits to which they are entitled

5. Assist clients in obtaining meaningful vocational and educational experiences

6. Provide opportunities for clients to build a supportive peer community

7. Facilitate life skills and coping skills workshops and support groups

8. Network with agency and outside service providers, ensuring client access to appropriate resources

9. Collaborate and communicate effectively with property managers and agency staff on behalf of clients

10. Provide, coordinate, and implement mental health and recovery support services with individual members

11. Develop effective, trusting relationships with members, with a focus on facilitating independence and maintenance of improved physical and mental health

12. Collaborate with each member to develop their individual service plan; review and update quarterly and/or at time of goal completion.

13. Assist members with becoming involved in daily activities, socialization, health maintenance, sense of community

14. Adhere to an emphasis on customer choice, harm reduction, and psycho-social rehabilitation.

15. Develop and maintain a complete, accurate, and current member file with all funder-required documents

16. Assure that all member paperwork and data collection is complete and up-to-date in the case management database

QUALIFICATIONS

1. Master’s degree in a mental health field

2. Registered with the board of behavioral sciences or ability to do so within the first 2 months of employment

3. Demonstrated knowledge of clinical case management

4. Knowledge of community resources

5. Able to work in a high-tolerance, harm reduction model with individuals who have multiple barriers

6. Strong clinical, team-building, charting, and non-violent crisis intervention skills

7. Computer literate; able to effectively use computerized database for client file management, with basic skills in Microsoft Word, Outlook, and Excel programs

8. Detail oriented with strong time management, organizational, written, verbal, and interpersonal skills

9. Valid CA Driver’s license, reliable car, auto insurance, and an acceptable driving record

10. Able to obtain and maintain CPR/1st Aid certification

11. Experience working with homeless individuals who are living with mental illness, substance addiction and physical health problems preferred

12. Minimum 30 WPM typing speed preferred

WORK ENVIRONMENT

1. Combination of field and office environment

2. Regularly required to sit, stand, bend; occasionally lift or carry up to 35 lbs.

3. On occasion walk or drive to different local sites

4. Will necessitate working in busy and loud environments

5. Will be exposed to elements like cold, heat, dust, noise and odor

6. May need to bend, stoop, twist, and sit throughout the day

RESPONSIBILITIES COMMON TO ALL AGENCY EMPLOYEES

1. Maintain a safe work environment and confidentiality at all times

2. Be proactive, creative, and flexible in determining, evaluating, researching, and resolving issues

3. Organize and prioritize multiple activities to meet all external and internal deadlines

4. Maintain professional demeanor that reflects positively on the agency

5. Demonstrate respect and courtesy toward others

6. Able to thrive in a work environment emphasizing teamwork and collaboration

7. Respond in a timely manner in all aspects of communication

8. Work with minimum supervision

9. Perform other duties as assigned

ACKNOWLEDGEMENT
Employee Incumbent Name Employee Signature Date
Program Manager/Supervisor
Job Description
Job Title: Permanent Housing Program Manager/Supervisor Dept: Housing Department
Supervision: Case Manager
Status: Exempt

SUMMARY
The Program Manager will oversee and coordinate the activities of Case Manager that works with clients to assess housing stability, provide stabilization services, and coordinate multiple services to meet each client’s specific needs.

The Program Manager will also complete mental health assessments and provide case management services to ensure individuals experiencing homelessness due to loss of employment or other factors are successful in housing.

ESSENTIAL DUTIES & RESPONSIBILITIES

1. Oversee and direct Case Managers to achieve prescribed objectives

2. Daily coordination and oversight of program operations and program activities

3. Assist in recruitment, selection, training, supervision, and evaluation of direct service staff

4. Assess clients’ legal, financial, social, medical, psychological and other needs related to their current housing crisis

5. Assess clients’ eligibility for public assistance and provide referrals and advocacy to assist them in accessing those benefits

6. Assess clients’ ability to increase income through employment services, vocational training, and/or educational opportunities and assist then in accessing those services.

7. Develop effective, trusting relationships with clients.

8. Develop individualized housing stability plans.

9. Provide life-skills training and financial literacy training to enhance housing stability.

10. Coordinate medical, substance abuse, and mental health treatment when appropriate.

11. Mediate conflict between clients and their family and/or landlords to promote housing stability

12. Case Manager on behalf of clients to law enforcement, government agencies, social service agencies, educational institutions, medical and legal professionals, and others.

13. Maintain a current, thorough knowledge of community resources and utilize these to provide services to clients

14. Attended all meetings as required by Department of Health Services as well as any meetings as directed by supervisor.

15. Maintain a case load of up to 5 clients for case management services as assigned.

QUALIFICATIONS

1. Master’s degree (MSW, or equivalent degree) and registered with the BBS

2. Extensive knowledge of local and federal government benefits and entitlements

3. Knowledge of other social service providers

4. Able to work effectively with a wide range of constituencies

5. Detail oriented with excellent time management, organizational, written, verbal, interpersonal, computer, and cross-cultural communication skills

6. Current, valid California Driver’s License with an acceptable driving record

7. Able to work with minimum supervision

8. Minimum 30 WPM typing speed

9. Prior advocacy or academic experience in housing and/or homeless services preferred

PHYSICAL DEMANDS

1. On occasion walk or drive to different local sites throughout the day

2. Regularly required to sit, stand, bend and occasionally lift or carry up to 35 pounds

WORK ENVIRONMENT

1. Combination of field and office environment

2. May necessitate working in busy and loud environments

3. May be exposed to elements like cold, heat, dust, noise and odor

4. May need to bend, stoop, twist , and sit throughout the day

RESPONSIBILITIES COMMON TO ALL AGENCY EMPLOYEES

1. Maintain a safe work environment and confidentiality at all times

2. Be proactive, creative, and flexible in determining, evaluating, researching, and resolving issues

3. Organize and prioritize multiple activities to meet all external and internal deadlines

4. Maintain professional demeanor that reflects positively on the agency

5. Demonstrate respect and courtesy toward others

6. Able to thrive in a work environment emphasizing teamwork and collaboration

7. Respond in a timely manner in all aspects of communication

8. Work with minimum supervision

9. Perform other duties as assigned

ACKNOWLEDGEMENT
Employee Incumbent Name Employee Signature Date
Executive Director Name Executive Director Signature Date Letter of Commitment

This Page
Intentionally
Left Blank
Staff Position Title Target Population Agency Location (A) FTE (B) Annual Salary
and Benefits
(A) x (B) =
Total Cost Funding Source
Clinical Case Manager PSH The People Concern On‐Site 1 $76,200 $76,200 DHS Case Manager (BA) PSH The People Concern On‐Site 1 $63,500 $63,500 DHS Program Manager PSH The People Concern On‐Site 0.2 $88,900 $17,780 DHS Director PSH The People Concern On‐Site 0.1 $115,570 $11,557 DHS Resident Services Coordinator General Affordable HCHC On‐Site 1 $63,500 $63,500 Cashflow $232,537
Other Expenses:

Training $2,400 DHS
Supplies $14,400 DHS
Mileage/Parking $2,400 DHS
Client
Personal/Medical $8,000 DHS
Adiminstrative
Overhead $21,600 DHS
Life Skills Classes $10,000 Cashflow
Other Expenses
Total: $58,800
Total Services
Budget: $291,337
Sources:

DHS $217,837
Cashflow $73,500
Total Staffing Costs:

Supportive Services Budget
DHS Funding Commitment

Appendix I
Supportive Services
Evidence of Success
The People Concern
– Evidence of Success and Description of Outcomes
TPC’s staff are dedicated and committed to serving their clients and supporting them to produce positive outcomes. This is best evidenced by TPC’s housing retention rate which in 2022 was 92%. TPC’s impact and success can also be measured in several other ways. Excerpts from TPC’s 2020 – 2021 and 2021 – 2022 Impact Reports are attached and describe the organization’s accomplishments in detail.

The Impact Report excerpts also provide data on beds provided, meals served, and other quantifiable outcomes of TPC’s efforts. A chart noting TPC’s extensive experience providing supportive services and intensive case management services (ICMS) to homeless, mentally ill, frequent users of public health systems, and other special needs populations is also attached. TPC uses an information system as required by funders, including a Homeless Management Information
System(HMIS) database to track tenant service and engagement, as well as to evaluate and measure outcomes data. Service systems to be tracked in HMIS include physical health, mental health, substance use, legal, education, employment, on-site social/recreational, and case management. Case managers will have access to the system to document services provided and access client history. Program managers and directors across TPC access the system to monitor data quality and accuracy. The Director of Compliance and Evaluation provides an additional level of monitoring, technical assistance, and training to ensure data quality and the meeting of outputs and outcomes.

The tracking data includes frequency and timing of service. The data will be collected from referring service providers, and recorded, compiled and analyzed by TPC staff in order to monitor tenant progress toward their goals. Service utilization data of the tenants will be mapped against desired outcomes to determine progress and make mid-course changes in services as needed. Service utilization data may be shared (while respecting tenants’ anonymity and confidentiality) with appropriate external researchers in connection with ongoing efforts to measure the cost-effectiveness of supportive housing.

TPC also maintains a HOME for GOOD Client Satisfaction Survey to solicit resident feedback on ICMS performance, property management performance, and on-site residential security measures. The most recent survey opened in February 2023 and concluded in May 2023. Surveys were administered via paper handouts and online via the Microsoft Forms web platform and were advertised through direct phone calls and home visits with residents, during case management sessions, and on property flyers and newsletters. The surveys were administered to 22 sites and received favorable and helpful feedback to TPC and property management teams. The attached letter includes survey response rates per property and synthesized feedback on specific survey questions. Overall, tenant response rates increased since 2022. Responses indicated that tenants feel ICMS performance metrics are being met and they are receiving helpful, respectful, and culturally sensitive treatment and responses. Property management feedback varied site by site and focused on timeliness of property management communication or response to requests as well as general maintenance of each property.

This Page
Intentionally
Left Blank
Name of Lead Service Provider: The People Concern
Target Special Needs Population(s): Chronically homeless, frequent users of DHS/DMS Services, Mentally ill, Homeless Number Project Name & Address Beginning and End Date for Lead Service Provider
Months Providing
Services at the Project Type of Special Needs Population Number of SpecialNeeds Units Number of Total
Units
1 Burlington Family Apartments
409‐415 S. Burlington Ave
Los Angeles, CA 90057
8/1/2014 6 year 3 months
Special needs homeless &
chronically homeless,  adults and
families
21 30
2 Maryland Apartments
1340 Maryland St
Los Angeles, CA 90017
10/1/2001 to 7/2019 17 years 7 months Homeless and chronically Homeless adults 30 30
3 La Primavera Apartments
1330 S. Olive St.

