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2011 03 01 RDAU S OF NOTICE AND CALL OF SPECIAL MEETING OF THE LA QUINTA REDEVELOPMENT AGENCY TO THE MEMBERS OF THE REDEVELOPMENT AGENCY OF THE CITY OF LA QUINTA AND TO THE CITY CLERK: NOTICE IS HEREBY GIVEN that a special meeting of the Redevelopment Agency of the City of La Quinta is hereby called to be held on March 1, 2011 at 2:00 p.m., at La Quinta City Hall, 78-495 Calle Tampico, La Quinta, California to consider the following: CONFERENCE WITH THE AGENCY'S REAL PROPERTY NEGOTIATOR, THOMAS P. GENOVESE, PURSUANT TO GOVERNMENT CODE SECTION 54956.8 CONCERNING POTENTIAL TERMS AND CONDITIONS OF ACQUISITION AND/OR DISPOSITION OF REAL PROPERTIES LOCATED ON JEFFERSON STREET SOUTH OF WESTWARD HO DRIVE. APNs / PROPERTY OWNERS / NEGOTIATORS: 600-080-041, SUPPER CLUB GOLF, JIM SNELLENBERGER; 600-070-012, CHO-PARK, LLC, HANNAH PARK; AND 600-080-001 THROUGH 009, CITY OF LA QUINTA 2. CONFERENCE WITH THE AGENCY'S REAL PROPERTY NEGOTIATOR, DOUGLAS R. EVANS, PURSUANT TO GOVERNMENT CODE SECTION 54956.8 CONCERNING POTENTIAL TERMS AND CONDITIONS OF ACQUISITION AND/OR DISPOSITION OF CERTAIN REAL PROPERTY IDENTIFIED AS APN: 600-020-047. PROPERTY OWNER / NEGOTIATOR: VIP MOTOR CARS, LTD., JERRY JOHNSON AND CITY OF LA QUINTA, THOMAS P. GENOVESE, CITY MANAGER 3. CONFERENCE WITH THE AGENCY'S REAL PROPERTY NEGOTIATOR, THOMAS P. GENOVESE, PURSUANT TO GOVERNMENT CODE SECTION 54956.8 CONCERNING POTENTIAL TERMS AND CONDITIONS OF ACQUISITION AND/OR DISPOSITION OF REAL PROPERTIES IDENTIFIED AS APNs / PROPERTY OWNERS / NEGOTIATORS: 770- 123-010 AND 006 / NIS YIELD PARTNERS, LP, TED NEWELL; 770-124-009 / NISPERO PROPERTIES, BOB HILL; 770-123-002, 003 AND 004 / VIRGINIA GARBUTT; 770-124- 002 AND 003 / JAMES F. KELLY TRUST; AND 770-124-007 / MICHAEL FISCHER 4. CONFERENCE WITH THE AGENCY'S REAL PROPERTY NEGOTIATOR, THOMAS P. GENOVESE, PURSUANT TO GOVERNMENT CODE SECTION 54956.8 CONCERNING POTENTIAL TERMS AND CONDITIONS OF ACQUISITION WAND/OR DISPOSITION OF CERTAIN REAL PROPERTIES DESCRIBED AS FOLLOWS: APNs / PROPERTY OWNERS / NEGOTIATORS: 773-077-014 / DESERT CITIES DEVELOPMENT, LLC / MICHAEL SHOVLIN; AND 773-072-005, 021 THROUGH 027, RICHARD AND PATRICIA VARGE Redevelopment Agency 1 March 1, 2011 � 00 5. CONFERENCE WITH THE AGENCY'S REAL PROPERTY NEGOTIATOR, THOMAS P. GENOVESE, PURSUANT TO GOVERNMENT CODE SECTION 54956.8 CONCERNING POTENTIAL TERMS AND CONDITIONS OF ACQUISITION AND/OR DISPOSITION OF CERTAIN REAL PROPERTY IDENTIFIED AS APN: 609-040-007, 023 AND 028. PROPERTY OWNER / NEGOTIATOR: NATIONAL CORE / ALFREDO IZMAJTOVICH 6. CONFERENCE WITH THE AGENCY'S REAL PROPERTY NEGOTIATOR, THOMAS P. GENOVESE, PURSUANT TO GOVERNMENT CODE SECTION 54956.8 CONCERNING POTENTIAL TERMS AND CONDITIONS OF ACQUISITION AND/OR DISPOSITION OF A PORTION OF 335± ACRES LOCATED AT THE SOUTHWEST CORNER OF AVENUE 52 AND JEFFERSON STREET. PROPERTY OWNER / NEGOTIATOR: COACHELLA VALLEY WATER DISTRICT / STEVE ROBBINS 7. CONFERENCE WITH THE AGENCY'S REAL PROPERTY NEGOTIATOR, THOMAS P. GENOVESE, PURSUANT TO GOVERNMENT CODE SECTION 54956.8 CONCERNING POTENTIAL TERMS AND CONDITIONS OF ACQUISITION AND/OR DISPOSITION OF CERTAIN REAL PROPERTIES DESCRIBED AS FOLLOWS: APNs / PROPERTY OWNERS / NEGOTIATORS: 600-030-001 THROUGH 005, 600-030-008 AND 009 / COACHELLA VALLEY HOUSING COALITION / JOHN MEALEY; NATIONAL CORE / ALFREDO IZMAJTOVICH; BRIDGE HOUSING / BRAD WIBLIN Dated: 02. 7-5. 2411 TERRY HFNDERSON, Chairperson Attest: -� Itft- VERONICA J. MO ECINO,'Secretary DECLARATION OF POSTING I, Veronica J. Montecino, City Clerk of the City of La Quinta, do hereby declare that the foregoing agenda for the Special Meeting of the La Quinta Redevelopment Agency to be held March 1, 2011, was posted on the outside entry to the Council Chamber at 78-495 Calle Tampico and on the bulletin boards at 51-321 Avenida Bermudas and 78-630 Highway 111 on February 25, 2011. DATED: February 25, 2011 � '�'�^�- N",04 Veronica J. Mo ecino; Ci yt Clerc� !� _ City of La Quinta, California Redevelopment Agency 2 March 1, 2011 01 02 Or# 4 4V OdA Redevelopment Agency agendas are available on the City' web page @ www.la-quinta.org REDEVELOPMENT AGENCY AGENDA CITY COUNCIL CHAMBERS 78-495 Calle Tampico La Quinta, California 92253 TUESDAY, MARCH 1, 2011 SPECIAL MEETING 2:00 P.M. Closed Session REGULAR MEETING 4:00 P.M. Open Session Beginning Resolution No. RA 2011-008 CALL TO ORDER Roll Call: Agency Board Members: Adolph, Evans, Franklin, Sniff, Chairperson Henderson PUBLIC COMMENT At this time, members of the public may address the Redevelopment Agency on any matter not listed on the agenda. Please complete a "request to speak" form and limit your comments to three minutes. CLOSED SESSION NOTE: Time permitting the Redevelopment Agency Board may conduct Closed Session discussions during the dinner recess. Persons identified as negotiating parties are not invited into the Closed Session meeting when acquisition of real property is considered. 1. CONFERENCE WITH THE AGENCY'S REAL PROPERTY NEGOTIATOR, THOMAS P. GENOVESE, PURSUANT TO GOVERNMENT CODE SECTION 54956.8 CONCERNING POTENTIAL TERMS AND CONDITIONS OF ACQUISITION AND/OR DISPOSITION OF REAL PROPERTIES LOCATED ON JEFFERSON STREET SOUTH OF WESTWARD HO DRIVE. APNs / PROPERTY OWNERS / NEGOTIATORS: 600-080-041, SUPPER CLUB GOLF, JIM SNELLENBERGER; 600-070-012, CHO-PARK, LLC, HANNAH PARK; Redevelopment Agency Agenda 1 March 1, 201 1 - O J AND 600-080-001 THROUGH 009, CITY OF LA QUINTA, DOUGLAS R. EVANS 2. CONFERENCE WITH THE AGENCY'S REAL PROPERTY NEGOTIATOR, THOMAS P. GENOVESE, PURSUANT TO GOVERNMENT CODE SECTION 54956.8 CONCERNING POTENTIAL TERMS AND CONDITIONS OF ACQUISITION AND/OR DISPOSITION OF CERTAIN REAL PROPERTY IDENTIFIED AS APN: 600-020-047. PROPERTY OWNER / NEGOTIATOR: VIP MOTOR CARS, LTD., JERRY JOHNSON AND CITY OF LA QUINTA, DOUGLAS R. EVANS 3. CONFERENCE WITH THE AGENCY'S REAL PROPERTY NEGOTIATOR, THOMAS P. GENOVESE, PURSUANT TO GOVERNMENT CODE SECTION 54956.8 CONCERNING POTENTIAL TERMS AND CONDITIONS OF ACQUISITION AND/OR DISPOSITION OF REAL PROPERTIES IDENTIFIED AS APNs / PROPERTY OWNERS / NEGOTIATORS: 770-123-010 AND 006 / NIS YIELD PARTNERS, LP, TED NEWELL; 770-124-009 / NISPERO PROPERTIES, BOB HILL; 770-123-002, 003 AND 004 / VIRGINIA GARBUTT; 770-124- 002 AND 003 / JAMES F. KELLY TRUST; AND 770-124-007 / MICHAEL FISCHER 4. CONFERENCE WITH THE AGENCY'S REAL PROPERTY NEGOTIATOR, THOMAS P. GENOVESE, PURSUANT TO GOVERNMENT CODE SECTION 54956.8 CONCERNING POTENTIAL TERMS AND CONDITIONS OF ACQUISITION AND/OR DISPOSITION OF CERTAIN REAL PROPERTIES DESCRIBED AS FOLLOWS: APNs / PROPERTY OWNERS / NEGOTIATORS: 773-077-014 / DESERT CITIES DEVELOPMENT, LLC / MICHAEL SHOVLIN; AND 773-072-005, 021 THROUGH 027, RICHARD AND PATRICIA VARGE 5. CONFERENCE WITH THE AGENCY'S REAL PROPERTY NEGOTIATOR, THOMAS P. GENOVESE, PURSUANT TO GOVERNMENT CODE SECTION 54956.8 CONCERNING POTENTIAL TERMS AND CONDITIONS OF ACQUISITION AND/OR DISPOSITION OF CERTAIN REAL PROPERTY IDENTIFIED AS APN: 609-040-007, 023 AND 028. PROPERTY OWNER / NEGOTIATOR: NATIONAL CORE / ALFREDO IZMAJTOVICH 6. CONFERENCE WITH THE AGENCY'S REAL PROPERTY NEGOTIATOR, THOMAS P. GENOVESE, PURSUANT TO GOVERNMENT CODE SECTION 54956.8 CONCERNING POTENTIAL TERMS AND CONDITIONS OF ACQUISITION AND/OR DISPOSITION OF A PORTION OF 335± ACRES LOCATED AT THE SOUTHWEST CORNER OF AVENUE 52 AND JEFFERSON STREET. PROPERTY OWNER / NEGOTIATOR: COACHELLA VALLEY WATER DISTRICT / STEVE ROBBINS Redevelopment Agency Agenda 2 March 1, 201'1 0004 7. CONFERENCE WITH THE AGENCY'S REAL PROPERTY NEGOTIATOR, THOMAS P. GENOVESE, PURSUANT TO GOVERNMENT CODE SECTION 54956.8 CONCERNING POTENTIAL TERMS AND CONDITIONS OF ACQUISITION AND/OR DISPOSITION OF CERTAIN REAL PROPERTIES DESCRIBED AS FOLLOWS: APNs / PROPERTY OWNERS / NEGOTIATORS: 600-030-001 THROUGH 005, 600-030-008 AND 009 / COACHELLA VALLEY HOUSING COALITION / JOHN MEALEY; NATIONAL CORE / ALFREDO IZMAJTOVICH; BRIDGE HOUSING / BRAD WIBLIN RECESS TO CLOSED SESSION 10 *010l0ll 210114FIV IE10Ir"lril! 4:00 P.M. PUBLIC COMMENT At this time members of the public may address the Redevelopment Agency on any matter not listed on the agenda. Please complete a "request to speak" form and limit your comments to three minutes. CONFIRMATION OF AGENDA APPROVAL OF MINUTES 1. APPROVAL OF MINUTES OF FEBRUARY 15, 2011. CONSENT CALENDAR NOTE: Consent Calendar items are considered to be routine in nature and will be approved by one motion. 1. APPROVAL OF DEMAND REGISTER DATED MARCH 1, 2011 2. APPROVAL OF THE TRANSFER OF LA QUINTA RENTAL PROPERTY INVESTMENT INCOME TO THE LA QUINTA HOUSING AUTHORITY 3. APPROVAL OF THE SALE TO THE CITY OF LA QUINTA OF LOANS MADE BY THE LA QUINTA REDEVELOPMENT AGENCY TO THE CITY OF LA QUINTA DEVELOPER IMPACT FEE FUNDS 4. APPROVAL OF AMENDMENT NO. 4 TO THE EXCLUSIVE NEGOTIATION AGREEMENT BY AND BETWEEN THE LA QUINTA REDEVELOPMENT AGENCY, THE CITY OF LA QUINTA, AND VIP MOTOR CARS, LTD., FOR PROPERTY LOCATED NEAR HIGHWAY 111 AND DUNE PALMS ROAD Redevelopment Agency Agenda 3 March 1, 2011 0 1 0 BUSINESS SESSION 1. CONSIDERATION OF FIRMS TO DEVELOP AND OPERATE A MULTI -FAMILY AFFORDABLE HOUSING COMPLEX LOCATED AT THE SOUTHEAST CORNER OF DUNE PALMS ROAD AND WESTWARD HO A. MINUTE ORDER ACTION STUDY SESSION — NONE CHAIR AND BOARD MEMBERS' ITEMS — NONE PUBLIC HEARINGS — NONE ADJOURNMENT The next regular meeting of the Redevelopment Agency will be held on March 15, 2011 commencing with closed session at 3:00 p.m. and open session at 4:00 p.m. in the City Council Chambers, 78-495 Calle Tampico, La Quinta, CA 92253. DECLARATION OF POSTING I, Veronica Montecino, City Clerk of the City of La Quinta, do hereby declare that the foregoing agenda for the La Quinta Redevelopment Agency meeting of March 1, 2011, was posted on the outside entry to the Council Chamber at 78-495 Calle Tampico and on the bulletin boards at 51-321 Avenida Bermudas and 78-630 Highway 111, on February 25, 2011. DATED: February 25, 2011 VERONICA J. MOeFCINO,tity Clerk City of La Quinta, California Public Notice Any writings or documents provided to a majority of the Redevelopment Agency regarding any item on this agenda will be made available for public inspection at the City Clerk counter at City Hall located at 78-495 Calle Tampico, La Quinta, California, 92253, during normal business hours. 010,6 Redevelopment Agency Agenda 4 March 1, 2011 4 �,CEA1 OF RDA MEETING DATE: March 1, 2011 ITEM TITLE: Demand Register Dated March 1, 2011 RECOMMENDATION: It is recommended the Redevelopment Agency Board: Receive and File the Demand Register Dated March 1, 2011 of which $2,307,696.51 AGENDA CATEGORY: BUSINESS SESSION CONSENT CALENDAR I STUDY SESSION PUBLIC HEARING PLEASE SEE CONSENT CALENDAR ITEM NUMBER 1 ON CITY COUNCIL AGENDA 07107 `+'ty/ ^P 1'wQu!Ar�, COUNCIL/RDA MEETING DATE: March 1, 2011 ITEM TITLE: Approval of the Transfer of La Quinta Rental Property Investment Income to the La Quinta Housing Authority RECOMMENDATION: AGENDA CATEGORY: BUSINESS SESSION: CONSENT CALENDAR: 2— STUDY SESSION: PUBLIC HEARING: Approve the transfer of the La Quinta rental property investment income from the La Quinta Redevelopment Agency to the La Quinta Housing Authority. FISCAL IMPLICATIONS: The current amount of rental property investment income that would be transferred to the Housing Authority is $812,000. CHARTER CITY IMPLICATIONS: 0me n BACKGROUND AND OVERVIEW: Since the rental homes were originally purchased in 1995, the La Quinta Cove Home Rental Program activity has historically been accounted for in the Project Area (PA) Number 1 Low and Moderate Income. The rental income, consisting of Section 8 rent subsidies and rental income from the tenants have been deposited into a separate checking account. Operating and capital expenses related to these Cove Homes are also paid for out of this account. Over the sixteen years since the homes were originally purchased, homes have been sold and the sale proceeds, along with excess cash generated from the checking account have been transferred into a separate rental property investment ledger account. Beginning in Fiscal Year 2010-2011, the checking account and the La Quinta Cove Home budgeted revenues and expenses were transferred to the La Quinta Housing Authority from the La Quinta Redevelopment Agency. Also, on February 15, 2011, the Agency Board authorized the transfer of the remaining 27 Cove Homes to the La Quinta Housing Authority. Since all of the other assets related to the Cove 0"08 Home Rental Program have been transferred to the La Quinta Housing Authority, staff is requesting that this investment ledger account also be transferred to the La Quinta Housing Authority. It would be used solely for affordable housing purposes. FINDINGS AND ALTERNATIVES: The alternatives available to the La Quinta Redevelopment Agency include: 1. Approve the transfer of the La Quinta rental property investment income from the La Quinta Redevelopment Agency to the La Quinta Housing Authority; 2. Do not approve of the transfer of the La Quinta rental property investment income to the La Quinta Housing Authority; or, 3. Provide staff with alternative direction. Respectfully submitted, a4NA (I John M. Falconer, Finance Director Approved for submission by: \ Ar/tom Thomas P. Genovese, Executive Director 0^09 `eit�t 4 1w4ubtrw COUNCIL/RDA MEETING DATE: March 1, 2011 ITEM TITLE: Approval of Sale to the City of La Quinta of Loans Made by the La Quinta Redevelopment Agency to the City of La Quinta Developer Impact Fee Funds RECOMMENDATION: AGENDA CATEGORY: BUSINESS SESSION: CONSENT CALENDAR: 3 STUDY SESSION: PUBLIC HEARING: Approve the sale to the City of La Quinta of loans made by the La Quinta Redevelopment Agency to the City of La Quinta Developer Impact Fee Funds, if the Executive Director deems it appropriate, and authorize the Executive Director to execute the necessary documentation to transfer the loan from the Agency to the City. FISCAL IMPLICATIONS: The outstanding principal and interest is calculated quarterly with $4,226,564 outstanding as of December 31, 2010 as follows: Principal RDA i RDA 2 Total Capital Projects Park - 251 1,376,030.87 1,376,030.87 Library DIF - 253 1,923,999.30 1,923,999.30 Fire -257 926,533.69 926,533.69 Subtotal 3,300,030.17 926,533.69 4,226,563.86 Interest RDA 1 RDA 2 Total Capital Projects Park -251 - - LibraryDlF - 253 - - Fire - 257 Subtotal - - Total 3,300,030.17 926,533.69 4,226,563.86 The outstanding principal and interest will be updated to the actual repayment date. Interest on the loans is computed using the pooled cash investment rate. Staff is proposing using General Fund unallocated reserved fund balances (101 0000 290.00-00) to fund the City's purchase of the loans. The loans would, be Vio purchased at their outstanding principal and interest value, which is estimated to be at the time of the sale. CHARTER CITY IMPLICATIONS: None. BACKGROUND AND OVERVIEW: See the City Council staff report for the details regarding this proposal. FINDINGS AND ALTERNATIVES: The alternatives available to the La Quinta Redevelopment Agency include: 1. Approve the sale of the La Quinta Redevelopment Agency's loans to the City of La Quinta Developer Impact Fee Funds to the City of La Quinta, if the Executive Director deems it appropriate, and authorize the Executive Director to execute the necessary documentation to transfer the loan from the Agency to the City. 2. Do not approve of the sale of the Agency's loans to the City of La Quinta Developer Impact Fee Funds, if the Executive Director deems it appropriate. 3. Provide staff with alternative direction. Respectfully submitted, John M. Falconer, Finance Director Approved for submission by: Thomas P. Genovese, Executive Director Attachment: 1 . Loan Balances — Park, Library, and Fire DIF Loans 0�11 A l l AW11VICIM I I City at la Duime Re*DIF AOvanue Ferri My Bel 405 Repayment Dalanw In16p 405 Cumulative Repayment Cumulative Intemat rate Balance OCOAD2 1,249,727.00 1,249y2y.00 ]tl102 1.249,917, 1,240,91700 250233 258233 25B23J 248% B/W2 1268,770.94 f 256,]]094 2,58632 5, 14865 - 5, 14865 245% 9/t1O2 1,730,58909 1,730,589.09 3.547.71 869830 - 8,698.36 246% 10/1102 1,91(1 1910447,10 3.83661 12.533.17 - 12,533.17 241% 1111102 2,170.103.36 2,170, 103.36 4,195.53 16.728]0 - 16.72890 2,32% IVII02 2,185,805.99 2.185,805.99 4,081.98 20,79006 - 20.790.0 223% 1/1103 21117NO.DO 2,187,04000 384555 24,63621 24,636.21 2.11% V1103 2,398.247.W 2,398,24700 397209 28613.30 - 28,613.30 199% W1103 3,327.841.DO 3,327.84100 5574.13 34,10243 34,187A3 2.01% W1103 3,358,844.02 3,358,814 02 5,N2.09 39j29.52 3972952 198% 91103 3.862M7,92 3,662.947.92 5877,57 4540709 45,407.09 1.85% 6/1103 3781,859.58 3.781,859,58 5,452.18 50,859.27 5005927 173% 7/1N3 3,785,532.75 3,785,53275 523565 56,095,92 56,095,92 1.56% ai 3,78127 3,782,495.27 5200.03 61298.85 - 61,2%85 1.65% 01 3.834391 3,834,39096 5.27229 66,569.14 - 6656914 165% 1N1N3 4,03752833 4,032,526.33 5.349.72 71,91880 - 71,91886 1.59% 1111103 4.01221995 4,012,219.95 5p0337 77.40223 - 77,40223 164% 1V1NJ 4,03122060 4,031,229.80 5.610,13 83,012.J8 - 8301236 167% MIN 4,090.057.42 4.090.057,42 538524 88,39760 - 88.39760 1,50% 2/1I04 4,100,]80.55 4.100.76055 5,638.55 94030.15 91,036.15 165% 311M 4,118038.08 4,11(1 5, 145DO 99, 181,20 99, 18120 1.50% 411111 4,152.504.55 4,152.50455 5, 19063 104,371,83 104,371.83 1.50% 5/1104 0168374.55 4.166,37455 5,346,85 109718,68 10971868 1.54% &1101 4,167,91177 (92.449.12) 4,075,462.65 5557,22 115,275.90 (115.27590) 160% VIM 4.075.462.65 4,075,482.65 5.89097 5,890,97 - 5,890.97 1,73% &INN 4,075,452.65 /W5,462.65 5.89189 11]82.88 - 1120206 173% 9111W 401 4,077562.34 6,084.24 17,81 - 17.86710 1.79% 11 4,0858 88 40858 88 (1 23,96161 - 23.964.01 1.79% 1IrA)4 4,086.182.93 4,086.18293 6098.84 30.063.45 30,053.45 il9% 1b1104 4090,530.39 4090.530.39 6, 105.33 3515878 (36, 168]0) 179% 1/1N5 4,092,180,39 4,092.180,39 8,020.30 6820.30 6,820.30 2.00% WIM 4.098,455,39 4,098,45539 7,394,30 14,214,60 1421460 2.17% WINS 4,098,455.39 (175,000.00) 3,923455.39 9.68460 21,89920 (21.899.20) 2,25% VIM 3.923,455,39 3,923,455.39 2,412DB 7,412% 7.41206 2.27% &1N5 3,923,45639 3,923,455.39 8.08559 15.497.65 15,49765 247% 611105 3,923.455.39 (483, 105.94) 3.440,349,45 8,11387 23,67152 (23.671.52) 2.50% 2/1105 3,140,34945 3.440,34945 7,59744 7,597" 7,59744 265% 811105 3440.349.45 3,440,34945 ],58877 15,186.21 15,166.21 2.61% 911/05 3,H034945 (293,343.00) 3.147.00565 7912.80 23,079.01 (23,07901) 270% 1&1N5 3,147,00565 3,147,00565 9,ON B2 9,088.62 9,ON 62 3.46% 11/1N5 3,147,00565 3,147,00565 953543 18,ON 05 18,604.05 3.64% 1211105 3,10,00565 (131,09904) 3,012,90561 9,965.52 28569.5] (28,56957) 380% 111M 3,012 908 61 3,012,9C8.61 9.931.19 9,931.19 9,931 19 3.96% VIM 3.012,ON61 3,012,ON 61 10.15098 2008217 20,082.17 4.04% W11W 3.01290661 (43],556.13) 257535048 10,399.55 30,481.72 (30.48172) 4.14% 41168 2,575,35060 2,575,350.48 9.035,19 9.035.19 9,035.19 421% &I/06 2575,35048 2,575,350.48 9,228.34 18263.53 18,26353 4.30% WIM 2,575.3W 48 (314,622.86) 2,260,727,82 10,02241 28285.94 (28285.94) 4.81% 711IN 2,260,722.02 2,260,72762 8,929.87 8,929.87 0929.0] 474% 811/06 2,260.]21.02 2.260.727.62 9,28782 18,21769 10,21769 493% 911106 2,260)22,62 2,26072162 9806.68 27,524.35 (22,524.35) 4.94% 10/1/OB 2.260,727,62 2260.72762 941990 9,41970 9,41970 5.00% 110M 2.260,727,62 2,260,727,62 948554 18905.34 18,NO 34 5.04% IVIM 2260727,62 (180.71749) 2,080,010.13 9,54027 2844561 (28.44561) 5.06% 1IIN) 2,080,01 OA3 2,080010,13 0.961.38 8,961.38 0,981.38 5.17% 211107 2.080,010.13 2,080,010.13 099804 17,057 42 17,957,42 5.19% W110) 2,080,01013 (88,004.03) 1,992008.10 091 28804.13 (28684.13) 5,15% 411N2 1,992.000.10 1,992,006. 10 8,63203 0632 KI 8.63203 520% 511107 1,992,008.10 1,992,006,10 8,333.23 1tiA Ili CO 502% 61 1,99110 (138.663.91) 1,ai 19 859883 35,N.400 (25,564.09) 5.18% 2/1N] 1,853442.19 1.853.442.19 8,OA7 03 8,0203 8047 03 521% 81 1,653,442.19 185344219 7,985,25 16,032,28 16,032.28 5.12% 9/iN] 1653442,19 (32.12392) 1,821,318.27 7,969,80 24,001 (2400208) 5.16% 100107 1,821,318.27 1821,318.27 7.746,90 7,74890 7,74890 5.11% 1111N2 1,821,31827 1,$21,31827 7.627,52 15,37842 15.3741 5,03% 1211N7 1,OP,31827 (3,831.NO 1,81740828 7,551,59 22920D1 (2292801) 498% 1/1108 1,811.40628 1,817,481 6,92674 (174 6.9M74 4,58% 91N0 1,81I,486.28 1,817.408.28 6,240.04 13.17678 13,176]8 4.12% 311108 1617,48628 (246,67693) 1,570.809,35 6,058N 19235.07 (19235011) 4.00% VIAN 1.570,809,35 1,570,80935 4,45053 4,45063 445063 340% &1N8 1.570,809.35 1,570,809.35 4,02122 8,47190 80190 3.07% &1N0 1,570,809.35 (57,23563) 1,51357352 3.78822 12,260,17 (12.260,17) 2.89% 211M 1,513,57352 1513573.52 349383 3.49383 3,493.83 2.72% &1108 1,513,57352 1,513,573,52 3.632,58 7,12841 7.126.41 2.88% W1108 1,513.573.52 (45,828,02) 1.40]]45.50 3,241.57 10,38]90 (10,362.98) 2,57% 10/1108 1,467.745.50 1467,745.50 3,182.01 3.18781 3.18781 2.61% 1111/08 1A0]]45.S1p67)45,50 2,886.57 8074.38 6,074.38 238% 12/1N0 1,46]]45.50 1467.74550 1731,87 ],886.25 7,806.25 142% 111N9 1467,745,60 1.407j45.50 168344 9,469.00 9,489.59 1.J8% 21N9 1,407,145 50 1 LBI,245 50 1 50444 10 974.13 10 97413 1 23% WIM9 1,467,745.50 1,467.745.50 1,540.55 12,514.68 1251468 1.26% 411N9 1A07j45.50 1,407,74550 1,149,44 13,664.12 13564.12 (1 511100 1457,745.50 1,467.74550 1,125,27 14709.39 14789,39 0.92% &1N9 1.467 U&SO (22,97040) 1H4,975.10 104321 15,83260 (15,83260) 0.85% 711M 144477510 1,444,775.10 83075 83075 83075 089% &1N9 1."4,775.10 1,444,2I5.10 770.55 1.601.30 1601.30 064% Si 1,414,77510 (1191831) 1,432,828.10 M39 232369 (2,32369) 060% 1&IN9 1432826.]9 143282679 62064 62064 62064 052% 1111 NB 1.431 1,432,826.79 662.04 1287.68 1287.68 0.56% 12111W 1,432,82510 (11,96854) 1420,85825 KOM 1.91 (2,30446) (39569) 0.52% 1/1110 1A20,85825 1420,85825 51282 146.98 146.98 046% V1110 1,420,858.25 1,420.858,25 604.78 751.74 951 74 Ml% 311110 1420,858.25 (2,22424) 14106U01 59202 1,31376 (1,31376) 0.50% 411110 1,418,634,01 1,410.634.01 611,66 61166 61166 0.52% 511/10 141863401 101063401 61166 1223.32 1,22332 a5T W1110 1,418,63401 RNN) 1,417,)6996 588.63 1,811.95 (1,811.95) 0.50% 711110 1,417,769% 1612.76896 590.89 59089 59089 O.W% &1/10 1i9)69% 1,417,781 57892 1,16081 1, 18981 049% 911110 1,417769.98 (1.92) 1,411 565 04 653.22 1,823.08 (1,823.08) 0.55% WW1/10 1,411,565.01 1,411,NON 650.41 650.41 650,41 0,55% 1111110 1611,565.04 1,411,N$N 62410 122519 127519 0,53% 12/1110 1,411.565.04 (35,534.17) 1,376,030,87 655.64 1,910.63 (1,940.03) - 0.57% V12 City of La Quints Library DIF Advance Fund 253 Adv Bal 253 Repayment Balance Int Ezp 253 Cumulative Repayment Cumulative Interest rate 5/1/05 1,598,521.94 1,598,521.94 3,294.29 3,294.29 3,294.29 2.47% 6/1105 891,751.08 2,490,273.02 5,188.07 8,482.36 (225.00) 8,257.36 2.50% 7/1105 2,490,273.02 2,490,273.02 5,499.35 13,981.71 13,981.71 2.65% 8/1105 2,490,273.02 2,490,273.02 5,478.60 19,460.31 19,460.31 2.64% 9/1105 2,490,273.02 (90,874.06) 2,399,398.96 5,727.63 25,187.94 (25,187,94) - 2.76% 1011/05 2,399,398.96 2,399,398.96 6,914.27 6,914.27 6,914.27 3.46% 11/1/05 2,399,398.96 2,399,398.96 7,270.18 14,184.45 14,184.45 3.64% 12/1/05 2,399,398.96 (46,363.45) 2,353,035.51 7,598.10 21,782.55 (21,782.55) - 3.80% 1/1106 2,353,035.51 2,353,035.51 7,756.11 7,756.11 7,756.11 3.96% 2/1106 2,353,035.51 2,353,035.51 7,927.77 15,683.88 15,683.88 4,04% 3/1/06 2,353,035.51 (183,864.23) 2,169,171.28 8,121.89 23,805.77 (23,005.77) - 4.14% 411/06 2,169,171.28 2,169,171.28 7,610.18 7,610.18 7,610.18 4.21% 5/1106 2,169,171.28 2,169,171.28 7,772.86 15,383.04 15,383.04 4.30% 6/1106 2,169,171.28 (44,772,27) 2,124,399.01 8,441.69 23,824.73 (23,824.73) - 4.67% 7/1106 2,124,399.01 2,124,399.01 8,391.38 8,391.38 8,391.38 4.74% 811/06 2,124,399.01 2,124,399.01 8,727.74 17,119.12 17,119.12 4.93% 911/06 2,124,399.01 (15,639.44) 2,108,759.57 8,745.44 25,864.56 (25,864.56) - 4.94% 10/1/06 2,108,759.57 2,108,759.57 8,786.50 8,786.50 8,786.50 5.00% 1111106 2,108,759.57 2,108,759.57 8,848.00 17.634.50 17,634.50 5.04% 12/1/06 2,108,759.57 (24,928.53) 2.083,831.04 8,898.97 26,533.47 (26,533.47) - 5.06% 111/07 2,083,831.04 2,083,831.04 8,977.84 8,977.84 8,977.84 5,17% 211/07 2,083,831.04 2,083,831.04 9,012.57 17,990.41 17,990.41 5.19% 3/1/07 2,083,831.04 (19,571.48) 2,064,259.56 8,943.11 26,933.52 (26,933.52) - 5.15% 4/1107 2,064,259.56 2,064,259.56 8,945.12 8,945.12 8,945.12 5.20% 5/1107 2,064,259.56 2,064,259.56 8,635.49 17,580.61 17,580.61 5.02% 6/1/07 2,064,259.56 (38,828.67) 2,025,430.89 8,910.72 26,491.33 (26,491,33) - 5.18% 711/07 2,025,430.89 2,025,430.89 8,793.75 8,793.75 8,793.75 5.21 % 8/1/07 2,025,430.89 2,025,430.89 8,726.23 17,519.98 17,519.98 5.17% 9/1107 2,025,430.89 2,025,430.89 8,709.35 26,229.33 (20,900.00) 5,329.33 5.16% 10/1107 2,025,430.89 2,025,430.89 8,617.31 13,946.64 13,946.64 5.11% 1111107 2,025,430.89 2,025,430.89 8,482.33 22,428.97 22,428.97 5,03% 1211107 2,025,430.89 2,025,430.89 8,397.88 30,826.85 (10,650.00) 20,176.85 4.98% 111/08 2,025,430.89 2,025,430.89 7,730.39 27,907.24 27,907.24 4.58% 211/08 2,025,430.89 2,025,430.89 6,953.98 34,861.22 34,861.22 4.12% 3/1108 2,025,430.89 (64,078.34) 1,961,352.55 6,751.44 41,612.66 (41,612.66) - 4.00% 4/1/08 1,961,352.55 1,961,352.55 5,557.17 5,557.17 5,557.17 3.40% 5/1/08 1,961,352.55 1,961,352.55 5,021.06 10,578.23 10,578.23 3.07% 611/08 1,961,352.55 (12,346.64) 1,949,005.91 4,730.13 15,308.36 (15,308.36) - 2.89% 7/1/08 1,949,005.91 1,949,005.91 4,498.96 4,498.96 4,498.96 2.77% 8/1/08 1,949,005.91 1,949,005.91 4,677.61 9,176.57 9,176.57 2.88% 9/1/08 1,949,005.91 (13,774.38) 1,935,231.53 4,174.12 13,350.69 (13,350.69) - 2.57% 1011/08 1,935,231.53 1,935,231.53 4,203.14 4,203.14 4,203.14 2,61% 1111/08 1,935,231.53 1,935,231.53 3,805.96 8,009.10 8,009.10 2.36% 12/1/08 1,935,231.53 1,935,231.53 2,283.48 10,292.58 10,292.58 1.42% 1/1109 1,935,231.53 1,935,231.53 2,193.26 12,485.84 12,485.84 1.36% 2/1 /09 1,935,231.53 1,935,231.53 1,983.61 14,469.45 14,469.45 1.23% 311/09 1,935,231.53 1,935,231.53 2,031.22 16,500.67 16,500.67 1.26% 411/09 1,935,231.53 1,935,231.53 1,515.54 18,016.21 18,016.21 0.94% 5/1/09 1,935,231.53 1,935,231.53 1,483.68 19,499.89 19,499.89 0.92% 6/1109 1,935,231.53 1,935,231.53 1,375A8 20,875.37 (15,481.00) 5,394.37 0.85% 711109 1,935,231.53 1,935,231.53 1,112.76 6,507.13 6,507.13 0.69% 8/1109 1,935,231.53 1,935,231.53 1,032.12 7,539.25 7,539.25 0.64% 9/1/09 1,935,231.53 1,935,231.53 967.62 8.506.87 (5,681.00) 2.825.87 0.60% 1011/09 1,935,231.53 1,935,231.53 838.26 3.664.13 3,664.13 0.52% 1111/09 1.935,231.53 1,935,231.53 900.93 4,565.06 4,565.06 0.56% 12/1/09 1,935,231.53 (276.34) 1,934,955.19 838.60 5,403.66 (5,403,66) - 0.52% 1/1110 1,934,955.19 1,934,955.19 739.30 739.30 739.30 0.46% 2/1110 1,934,955.19 1,934,955.19 823.57 1,562.87 1,562.87 0.51% 3/1110 1,934,955.19 1,934,955.19 806.23 2,369.10 (1,420.00) 949.10 0.50% 411/10 1,934,955.19 1,934,955.19 834.28 1,783.38 1,783.38 0.52% 511/10 1,934,955.19 1,934,955.19 834.28 2,61Z66 2,617.66 0.52% 6/1/10 1,934,955.19 1,934,955A9 802.86 3,420.52 (1,065.00) 2,355.52 0.50% 7/1110 1,934,955A9 1,934,955.19 806.43 3,161.95 3,161.95 0.50% 8/1/10 1,934,955.19 1,934,955.19 790.11 3,952.06 3,952.06 0.49% 911/10 1,934,955.19 1,934,955.19 891.58 4,843.64 (3,195.00) 1,648.64 0.55% 1011/10 1,934,955.19 1,934,955.19 891.58 2,540.22 2,540.22 0.55% 1111/10 1,934,955.19 1,934,955.19 856.44 3,396.66 3,396.66 0.53% 12/1110 1,934,955.19 (10,955,89) 1,923,999.30 912.45 4,309.11 (4,309.11) - 0.57% VA `eit�t 4 1w4ubtrw COUNCIL/RDA MEETING DATE: March 1, 2011 ITEM TITLE: Approval of Sale to the City of La Quinta of Loans Made by the La Quinta Redevelopment Agency to the City of La Quinta Developer Impact Fee Funds RECOMMENDATION: AGENDA CATEGORY: BUSINESS SESSION: CONSENT CALENDAR: 3 STUDY SESSION: PUBLIC HEARING: Approve the sale to the City of La Quinta of loans made by the La Quinta Redevelopment Agency to the City of La Quinta Developer Impact Fee Funds, if the Executive Director deems it appropriate, and authorize the Executive Director to execute the necessary documentation to transfer the loan from the Agency to the City. FISCAL IMPLICATIONS: The outstanding principal and interest is calculated quarterly with $4,226,564 outstanding as of December 31, 2010 as follows: Principal RDA i RDA 2 Total Capital Projects Park - 251 1,376,030.87 1,376,030.87 Library DIF - 253 1,923,999.30 1,923,999.30 Fire -257 926,533.69 926,533.69 Subtotal 3,300,030.17 926,533.69 4,226,563.86 Interest RDA 1 RDA 2 Total Capital Projects Park -251 - - LibraryDlF - 253 - - Fire - 257 Subtotal - - Total 3,300,030.17 926,533.69 4,226,563.86 The outstanding principal and interest will be updated to the actual repayment date. Interest on the loans is computed using the pooled cash investment rate. Staff is proposing using General Fund unallocated reserved fund balances (101 0000 290.00-00) to fund the City's purchase of the loans. The loans would, be Vio purchased at their outstanding principal and interest value, which is estimated to be at the time of the sale. CHARTER CITY IMPLICATIONS: None. BACKGROUND AND OVERVIEW: See the City Council staff report for the details regarding this proposal. FINDINGS AND ALTERNATIVES: The alternatives available to the La Quinta Redevelopment Agency include: 1. Approve the sale of the La Quinta Redevelopment Agency's loans to the City of La Quinta Developer Impact Fee Funds to the City of La Quinta, if the Executive Director deems it appropriate, and authorize the Executive Director to execute the necessary documentation to transfer the loan from the Agency to the City. 2. Do not approve of the sale of the Agency's loans to the City of La Quinta Developer Impact Fee Funds, if the Executive Director deems it appropriate. 3. Provide staff with alternative direction. Respectfully submitted, John M. Falconer, Finance Director Approved for submission by: Thomas P. Genovese, Executive Director Attachment: 1 . Loan Balances — Park, Library, and Fire DIF Loans 0�11 A l l AW11VICIM I I City at la Duime Re*DIF AOvanue Ferri My Bel 405 Repayment Dalanw In16p 405 Cumulative Repayment Cumulative Intemat rate Balance OCOAD2 1,249,727.00 1,249y2y.00 ]tl102 1.249,917, 1,240,91700 250233 258233 25B23J 248% B/W2 1268,770.94 f 256,]]094 2,58632 5, 14865 - 5, 14865 245% 9/t1O2 1,730,58909 1,730,589.09 3.547.71 869830 - 8,698.36 246% 10/1102 1,91(1 1910447,10 3.83661 12.533.17 - 12,533.17 241% 1111102 2,170.103.36 2,170, 103.36 4,195.53 16.728]0 - 16.72890 2,32% IVII02 2,185,805.99 2.185,805.99 4,081.98 20,79006 - 20.790.0 223% 1/1103 21117NO.DO 2,187,04000 384555 24,63621 24,636.21 2.11% V1103 2,398.247.W 2,398,24700 397209 28613.30 - 28,613.30 199% W1103 3,327.841.DO 3,327.84100 5574.13 34,10243 34,187A3 2.01% W1103 3,358,844.02 3,358,814 02 5,N2.09 39j29.52 3972952 198% 91103 3.862M7,92 3,662.947.92 5877,57 4540709 45,407.09 1.85% 6/1103 3781,859.58 3.781,859,58 5,452.18 50,859.27 5005927 173% 7/1N3 3,785,532.75 3,785,53275 523565 56,095,92 56,095,92 1.56% ai 3,78127 3,782,495.27 5200.03 61298.85 - 61,2%85 1.65% 01 3.834391 3,834,39096 5.27229 66,569.14 - 6656914 165% 1N1N3 4,03752833 4,032,526.33 5.349.72 71,91880 - 71,91886 1.59% 1111103 4.01221995 4,012,219.95 5p0337 77.40223 - 77,40223 164% 1V1NJ 4,03122060 4,031,229.80 5.610,13 83,012.J8 - 8301236 167% MIN 4,090.057.42 4.090.057,42 538524 88,39760 - 88.39760 1,50% 2/1I04 4,100,]80.55 4.100.76055 5,638.55 94030.15 91,036.15 165% 311M 4,118038.08 4,11(1 5, 145DO 99, 181,20 99, 18120 1.50% 411111 4,152.504.55 4,152.50455 5, 19063 104,371,83 104,371.83 1.50% 5/1104 0168374.55 4.166,37455 5,346,85 109718,68 10971868 1.54% &1101 4,167,91177 (92.449.12) 4,075,462.65 5557,22 115,275.90 (115.27590) 160% VIM 4.075.462.65 4,075,482.65 5.89097 5,890,97 - 5,890.97 1,73% &INN 4,075,452.65 /W5,462.65 5.89189 11]82.88 - 1120206 173% 9111W 401 4,077562.34 6,084.24 17,81 - 17.86710 1.79% 11 4,0858 88 40858 88 (1 23,96161 - 23.964.01 1.79% 1IrA)4 4,086.182.93 4,086.18293 6098.84 30.063.45 30,053.45 il9% 1b1104 4090,530.39 4090.530.39 6, 105.33 3515878 (36, 168]0) 179% 1/1N5 4,092,180,39 4,092.180,39 8,020.30 6820.30 6,820.30 2.00% WIM 4.098,455,39 4,098,45539 7,394,30 14,214,60 1421460 2.17% WINS 4,098,455.39 (175,000.00) 3,923455.39 9.68460 21,89920 (21.899.20) 2,25% VIM 3.923,455,39 3,923,455.39 2,412DB 7,412% 7.41206 2.27% &1N5 3,923,45639 3,923,455.39 8.08559 15.497.65 15,49765 247% 611105 3,923.455.39 (483, 105.94) 3.440,349,45 8,11387 23,67152 (23.671.52) 2.50% 2/1105 3,140,34945 3.440,34945 7,59744 7,597" 7,59744 265% 811105 3440.349.45 3,440,34945 ],58877 15,186.21 15,166.21 2.61% 911/05 3,H034945 (293,343.00) 3.147.00565 7912.80 23,079.01 (23,07901) 270% 1&1N5 3,147,00565 3,147,00565 9,ON B1 9,088.62 9,ON 62 3.46% 11/1N5 3,147,00565 3,147,00565 953543 18,ON 05 18,604.05 3.64% 1211105 3,10,00565 (131,09904) 3,012,90561 9,965.52 28569.5] (28,56957) 380% 111M 3,012 908 61 3,012,9C8.61 9.931.19 9,931.19 9,931 19 3.96% VIM 3.012,ON61 3,012,ON 61 10.15098 2008217 20,082.17 4.04% W11W 3.01290661 (43],556.13) 257535048 10,399.55 30,481.72 (30.48172) 4.14% 41168 2,575,35060 2,575,350.48 9.035,19 9.035.19 9,035.19 421% &I/06 2575,35048 2,575,350.48 9,228.34 18263.53 18,26353 4.30% WIM 2,575.3W 48 (314,622.86) 2,260,727,82 10,02241 28285.94 (28285.94) 4.81% 711IN 2,260,722.02 2,260,72762 8,929.87 8,929.87 0929.0] 474% 811/06 2,260.]21.02 2.260.727.62 9,28782 18,21769 10,21769 493% 911106 2,260)22,62 2,26072162 9806.68 27,524.35 (22,524.35) 4.94% 10/1/OB 2.260,727,62 2260.72762 941990 9,41970 9,41970 5.00% 110M 2.260,727,62 2,260,727,62 948554 18905.34 18,NO 34 5.04% IVIM 2260727,62 (180.71749) 2,080,010.13 9,54027 2844561 (28.44561) 5.06% 1IIN) 2,080,01 OA3 2,080010,13 0.961.38 8,961.38 0,981.38 5.17% 211107 2.080,010.13 2,080,010.13 099804 17,057 42 17,957,42 5.19% W110) 2,080,01013 (88,004.03) 1,992008.10 091 28804.13 (28684.13) 5,15% 411N2 1,992.000.10 1,992,006. 10 8,63203 0632 KI 8.63203 520% 511107 1,992,008.10 1,992,006,10 8,333.23 1tiA Ili CO 502% 61 1,99110 (138.663.91) 1,ai 19 859883 35,N.400 (25,564.09) 5.18% 2/1N] 1,853442.19 1.853.442.19 8,OA7 03 8,0203 8047 03 521% 81 1,653,442.19 185344219 7,985,25 16,032,28 16,032.28 5.12% 9/iN] 1653442,19 (32.12392) 1,821,318.27 7,969,80 24,001 (2400208) 5.16% 100107 1,821,318.27 1821,318.27 7.746,90 7,74890 7,74890 5.11% 1111N2 1,821,31827 1,$21,31827 7.627,52 15,37842 15.3741 5,03% 1211N7 1,OP,31827 (3,831.NO 1,81740828 7,551,59 22920D1 (2292801) 498% 1/1108 1,811.40628 1,817,481 6,92674 (174 6.9M74 4,58% 91N0 1,81I,486.28 1,817.408.28 6,240.04 13.17678 13,176]8 4.12% 311108 1617,48628 (246,67693) 1,570.809,35 6,058N 19235.07 (19235011) 4.00% VIAN 1.570,809,35 1,570,80935 4,45053 4,45063 445063 340% &1N8 1.570,809.35 1,570,809.35 4,02122 8,47190 80190 3.07% &1N0 1,570,809.35 (57,23563) 1,51357352 3.78822 12,260,17 (12.260,17) 2.89% 211M 1,513,57352 1513573.52 349383 3.49383 3,493.83 2.72% &1108 1,513,57352 1,513,573,52 3.632,58 7,12841 7.126.41 2.88% W1108 1,513.573.52 (45,828,02) 1.40]]45.50 3,241.57 10,38]90 (10,362.98) 2,57% 10/1108 1,467.745.50 1467,745.50 3,182.01 3.18781 3.18781 2.61% 1111/08 1A0]]45.S1p67)45,50 2,886.57 8074.38 6,074.38 238% 12/1N0 1,46]]45.50 1467.74550 1731,87 ],886.25 7,806.25 142% 111N9 1467,745,60 1.407j45.50 168344 9,469.00 9,489.59 1.J8% 21N9 1,407,145 50 1 LBI,245 50 1 50444 10 974.13 10 97413 1 23% WIM9 1,467,745.50 1,467.745.50 1,540.55 12,514.68 1251468 1.26% 411N9 1A07j45.50 1,407,74550 1,149,44 13,664.12 13564.12 (1 511100 1457,745.50 1,467.74550 1,125,27 14709.39 14789,39 0.92% &1N9 1.467 U&SO (22,97040) 1H4,975.10 104321 15,83260 (15,83260) 0.85% 711M 144477510 1,444,775.10 83075 83075 83075 089% &1N9 1."4,775.10 1,444,2I5.10 770.55 1.601.30 1601.30 064% Si 1,414,77510 (1191831) 1,432,828.10 M39 232369 (2,32369) 060% 1&IN9 1432826.]9 143282679 62064 62064 62064 052% 1111 NB 1.431 1,432,826.79 662.04 1287.68 1287.68 0.56% 12111W 1,432,82510 (11,96854) 1420,85825 KOM 1.91 (2,30446) (39569) 0.52% 1/1110 1A20,85825 1420,85825 51282 146.98 146.98 046% V1110 1,420,858.25 1,420.858,25 604.78 751.74 951 74 Ml% 311110 1420,858.25 (2,22424) 14106U01 59202 1,31376 (1,31376) 0.50% 411110 1,418,634,01 1,410.634.01 611,66 61166 61166 0.52% 511/10 141863401 101063401 61166 1223.32 1,22332 a5T W1110 1,418,63401 RNN) 1,417,)6996 588.63 1,811.95 (1,811.95) 0.50% 711110 1,417,769% 1612.76896 590.89 59089 59089 O.W% &1/10 1i9)69% 1,417,781 57892 1,16081 1, 18981 049% 911110 1,417769.98 (1.92) 1,411 565 04 653.22 1,823.08 (1,823.08) 0.55% WW1/10 1,411,565.01 1,411,NON 650.41 650.41 650,41 0,55% 1111110 1611,565.04 1,411,N$N 62410 122519 127519 0,53% 12/1110 1,411.565.04 (35,534.17) 1,376,030,87 655.64 1,910.63 (1,940.03) - 0.57% V12 `eit�t 4 1w4ubtrw COUNCIL/RDA MEETING DATE: March 1, 2011 ITEM TITLE: Approval of Sale to the City of La Quinta of Loans Made by the La Quinta Redevelopment Agency to the City of La Quinta Developer Impact Fee Funds RECOMMENDATION: AGENDA CATEGORY: BUSINESS SESSION: CONSENT CALENDAR: 3 STUDY SESSION: PUBLIC HEARING: Approve the sale to the City of La Quinta of loans made by the La Quinta Redevelopment Agency to the City of La Quinta Developer Impact Fee Funds, if the Executive Director deems it appropriate, and authorize the Executive Director to execute the necessary documentation to transfer the loan from the Agency to the City. FISCAL IMPLICATIONS: The outstanding principal and interest is calculated quarterly with $4,226,564 outstanding as of December 31, 2010 as follows: Principal RDA i RDA 2 Total Capital Projects Park - 251 1,376,030.87 1,376,030.87 Library DIF - 253 1,923,999.30 1,923,999.30 Fire -257 926,533.69 926,533.69 Subtotal 3,300,030.17 926,533.69 4,226,563.86 Interest RDA 1 RDA 2 Total Capital Projects Park -251 - - LibraryDlF - 253 - - Fire - 257 Subtotal - - Total 3,300,030.17 926,533.69 4,226,563.86 The outstanding principal and interest will be updated to the actual repayment date. Interest on the loans is computed using the pooled cash investment rate. Staff is proposing using General Fund unallocated reserved fund balances (101 0000 290.00-00) to fund the City's purchase of the loans. The loans would, be Vio purchased at their outstanding principal and interest value, which is estimated to be at the time of the sale. CHARTER CITY IMPLICATIONS: None. BACKGROUND AND OVERVIEW: See the City Council staff report for the details regarding this proposal. FINDINGS AND ALTERNATIVES: The alternatives available to the La Quinta Redevelopment Agency include: 1. Approve the sale of the La Quinta Redevelopment Agency's loans to the City of La Quinta Developer Impact Fee Funds to the City of La Quinta, if the Executive Director deems it appropriate, and authorize the Executive Director to execute the necessary documentation to transfer the loan from the Agency to the City. 2. Do not approve of the sale of the Agency's loans to the City of La Quinta Developer Impact Fee Funds, if the Executive Director deems it appropriate. 3. Provide staff with alternative direction. Respectfully submitted, John M. Falconer, Finance Director Approved for submission by: Thomas P. Genovese, Executive Director Attachment: 1 . Loan Balances — Park, Library, and Fire DIF Loans 0�11 A l l AW11VICIM I I City at la Duime Re*DIF AOvanue Ferri My Bel 405 Repayment Dalanw In16p 405 Cumulative Repayment Cumulative Intemat rate Balance OCOAD2 1,249,727.00 1,249y2y.00 ]tl102 1.249,917, 1,240,91700 250233 258233 25B23J 248% B/W2 1268,770.94 f 256,]]094 2,58632 5, 14865 - 5, 14865 245% 9/t1O2 1,730,58909 1,730,589.09 3.547.71 869830 - 8,698.36 246% 10/1102 1,91(1 1910447,10 3.83661 12.533.17 - 12,533.17 241% 1111102 2,170.103.36 2,170, 103.36 4,195.53 16.728]0 - 16.72890 2,32% IVII02 2,185,805.99 2.185,805.99 4,081.98 20,79006 - 20.790.0 223% 1/1103 21117NO.DO 2,187,04000 384555 24,63621 24,636.21 2.11% V1103 2,398.247.W 2,398,24700 397209 28613.30 - 28,613.30 199% W1103 3,327.841.DO 3,327.84100 5574.13 34,10243 34,187A3 2.01% W1103 3,358,844.02 3,358,814 02 5,N2.09 39j29.52 3972952 198% 91103 3.862M7,92 3,662.947.92 5877,57 4540709 45,407.09 1.85% 6/1103 3781,859.58 3.781,859,58 5,452.18 50,859.27 5005927 173% 7/1N3 3,785,532.75 3,785,53275 523565 56,095,92 56,095,92 1.56% ai 3,78127 3,782,495.27 5200.03 61298.85 - 61,2%85 1.65% 01 3.834391 3,834,39096 5.27229 66,569.14 - 6656914 165% 1N1N3 4,03752833 4,032,526.33 5.349.72 71,91880 - 71,91886 1.59% 1111103 4.01221995 4,012,219.95 5p0337 77.40223 - 77,40223 164% 1V1NJ 4,03122060 4,031,229.80 5.610,13 83,012.J8 - 8301236 167% MIN 4,090.057.42 4.090.057,42 538524 88,39760 - 88.39760 1,50% 2/1I04 4,100,]80.55 4.100.76055 5,638.55 94030.15 91,036.15 165% 311M 4,118038.08 4,11(1 5, 145DO 99, 181,20 99, 18120 1.50% 411111 4,152.504.55 4,152.50455 5, 19063 104,371,83 104,371.83 1.50% 5/1104 0168374.55 4.166,37455 5,346,85 109718,68 10971868 1.54% &1101 4,167,91177 (92.449.12) 4,075,462.65 5557,22 115,275.90 (115.27590) 160% VIM 4.075.462.65 4,075,482.65 5.89097 5,890,97 - 5,890.97 1,73% &INN 4,075,452.65 /W5,462.65 5.89189 11]82.88 - 1120206 173% 9111W 401 4,077562.34 6,084.24 17,81 - 17.86710 1.79% 11 4,0858 88 40858 88 (1 23,96161 - 23.964.01 1.79% 1IrA)4 4,086.182.93 4,086.18293 6098.84 30.063.45 30,053.45 il9% 1b1104 4090,530.39 4090.530.39 6, 105.33 3515878 (36, 168]0) 179% 1/1N5 4,092,180,39 4,092.180,39 8,020.30 6820.30 6,820.30 2.00% WIM 4.098,455,39 4,098,45539 7,394,30 14,214,60 1421460 2.17% WINS 4,098,455.39 (175,000.00) 3,923455.39 9.68460 21,89920 (21.899.20) 2,25% VIM 3.923,455,39 3,923,455.39 2,412DB 7,412% 7.41206 2.27% &1N5 3,923,45639 3,923,455.39 8.08559 15.497.65 15,49765 247% 611105 3,923.455.39 (483, 105.94) 3.440,349,45 8,11387 23,67152 (23.671.52) 2.50% 2/1105 3,140,34945 3.440,34945 7,59744 7,597" 7,59744 265% 811105 3440.349.45 3,440,34945 ],58877 15,186.21 15,166.21 2.61% 911/05 3,H034945 (293,343.00) 3.147.00565 7912.80 23,079.01 (23,07901) 270% 1&1N5 3,147,00565 3,147,00565 9,ON B2 9,088.62 9,ON 62 3.46% 11/1N5 3,147,00565 3,147,00565 953543 18,ON 05 18,604.05 3.64% 1211105 3,10,00565 (131,09904) 3,012,90561 9,965.52 28569.5] (28,56957) 380% 111M 3,012 908 61 3,012,9C8.61 9.931.19 9,931.19 9,931 19 3.96% VIM 3.012,ON61 3,012,ON 61 10.15098 2008217 20,082.17 4.04% W11W 3.01290661 (43],556.13) 257535048 10,399.55 30,481.72 (30.48172) 4.14% 41168 2,575,35060 2,575,350.48 9.035,19 9.035.19 9,035.19 421% &I/06 2575,35048 2,575,350.48 9,228.34 18263.53 18,26353 4.30% WIM 2,575.3W 48 (314,622.86) 2,260,727,82 10,02241 28285.94 (28285.94) 4.81% 711IN 2,260,722.02 2,260,72762 8,929.87 8,929.87 0929.0] 474% 811/06 2,260.]21.02 2.260.727.62 9,28782 18,21769 10,21769 493% 911106 2,260)22,62 2,26072162 9806.68 27,524.35 (22,524.35) 4.94% 10/1/OB 2.260,727,62 2260.72762 941990 9,41970 9,41970 5.00% 110M 2.260,727,62 2,260,727,62 948554 18905.34 18,NO 34 5.04% IVIM 2260727,62 (180.71749) 2,080,010.13 9,54027 2844561 (28.44561) 5.06% 1IIN) 2,080,01 OA3 2,080010,13 0.961.38 8,961.38 0,981.38 5.17% 211107 2.080,010.13 2,080,010.13 099804 17,057 42 17,957,42 5.19% W110) 2,080,01013 (88,004.03) 1,992008.10 091 28804.13 (28684.13) 5,15% 411N2 1,992.000.10 1,992,006. 10 8,63203 0632 KI 8.63203 520% 511107 1,992,008.10 1,992,006,10 8,333.23 1tiA Ili CO 502% 61 1,99110 (138.663.91) 1,ai 19 859883 35,N.400 (25,564.09) 5.18% 2/1N] 1,853442.19 1.853.442.19 8,OA7 03 8,0203 8047 03 521% 81 1,653,442.19 185344219 7,985,25 16,032,28 16,032.28 5.12% 9/iN] 1653442,19 (32.12392) 1,821,318.27 7,969,80 24,001 (2400208) 5.16% 100107 1,821,318.27 1821,318.27 7.746,90 7,74890 7,74890 5.11% 1111N2 1,821,31827 1,$21,31827 7.627,52 15,37842 15.3741 5,03% 1211N7 1,OP,31827 (3,831.NO 1,81740828 7,551,59 22920D1 (2292801) 498% 1/1108 1,811.40628 1,817,481 6,92674 (174 6.9M74 4,58% 91N0 1,81I,486.28 1,817.408.28 6,240.04 13.17678 13,176]8 4.12% 311108 1617,48628 (246,67693) 1,570.809,35 6,058N 19235.07 (19235011) 4.00% VIAN 1.570,809,35 1,570,80935 4,45053 4,45063 445063 340% &1N8 1.570,809.35 1,570,809.35 4,02122 8,47190 80190 3.07% &1N0 1,570,809.35 (57,23563) 1,51357352 3.78822 12,260,17 (12.260,17) 2.89% 211M 1,513,57352 1513573.52 349383 3.49383 3,493.83 2.72% &1108 1,513,57352 1,513,573,52 3.632,58 7,12841 7.126.41 2.88% W1108 1,513.573.52 (45,828,02) 1.40]]45.50 3,241.57 10,38]90 (10,362.98) 2,57% 10/1108 1,467.745.50 1467,745.50 3,182.01 3.18781 3.18781 2.61% 1111/08 1A0]]45.S1p67)45,50 2,886.57 8074.38 6,074.38 238% 12/1N0 1,46]]45.50 1467.74550 1731,87 ],886.25 7,806.25 142% 111N9 1467,745,60 1.407j45.50 168344 9,469.00 9,489.59 1.J8% 21N9 1,407,145 50 1 LBI,245 50 1 50444 10 974.13 10 97413 1 23% WIM9 1,467,745.50 1,467.745.50 1,540.55 12,514.68 1251468 1.26% 411N9 1A07j45.50 1,407,74550 1,149,44 13,664.12 13564.12 (1 511100 1457,745.50 1,467.74550 1,125,27 14709.39 14789,39 0.92% &1N9 1.467 U&SO (22,97040) 1H4,975.10 104321 15,83260 (15,83260) 0.85% 711M 144477510 1,444,775.10 83075 83075 83075 089% &1N9 1."4,775.10 1,444,2I5.10 770.55 1.601.30 1601.30 064% Si 1,414,77510 (1191831) 1,432,828.10 M39 232369 (2,32369) 060% 1&IN9 1432826.]9 143282679 62064 62064 62064 052% 1111 NB 1.431 1,432,826.79 662.04 1287.68 1287.68 0.56% 12111W 1,432,82510 (11,96854) 1420,85825 KOM 1.91 (2,30446) (39569) 0.52% 1/1110 1A20,85825 1420,85825 51282 146.98 146.98 046% V1110 1,420,858.25 1,420.858,25 604.78 751.74 951 74 Ml% 311110 1420,858.25 (2,22424) 14106U01 59202 1,31376 (1,31376) 0.50% 411110 1,418,634,01 1,410.634.01 611,66 61166 61166 0.52% 511/10 141863401 101063401 61166 1223.32 1,22332 a5T W1110 1,418,63401 RNN) 1,417,)6996 588.63 1,811.95 (1,811.95) 0.50% 711110 1,417,769% 1612.76896 590.89 59089 59089 O.W% &1/10 1i9)69% 1,417,781 57892 1,16081 1, 18981 049% 911110 1,417769.98 (1.92) 1,411 565 04 653.22 1,823.08 (1,823.08) 0.55% WW1/10 1,411,565.01 1,411,NON 650.41 650.41 650,41 0,55% 1111110 1611,565.04 1,411,N$N 62410 122519 127519 0,53% 12/1110 1,411.565.04 (35,534.17) 1,376,030,87 655.64 1,910.63 (1,940.03) - 0.57% V12 City of La Duinta Fire DIF Ad... Fund 257 My Bal 257 Repayment Balance Int Exp 257 Cumulative Repayment Cumulative Interest rate 1011/03 41, 170.94 41,1M94 54.55 54.55 - 54.55 1.59% 11/1103 423,663.51 423,663.51 579.01 633.56 - 633.56 1.64% 1211/03 630,443.73 630,443.73 877.37 1510.93 - 1510,93 1.67% 1/1104 820,241.47 820,241.47 1,079.98 2,590.91 - 2,590.91 1.58% 2/1104 824.989A7 824,989,47 1,134.36 3.725.27 - 3,725.27 165% 311104 991,863.57 991,863.57 1239.83 4,966.10 - 4,965.10 1.50% 411/04 1,360,13070 1, 350,13070 1,687,66 6,65236 - 6,652,76 1,50% 5/1/04 1,350,130.70 1350.130.70 1,732.67 838543 - 8,38543 1.54% 6/1/04 1,350,130,70 (89,435,37) 1,260,695. 33 1800.17 10,185.60 (10,18560) - 1.60% 7/1/04 1.260.695.33 1.260,695,33 1,822.30 1,822.30 - 1,822.30 1.73% 811104 1,260,695,33 1,260,695.33 1.822,59 3.644,89 3.644.89 1.73% 911/04 1,260,695. 33 1,260,695.33 1, 881,12 5,526,01 - 5.526.01 1.79% 1011104 1260,695.33 1,260,695.33 1,881.39 7,407.40 - 7,407.40 179% 1111104 1,260,695,33 1,260.695,33 1,881.65 9,289.05 - 9289.05 1.79% 12/l/N 1,260,695.33 1,260.695. 33 1.881.65 11,170.70 (11,17070) - 179% 1/1105 1,260.695.33 1.260,695. 33 2,101.16 2,101.15 2,101,16 2,00% 211105 1.260.695,33 1,260,695,33 2,274.50 4.375,66 4.375.66 2.17% 311105 1,260,695. 33 (200,000.00) 1,060,695.33 2, 36380 6,739.46 (6,73946) - 2,25% 411105 1,0,30,695,33 1,060.695.33 2,003.83 2,003,83 2,003.83 2,27% 5/1/05 1,060,695.33 1,060,695. 33 2.185.92 4,189.75 4,189.75 2.47% 6/1105 1.060.695.33 61,453.13 1.122,148,46 2,209.78 6,399.53 (6,399.53) - 2.50% 711105 1,122,14846 1.122, 148.46 2,478.08 2.478.08 2.478.08 2,65% 811105 1,122,148.46 1, 122,14846 2,468,73 4,946.81 4.94681 2.64% 911/05 1, 122, 148.46 (44,339.92) 1, 077,808.54 2,58094 7,527.75 (752775) - 2.76% 1011/05 1,077,808.54 1,077,808.54 3,105,88 3,10588 3,105.88 346% 11/1/05 1077.808,54 1077.808.54 3.26576 6,371&1 6,371.64 3.64% 1211105 1.077.808.54 (25,178,48) 1,052.630.06 3,413.06 9,764.70 (9.78470) - 3.80% 1/11W 1.052.630,06 1052,630,06 3,469,69 3,469.69 3,46969 3.96% 211M 1,052,630.% 1.052.630.06 3,54649 7.016.15 7.016.18 4.04% 3/1106 1,052630,06 (44,172.79) 1, 008,457,27 3,633.33 10,64951 (10,649.51) - 4.14% 4/1/06 1,0D8,457,27 1008.457.27 3,538.00 3,538,00 3, 53800 4.21% 511/06 1,008,457.27 1,008,457. 27 3,61364 7,151.64 7, 151.64 4.30% 6/1106 1,008,45727 (28.487.06) 979,97021 3.924.58 11,076.22 (11,076.22) - 4.67% 711106 979.970,21 979,970.21 3,870,88 3,870.88 3,870.88 474% 811106 979,970.21 979,970.21 4,026,04 7.896,92 7,896.92 4,93% 911106 979,970.21 (4,52466) 975445.55 4,034.21 11,931.13 (11,931A3) - 4.94% 1011/06 975,445.55 975.445.55 4,064.36 406436 4, 064.36 500% 11/1/06 975,446.55 975,44655 4,092.81 8,157.17 8,157.17 5.04% 12/1/06 975.445.55 (6.800.78) 968644.77 4.116,38 12,273.55 (12,273.55) - 5.06% 111107 968,644.77 968,644.77 4,17324 4.173,24 4.173,24 5,17% 2/1107 %8,64477 91 4,189.39 6,362.63 8.362,63 5,19% 311/07 968,644.77 (6,864.46) 961,780.31 4,157A0 12,519.73 (12, 519.73) - 5,15% 4/1/07 961,780.31 961.780.31 4,167.71 4, 167.71 4,167.71 5.20% 511M7 961,780.31 961,780.31 4.023.45 8,191.16 8,191.16 5.02% 6/1/07 %1,780.31 (17,110.01) 944,670,30 4,151,69 12,342.85 (12.342.85) - 5.18% 711107 944,670.30 944,67030 4,101.44 4,101.44 4.10144 5,21% 8/1/07 944670,30 944,670.30 4,069.96 8,171.39 8,171.39 5.17% 9/1/07 944,670.30 944,670.30 4.062.08 12,23347 (10,884.59) 1, 348.88 5.16% 10/1/07 944.670.30 944670.30 4,019.15 5.368.03 5,368.03 5.11% 1111107 944,670.30 944,670,30 3,956.20 9.324,23 9.324.23 5.03% 12MI07 944,670.30 944,670.30 3,91681 13,241.04 (4,233.89) 9,007.15 4.98% 1/1108 944,670.30 944,670.30 3,605.49 12,61264 12,612,64 4,58% 211/08 944,670.30 9"670.30 3.243.37 15,856.01 15856.01 4.12% 3/1108 944.670.30 9"670,30 3,148,90 19.004.91 (18.238.17) 76574 4.00% 411108 944,670.30 9"670,30 2,676.57 3,443.31 3,443.31 3.40% 511108 944,670.30 944,670.30 2,418.36 5.861,67 5.861,67 3,07% 6/1/08 944,670.30 (5,035.36) 939,634.44 2,278.23 8,13990 (8,139,90) - 2,89% 7/l/08 939,634,44 939.634.44 2,16899 2,168.99 2, 168.99 2.77% 811/08 939,634.44 939,634.44 2.255.12 4,424,11 4424.11 2,88% 9/1M8 939,634.44 (6042.97) 933,59147 2.012.38 6,436.49 (6,436.49) - 2.67% 1011108 933.591.47 933,591.47 2,027,67 2.027,67 2,027.67 261% 1111/08 933,591.47 933,591.47 1, 836.06 3.863,73 386373 2.36% 1211/08 933,591.47 933.591A7 1, 101.59 4,965.32 4.965.32 142% Vi/09 933,591,47 933,59147 1,058.07 6,02339 6.023.39 1.36% 211/09 933,591,47 933.591.47 9MA3 6,98032 6,980.32 1.23% 311109 933,59147 933,591.47 979.90 7,960.22 (783.84) 7, 17638 126% 4/1/09 933.59147 933,59147 731.12 7,907.50 7,907.50 0.94% 5/1109 933,591A7 933,591,47 71575 8.623.25 8,623.25 0.92% 611109 933,591.47 933,591.47 663.56 9,286.81 (7.160.10) 2,126.71 0.85% 7/1/09 933,591.47 933,591A7 536.82 2663.53 2,663,53 069% 8/l/09 933,591.47 933.591.47 497.92 3, 161A5 3,16145 0,64% 911109 933,591.47 933,591.47 466.60 3,628.25 (2.275.64) 1,35261 060% 10/1109 933,591A7 933,591.47 404.39 1,757.00 1757.00 0.52% 1111109 933,591.47 933,591,47 434.63 2.191,63 2,191.63 0.56% 1211109 933,591.47 933,591.47 404.56 2,596,19 (2,240.00) 356.19 0.52% 111110 933,591.47 933,59147 356.70 712.89 712,89 046% 2/1/10 933,59147 933.591A7 39726 1,11025 1,110.25 051% 311/10 933,591.47 933,59147 389.00 1,499.25 (569.12) 930.13 0.5056 411110 933,591A7 933,591.47 402,53 1,332,66 1,33266 0.52% 5/1110 933.591.47 933,591.47 402,53 1.735.19 1,735,19 0.52% 611/10 933,591.47 933,59147 387.37 2.122.56 (420,00) 1,702.56 0,50% 711110 933,59147 933.591,47 389.09 2,091.65 2,091.65 050% 8/1/10 933.59147 933,591.47 381.22 2,472.87 2472.87 049% 9/1110 933,591.47 (365,40) 933,226,07 430.17 2,903.04 (2.903.04) - 0.55% 10/1110 933,226.07 933226,07 430.01 430.01 430.01 0.55% 1111/10 933,226.07 933,226,07 41306 843.07 843.07 0.53% 1211H0 933,226,07 (6,692.38) 926,533.69 440,07 1,283.14 (1,283.14) - 057% 0n4 City of La Duinta Fire DIF Ad... Fund 257 My Bal 257 Repayment Balance Int Exp 257 Cumulative Repayment Cumulative Interest rate 1011/03 41, 170.94 41,1M94 54.55 54.55 - 54.55 1.59% 11/1103 423,663.51 423,663.51 579.01 633.56 - 633.56 1.64% 1211/03 630,443.73 630,443.73 877.37 1510.93 - 1510,93 1.67% 1/1104 820,241.47 820,241.47 1,079.98 2,590.91 - 2,590.91 1.58% 2/1104 824.989A7 824,989,47 1,134.36 3.725.27 - 3,725.27 165% 311104 991,863.57 991,863.57 1239.83 4,966.10 - 4,965.10 1.50% 411/04 1,360,13070 1, 350,13070 1,687,66 6,65236 - 6,652,76 1,50% 5/1/04 1,350,130.70 1350.130.70 1,732.67 838543 - 8,38543 1.54% 6/1/04 1,350,130,70 (89,435,37) 1,260,695. 33 1800.17 10,185.60 (10,18560) - 1.60% 7/1/04 1.260.695.33 1.260,695,33 1,822.30 1,822.30 - 1,822.30 1.73% 811104 1,260,695,33 1,260,695.33 1.822,59 3.644,89 3.644.89 1.73% 911/04 1,260,695. 33 1,260,695.33 1, 881,12 5,526,01 - 5.526.01 1.79% 1011104 1260,695.33 1,260,695.33 1,881.39 7,407.40 - 7,407.40 179% 1111104 1,260,695,33 1,260.695,33 1,881.65 9,289.05 - 9289.05 1.79% 12/l/N 1,260,695.33 1,260.695. 33 1.881.65 11,170.70 (11,17070) - 179% 1/1105 1,260.695.33 1.260,695. 33 2,101.16 2,101.15 2,101,16 2,00% 211105 1.260.695,33 1,260,695,33 2,274.50 4.375,66 4.375.66 2.17% 311105 1,260,695. 33 (200,000.00) 1,060,695.33 2, 36380 6,739.46 (6,73946) - 2,25% 411105 1,0,30,695,33 1,060.695.33 2,003.83 2,003,83 2,003.83 2,27% 5/1/05 1,060,695.33 1,060,695. 33 2.185.92 4,189.75 4,189.75 2.47% 6/1105 1.060.695.33 61,453.13 1.122,148,46 2,209.78 6,399.53 (6,399.53) - 2.50% 711105 1,122,14846 1.122, 148.46 2,478.08 2.478.08 2.478.08 2,65% 811105 1,122,148.46 1, 122,14846 2,468,73 4,946.81 4.94681 2.64% 911/05 1, 122, 148.46 (44,339.92) 1, 077,808.54 2,58094 7,527.75 (752775) - 2.76% 1011/05 1,077,808.54 1,077,808.54 3,105,88 3,10588 3,105.88 346% 11/1/05 1077.808,54 1077.808.54 3.26576 6,371&1 6,371.64 3.64% 1211105 1.077.808.54 (25,178,48) 1,052.630.06 3,413.06 9,764.70 (9.78470) - 3.80% 1/11W 1.052.630,06 1052,630,06 3,469,69 3,469.69 3,46969 3.96% 211M 1,052,630.% 1.052.630.06 3,54649 7.016.15 7.016.18 4.04% 3/1106 1,052630,06 (44,172.79) 1, 008,457,27 3,633.33 10,64951 (10,649.51) - 4.14% 4/1/06 1,0D8,457,27 1008.457.27 3,538.00 3,538,00 3, 53800 4.21% 511/06 1,008,457.27 1,008,457. 27 3,61364 7,151.64 7, 151.64 4.30% 6/1106 1,008,45727 (28.487.06) 979,97021 3.924.58 11,076.22 (11,076.22) - 4.67% 711106 979.970,21 979,970.21 3,870,88 3,870.88 3,870.88 474% 811106 979,970.21 979,970.21 4,026,04 7.896,92 7,896.92 4,93% 911106 979,970.21 (4,52466) 975445.55 4,034.21 11,931.13 (11,931A3) - 4.94% 1011/06 975,445.55 975.445.55 4,064.36 406436 4, 064.36 500% 11/1/06 975,446.55 975,44655 4,092.81 8,157.17 8,157.17 5.04% 12/1/06 975.445.55 (6.800.78) 968644.77 4.116,38 12,273.55 (12,273.55) - 5.06% 111107 968,644.77 968,644.77 4,17324 4.173,24 4.173,24 5,17% 2/1107 %8,64477 91 4,189.39 6,362.63 8.362,63 5,19% 311/07 968,644.77 (6,864.46) 961,780.31 4,157A0 12,519.73 (12, 519.73) - 5,15% 4/1/07 961,780.31 961.780.31 4,167.71 4, 167.71 4,167.71 5.20% 511M7 961,780.31 961,780.31 4.023.45 8,191.16 8,191.16 5.02% 6/1/07 %1,780.31 (17,110.01) 944,670,30 4,151,69 12,342.85 (12.342.85) - 5.18% 711107 944,670.30 944,67030 4,101.44 4,101.44 4.10144 5,21% 8/1/07 944670,30 944,670.30 4,069.96 8,171.39 8,171.39 5.17% 9/1/07 944,670.30 944,670.30 4.062.08 12,23347 (10,884.59) 1, 348.88 5.16% 10/1/07 944.670.30 944670.30 4,019.15 5.368.03 5,368.03 5.11% 1111107 944,670.30 944,670,30 3,956.20 9.324,23 9.324.23 5.03% 12MI07 944,670.30 944,670.30 3,91681 13,241.04 (4,233.89) 9,007.15 4.98% 1/1108 944,670.30 944,670.30 3,605.49 12,61264 12,612,64 4,58% 211/08 944,670.30 9"670.30 3.243.37 15,856.01 15856.01 4.12% 3/1108 944.670.30 9"670,30 3,148,90 19.004.91 (18.238.17) 76574 4.00% 411108 944,670.30 9"670,30 2,676.57 3,443.31 3,443.31 3.40% 511108 944,670.30 944,670.30 2,418.36 5.861,67 5.861,67 3,07% 6/1/08 944,670.30 (5,035.36) 939,634.44 2,278.23 8,13990 (8,139,90) - 2,89% 7/l/08 939,634,44 939.634.44 2,16899 2,168.99 2, 168.99 2.77% 811/08 939,634.44 939,634.44 2.255.12 4,424,11 4424.11 2,88% 9/1M8 939,634.44 (6042.97) 933,59147 2.012.38 6,436.49 (6,436.49) - 2.67% 1011108 933.591.47 933,591.47 2,027,67 2.027,67 2,027.67 261% 1111/08 933,591.47 933,591.47 1, 836.06 3.863,73 386373 2.36% 1211/08 933,591.47 933.591A7 1, 101.59 4,965.32 4.965.32 142% Vi/09 933,591,47 933,59147 1,058.07 6,02339 6.023.39 1.36% 211/09 933,591,47 933.591.47 9MA3 6,98032 6,980.32 1.23% 311109 933,59147 933,591.47 979.90 7,960.22 (783.84) 7, 17638 126% 4/1/09 933.59147 933,59147 731.12 7,907.50 7,907.50 0.94% 5/1109 933,591A7 933,591,47 71575 8.623.25 8,623.25 0.92% 611109 933,591.47 933,591.47 663.56 9,286.81 (7.160.10) 2,126.71 0.85% 7/1/09 933,591.47 933,591A7 536.82 2663.53 2,663,53 069% 8/l/09 933,591.47 933.591.47 497.92 3, 161A5 3,16145 0,64% 911109 933,591.47 933,591.47 466.60 3,628.25 (2.275.64) 1,35261 060% 10/1109 933,591A7 933,591.47 404.39 1,757.00 1757.00 0.52% 1111109 933,591.47 933,591,47 434.63 2.191,63 2,191.63 0.56% 1211109 933,591.47 933,591.47 404.56 2,596,19 (2,240.00) 356.19 0.52% 111110 933,591.47 933,59147 356.70 712.89 712,89 046% 2/1/10 933,59147 933.591A7 39726 1,11025 1,110.25 051% 311/10 933,591.47 933,59147 389.00 1,499.25 (569.12) 930.13 0.5056 411110 933,591A7 933,591.47 402,53 1,332,66 1,33266 0.52% 5/1110 933.591.47 933,591.47 402,53 1.735.19 1,735,19 0.52% 611/10 933,591.47 933,59147 387.37 2.122.56 (420,00) 1,702.56 0,50% 711110 933,59147 933.591,47 389.09 2,091.65 2,091.65 050% 8/1/10 933.59147 933,591.47 381.22 2,472.87 2472.87 049% 9/1110 933,591.47 (365,40) 933,226,07 430.17 2,903.04 (2.903.04) - 0.55% 10/1110 933,226.07 933226,07 430.01 430.01 430.01 0.55% 1111/10 933,226.07 933,226,07 41306 843.07 843.07 0.53% 1211H0 933,226,07 (6,692.38) 926,533.69 440,07 1,283.14 (1,283.14) - 057% 0n4 COUNCIL/RDA MEETING DATE: March 1, 2011 ITEM TITLE: Approval of Amendment No. 4 to the Exclusive Negotiation Agreement by and Between the La Quinta Redevelopment Agency, City of La Quinta, and VIP Motor Cars, Ltd., for Property Located Near Highway 111 and Dune Palms Road RECOMMENDATION: AGENDA CATEGORY: BUSINESS SESSION: J_ CONSENT CALENDAR: l STUDY SESSION: PUBLIC HEARING: Approve Amendment No. 4 to the Exclusive Negotiation Agreement between the La Quinta Redevelopment Agency, the City of La Quinta, and VIP Motor Cars, Ltd., and authorize the Executive Director to execute the amendment. FISCAL IMPLICATIONS: None for this action. BACKGROUND AND OVERVIEW: On March 6, 2007, the Agency Board approved an Exclusive Negotiation Agreement ("ENA") with VIP Motor Cars, Ltd. for the purpose of developing auto service facilities and luxury car dealerships. The project is located on approximately 9 acres of Agency - owned property near Dune Palms Road and Highway 111. The ENA has been extended on multiple occasions, through the execution of a formal ENA amendment, approved by the Agency Board on October 23, 2008; by formal Agency Board action on March 17, 2009, December 15, 2009, and July 21, 2010; and on two occasions by the Agency Executive Director exercising his authority granted by Section VIII.Q of the ENA. VIP Motor Cars, Ltd. is still interested in developing luxury car dealerships on this site; therefore, the attached Amendment No. 4 extends the ENA until March 31, 2011, with authority given to the Executive Director to further extend the ENA another 120 days if needed. V15 FINDINGS AND ALTERNATIVES: The alternatives available to the Agency Board include: 1 . Approve Amendment No. 4 to the Exclusive Negotiation Agreement between the La Quinta Redevelopment Agency, the City of La Quinta, and VIP Motor Cars, Ltd. and authorize the Executive Director to execute the amendment; or 2. Do not approve Amendment No. 4 to the Exclusive Negotiation Agreement between the La Quinta Redevelopment Agency, the City of La Quinta and VIP Motor Cars, Ltd.; or 3. Provide staff with alternative direction. Respectfully submitted, / N J S Douglas R. Evans, Assista City Manager — Development Services Approved for submission by: Thomas P. Genovese, Executive Director Attachment: 1 . ENA Amendment No. 4 0-,16 ATTACHMENT AMENDMENT NO.4 TO EXCLUSIVE NEGOTIATION AGREEMENT THIS AMENDMENT NO. 4 TO EXCLUSIVE NEGOTIATION AGREEMENT ("Amendment No. 4") is made and entered into as of , 2011, by and among LA QUINTA REDEVELOPMENT AGENCY, a public body, corporate and politic ("Agency"), CITY OF LA QUINTA, a California municipal corporation and charter city ("City"), and V.I.P. MOTOR CARS, LTD., a California corporation ("Developer"). RECITALS: A. On or about December, 2007, the Agency and Developer entered into that certain Exclusive Negotiation Agreement (the "Original ENA"), pursuant to which Agency and Developer agreed to initiate exclusive negotiations for up to two hundred and fifty-five (255) days concerning the possible sale by Agency to Developer of certain real property owned in fee by the Agency (the "Property") for the Developer's subsequent development thereon of three (3) automobile operations, as more fully described in the Original ENA. B. Pursuant to authority granted in Section VIII.Q of the Original ENA, the Agency's Executive Director extended the "Negotiation Period" (as that term is defined in the Original ENA) for one hundred and twenty (120) days, until December 18, 2008. C. On or about October 23, 2008, the Agency and Developer entered into that certain Amendment No. 1 to Exclusive Negotiation Agreement, to extend the Negotiation Period to May 1, 2009 ("Amendment No. 1"). D. On or about March 17, 2009, the Agency Board authorized an additional extension to the Negotiation Period, until December 31, 2009. E. On or about December 15, 2009, the Agency and Developer entered into that certain Amendment No. 2 to Exclusive Negotiation Agreement, to extend the Negotiation Period to March 31, 2010 ("Amendment No. 2"). F. Pursuant to authority granted in Section VIII.Q of the Original ENA, as revised pursuant to the terms of Amendment No. 2, the Agency's Executive Director extended the Negotiation Period for one hundred and twenty (120) days, until July 29, 2010. G. On or about July 21, 2010, the Agency and Developer entered into that certain Amendment No. 3 to Exclusive Negotiation Agreement, to extend the Negotiation Period to March 31, 2011 ("Amendment No. 3"). H. The Original ENA, as amended by Amendment No. 1, Amendment No. 2, and Amendment No. 3, is hereby referred to as the "ENA." I. The Agency contemplates transferring fee title to the Property to the City. J. As a result of current economic conditions, the parties now wish to (i) further extend the Negotiation Period until March 31, 2012, (ii) provide for the Developer's consent to 0)17 the Agency's transfer of the Property to the City, and (iii) obligate the City to perform the Agency's obligations under the ENA after the Agency's transfer of the Property to the City. AGREEMENT: NOW, THEREFORE, in consideration of the foregoing recitals, which are incorporated herein by this reference, and for valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 1. The ENA is hereby amended to extend the Negotiation Period until March 31, 2012 and, therefore the "End Date" as defined in ENA Section ILA, shall be March 31, 2012. 