Los Angeles,  CA  90015
8/1/2004‐1/1/2019 14 years 5 months Homeless and chronically Homeless adults 35 35
4 39 West Apartments
3885 S. Western Ave
Los Angeles, CA 90062
2/1/2009‐1/1/2019 11 years Special needs chronically homeless & mentally ill,  adults and families 33 33
5 Parker Apartments
725 S. Witmer Street
Los Angeles, CA 90017
2/1/2009‐1/1/2019 11 years Special needs chronically homeless & mentally ill,  adults and families 32 32
6 Santos Plaza
3837 S Western Ave
Los Angeles, CA 90062
5/19/2009 11 years
Homeless and Special needs
chronically homeless & mentally ill,
adults
19 50
7 LAMP LODGE
660 Stanford
Los Angeles, CA  90013
4/17/1991 29 years Special needs chronically homeless
& mentally ill,  adults and families 36 36
8 City of Santa Monica
Shelter Plus Care ‐ Tenant Based Project 7/1/1998 22 years Special needs chronically homeless& mentally ill,  adults and families 105 105 9 HACLA Shelter Plus Care  ‐ Tenant Based Project 5/1/2006 14  years Special needs chronically homeless & mentally ill,  adults and families 70 70
10 HACLA Shelter Plus Care  ‐ Tenant Based Project 2/10/2011 9 years Special needs chronically homeless & mentally ill,  adults and families 40 40
11 HACLA TBSH 7/1/2013 7 years Special needs chronically homeless & mentally ill,  adults and families 50 50
12 HACoLA Shelter Plus Care ‐ Tenant Based Project 3/21/2013 7 years Special needs chronically homeless & mentally ill,  adults and families 26 26
13 HACoLA Shelter Plus Care ‐ Tenant Based Project 11/6/2011 9 years Special needs chronically homeless & mentally ill,  adults and families 40 40
14 HACoLA Shelter Plus Care ‐ Tenant Based Project 3/1/2017 3 years and 7 months Special needs chronically homeless & mentally ill,  adults and families 75 75
15 Department of Health Services Housing for Health ‐ Housing for Health 6/30/2014 6 years Special needs chronically homeless
amd homeless & adults and
families
360 360
16 Department of Health Services Housing for Health ‐ Housing for Health 7/1/2015 5 years Special needs chronically homeless
amd homeless & adults and
families
200 200
17 Department of Health Services Housing for Health ‐ Housing for Health 7/1/2016 4 years Special needs chronically homeless
amd homeless & adults and
families
100 100
18 Tiki Apartments
7308 Marbrisa Ave,
Huntington Park, 90255
12/13/2017 2 years  11 months Special needs chronically homeless & mentally ill,  adults and families 35 36
20 Mosaic Gardens at Willowbrook
2213 S Willowbrook Ave
Compton, CA 90222
3/22/2017 3 years and 7 months Special needs chronically homeless & mentally ill,  adults and families 31 61
21 Arlington Square Apartments
3101 Venice Blvd
Los Angeles, CA  90019
6/1/2017 3 years and 4 months Special needs chronically homeless & mentally ill,  adults and families 47 48
22 Mosaic Gardens at Pomona
1680 S. Garey Ave
Pomona, CA 91766
10/1/2017 3 years Special needs chronically homeless
& mentally ill,  adults and families 23 46
23 El Segundo Boulevard Apartments
535‐611 El Segundo Blvd
Los Angeles, CA 90061
4/30/2018 2 years 6 months Special needs chronically homeless & mentally ill,  adults and families 25 26
24 127th Street Apartments
550 West 127th Street
Los Angeles, CA 90044
4/30/2018 2 years 6 months Special needs chronically homeless & mentally ill,  adults and families 109 109
25 PSH Colden
820 W Colden Avenue
Los Angeles, CA 90044
9/1/2018 2 years 2 months Special needs chronically homeless & mentally ill,  adults and families 16 16
26 King 1101
1101‐1107 Martin Luther King Jr. Blvd
Los Angeles, 90037
8/1/2018 2 years 3 months Special needs chronically homeless & mentally ill,  adults and families 18 18
27 Mosaic Gardens at Westlake
111 S. Lucas Avenue
Los Angeles, CA 90026
6/1/2018 2 years 5 months Special needs chronically homeless & mentally ill,  adults and families 63 63
28 Linc Housing Nightengale  Apartments
6218 Compton Ave
Los Angeles, CA  90044
7/1/2019 1 year 4 months Special needs chronically homeless & mentally ill,  adults 29 29
29 Insite Development ‐Kensington Villa 1
45244 32nd Street West
Lancaster, CA 93536
11/6/2019 1 year 4 months Special needs chronically homeless & mentally ill,  adults 50 50
30 Insite Development ‐Kensington Villa 11
45244 32nd Street West
Lancaster, CA 93536
6/9/2020 2 months Special needs chronically homeless
& mentally ill,  adults 50 50
31 Arminta Square
11050 W Arminta Street
Sun Valley, CA 91352
2/1/2021 7 months Special needs chronically homeless
& mentally ill,  adults and families 39 39
32 Spark at Midtown
1900‐1940 Long Beach Blvd
Long Beach, CA 90806
1/15/2021 8 months Special needs chronically homeless
& mentally ill,  adults 47 47
1 | Page
Home for Good Tenant Satisfaction Survey
Community: DHS Scattered Site - Downtown Date:

Thank you for taking the time to let us know about your experience in housing. Your answers are very important to us and will be kept anonymous. Please answer to the best of your ability. You may find it difficult to choose, but please select the best answer for you.

Your Property Management Company is:

Please answer the questions in this section related to your Property Manager:

Strongly
Agree
Agree Disagree Strongly
Disagree
I believe property management staff treat me in a
respectful manner.

I live in a building that is well maintained.

I believe that property management responds to
my requests in a timely manner in regards to
repairs, maintenance, safety, etc.

Property management staff are sensitive to my
cultural background (race, religion, language,
gender, sexual orientation, etc.).

I feel like I can present suggestions or complaints
without losing my housing.

I am overall satisfied with the property
management staff.
2 | Page
Your Case Management Services Provider is:

Please answer the questions in this section relating to your Case Management staff:

Strongly
Agree
Agree Disagree Strongly
Disagree
I believe that case management services staff
treat me in a respectful manner.

The case management services staff are helpful
in assisting me to connect to the services that I
need.

I can depend on case management services staff
to help me keep my housing.

Case management services staff are sensitive to
my cultural background (race, religion, language,
gender, sexual orientation, etc.).

I can contact case management services staff
whenever I need help.

I am overall satisfied with the case management
services staff.

The People Concern
3 | Page
Please answer the questions in this section relating to your overall community:

Strongly
Agree
Agree Disagree Strongly
Disagree
I feel safe in my home.

I feel safe in my building.

I feel safe in my neighborhood.

I feel a part of my building’s community.

I feel a part of the neighborhood community.

I feel like my housing has contributed to my
health and well-being.

Public transportation, grocery stores, the post
office, childcare, libraries, etc. are close to where
I live or easy for me to get to.

I would recommend this Permanent Housing
Program to other individuals experiencing
homelessness.

Additional Comments:

This Page
Intentionally
Left Blank
2116 Arlington Ave, Suite 100, Los Angeles, CA 90018 Tel: 323.334.9000 Fax: 323. 940.4759 www.thepeopleconcern.org Tax ID: #95-6143865
June 30, 2023
Los Angeles County Department of Health Services
Housing for Health, Intensive Case Management Services program 238 East 6th Street
Los Angeles, California 90014
Attn: Aomori Carias
Project-based Housing HFH Program Managers
RE: Results of FY 2022-2023 CLIENT SATISFATION SURVEY
One of our goals as service providers within Project-based Housing (PBH) settings is to partner with property management staff, housing developers, and residential services staff to create an inclusive survey that functions as an evaluation of each partners’ services and as an assessment of community safety and integration. We are committed to continued improvement of this survey tool, its administration, and subsequent analysis of results to meet the administrative and service needs of all Project-based Housing partners and improve programming for clients.

In February through May 2023, our PBH ICMS Teams rolled out the 2020 adapted version of the HOME for GOOD Client Satisfaction Survey (see Attachment A for an example of the English and Spanish language versions). This year’s surveys were rolled out in two modalities including paper surveys Microsoft Forms online surveys. ICMS Staff engaged clients in survey participation by making phone calls, knocking on doors, leaving surveys with return envelopes at client units, advertising this feedback opportunity in flyers or newsletters, and completing during case management sessions, depending on client preference.

Below please find our response rates for each program receiving DHS ICMS funding:

Project-based Site 2022 Response Rates 2023 Response Rates 1 1101 King Apartments 78% 100%
2 127th Street Apartments / El Segundo Apartments* 0% 18% 3 82nd Street Apartments 56% 50%
4 Alexandria Apartments 40% 49%
5 Amani Apartments New as of FY 22-23 17%
6 Arlington Square 17% 28%
7 Arminta Square 51% 63%
8 Burlington Family Apartments 86% 76%
9 Colden Apartments 0% 41%
10 Hillhaven* New as of FY 22-23 0%
11 Kensington Campus 47% 15%
12 Lamp Lodge New as of FY 22-23 36%
13 Laurel Court (Roscoe)* New as of FY 22-23 0%
14 NoHo Apartments New as of FY 22-23 46%
15 Parthenia Place New as of FY 22-23 55%
16 Pico Square New as of FY 22-23 54%
17 Rosa de Castilla New as of FY 22-23 63%
18 Santos Plaza 38% 44%
19 The Nightingale 14% 38%
Continued on next page…
2116 Arlington Ave, Suite 100, Los Angeles, CA 90018 Tel: 323.334.9000 Fax: 323. 940.4759 www.thepeopleconcern.org Tax ID: #95-6143865
20 Tiki Apartments 14% 54%
21 Watts Works New as of FY 22-23 63%
22 Westhaven New as of FY 22-23 20%
*Sites were still in initial lease-up transition phases and prioritized time elsewhere to meet program and client needs resulting in no survey responses for this fiscal year.

One of our identified process improvements stemming from prior year’s analysis was extension of the outreach phase in order to increase response rates. This was the second year we initiated survey administration efforts in February and closed survey responses in May. We saw continued increase in response rates at the majority of sites (9 of 12 existing sites) and over 50% of sites surveyed this year reached response rates above 45% of the overall building capacity.

Of those Clients who completed the survey, an average of 94% of responses reported “strongly agree” or “agree” to all six questions that assessed ICMS performance (respectful treatment, accessibility, helpfulness with resource connection, support with housing stability, and sensitivity to culture and identity). One Client shared a write-in comment stating, “Elisa goes above and beyond to help me. We have built a good partnership and I feel comfortable going to her for help and support,” which exemplifies the goal of our ICMS program – a comfortable, supportive environment within which we partner together with clients to remain housed, healthy, and safe.

Regarding assessment of Property Management, an average of 82% of responses indicated satisfaction with the same six performance areas. Within the responses indicating dissatisfaction, the areas varied widely by building which reflected the strengths and gaps within site-based Property Management and maintenance teams with most frequent critiques related to timeliness of communication or responses to issues presented and general maintenance of the properties.

The responses to the two newest questions assessing security measures resulted in similar responses rate compared to last with 76% of clients reporting their Project-based Housing sites had sufficient security measures and 77% reporting that security staff provide respectful treatment which is a slight improvement from last year’s rates.

Our TPC Project-based Housing (PBH) Leadership staff continue to optimistically and enthusiastically engage site-based interdisciplinary teams (ICMS and Property Management) in conversations around the adapted 4-step Housing Retention Procedure with the hope of improving housing stability and communication on-site which has the potential to subsequently improve relations between clients and property staff. It remains a goal of our programs to strengthen our consistency and efficacy within the 4-step Housing Retention Procedure which hinges on our internal leadership and role modeling of problem-solving and accountability in order to best serve clients with transparent, kind, and clear joint communication and help within housing.

The People Concern is dedicated to providing quality services to our Clients and proactive collaboration with PBH partners to enrich individual and community wellness. Our ICMS teams will continue to strive to provide Housing-First, Client-centered, Harm-Reduction focused, Trauma-informed, Anti-Racist case management while navigating collaborations with Property Management and community stakeholders. We look forward to meeting new dynamic Clients when we expand our services to additional PBH sites launching this fiscal year with your partnership.

Please reach out if we can provide any additional information or follow-up regarding the results described.

Melissa Vollbrecht, LCSW Julie DeRose, LMFT
Deputy Chief Programs Officer, Project-based Housing Chief Programs Officer of Permanent Housing The People Concern The People Concern

This Page
Intentionally
Left Blank
Appendix J
Detailed Development Pro Forma
PROJECT SUMMARY:

Project Name: Santa Monica RFP

INPUTS AND ASSUMPTIONS INPUT
Tax Credits 4.00%
TCAC Housing Type Large Family
Qualified Census Tract ("QCT") No
Difficult to Develop Area ("DDA") Yes
Resource Area High Resource
City of Los Angeles No
Are UMRs Applicable? Yes
Federal Tax Credit Pricing $0.94
State Tax Credit Pricing $0.88
Construction Term
Months of Construction 20
Months until Conversion after Construction Completion6
Total Months from startof construction through conversion 26 Permanent Sources Per Unit Interest Rate Amo (in yrs)% Notes Permanent Loan $ 9,794,409 $ 75,342 6.50% 30 10.06% 15 year term HCD - MHP $ - $ - 3.00% 55 0.00%
HCD - AHSC $ 25,000,000 $ 192,308 3.00% 55 25.68%
CalHFA MIP $ - $ - 3.00% 55 0.00%
Santa Monica - Ground Lease $ - $ - 3.00% 55 0.00%
LACDA - AHTF/HOME $ - $ - 3.00% 55 0.00%
City of Santa Monica $ - $ - 4.00% 55 0.00%
HCD - IIG $ 6,000,000 $ 46,154 6.16%
FHLBSF - AHP $ - $ - 0.00%
Deferred Developer Fee $ 300,000 $ 2,308 0.31%
GP Equity $ 100 $ 1 0.00%
GP Contribution (Dev Fee) $ - $ - 0.00%
Federal Tax Credit Equity $ 45,373,546 $ 349,027 46.61% State Tax Credit Equity $ 10,872,986 $ 83,638 11.17%
TOTAL $ 97,341,041 $ 748,777
Surplus/(Gap): $ 0
Construction Sources Per Unit Interest Rate Term (Months) % Notes Construction Loan - Tax Exempt $ 49,197,995 $ 378,446 7.00% 26 50.54% Construction Loan - Taxable $ 24,984,179 $ 192,186 7.50% 26 25.67% HCD - MHP $ - $ - 26 0.00%
HCD - AHSC $ - $ - 26 0.00%
CalHFA MIP $ - $ - 26 0.00%
Santa Monica - Ground Lease $ - $ - 0.00% 26 0.00%
LACDA - AHTF/HOME $ - $ - 3.00% 26 0.00%
City of Santa Monica $ - $ - 4.00% 26 0.00%
HCD - IIG $ 6,000,000 $ 46,154 26 6.16%
FHLBSF - AHP $ - $ - 26 0.00%
Costs Deferred Until Conversion $ 2,797,134 $ 21,516 2.87% Deferred Developer Fee $ 300,000 $ 2,308
GP Equity $ 100 $ 1 0.00%
GP Contribution (Dev Fee) $ - $ -
State + Federal Tax Credit Equity $ 14,061,633 $ 108,166 14.45% TOTAL $ 97,341,041 $ 748,777
Surplus/(Gap) $ -