2. The ENA is hereby amended to provide that all actions required to be performed during the "Second Due Diligence Period" and the "Third Due Diligence Period" (as those terms are defined in ENA Sections II.0 and II.D) shall be completed by the End Date. 3. The provision in ENA Section VIII.Q, which permits the Agency's Executive Director to extend the time for Developer's performance by up to 120 days, shall be restarted and the procedure in Section VIII.Q shall apply to any such extensions. 4. The Agency hereby agrees that upon the transfer by the Agency to the City of the Agency's fee interest in and to the Property, the Agency hereby assigns all of the Agency's rights and obligations under the ENA to the City. 5. The City hereby agrees that upon the Agency's transfer of the Agency's fee interest in and to the Property, and assignment of the Agency's rights and obligations under the ENA, to the City, the City hereby assumes all of the Agency's rights and obligations under the ENA, as if the City were the original party thereto. 6. Developer hereby expressly consents to the transfer by the Agency to the City of the Agency's fee interest in and to the Property and the assignment by the Agency to the City of the Agency's rights and obligations under the ENA, and agrees that upon such transfer and assignment by the Agency, the City shall have all of the rights and obligations of the Agency under the ENA, as if the City were the original party thereto. 7. Except as otherwise expressly provided in this Amendment No. 4, all of the terms and conditions of the ENA shall remain in full force and effect. S. In the event of any action between or among any of Agency, City, and Developer seeking enforcement of any of the terms and conditions to this Amendment No. 4, the prevailing party in such action shall be awarded, in addition to damages, injunctive or other relief, its reasonable costs and expenses, including without limitation its expert witness fees and reasonable attorney's fees. 9. This Amendment No. 4 shall be construed according to its fair meaning and as if prepared by all of the parties hereto. 0118 10. This Amendment No. 4 shall be governed by the internal laws of the State of California and any question arising hereunder shall be construed or determined according to such law. The Superior Court of the State of California in and for the County of Riverside, or such other appropriate court in such county, shall have exclusive jurisdiction of any litigation between the parties concerning this Amendment No. 4. Service of process on Agency and/or the City shall be made in accordance with California law. Service of process on Developer shall be made in any manner permitted by California law and shall be effective whether served inside or outside California. 11. Time is of the essence of this Amendment No. 4 and of each and every term and provision hereof. 12. This Amendment No. 4 may be executed in counterparts, each of which, when this Amendment No. 4 has been signed by all the parties hereto, shall be deemed an original, and such counterparts shall constitute one and the same instrument. [End — Signature Page Follows] 0�1.9 IN WITNESS WHEREOF, Agency, City, and Developer each hereby represents that it has read this Amendment No. 4, understands it, and hereby executes this Amendment No. 4 to be effective as of the day and year first written above. "Developer" V.I.P. MOTOR CARS, LTD., a California corporation am Date: 2011 Its: "Agency" LA QUINTA REDEVELOPMENT AGENCY, a public body, corporate and politic ME Date: 2011 ATTEST: Veronica J. Montecino, CMC Agency Secretary APPROVED AS TO FORM: RUTAN & TUCKER, LLP ME M. Katherine Jenson, Agency Counsel Agency Executive Director [signatures continued on next page] 0 2 "City" CITY OF LA QUINTA, a California municipal corporation and charter city Date: , 2011 By: City Manager ATTEST: Veronica J. Montecino, CMC Agency Secretary APPROVED AS TO FORM: RUTAN & TUCKER, LLP By: M. Katherine Jenson, City Attorney V21 T-vf 4 4 a" COUNCIL/RDA MEETING DATE: March 1, 2011 ITEM TITLE: Consideration of Firms to Develop and Operate a Multi -Family Affordable Housing Complex Located at the Southeast Corner of Dune Palms Road and Westward Ho RECOMMENDATION: AGENDA CATEGORY: BUSINESS SESSION: CONSENT CALENDAR: _ STUDY SESSION: PUBLIC HEARING: Authorize staff to negotiate an Affordable Housing Agreement with the selected firm. FISCAL IMPLICATIONS: Unknown at this time. The project will require the use of Project Area No. 2 Housing Funds; however, the final amount will be determined via negotiations for an Affordable Housing Agreement ("AHA"). BACKGROUND AND OVERVIEW: The subject property has been acquired by the Agency over the last seven years from seven different property owners for the purpose of widening Dune Palms Road and to facilitate the development of an affordable housing project. The site consists of 5.65 acres and is located southeast of the intersection of Dune Palms Road and Westward Ho Drive. On August 3, 2010, the Agency Board authorized the distribution of a Request for Proposals to secure a firm capable of developing and operating a community as envisioned by the Agency Board. Pursuant to the Agency's Five Year Implementation Plan, the Agency envisions a multi- family rental housing development on this property that would be affordable to low - and moderate -income families and special needs households. The RFQ emphasized that the development must embrace the Agency's past practices of developing housing that embraces the surrounding community, and sustainable development and green building/operations practices. Further, special emphasis is placed on sourcing materials and design/construction labor in the Coachella Valley. In addition to providing 0322 sustainably designed affordable housing, the Agency envisions that this development would support local jobs. The RFQ was distributed in August 2010, and the Agency received 13 proposals from the following firms (in alphabetical order): AMCAL Multi -Housing Bridge Housing Chelsea Investment Corporation Coachella Valley Housing Coalition ("CVHC") Community Housing Opportunities Corporation LINC Housing Corporation McCormack Baron Ragan National Community Renaissance ("CORE") Palm Desert Development Company Related California Shovlin Companies The Core Companies Wakeland Housing and Development Corporation In November 2010, the respondents were notified that the project had been placed on temporary hold, pending evaluation of the project schedule and funding. However, given the Governor's proposal to end redevelopment in California, the Agency Board directed staff to proceed with the project, convene the Selection Committee and bring a short list of three firms to the Agency Board for consideration and final selection. On February 22, 2011, the Agency's Selection Committee met and short-listed the following firms: Bridge Housing Coachella Valley Housing Coalition ("CVHC") National Community Renaissance ("CORE") The firms have been invited to make a short presentation to the Board, limited to 15 minutes, followed by a 10-15 minute question and answer period. The original proposals are included for Agency Board review (Bridge Housing is Attachment 1; CVHC is Attachment 2; CORE is Attachment 3). If members of the Agency Board wish to view the other proposals, they are located in the City Manager's Office, Development Services Division. FINDINGS AND ALTERNATIVES: Pursuant to the City's Consultant Selection Procedures, the Agency is asked to select the most qualified firm to develop and operate the Dune Palms/Westward Ho affordable housing complex. Staff will then negotiate an Affordable Housing 0J23 Agreement with the selected firm. If those negotiations are successful, staff will forward a formal AHA to the Agency for consideration and approval. To that end, the alternatives available to the Agency Board include: 1 . Interview the three firms and authorize staff to initiate negotiations with the preferred firm for development and operation of a multi -family affordable housing complex located at the southeast corner of Dune Palms Road and Westward Ho; or 2. Do not interview the three firms; or 3. Provide staff with alternative direction. Respectfully submitted, ////Douglas R. Evans Assistant City Manager — Development Services Approved for submission by: Thomas P. Genovese, Executive Director Attachment: 1. Bridge Housing Proposal 2. Coachella Valley Housing Coalition Proposal 3. National CORE Proposal v24 ATTACHMENT N Redewe pmentoency Response to Request for Qualifications To Develop and Operate Multi -Family Affordable Housing Submitted by: o D -lousing October 2010 OCi u 1 2010 CITY OF !A OUN-rA CITY MANAGER'S OFFICE 0)25 B R I D G i'ousing BUILDING - SUSTAINING LEADING September 30, 2010 Douglas R. Evans Assistant City Manager— Development Services La Quinta Redevelopment Agency 78-495 Calle Tampico La Quinta, CA 92253 RE: Response to Request for Qualifications Westward Ho Drive and Dune Palms Road ("Site") BRIDGE HOUSING CORPORATION BAIDGP PROPFRTI 'd ANAGENIENT COMPnvr RAY ARIA SEN OR SEEM, FS Lv( BRiOGE ECONOMIC DEVELOPMENT CORPORATION Dear Mr. Evans, BRIDGE Housing Corporation ("BRIDGE) is pleased to submit the enclosed response to the Request • for Qualifications to develop and operate a multi -family affordable housing development at the Westward Ho Drive and Dune Palms Road site. The La Quinta Redevelopment Agency ("Agency") has a strong history of developing high quality, sustainable affordable housing communities. This proposed project will surely continue that history by delivering quality housing for low income families and by creating local jobs to stimulate the Coachella Valley economy. BRIDGE would be proud to play a part in the Agency's continued success. BRIDGE brings 27 years of experience developing housing projects throughout California, and has a proven track record of completing some of the most sophisticated affordable housing developments in the State's history. As a nonprofit housing developer/owner/manager, BRIDGE has partnered with numerous redevelopment agencies in the past. We have a very strong team of in-house professionals (Project Managers, Legal Counsel, Property Managers, and Resident Service Coordinators), all focused on creating exceptionally well designed housing. BRIDGE is also infused with a production mind set — that is, getting it done as quickly and efficiently as possible. We are acutely aware of the public's role in this type of development. We take a strong lead position in making sure the public's concerns are heard and addressed. BRIDGE is a long-term owner and manager which means we become a part of every community we build in. Based on the number of repeat opportunities we have had with redevelopment agencies, we know we have followed -through on commitments made during the approvals process and continue to operate and manage our properties to the highest standards. 01n6 3A5 SPEAR STREET, SUITE 700, SAN FRANCISCO, CA SAILS-1673 TEL 415 989 1111 FAX 495.4696 BRIDGEHOUSING COM 2202 30TH STREET, SAN DIEGO, CA 92104 TEL 619231 6300 FAX 619. 231.6301 555 WEST 5TH STREET, SUITE3100, LOS ANGELES, CA 90013 1010 TEL. 213 996.8415 FAX 213 996.8414 I'IOIS.Ia' IS A N- L 'Cr V:'OFI 1, Jb.,._-BEN.FII RI Oic AT'UN La Quinta Redevelopment Agency Douglas R. Evans • September 30, 2010 In La Quinta, BRIDGE sees a great opportunity to partner with the Agency to develop the Site, while fulfilling our mission of "quality, quantity, and affordability". Our approach would be to listen carefully to the Agency's goals, share our thoughts on the development and present creative solutions, and then mutually decide which opportunity offers the most advantages to the community. Sometimes these are strictly financial decisions, but often other factors such as community support, economic development or revitalization play a role. We strongly believe BRIDGE has the creativity, expertise, and capacity needed to partner with the Agency; a partnership between like-minded organizations which results in a cutting edge housing solution for the La Quinta community. Please do not hesitate to contact me at (619) 231-6300 x509 if you have any questions. Sincerely, Brad Wiblin Vice President BRIDGE Housing Corporation • • 1 0'D27 • TABLE OF CONTENTS • • TAB REQUESTED SERVICES BACKGROUND DEVELOPMENT CONCEPT EXPERIENCE • BRIDGE Housing Corporation: Developer • BRIDGE Property Management Company: Property Management Agent • Studio E Architects: Master Architect • Walling and McCallum: Construction Administration Architect • RBF Consulting: Civil Engineer • RGA Landscape Architects, Inc.: Landscape Architect FINANCIAL CAPACITY • BRIDGE Audited Financial Statement PAGE 1-3 4-8 9-11 12-55 56-57 0328 La Quinta Redevelopment Agency RFQAV October 1, 2010 B R I D i"OUSIM., REQUESTED SERVICES This section provides a direct response to the Requested Services as described by the Agency in the RFQ. Further information is included in the Qualifications Statements in the Background, Development Concept, Experience, and Financial Capacity sections. Prepare Site Plan and Development Program BRIDGE Housing Corporation ("BRIDGE") works with local governmental agencies from project conception through the life of a property to ensure that each property is well designed, adequately financed, and able to operate successfully. BRIDGE believes building a strong viable relationship with the City and Redevelopment Agency provides not only a sustainable development but a successful relation for future partnerships. BRIDGE has completed numerous developments through alliances with local cities. An example of these alliances includes a new construction development in Lake Elsinore. BRIDGE was selected by the City of Lake Elsinore Redevelopment Agency to identify, acquire, develop, and operate affordable housing units throughout the City. In a concerted effort to revitalize the downtown residential area of Lake Elsinore and as a result of the City's support, BRIDGE received 9% Low Income Housing Tax Credits ("LIHTC") in 2010. BRIDGE is moving forward with the design development of the site which will consist of 113 affordable multifamily residential units on 4.3 acres. Construction is anticipated to begin in February 2011. A BRIDGE affiliated entity, BRIDGE Property Management Company ("BPMC"), will be • the property manager. BRIDGE has also successfully built five affordable housing communities in the City of Irvine, including Woodbury Walk and Windrow which were made possible through a successful partnership with the City of Irvine. The Redevelopment Agency has demonstrated a clear commitment to sustainable design in its projects in La Quinta. BRIDGE shares this commitment and would partner with the City in achieving the desired sustainability measures for the proposed project. For further information on BRIDGE's sustainability, development, and management expertise, please refer to the "Experience" tab in this proposal. Prepare Preliminary and Final Development Budget BRIDGE prides itself in being able to create a competitive development budget and reasonable operating costs for the market areas. BRIDGE has a successful track record in securing LIHTC as well as other secondary financing from programs such as the Affordable Housing Program ("AHP"), Mental Health Services Act Program ("MHSA"), HOME funds from HUD, and local agency funds. Through securing secondary financing, BRIDGE is able to leverage the LIHTC and maximize the design including amenities ing wage ts and utilizes w its developments. BRIDGE prevailing experience wage ubcontlracctors. For furtherninformation on ntractors BRIDGE's who understand and employ p g g finance track record, please refer to the "Financial Capacity" tab. BRIDGE's development team works closely with property management to ensure operating costs are adequately addressed in these development budgets. BRIDGE in-house property management agency, BRIDGE Property Management Company ("BPMC"), has developed management standards which allow • for cost efficient operations, while maintaining quality properties. BPMC's core belief is that all La Quinta Redevelopment Agency RFQ B R—, D J Tousing O �') (1 October 1, 2010 Page 1 E G J • developments should be maintained in a healthy and safe condition for its residents. BPMC's average operating costs per unit is $5,092 per annum, based on three developments in Southern California. Participate in Preparing and Processing a General Plan Amendment, Zoning Code Amendment, Entitlements and Environmental Review BRIDGE has a vast range of experience in preparing and processing plan amendments, zoning code amendments, applying/receiving entitlements and completing environmental reviews and cleanup. An example of this experience is shown through the entitlement process for the COMM22 development, a mixed use development near downtown San Diego which will include 70 rental units of senior housing with a daycare on the ground floor and 130 units of family rental units with ground floor retail. The COMM22 site is owned by the San Diego Unified School District and was formerly used as the District's Maintenance and Operations Center. COMM22 underwent a ten month entitlement process and received unanimous approval from the City Council for a Rezone, Community Plan Amendment, Site Development Permit, Planned Development Permit, Conditional Use Permit, Vesting Tentative Map, Easement Vacation, and Right -of -Way Vacation. BRIDGE will be completing over $23M in infrastructure improvements including a $4M extensive clean up of lead and other contaminates found on the site due to historic soil import at the site as well as the former uses by the school district. A complete project description of COMM22 is provided under the "Experience" tab. Secure Construction and Permanent Financing As described in the "Financial Capacity" section of our response, BRIDGE is in excellent financial condition. BRIDGE has the financial resources to provide various guarantees for all of its developments. • As of December 31, 2009, BRIDGE is providing guarantees for over $398,000,000 in operating deficit, construction loan repayment and completion, tax benefits, and equity contribution guarantees. Please refer to the Financial Capacity tab for further information on private lenders, Federal and State funding which we believe is feasible for the Dune Palms development. Participate in Community Meetings BRIDGE works with neighboring property owners, local community members, and other community partners to engage participation throughout the development process. BRIDGE staff is experienced in coordinating and presenting development concepts in community meetings. Input received during these meetings can help with a development's success and gives the community a forum to meet and discuss any concerns or comments they have regarding the proposed development. Many times, potential residents of the development attend the meetings and provide helpful feedback regarding amenities they would like in a development that might not be available in the neighborhood (nutrition classes or afterschool homework club). During these meetings, BRIDGE normally discusses the proposed site, the construction process, the construction schedule and impacts it has on the neighborhood. BRIDGE also works with local neighbors on items that could directly impact them. BRIDGE is working with a neighboring church and 3 neighboring residents on a street improvement plan for Pottery Court in Lake Elsinore. BRIDGE worked with a neighboring church in Irvine to accommodate a shared driveway with reciprocal access. Further examples of BRIDGE's incorporation of community needs and concerns are shown in our sample • projects under the "Experience" tab. La Quinta Redevelopment Agency RFQ P October 1, 2010 age 2 ousing B R I D G l 0;30 Construct Development BRIDGE has created over 13,000 homes in more than 100 communities in 51 California cities through successful relationships with lenders, investors, architects and general contractors. BRIDGE has pre - assembled a strong and experienced development team for the Dune Palms development site. BRIDGE has engaged Studio E architects, who have desert design expertise and local experience with the Agency, as well as a civil engineer, landscape architect and construction administration architect from the Coachella Valley. BRIDGE is fully supportive of the Agency's goal to stimulate jobs in the local economy. BRIDGE plans to reach out to a select set of qualified local and regional general contractors to achieve the best quality and best pricing available while making a concerted effort to utilize local subcontractors and locally sourced materials. We have discussed this project with Davis Reed (based in La Quinta), Brown Construction, Inc. (completed developments in Coachella Valley utilizing local subcontractors), as well as other Southern California contractors that have a proven track record with BRIDGE. BRIDGE's ability to design, construct, and operate affordable housing developments is further described in the "Experience' tab. Operate Complex BPMC currently manages 56 BRIDGE -developed properties. The compliance division of BMPC has • extensive experience completely annual resident qualifications and ensuring development comply with the appropriate regulatory agency. BRIDGE provides educational opportunities which help families and individuals build a foundation for careers, better manage their finances, tap in to community resources, expand opportunities for their children, and move into home ownership. Stein Scholarship Program, 18-20 awards given to BRIDGE residents each year After school programs with Boys and Girls Club and Project Access English as a Second Language programs A new division within BRIDGE, Portfolio Management, reviews, refinances and rehabilitates BRIDGE - owned developments. Portfolio Management is a hybrid between the development and asset management divisions. An example of their work includes Year 15 buyouts, repositioning LIHTC properties when the compliance period has ended and the investor has left he partnership debtouPortfolio use of new LIHTC or other financing and restructuring properties es with unfavorable Management also reviews how a property is operating and seeks programs such as the Green Retrofit Program or Weatherization Assistance Program to be utilized at properties when deemed appropriate, Irvington Terrace, Woodbury Walk and Church Street are three BRIDGE-developed/BPMC-managed properties highlighted in the "Experience" tab. • La Quinta Redevelopment Agency RFQ Page 3 ousing October 1, 2010 B R I D E BACKGROUND Developer Backe round Established in 1983, BRIDGE Housing Corporation ("BRIDGE") has become the largest affordable housing developer in California. Based in San Francisco, with branch offices in San Diego and Los Angeles, BRIDGE has developed a total of 13,000 housing units over the past 27 years. BRIDGE is a California nonprofit public benefit corporation and is governed by a Board of Directors. The organization is led by an Executive Officer team consisting of Cynthia Parker, Kim McKay, Susan Johnson, and D. Valentine. BRIDGE pursues an ambitious goal of "quality, quantity and affordability' while meeting the growing demand for affordable housing in high -cost California. We provide well -designed housing for working families and seniors in many settings and forms, from large-scale, mixed -use developments to low-rise apartment buildings, all designed to blend into their surrounding neighborhoods. BRIDGE's definition of quality livable housing encompasses a range of services and amenities that support our residents and their communities, such as play areas, green space, education resources, childcare facilities, and new community services. BRIDGE also looks at the big picture and advances innovative solutions to larger challenges that face urban and high -cost areas throughout the State. BRIDGE's expanded development efforts bring jobs, economic activity, access to transportation, efficient • land use, community connectivity, and an enhanced environment. From large scale, mixed -use urban . infill developments to our green building expertise, from senior services to our after school programs, BRIDGE enriches the fabric of every community. To date, BRIDGE has: • built over 13,000 affordable homes for more than 35,000 Californians, including over 1,600 units of senior housing • developed three properties with units reserved for special needs residents, including persons living with AIDS/HIV, emancipated youth, and/or formerly homeless persons • provided more than 550,000 square feet of commercial space, providing hundreds of construction and permanent jobs for local residents a to Southern California and the Central Valley, serving fast • extended our reach beyond the Bay Are growing communities with ever-increasing housing needs • won more than 50 State, national and international awards Nearly 70% of the homes built by BRIDGE are affordable to working families who earn roughly $15,000 to $50,000 per year. An additional 264 units are spread across four HUD 202 senior properties, with apartments affordable to residents with incomes ranging between 11 - 22% of the Area Median Income, and more than 330 of our residents reside in units subsidized by Section 8. BRIDGE is also proud to have developed three separate HOPE VI developments offering 713 additional deeply low-income units of housing. In order to create viable communities, BRIDGE's work often extends beyond the production of affordable housing for working families and seniors. BRIDGE has produced a number of notable developments that serve special needs populations: La Quinta Redevelopment Agency RFQ Page 4 Tousing October 1, 2010 E 0332 j32 ➢ Church Street (San Francisco, CA) One Church Street is a mixed -use project offering 93 units of multi -family affordable apartments plus ground floor retail directly adjacent to public transportation, shopping, schools, parks, community centers, library and religious institutions in an extremely high rent market. Church Street has 31 project -based Section 8 units which include 12 HOPWA (Housing Opportunities for People with AIDS) units. A service plan for the 12 HOPWA units was initially put together by BRIDGE, with oversight from the City's Human Services Agency, which also funds the services that are managed onsite. These project -based Section 8 units are also used to aid in the City's welfare -to -work transitions. An on -site social services staff works with residents to provide the support needed to stabilize their lives and improve their economic situation. Church Street offers child care, a computer learning center, a community room and an interior play area for children. ➢ The Cecil Williams Glide Community House (San Francisco, CA) BRIDGE Housing was tapped by the Mayor of San Francisco to consult on the development of the Cecil Williams Glide Community House ("CW House"). This high-rise development in San Francisco provides one of the most innovative supportive housing communities in the nation. The CW House is located adjacent to Glide Church and Glide's support services and administrative building. The CW House is a 9 story building with 52 units, 22 studios, 13 one bedrooms, 8 two bedrooms and 8 three bedrooms. In addition, the building has a roof garden with a fountain surrounded by historical glass • panes. There is a ground level courtyard with a fountain and play area for the children. There are also various community spaces including a solarium, youth space (dream room), resident computer area and support services offices. The vision for the CW House was to create a quality living environment for the most disenfranchised population in the community. The target population for the CW House is those living with HIV/AIDS, addiction, mental illness and low income working families with children. Because of the diverse population, the CW House's Resident Support Services Program design is both a clinical and social model. Support Services include on site case managers, a licensed clinical therapist, a marriage family therapist intern, a nurse practitioner, a harm reduction counselor, a youth advocate and a youth services coordinator. The residents also have access to many of Glide Foundation services including the Health Clinic, Childcare and Youth Services. There is also a licensed Infant Day Care Center on -site. Glide Community Housing, Inc., along with the Glide Foundation, operates an abundance of on -site support services for CW House residents. With a stable living situation as the primary goal, the support service team at the CW House includes onsite case managers, mental health practitioners and support counselors, financial management advisors, and daycare providers. ➢ Irvington Terrace (Fremont, CA) Irvington is a 100 unit family property in Fremont, CA. It has 11 units set aside for residents with special needs, three of which are set -aside for a Housing Scholarship Program run by the City. The • Housing Scholarship Program provides housing for single parents going back to school on a part-time basis. The remaining eight units are reserved for Project Independence, transitional housing, and displaces. Project Independence is run by the Tri-City Homeless Coalition and is a program for La Quinta Redevelopment Agency RFQ October 1, 2010 Page 5 B ousing BI D 6 �-I 0A3 • emancipated foster youth, providing them with a partial rent subsidy in addition to services which include long term education and employment plans, financial responsibility training and other programs to create stability for these transitioning youth. The Tri-City Homeless Coalition provides these services using City and State funds. In 1987, BRIDGE formed a financially independent but affiliated non-profit, tax exempt, property management company to ensure that the award -winning quality of its developments would be maintained over time. Revenues from the company, in excess of costs, are devoted to aid residents, to provide supportive services, and to support BRIDGE's development activities. BRIDGE Property Management Company ("BPMC") currently manages over 7,200 rental and condominium units in its portfolio. BPMC has developed a proven track record in managing complex projects involving various financing structures, rental tiers, and subsidy programs. In addition to the low income housing tax credit program, BPMC also has extensive experience managing properties utilizing tax exempt bonds, HOME, CDBG, HOPWA, Section 8, Federal Home Loan Bank Affordable Housing Program, Redevelopment Agency Tax Increment and other sources. Along with typical property management functions, BPMC's activities include a significant compliance function, which ensures that our properties follow the various regulatory requirements and other use restrictions that are unique to affordable housing. BPMC and BRIDGE work together to provide a variety of supportive services at our housing • developments, such as childcare facilities, credit counseling, homebuyer workshops, educational services such as homework clubs, computer learning centers, English as a Second Language classes, nutrition and cooking classes, health seminars, connections to higher education, senior rides and escorts, and a scholarship for continuing education. The mission statement for BRIDGE's Programs Department is: To provide educational opportunities that help families and individuals build a foundation of knowledge upon which to build careers, better manage their finances, tap in to community resources, open -up greater opportunities for their children, and step into home ownership. BRIDGE's Programs Department has been partnering with providers across California for over 20 years, and currently provides targeted services for over 40 properties. Some examples of these partners include: Annuvia/Master CPR, Azure Computing, the Boys & Girls Club of San Marcos, The Black Nurses Association, Catholic Charities of San Francisco and Silicon Valley, Citibank -Community Relations Department, Girl Scouts of Napa Solano, Hands -On Bay Area, the Institute on Aging, Jewish Vocational Services, Job Corps, John F. Kennedy University Elder Law Clinic, Leah's Pantry, Lender's for Community Development, Meals on Wheels Senior Outreach Services, the Napa Valley Arts Council, Mindful Messages, On-Lok of San Francisco and Santa Clara counties, OTX-West, the People's Community Partnership Federal Credit Union, Planning for Elders in the Central City, Poway Adult School, Project Access, Project Read, San Diego Saves, San Francisco State Gerontology Department, Streetside Stories, and the Women's Center of St. Helena, among others. Programs staff also taps in to free services through local Housing Authorities, Departments of Human Services, Area Agencies on Aging etc. to fulfill specific resident needs. All of these programs are provided for free to residents in their own on -site community rooms, computer labs, and private services offices. • Through these partnerships the Programs Department has been able to leverage a relatively small budget and provide services to thousands of BRIDGE residents. La Quinta Redevelopment Agency RFQ October 1, 2010 Page 6 B B D G lousing 0.34 • 11 Development Team BRIDGE has assembled a strong and experienced development team to bring both creativity and detailed expertise to the design and implementation of the Dune Palms development. BRIDGE's team represents deep knowledge of affordable housing design, construction, and operation, as well as local knowledge of desert -specific design requirements. We have the following team members, and detailed bios are included in the "Experience" section: Developer: BRIDGE Housing Corporation 2202 30`' Street San Diego, CA 92104 P:619-231-6300 http://www.bridgehousing.coml Property Management Company: BRIDGE Property Management Company 345 Spear Street, Suite 700 San Francisco, CA 94105 P:415-989-1111 http7//www.bridgehousing.comZ Master Architect: Studio E Architects 2258 First Avenue San Diego, CA 92101 P:619-235-9262 http //www studioearchitects.comi Construction Administration Architect: Walling and McCallum 45-190 Club Drive Indian Wells, CA 92210 P:760-360-0250 http7//wallingmccallum.com/­ Civil Engineer: RBF Consulting 74-130 Country Club Drive, Suite 201 Palm Desert, CA 92260 P:760-346-7481 http•//www rbf com/ Landscape Architect: RGA Landscape Architects, Inc. 74020 Alessandro, Suite E Palm Desert, CA92260 P:760-568-3624 http,l/www,rga-pd.com/ General Contractor: TBD — see note below. BRIDGE has elected not to include a specific general contractor at this early stage of the development process. Contractors are currently providing very competitive fee structures and construction hard cost La Quinta Redevelopment Agency RFQ October 1, 2010 Page 7 B B D G touring 0:35 i F-I pricing based on the difficulties in the residential and commercial real estate market today. In addition, the quality of work performed by subcontractors is high as they are not as overcommitted as in the past. These market conditions should benefit the Agency and the project. BRIDGE recommends that the site plan first be refined based on input from the Agency and from the design team. After refinement, BRIDGE recommends that a competitive proposal process be used to select a general contractor for the project. Strong consideration will be given to local contractors such as Davis Reed and to contractors that have successfully completed projects in the area and that employ local subcontractors such as Brown Construction. BRIDGE will also consider regional contractors it has successfully worked with on other Southern California projects. A key consideration will be the commitment of the contractor to incorporate local subcontractors and locally sourced materials into the project to the extent possible. Once a selection was made, BRIDGE will engage the selected contractor early in the design process to benefit from the contractor's input on pricing, schedule, constructability and completeness of drawings. BRIDGE has successfully used this approach on nearly all of its projects with excellent results. La Quinta Redevelopment Agency RFQ / �..t ousing October 1, 2010 Page $ B R I D G E 0.36 CRITIQUE OF THE DEVELOPMENT CONCEPT BRIDGE owns and operates projects throughout California, and the Coachella Valley area and La Quinta in particular has been an area of interest for BRIDGE. The size and type of this proposed 86-unit community is consistent with many past BRIDGE projects. Partnering with the Agency on this proposed development fits very well with BRIDGE's business strategy of drawing on its design, construction, and operational expertise in Southern California and establishing a local presence in the Coachella Valley region. BRIDGE and our Development Team have carefully reviewed the proposed Site Development Concept. Our approach for the Dune Palms development will be to build upon the components laid out in the Site Development Concept, work closely with the Agency and community to refine the project, and execute a final design which responds to the goals of the Agency and local community. The Agency's focus on high quality, sustainable design is very much in line with BRIDGE's goals for all of its new communities. Anticipated Resident Population The resident population is anticipated to be small to large size families with the 1 bedroom, 2 bedrooms and 3 bedrooms currently planned. BRIDGE expects to have 15 units set aside for the Mental Health Services Act ("MHSA") program which is administered through Riverside County. The MHSA units will consist of families or individuals who are actively involved in the MHSA program. BRIDGE recently received a MHSA award and is very familiar with the processes and services that the population and • program require. Site Development Concept Plan - General Comments The following are general comments about the Site Development Concept plan: • The concept plan reflects the use of small scale buildings of varying size and design, generally centered around a common community space and recreation building. • Buildings run in an east -west direction to minimize the effect of intense eastern and western sun exposures. • The one story buildings included on the eastern edge of the site relate to the scale, privacy, and view corridors of the future single family residential along this edge. • The buildings along Westward Ho Drive are set back from the street to allow parking areas to buffer the sound exposure, and only the end of the westernmost buildings along Dune Palms Road face the street as a mitigation against this sound exposure. Although the desired 86 units could be achieved in with fewer, larger buildings, it is apparent that the site plan was deliberately designed to have a small-scale, residential feel that would have a high design standard and fit in well with its adjacent uses. We believe that this site plan will create a sense of place and community that might not be achieved using a denser design. Site Plan Comments/Concerns The following are observations and concerns that would be further explored by the Development Team and discussed with the Agency as part of the design process: • • A parking count is not specifically shown, but it is assumed that approximately 160 parking spaces would be required for the 86 units proposed. The site plan would have to be more closely yeevaluated La Quinta Redevelopment Agency RFQ ` ousing October 1, 2010 Page 9 B R I D G EH .„ V 3 1 • to ensure that this parking could be provided. In addition, we would highly recommend the use of carport shade structures. These carports could also be used to support the use of a photovoltaic system as desired by the Agency. Although not specifically indicated on the site plan, BRIDGE anticipates that flat roofs would be used. We would recommend that deep overhangs at entries, windows, and balconies be incorporated into the building design wherever possible for shading purposes. The one-story buildings shown on the southeast corner of the site appear to incorporate an overhang/recess to provide shaded parking and perhaps a recessed entry. • Besides the pool and community building area, the amount of open space appears to be limited. As part of our design process we would strive to incorporate various open space nodes throughout the community. • Sustainable design is a key focus for BRIDGE, and we would work closely with the Agency to achieve the LEED certification level requested by the Agency. The project design would be developed with sustainability and desert- appropriate design at the core of the design effort. BRIDGE and its design team have incorporated the type of sustainability measures listed in the RFQ on previous projects and would incorporate them in this project. BRIDGE would be prepared to discuss the relative cost and benefit of various measures with Agency to ensure that project funding was being used efficiently as it relates to sustainability measures and achievement of specific LEED certification • levels • BRIDGE would utilize the local design expertise of RGA to ensure that drought tolerant, indigenous landscaping materials were used in the landscape design. We have had an initial discussion with RGA regarding plant types and irrigation. Smart Irrigation Controllers with radio controlled weather input would be utilized. As a potential discussion item with the Agency, RGA has noted that the plants native to the Coachella Valley tend to bloom all at the same time (late winter), and tend to go deciduous. A slight modification to the 100% indigenous design requirement would be to include a mix of native plants and non-native desert acclimated plants. The non-native desert plants would provide non -deciduous plants as well as plants which bloom at other times of the year. • It is our understanding that the proposed detention basin on the northeast corner of the property would be required to accommodate storm water from both Westward Ho Drive and from the project itself. Based on discussions with our civil engineer, there is concern that the proposed size of detention basin area on the site plan may be too small. RBF estimates that 6-7% of the site area would typically be required to accommodate the 100-year storm event on the site area itself, not including the runoff from Westward Ho Drive. This design element will need to be further evaluated and appropriate adjustments made to the site plan if necessary. • BRIDGE's civil engineer has verified that the water and sewer services present in Dune Palms Road will be adequate to serve the proposed development. Relative to existing site grades, the five to six foot elevation step on the southern end of the site can be addressed through regarding of the site to an elevation that will work well with the existing streets and adjacent properties. La Quinta Redevelopment Agency RFQ f October 1, 2010 Page 10 s R 1 D 6 E -ousing 0'33 • • As an early step in the design process, BRIDGE's design team would make a careful review of any potential impact of the final design for widening of Dune Palms Road on the proposed site plan and make adjustments as necessary. • Adequate planter area on the west sides of all buildings are recommended in order to plant canopy trees for shade. In this project's location, the west exposure is typically the most exposed to the sun (rather than south). We recommend that a minimum 6' wide planter along the south property line be provided to plant trees to screen the adjacent RV / parking lot. • BRIDGE anticipates further discussion with the Agency's relative to the goals and requirements for the proposed perimeter sound wall described in the RFQ. BRIDGE would be a willing partner with the Agency in devising ways to incorporate local art efforts into this project feature. • An acoustical consultant would be engaged to ensure proper acoustic considerations for the overall project, with special attention paid to the buildings along Dune Palms and Westward Ho. A combination of the proposed sound wall and proper STC ratings on windows and balcony areas would address this issue. • As a discussion point for further exploration with the Agency, by potentially combining some of the smaller buildings and reducing the number of different building types, costs could be reduced and additional site area may be set aside for open space and community uses. Evaluation of these . potential revisions could be pursued if desired by the Agency. L� 0.39 La Quinta Redevelopment Agency RFQ October 1, 2010 Page 11 D 6�I-I°using B B I EXPERIENCE WITH SIMILAR DEVELOPMENTS BRIDGE Housing Corporation Role: Developer Length of Time in Business: 1983-present Ownership Structure: Nonprofit, Public Benefit Corporation Operating Structure: Board of Directors and Executive Leadership Team Office Locations: San Francisco, Los Angeles, and San Diego Office Responsible for La Quinta Development: San Diego Residential development demands a certain expertise; building affordable housing is a unique specialization. Over the years, BRIDGE has forged strong working relationships with communities and elected officials throughout the state who know BRIDGE's demonstrated track record for quality and integrity. Experience and reputation make BRIDGE both an important development partner and an effective advocate when influencing decision makers. BRIDGE has developed over 100 rental and homeownership projects over the last 27 years. While BRIDGE builds a range of housing types to respond to the needs of the communities we work in, six of BRIDGE's relevant multifamily and special needs housing developments are highlighted at the end of this section, and a comprehensive list of • BRIDGE's completed developments is also provided. Information regarding BRIDGE's approach to sustainability is also included following BRIDGE's staff profiles. BRIDGE has a project management team that can provide the creativity, expertise, and capacity needed to plan and execute the Dune Palms development. The team consists of Jeff Williams and Aruna Doddapaneni as the Project Managers and Vanessa Ng as the Assistant Project Manager, with guidance and oversight from BRIDGE Executives Brad Wiblin, Kim McKay, and Cynthia Parker. Cynthia Parker, President and CEO Cynthia A. Parker is President and CEO of BRIDGE Housing Corporation, one of the largest nonprofit developers of affordable apartments and homes in California. Ms. Parker is responsible for the overall direction of the company's real estate development, property and asset management, and corporate administration, as well as its major affiliates such as BUILD, an investment advisor to CaIPERS under the California Urban Real Estate Program, and BASS, a licensed life care provider. Ms. Parker joined BRIDGE in February 2010. Ms. Parker has an extensive background in all phases of development and finance of affordable housing and real estate. Previously, Ms. Parker was the Northwest Regional President of Mercy Housing, a national nonprofit affordable housing developer. Prior to joining Mercy Housing, she was the Senior Vice President in charge of Real Estate and Tax Credit Syndications for Seattle Northwest Securities, a regional public finance firm. Her practice included underwriting and placing both debt and equity for affordable housing groups and public agencies. Ms. Parker established the Housing Office of the City of Seattle and served as the City's Director of Housing under two separate mayors. The office was . responsible for the City's housing investment strategies, $100 million annual capital budget and $824 million loan portfolio. Ms. Parker previously developed over 3,500 units in Oregon and Alaska with mixed financing. She assisted the Alaska Housing Finance Corporation with the design of both taxable La Quinta Redevelopment Agency RFQ ousing October 1, 2010 Page 12 B R 1 D ti EH .u. 04� • and tax-exempt housing bond programs and has provided syndication services for tax -credit placements. Kim McKay, Executive Vice President Ms. McKay joined BRIDGE in September 2010 and comes from The Related Companies of California, where she has been a Senior Vice President since 1999. At Related, she managed all aspects of developing multifamily affordable housing projects on the West Coast with a focus on large public housing revitalization projects. Prior to that, she was Vice President for Related Capital Company, where her accomplishments included investing approximately $75 million of tax credit equity, closing 25 projects in 10 states and developing a market presence for the company in a new region. Kim previously served as a Senior Project Manager for Mid -Peninsula Housing Coalition and worked as an architect and planning and development manager for the Naval Facilities Engineering Command. She is a licensed architect and holds a B.A. in Architecture from UC Berkeley and an M.S. in Real Estate Development from MIT. Brad Wiblin, Vice President Mr. Wiblin joined BRIDGE in 1994 and opened the BRIDGE San Diego office in 1998. Since joining BRIDGE, Mr. Wiblin has overseen the development of over 1,300 affordable and market -rate housing in San Jose, Irvine, Carlsbad, San Marcos and San Diego. Currently Mr. Wiblin is managing BRIDGE's statewide business development and acquisition activities. Mr. Wiblin holds a Bachelor of Science in Design from Arizona State University and a Master of City Planning from the University of California Berkeley. Jeff Williams, Project Manager Mr. Williams joined BRIDGE in 2010. Previously he was the Director of Development, San Diego, for LNR Property Corporation, a national real estate development company. During his nine years at LNR, Mr. Williams directed the entitlement, design, construction, and leasing of 1,400,000 sf of retail, office, and industrial projects and 300 apartment units in San Diego and the Inland Empire. Mr. Williams has an additional seven years of consulting experience in structural engineering and property evaluation. Mr. Williams holds a Master of Engineering in Civil/Structural Engineering and Bachelor of Science in Mechanical Engineering from the University of California, Berkeley. Aruna Doddapaneni, Project Manager Ms. Doddapaneni joined BRIDGE in 2010 as a project manager in the San Diego office. Prior to joining BRIDGE, Ms. Doddapaneni worked as a senior project developer with Mercy Housing, Inc.'s National Development Services division. During her 6 years at Mercy Housing, Ms. Doddapaneni acquired, restructure, developed and/or rehabilitated over 1,000 units of senior and family housing nationally. In addition to her role as a senior project developer at Mercy Housing, Ms. Doddapaneni also served as a housing and development consultant to other non profits and women religious organizations. Ms. Doddapaneni holds a Bachelor in Business Administration in Finance from the University of New Mexico, a Master in Business Administration in Real Estate Finance from the University of Denver and an Executive Certificate in Real Estate Construction Management from the University of Denver. Vanessa Ng, Assistant Project Manager Ms. Ng joined BRIDGE in November 2006 and works directly with the Vice President and Project • Managers on various aspects of all development activities in Southern California. Ms. Ng has extensive experience performing site feasibility analyses and securing entitlement approvals and project financing. Prior to joining BRIDGE, Ms. Ng worked as a land use consultant for the County of Riverside, where she La Quinta Redevelopment Agency RFQ ousing October 1, 2010 Page 13 g ijt 1 D 6 � . 03141 • 11 u managed the entitlement process for over 100 major residential, commercial, and industrial development applications. Ms. Ng's prior experience also includes internships with the City of Chula Vista, City of Manhattan Beach, and Caltrans. Ms. Ng earned a Bachelor of Science in Public Policy, Management, and Planning from the University of Southern California. BRIDGE's Approach to Sustainable/Green Design BRIDGE has substantial in-house green experience, with LEED accredited professionals on staff, and an internal committee that sets green standards on all BRIDGE projects. BRIDGE's Green Building Committee was launched in 2001 to study current and emerging green practices in all areas of development and property management. Its goals are to increase the energy efficiency of all BRIDGE buildings, and improve the sustainability of our methods, the health of our residents and employees. The committee focuses on all areas of BRIDGE's work including design, construction, furnishings, equipment, maintenance and management of our properties. The committee has created set of green building standards to be implemented in all new BRIDGE developments. As a result, BRIDGE properties have won numerous green building awards including: • 2005 AIA Award for Sustainable Development • 2005 Green Roof Award of Excellence • 2005 US EPA's Energy Star for Homes Outstanding Achievement Award • 2004 Pacific Coast Builders Conference Gold Nugget Award for Best Sustainable/Green Residential Project of the Year • 2004 US EPA's Energy Star for Homes Outstanding Achievement Award • 2003 Flex Your Power Energy Award BRIDGE's recently completed Mission Walk project in San Francisco is LEED Silver certified. In Southern California, BRIDGE's 9`h & Broadway project, which will be a 17 story -high rise development in downtown San Diego, and BRIDGE's COMM22 project, a transformative 200-unit Family and Senior project in San Diego, are both pursuing at least a LEED Silver certification as part of their design program. La Quinta Redevelopment Agency RFQ October 1, 2010 Page 14 dousing 1) .420 C1 9' & Broadway 250 Units Affordable / Special Needs Housing San Diego, CA 9' & Broadway is a high-rise affordable rental development in downtown San Diego which will be completed through a collaborative relationship with the local redevelopment agency, Centre City Development Corporation ("CCDC"). BRIDGE was selected by CCDC through a competitive RFQ process to develop 250 units of affordable housing, including a 35% supportive housing component which will serve both transition age youth and persons with AIDS/HIV. Given the size of the development, BRIDGE will be combining 4% and 9% LIHTC financing, therefore splitting the building into two separate developments for financing purposes. Floors 2-6 are anticipated to be the 9% LIHTC development (115 units) and floors 7-17 will be the 4% LIHTC development (135 units). The 4% LIHTC component will include 25 units for transition age youth who are eligible for services under the Mental Health Services Act ("MHSA") Housing Program. An additional 63 supportive housing units will be spread throughout the building for persons with AIDS/HIV. BRIDGE understands that the long term success of special needs residents relies on stable housing and the provision of supportive services. BRIDGE has partnered with two local service providers to provide comprehensive supportive services to the special needs residents at 9`' & Broadway. Services will be offered on a voluntary basis and are intended to improve mental wellness and move towards a meaningful, self-sufficient future for these residents. La Quinta Redevelopment Agency RFQ October 1, 2010 Page 15 �R� p��Jii�using On 43 • BRIDGE continues to work with key stakeholders to ensure the building design meets the needs of future residents. As part of this process, BRIDGE participated in a focus group with transition age youth to discuss building features that would enhance their living environment. Input received through community outreach has led to the incorporation of critical features such as a 24-hour front desk and designated office and meeting space for supportive service providers. BRIDGE is excited to bring this project to fruition and looks forward to housing San Diego's most vulnerable. La Quinta Redevelopment Agency RFQ October 1, 2010 Page 16 ,+---.� 0 ' 44 sR' �Csiousing `JJ COMM22 200 Units Family and Senior Affordable Rental Housing San Diego, CA ® COMM22 brings an exciting urban infill development opportunity to Logan Heights, a community which has not witnessed development in over 30 years. COMM22 is a mixed -use, transit -oriented development which combines affordable family and senior rental housing with child care facilities, office space, live -work lofts, for -sale row homes, and community -serving commercial and retail space. The site is currently owned by the San Diego Unified School District (District) and was used as the District's Maintenance and Operations Center until 1988. The District identified the site as surplus property and issued a RFP in 2003. BRIDGE, MAAC Project, and Bronze were selected as the development team and the three organizations formed COMM22, LLC as a formal legal entity. The District and COMM22, LLC have laid the ground work for COMM22 to become truly successful in the eyes of the community and within the framework of the partnership structure. The COMM22 development team recognized that any development activity would affect change in this community and looked to the community and local leaders for direction. The COMM22 development team held community meetings and workshops for a period of two years, prior to submitting an entitlement application to the City, to understand the community's concerns and priorities and to solicit input on the overall project. After witnessing the influx of development in the neighboring Downtown East Village, residents of Logan Heights had growing fears of gentrification and sought solutions to preserve the existing community fabric. BRIDGE and its partners recognized that the most profound way to address this concern was to preserve and promote affordable rents in order to keep the current residents from being priced out of their community. As a result, COMM22 will include 200 affordable rental units which will be made available to seniors and families earning between 30%- 60% of the median income. La Quintal Redevelopment Agency RFQ October 1, 2010 Page 17 I" I� Q D o """ •411 0"45 Beyond issues of gentrification and affordability, residents of Logan Heights identified a need for homeownership units. Since the site is controlled by a ground lease between the District and COMM22, LLC (development entity created by BRIDGE, MAAC Project, and Bronze Triangle), developing homeownership units initially posed a challenge to the COMM22 team. Understanding the importance of a homeownership component, the COMM 22 team devised a plan to vacate a portion of an adjacent street and utilize the additional land gained through the street closure for a homeownership component. Only after the community issues and concerns were addressed within the development program did the COMM22 team move forward with an entitlement application package to the City of San Diego. The ten month entitlement process included two review cycles with City staff and public hearings before the Southeastern San Diego Planning Committee, Planning Commission and City Council. While City staff and elected officials were already widely supportive of the idea of affordable housing, the COMM22 team worked to educate the City on various funding and regulatory issues approvals, required flflexibility on he c the City's part (i.e. parking requirements, timing. of entitlement ) Du hearing process, COMM22 was unanimously supported by the City's elected officials. COMM22 has truly been accepted and embraced by the City of San Diego and the residents of Logan Heights. BRIDGE and its partners have included the local community in every step of the planning process and have created a development which uniquely responds to their needs. In turn, the City of San Diego has recognized the need for such a project and is fully supportive of this project moving • forward. In 2008, COMM22, LLC partnered with the City of San Diego to apply for Prop 1C financing administered by the State Department of Housing and Community Development. This effort led to the award of over $26M in state dollars for the project. The COMM22 team continues to work with the City of San Diego and other public partners to bring this catalytic development to fruition. • La Quinta Redevelopment Agency RFQ I ousing October 1, 2010 Page 18 s R 1 D G -, 0 7 46 Pottery Court 113 Units Family Rental Housing Lake Elsinore, CA In 2007 the Redevelopment Agency of the City of Lake Elsinore ("Agency') issued a request for qualifications for an affordable housing development partner to develop high quality affordable housing which would meet the Agency's inclusionary housing requirements. BRIDGE was ultimately selected as the Agency's affordable housing development partner and has worked with the Agency to identify potential development sites, leverage funds for predevelopment activities, and propose projects for development. Prior to identifying a specific development site, BRIDGE proposed a development strategy to engage the citizens and public officials of Lake Elsinore and foster acceptance for affordable housing within the community. BRIDGE's strategy included the following milestones: ➢ Work Session with City and RDA decision makers Establish goals, timelines, and vision, to insure affordable housing strategy is consistent with City/Agency's larger goals. ➢ Analyses of opportunity Sites Utilize City GIS capabilities and other resources, review City -owned and privately held properties for appropriateness. ➢ Selection of Priority Sites Targeted for Acquisition Focus on new construction and existing property opportunities. ➢ Make Purchase Offers Secure site control with option(s) to purchase that will allow time to entitle and finance the projects. ➢ Begin Conceptual Design on Properties with Site Control La Quinta Redevelopment Agency RFQ October 1, 2010 Page 19 Do 0 d foil, " 0 " 4 7 • Conceptual plans will be used for initial contractor pricing, proforma analyses, and initial design review with City/Agency Staff. ➢ Provide Financial Analyses (including Agency gap), Conceptual Design Drawings, and Deal Structure(s)to Agency Staff for Review and Approval ➢ Proceed in Parallel to Gain Local Approvals and Pursue outside Financing Local approvals would include community meetings to present initial design work, gather input, provide information on expected future residents (demographics), offer tours of existing properties and generally explain how BRIDGE proposes to proceed. Pottery Court is the first development opportunity to arise from BRIDGE's partnership with the Agency and City. BRIDGE worked with the Agency to locate a site suitable for 9% LIHTC scoring and orchestrated a land assembly of 23 separate parcels. The Agency purchased the site in 2009 and BRIDGE assumed property management and relocation responsibilities for the ten existing households. BRIDGE worked with the City of Lake Elsinore to secure a $1M predevelopment grant from HUD and began design and entitlement work in early 2009. The project received unanimous approvals from the Planning Commission and City Council in the summer of 2009 and received an allocation of competitive 9% LIHTC in September 2010. Construction is anticipated to start in Spring 2011. • Upon completion, Pottery Court will feature a community building with a study room, a music practice room, a great room for parties, a full kitchen, a pool, BBQs and outdoor play areas. The development is planned to provide a demonstration garden near the community room which will be paired with free nutritional classes for residents. Pottery Court will incorporate BRIDGE's green building standards and will exceed Title 24 by at least 15%. The buildings will also feature green building materials such as energy efficient appliances, cool roofs, low-e windows, and photovoltaic panels. BRIDGE continues to work with the Agency to identify additional affordable housing sites which will contribute to their inclusionary housing solution. La Quinta Redevelopment Agency RFQ ousing October 1, 2010 Page 20 6 R 1 D G 0)48 U Summerhouse Apartments, Temecula, CA 110 units Family / Senior Rental Housing Temecula, CA Summerhouse is a 110-unit project located in Temecula that will be built in two phases. BRIDGE purchased the partially completed project through foreclosure from United Commercial Bank for $4.75 million in 2009 utilizing funds from the Temecula Redevelopment Agency ("Agency"). The property was originally designed as an age restricted for -sale condominium project comprised of a series of two story buildings. When purchased by BRIDGE, sitework was complete and three buildings (20 units) were in various stages of completion. The abandoned site has been a cause for blight in the community and the Agency has worked with BRIDGE from the onset to rejuvenate development efforts at Summerhouse. The Agency has made a significant financial contribution to the project and has supported BRIDGE through the community outreach process. BRIDGE is currently in construction completing the first three buildings and related sitework. Completion of these 20 units is expected in January 2011. The overall property is proposed to include 20 moderate income family units, 20 low income senior units and 70 family low income family units. Phase 1 includes only the 20 moderate units being completed currently. The RDA's funds will fund the construction/completion of Phase 1. The future Phase 2 will include the balance of the units (20 senior and 70 family) and will be eligible for 9% LIHTC. The design incorporates a range of features to meet the needs of the development's targeted population of primarily families with some seniors: outdoor play spaces for children, two swimming pools and community spaces for both family and senior residents of the development with dedicated spaces for educational classes, and a separate building designed for seniors with dedicated interior activity space. There will also be a community green adjacent to a tot lot and laundry room. Summerhouse will incorporate BRIDGE's green building standards; exceed Title 24 standards by at least . 