LIHTC EQUITY PAY-IN SCHEDULE DEVELOPER FEE PAY-IN SCHEDULE DATE Closing 10.0% $ 5,624,653 30.0% $ 660,000
25% Construction Completion 0.0% $ - 0.0% $ -
50% Construction Completion 15.0% $ 8,436,980 5.0% $ 110,000 75% Construction Completion 0.0% $ - 0.0% $ -
100% Consturction Completion 0.0% $ - 0.0% $ -
Conversion 74.8% $ 42,084,899 60.5% $ 1,330,000
8609 0.2% $ 100,000 4.5% $ 100,000
TOTAL 100.0% $ 56,246,532 100.0% $ 2,200,000
Deferred Fee $ 300,000
TOTAL $ 2,500,000
8609
TOTAL
Closing
25% Construction Completion
50% Construction Completion
75% Construction Completion
100% Consturction Completion
Conversion
Development Budget
Project Name: Santa Monica RFP
Square Footage: 100% 0%
Total Cost Per Unit Residential Commercial Deferred Eligible Basis Acquisition Cost
Land Cost $0 $0 $0 $0
Acquisition Interest Reserve $0 $0 $0 $0
Acquisition Loan Fees $0 $0 $0 $0
Predevelopment Interest Reserve $100,000 $769 $100,000 $0 $100,000 Predevelopment Loan Fees $15,000 $115 $15,000 $0 $15,000 Predev. Insurance $0 $0 $0 $0
Predev. Taxes $0 $0 $0 $0
Other $0 $0 $0 $0
Other $0 $0 $0 $0
Legal - Acquisition/PreDev $0 $0 $0 $0
Title and Recording - Acquisition/Predev $0 $0 $0 $0
Subtotal: $115,000 $885 $115,000 $0 $0 $115,000
Construction Costs Months of Construction 20
Demolition $0 $0 $0
Site Work $ 7,349,254 $56,533 $7,349,254 $0 $7,349,254
Parking $ 10,302,059 $79,247 $10,302,059 $10,302,059
Offsite Work (eligible) $0 $0 $0 $0
Offsite Work (ineligible) $0 $0 $0
Env. Remediation $0 $0 $0
Structures Direct Construction Cost $58,675,814 $ 41,024,500 $315,573 $41,024,500 $0 $41,024,500 Contractor Contingency $0 $0 $0 $0 $0
General Requirements 7.00% $4,107,307 $31,595 $4,107,307 $4,107,307 Contractor Overhead 4.00% $2,347,033 $18,054 $2,347,033 $2,347,033 Contractor Profit 3.00% $1,760,274 $13,541 $1,760,274 $1,760,274 Performance and Payment Bond 1.25% $733,448 $5,642 $733,448 $733,448 General Liability Insurance Construction Contract 1.25% $733,448 $5,642 $733,448 $733,448 $68,357,323 $525,826 $0
Hard Cost Contingency (Owner) 10.00% $6,835,732 $52,583 $6,835,732 $0 $6,835,732 Subtotal: $75,193,055 $578,408 $75,193,055 $0 $0 $75,193,055 Architecture & Engineering
Architectural Design and Supervision % of Hard Cost: 4.50% $3,383,687 $26,028 $3,383,687 $0 $3,383,687 Reimbursables $50,000 $385 $50,000 $0 $50,000
Engineering Per Unit $2,000 $260,000 $2,000 $260,000 $0 $260,000 Subtotal: $3,693,687 $28,413 $3,693,687 $0 $0 $3,693,687 Construction Loan Costs
Construction Loan Interest - TEB $4,477,018 $4,477,000 $34,438 $4,477,000 $0 $2,954,820 Construction Loan Interest - Taxable $2,435,957 $2,436,000 $18,738 $2,436,000 $1,607,760 Lender Origination Fees Fee %: $741,822 $742,000 $5,708 $742,000 $0 $742,000 Lender Expenses 1.000% $50,000 $385 $50,000 $0 $50,000
Title/Recording/Escrow $150,000 $1,154 $150,000 $0 $150,000 Taxes Tax Rate: 1.25% $0 $0 $0 $0 $0
Insurance Per Unit $7,700 $1,001,000 $7,700 $1,001,000 $0 $1,001,000 Other: $0 $0 $0 $0 $0
Other: $0 $0 $0 $0
Subtotal: $8,856,000 $68,123 $8,856,000 $0 $0 $6,505,580 Perm Loan Costs
Loan Fees Fee %: 1.000% $97,944 $753 $97,944 $0 $97,944 Title/Recording/Escrow - Perm $15,000 $115 $15,000 $0 $15,000 Subtotal: $112,944 $869 $112,944 $0 $112,944 $0
Legal
Borrower - Construction $50,000 $385 $50,000 $0 $50,000 Borrower - Partnership Organization $5,000 $38 $5,000 $0 Borrower - Perm Closing $20,000 $154 $20,000 $0 $20,000 Borrower - Syndication $50,000 $385 $50,000 $0
Legal - Construction Lender $70,000 $538 $70,000 $0
Legal - Permanent Lender $20,000 $154 $20,000 $0 $20,000 Other $0 $0 $0 $0
Subtotal: $215,000 $1,654 $215,000 $0 $40,000 $50,000
Reserves $0 $0 $0 $0
Transit Pass Reserve $0 $0 $0 $0 $0
Replacement Reserve $0 $0 $0 $0 $0
Capitalized Operating Reserve $552,447 $4,250 $552,447 $0 $552,447 Transition Reserve $607,173 $4,671 $607,173 $0 $607,173 Subtotal: $1,159,620 $8,920 $1,159,620 $0 $1,159,620 $0 Development Budget
Project Name: Santa Monica RFP
Square Footage: 100% 0%
Total Cost Per Unit Residential Commercial Deferred Eligible Basis TCAC and CDLAC and other Financing Fees
TCAC Application Fee $2,000 $15 $2,000 $0
TCAC Reservation Fee 0.10% $48,270 $371 $48,270 $0
TCAC Monitoring Fee Per Unit $410 $52,070 $401 $52,070 $0 $52,070 CDLAC Application and Filing Fees $17,219 $132 $17,219 $0 CDIAC Fee $5,000 $38 $5,000 $0
Issuer Application Fee $3,000 $23 $3,000 $0
Issuer Fee - Upfront $122,995 $946 $122,995 $0
Issuer Fee - Upfront for Construction $49,198 $378 $49,198 $0 Trustee Fee $6,250 $48 $6,250 $0
Issuer Financial Advisor $60,000 $462 $60,000 $0
Bond Counsel $55,000 $423 $55,000 $0
Trustee Legal Fees $5,000 $38 $5,000 $0
Misc Bond Issuance Costs $10,000 $77 $10,000 $0
Bond Issuance Contingency Costs of Bond Issuance $348,662 $15,000 $115 $15,000 $0 LACDA Fees $0 $0 $0 $0
LAHD Fees $0 $0 $0 $0
Other $0 $0 $0 $0
A Subtotal: $451,002 $3,469 $451,002 $0 $52,070 $0
Other Costs
Development Impact Fees Per Unit $6,000 $780,000 $6,000 $780,000 $0 $780,000 Local Permits and Fees / Utility Fees Rate: 3.00% $2,050,720 $15,775 $2,050,720 $0 $2,050,720 Furnishings $250,000 $1,923 $250,000 $0 $250,000
Accounting - Audit/Cost Cert $30,000 $231 $30,000 $0
Deputy Inspections/Testing $3,000 $390,000 $3,000 $390,000 $0 $390,000 Construction Consultants (Owner's Rep) $6,500 $130,000 $1,000 $130,000 $0 $130,000 LEED/Title 24/CASp Consultants $75,000 $577 $75,000 $0 $75,000 Survey and Soils $50,000 $385 $50,000 $0 $50,000
Entitlements / CEQA Consultants $50,000 $385 $50,000 $0 Appraisal $10,000 $77 $10,000 $0 $10,000
Market Study $15,000 $115 $15,000 $0 $15,000
Environmental Audit (Phase I/II/Toxic Report) $60,000 $462 $60,000 $0 $60,000 Relocation $0 $0 $0 $0 $0
Marketing/Lease-up Expense Cost/door: $700 $88,900 $684 $88,900 $0 Lease Up Fee Cost/door: $250 $31,750 $244 $31,750
Soft Cost Contingency $16,967,251 5.00% $848,363 $6,526 $848,363 $0 $848,363 Utility Connection Fees $110,000 $846 $110,000 $0 $110,000 Other LADWP Fees $0 $0 $0 $0 $0
Other LAHD Wage Monitor $0 $0 $0 $0 $0
Subtotal: $4,969,732 $38,229 $4,969,732 $0 $0 $4,769,082 Developer Fees & Costs
Developer Fee $2,500,000 $19,231 $2,500,000 $0 $2,500,000 Syndication Consultant $75,000 $577 $75,000 $0 $2,500
Admin and Organizational $0 $0 $0 $0
Subtotal: $2,575,000 $19,808 $2,575,000 $0 $2,500 $2,500,000 TOTAL: $97,341,041 $748,777 $97,341,041 $0 $1,367,134 $92,826,405 Rental Income
Project Name: Santa Monica RFP
#REF! #REF!
Avg. Affordability: 49.53%
TCAC 9% Score: 50

UNIT MIX
AMI 0-Bed 1-Bed 2- Bed 3-Bed 4-Bed Total % of Total
20% - - - - - 0%
30% - 40 - - 40 31%
40% - - - - - - 0%
50% - - - 26 - 26 20%
60% 13 8 27 - - 48 38%
70% - - 7 6 13 10%
80% - - - - - - 0%
Manager's Unit(s) - - 3 - - 3
Total: TCAC 13 48 37 32 - 130
% of Total (no mgr) 10.24% 37.8% 26.8% 25.2% 0.00%
Special Needs - - - - - - 0.0%
Gen. Affordable - - - 0.0%
PBV -
PBVASH 0 -

INCOME SCHEDULE
Units
Gross
Monthly
Rent/Unit
Utility
Allowance
Net Monthly
Rent/Unit
Total Montly
Net Income
Total Annual
Net Income
HUDassisted
Unit
Subsidy
Income
Net Monthly
Subsidy
Income
Monthly Subsidy
Income
Annual
Subsidy
Income
Tier 1: 20% AMI Level Santa Monica Santa Monica PBV
0-Bed - $ 441 $ 74 $ 367 $ - $ - - 1512 $ 1,512 - -
1-Bed - $ 473 $ 98 $ 375 $ - $ - - 1930 $ 1,930 - -
2-Bed - $ 567 $ 134 $ 433 $ - $ - - 2640 $ 2,640 - -
3-Bed - $ 655 $ 152 $ 503 $ - $ - - 3366 $ 3,366 - - $ $ $ $ $ - - -
Tier 2: 30% AMI Level Santa Monica PBV
0-Bed - $ 661 $ 74 $ 587 $ - $ - - 1,512 851 - -
1-Bed 40 $ 709 $ 98 $ 611 $ 24,440 $ 293,280 40 1,930 1,221 48,840 586,080 2-Bed - $ 851 $ 134 $ 717 $ - $ - - 2,640 1,789 - -
3-Bed - $ 983 $ 152 $ 831 $ - $ - - 3,366 2,383 - - $ , $ $ , 03 $ $ ( , 0) 40 293,280 586,080
Tier 3: 40% AMI Level
0-Bed - $ 883 $ 74 $ 809 $ - $ -
1-Bed - $ 946 $ 98 $ 848 $ - $ -
2-Bed - $ 1,135 $ 134 $ 1,001 $ - $ -
3-Bed - $ 1,311 $ 152 $ 1,159 $ - $ - $ , $ $ , $ $ 3, 86 ,9 9 - - -
Tier 4: 50% AMI Level
0-Bed - $ 1,103 $ 74 $ 1,029 $ - $ -
1-Bed - $ 1,182 $ 98 $ 1,084 $ - $ -
2-Bed - $ 1,418 $ 134 $ 1,284 $ - $ -
3-Bed 26 $ 1,639 $ 152 $ 1,487 $ 38,662 $ 463,944 $ , $ $ , $ $ 3, 86 ,5 5 26 463,944 -
Tier 5: 60% AMI Level
0-Bed 13 $ 1,324 $ 74 $ 1,250 $ 16,250 $ 195,000
1-Bed 8 $ 1,419 $ 98 $ 1,321 $ 10,568 $ 126,816
2-Bed 27 $ 1,702 $ 134 $ 1,568 $ 42,336 $ 508,032
3-Bed - $ 1,967 $ 152 $ 1,815 $ - $ - ed $ , $ 0 $ ,3 $ $ 3, 86 , 48 829,848 -
Tier 6: 70% AMI Level
0-Bed - $ 1,545 $ 74 $ 1,471 $ - $ -
1-Bed - $ 1,655 $ 98 $ 1,557 $ - $ -
2-Bed 7 $ 1,986 $ 134 $ 1,852 $ 12,964 $ 155,568
3-Bed 6 $ 2,295 $ 152 $ 2,143 $ 12,858 $ 154,296
4-Bed - $ 2,825 $ 107 $ 2,718 $ - $ -
13 309,864 -
Tier 6: 80% AMI Level
0-Bed - $ 1,766 $ 74 $ 1,692 $ - $ -
1-Bed - $ 1,892 $ 98 $ 1,794 $ - $ -
2-Bed - $ 2,270 $ 134 $ 2,136 $ - $ -
3-Bed - $ 2,623 $ 152 $ 2,471 $ - $ -
4-Bed - $ 3,229 $ 107 $ 3,122 $ - $ -
- - -
TOTAL INCOME 1,896,936 586,080