15%, and other sustainability measures such as high efficiency toilets and high efficiency condensing boilers. La Quinta Redevelopment Agency RFQ �� October 1, 2010 Page 21 B R 9 ®G i to w i n g 0'49 • • Woodbury Walk Apartments 150 Units Family Rental Housing Irvine, CA Woodbury Walk is a 150-unit family apartment project built as part of The Irvine Company's inclusionary housing obligations for the master planned community of Woodbury. The land is leased from The Irvine Company and all structures are owned by a limited partnership. Construction was completed in August 2007 and the project was fully occupied by December 2007. In 2005, The Irvine Company selected BRIDGE as the development partner and property manager for the affordable housing component of the Woodbury Master Planned Community. Since design considerations and community outreach took place during the planning process for the entire Woodbury Master Plan, BRIDGE was able to focus its efforts on financing the project — an effort which resulted in an allocation of competitive 9% UHTC, as well as financial support from the City of Irvine and the County of Orange. With an intimate understanding of the regulatory process, BRIDGE was also able to commence construction within 11 months of being selected as the development partner and construct the project within a 15 month timeframe. The project's timely implementation can be credited to BRIDGE's intimate understanding of the regulatory process and strategic approach towards funding competitions. Woodbury Walk presented a rare situation where the project had surplus cash at the end of construction. This resulted in a partial return of funds to the City of Irvine and the County of Orange. Remaining surplus cash was used to provide upgrades to the community building. The completed development includes outdoor play space for children and a community space with a computer room for all residents. In addition to the on -site amenities, Woodbury Walk is located La Quinta Redevelopment Agency RFQ October 1, 2010 Page 22 EB R@® CV 9 lousing • • adjacent to the Woodbury Town Center, which provides access to a full-scale grocery store, a pharmacy and numerous other retail stores. Other amenities include two Irvine Unified School District schools and neighborhood parks and community recreational areas. Woodbury Walk incorporates BRIDGE'S green building standards and exceeds Title 24 by a minimum of 15%. The community building incorporates additional green building measures such as a radiant heat barrier, cocoon insulation, bamboo floors and cabinets, recycled paper countertops, low-VOC paints, skylights, carpet tiles, linoleum flooring, rubber base boards, tankless water heaters, and low-e windows. La Quinta Redevelopment Agency RFQ / ousing October 1, 2010 Page 23 @ R 1 D 6'� p'S1 U Irvington Terrace 100 Units Family Rental Housing / Supportive Housing Fremont, CA Irvington Terrace is the affordable rental component of Irvington Village, the City of Fremont's largest and most ambitious redevelopment project to date in the Irvington area. Irvington Village includes Irvington Terrace - 100 affordable family apartments with, two large landscaped courtyards, children's play areas, a spacious community room and laundry facilities - and 283 for -sale homes and related amenities developed by Regis Homes. The community is located in a pedestrian -friendly residential neighborhood close to transportation, parks, schools, employment, and a full range of retail services and amenities. The community at large, as well as some within the city itself were concerned about the high density of the project (50 DUAC), the highest density project in Fremont's history, and the impact it would have on community feel, traffic, appearance and surrounding neighborhoods. There was concern at the city level about rezoning commercial property, despite its underutilized outdated configuration, because of the specter of lost sales revenue tax. In addition, the business community was concerned about rezoning the parcel in the Irvington district. They felt it would signal that commercial and business uses were being "pushed out" in favor of housing. Throughout the entitlements process, BRIDGE coordinated meetings with stakeholder groups, including the Irvington Business Association, the Bay Street Improvement committee, and the Irvington Neighborhood Network, to introduce the project, obtain feedback on key planning issues (traffic, schools, affordable housing, loss of commercial/retail space) and to update the groups on the progress of the development plans. In addition, BRIDGE and Regis held two large scale community meetings during the development process ("Townhall" meetings), advertised through 1) mass mailings to the • neighborhood 2) the stakeholder groups and 3) email to present the project and obtain feedback. At La Quinta Redevelopment Agency RFQ October 1, 2010 Page 24 8 R 0 ID � {OLt III; p', 52 each meeting, regardless of scale, BRIDGE and Regis provided the community with an update on issues raised at previous meetings. BRIDGE also led two bus tours of Bay Area BRIDGE and Regis developments for community members, city staff, city planning commissioners, and city council members. The stakeholder, community meetings and tours, in addition to reviewing project specifics, were designed to introduce the community to BRIDGE and its mission statement, the quality of its projects and long term management, and to educate the community about affordable housing and its positive contributions to neighborhoods. The tours, showcasing BRIDGE projects at similar densities, also helped to give community members a better sense of what a project at 50 DUAC would look and feel like and how that density could fit into and be a positive contribution to their community. More than 100 families have moved in to the district bringing vitality to the neighborhood and customers to local businesses. Irvington Terrace also includes commercial/retail space with an outdoor plaza area geared toward providing services to the residents and surrounding community. Irvington Terrace includes 11 units set aside for residents with special needs, three of which are set - aside for a Housing Scholarship Program run by the City. The Housing Scholarship Program provides housing for single parents going back to school on a part-time basis. The remaining eight units are reserved for Project Independence, transitional housing, and displaces. Project Independence is run by the Tri-City Homeless Coalition and is a program for emancipated foster youth, providing them with a partial rent subsidy in addition to services which include long term education and employment plans, financial responsibility training and other programs to create stability for these transitioning youth. The • Tri-City Homeless Coalition provides these services using City and State funds. The design of Irvington Terrace is reflective of the broader planning goals and philosophies for Fremont. The pedestrian -friendly residential design sets the tone for future more finely -grained pedestrian oriented developments and its numerous open spaces and courtyards provide public areas for children and adults. It also bridges the gap between the lower density residential components of Irvington Village and the surrounding context which is evolving from suburban commercial to urban residential. 11 BRIDGE partnered with the City of Fremont to build a catalyst for a growing part of the City while producing high -quality affordable housing so hard-working residents can continue to live close to their jobs and school and help build a healthy community. Within walking distance to Irvington Village are Blacow Park, Fremont Central Park, Hirsch Elementary School, Horner Junior High School, Irvington Community Park, Library & Recreation Center and Mission Valley Regional Occupational Program. La Quinta Redevelopment Agency RFQ October 1, 2010 Page 25 B R I D 6 lousing 0153 • one Church Streeet 93 Units Family Rental Housing / Supportive Housing San Francisco, CA Built on a prime one -acre parcel in the heart of San Francisco, One Church Street Apartments serves 93 family households at incomes ranging from 20-60%of area median income including both large families and twelve units reserved for persons living with HIV/AIDS. This mixed -use, urban infill, transit -oriented development is located immediately adjacent to a major light -rail stop and bus transfer station, offering residents direct and affordable access to the city's employment, education, and cultural opportunities. The site is also located within easy distance of a branch library, schools, commercial and retail uses, a hospital, multiple community centers, parks, religious facilities, and a major supermarket. The development itself also includes a licensed childcare facility on the ground floor and a coffee shop that serves the neighborhood. The development serves as a transition between the retail services offered along Market Street one block away and the Victorian residential neighborhood to the north. The design, therefore, was extremely important and successfully negotiates the transition from commercial to residential architecture as well as buffering against the noise of Muni in a way that does not turn its back on the line or the neighborhood. Most crucially, BRIDGE placed a high value on designing a building that respected and complemented the historic Victorian neighborhood. Working within strict guidelines set out for the designated historic neighborhood, the team designed a building whose scale, colors, and details refer to the existing Victorian housing stock. Onsite social services staff of three coordinates a variety of services and programs for the resident population. Amenities onsite include a community room, computer learning center, an enclosed courtyard, laundry facilities, an onsite manager's office, and a two -level parking garage. La Quinta Redevelopment Agency RFQAW October 1, 2010 Page 26 lot B R @ ® cr 0 ""' MA] • The development initially faced a furor of opposition from neighborhood residents with concerns about the project's density and low-income residents. BRIDGE and the City and Redevelopment Agency worked together to plan and implement a strategy culminating with a series of meetings held by BRIDGE and the City, and ultimately neighborhood residents were persuaded to give up their opposition. Concerns raised by a group of citizens about the historical value of the mortuary building were addressed through lengthy discussion and study with local, state, and federal historical agencies and a final ruling from the Keeper of the National Register of Historic Places. One Church Street Apartments was financed with tax exempt bonds, 4% low income housing tax credits, HOPWA (Housing Opportunities for Persons With AIDS) funds, project -based Section 8 certificates for 31 units, AHP funds from the Federal Home Loan Bank of San Francisco, a grant from the Metropolitan Transportation Commission, and funding from the City and Redevelopment Agency of San Francisco. La Quinta Redevelopment Agency RFQ October 1, 2010 Page 27 g R I D 6 Et-Iousing p' S5 5/14/2010 BRIDGE Housing Corporation -Completed Projects Finish Total Affordable completion Completed Projects In Graeber Location Ownership Units Family Orvnarame, 10 Units 10 $ Pmjea Value 3,700,000.00 Dole Quarter 1. M08 BB&.in Smadway Millbrae 295 $ 32,000,00000 Quaner32001 Adding Town Center 6 Courtyards Oakland Family Rental 295 40,000,001 Quarter 4, 19W Almaden Lake San Jose. Family RenlallOverni 228 1" S Quarter 1, 19B8 Alto Station Mill Valley Famiy Renal iT 17 $ 32 $ 3,200,00000 5400.000do Durnal 4, 1985 Andarto Engine Village San Francisco Family Ownership 72 a0 S 10,400000.00 Quarter 4, 1986 Americana Apartments Concard Mixed Income Rental 200 70 $ 20,400 000 00 Quarter 4, 2007 Arnold Point Apartments Santa Rosa Family Rental TO M $ 0.300000 00 Cuaher 1, 2003 Bera dare Place San Rafael Family Renal 26 B $ 4,60000000 Quorter22007 Broderick Piece Be, Francs. Family Overall 8 149 $ 10,50000000 Quarter 2. 1991 Curare Hotel Camara Mixed/SROuRenml 149 40 $ 6,20000000 Quarter 4, M03 Cast Vale Apartments San Rafael Family Rental 40 52 $ 12,300,000.00 Goneer 3, 1999 Cant Williams Glide Community House San Francisco Special Needs Houarg 52 10 S 300.000.00 Quarter 4, 1964 Center Sleet Apartments Caused Family Rental 10 60 60 $ ].00000000 Quarter 4, 1992 Cenmrt. Apartments San fulael Family Ransil 24 S 800,00000 Duarter I, 1985 Chance Carldomimens Vallejo Family Ownership 24 $ 7,400,000.00 Quaner 3, 1999 Chelsea Garden. Santa RWa Family Rental 120 120 5 $ 1,143,95900 Quarter 3, 2009 Christie Park San Franasm Family Ownership 5 40 $ 7,200000.00 Quarter 2, 2003 Carl Creek So. San Francisco Senior Rental 40 151 S 40.000,000 GO Quarten4,2003 Chestnut Linden Court Oakland Family ReacrOonimil, 151 245 E 60500.001 Quarter 1, 2006 Cinnabar Commons San Jr.. Family Rental 245 Be Be It 8,200000.00 Quarter 1, 1993 Cry Center Apartments Richmond Family Rental 87 $ 24,200 ON 00 Quarter 3, 2000 Goggle Scene l Iron Horse Lob Walnut Creek Family Renml/Ownership 141 49 $ 5.000,000 so Quarter 3, 1989 Cebrldge Pad Homes San Francisco Senior Rental 49 204 204 S 42,00000000 Quarter 3, 2005 Copper Creek San Marcos Family Rental Family Rental 94 94 S 2T,50000000 Quarto 3, 2008 CaemwOra Cal Suisun Mixed Income Ransil 135 34 $ 6,900 goo Quarter 2. 1984 Doug. Vista Apartments Livermore Family Renal 120 120 $ 15.500.000.00 Quarter 2, goal Dove Canyon San Diego Rental 424 0 N/A Duarter 1, 19M Emery Bay Airstreams l Emeryville Mixed lnmme Renal 260 Its $ 25,000,00000 Duane, 1, Igoe Emery Be, Mermen ll Emeryville Senior Renal 50 50 $ 4,000.000.00 Dealer 3, 1992 Emery Who Aperlments Emeryville N/A Quarter 3. 2000 Emeryville Loft Emeryville Mixed Inc. Ownership 140 26 62 $ 12.000 ON 00 Quarter 3. 1994 Fell Street Apartments San FrentluO Family Rental 82 119 $ 1],000,00000 Quana3 1990 Frank G. Mar Communiy Housing Oakland Family Renal 119 96 S a500.W000 Quanena, 1989 Gateway Commons San Mateo Mixed Inc. Ownership 96 54 E4 $ 6400.00000 Corte, 2, 1999 Geraldine John.orl Manor San Francisco Senior Rental 43 $ 13,500 000 00 Quarter, 2007 Gras Oak Aparteshe So. San Frinpped Family Rental 43 70 70 S 11.600,00000 OuaRa22o03 Grayson Creek Apartments PleOsam Hill Family Rental 167 $ 1.400000.00 Quarter 2.1988 Herbage Park(Rlchenls) Livermore Mixed Inc. Senior Rental 167 39 S 14,000,00000 Quetrerl. 1987 Heritage Village Fremont Mixed Income ROmml 192 42 $ 4000,000.00 Ovaner 3, 1985 Holloway Terrace San Francisco Mixed lnc. Ownership 42 56 $ 5.700,00000 Quartar21992 Here. Gave Apermants St. Helena Family Renal 56 130 $ 12,00000000 Quarters, 1990 Independance Plata Armada Mixed Inc Senior Ronal 100 31 800,000 00 Ouerter 4, 20m hanglon Turaco Fremont Family Rental 100 rot)S 0 $ 64,200.000.00 Quarter 1, goo Irvington Village Phase l Fremont Family Ownership 115 109 $ 74,500000.00 Quarter 2, 2008 atingle Croak Pitl.burg Family Rental 542 48 It 6,600,00000 Curt 1, 1994 La Francs Apartments Calbstoga Family Rental 48 120 S 18,100.00000 Quarter 1, 2006 Lai Carryon Irvine Family Rental 120 96 96 S 25 200.000 00 Quarter 2. 2003 Mabuhny Court-Nortme.Community Center San Jose Senbor Renal 125 $ 7,000,000.00 Quarter J, 1968 Mande Plaza Sa. San Franciam Mixed Inc. Senior Rental 125 168 $ 51,800 ON Quarter 4, 2004 Mandela Gateway Oaklantl Family Renal 160 136 $ 79,00000000 Quarter 2.1997 Martin Cly USA Marten City Mini TowMMixed 340 57 57 $ 5,100,00000 Owner 2, 2002 Mane Tover Annex Vallejo Senior Rental 155 $ 20,900,00000 Quarter 4, 2006 Marina Tower ApaRmanm Vallejo Unflor Rental 155 34 $ 9800,00000 Duane(1, 1985 Mahon Park N...1. Mixed Income Rental 168 60 60 $ 8.709,00000 Oualar 1, 19PI Miami Center Senior Homes Foster City Sceitn Rental 175 S 62 000.000 00 Quarter 1, 1999 MMmarsa Apartments Sumnerll.Id Homes Milpitas Mixed Income AID 416 03 $ 7.400.000.00 Quarter 2, 1989 Mogan Heights San Francesco Mixed Inc. Ownership 63 341 $ 108.400,000.GO Quarters, 2004 Nara Beech Place San Francis -Family Renal 341 110 IS 15.300000.00 Quarter 1, logo NaMpoint VJlags Apartmma Sand Rosa Family Rental 110 200 200 $ 18000,00000 Camera, 2003 Oak Circle San Jose Senior Rental 135 $ 15,00000000 Quarter 2, 1997 Ohl... Court Apetsely San Jose Family Rental 135 93 $ 27.500,00000 Quarter 2, 2002 One Church Street Apenments San Frandsed Family Rental 93 8 $ 2AN 000.00 Quarter 3. 2009 One East Julian San Joae Family Ownemhlp 0 104 104 S 8000.000.00 Quarter 3. 198 ReA. Oaks Pai Mixed Inc. Senior Rental 28 S 4B00,000N Quarter 1. 1906 Pagano Court/Tens Linda Walsonvihe Family Rental 28 12 E 3,10000000 Quarter 2, 2005 Palm Court Opened Family Ownershp 12 34 34 S 4,900000.00 Duarter 1. 1997 park Gene TmmM1omes Richmond Ownership 114 $ 15500,00000 Quanler 1. 1990 Parkview common (poly Hph) San Fr ... wo, Mixed Inc. Owrenhip 114 87 E 120.00,000.00 Quama3, 2001 Peninsula Pairs Apabnene East Palo Alto Family Remacenaship US 32 $ 2,I0000000 Quarter 3. 1985 P eldeweed Apartments Mill Valley Muad Income Rental 32 70 $ 6,80000000 Quartos, 1994 Pinola Grove Apartments Pinola Senior Renal 70 92 92 S 13 500.000 00 Quarter 3, 2000 Frequencies Station Carlsbad Family Rental 35 35 $ 1800000.00 Chance 3, 1986 Pt, Reyes Sr/Fambly Housing Point Reyes Senior RepliOwnenshlp 120 E 11.400 00000 Quarter 1, 1997 Redwootl Seems Vallejo Senior Rental 120 00 80 S 9,400 NO 00 Quarter 3, 1997 Roary Valley Senior Village Lucas Valley Senbor Rental 8 8 S 2000,000.00 Case 4. 2006 Roxbury Townhomes Dublin Family Ownership 72 72 $ 18.1000000o Quarter 1, 2007 Sage Canyon Apartments San Marcos Family Rental 382 174 $ 33,00000000 Guardia. 1993 San Paulo Apartment$ Irvine Mixed Income Rental 83 S 11, 100.000 ad Quarter 2. 2003 San Retail Commons San Retail Rental 83 84 Be $ 9,400.00000 Quarter 4, 1998 Adornments Santa Alice Apartm Irene'. Ie Partly Rental 30 30 $ 1.100,00000 Quarter 2, 1986 Shared Leased Housing Mann County Family Rental 0 8 $ 200,000.00 Quarter 2, 1985 Shared purchased Housing Main County Family Rental 102 $ 16,000000.00 Quarter 3. 2000 Seemed Clark Nepa Family Rental 102 108 $ 1440000000 Quarters, 1992 Slaemboat Point Apanmenb San Framaam Family Renal 108 96 90 $ 13,30000000 Quarter 1. 1998 Sbobndge Court Appmenb Co.,. Valley Family 6 Senbor Rental 96 $ 14,40000000 Quarter 3. 1993 Summit at Hilltop Rchmond Mixed Income Renal 240 67 $ 2,500,000.00 Quarter 1, 19 Swim American Hotel San Francs. Family Rental 67 74 $ 14.000,00000 Ouaner 2. 200Sycamore Sycamore Place Danville Senior Rental 74 168 S 18]0000000 Quarter 3, 2000 Tend Coda AperYnenm San Maras Family Ransil 158 to $ 29,000,000.00 Quarter 3. 2005 Temzces at Dublin Ran. Village Dublin Family Ownership 105 60 60 $ 7,200,00000 Conner 3, 1999 The Angola Hercules Family Rental 36 36 $ 3,000,OOo.00 Dealer 2, 1991 The Cont (Hotel Don) Richmond Senior Renal 202 124 $ le,`A0A00.00 Quarter 2. 1989 The Founain5/Elan Mdunmin View Steel RanmllOwnership 99 20 $ too 000.00 Quarles 2, 1980 The Meadows Novato Mixed Income Renal 2 $ 400,00000 Quarter 1, 2009 The Mini Winston San Franoaw Family Ownership 2 31 S 25 000.000 00 Quarter 4. 2006 The Parka.. Pleasanton Mixed led Senior Rental 105 0 N/A Quanerd. 1988 Thor Peninsula Regent San Mateo Senior Lifecare 207 112 $ 15,)W.00000 2003 Gunner 1, 2003 Taney Del Mar San Diego Family Rental 112 344 344 $ 30,90000000 Duarter 3, 1996 Vila Loma Carlsbad Family Renal 36 36 S 1Rod 000.00 Quarter 3, 2007 Vineyard Place American Canyon Family 0anershbp 14 $ 250QW000 Quarter 4. 1999 Vmltaire Gad., Ap moan's arrears $enior Rental 14 24 24 S 7200.000 DO On., 2. 2003 VWa Village Cupertbno Family Rental 210 51 E 20.00000000 Creature, 1990 Wlowbreok l GwrRidge ity Pinote Mixed Inc Ownership 90 SO S 15600,coo 00 Quaner32006 Wndlw, Irvine Family Renal 150 $ 34 800,000 00 CueReN,200] Woodbury Walk W Irvine Family Rental Rental 150 63 63 S 11,800000.00 Quarter 1, 1993 Woodbine Nueva San Joe. Transitional Page 28 TOTALS 12,517 8,007 E 1,027,636,959.00 . r O BRIDGE Property Management Company Role: Property Management Agent Length of Time in Business: 1987-present Ownership Structure: Nonprofit, Public Benefit Corporation Operating Structure: Board of Directors and Executive Leadership Team Office Location(s): San Francisco In 1987, BRIDGE formed a financially independent but affiliated non-profit, tax exempt, property management company to ensure that the award -winning quality of its developments would be maintained over time. Revenues from the company, in excess of costs, are devoted to aid residents, to provide supportive services, and to support BRIDGE's development activities. BRIDGE Property Management Company (BPMC) currently manages or asset manages nearly 8,000 rental and condominium units in its portfolio. BPMC has developed a proven track record in managing complex projects involving various financing structures, rental tiers, and subsidy programs. In addition to the low income housing tax credit program, BPMC also has extensive experience managing properties utilizing tax exempt bonds, HOME, CDBG, HOPWA, Section 8, Federal Home Loan Bank Affordable Housing Program, Redevelopment Agency Tax Increment and other sources. Along with typical property management functions, BPMC's • property and asset management activities include a significant compliance function, which ensures that properties follow the various regulatory requirements and other use restrictions that are unique to affordable housing. BPMC is overseen by Susan Johnson, one of BRIDGE's Executive Vice Presidents. BPMC employs more than 150 people, including both site staff and staff at BRIDGE's central office in San Francisco. While the precise ratio of staff to residents at each of property that BPMC manages varies depending on size, each property has a full-time on -site Resident Manager reporting to a Property Supervisor who oversees multiple properties, and at least one full-time maintenance staff person. A resident administrator, additional maintenance staff, and outside contractors are employed as needed or on a part-time or full- time basis depending on the size of the property. BPMC manages 56 BRIDGE -developed properties throughout California. A complete list of BPMC- managed properties is included following BPMC's staff profiles. The following BPMC staff members will be involved throughout all phases of the Dune Palms development: Susan Johnson, Executive Vice President Ms. Johnson oversees the property, resident programs and asset management activities of BRIDGE and BASS, including a portfolio of nearly 8,000 units of rental and ownership housing. She joined BRIDGE in 1983 and was promoted to Vice President in 1989. Ms. Johnson is an expert in marketing and lease -up strategies for affordable and mixed income communities and sought —after expert in tax compliance and fair housing. She holds a B.S. in Sociology from U.C. Santa Cruz and has prior business and management • experience. La Quinta Redevelopment Agency RFQ sing October 1, 2010 Page 29 BR 1 D ( EHou- V57 U E James Valva, Director Mr. Valva, who has been with BRIDGE since 1995, has over 20 years experience in commercial and residential property management. As Director of Property Management, Mr. Valva directly supervises all Property Supervisors for BRIDGE Property Management Company (BPMC). Prior to his work at BRIDGE, Mr. Valva was a Real Estate Property Manager for Western Management Properties, Inc. He holds a from B.A. St. Mary's College, Moraga, California. Lara Sao Pedro, Programs Director Ms. Sao Pedro is responsible for designing, coordinating, and monitoring programs and services that enhance access to education and home -ownership for BRIDGE residents and administering the Alan & Ruth Stein Educational Assistance Program, a scholarship program offered to BRIDGE residents. She joined BRIDGE in 1999, and has more than 17 years of experience working with non -profits in the San Francisco Bay Area. While at BRIDGE, Ms. Sao Pedro has developed and coordinated programming at 43 different properties in 12 different counties across northern and southern California. Prior to her work at BRIDGE, she worked as an editor and grants administrator for the Gallo Clinic and Research Center at UCSF, an actress and HIV Awareness Trainer for the New Conservatory Theatre, a volunteer coordinator for the 7t'8`n and 9tn Annual Bay Area Book Festivals, and a Resident Assistant at Hampshire College. La Quinta Redevelopment Agency RFQ October 1, 2010 Page 30 gf d G E1-iousing 058 • e rlo. of uNr`rs ADDRESS PROPERTY NAME - NPE i 56 3895 Fabian Way Alta Torre Fabian Way Senior. Senior Palo Alto LA 94303-4604 Alto Station Apts. 17 290 Camino Alto Court Alto Station Inc Family Mill Valley, CA 94941 , .. rW . s Senlo Arroyo Point Apts 70 1090 Jennings Avenue Jennings Avenue Assoc Family `. Santa Rosa, CA 95401 B e s 1 a it 400 Harbour Way Carquinez Sr. Apts 36 ` Carquinez Assoc. LP Senior Richmond, CA 94801 a • el a ar A eM10. a t p Rosa 4D7 65 Chestnut Avenue Chestnut Creek Sr Apts -40 Chestnut creek Inc Senior South SF, CA 94080 Ufi rc 6tree • P. g :C c fceet 's 0 44 INN •h Housf g so a IIY , 875 Cinnabar Street - Cinnabar Commons 245 San Jose, CA 95126 Cinn Comm II, LP Family . _ � r r 1Fi� lu a Coggi Squ re so mi 49 alnut k PA 94 190.Coleridge Street Coleridge Park Homes Bernal Sr. Hsing Partners Senior San Francisco, CA 94110 - ppe • eek ts. 204 � 1'. o e R a • %9. Hsi. ss' 1 'Sa rto, 9I078 Cottonwood Creek Apts 94 202 Railroad Avenue LC Housing Assoc LP. Family Suisun City, CA 94585 a ore Eia �' RIOG m e a 1 30 lhra •. 4 30 141 Donohue Street Doretha Mitchell Senior Sausalito, CA 94965 Dove Canyon Apt$ 120 16507 Dove Canyon Rd #1000 White DC Hsing Ass LP Family San Diego CA 92127 la 20 - tee ve e erYv l I erd a die SS Fairfax Street 927 Fairfax 40 Alto Station Inc Family San Rafael, CA 94901 e - e 8 33- Fe el Hs aq mi San F ds 0 Page 31 0'59 • • Geraldine Johnson Manor 54 5545 Third Street BayvJew Sr Hsing Inc Senior San Francisco, CA 94124 Grayson Creek Apts 70 100 Chilpancingo Parkway , BRIDGE Grayson CAss Family Pleasant Hill,CA 94523 .3x . .sW. A Ironhorse at Central Stat. 99 180114h Street 14' Street Apts. Family Oakland CA 94607 gC ev n r 4 La Pradera Apts, 48 38 Brannan Street Calistoga Brannon HsgA Family Calistoga, CA 94515 unaCa' gun o.. Mabuhay Court 96 270 E. Empire St. (61h/ 71h St.) Northside Hsg Associates Senior San Jose CA 95112 et d e c s O Montevista Apts 306 - 1001 South Main Street Milpitas Housing Assoc Mixed Use Milpitas, CA 95035 No. Npt_II ous'ng. so N naRosa 7 Oak Circle Apts 100 1410 Roberts Avenue Roberts Ave Sr. Hsg LP Senior San Jose, CA 95122 3839. Go a O lone snAs mit - n l3. 