MISCELLANEOUS INCOME PER-UNIT

MONTHLY
TOTAL

MONTHLY
TOTAL
ANNUAL 11,721,600
Laundry/Vending $ 5 $ 650 $ 7,800
Operating Budget
Project Name: Santa Monica RFP
INCOME
Scheduled Gross Income $1,896,936
Operating Subsidy Premium $ 586,080
Miscellaneous Income $ 7,800
Vacancy Loss (Rental Income) 5.00% $ (94,847)
Vacancy Loss (Operating Subsidy) 10.00% $ (58,608)
Vacancy Loss (Miscellaneous Income) 5.00% $ (390)
EFFECTIVE GROSS INCOME$2,336,971
EXPENSES - RESIDENTIAL Per Unit
Units 130
Admninstrative
Advertising $ 24 $ 3,141
Legal $ 87 $ 11,331
Accounting/Audit $ 185 $ 24,068
Security $ 142 $ 18,481
Misc. Admin/Telephone $ 238 $ 30,916
Total Administrative $ 87,937
Utilities
Electricity $ 1,000 $ 130,000
Gas $ - $ -
Cable & Internet $ 155 $ 20,150
Sewer $ 360 $ 46,772
Water $ 360 $ 46,772
Total Utilities $ 243,694
Payroll/Payroll Taxes
Maintenance Payroll $ 449 $ 58,400
On-Site Manager $ 1,2693 $ 165,000
Payroll Taxes/Benefits $ 841 $ 109,360
Total Payroll/Payroll Taxes $ 332,760
Insurance $ 1,600 $ 208,000
Real Estate Taxes/Assessments $ 96 $ 12,500
Maintenance
Painting $ 186 $ 24,140
Repairs $ 302 $ 39,238
Trash Removal $ 237 $ 30,757
Exterminating $ 92 $ 12,022
Grounds $ 122 $ 15,896
Elevator $ 130 $ 16,936
Misc. Expenses $ 417 $ 54,156
Total Maintenance $ 193,145
Replacement Reserve $ 500 $ 65,000
Management Fee (6% of Gross Effective Income) $ 1,079 per unit $ 140,218 Other
Services $ 77 $ 10,000
Ground Lease Payment $ 0 $ 1
Other: Resident Service Coordinator $ 385 $ 50,000
Other:

Other: Business Licenses and Fee $ 54 $ 7,046
Other: Monitoring Fees $ 32 $ 4,100
Annual Issuer Fee/Trustee/Admin Fee (issuer s $ 58 $ 7,500 Total Other $ 78,648
TOTAL EXPENSES - RESIDENTIAL PUPY Total
Including Reserves $ 10,476$1,361,901
Without reserves and services $ 9,371$1,218,253
Without taxes, reserves, and services $ 9,275$1,205,753 UMR REQUIRED DEBT SERVICE 0.42% 105,000
NET AVAILABLE INCOME FOR PERMANENT LOAN $ 870,070
Below The Line
Asset Management Fee - LP $ 10,000
Asset Management Fee - GP $ 15,000
LIHTC Calcs
Project Name: Santa Monica RFP YES
#REF! #REF! NO
Threshold Basis Calculation:

Basis Limits Units 9% 4% Threshold Basis
Studio 13 $ 341,094 $ 341,094 $ 4,434,222
1-Bed 48 $ 393,278 $ 393,278 $ 18,877,344
2-Bed 34 $ 474,400 $ 474,400 $ 16,129,600
3-Bed 32 $ 607,232 $ 607,232 $ 19,431,424
4-Bed0 $ 676,494 $ 676,494 $ -
Manager's 3 $ 474,400 $ 474,400 $ 1,423,200
Total: Unadjusted Threshold Basis $ 60,295,790
Threshold Basis Limit Increases
Prevailing Wage 20% Yes $ 12,059,158
Project Labor Agreement 5% No $ -
Parking Beneath Units (no tuck under) 10% No $ -
Day-Care Center 2% No $ -
100% Special needs 2% No $ -
Special Features (up to 10% Choose options below.) 0% $ - Onsite renewable energy of 50% of annual use 5% No
Onsite renewable energy of 75% of annual use 2% No
New construction 45% more efficient than current standards 4% No Rehab projects 80% more energy efficient 4% No
Irrigated only with reclaimed water, grey water, or rainwater 1% No Community Gardens, at least 60 sq. ft. for units 1% No
Environmentally friendly flooring in kitchens, living rooms, and bathrooms(no VOC backing). See application 1% No Environmentally friendly flooring in all common areas. See application 2% No Meet US EPA Indoor Air Plus Program 2% No
Seismic Upgrading (lesser of 15% of unadjusted eligible basis or actual costs)(enter actual costs) 15% $ - Local Development Impact Fees
95% of upper floor units are elevator accessible 10% Yes $ 6,029,579 Type I Construction: 95% of development is Type I construction 15% No $ - Type III Construction: 95% of development is Type III or Type I/Type III Construction 10% Yes $ 6,029,579 9% Threshold Basis Limit for 2-bedroom <= $400K and in High or Highest Resource Opportunity Map Area 10% No $ - + 1% basis for each 1% of units income qualified to 50%-36% AMI 20% Yes $ 12,344,020 + 2% basis for each 1% of units income qualified to 35% AMI and below 63% Yes $ 37,981,600 Total Threshold Basis Limit Increases $ 134,739,726

FEDERAL TAX CREDITS
ACQ. CONST./ REHAB TOTAL
TOTAL ELIGIBLE COSTS $ 92,826,405 $ 92,826,405
Less:

Business Energy Tax Credits (Res. Portion) $ - $ -
Non-Eligible (Federal/Grant Financing) $ - $
-
ELIGIBLE BASIS $ 92,826,405 $ 92,826,405
THRESHOLD BASIS LIMIT $ 134,739,726
REQUESTED ELIGIBLE BASIS $ 92,826,405 $ 92,826,405
Equ LESS: VOLUNTARY REDUCTION $ - $ -
TOTAL REQUESTED UNADJUSTED ELIGIBLE BASIS $ 92,826,405 $ 92,826,405 QCT, DDA or OTHER HIGH COST ADJUSTMENT 130%
ADJUSTED ELIGIBLE BASIS $ 120,674,327 $ 120,674,327
APPLICABLE FRACTION 100%
QUALIFIED CREDIT BASIS $ 120,674,327 $ 120,674,327
CREDIT RATE 4.00%
MAXIMUM ANNUAL CREDIT AMOUNT $ 4,826,973 $ 4,826,973
MAXIMUM TOTAL CREDIT AMOUNT $ 48,269,730 $ 48,269,730
$ 97,341,041
$ 41,094,509
$ 45,373,546
$ 86,468,055
$ 10,872,986
$ 12,355,666
Credit Rate 13% 30%
$ - $ 27,847,922 $ 12,355,666
STATE TAX CREDIT EQUITY $ - $ 10,872,986 $ 10,872,986
State Tax Credits Needed

MAXIMUM TOTAL CREDIT AMOUNT
STATE TAX CREDITS (if applicable)
Total Development Cost
Non-Tax Credit Sources
Federal Tax Credit Equity
Non-State Tax Credit Sources
Remaining Need
Cashflow
Project Name: Santa Monica RFP
Inflation
Rental Income:

Resident Rent 2.50%
Subsidy Rent 2.50%
Laundry Income 2.50%
Gross Income
Vacancy Loss:

Resident Rent 5.00%
Subsidy Rent 10.00%
Laundry Income 5.00%
Total Vacancy Loss
Gross Effective Income
Operating Expenses:

Management Fee 3.50%
Replacement Reserve 0.00%
Real Estate Taxes 2.00%
Issuer Fee 0.00%
Additional Fees 3.50%
LACDA Monitoring Fee 0.00%
Services Fee 2.50%
Other Operating Expenses 3.50%
Total Expenses
Cashflow before Debt Service
Ratio/Rate
HCD Payment 0.42%
Net Income Available for Debt Service
Permanent Loan 1.15
Combined DSCR
Cashflow after debt service
Fees
LP Management Fe 3.50%
GP Management Fee 3.50%
Def. Dev.Fee 300,000
Remaining dev fee
Cashflow for distribution
Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20 Year 21 Year 22 Year 23 Year 24 Year 25 2,311,232 2,369,013 2,428,238 2,488,944 2,551,168 2,614,947 2,680,321 2,747,329 2,816,012 2,886,412 2,958,573 3,032,537 3,108,351 3,186,059 3,265,711 3,347,354 3,431,037 714,082 731,934 750,232 768,988 788,212 807,918 828,116 848,819 870,039 891,790 914,085 936,937 960,360 984,369 1,008,979 1,034,203 1,060,058 9,504 9,741 9,985 10,234 10,490 10,752 11,021 11,297 11,579 11,869 12,165 12,469 12,781 13,101 13,428 13,764 14,108 3,034,817 3,110,688 3,188,455 3,268,166 3,349,871 3,433,617 3,519,458 3,607,444 3,697,630 3,790,071 3,884,823 3,981,943 4,081,492 4,183,529 4,288,118 4,395,321 4,505,204 (115,562) (118,451) (121,412) (124,447) (127,558) (130,747) (134,016) (137,366) (140,801) (144,321) (147,929) (151,627) (155,418) (159,303) (163,286) (167,368) (171,552) (71,408) (73,193) (75,023) (76,899) (78,821) (80,792) (82,812) (84,882) (87,004) (89,179) (91,408) (93,694) (96,036) (98,437) (100,898) (103,420) (106,006) - - - - - - - - - - - - - - - - -
(475) (487) (499) (512) (525) (538) (551) (565) (579) (593) (608) (623) (639) (655) (671) (688) (705) (187,445) (192,131) (196,934) (201,858) (206,904) (212,077) (217,379) (222,813) (228,383) (234,093) (239,945) (245,944) (252,093) (258,395) (264,855) (271,476) (278,263) 2,847,372 2,918,557 2,991,521 3,066,309 3,142,966 3,221,541 3,302,079 3,384,631 3,469,247 3,555,978 3,644,878 3,735,999 3,829,399 3,925,134 4,023,263 4,123,844 4,226,940 184,641 191,103 197,792 204,714 211,879 219,295 226,971 234,915 243,137 251,646 260,454 269,570 279,005 288,770 298,877 309,338 320,164 65,000 65,000 65,000 65,000 65,000 65,000 65,000 65,000 65,000 65,000 65,000 65,000 65,000 65,000 65,000 65,000 65,000 14,646 14,939 15,237 15,542 15,853 16,170 16,493 16,823 17,160 17,503 17,853 18,210 18,574 18,946 19,325 19,711 20,105 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 80,519 83,337 86,253 89,272 92,397 95,631 98,978 102,442 106,027 109,738 113,579 117,555 121,669 125,927 130,335 134,897 139,618 - - - - - - - - - - - - - - - - -
12,184 12,489 12,801 13,121 13,449 13,785 14,130 14,483 14,845 15,216 15,597 15,987 16,386 16,796 17,216 17,646 18,087 1,403,106 1,452,215 1,503,042 1,555,649 1,610,097 1,666,450 1,724,776 1,785,143 1,847,623 1,912,290 1,979,220 2,048,493 2,120,190 2,194,397 2,271,200 2,350,692 2,432,967 1,767,595 1,826,582 1,887,626 1,950,799 2,016,175 2,083,831 2,153,847 2,226,306 2,301,292 2,378,894 2,459,203 2,542,314 2,628,324 2,717,335 2,809,453 2,904,784 3,003,442 1,079,777 1,091,975 1,103,895 1,115,510 1,126,792 1,137,709 1,148,232 1,158,325 1,167,955 1,177,084 1,185,675 1,193,686 1,201,075 1,207,799 1,213,810 1,219,060 1,223,499 105,000 105,000 105,000 105,000 105,000 105,000 105,000 105,000 105,000 105,000 105,000 105,000 105,000 105,000 105,000 105,000 105,000 974,777 986,975 998,895 1,010,510 1,021,792 1,032,709 1,043,232 1,053,325 1,062,955 1,072,084 1,080,675 1,088,686 1,096,075 1,102,799 1,108,810 1,114,060 1,118,499 742,888 742,888 742,888 742,888 742,888 742,888 742,888 742,888 742,888 742,888 742,888 742,888 742,888 742,888 742,888 742,888 742,888

1.27 1.29 1.30 1.32 1.33 1.34 1.35 1.37 1.38 1.39 1.40 1.41 1.42 1.42 1.43 1.44 1.44 231,889 244,087 256,007 267,622 278,904 289,821 300,344 310,437 320,067 329,196 337,787 345,798 353,187 359,911 365,922 371,172 375,611 13,168 13,629 14,106 14,600 15,111 15,640 16,187 16,753 17,340 17,947 18,575 19,225 19,898 20,594 21,315 22,061 22,833 19,752 20,443 21,159 21,900 22,666 23,459 24,280 25,130 26,010 26,920 27,862 28,838 29,847 30,891 31,973 33,092 34,250 - - - - - - - - - - - - - - - - -
198,969 210,014 220,742 231,123 241,127 250,723 259,876 268,554 276,717 284,329 291,349 297,735 333,289 339,317 344,607 349,111 352,778 Cashflow
Project Name: Santa Monica RFP
Inflation
Rental Income:

Resident Rent 2.50%
Subsidy Rent 2.50%
Laundry Income 2.50%
Gross Income
Vacancy Loss:

Resident Rent 5.00%
Subsidy Rent 10.00%
Laundry Income 5.00%
Total Vacancy Loss
Gross Effective Income
Operating Expenses:

Management Fee 3.50%
Replacement Reserve 0.00%
Real Estate Taxes 2.00%
Issuer Fee 0.00%
Additional Fees 3.50%
LACDA Monitoring Fee 0.00%
Services Fee 2.50%
Other Operating Expenses 3.50%
Total Expenses
Cashflow before Debt Service
Ratio/Rate
HCD Payment 0.42%
Net Income Available for Debt Service
Permanent Loan 1.15
Combined DSCR
Cashflow after debt service
Fees
LP Management Fe 3.50%
GP Management Fee 3.50%
Def. Dev.Fee 300,000
Remaining dev fee
Cashflow for distribution
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 3,516,813 3,604,734 3,694,852 3,787,223 3,881,904 3,978,951 4,078,425 4,180,386 4,284,896 4,392,018 4,501,818 4,614,364 4,729,723 4,847,966 4,969,165 5,093,394 5,220,729 1,086,560 1,113,724 1,141,567 1,170,106 1,199,358 1,229,342 1,260,076 1,291,578 1,323,867 1,356,964 1,390,888 1,425,660 1,461,302 1,497,834 1,535,280 1,573,662 1,613,004 14,461 14,822 15,193 15,573 15,962 16,361 16,770 17,189 17,619 18,060 18,511 18,974 19,448 19,934 20,433 20,943 21,467 4,617,834 4,733,279 4,851,611 4,972,902 5,097,224 5,224,655 5,355,271 5,489,153 5,626,382 5,767,041 5,911,217 6,058,998 6,210,473 6,365,735 6,524,878 6,688,000 6,855,200 (175,841) (180,237) (184,743) (189,361) (194,095) (198,948) (203,921) (209,019) (214,245) (219,601) (225,091) (230,718) (236,486) (242,398) (248,458) (254,670) (261,036) (108,656) (111,372) (114,157) (117,011) (119,936) (122,934) (126,008) (129,158) (132,387) (135,696) (139,089) (142,566) (146,130) (149,783) (153,528) (157,366) (161,300) - - - - - - - - - - - - - - - - -
(723) (741) (760) (779) (798) (818) (839) (859) (881) (903) (926) (949) (972) (997) (1,022) (1,047) (1,073) (285,220) (292,350) (299,659) (307,150) (314,829) (322,700) (330,767) (339,037) (347,512) (356,200) (365,105) (374,233) (383,589) (393,178) (403,008) (413,083) (423,410) 4,332,614 4,440,929 4,551,953 4,665,751 4,782,395 4,901,955 5,024,504 5,150,116 5,278,869 5,410,841 5,546,112 5,684,765 5,826,884 5,972,556 6,121,870 6,274,917 6,431,790 331,370 342,968 354,972 367,396 380,255 393,564 407,338 421,595 436,351 451,623 467,430 483,790 500,723 518,248 536,387 555,161 574,591 65,000 65,000 65,000 65,000 65,000 65,000 65,000 65,000 65,000 65,000 65,000 65,000 65,000 65,000 65,000 65,000 65,000 20,508 20,918 21,336 21,763 22,198 22,642 23,095 23,557 24,028 24,508 24,999 25,499 26,009 26,529 27,059 27,600 28,153 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 144,505 149,562 154,797 160,215 165,822 171,626 177,633 183,850 190,285 196,945 203,838 210,972 218,356 225,999 233,909 242,096 250,569 - - - - - - - - - - - - - - - - -
18,539 19,003 19,478 19,965 20,464 20,976 21,500 22,038 22,589 23,153 23,732 24,325 24,933 25,557 26,196 26,851 27,522 2,518,120 2,606,255 2,697,474 2,791,885 2,889,601 2,990,737 3,095,413 3,203,752 3,315,884 3,431,940 3,552,058 3,676,380 3,805,053 3,938,230 4,076,068 4,218,730 4,366,386 3,105,542 3,211,206 3,320,557 3,433,724 3,550,840 3,672,045 3,797,479 3,927,292 4,061,636 4,200,670 4,344,557 4,493,466 4,647,574 4,807,062 4,972,119 5,142,937 5,319,720 1,227,072 1,229,724 1,231,396 1,232,028 1,231,555 1,229,910 1,227,024 1,222,824 1,217,233 1,210,171 1,201,556 1,191,299 1,179,310 1,165,494 1,149,751 1,131,979 1,112,070 105,000 105,000 105,000 105,000 105,000 105,000 105,000 105,000 105,000 105,000 105,000 105,000 105,000 105,000 105,000 105,000 105,000 1,122,072 1,124,724 1,126,396 1,127,028 1,126,555 1,124,910 1,122,024 1,117,824 1,112,233 1,105,171 1,096,556 1,086,299 1,074,310 1,060,494 1,044,751 1,026,979 1,007,070 742,888 742,888 742,888 742,888 742,888 - - - - - - - - - - - -

1.45 1.45 1.45 1.45 1.45 11.71 11.69 11.65 11.59 11.53 11.44 11.35 11.23 11.10 10.95 10.78 10.59 379,184 381,836 383,508 384,140 383,667 1,124,910 1,122,024 1,117,824 1,112,233 1,105,171 1,096,556 1,086,299 1,074,310 1,060,494 1,044,751 1,026,979 1,007,070 23,632 24,460 25,316 26,202 27,119 28,068 29,050 30,067 31,119 32,209 33,336 34,503 35,710 36,960 38,254 39,593 40,978 35,449 36,689 37,974 39,303 40,678 42,102 43,575 45,101 46,679 48,313 50,004 51,754 53,565 55,440 57,381 59,389 61,468 - - - - - - - - - - - - - - - - -
355,551 357,376 358,192 357,938 356,548 1,096,842 1,092,974 1,087,757 1,081,114 1,072,963 1,063,220 1,051,796 1,038,599 1,023,534 1,006,498 987,387 966,091 Cashflow
Project Name: Santa Monica RFP
Inflation
Rental Income:

Resident Rent 2.50%
Subsidy Rent 2.50%
Laundry Income 2.50%
Gross Income
Vacancy Loss:

Resident Rent 5.00%
Subsidy Rent 10.00%
Laundry Income 5.00%
Total Vacancy Loss
Gross Effective Income
Operating Expenses:

Management Fee 3.50%
Replacement Reserve 0.00%
Real Estate Taxes 2.00%
Issuer Fee 0.00%
Additional Fees 3.50%
LACDA Monitoring Fee 0.00%
Services Fee 2.50%
Other Operating Expenses 3.50%
Total Expenses
Cashflow before Debt Service
Ratio/Rate
HCD Payment 0.42%
Net Income Available for Debt Service
Permanent Loan 1.15
Combined DSCR
Cashflow after debt service
Fees
LP Management Fe 3.50%
GP Management Fee 3.50%
Def. Dev.Fee 300,000
Remaining dev fee
Cashflow for distribution
Year 43 Year 44 Year 45 Year 46 Year 47 Year 48 Year 49 Year 50 Year 51 Year 52 Year 53 Year 54 Year 55 5,351,247 5,485,029 5,622,154 5,762,708 5,906,776 6,054,445 6,205,806 6,360,951 6,519,975 6,682,975 6,850,049 7,021,300 7,196,833 1,653,329 1,694,662 1,737,029 1,780,454 1,824,966 1,870,590 1,917,355 1,965,288 2,014,421 2,064,781 2,116,401 2,169,311 2,223,544 22,004 22,554 23,118 23,696 24,288 24,895 25,518 26,156 26,809 27,480 28,167 28,871 29,593 7,026,580 7,202,244 7,382,301 7,566,858 7,756,030 7,949,930 8,148,679 8,352,396 8,561,205 8,775,236 8,994,616 9,219,482 9,449,969 (267,562) (274,251) (281,108) (288,135) (295,339) (302,722) (310,290) (318,048) (325,999) (334,149) (342,502) (351,065) (359,842) (165,333) (169,466) (173,703) (178,045) (182,497) (187,059) (191,735) (196,529) (201,442) (206,478) (211,640) (216,931) (222,354) - - - - - - - - - - - - -
(1,100) (1,128) (1,156) (1,185) (1,214) (1,245) (1,276) (1,308) (1,340) (1,374) (1,408) (1,444) (1,480) (433,995) (444,845) (455,966) (467,366) (479,050) (491,026) (503,302) (515,884) (528,781) (542,001) (555,551) (569,440) (583,676) 6,592,585 6,757,399 6,926,334 7,099,492 7,276,980 7,458,904 7,645,377 7,836,511 8,032,424 8,233,235 8,439,066 8,650,042 8,866,293 594,702 615,516 637,060 659,357 682,434 706,319 731,040 756,627 783,109 810,518 838,886 868,247 898,635 65,000 65,000 65,000 65,000 65,000 65,000 65,000 65,000 65,000 65,000 65,000 65,000 65,000 28,716 29,290 29,876 30,473 31,083 31,704 32,338 32,985 33,645 34,318 35,004 35,704 36,418 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 259,339 268,416 277,810 287,534 297,597 308,013 318,794 329,951 341,500 353,452 365,823 378,627 391,879 - - - - - - - - - - - - -
28,210 28,915 29,638 30,379 31,139 31,917 32,715 33,533 34,371 35,230 36,111 37,014 37,939 4,519,209 4,677,382 4,841,090 5,010,528 5,185,897 5,367,403 5,555,262 5,749,696 5,950,936 6,159,218 6,374,791 6,597,909 6,828,835 5,502,675 5,692,019 5,887,973 6,090,771 6,300,649 6,517,857 6,742,649 6,975,292 7,216,060 7,465,236 7,723,115 7,990,000 8,266,207 1,089,909 1,065,380 1,038,361 1,008,722 976,331 941,048 902,727 861,219 816,364 767,998 715,951 660,042 600,086 105,000 105,000 105,000 105,000 105,000 105,000 105,000 105,000 105,000 105,000 105,000 105,000 105,000 984,909 960,380 933,361 903,722 871,331 836,048 797,727 756,219 711,364 662,998 610,951 555,042 495,086 - - - - - - - - - - - - -

10.38 10.15 9.89 9.61 9.30 8.96 8.60 8.20 7.77 7.31 6.82 6.29 5.72 984,909 960,380 933,361 903,722 871,331 836,048 797,727 756,219 711,364 662,998 610,951 555,042 495,086 42,413 43,897 45,433 47,024 48,669 50,373 52,136 53,961 55,849 57,804 59,827 61,921 64,088 63,619 65,846 68,150 70,535 73,004 75,559 78,204 80,941 83,774 86,706 89,741 92,882 96,132 - - - - - - - - - - - - -
942,496 916,483 887,927 856,698 822,661 785,675 745,592 702,258 655,515 605,194 551,123 493,121 430,998 Appendix K
HCHC Portfolio of Developments
Project Name & Address Date Completed
Project type
(New Construction or
rehab)
Commercial
Component
(if any)
Target Population
Number of
Restricted Units
Number of Total
Units
Similarity to Santa
Monica RFP Sites
Alexandria House Apartments
510 S. Alexandria Street
Los Angeles, CA 90020
7/8/2009 Rehab N/A Family 15 16 --
Allesandro Street Apartments
1934 Allesandro Street
Los Angeles, CA 90039
11/14/2005 NC N/A Family, Special
Needs
17 18 --
Argyle Court Apartments
1938 N. Argyle Avenue
Los Angeles, CA 90068
2/16/1998 Rehab N/A Family, Special
Needs
22 23 --
Barnsdall Court Apartments
1632 Noramandie Avenue Los
Angeles, CA 90027
6/28/2000 NC N/A Family 37 38 --
Carlton Court Apartments
5443 Carlton Way
Los Angeles, CA 90027
10/5/1994 NC N/A Family 23 24 --
Casa Verde Apartments
1552 Schrader Avenue
Los Angeles, CA 90028
12/1/2000 NC N/A Family, Special
Needs
29 30 --
Coronel Apartments
1601 N. Hobart Blvd.