1977 Tate Peninsula Park Apts. 129 Nairobi Housing Assoc Mixed East Palo Alto, CA 94303 ck ewe ts. 3 65 Mil n e S Ion In a R_ 70 G 4 800 John Street Pinole Grove Pinole Grove Assoc Ltd Senior Pinole, CA 94564 Po Ins ' Sta r' 9 olnse sg Fa J 2 Redwood Shores Senior - 120 400 Redwood Street Housing Inc Senior Vallejo, CA 94590 c mon 64 1 Ri. =4 Rotary Valley Sm. Hsg. 80 10 Jeannette Prandi Way Rotary Valley Assoc Senior San Rafael, CA 94903-1100 a non Its.W I 'NOW re in Ea i Santa Alicia Apts. Family 100 Santorini SA Family Hsg Assoc Irvine, CA 92606 mboa P In A 10$ ac Fa s Fa Page 32 O ) 6 O Page 33 1.0 ` 6 y Studio E Architects Role: Lead Architect — design and construction drawings Length of Time in Business: 1987-present Ownership Structure: Subchapter S Corporation Operating Structure: Owned and managed by two principals Office Location(s): San Diego Studio E Architects ("Studio E") is a fourteen -person design collaborative led by principals Eric Naslund and John Sheehan. Studio E has designed successful projects in La Quinta and was involved in the preparation of the current Site Development Concept. Practicing throughout the Southwestern United States, the firm's varied body of work —private residences, housing, mixed -use, civic, institutional, and urban planning projects —has been recognized with numerous design awards, including three National Honor Awards from the American Institute of Architects. The firm's projects have appeared in national and international design journals and publications. In February 2004, the National Building Museum in Washington, DC, chose to feature the firm's work in a major design exhibition. The work of Studio E recognizes that buildings occupy specific settings and that the meaning and utility of architecture is necessarily grounded in their context. The conditions present at any site inspire solutions that connect people to the places they inhabit. This focus on both physical and cultural context produces an architecture that is responsive to the natural environment, embraces everyday phenomena • and rituals, and expresses a richer understanding of its place. Since its founding in 1987, Studio E has provided outstanding service to public agencies, institutional clients, non-profit organizations, private developers and individuals. The firm's efforts have been rewarded with a strong repeat client base. Current projects include mixed -use developments in downtown San Diego, and at University of California, Davis, two charter high schools, an administrative building at University of California, San Diego and numerous multifamily housing developments throughout California. Much of the firm's success can be traced to its commitment to a participatory approach to problem solving. Studio E works to build consensus among stakeholder groups ensuring creative solutions that are embraced by the community while satisfying the goals of the sponsors. Studio E has designed numerous award -winning multifamily, affordable housing developments throughout Southern California. Four of these developments are highlighted in the pages following Studio E's staff profiles, and a complete list of Studio E's affordable housing developments is also provided. Key team members from Studio E include: Eric Naslund Eric Naslund, FAIA is a Principal and Partner in Studio E Architects. He has led the design effort on many of the firm's award -winning projects, serving as Principal -in -Charge and designer on numerous housing, urban infill and community plans throughout the Southwestern United States. He is currently engaged in • the design of projects in downtown San Diego and Davis, California. His sensitivity to the design of humane places rooted in their location has helped earn the firm a reputation for innovative and people - focused architecture. La Quint@ Redevelopment Agency RFQ October 1, 2010 Page 34 B R' p k} sousing 0762 E, 10 0 Mr. Naslund, a Fellow of the American Institute of Architects, earned a Bachelor of Architecture degree with Honors from California Polytechnic State University, San Luis Obispo. He speaks frequently on architecture and affordable housing, and currently chairs the City of San Diego Planning Commission. John Sheehan Mr. Sheehan was born in 1960 in San Francisco. He received a Bachelor of Architecture from California Polytechnic State University, San Luis Obispo in 1984 and pursued a Graduate Design Diploma from the Architectural Association in London, England. He has lectured at USC, Woodbury University, San Diego's New School of Architecture and the Monterey Design Conference. His current projects include a 472 acre mixed -use master plan, two San Diego County charter schools, an eco-tourism center on the San Diego Bay and a pair of workforce housing developments in Desert Hot Springs and San Jose. La Quinta Redevelopment Agency RFQ October 1, 2010 Page 35 S e I Do EF ionsing O • , La Ouiri California, Vista Dunes, an eighty -unit development on 9,5 acres, intelligently responds to the desert climate —the firs! development in the Coachella Valley to receive LEED© Platinum certification, and the nation's largest multi- family affordable housing project to achieve this level of certification. The use of passive cooling techniques — careful building orientation, thermal chimneys and shading devices, provides resident comfort and resource efficiency The site design arranges triplex residential buildings to define a series of motor courts and private courtyards linked by an open space network. Construction of tile $31 million development (314 million construction cost) was completed in 2008. • 2009, National Award of Excellence, Home Depot Fcundation —2009, Grand Award for Affordable Housing, Builder's Choice Awards, Builder Magazine — 2009, Grand Award for Greeni Sustainable Communities, Builder's Choice Awards, Builder Magazine — 2009, Award of Merit, Gold Nugget Awards. Pacific Coast Builders Conference — 2009, Award of Excellence in Sustainable Development, California Redevelopment Association V64 M u N India Wells, California, Ninety-one apartments for low-income seniors —opening onto paseos and courtyards, are organized according to a thermaUsocial gradient, more enclosing and cool as one moves into the plan. A shaded outdoor "room" connects interiors with outdoor spaces for winter and evening use. A thermal chimney, inspired by Middle Eastern wind towers, anehors the units and vents hot air, capturing cool night breezes. 2000, Honor Award, American Institute of Architects, Washington DC — 1999, World Habitat Award Finalist, Building & Social Housing Foundation, Leicester, UK — 1998, Honor Award, American Institute of Architects, California Council — 1996, Vintage Award. American Institute of Architects.. Riverside —1995, Citation of Recognition, American Institute of Architects, San Diego 0-65 [l IE 0 ti y f�fE 4 { j Desert Hot Springs, California, " � The site for this 62-unit affr odable �' housing development is surrounded by newer single-family homes_ so the ii design takes great care to hirdo parking, reduce the perimeter (� building scale and present street-��� O.a000i�.v '�� O�J`� Ci.3C).i�i�l.fgJ7 facing porches and front yards. Units are designea co aaaress vie - — ---- severe heat and strong winds of the Coachella Valley —employing broad eaves to shade windows and cross ventilation with high ceilings to encourage air movement. A central lawn provides a safe, I tighly visible place for play and gathering, and the Commons provides a large meeting room, lounge, management office, and computer center —the swimming pool area Is defined by the Commons and Laundry buildings. Construction is anticipated to begin in fall of 2009. i Page 38 0"66 N C N 1 r Coronado, California, Inspired by Southern California's bungalow and courtyard housing of the early 20th centwy, this project — serving very -tow and low-income seniors —satisfies a previously unmet need for affordable seniors housing in Coronado. Coronado Villa offers residents a private sanctuary in the heart of the island while establishing a community presence on an Important city intersection. Sustainaelity measures included cross -ventilation, day lighting, and a photovoltaic system powering all common areas. Across the street from the city senior center, central park and library, Coronado Villa encourages walking and transit use. 2008, Award of Merit, Pacific Coast Builders Conference. T.. 0:67 C� Studio E Architects has completed the following affordable housing developments: Pro ect Name lordU n 'fyp 5ixe ..am fYate SAN DIEGO, Townhome Boston Commons is a five -unit townhome infill affordable housing project in the 5 units 2010 Boston Commons CALIFORNIA historic Barrio Logan community of San Diego. Each townhome fronts onto the street and shares a common courtyard within the project site. Anticipated completion is in 2010 Brookview Senior POWAY, Senior 102 units 2002 This project, on a five -acre infill site bisected by a year-round creek and large Housing CALIFORNIA Housing stands of eucalyptus This project, on a five -acre infill site bisected by a year-round creek and large stands of eucalyptus trees, provides for 102 units of one- and two -bedroom seniors housing in two- story buildings. The plan incorporates the creek and its enhancements into the residents' day-to- day experiences. Auburn Park SAN DIEGO, Multifamily 69 units 2008 Auburn Park, asixty-nine-unit affordable housing adjacent to the future CALIFORNIA Apartments project Auburn Creek Park, sits on a long - abandoned site in a City Heights redevelopment area. These buildings step up from University Avenue's edge, with balconies and stoops, presenting an active, friendly image to visually "repair" the steeply scarred slope to the south, effectively rebuilding the site's original profile. HomeSafe II SAN JOSE, House with 6 houses 2003 This project explores the co -housing model as an environment. This shared CALIFORNIA four suites housing scheme creates a safe and uplifting environment for women and children fleeing domestic abuse. Six big "houses" consisting of four suites and shared living, cooking, and eating areas are gathered around a communal outdoor space. A childcare and counseling facility stands watch at the "front door' to the project. Careful consideration was given to the creation of privacy thresholds for The recovering families. La Quinta Redevelopment Agency RFQ October 1, 2010 Page 40 BRID6Ejlousinb .68 i i i POWAY, Flats and 90 units 1999 A 90-unit family housing development set Parkview Terrace on 4.4 acres near a city park and the town CALIFORNIA Townhomes center. The design features a mix of flats and townhomes grouped into a series of interconnected courts and gardens. The specific architecture and site planning were developed in a series of public participation workshops held within the community. Metro Villas SAN DIEGO, Multifamily 120 units 2002 Part of amaster-planned one -block redevelopment, Metro Villas consists of CALIFORNIA Apartments 120 units of affordable housing adjacent to City Heights' new Metro Career Center. The Villas feature both small and large family units, shared amenities, and open spaces. The Metro Center offers childcare for residents and the Villas and Career Center share a four -level parking structure. Estimated development cost is $18.8 million. Leah Residence SAN DIEGO, three levels 24 units 2004 The project combines three levels of apartments over one level of office space CALIFORNIA of on a 6,500 SF site in downtown San Diego. apartments The twenty-four one- and two -bedroom over one level of office units are arranged around an open court at the interior of the site. Located on a space corner parcel, the building reinforces the highly urban condition along F Street, while presenting a more welcoming residential character along Ninth Avenue. Lillian Place SAN DIEGO, Multifamily 74 units 20D5 Lillian Place offers convenient downtown housing tuned to the special needs of CALIFORNIA Apartments families. This three- and four-story, 74- unit development in downtown San Diego offers generous balconies, large windows and nine -foot ceilings to create a feeling of openness and comfort. The project also includes the renovation and reuse of an historic boarding house. Construction cost: $13.7 million Trolley Terrace CHULA VISTA, Multifamily 18 units 1999 Trolley Terrace Townhomes is an eighteen -unit development for low -and Townhomes CALIFORNIA Apartments very -low-income families, sited near a commuter stop along the San Diego Trolley line. The design pairs units into buildings that appear in scale and massing as large single-family houses cluster around extensive outdoor recreation space. Construction cost was $1.2 million. Orange Place ESCONDIDO, Townhouse 30 units 1997 This project is for t:v:house units two, three and foms in one of Cooperative Housing CALIFORNIA of Escondido's oldestoods. A common meeting looks a tot lot and community counding is through HOME prtax creditsConstruction cost ximately $2.2 million. La Quinta Redevelopment Agency RFQ / ousing October 1, 2010 Page 41 B R I D G EH 0`69 C� 11 • Tesoro Grove SAN DIEGO, Multifamily 106 units 2006 Located in the Otay/Nestor neighborhood of San Diego, this 106-unit affordable CALIFORNIA Apartments project consists of three building types arranged on a 5.5-acre site adjacent to Interstate 5. The buildings are arranged along a village street that opens onto an open space at the center of the site. common areas include a meeting room, computer room and pool. Cordova Village LAVISTA, Fourplex 40 units 2001 Cordova Village is a forty -unit family housing project. Fourplex buildings that CALIFORNIA buildings look like large homes fit into a new suburban master -planned community. The project is financed by the California Housing Finance Agency and tax credits. Construction cost was $2.7 million. Via Cantebria Housing ENCINITAS, Senior 56 unit, 2003 The project site in the Encinitas Ranch CALIFORNIA Housing master planned community contains two -acre useable pad area adjacent to a major street. There are 56 one -bedroom units specifically designed for seniors in three-story, elevator -served buildings. The project is funded through the HUD 202 program. Poinsettia Station CARLSBAD, Two Story 92 units 2000 This 92-unit family housing development is part of the Poinsettia Shores Master CALIFORNIA Structure Planned Community. The community plan is based on traditional neighborhood development concepts and is located adjacent to a light rail station. The units are one-, two- and three -bedroom flats in two-story structures. A large commons building with a swimming pool is located at the center of the project. Construction cost was $8 million. A Eleventh Avenue ESCONDIDO, Townhouse 16 units 2001 The project consists of 16 family townhouse units on a .75-acre site. The Toenth s CALIFORNIA site plan is centered on a tree -lined lane to create a strong neighborhood character. The funding is through HOME, tax credits and LISC. Construction cost was approximately $1 million 15th Avenue Co-op ESCONDIDO, Apartment 16 units 1995 The project is a rehabilitation of an 16-unit apartment building in a Housing CALIFORNIA existing redevelopment area. The building is reconfigured from oversized one- and two -bedroom units to two-, three- and four -bedroom family housing. Funding is through CDBG, HOME program and an AHP loan. La Quinta Redevelopment Agency RFQ October 1, 2010 Page 42 B R'' ;�ousing 0 7Q • • Entrada SAN DIEGO, CALIFORNIA residential units and live/work spaces over one level subterranean parking 137 units 2002 Located in the East Village area of Downtown San Diego, this 137-unit project consists of four stories of residential units and live/work spaces over one level subterranean parking. A series of separate buildings are arranged around a large central open space at the center of the site. Additional spaces include recreation room, computer room and sun deck at the top of the structure. Arbolera de Vida ALBUQUERQUE, Single -Family 1999 Arbolera de Vida is a forty -acre redevelopment of a former sawmill NEW MEXICO homes, property just north of old town townhouses, Albuquerque. The project includes single - apartments, family homes, townhouses, apartments, commercial commercial space, live/work units, a space, community center and industrial uses live/work oriented around a large community units orchard. The project is financed and held in a land grant operated by a community board of directors. Trolley Trestle CHULA, VISTA, Supportive 11 units 2000 This the need eleven -unit hdevelopouse young people coming CALIFORNIA Housing out of the foster -care system. The residents will be single, 18- to 25-year- olds, some with infant children. The site and building design encourages a'built-in' sense of community and interaction. The commons building includes a computer lab. Private donations funded the $800,000 construction. Eucalyptus View ESCONDIDO, Multifamily 20 units 2001 A20-unit housing development and daycare center is nestled between mature CALIFORNIA Apartments rows of eucalyptus trees. A citrus grove is replanted along the street frontage to provide shade, sound attenuation and visual enjoyment. Units are a mix of one, two, and three bedrooms providing a variety of households and tenants. RIVERSIDE, Homes 17 homes 1994 This is a ll of Casa Blanca seventeen homes olffereld to preopment CALIFORNIA approved, low- and moderate -income families on a for -sale basis. The project consists of three floor plan types of primarily three and four bedrooms. Funding is through a conventional construction loan with gap financing provided by the Agency in the form of a land write -down and silent -second program. Construction cost was $1.5 million. La Quinta Redevelopment Agency RFQ / ousing October 1, 2010 Page 43 g R I D 6 0 71 • • Indian Wells Villas INDIAN WELLS, Senior 91 units 1996 The Villas at Indian Wells is a ninety-one- CALIFORNIA Housing unit senior housing development on a 7.5- acre site. Set within the California desert, the units are designed to accommodate the intense summer heat with minimal energy usage. A variety of passive and active technologies is utilized and results in substantial energy savings. The project is composed of single -story, 720-square- foot,.one-bed room units. Construction cost was $7.3 million (prevailing wage). Mission Terrace SAN DIEGO, Four-story 77 units 1995 This multifamily project addresses the Apartments CALIFORNIA wood -frame need for affordable service -worker construction housing in Mission Valley. The development is comprises 77 one-, two - and three -bedroom units on a 1.2-acre site. The density is approximately 70 dwelling units per acre. The buildings step up a hillside using four-story wood -frame construction over two levels of subterranean parking. Funding is provided through a tax credit allocation. Construction was completed in 1996 at a cost of $4.6 million. Miraflores LA QUINTA, Senior 125 - 1998 Composed of 125 senior rental units and CALIFORNIA rentalsSingle- units87 87 single-family, for -sale homes, Village family for homes on the Green is set on 40 acres near the sale homes La Quinta Resort. The community planning and homes have been designed to create a neighborhood unique to the California desert. Total development costs are approximately $30 million. La Quinta Redevelopment Agency RFQ October 1, 2010 Page 44 �R� pGk7Iousing 0 ' j2 0 Walling and McCallum Role: Construction Administration Architect, responsible for construction services Length of Time in Business: 1972-present Ownership Structure: Professional Corporation Operating Structure: Owned and managed by John G. Walling Office Location: Indian Wells Walling and McCallum offers a comprehensive professional service designed to resolutely and proficiently execute all types of planning, architectural and engineering projects; and focusing primarily on hotel, restaurant, recreational, commercial, condominiums, institutional and custom residential work. Each member of the Walling and McCallum team enjoys a reputation for their professional skills as well as a background of experience in a variety of building types. Since entering wards programs, Walling and McCallum has received a Gold Nugget Award of Merit from the Pacific Coast Builders conference for the design of the Indian Wells Ramada Inn, and a National Grand award from the Builder's Magazine for the design of Los Estados homes at Santa Rosa Cove in La Quinta. In addition, Walling and McCallum has received another Gold Nugget Award of Merit for their design of the models at Lake La Quinta, along with two "Elan' Merit Awards. Key team members from Walling and McCallum include: John G. Walling Mr. Walling has worked as an architect in the Coachella Valley since 1963 and formed Walling and McCallum in 1972. Mr. Walling has worked on over 50 projects in the region, including the Indian Wells Resort Hotel and Indian Wells Senior Housing. Mr. Walling is an active member of the local community, having served as a planning commissioner for the City of La Quinta, former board member for the La Quinta Chamber of Commerce, board member for the La Quinta Arts Foundation, member of the City of La Quinta General Plan Advisory, member for the City of La Quinta Design Review Board, and chairman of the City of La Quinta Art in Public Places Committee. Mr. Walling holds a degree in Architecture and Business from the University of Colorado. Kevin A. Leonhard Mr. Leonhard joined Walling and McCallum in 1976 and has been involved in the addition and remodel of the Rancho Mirage City Hall and the Indian Wells City Hall, as well as the design of the Indian Wells Country Club. Mr. Leonhard has served as the Vice President and Director of the American Institute of Architects California Desert Chapter. Walling and McCallum's multi -family, affordable housing experience includes: Wmpletio ize pa. Brief Description Amenities Project Name Loca#ion 4 Affordable 2 story condos with Recreation center one Glenn Place Cathedral City Condominiums 26 units TBD underground Parking with pool 16 single -story Indian Wells Senior Housing Indian Wells Senior Housing 90 units 1995 buildings La Quinta Redevelopment Agency RFQ /�_� October 1, 2010 Page 45 B R I D 6 EHousing • 0"73 RBF Consulting Role: Civil Engineer Length of Time in Business: 1944-present Ownership Structure: Privately Held Corporation Operating Structure: 8 -person Executive Committee overseeing 700 employees Office Location(s): Sixteen locations throughout California, Nevada, and Arizona Office Responsible for La Quinta Development: Palm Desert RBF Consulting ("RBF") is a leader in civil engineering, land planning, surveying, construction management and related environmental and sustainable development fields. With a comprehensive, integrated team of experts, RBF serves clients across the United States and Internationally. Established in 1944, the firm has an outstanding record as a "community engineer" through involvement in both public and private sector projects. The Palm Desert Office was established in 1986 enabling the company to better serve its public works and private development clients in the region. The office is fully staffed and provides professional civil, structural, land planning, construction management, and surveying services. The Palm Desert Office utilizes its in-depth knowledge of local issues and conditions combined with the strength and diversity of resources and experts in offices throughout California, Arizona and Nevada to provide a comprehensive approach to community planning, public works engineering and land development throughout the • desert community. Additionally, RBF has long standing, specialized services in environmental analysis, transportation planning, design and engineering, structural design, electrical engineering, and water resources engineering. RBF is a local leader in renewable energy development in the Coachella and Imperial Valleys. With over 50 LEED Accredited Professionals, RBF has the expertise to incorporate sustainable development components and philosophies from project feasibility phases to construction management implementation. The professional engineers and surveyors at the Palm Desert Office form an expert and unique community -oriented team. This teamwork philosophy, which integrates RBF's vast array of professionals, tools and talents, enables this office to offer services covering the entire planning and development process. RBF's experience in the planning and design of affordable, senior and apartment housing development and redevelopment spans over many decades. Services have included environmental and planning studies/documents to support municipal housing programs, entitlement services and land development planning, parking analysis, and land surveying and civil engineering design. Many of the housing community designs required implementing very specific guidelines in compliance with the U.S. Department of Housing and Urban Development (HUD), Redevelopment Block Grant Funding, and Housing Commissions, as well as building consensus with community members and planning groups. Four of RBF Palm Desert's relevant projects are highlighted in the pages following the key staff profile, and a complete list of Palm Desert's affordable housing developments is also provided. Michael Sutton will be the principal staff member involved in the Dune Palms development • La Quinta Redevelopment Agency RFQ / ousing 0174 October 1, 2010 Page 46 g R I D G EH • • Michael Sutton, Vice President / Project Manager Mr. Sutton is a registered engineer in the State of California with a broad range of experience covering many types of land development and public works projects. His strengths are in on- and off -site planning and design, and street widening projects. As a Project Manager, he has worked on several public works improvement projects for agencies throughout the Coachella Valley, as well as, managed design teams on large commercial and residential projects, including coordination with the client, governing agencies, various sub -consultants and utility purveyors. He has also acted in the capacity of Inspector/Construction Manager. Mr. Sutton's vast, multi -faceted experience has made him an invaluable asset to the RBF Palm Desert Management team. RELEVANT EXPERIENCE: • Eisenhower George and Julia Argyros Health Center (La Quinta, CA) 2008 - Mr. Sutton served as Project Director for the Eisenhower George and Julia Argyros Health Center in La Quinta, California. The three story, 90,000 square foot ambulatory care center, is located on a 10.2 acre parcel, and will serve the eastern Coachella Valley with convenient and much needed services including, an imaging center, physician offices, a pharmacy, laboratory services, and radiation oncology services. Design services included the preparation of schematic studies, grading and drainage plans, utility plans, horizontal control plans, a PM-10 Plan, and a Storm Water Prevention Plan. The project required close coordination with all local agencies including the City of La Quinta, the Coachella Valley Water District, Imperial Irrigation District, Riverside County Fire Department, Southern California Gas Company, and Verizon. • Indian Wells Town Center (Indian Wells, CA) - Mr. Sutton served as Project Director for the entitlements of the Indian Wells Town Center a 30 acre commercial project in Indian Wells, California. This upscale retail, restaurant, and entertainment destination proposes a large cinema complex and will include up to 40,000 square feet of retail shops, restaurants, and a hotel. • Rancho Dorado Apartments (Moreno Valley, CA) - Mr. Sutton served as Project Director for the entitlements and Final Engineering for Rancho Dorado Project in Moreno Valley, California. The 6.6 acre project contains 160 multi -Family units a recreation center. The project also required full off - site street improvements to John F. Kennedy Drive. La Quinta Redevelopment Agency RFQ October 1, 2010 Page 47 BRIDtiEHousing 07.75 11 11 El Eisenhower George and Julia APgVros Health (Center REIF was responsible for civil engineering, mapping, survey, and construction staking services for this new three-story, 90,000 square -foot state of the art medical center. The project features include urgent care center, imaging technology, health and wellness center, physician offices, pharmacy, laboratory services and radiation oncology facilities. Civil engineering design consisted of on -site rough and precise grading, infrastructure improvements (water, sewer, stonn drainage and retention), retaining walls, and coordination with multiple agencies including OSHPD, CV WD and City of La Quinta. 02524 - 07/192010 Page 48 La Quinta, CA Highlights: o Multi -Discipline Services 0 90,000 SF Medical Center o $40 Million Construction Costs Reference: Eisenhower Medical Center 39000 Bob Hope Drive Rancho Mirage, CA 92270-3221 Mr. Ali Tourkaman, 760/773-1273 0"76 [N In Hovepy Garden Apartments rtlr ents Palm Desert, CA RBF provided preliminary and final engineering services for the Hovely Garden Apartments Project located in Palm Desert, California. RBF prepared all mapping, grading, sewer, water, and stoma drain plans for the 162 unit affordable multi -family project. The 12.4 acre project, at build out includes a recreation center with pool and a tot lot. 02843 - 08/2112009 Page 49 Highlights: 0 12.4 Acres 0 162 Affordable Multi -Family Units o Recreation Center with Pool and Tot Lot n Civil Engineering, Subdivision Mapping, and Surveying Services Reference: Palm Desert Development Company 44139 Monterey Avenue, Suite A Palm Desert, CA 92260 Mr. Ron Crisp, 760/568-1084 Woe e co.nu�n.a Marriott's Shadow Ridge Resort rI L i RBF provided a full range of civil engineering, subdivision mapping, and surveying services to the Marriott Ownership Resorts Corporation in the development of a 315-acre destination resort located in Palm Desert, California. RBF commenced preparation of rough grading and storm drain infrastructure drawings, precise grading, utility and street improvement plans, condominium plans, final subdivision mapping, and construction staking. The project, at build out, will include six villages, 999 time share units, an 18- hole championship golf course, a resort center, a sales center, and a maintenance center. RBF, provided design services including golf course design, construction staking, a conceptual grading plan, water/sewer master plan, drainage master plan, preliminary quantity and cost estimate, golf course lake plan, rough grading plan, on -site sanitary sewer plan, on -site domestic water plan, precise grading plan, on -site street plan, storm water pollution prevention plan, well site grading plan, final tract map, off -site street improvement plan, boundary survey, traffic signal plan, traffic striping, recycled water storage plan, final construction cost estimate, dry utility coordination and utility master plan, site access and utilization plans, quantity surveys, and staking. 00763-05n8n010 Page 50 Palm Desert, CA Highlights: 0 315-Acre Destination Resort o Six Villages, 999 Time Share Units, 18-Hole Championship Golf Course, Resort Center, Sales Center, and Maintenance Center o Civil Engineering, Subdivision Mapping, and Surveying Services OO Laurel Tree Affordable Housing K 101 RBF provided planning support and engineering services for the Laurel Tree Apartments affordable housing project located in the City of Carlsbad. The 1 L9-acre site includes 138 housing units, a community center, day care center and various recreational facilities. Design and consulting services provided by RBF include boundary and topographic surveying; environmental analysis support; site constraints analysis; utility capacity report and utility plan; hydrology study and detailed drainage plan; onsite grading plan; cost estimates; and improvement plans for offsite roads, utilities and drainage facilities. This project demonstrates RBF's ability to understand the infrastructure issues related to multi -family affordable housing. p -:t BAN a Carlsbad, CA Highlights: o Affordable Housing Guidelines and Design Criteria u Understanding of Affordable Housing Guidelines and Design Criteria n Community Presentations n Infrastructure design associated with multi -family affordable housing o Planning/Constraints Analysis o ADA Accessibility o Parking Requirements c local Agency Coordination n HUD Guidelines Reference: 22 W. 35th Street, Suite 100 National City, CA 91950 Mike Davies, 619/687-7380 Page 51 01277 - 09/11/2002 �J • RBF Palm Desert's multi -family, affordable housing experience includes: W etion ,. PCoJectiName Location 7 .. Affordable Size 12.4 AC -162 Date 2003 rietDescription RBF prepared all enki _ Pool, Clubhouse Hovely Garden Palm Desert, Apartments CA Housing Units mapping, grading, sewer, and Tot Lot water & Storm Drain plans Rancho Dorado Moreno Affordable 6.6 AC-70 Units Oct. 2010 RBF prepared all Pool, community Valley, CA Housing mapping, grading, sewer, Center, & Library water & Storm Drain plans Laurel Tree Carlsbad, CA Affordable 11.9 AC- 138 1999 Engineering Design Community center, Affordable Housing Units Services day care center, and various recreational Housing facilities San Martin Lakeside, CA Affordable 5 AC - 116 Units 1999 Engineering Design Community center, DePorres Housing services day care center, and other supporting Affordable facilities Housing La Quinta Redevelopment Agency RFQ October 1, 2010 Page 52 SR' �ousing 080 • RGA Landscape Architects Inc. Role: Landscape Architect Length of Time in Business: 1977-present Ownership Structure: California Corporation Operating Structure: Board of Directors, Principal leadership team Office Location(s): Palm Desert, San Diego office Responsible for La Quinta Development: Palm Desert Founded in Palm Desert in 1977 by Ron Gregory, RGA has 33 years experience in providing landscape architectural services in southern California. An award winning firm noted for elegant yet practical outdoor spaces, RGA is also recognized as expert in the design of water efficient landscapes and the selection of plant material appropriate for and environments. RGA has been the project landscape architect for well over a thousand projects in the southwest. RGA is experienced in the preparation of water use calculations, construction cost estimates, cost analysis and value engineering processes. RGA uses state of the art computer software for preparation of design documentation and we are experienced with team collaboration via FTP sites. RGA is a member of the U.S. Green Building Council and are LEED accredited. The firm is an industry leader in the use of solar powered irrigation controllers and LED landscape lighting. RGA is a service oriented design practice and we well understand the importance of budgets and scheduling of construction projects. A list of RGA's relevant multi -family, affordable housing developments is included following the key staff profiles. The following principal staff members will be involved in the Dune Palms development: Ron Gregory, A.S.L.A., President Ron Gregory is president and founder of RGA Landscape Architects. Ron started the new firm in Palm Desert in 1977 after having worked in a variety of positions in the Los Angeles area, starting as a landscape architectural assistant with the City of Burbank park department; working darned hard with a landscape contracting firm in Montebello; and enjoying the creativity of landscape architectural studios in Los Angeles and Venice. Schooled in landscape architecture at the University of California at Berkeley, Ron came to love the desert and found it rewarding to create a landscaped environment where there was basically sand before. In the mid -eighties, he embraced the need for water efficient design and has since worked at providing sustainable designs for an appreciative clientele. La Quinta Redevelopment Agency RFQ October 1, 2010 Page 53 BRI DCs�EHPusingO `81 0 • • William Kortsch, A.I.A., C.D.S., Vice President As vice president of RGA, Bill is responsible for the firm's business and financial management as well as overall project management. Bill is a licensed architect and a graduate of the University of Notre Dame. He acquired extensive, hands on project management skills as a project manager for heavy industrial projects with a large Midwest architectural firm, and later as a project architect and business manager for a Palm Desert architectural firm. Bill joined RGA in 1984 and has been instrumental in developing RGA into a firm with planning and project management capabilities exceeding those of most mid -size or regional landscape architectural firms. Bill is also an AIA California Council "Certified Development Strategist", which acknowledges his expertise and experience in assisting clients with all aspects of project planning and development. Bill is also a State of California post -disaster building safety evaluator. Rob Parker, A.S.L.A., Principal / Designer Rob comes naturally to Landscape Architecture by way of his maternal grandfather who was a parks superintendent for the City of Buffalo's South Park, a Frederic Law Olmstead designed park central to the City of Buffalo parks system. Rob was raised at Elerslie on Niagara, a noted Niagara Frontier region historical property with widely admired gardens which shaped his interest in landscape design and architecture. After attending SUNY and obtaining an Associates degree in Landscape Design, he decided to pursue a career in landscape architecture through SUNY College of Environmental Forestry at Syracuse. The additional three years landed him in Sydney, Australia for a brief period which lead to an interest in Australian native plants and low water use landscaping which serves him to this day. After working for a year in Syracuse at RBP following graduation, it was time to move out of the cold and he decided that the West Coast was the place to be. 20 years later he is Director of Design with RGA and has been instrumental in establishing RGA as a regionally recognized leader in water efficient Landscape Architecture and planning. In addition to the various boards he serves on as a Landscape Architectural consultant, he has a keen interest in urban gardening and environmentally sensitive methods of development / sustainability and water conservation. La Quinta Redevelopment Agency RFQ October 1, 2010 Page 54 BR1� D6 ousingV82 9 r� L • RGA's relevant experience includes: 2009 Refurbishment, Pools, BBQ, Yoga, Atria Hacienda Palm Desert Senior 6 acres Activethru memory putting, croquet care Catalina Way Palm Desert Senior 1.6 acres 1998 Active senior liMpool,putting,Senior Apartments arlos Ortega Palm Desert Affordable 6 acres2012 LEED Certified family Villas Desert Rose Palm Desert Apartments1acre1992 small apt. com single family Senior / 95 units affordable units with park, pool area Falcon Crest Palm Desert Affordable 14.8 acres 2005 senior living building walking trail Indian Canyon In entitlement high density Affordable Housing Palm Springs Affordable 3 acres process apartments pool area single family pool areas, Miraflores La Quinta Senior 30 acres 2002 affordable units walking trail Mountain View Senior/ 160 units single family pool areas, walking trail Villas Indian Wells Affordable 18 acres 2005 affordable units 150 units condominium style Palm Desert Senior Apartments Palm Desert Senior 7.2 acres 1990 senior units pool area pool area, In entitlement croquet, walking Ryerson Senior Indian Wells Senior 8acres process Active senior living trail Community San Felipe Migrant Coachella Affordable 48 units 1.8 acres 2010 apartment units soccer area Housing 91 units condominium style Season Senior Apartments La Quinta Senior 9 acres 1995 senior units P0000i area shuffleboard, Select Care Senior 2012 Active senior living putting,trail Center Indio Senior 8acres Enlisted family Silver Stand Coronado Military 53 units 1996 housing soccer, trail, ark p Enlisted family Silver Strand 11 Coronado Military 114 units 1998 housing soccer, trail, ark P condominium style Vista Dunes La Quinta Affordable 5 acres 2006 senior units pool area single family pool areas, Watercolor Senior Senior 20 acres 2006 affordable units walking trail Housing La Quinta Pool, walking In entitlement West Living La Quinta Senior 8 acres process Active senior living trail, croquet Community condominium style pool areas, Wolffe Waters Affordable 20 acres 2008 living units soccer area, trail Place La Quinta La Quinta Redevelopment Agency RFQ October 1, 2010 Page 55 sRw ��SEttousing 0.183 BRIDGE HOUSING CORPORATION AND AFFILIATES COMBINED FINANCIAL STATEMENTS AND INDEPENDENT AUDITOR'S REPORT YEARS ENDED DECEMBER 31, 2009 AND 2008 r1 L_J 0 0,)$4 BRIDGE HOUSING CORPORATION AND AFFILIATES COMBINED FINANCIAL STATEMENTS • YEARS ENDED DECEMBER 31, 2009 AND 2008 i TABLE OF CONTENTS Page IndependentAuditor's Report ................................................................................................................................................I CombinedStatements of Financial Position...........................................................................................................................2 Combined Statements of Activities........................................................................................................................................4 CombinedStatements of Cash Flows.....................................................................................................................................6 Notesto Combined Financial Statements...............................................................................................................................8 SupplementaryInformation..................................................................................................................................................29 Combining Schedules of Financial Position...........................................................................................................30 Combining Schedules of Activities........................................................................................................................34 Combining Schedules of Cash Flows.....................................................................................................................36 Combining Schedules Cash Composition • of ..........................................................................................................40 Schedulesof Financial Position.............................................................................................................................41 .� Schedulesof Notes Payable...................................................................................................................................43 • LAMES M. KRAFT S. SCOTT $1DUN ANDS MARK O. BRITTAIN ALEXIS H. WONO Board of Directors BRIDGE Housing Corporation and Affiliates CHARLOTTE STEW-KUN TAY San Francisco, California CATHY L NtVANG RITA IL DELA CRUZ INDEPENDENT AUDITOR'S REPORT STANLEY WOO We have audited the accompanying combined statements of financial position of BRIDGE Housing Corporation, a California nonprofit public benefit corporation, and affiliates as of December 31, 2009 and 2008, and the related combined statements of activities, and cash flows for the years ended December 31, 2009 and 2008. These financial statements are the responsibility of BRIDGE Housing Corporation's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes • consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of BRIDGE Housing Corporation and affiliates' internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the combined financial statements present fairly, in all material respects, the financial position of BRIDGE Housing Corporation and affiliates as of December 31, 2009 and 2008, and the results of their operations and their cash flows for the years ended December 31, 2009 and 2008, in conformity with accounting principles generally accepted in the United States of America. In accordance with Government Auditing Standards, we have also issued a report dated April 28, 2010 on our consideration of BRIDGE Housing Corporation and affiliates' internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards and should be considered in assessing the results of our audit. Our audits were conducted for the purpose of forming an opinion on the basic combined financial statements taken as a whole. The accompanying supplementary information on pages 30 through 44 is presented for the purpose of additional analysis and is not a required part of the basic combined financial statements. The information has been subjected to the audit procedures applied in the audit of the basic combined financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic combined financial statements taken as a whole. April28, 2010 1 BTT CERTIFIED PUBLIC ACCOUNTANTS, 90 New Montgomery, lath Floor, San Francisco, California 94105 0 I K.R Telephone 415 957 9999 Facsimile 4l5 957 1629 Email mail@lvhj. com http://www.lvhj.com AN INDEPENDENT MEMBER FIRM OF BKR INTERNATIONAL WITH ASSOCIATES IN PRINCIPAL CITIES WORLDWIDE BRIDGE HOUSING CORPORATION AND AFFILIATES COMBINED STATEMENTS OF FINANCIAL POSITION DECEMBER 31, 2009 AND 2008 ASSETS Current assets: Cash and cash equivalents Accounts receivable — net (Note 3) Contributions receivable (Note 4) Notes receivable (Note 5) Prepaid expenses and deposits (Note 6) Impounds (Note 7) Total current assets Non -current assets: Restricted cash and deposits (Note 8) Marketable securities (Note 2) Contributions receivable — net of current portion (Note 4) Notes receivable — net of current portion (Note 5) Prepaid expenses and deposits — net of current portion (Note 6) Property and equipment — net (Note 9) Deferred costs — net (Note 10) Land under lease and held for development (Note 11) Other investments (Note 12) Total non -current assets Total assets 2009 $ 64,682,000 $ 64,217,000 2,697,000 3,461,000 137,000 165,000 2,733,000 2,574,000 1,825,000 1,262,000 1,113,000 1,275,000 73,187,000 72,954,000 48,404,000 47,554,000 7,969,000 6,237,000 - 69,000 29,206,000 31,700,000 368,000 1,088,000 1,043,159,000 931,206,000 14,290, 000 14,438,000 6,798,000 6,798,000 1,949,000 2,004,000 1,152,143,000 1,041,094,000 $ 1,225,330,000 $ 1,114,048,000 • The accompanying notes are an integral part of these combined financial statements. 2 BRIDGE HOUSING CORPORATION AND AFFILIATES • i� • COMBINED STATEMENTS OF FINANCIAL POSITION DECEMBER 31, 2009 AND 2008 LIABILITIES AND NET ASSETS Current liabilities: Accounts payable and accrued expenses Notes payable (Note 13) Interest payable (Note 13) Deferred revenues (Note 15) Security and other deposits Total current liabilities Non -current liabilities: Notes payable — net of current portion (Note 13) Interest payable — net of current portion (Note 13) Deferred revenues — net of current portion (Note 15) Security and other deposits — net of current portion Total non -current liabilities Total liabilities Net assets: Unrestricted: Controlling interests Non -controlling interests Total unrestricted Temporarily restricted (Note 16) Permanently restricted (Note 17) Total net assets Total liabilities and net assets 2009 2008 $ 30,251,000 $ 24,992,000 98,430,000 29,895,000 3,043,000 2,887,000 1,992,000 1,833,000 3,906,000 4,022,000 137,622,000 63,629,000 662,353,000 611,553,000 42,809,000 36,006,000 23,543,000 28,812,000 397,000 459,000 729,102,000 676,830,000 866,724,000 740,459,000 70,580,000 65,783,000 203,997,000 223,195,000 274,577,000 288,978,000 82,369,000 82,951,000 1,660,000 1,660,000 358,606,000 373,589,000 $ 1,225,330,000 $ 1,114,048,000 The accompanying notes are an integral part of these combined financial statements. 3 BRIDGE HOUSING CORPORATION AND AFFILIATES COMBINED STATEMENTS OF ACTIVITIES YEARS ENDED DECEMBER 31, 2009 AND 2008 Support and revenue: - Rental income - net o£vacancies and concessions Management revenue Contributions (Note 16) Interest income Other _ Net assets released from restrictions (Note 16) Total support and revenue Expenses: Program services Supporting services Fundraising Total expenses Changes in net assets before change in accounting estimates Change in accounting estimates of transfer fees (Note 15) Changes in net assets ' Net assets, beginning of yew Net capital contribution - non -controlling interest Net assets, end of year 2009 Temporarily Permanently Unrestricted Restricted Restricted Total $ 79,217,000 $ $ - $ 79,217,000 3,153,000 - - 3,153,000 337,000 3,549,000 - - 3,886,000 2,351,000 133,000 - 2,484,000 6,949,000 - - 6,949,000 4,264,000 (4,264,000) 96,271,000 (582,000) - 95,689,000 113,737,000 - - 113,737,000 4,010,000 - - 4,010,000 367,000 - - - 367,000 118,114,000 - - 118,114,000 (21,843,000) (582,000) - (22,425,000) 3,961,000 - - 3.961.000 (17,882,000) (582,000) - .(18,464,000) 288,978,000 82,951,000 1,660,000 373,589,000 3,481,000 - 3,481,000 $ 274,577,000 $ 82,369,000 $ 1,660,000 $ 358,606,000 The accompanying notes are an integral part of these combined financial statements. 4 BRIDGE HOUSING CORPORATION AND AFFILIATES is COMBINED STATEMENTS OF ACTIVITIES YEARS ENDED DECEMBER 31, 2009 AND 2008 • • Support and revenue: Rental income — net of vacancies and concessions Management revenue Contributions (Note 16) Interest income Other Net assets released from restrictions (Note 16) Total support and revenue Expenses: Program services Supporting services Fundraising Total expenses Changes in net assets before change in accounting estimates Change in accounting estimates of transfer fees (Note 15) Changes in net assets Net assets, beginning of year Net capital contribution — non -controlling interest Net assets, end of year Temporarily Permanently Unrestricted Restricted Restricted Total $ 76,247,000 $ - $ - $ 76,247,000 4,127,000 - - 4,127,000 3,650,000 26,246,000 - 29,896,000 3,956,000 433,000 - 4,389,000 4,417,000 - - 4,417,000 3,196,000 (3,106,000) 190 000) 95,593,000 23,573,000 (90,000) 119,076,000 114,991,000 - - 114,991,000 3,201,000 - - 3,201,000 378,000 - 378,000 118,570,000 - - 118,570,000 (22,977,000) 23,573,000 (90,000) 506,000 (22,977,000) 286,244,000 23,573,000 59,378,000 (90,000) 1,750,000 506,000 347,372,000 25,711,000 - - 25,711,000 $ 288,978,000 $ 82,951,000 $ 1,660,000 $ 373,589,000 The accompanying notes are an integral part of these combined financial statements. 5 BRIDGE HOUSING CORPORATION AND AFFILIATES COMBINED STATEMENTS OF CASH FLOWS YEARS ENDED DECEMBER 31, 2009 AND 2008 2009 2008 Cash flows from operating activities Change in net assets: $ (18,464,000) $ 506,000 Adjustments to reconcile change in net assets to net cash provided by operating activities: Depreciation and amortization 26,318,000 26,088,000 Loss (gain) on disposal of fixed assets 4,790,000 5,634,000 Amortization of deferred revenue (5,269,000) (1,379,000) Unrealized loss (gain) and income from investment entities (3,036,000) (489,000) Contributions earmarked for non -operating activities (2,864,000) (25,442,000) Income from forgivable loans (843,000) - (Increase) decrease in assets: -Accounts receivable - 1,638,000 1,435,000 Contributions receivable 97,000 (104,000) Prepaid expenses and deposits 157,000 3,334,000 Impounds 162,000 (296,000) Increase (decrease) in liabilities: Accounts payable and accrued expenses 972,000 (899,000) Deferred revenues 160,000 40,000 • Interest payable 5,866,000 4,226,000 1 Net cash provided by operating activities 9,684,000 12,654,000 " Cash flows from investing activities Collection of notes receivable 2,415,000 2,525,000 Net decrease in other investments 695,000 260,000 Net increase in restricted cash and deposits (1,028,000) (852,000) Sale (Purchase) of marketable securities 159,000 (1,723,000) (Purchase) Disposal of property and equipment (110,462,000) (101,763,000) Net increase in deferred costs (716,000) (794,000) Net cash used in investing activities (108,937,000) (102,347,000) Cash flows from financing activities: Payment of development payables (20,506,000) (13,524,000) Proceeds from notes payable 134,504,000 104,906,000 Payment of notes payable (20,625,000) (55,086,000) Payment of syndication costs (178,000) - Proceeds from contributions earmarked for development activities 2,864,000 25,442,000 Proceeds from capital contributions 3,659,000 25,713,000 Net cash provided by financing activities 99,718,000 87,451,000 Increase (decrease) in cash and cash equivalents 465,000 (2,242,000) Cash and cash equivalents, beginning • of year 64,217,000 66,459,000 Cash and cash equivalents, end of year $ 64,682,000 $ 64,217,000 The accompanying notes are an integral part of these combined financial statements. 6 0-)9I BRIDGE HOUSING CORPORATION AND AFFILIATES . COMBINED STATEMENTS OF CASH FLOWS YEARS ENDED DECEMBER 31, 2009 AND 2008 • 2009 2008 Supplementary information: Cash paid for interest (net of capitalized portion) $ 14,209,000 $ 17,045,000 Noncash investing and financing activities: Assets acquired by assuming current liabilities $ 29,464,000 $ 19,079,000 Assets acquired by assuming non -current liabilities $ 7,280,000 $ 210,000 The accompanying notes are an Integra( part of these combined financial statements. D `n2 BRIDGE HOUSING CORPORATION AND AFFILIATES NOTES TO COMBINED FINANCIAL STATEMENTS • YEARS ENDED DECEMBER 31, 2009 AND 2008 NOTE 1— ORGANIZATION AND NATURE OF ACTIVITIES BRIDGE Housing Corporation (BRIDGE) creates high -quality, affordable homes for working families and seniors. With over 12,500 homes placed in service and over 3,600 units currently in progress, BRIDGE is among the largest affordable housing developers in California. BRIDGE builds a range of housing types that not only fit comfortably into their surroundings but also act as the catalyst for revitalizing and strengthening neighborhoods. BRIDGE is also affiliated with and under common board control with other not -for -profit corporations which have been formed either as supporting entities to BRIDGE, or as instruments to further BRIDGE's organizational objectives. These entities, which are included in the combined financial statements of BRIDGE in accordance with generally accepted accounting principles, are: • BRIDGE is a general partner of Drake Marin Associates and owner of land in Livermore, California. BRIDGE is also a co -general partner of Pacific Oaks Associates, South San Francisco Magnolia Plaza Associates, and San Rafael Apartments LP, and is a non -managing member of North Beach Development Associates LLC, and North Beach Retail Associates LLC, which are accounted for under the equity method of accounting. • BRIDGE Infill Development, Inc. (BID), a taxable not -for -profit entity, is a managing member and 2% owner of BRIDGE Urban Infill Land Development, LLC (BUILD). BUILD was formed to acquire, own, develop, manage, lease, finance, construct, redevelop, reposition and ultimately dispose of commercial and residential properties. BID is the managing member and the State of California Public Employees' Retirement System (CaIPERS), is the non -managing member of BUILD, which is accounted for under the equity method of • accounting. • Bay Area Senior Services, Inc. (BASS), the licensee operating The Peninsula Regent (TPR), a senior assisted living facility in San Mateo, California. • BRIDGE Property Management Company (BPMC), provider of property and marketing services to rental properties developed by BRIDGE or acquired by other related entities. • HomeBricks, Inc., provider of home ownership services and mortgage assistance programs for low income families, sole member of HomeBricks NSP LLC, and operator of Pacific Home Connection (PHC), a taxable non-profit entity which is a provider of home ownership services and mortgage assistance programs. • BRIDGE Support Corporation (BSC), non-profit established as a support corporation to BRIDGE Housing Corporation. Housing Properties and Other Entities • BLP, Inc., developer and operator of a senior assisted living facility in Pleasanton, California. • BRIDGE West Oakland Housing, Inc., BOMH, Inc., Alto Station, Inc., Brisbane Senior Housing, Inc., Bayview Senior Housing, Inc., Chestnut Creek, Inc., Emeryville Senior Housing, Inc., and Redwood Shores Housing, Inc., recipients of grants and loans mainly from the U.S. Department of Housing and Urban Development (HUD), for the rehabilitation and/or construction of housing properties in Oakland, Vallejo and South San Francisco, California, and owners and operators of affordable housing properties in Emeryville, Mill Valley, San Rafael, Brisbane, and San Francisco, California. • 0. 0 � 9 3 BRIDGE HOUSING CORPORATION AND AFFILIATES • NOTES TO COMBINED FINANCIAL STATEMENTS YEARS ENDED DECEMBER 31, 2009 AND 2008 • BRIDGE Economic Development Corporation (BREDCO), developer and co -managing member of COMM 22 LLC, developer consultant for a joint venture project in San Francisco, holder and land owner of a property in Oakland, California and owner and operator of commercial rental properties developed by BRIDGE. BREDCO is also the managing member of Mandela Gateway Commercial LLC, owner and operator of retail space in Oakland, California. BREDCO also acts as an agent for Restoration Association for Improving the Landmark 16" Street Station (RAILS) which is not an affiliated entity of BRIDGE. • BRIDGE Homes, Inc., developer of an affordable ownership housing project in Marin City, California and the sole member of Mandela Gateway Townhomes, LLC, Armstrong Townhomes, LLC, Berry Street, LLC, 474 Natoma, LLC, and 1275 ECR, LLC. • BRIDGE Housing Acquisitions, Inc. (BHAI), sole member of Hilltop Summit LLC who is the owner of The Summit at Hilltop, a 240-unit mixed affordable and market rate apartment complex in Richmond, California. • BRIDGE Housing Corporation Southern California, Inc. (BHC SoCal), a general partner of Santa Alicia Family Housing Associates, Poinsettia Housing Associates, Carmel Valley Housing Associates, White Dove Canyon Housing Associates, Copper Creek 4% Housing Associates, Copper Creek 9% Housing Associates, Laguna Canyon Housing Associates, and Northwood Housing Associates. BHC SoCal is also the sole member of BRIDGE SC LLC, which is a general partner of: • Area F-1 Housing Associates BHC Sage Park, LP Broadway Tower Associates Pottery Court housing Associates Summerhouse Housing Associates, LP Woodbury Partners, LP BHC SoCal was the general partner of Ivy Housing Associates, and the co -managing member of CPW One Tribeca, LLC. Both entities were dissolved in early 2010. • BRIDGE Housing Ventures, Inc. (BHVI), a general partner of Chestnut Linden Associates, Mandela Gateway Associates, and North Beach Housing Associates, and a co -general partner of Marina Annex Associates. BHVI is the limited partner in South Beach Family Associates and Winfield Hill Associates. BHVI is also a co - limited partner of Pacific Oaks Associates, South San Francisco Magnolia Plaza Associates, SR Fountains Limited Partnership and Centertown Associates, which are accounted for under the equity method of accounting. BHVI owns land in Oakland, California which is held for development. • BRIDGE Properties, Inc. (BPI), a taxable not -for -profit entity. • BRIDGE Regional Partners (BRP) owner of land in Fremont, California and owner of an operating property in Pittsburg, California. • Emery BRIDGE, Inc., a not -for -profit entity. • MCB Family Housing, Inc. (MCB) is the sole managing member of BRIDGE NorCal, LLC who is the general partner of Trestle Glen Associates, LP and St. Joseph's Family Associates. MCB is also the sole managing member of Alameda Housing LLC who is the general partner of Alameda Housing Associates, and co - managing member of Folsom Essex LLC. BRIDGE HOUSING CORPORATION AND AFFILIATES NOTES TO COMBINED FINANCIAL STATEMENTS • YEARS ENDED DECEMBER 31, 2009 AND 2008 • Northpoint Housing, Inc. (NHI), a general partner of Canal Housing Associates, Chelsea Housing Associates, Northpoint Housing Associates, and Northpoint II Housing Associates. NHI is also the sole member of BRIDGE Tower LLC, who is the general partner of: 14th Street Associates, Carquinez Associates, Cottonwood Creek Associates, Fabian Way Associates, LP, Geary Housing Partners, LP, Grand Oak Associates, Irvington Development Group, LP, Jennings Avenue Associates, Kentfield Associates, LP, Leland Housing Partners, LP, St. Joseph's Senior, LP, and a co -general partner of Marina Tower Associates and Cinnabar Commons II, LP. • Winfield Hill, Inc is the sole managing member of Winfield Hill LLC who is the general partner of Winfield Hill Associates. Winfield Hill, Inc is also the general partner of Richmond City Center Associates. • Single -purpose not -for -profit corporations holding a controlling general partner interest (ranging from .01% to 1 %) in their respective limited partnerships providing affordable housing: • Not -For -Profit Corporation Limited Partnership(s) Armstrong Place, Inc. None as of December 31, 2009 BRIDGE Bissell, Inc. None as of December 31, 2009 BRIDGE Terraza, Inc. La Terraza Associates BRIDGE Third Street, Inc. YWCA Villa Nueva Partners Chestnut Linden, Inc. None as of December 31, 2009 Church Street Housing, Inc. Church Street Housing Associates and BRIDGE Grayson Creek Associates Coggins Square, Inc. Coggins Square Associates Danville Senior Housing, Inc. Danville Senior Housing Associates and Sanraf Associates Fell Street Housing, Inc. Fell Street Housing Associates Hercules Senior Housing, Inc. Hercules Senior Housing Associates and Pinole Grove Associates Hotel Don, Inc. None as of December 31, 2009 (n Milpitas Housing, Inc. Milpitas Housing Associates North Beach Housing, Inc. None as of December 31, 2009 Northside Senior Housing, Inc. Northside Senior Housing Associates Ohlone Housing Corporation Ohlone Housing Associates Roberts Avenue, Inc. Roberts Avenue Senior Housing, LP Rotary Valley, Inc. Rotary Valley Associates San Marcos Family Housing, Inc. Terra Cotta Housing Associates Site K, Inc. South Beach Family Associates and Armstrong Place Associates Strobridge Housing, Inc. Strobridge Housing Associates Westpark Housing Corp. None as of December 31, 2009 or Hotel Don, Inc. was the general partner of Hotel Don Associates. The Partnership was dissolved in December 2009. 