Los Angeles, CA 90027
4/19/2019 NC/Rehab N/A Family 53 54 --
Dunning Apartments
5552 Carlton Way
Los Angeles, CA 90028
11/6/1992 Rehab N/A Family, Special
Needs
25 26 --
Florence Mills Apartments
1044 E. Jefferson Blvd, Los
Angeles, CA 90011
3/1/2021 NC
Yes - Young
Musicians
Foundation
Homeless
Veterans and lowincome families73 74
Located adjacent
to Paul Williams
Apartments
allowing for shared
resources
Gateway Apartments
13368 Beach Ave.

Los Angeles, CA 90292
3/2/2016 NC N/A Homeless, Special
Needs
20 21
Located in west
Los Angeles
Gramercy Place Apartments
2375 W. Washington Blvd,
Los Angeles, CA 90018
12/3/2021 NC Yes - Tenant space
vacant Homeless 62 64
Ground lease
property
Harold Way Apartments
5521 Harold Way
Los Angeles, CA 90026
8/19/2003 NC N/A Family, Special
Needs
50 51 --
HCHC Recap I:
5425 Carlton Way, Los Angeles,
CA 90027
1924 N. Argyle Age. Los
Angeles, CA 90068
6501 Yucca St. Los Angeles, CA
90028
9/8/2017 Rehab N/A Family, Seniors 65 68 --
Hollywood Bungalows
1516-1544 Serrano Avenue, 1721
N. Kingsley
Los Angeles, CA 90027
1/22/2010 Rehab N/A Family 41 42 --
Hollywood Metro Apartments
1516 N Western Avnue
Los Angeles, CA 90027
8/8/2005 NC
Yes - Bank and
other retail Family 55 56 --
Innes Heights Apartments
1245 Innes Avenue
Los Angeles, CA 90026
8/14/2003 NC N/A Special Needs 18 19 --
Complete Portfolio of Properties in Operation, under Construction, and in PreDevelopment Key: Rows highlighted in yellow are analogous to this City of Santa Monica proposal Properties in Operation
Portfolio of Developments
Los Angeles, CA 90018
Harold Way Apartments
5521 Harold Way
Los Angeles, CA 90026
8/19/2003 NC N/A Family, Special
Needs
50 51 --
HCHC Recap I:
5425 Carlton Way, Los Angeles,
CA 90027
1924 N. Argyle Age. Los
Angeles, CA 90068
6501 Yucca St. Los Angeles, CA
90028
9/8/2017 Rehab N/A Family, Seniors 65 68 --
Hollywood Bungalows
1516-1544 Serrano Avenue, 1721
N. Kingsley
Los Angeles, CA 90027
1/22/2010 Rehab N/A Family 41 42 --
Hollywood Metro Apartments
1516 N Western Avnue
Los Angeles, CA 90027
8/8/2005 NC
Yes - Bank and
other retail Family 55 56 --
Innes Heights Apartments
1245 Innes Avenue
Los Angeles, CA 90026
8/14/2003 NC N/A Special Needs 18 19 --
Los Angeles County Development Authority NOFA 26 - B.2 Developer Experience Project Name & Address Date Completed
Project type
(New Construction or
rehab)
Commercial
Component
(if any)
Target Population
Number of
Restricted Units
Number of Total
Units
Similarity to Santa
Monica RFP Sites
Kenmore Apartments
1726 N. Kenmore Avenue Los
Angeles, CA 90027
12/15/2000 Rehab N/A Family, Special
Needs
20 21 --
La Brea / Franklin Apartments
1801 La Brea Avenue
Los Angeles, CA 90046
5/30/1993 NC N/A Family 39 40 --
La Mirada Terrace Apartments
5657 La Mirada Avenue
Los Angeles, CA 90038
12/1/2000 NC N/A Family, Special
Needs
29 30 --
Mariposa Apartments
1050 Mariposa Avenue
Los Angeles, CA 90029
6/1/2009 NC Yes - laundromat Family 57 58 --
Palo Verde Apartments
4704 Peck Road
El Monte, CA 91732
11/21/2018 NC N/A
Homeless
Veterans and LowIncome Famiies48 49
Partial PSH and
partial general
affordable
Palomar Apartments
5473 Santa Monica Blvd.

Los Angeles, CA 90029
12/14/2005 Rehab N/A Senior 26 27 --
Paul Williams Apartments
E. 1010 Jefferson Blvd.

Los Angeles, CA 90011
3/28/2019 NC/Rehab N/A Family 40 41
Located adjacent
to Florence Mills
Apartments
allowing for shared
resources
St. Andrews Place
1514-44 N. St. Andrews Pl.

Los Angeles, CA 90028
11/21/1995 Rehab N/A Homeless 15 16 --
Stanford Avenue Apartments
14733-14803 S. Stanford
Avenue, Compton, CA 90220
12/1/2020 NC N/A Homeless 83 85
New construction
with concentrated
PSH population
Step Up on Colorado
520 Colorado Ave.

Santa Monica, CA 90404
10/21/2015 NC N/A Homeless, Special
Needs
32 34
Located in Santa
Monica on 6,500
SF site
Step Up on Vine
1057 N. Vine Street
Los Angeles, CA 90028
1/1/2013 Rehab
Yes - Café and
community serving
retail space for
work training
Homeless, Special
Needs
32 34 --
Views at 270
1672 N Western Avenue
Los Angeles, CA 90027
5/27/2004 NC Yes - Walgreens Family 59 60 --
Waterloo Heights
1011 Waterloo Street
Los Angeles, CA 90026
8/22/2002 NC N/A Homeless 17 18 -
Walnut Park Apartments
7616 Pacific Blvd
Los Angeles, CA 90255
Under
Construction
NC N/A Family, Special
Needs
62 64
Partial PSH and
partial general
affordable
Palm Vista
20116 Sherman Way
Winnetka, CA 91306
Under
Construction
NC N/A Family, Special
Needs
89 91
Partial PSH and
partial general
affordable
Luna Vista
8767 Parthenia Place
North Hills, CA 91343
Under
Construction NC
N/A Family, Special
Needs 71 73
Partial PSH and
partial general
affordable
Peak Plaza Apartments
Properties in PreDevelopment
Properties Under Construction
Project Name & Address Date Completed
Project type
(New Construction or
rehab)
Commercial
Component
(if any)
Target Population
Number of
Restricted Units
Number of Total
Units
Similarity to Santa
Monica RFP Sites
Venice Dell Community
2102-2120 South Pacific Ave 116
-
302 East North Venice Blvd
2106-2116 South Canal St 319
East South Venice Blvd
In
Predevelopment
NC TBD Family, Special
Needs, Artists
136 140
Located in west
Los Angeles. Large
project over 140
units. Ground
lease.

Step Up on Colorado
520 Colorado Ave.

Santa Monica, CA 90404
10/21/2015 NC N/A Homeless, Special
Needs
32 34
Located in Santa
Monica on 6,500
SF site
Step Up on Vine
1057 N. Vine Street
Los Angeles, CA 90028
1/1/2013 Rehab
Yes - Café and
community serving
retail space for
work training
Homeless, Special
Needs
32 34 --
Views at 270
1672 N Western Avenue
Los Angeles, CA 90027
5/27/2004 NC Yes - Walgreens Family 59 60 --
Waterloo Heights
1011 Waterloo Street
Los Angeles, CA 90026
8/22/2002 NC N/A Homeless 17 18-
Walnut Park Apartments
7616 Pacific Blvd
Los Angeles, CA 90255
Under
Construction
NC N/A Family, Special
Needs
62 64
Partial PSH and
partial general
affordable
Palm Vista
20116 Sherman Way
Winnetka, CA 91306
Under
Construction
NC N/A Family, Special
Needs
89 91
Partial PSH and
partial general
affordable
Luna Vista
8767 Parthenia Place
North Hills, CA 91343
Under
Construction NC
N/A Family, Special
Needs 71 73
Partial PSH and
partial general
affordable
Peak Plaza Apartments
306 E Washington Blvd
Los Angeles, CA 90015
In
Predevelopment
NC Yes Family 102 104
Received AHSC
Funding Award
P
roperties in PreDevelopment
Properties Under Construction
Los Angeles County Development Authority NOFA 26 - B.2 Developer Experience Portfolio of Developments, Continued
This Page
Intentionally
Left Blank
Appendix L
HCHC Portfolio of Service
Partnerships& Financing
Portfolio of Service Partnerships and Financing
Property Name Location Units (Special
Needs/Total) Service Partner DateCompleted
Dates of
Service
Agreement
Short Description of
Services
Financing Source for
Service
Alexandria
House
Apartments
City of Los
Angeles 16 (15) Alexandria House 2009
Service start
date
08/01/2009

1.0 FTE RSC Joint Partnership with
Alexandria House
Allesandro Street
Apartments
City of Los
Angeles 18 (17) HCHC Resident ServicesTeam 2005 7/1/23
‐6/30/24
All funding used for
salaries: 30% Director of
Resident Services, 50%
Program Manager, 80%
RSC, 100% Senior RSC,
100% Senior RSC
Alliance for Housing&
Healing relating to the
Housing Opportunities
for Persons with AIDS
(HOPWA) Program
Resident Services
Coordination, $278,120/
year
7/1/23‐6/30/24
All funding used for
salaries: 30% Director of
Resident Services, 50%
Program Manager, 80%
RSC, 100% Senior RSC,
100% Senior RSC
Alliance for Housing&
Healing relating to the
Housing Opportunities
for Persons with AIDS
(HOPWA) Program
Resident Services
Coordination, $278,120/
year
7/1/23‐
6/30/25,
agreement is
pending.

Project‐Based Rental
Assistance (PBRA) for 22
HOPWA residents
Housing Authority of the
City of Los Angeles‐
Housing Opportunities
for Persons with

AIDS/HIV (HOPWA)
Project‐Based Rental
Assistance (PBRA)
30 (12) HCHC Resident Services
Team 7/1/23
‐6/30/24
All funding used for
salaries: 30% Director of
Resident Services, 50%
Program Manager, 80%
RSC, 100% Senior RSC,
100% Senior RSC
Alliance for Housing&
Healing relating to the
Housing Opportunities
for Persons with AIDS
(HOPWA) Program
Resident Services
Coordination, $278,120/
year
30 (11) HCHC Resident Services
Team 9/1/22
‐8/31/23
Sponsor‐based rental
assistance (SRA) for 112
HOPWA residents
Housing Authority of the
City of Los Angeles
(HACLA) Continuum of
Care Program,
$1,851,854/year
26 (3) 7/1/23‐6/30/24
All funding used for
salaries: 30% Director of
Resident Services, 50%
Program Manager, 80%
RSC, 100% Senior RSC,
100% Senior RSC
Alliance for Housing&
Healing relating to the
Housing Opportunities
for Persons with AIDS
(HOPWA) Program
Resident Services
Coordination, $278,120/
year
26 (3) 9/1/22‐8/31/23
Sponsor‐based rental
assistance (SRA) for 112
HOPWA residents
Housing Authority of the
City of Los Angeles
(HACLA) Continuum of
Care Program,
$1,851,854/year
Project Cash Flow
($69,000/year)
MeasureH
($32,400/year)
In ‐Kind service value
($45,350/year)
Property‐Specific Partnerships for PSH Units
Florence Mills
Apartments
Service start
date
03/24/2021
City of Los
Angeles 74 (19) Housing Works 2021 1.0 FTE CM
& 1.0 FTE RSC
2000
HCHC Resident Services
Team 23 (22) City of LosAngeles
Argyle Court
Apartments 1998
Casa Verde
Apartments
City of Los
Angeles
Dunning
Apartments
City of Los
Angeles
HCHC Resident Services
Team 1992
Gramercy Place
Apartments
City of Los
Angeles 64 (31) Housing Works 2021
Service start
date
07/01/2019

1.55FTE  CM& 1.00 FTE
RSC
Project Cash flow
($66,250/year)
42 (15) 7/1/23‐6/30/24
All funding used for
salaries: 30% Director of
Resident Services, 50%
Program Manager, 80%
RSC, 100% Senior RSC,
100% Senior RSC
Alliance for Housing&
Healing relating to the
Housing Opportunities
for Persons with AIDS
(HOPWA) Program
Resident Services
Coordination, $278,120/
year
42 (15) 9/1/22‐8/31/23
Sponsor‐based rental
assistance (SRA) for 112
HOPWA residents
Housing Authority of the
City of Los Angeles
(HACLA) Continuum of
Care Program,
$1,851,854/year
19 (18) 7/1/23‐6/30/24
All funding used for
salaries: 30% Director of
Resident Services, 50%
Program Manager, 80%
RSC, 100% Senior RSC,
100% Senior RSC
Alliance for Housing&
Healing relating to the
Housing Opportunities
for Persons with AIDS
(HOPWA) Program
Resident Services
Coordination, $278,120/
year
19 (18) 9/1/22‐8/31/23
Sponsor‐based rental
assistance (SRA) for 112
HOPWA residents
Housing Authority of the
City of Los Angeles
(HACLA) Continuum of
Care Program,
$1,851,854/year
21 (7) HCHC Resident Services
Team 7/1/23
‐6/30/24
All funding used for
salaries: 30% Director of
Resident Services, 50%
Program Manager, 80%
RSC, 100% Senior RSC,
100% Senior RSC
Alliance for Housing&
Healing relating to the
Housing Opportunities
for Persons with AIDS
(HOPWA) Program
Resident Services
Coordination, $278,120/
year
21 (7) HCHC Resident Services
Team 9/1/22
‐8/31/23
Sponsor‐based rental
assistance (SRA) for 112
HOPWA residents
Housing Authority of the
City of Los Angeles
(HACLA) Continuum of
Care Program,
$1,851,854/year
30 (9) 7/1/23‐6/30/24
All funding used for
salaries: 30% Director of
Resident Services, 50%
Program Manager, 80%
RSC, 100% Senior RSC,
100% Senior RSC
Alliance for Housing&
Healing relating to the
Housing Opportunities
for Persons with AIDS
(HOPWA) Program
Resident Services
Coordination, $278,120/
year
30 (9) 9/1/22‐8/31/23
Sponsor‐based rental
assistance (SRA) for 112
HOPWA residents
Housing Authority of the
City of Los Angeles
(HACLA) Continuum of
Care Program,
$1,851,854/year
2000
Hollywood
Bungalow Courts
Innes Heights
Apartments 2003 City of LosAngeles
City of Los
Angeles
HCHC Resident Services
Team 2010
HCHC Resident Services
Team
2000
HCHC Resident Services
Team
La Mirada
Terrace
Apartments
Kenmore
Apartments
City of Los
Angeles
City of Los
Angeles
23 (3) 7/1/23
‐6/30/24
All funding used for
salaries: 30% Director of
Resident Services, 50%
Program Manager, 80%
RSC, 100% Senior RSC,
100% Senior RSC
Alliance for Housing&
Healing relating to the
Housing Opportunities
for Persons with AIDS
(HOPWA) Program
Resident Services
Coordination, $278,120/
year
23 (3) 9/1/22‐8/31/23
Sponsor‐based rental
assistance (SRA) for 112
HOPWA residents
Housing Authority of the
City of Los Angeles
(HACLA) Continuum of
Care Program,
$1,851,854/year
Walnut Park
Apartments
Huntington Park
Los Angeles
County
64 (31) HousingWorks Under
construction
MOU signed.

Services to
begin in Spring
2024 and
continue
through 2039.

2.05 FTE Case Manager

0.75 FTE RSC
‐ LA County DHS
MeasureH
‐ Project cash flow
($82,500/year)
Palm Vista
Apartments
City of Los
Angeles 91 (44) Housing Works Underconstruction
Service start
date
09/01/2023

2.20 FTE CMs& 1.125
RSC
‐ LA County DHS
MeasureH
‐ Project cash flow
($96,000/year)
Project Cash Flow
($75,000/year)
MeasureH
commitments to SPA7
under Housing Works
Master Contract with
DHS
Grant Name and
Partnerships Year Awarded Amount Use of Funds
QueensCare 2022 $15,000 HCHC Resident Services
salaries
Kaiser
Permanente 2022 $50,000 HCHC Resident Servicessalaries
The Green
Foundation 2022 $25,000 HCHC Resident Servicessalaries
Marisla
Foundation 2022 $35,000 HCHC Resident Servicessalaries and benefits S. Mark Taper
Foundation 2022 $50,000 HCHC Resident Servicessalaries
QueensCare 2023 $15,000 HCHC Resident Services
salaries
Marisla
Foundation 2023 $35,000 HCHC Resident Servicessalaries and benefits Geffen
Foundation 2021 $10,000 Resident Services
Young Musicians
Foundation Ongoing partnership
Provides free music
instruction to Florence
Mills and Paul Williams
residents over the age of 4
YWCA Ongoing partnership
Provides linkage for
residents experiencing
domestic violence
Housing Works Ongoing partnership
Receives office space at
no cost at Wilcox
Apartments
Luna Vista
Apartments
Service start
date
anticipated in
2024
City of Los
Angeles 73 (36) Housing Works Underconstruction
City of Los
Angeles
Wilcox
Apartments

2.25 FTE CMs& 0.75 FTE
RSC
2017 HCHC Resident Services
Team
Portfolio of Service Partnerships and Financing, Continued This Page
Intentionally
Left Blank
Appendix M
HCHC Portfolio of All Project Financing Sources Including 4% & 9% Developments
List of All Project Financing Sources B.2 Developer Experience Project Name & Address
Tax
Credit
Type
Date Completed
Project type
(New
Construction or
rehab)
Commercial
Component
(if any)
Target
Population
Number of
Restricted/Tax
Credit Units
Number of Total
Units
Principal Funding Sources (LIHTC,
MHP, etc.)
Alexandria House Apartments
510 S. Alexandria Street
Los Angeles, CA 90020
4% 7/8/2009 Rehab N/A Family 15 16 LIHTC, Pacific Capital Bank-AHP,

HACOLA, CRA, MHP, COI & HCID
Allesandro Street Apartments
1934 Allesandro Street
Los Angeles, CA 90039
N/A 11/14/2005 NC N/A Family, Special
Needs 17 18 Citi Bank, HUD, HACOLA & HCID
Argyle Court Apartments
1938 N. Argyle Avenue
Los Angeles, CA 90068
N/A 2/16/1998 Rehab N/A Family, Special
Needs 22 23 CHASE & HCID
Barnsdall Court Apartments
1632 Noramandie Avenue Los
Angeles, CA 90027
4% 6/28/2000 NC N/A Family 37 38 LIHTC, Red Mortgage Capital, Inc. US Bank & HCID
Carlton Court Apartments
5443 Carlton Way
Los Angeles, CA 90027
4% 10/5/1994 NC N/A Family 23 24 LIHTC, Citi Bank, CRA & HCHC Casa Verde Apartments
1552 Schrader Avenue
Los Angeles, CA 90028
4% 12/1/2000 NC N/A Family, Special
Needs 29 30 LIHTC, Citi Bank & CRA
Coronel Apartments
1601 N. Hobart Blvd.

Los Angeles, CA 90027
9% 4/19/2019 NC/Rehab N/A Family 53 54 LIHTC, Bank of America, HCID, CRA, AHP, Kilroy Realty Corp.

Dunning Apartments
5552 Carlton Way
Los Angeles, CA 90028
9% 11/6/1992 Rehab N/A Family, Special
Needs 25 26 LIHTC, Mission Valley Bank (MVB) & CRA
Florence Mills Apartments
1044 E. Jefferson Blvd, Los
Angeles, CA 90011
9% 3/1/2021 NC
Yes - Young
Musicians
Foundation
Homeless
Veterans and lowincome families
73 74 LIHTC, Union Bank, LACDA, AHP,
HCIDLA, HomeDepot
Gateway Apartments
13368 Beach Ave.

Los Angeles, CA 90292
9% 3/2/2016 NC N/A Homeless,
Special Needs 20 21 LIHTC, HCID, LACDC
Gramercy Place Apartments
2375 W. Washington Blvd,
Los Angeles, CA 90018
4% 12/3/2021 NC Yes - Tenant space
vacant Homeless 62 64 LIHTC, Citibank, LACDA - CGF, CRA, HHH, and MHHP Harold Way Apartments
5521 Harold Way
Los Angeles, CA 90026
9% 8/19/2003 NC N/A Family, Special
Needs 50 51 LIHTC, CHASE, HCID & HCHC
HCHC Recap I:
5425 Carlton Way, Los
Angeles, CA 90027; 1924 N.

Argyle Age. Los Angeles, CA
4% 9/8/2017 Rehab N/A Family, Seniors 65 68 LIHTC, HCID, tax exempt bonds Hollywood Bungalows
1516-1544 Serrano Avenue,
1721 N. Kingsley
Los Angeles, CA 90027
4% 1/22/2010 Rehab N/A Family 41 42 LIHTC, Citi Bank, CRA & HCID Hollywood Metro Apartments
1516 N Western Avnue
Los Angeles, CA 90027
4% 8/8/2005 NC Yes - Bank and
other retail Family 55 56 LIHTC, Bank of New York Trust, MHP &CRA Innes Heights Apartments
1245 Innes Avenue
Los Angeles, CA 90026
9% 8/14/2003 NC N/A Special Needs 18 19 LIHTC, Citi Bank, HACOLA, HCID & AHP
Kenmore Apartments
1726 N. Kenmore Avenue Los
Angeles, CA 90027
9% 12/15/2000 Rehab N/A Family, Special
Needs 20 21 LIHTC, HCID
La Brea / Franklin Apartments
1801 La Brea Avenue
Los AngelesCA 90046
9% 5/30/1993 NC N/A Family 39 40 LIHTC, Citi Bank & CRA 306 E Washington
Hollywood Bungalows
1516-1544 Serrano Avenue,
1721 N. Kingsley
Los Angeles, CA 90027
4% 1/22/2010 Rehab N/A Family 41 42 LIHTC, Citi Bank, CRA & HCID Hollywood Metro Apartments
1516 N Western Avnue
Los Angeles, CA 90027
4% 8/8/2005 NC Yes - Bank and
other retail Family 55 56 LIHTC, Bank of New York Trust, MHP &CRA Innes Heights Apartments
1245 Innes Avenue
Los Angeles, CA 90026
9% 8/14/2003 NC N/A Special Needs 18 19 LIHTC, Citi Bank, HACOLA, HCID & AHP
Kenmore Apartments
1726 N. Kenmore Avenue Los
Angeles, CA 90027
9% 12/15/2000 Rehab N/A Family, Special
Needs 20 21 LIHTC, HCID
La Brea / Franklin Apartments
1801 La Brea Avenue
Los Angeles, CA 90046
9% 5/30/1993 NC N/A Family 39 40 LIHTC, Citi Bank & CRA La Mirada Terrace Apartments
5657 La Mirada Avenue
Los Angeles, CA 90038
9% 12/1/2000 NC N/A Family, Special
Needs 29 30 LIHTC, Citi Bank & HCID
Peak Plaza Apartments
306 E Washington Blvd
Los Angeles, CA 90015
4% In
Predevelopment NC N/A Family TBD 104
AHSC & LAHD committed
Project intends to pursue 4% LIHTC
and state tax credits.

Walnut Park Apartments
7616 Pacific Blvd
Los Angeles, CA 90255
N/A Under
Construction NC N/A Family, Special Needs 62 64 HCD-IIG, HCD-CHAP, HCD-HHC, AHP, LACDA, Banner Bank
Venice Dell Community
2102-2120 South Pacific Ave
116-302 East North Venice Blvd
2106-2116 South Canal St 319
4% In
Predevelopment NC TBD Family, Special Needs, Artists 136 140 LAHD-AHTF & Citi committed
Project intends to pursue 4% LIHTC
and state tax credits, HCD-MHP, and

HCD-IIG
Palm Vista
20116 Sherman Way
Winnetka, CA 91306
4%
Under
Construction NC N/A Family, Special Needs 89 91 LIHTC, HCD-IIG, HCD-MHP, LACDA, CRA, AHP Luna Vista
8767 Parthenia Place
North Hills, CA 91343
4% Under
Construction NC
N/A Family, Special
Needs 71 73 LIHTC, LAHD-AHMP, HCD-MHP,
HCD-IIG, Banner Bank
Mariposa Apartments
1050 Mariposa Avenue
Los Angeles, CA 90029
4% 6/1/2009 NC Yes - laundromat Family 57 58 LIHTC, US Bank, HCID HACOLA Palo Verde Apartments
4704 Peck Road
El Monte, CA 91732
9% 11/21/2018 NC N/A
Homeless
Veterans and
Low-Income
Famiies
48 49 LIHTC, Citibank, HCD VHHP, LACDA,
HACOLA, AHP, City of El Monte
Palomar Apartments
5473 Santa Monica Blvd.

Los Angeles, CA 90029
9% 12/14/2005 Rehab N/A Senior 26 27 LIHTC, Berkadia, CCRC & CRA Paul Williams Apartments
E. 1010 Jefferson Blvd.

Los Angeles, CA 90011
9% 3/28/2019 NC/Rehab N/A Family 40 41 LIHTC, Bank of America, HCID CDBG & AHTF, AHP
St. Andrews Place
1514-44 N. St. Andrews Pl.

Los Angeles, CA 90028
9% 11/21/1995 Rehab N/A Homeless 15 16 LIHTC, Citibank, CRA & HCID Stanford Avenue Apartments
14733-14803 S. Stanford
Avenue, Compton, CA 90220
9% 12/1/2020 NC N/A Homeless 83 85 LIHTC, Wells Fargo Bank, LACDA, AHP
Step Up on Colorado
520 Colorado Ave.

Santa Monica, CA 90404
9% 10/21/2015 NC N/A Homeless,
Special Needs 32 34 LIHTC, City of Santa Monica, LACDC, AHP
Step Up on Vine
1057 N. Vine Street
Los Angeles, CA 90028
9% 1/1/2013 Rehab
Yes - Café and
community serving
retail space for
work training
Homeless,
Special Needs 32 34

LIHTC, MHSA, CRA/LA, HCID, AHP,
LACDC, Enterprise Green
Communities
Views at 270
1672 N Western Avenue
Los Angeles, CA 90027
4% 5/27/2004 NC Yes - Walgreens Family 59 60 LIHTC, Berkadia & CRA Waterloo Heights
1011 Waterloo Street
Los Angeles, CA 90026
N/A 8/22/2002 NC N/A Homeless 17 18 HUD, HACOLA
Appendix N
HCHC Portfolio of Federal Subsidies
# Index Building Name Address
Total Units
(w/manager)
PBV/NonVash
PBV/VASH HOME Fund Others
1 Allesandro Apts. 1934 Allesandro Street Los Angeles, CA 90039 18 17-HUD PRAC 811 2 Argyle Court Apartments 1938 N. Argyle Avenue Hollywood, CA 90068 23 22 5 3 Casa Verde Apartments 1552 Schrader Avenue Hollywood, CA 90028 30 2 4 Florence Mills 1044 E. Jefferson Blvd., Los Angeles, CA 90011 74 6 13 37 5 Gramercy Place 1856 S. Wilton Place, Los Angeles, CA 90019 64 32 6 Harold Way Apartments 5521 Harold Way Hollywood, CA 90026 51 25 7 HCHC Recap I Werner Illing House 1924 N. Argyle Avenue Hollywood, CA 90068 21 21 7 8 Mariposa Place 5026 Santa Monica Blvd. Hollywood, CA 58 28 9 Mirada Terrace Apts. 5657 La Mirada Avenue Hollywood, CA 90038 30 14 10 Palo Verde 4704 Peck Road, El Monte, CA 91732 49 9 16 11 Palomar Apartments 5473 Santa Monica Blvd. Hollywood, CA 90029 27 4 12 Paul Williams 1010 Jefferson Blvd., Los Angeles, CA 90011 41 20 13 Step Up on Colorado 520 Colorado Ave., Santa Monica, CA 9040 34 32 32-DHS 14 Step Up on Vine 1057 N. Vine Ave,, Los Angeles, CA 90038 34 32 32-DMH 15 Waterloo Heights 1011 Waterloo Street Silverlake, CA 90026 18 7 17-HUD PRAC 811 572 154 29 149 4
Hollywood Community Housing Corporation
Affordable Housing Project
Updated: 08/24/2023
Portfolio of Federal Subsidies
Appendix O
Portfolio of Hollywood Community
Housing Loans
LOAN SCHEDULE DATE: August 29, 2023
Name of the Lender Purpose/Project
Date of
Original
Loan
Original
Loan
Amount
Available
Balance
Interest Rate
Maturity
Date
Security / Recourse

CLOSED LOANS
Corporation for Supportive
Housing (CSH)
Predevelopment/Venice Dell 6/15/2018 $ 3,273,000 $ 834,975 6.00% 12/30/2023.

Pursuing a
subsequent 12-
mo extension to
12/30/24.

HCHC & VCH as co-guarantors
plus VCH's property at 511
Brooks serves as collateral.

Nonprofit Finance Fund
(NFF) - Enterprise Level
Capital
Predevelopment for multiple properties 12/22/2020 $ 1,500,000 $ - 5.50% 36 months from origination with
two one year
extensions.

Highly likely both
one-year
extensions will
be granted.

Unsecured / Recourse to
HCHC
Century Housing Acquisition/306 E Washington Blvd
(Peak Plaza Apts)
8/26/2022 $ 6,375,000 $ - 1-month SOFR +

4.50%
Secured - Property
LISC (MATCH Funds) Predevelopment/306 E Washington
Blvd (Peak Plaza Apts)
12/20/2022 $ 1,500,000 $ 866,909 Blended rate
with two
separate Notes.

5.75% and 2.9%
24 month month
term + a few
days (1/1/25) with
a 12 month
Unsecured / Recourse to
HCHC

PENDING LOANS
None

OTHER OBLIGATIONS
Union Bank - Line of Credit Predevelopment Expenses/Operations 02/18/2017 $ 500,000 $ 500,000 4.00% 06/01/2024 Unsecured / Recourse to HCHC
Wells Fargo Bank - Patient
Capital Loan Product
Predevelopment Expenses/Operations 12/21/2021 $ 500,000 $0.00 2.00% 12/21/2027 Unsecured / Recourse to HCHC

HOLLYWOOD COMMUNITY HOUSING CORPORATION
Appendix P
Architectural Plans

ELEV ELEV

ELECTRICAL ROOM
UP
UP

COMPACTCOMPACTCOMPACT
LOBBY

MECHANICAL
ROOM

STORAGE

STORAGE

STORAGE

STANDARD

STANDARD

STANDARD

STANDARD

STANDARD

STANDARD

STANDARD

STANDARD
ADAADA

STANDARDSTANDARDSTANDARDSTANDARDSTANDARD

COMPACTCOMPACTCOMPACTCOMPACTCOMPACTCOMPACTCOMPACTCOMPACT UP
Two-Way Vehicle
Ramp Up
Unexcavated Area
Euclid Street
Basement Garage Plan
Base Case: Level B1
Alternate: Level B2
1/16” = 1’-0” N
^
LOBBY

STORAGE

STORAGE

STANDARD

STANDARD

STANDARD

STANDARD

STANDARD

STANDARD

STANDARD

STANDARD
ADAADA

STANDARDSTANDARD

COMPACTCOMPACTCOMPACTCOMPACTCOMPACTCOMPACTCOMPACTCOMPACTCOMPACTCOMPACT UP
UP

MECHANICAL
ROOM
DN

ELECTRICAL ROOM

STORAGE
DN

STANDARD

STANDARD

STANDARD

STANDARD

ELEV ELEV
DN
UP
Two-Way Vehicle
Ramp Up
Two-Way Vehicle
Ramp Down
Unexcavated Area
Euclid Street
Optional Additional Garage Plan
Base Case: N/A
Alternate: Level B1
1/16” = 1’-0” N
^

ELEV ELEV
UP

TRANSFORMER

COMPACTCOMPACT

COMPACTCOMPACTCOMPACTCOMPACTCOMPACTCOMPACTCOMPACTCOMPACTCOMPACT

STANDARD
ADAADA

STANDARDSTANDARDSTANDARD
DN

STANDARD

STANDARD

STANDARD

STANDARD

STANDARD

STANDARD

STANDARD

STANDARD

STANDARD

SERVICE PROVIDER

COMMUNITY
ROOM

BIKE ROOM

CONFERENCE
CASE
MNGR.

OFFICE
CASE MNGR. OFFICE MANAGEMENT

MECHANICAL
ROOM

LOBBY TRASH
ROOM
UP
DN

MECHANICAL
DN
Euclid Street
Alley
Community Room with
Public Street Access
Service Provider Oces
Bike Storage and
E-Bike Library
Public Nose-In Parking
Along Euclid Street
Two-Way Alley
Vehicle Access
Two-Way Ramp to
Subgrade Parking
Euclid Street
Ground Floor Plan
1/16” = 1’-0” N
^

ELEV ELEV

LAUNDRY CONFERENCE
UP DN
DN
UP
Euclid Street
Alley
Landscaped Common
Space at Podium Level
Additional Community
Amenities at Podium Level
Wilshire Theatre Fly Tower
Exterior Circulation
Above
Euclid Street
Level 2 Plan
1/16” = 1’-0” N
^
UP
DN
UP

ELEV ELEV
DN
Euclid Street
Alley
Open To Landscape
Below
Exterior Circulation Wilshire Theatre Fly Tower
Euclid Street
Levels 3-5 Plan
1/16” = 1’-0” N
^
DN
DN

ELEV ELEV
UP
Euclid Street
Alley
Community Roof Deck Wilshire Theatre Fly Tower
Euclid Street
Level 6 Plan
1/16” = 1’-0” N
^
LOBBY

STANDARD

STANDARD

STANDARD

STANDARD

STANDARD

STANDARD

STANDARD

STANDARD
ADAADA

STANDARD

STANDARD

STANDARD
UP

STANDARD

STORAGE

ELECTRICAL ROOM STANDARD
UP

COMPACTCOMPACTCOMPACTCOMPACTCOMPACTCOMPACTCOMPACTCOMPACTCOMPACTCOMPACT STANDARD UP

ELEV ELEV

MECHANICAL
ROOM
Two-Way Vehicle
Ramp Up
Unexcavated Area
Fourteenth Street
Garage Plan
Base Case: Level B1
Alternate: Level B2
1/16” = 1’-0” N
^

STANDARD

STANDARD
DN
DN
DN

STANDARD

STANDARD
UP
UP

STORAGE
UP

COMPACTCOMPACTCOMPACTCOMPACTCOMPACTCOMPACTCOMPACTCOMPACTCOMPACTCOMPACT ADAADA

STANDARDSTANDARD

STANDARD

STANDARD

STANDARD

STANDARD

STANDARD

STANDARD

STANDARD

STANDARD

ELEV ELEV

MECHANICAL
ROOM
LOBBY
Two-Way Vehicle
Ramp Up
Two-Way Vehicle
Ramp Down
Unexcavated Area
1/16” = 1’-0”
Fourteenth Street
Optional Additional Garage Plan
Base Case: N/A
Alternate: Level B1
N
^

RESIDENT SERVICES

COORDINATOR

COMMUNITY ROOM

BIKE ROOM UP
DN
UP

TRANSFORMER

COMPACT

ELEV ELEV

COMPACT
DN

MANAGEMENT
LOBBY

MECHANICAL
ROOM
TRASH
ROOM

STANDARD
ADAADA

STANDARDSTANDARDSTANDARDCOMPACTCOMPACT

COMPACTCOMPACTCOMPACTCOMPACTCOMPACTCOMPACTCOMPACT
DN
14th Street
Alley
Bike Storage and
E-Bike Library
Community Room and
Public Street Access
Two-Way Alley
Vehicle Access
Two-Way Ramp to
Subgrade Parking
1/16” = 1’-0”
Fourteenth Street
Ground Level Plan
N
^
DN

ELEV ELEV UP

LAUNDRY
UP
DN

READING
ROOM
Landscaped Common
Space at Podium Level
Additional Community
Amenities at Podium Level
14th Street
Alley
Exterior Circulation Above
1/16” = 1’-0”
Fourteenth Street
Level 2 Plan
N
^
UP
UP
DN
DN

ELEV ELEV
14th Street
Alley
Open To Landscape
Below
Exterior Circulation
1/16” = 1’-0”
Fourteenth Street
Levels 3-5 Plan
N
^
UP
DN

ELEV ELEV
DN
14th Street
Alley
Community Roof Deck
1/16” = 1’-0”
Fourteenth Street
Levels 3-5 Plan
N
^

STANDARD

STANDARDSTANDARDSTANDARDSTANDARDSTANDARDSTANDARDSTANDARD ADA

COMPACT
UP
UP
ELEV
DN

ELECTRICAL MECH
UP
Naturally-Ventilated Semi-Subterranean
Parking Garage
Bike Parking
Two-Way Ramp up to Alley
1/16” = 1’-0”
Sixteenth Street
Garage Plan
N
^
TRASH
ROOM

READING
ROOM
UP UP

MANAGEMENT

COMMUNITY
ROOM
DN

LAUNDRY
DN

TRANSFORMER
ELEV
UP
UP
STRG
16th Street
Alley
Community Room with
Public Street Access
Raised Podium
Level Above Parking
Two-Way Ramp to
Semi-Subterranean Parking
Long-Term Bike Storage in
Garage
1/16” = 1’-0”
Sixteenth Street
Ground Level Plan
N
^
STRG
UP
DN
ELEV
DN
UP
16th Street
Alley
Exterior Circulation
Manager’s Unit
1/16” = 1’-0”
Sixteenth Street
Levels 2-4 Plan
N
^
ELEV
UP
DN
STRG
UP
DN
16th Street
Alley
Roof Garden
Rooftop Mechanical
Space
1/16” = 1’-0”
Sixteenth Street
Roof Plan
N
^