10 F 5 BRIDGE HOUSING CORPORATION AND AFFILIATES . NOTES TO COMBINED FINANCIAL STATEMENTS YEARS ENDED DECEMBER 31, 2009 AND 2008 • Single -purpose not -for -profit corporations holding a general partner interest (ranging from .01% to 1%) in their respective limited partnerships providing affordable housing. BRIDGE's officers and/or board have majority control over these entities: Not -For -Profit Corporation Limited Partnerships) Calistoga Brannan Housing, Inc. Calistoga Brannan Housing Associates Hunt Avenue, Inc. Hunt Avenue Associates Metro Senior Homes, Inc. Metro Senior Housing Associates Nairobi Housing, Inc. Nairobi Housing Associates Silverado Creek Housing, Inc. Silverado Creek Partners • Single -purpose not -for -profit corporations holding a limited partner interest (ranging from 99% to 99.99%) in their respective limited partnerships providing affordable housing: Not -For -Profit Corporation Limited Partnership(s) Calistoga Brannan Housing, Inc. Hunt Avenue Associates Hunt Avenue, Inc. Calistoga Brannan Housing Associates • The combined financial statements do not include single -purpose not -for -profit corporations holding a general partner interest (ranging from .01% to • 1%) in their respective limited partnerships providing affordable housing for which BRIDGE's officers and/or board are deemed not to have majority control, namely: Not -For -Profit Corporation Limited Partnership(s) Bernal Senior Housing Corporation Bernal Senior Housing Partners Centertown, Inc. Centertown Associates SR Senior Housing, Inc. SR Fountains Limited Partnership NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES Principles of Combination Not -for -Profit Comorations The combined financial statements include the accounts of BRIDGE (Parent) and other not -for -profit entities that are commonly controlled by BRIDGE's Officers or Board of Directors, including those not -for -profit entities that are majority controlled by BRIDGE. Other not -for -profit entities, over which BRIDGE does not exercise majority control, are not included in the combined financial statements. All material intercompany balances and transactions have been eliminated in the combined financial statements. Limited Partnerships Partnerships that are controlled by BRIDGE or its affiliated not -for -profit entities are included in the combined financial statements. Partnerships over which BRIDGE or its affiliates exercise significant influence are included in the financial statements using the equity method of accounting. • The partnership interests generally range from .01% to 1.0% with the remainder of the partnership's equity held by a limited partner and shown as non -controlling interests in unrestricted net assets. BRIDGE HOUSING CORPORATION AND AFFILIATES NOTES TO COMBINED FINANCIAL STATEMENTS • YEARS ENDED DECEMBER 31, 2009 AND 2008 Basis of Presentation The combined financial statements are presented in accordance with generally accepted accounting principles, which require that financial statements are presented on the basis of unrestricted, temporarily restricted and permanently restricted net assets predicated on the existence of donor -imposed restrictions Unrestricted Unrestricted net assets consist of all resources of BRIDGE which have not been specifically restricted by a donor. Temporarily Restricted Temporarily restricted net assets consist of cash and other assets received with donor stipulations that limit their use. Donor restrictions are stipulated by either a time restriction or a purpose restriction. Upon expiration of a time restriction or completion of a purpose restriction, temporarily restricted net assets are reclassified to unrestricted net assets and reported in the statement of activities as net assets released from restrictions. Permanently Restricted Permanently restricted net assets consist of assets whose use has been restricted for investment in perpetuity. The combined financial statements generally reflect the same classification of net assets as appears on the • individual financial statements of each affiliated entity, except for the unamortized portion of forgivable loans from j HUD under the Section 202 program or the Multifamily Property Disposition — Upfront Grant which are recorded as temporarily restricted net assets in the combined financial statements. The financial statements of one of the affiliates have additionally been prepared in accordance with applicable provisions of the Audit and Accounting Guide, Health Care Organizations, issued by the AICPA, with respect to accounting for the long-term obligation to provide continuing care and the use of the facility to current residents. Use a Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents BRIDGE and affiliates consider all highly liquid debt instruments purchased with an original maturity of one year or less to be cash equivalents. BRIDGE has designated certain cash and cash equivalents for the development of affordable homes and for operating and replacement reserves at one of the properties. Donor restricted cash represents amounts received with donor stipulations that limit the use of the donated assets. Not included as cash equivalents are funds restricted as to their use such as reserves for replacements, operations, debt services, mortgage assistant programs and tenant security deposits. BRIDGE and affiliates maintain cash on deposit at a bank in excess of the Federal Deposit Insurance Corporation limit. The uninsured cash balance, including the restricted cash, was approximately $78,087,000 as of December 31, 2009. BRIDGE and affiliates have not experienced any losses in such accounts. 12 - 0' 97 BRIDGE HOUSING CORPORATION AND AFFILIATES NOTES TO COMBINED FINANCIAL STATEMENTS YEARS ENDED DECEMBER 31, 2009 AND 2008 Cash and cash equivalents composition as of December 31, 2009 and 2008 are as follows: Unrestricted Designated Donor restricted Total unrestricted cash and cash equivalents Restricted (Note 8) Total cash and cash equivalents Marketable Securities 2009 2008 $ 12,560,000 $ 12,761,000 50,644,000 48,737,000 1,478,000 2,719,000 64,682,000 64,217,000 48,404,000 47,554,000 $ 113,0864000 $ 111,771,000 Marketable securities are stated at fair value using quoted prices in active markets for identical assets (Level 1 measurements) and consist of the following: 2009 2008 • Treasury bills $ - $ 4,579,000 Multi -asset funds 7,969,000 1,658,000 $ 7,969,000 $ 6,237,000 Fair Value o(Financial Assets and Liabilities The carrying value of cash and cash equivalents approximates fair value due to the short-term maturity of these instruments. It is not practicable for management to estimate the fair value of accounts and notes receivable, notes payable, equity investments and financial guarantees because of the nature of such instruments and because there is no readily available market information for financial instruments with similar terms, except for BID's equity investment in BUILD (see Note 12). Revenue Recognition BRIDGE earns fees for development of properties and generally recognizes the fees as earned over the development period as follows: 30% of each anticipated total developer fee is recorded when the predevelopment phase ends and the construction period begins; however, if BRIDGE receives payment of fees during the predevelopment phase, revenue will be recognized as fees are received but shall not exceed 30% of total anticipated developer fee; • 70% is recorded throughout the construction period based on the percentage of completion as gauged by the general contractor's progress billing. An allowance of 5% of the fee is reserved until the Internal Revenue Service Form 8609 is obtained, or its equivalent, to signify completion of the development process. In addition, for "for -sale" projects, the last approximately • 25% of the total anticipated developer fees are not recognized until the last unit is sold. Development fees recognized from combined affiliates or consolidated subsidiaries are eliminated as intercompany transactions. BRIDGE estimates that 70% of its development fees cover related project costs. Project costs include costs of development, such as consultants, allocated internal salaries and benefits, related overhead, and other non -reimbursed fees that are ordinarily capitalized. Therefore, real property costs have been reduced by 30% of the developer fees. 0198 n 13 BRIDGE HOUSING CORPORATION AND AFFILIATES NOTES TO COMBINED FINANCIAL STATEMENTS YEARS ENDED DECEMBER 31, 2009 AND 2008 Revenue from the sales of condominium leasehold interests and related memberships at one of the properties, net of related deferred project costs, is recognized on the straight-line basis over the 40-year lease term. Prior to 2009, net revenue arising from the transfer fees out of subsequent re -sales of condominium leasehold interests and related memberships was recognized over the remaining lease term. Unrecognized revenue from transfer fees of a previous resale is recognized in full in the year of the subsequent resale. Effective January 1, 2009, transfer fees are fully recognized as income upon sale of each unit (see Note 15). Revenue from resident fees, rents and services is recognized in the period rendered. Rental income is shown at its maximum gross potential. Vacancy loss and concessions are shown as a reduction of rental income. Rental units occupied by employees are included in rental income and as an expense of operations. Most of the rental income is received under short-term residential leases. Revenue from long-term leases on land is recorded in the period earned, according to lease contract terms. In many situations, rental revenue is payable only from excess cash and is recorded when cash is received. Such intercompany revenue has been eliminated in the combined financial statements. Management Revenue and Related Accounts BRIDGE provides property management, bookkeeping and asset management services. Income is earned in accordance with the terms of the agreements and recorded as revenue, Such intercompany revenue has been eliminated in the combined financial statements. BRIDGE also provides investment management, marketing and other services. Contributions Contributions are recognized as revenue when unconditionally promised. Noncash contributions are recorded at their estimated fair value when received. Contributions to be received after one year are discounted at an appropriate discount rate when material. Allowances for Uncollectible Accounts The allowances for uncollectible accounts are determined on specific identification basis, based upon management's assessment. Management determines the allowance for uncollectible amounts based on historical experience, current economic conditions and by regularly evaluating individual receivables. Management elects to record bad debts using the direct write-off method related to rents for the housing properties. Accounting principles generally accepted in the United States of America require that the allowance method be used to reflect bad debts. However, the effect of the use of the direct write-off method is not materially different from the result that would have been obtained had the allowance method been followed. Other Investments Other investments in a for -profit entity, taxable not -for -profit entities, and other not -for -profit organizations are recorded using the cost or equity method of accounting, depending on the level of ownership and control. Investments in entities which are 100% or majority controlled by BRIDGE are eliminated in the combined financial statements. Mortgage loans held for investment are second deeds of trust and are valued at aggregate cost. Cost consists of loan principal balance, less allowance for losses, if any. Property and Equipment Leasehold Improvements Ground Lease and Deterred Costs Property and equipment are stated at cost of acquisition or construction, or fair value if donated. Depreciation • is computed using the straight-line method over the estimated useful lives of the assets. Maintenance, repair, and renewals, which neither materially add to the value of the property nor appreciably prolong its life, are charged to expense as incurred. 14 0199 BRIDGE HOUSING CORPORATION AND AFFILIATES NOTES TO COMBINED FINANCIAL STATEMENTS YEARS ENDED DECEMBER 31, 2009 AND 2008 BRIDGE and affiliates incur costs during the development phase of the affordable housing project undertaken. Such costs include governmental fees, legal and consulting fees, as well as construction costs. BRIDGE and affiliates record these costs as assets (development in progress). Housing project development costs are considered to be development in progress until the housing project is placed in service. Development in progress is not depreciated until the completion of the development. Deferred costs are incurred in order to obtain permanent financing and tax credits for the properties. Deferred costs are stated at cost and amortized on a straight-line basis. Organization costs are expensed as incurred. The useful lives of the assets are estimated as follows: Buildings and improvements 15 to 55 years Furniture, fixtures and equipment 3 to 12 years Tax credit costs 10 years Permanent loan costs 15 to 55 years In accordance with generally accepted accounting principles, BRIDGE reviews its investment in real estate for impairment whenever events or changes in circumstances indicate that the carrying value of such property may not be recoverable. Recoverability is measured by a comparison of the carrying amount of the real estate to the future net undiscounted cash flow expected to be generated by the rental property, including the low-income housing tax credits and any estimated proceeds from the eventual disposition of the real estate. If the real estate is considered to be impaired, the impairment to be recognized is measured at the amount by which the carrying amount of the real estate exceeds the fair value of such property. Impairment loss of $-0- and ($145,000) were recorded in 2009 and 2008, respectively. Land Purchased land is carried at cost. Donated land is carried at estimated fair market value at the date of donation. BRIDGE leases most of its land to affiliated affordable housing developments under long-term leases. Accounting for Leases Leasehold interests of several combined entities are not subject to capitalization and thus are accounted for as operating leases. Prepaid ground leases are an allocation of the total cost of the property which are amortized over the respective lease terms. Income Taxes BRIDGE is a not -for -profit corporation pursuant to the Internal Revenue Code Section 501(c)(3) and related California code sections, and, accordingly, is exempt from federal and state income taxes on related business income. BID, BPI and PHC are the only entities combined which are not tax-exempt. Deferred income taxes do not arise from the operations of these entities in a material amount. The income or loss from the partnerships is reported by the partners on their income tax returns. Guarantees Generally accepted accounting principles require a liability to be recorded for the fair value of the stand ready obligation associated with a guarantee issued after December 31, 2002. Guarantees issued between entities under common control or on behalf of an entity under common control are excluded. Consequently, no liabilities have been recorded as all guarantees are considered to be issued to entities under common control (see Note 19). 15 0100 BRIDGE HOUSING CORPORATION AND AFFILIATES NOTES TO COMBINED FINANCIAL STATEMENTS YEARS ENDED DECEMBER 31, 2009 AND 2008 Allocation of Partnership Income/Loss and Tax Credits The affiliated partnerships are generally expected to generate low-income housing credits, which will be allocated in the same manner as the income or loss of each partnership. Because the limited partners' losses are limited to their investments, the limited partners' equity will not be reduced below zero unless future capital contributions will be made in an amount sufficient to absorb the losses. All remaining losses are allocated to the general partners. Functional Expense Allocation The costs of providing program services and supporting services have been summarized on a functional basis in the Statement of Activities. Accordingly, certain costs have been allocated among program services and supporting services based on estimates of employees' time incurred and on usage of resources. Program services include all expenses relating to development, management of properties, and resident services. Supporting services consist of management and general expenses. Related party Transactions Most related -party transactions have been eliminated in the combined financial statements. The remaining related -party transactions are not material. Subsequent Events Management has 'evaluated subsequent events through April 28, 2010, the date on which the financial statements were available to be issued. NOTE 3 —ACCOUNTS RECEIVABLE Accounts receivable as of December 31, 2009 and 2008 consist of the following: Reimbursable costs Rent Management and consulting fees Less: allowance for uncollectible accounts Total 2009 2008 $ 1,211,000 $ 2,354,000 1,344,000 1,068,000 207,000 90,000 2,762,000 3,512,000 65,000 51,000 $ 2,697,000 $ 3,461,000 16 0101 i BRIDGE HOUSING CORPORATION AND AFFILIATES • NOTES TO COMBINED FINANCIAL STATEMENTS YEARS ENDED DECEM13ER 31, 2009 AND 2008 NOTE 4 — CONTRIBUTIONS RECEIVABLE Contributions receivable, as of December 31, 2009 and 2008, are comprised of the following: Stein Educational Program Neighborhood Partnership Initiative 25`s Anniversary Initiative Building and Technology Initiative Other Less: allowance for uncollectible accounts Less: current portion Non -current portion NOTE 5 — NOTES RECEIVABLE `o IL $ - $ 20,000 75,000 130,000 - 25,000 3,000 - 59,000 59,000 137,000 234,000 137,000 234,000 137,000 165,000 $ - $ 69,000 Notes receivable, including accrued interest, as of December 31, 2009 and 2008, consist of the following: Construction financing Mortgage assistance program Other Less: allowance for uncollectible accounts Less: current portion Non -current portion 2009 2008 $ 31,625,000 $ 34,199,000 239,000 - 440,000 426,000 32,304,000 34,625,000 365,000 351,000 31,939,000 34,274,000 2,733,000 2,574,000 $ 29,206,000 $ 31,700,000 Construction financing of $50,000,000 for one of the leased properties was loaned to the property owner out of the proceeds from the initial sales of leasehold condominium interests and related memberships. The loan is secured by a first deed of trust and bears interest at 6%, with monthly principal and interest payments of $380,000 through December 2018. As of December 31, 2009 and 2008, the principal outstanding was $31,625,000 and $34,199,000, respectively. Principal payments under these notes are estimated to be received as follows: Year ended December 31, 2010 $ 2,733,000 2011 2,902,000 2012 3,081,000 2013 3,271,000 - 2014 3,472,000 Thereafter 16,480,000 $ 31,939,000 17 0102 BRIDGE HOUSING CORPORATION AND AFFILIATES NOTES TO COMBINED FINANCIAL STATEMENTS YEARS ENDED DECEMBER 31.2009 AND 2008 NOTE 6 — PREPAID EXPENSES AND DEPOSITS Prepaid expenses and deposits as of December 31, 2009 and 2008 consist of the following: Deposits Ground leases Insurance Payroll Property taxes Other Less: current portion Non-cun-ent portion NOTE7—IMPOUNDS 2009 2008 $ 843,000 $ 423,000 368,000 1,088,000 501,000 479,000 171,000 66,000 68,000 74,000 242,000 220,000 2,193,000 2,350,000 1,825,000 1,262,000 $ 368,000 $ 1,088,000 Certain properties are required to make deposits to impound accounts to covet property tax and insurance premiums in accordance with the lenders' regulatory agreements. Impound balances as of December 31, 2009 and 2008 were $1,113,000 and $1,275,000, respectively. • NOTE 8 — RESTRICTED CASH AND DEPOSITS } Restricted cash and deposits as of December 31, 2009 and 2008 consist of the following: 2009 2008 Operating reserves Replacement reserves Mortgage assistance program Tenant security deposits Bonds proceeds Debt service accounts Residual receipts and other Total Operating and Renlacement Reserves $ 15,975,000 $ 15,394,000 14,112,000 13,759,000 12,106,000 12,039,000 3,867,000 3,856,000 1,209,000 1,213,000 888,000 827,000 247,000 466,000 $ 48,404,000 $ 47,554,000 BRIDGE and affiliates are required to maintain operating reserves as well as replacement and repair reserves for property and equipment in accordance with partnership and other lenders' regulatory agreements. Mortgage Assistance Program (MAP) MAP provides second mortgages to low-income to moderate -income first time home buyers. Tenant Security Deposits • BRIDGE and affiliates are required to hold security deposits in separate bank accounts in the name of the properties. 18 �r� 0103 BRIDGE HOUSING CORPORATION AND AFFILIATES • NOTES TO COMBINED FINANCIAL STATEMENTS YEARS ENDED DECEMBER 31, 2009 AND 2008 Bond Proceeds Bond proceeds are held in a trust account to make monthly interest payments and to pay other lender fees. In addition, the balance will be applied toward repayment of the outstanding bond principal balance upon permanent loan conversion in 2010. Debt Service Accounts Certain properties are required to make deposits to debt service accounts to cover mortgage payments. Residual Receipts BRIDGE and affiliates are required to deposit excess cash, as generally defined by HUD, into separate bank accounts in accordance with the HUD regulatory agreements. NOTE 9 — PROPERTY AND EQUIPMENT Property and equipment at December 31, 2009 and 2008 consist of the following: 2009 2008 Land $ 102,850,000 $ 103,545,000 Buildings and improvements 805,470,000 760,801,000 Sitework and offsite improvements 85,530,000 82,059,000 Furniture, fixtures and equipment 25,019,000 24,281,000 Development held for sale 105,552,000 74,290,000 Development in progress 115:619,000 58,073,000 1,240,040,000 1,103,049,000 Less: accumulated depreciation and amortization 196,881,000 171,943,000 Total $1,043,159,000 $ 931,206,000 Depreciation and amortization of property and equipment totaled $25,455,000 and $25,297,000 for the years ended December 31, 2009 and 2008, respectively. NOTE 10 — DEFERRED COSTS Deferred costs as of December 31, 2009 and 2008 are summarized as follows: Permanent loan costs Tax credit fees City fees Other Less: accumulated amortization • Total 2009 2008 $ 11,143,000 $ 10,793,000 2,356,000 2,349,000 3,765,000 3,765,000 1,955,000 1,928,000 19,219,000 18,83 5,000 4,929,000 4,397,000 $ 14,290,000 $ 14,438,000 Amortization of deferred cost totaled $863,000 and $791,000 for the years ended December 31, 2009 and 2008, respectively. 0104 19 BRIDGE HOUSING CORPORATION AND AFFILIATES NOTES TO COMBINED FINANCIAL STATEMENTS YEARS ENDED DECEMBER 31, 2009 AND 2008 NOTE 11— LAND UNDER LEASES AND HELD FOR DEVELOPMENT Land under long-term leases and held for development as of December 31, 2009 and 2008 consists of the following: 2009 2008 Oakland, California, held for development (2000) $ 1,934,000 $ 1,934,000 Livermore, California, donated (1986) 1,660,000 1,660,000 San Diego, California, donated (2000) 1,428,000 1,428,000 Foster City, California (1995) 804,000 804,000 Pinole, California (1993) 538,000 538,000 Carlsbad, California, donated (1999) 327,000 327,000 Richmond, California (1992) 107,000 107,000 Total $ 6,798,000 $ 6,798,000 . BRIDGE leases all of the above land except for land held for development under various long-term leases to affiliates. Terms of the leases range from 55 to 90 years. The land is pledged as security under deeds of trust for the related notes payable or is pledged as security for certain liabilities of the lessees. OTHER INVESTMENTS NOTE 12— - Other investments as of December 31, 2009 and 2008 consist of the following: 2009 2008 BUILD $ 1,096,000 $ 1,145,000 Second Mortgage Loans 396,000 396,000 Willowbrook property m 199,000 199,000 BASS condominium held for resale 184,000 116,000 Housing Partnership Insurance Exchange 879,000 909,000 2,754,000 2,765,000 General and limited partner deficit interests accounted for under the equity method (805,000) (761,000) Total $ 1,949,000 $ 2,004,000 A BRIDGE affiliate purchased below market rate units and accounted for them as investment in real estate held for sale. Since circumstances arose that previously were considered unlikely and, as a result, the affiliate decided not to sell a long-lived asset previously classified as held for sale, the asset was reclassified as held and used in 2009. The total investment carrying value was $199,000 for both 2009 and 2008, respectively. The carrying value of BID's equity investment in BUILD was $1,127,000 and $1,290,000, and the fair value was estimated to be approximately $721,000 and $610,000 based on an appraisal as of December 31, 2009 and 2008, respectively. Management determined that $31,000 is other -than -temporary impairment loss and is included in the statements of activities accordingly. The remaining balance is deemed to be a temporary impairment loss and is not reflected in the financial statements. • BRIDGE holds various second mortgage loans associated with a development project in Pinole, California. The loans bear no interest but share in the appreciation of the property. It is the intention of BRIDGE to re -lend the amounts to future buyers. However, BRIDGE may receive proceeds from the mortgage loans when the property is sold. 20 n05 BRIDGE HOUSING CORPORATION AND AFFILIATES • NOTES TO COMBINED FINANCIAL STATEMENTS YEARS ENDED DECEMBER 31, 2009 AND 2008 BRIDGE invested in Housing Partnership Insurance Exchange (HPIEx) for the purpose of gaining access to property and liability insurance for its various development properties from a captive insurance company. The investment is stated at estimated fair value using quoted purchase prices determined by HPIEx (Level 2 measurement) and represents 13% of the capital of HPIEx. Summarized financial information for unconsolidated entities accounted for under the equity method, excluding San Rafael Apartments, LP which is accounted for under the cost method, as of December 31, 2009 and 2008, consist of the following: 2009 2008 Total assets $ 71,490,000 $ 73,437,000 Total liabilities 69,750,000 69,193,000 Partners' equity t 1,740,000 4,244,000 Income 7,890,000 8,223,000 Expenses 9,724,000 10,570,000 Results of operations (1,834,000) (2,347,000) o BRIDGE's share of this equity, as of December 31, 2009 and 2008, was $(805,000) and $(761,000), respectively. • The following financial position and activity summarizes the entities that are not included in the combined financial statements based on BRIDGE's board participation: 2009 2008 Total assets $ 8,018,000 $ 8,257,000 Total liabilities 8,992,000 8,776,000 Net assets (l) (974,000) (519,000) Support and revenue 1,100,000 1,097,000 Expenses 1,555,000 1,572,000 Change in net assets (455,000) (475,000) t0 BRIDGE's pro-rata share of the net assets as of December 31, 2009 and 2008 was $(177,000) and $6,000, respectively, based on its ratio of board representation. NOTE 13—NOTES PAYABLE Notes payable as of December 31, 2009 and 2008 are generally secured by the respective properties and consist of the following: 2009 Interest Permanent loans, bearing interest from 0% to • 9%, generally with principal and interest due monthly, to be repaid in fall through 2061. Interest expense was $10,732,000 and $10,900,000 for 2009 and 2008, respectively. $ 2,050,000 $ 191,899,000 $ 1,893,000 $ 195,346,000 21 - 0106 BRIDGE HOUSING CORPORATION AND AFFILIATES NOTES TO COMBINED FINANCIAL STATEMENTS YEARS ENDED DECEMBER 31, 2009 AND 2008 Construction loans, bearing variable interest, generally with interest only payments due monthly, to be repaid in full or partially converted to permanent loans through 2010. Interest expense net of capitalized amount was $197,000 and $621,000 for 2009 and 2008, respectively. 2009 Interest 2,042,000 224,831,000 1 1,107,000 100,080,000 Local loans, bearing interest from 0% to 10%, generally payable out of excess cash annually in arrears, to be repaid in full through 2066. Interest expense was $3,956,000 and $3,987,000 for 2009 and 2008, respectively. 21,720,000 149,939,000 18,609,000 150,958,000 Bonds, bearing interest from 2% to 11 %, generally with principal and interest paid monthly, to be repaid in full through 2055. Principal payments are generally accumulated in a principal fund held by a trustee. Interest expense was $2,849,000 and $3,539,000 for 2009 and 2008, respectively. 1,399,000 75,456,000 1 1,416,000 76,482,000 County loans, bearing interest from 3%to 6.5%, generally with principal and interest due annually out of excess cash in arrears, to be repaid in full through 2075. Interest expense was $1,441,000 and $1,436,000 for 2009 and 2008, respectively. 6,680,000 40,715,000 5,601,000 40,975,000 State loans, bearing 3% interest, generally with principal and interest due annually out of excess cash in arrears, to be repaid in full through 2063. Interest expense was $1,785,000 and $1,639,000 for 2009 and 2008, respectively. 11,519,000 59,833,000 9,920,000 59,833,000 Affordable Housing Program (AHP), bearing no interest, with principal payments generally deferred through 2060, at which time outstanding principal may be forgiven at the lenders' discretion. 10,449,000 - 10,449,000 Ground leases, bearing interest from 0% to 7.75%, generally payable out of excess cash annually in arrears, to be repaid in full through 2080. Interest expense was $130,000 and $316,000 for 2009 and 2008, respectively. 177,000 3,407,000 129,000 3,019,000 22 0101 BRIDGE HOUSING CORPORATION AND AFFILIATES NOTES TO COMBINED FINANCIAL STATEMENTS YEARS ENDED DECEMBER 31, 2009 AND 2008 Other loans, bearing interest from 0% to 8%, generally with principal and interest due monthly, to be repaid in full through 2059. Interest expense was $78,000 and $79,000 for 2009 and 2008, respectively. Total Less: current portion Non -current portion 2009 2008 Interest Payable Principal Interest Payable Principal 265,000 4,254,000 218,000 4,306,000 45,852,000 3,043,000 760,783,000 98,430,000 38,893,000 2,887,000 641,448,000 29,895,000 $ 42,809,000 $ 662,353,000 $ 36,006,000 $ 611,553,000 Principal payments toward notes payable for the next five years are subject to changes in net cash flow which is a contingency that cannot be reasonably estimated. Minimum required payments are estimated as follows: Principal Year ended December 31 Payments 2010 $ 98,430,000 • 2011 31,250,000 2012 10,540,000 2013 13,308,000 2014 7,991,000 Thereafter 599,264,000 $ 760,783,000 NOTE 14 — LINES OF CREDIT In 2000, BRIDGE entered into an unsecured line of credit with Bank of America for $7.0 million. In 2009, BRIDGE amended the line of credit to $5.0 million whereby interest is variable at LIBOR plus 2.5% (3.5% floor) and extended the maturity date to August 1, 2010. At December 31, 2009 and 2008, no amounts were drawn on the line of credit. In 2001, BRIDGE entered into an unsecured line of credit with Wells Fargo Bank for $2.0 million. The line of credit bears interest at LIBOR plus 3% (4% floor) with an expiration date of April 18, 2011. At December 31, 2009 and 2008, no amounts were drawn on the line of credit. NOTE 15 —DEFERRED REVENUES Deferred revenues as of December 31, 2009 and 2008 consist of the following: • Condominium and membership sales — net Transfer fees Other Less: current portion Non -current portion 2009 2008 $ 24,851,000 $ 26,159,000 3,961,000 684,000 525,000 25,535,000 30,645,000 1,992,000 1,833,000 $ 23,543,000 $ 28,812,000 23 0108 BRIDGE HOUSING CORPORATION AND AFFILIATES NOTES TO COMBINED FINANCIAL STATEMENTS YEARS ENDED DECEMBER 31, 2009 AND 2008 Residents of one of the leased properties purchased a leasehold condominium interest in the building by entering into a membership agreement. The purchase price, plus a monthly fee, entitle the resident to occupy a residential unit, receive services, and use common areas for future periods until the resident or the resident's estate sells the membership to a third party. The membership is valid for 99 years and the leasehold interest is valid for 40 years from the date of issuance. Total initial membership sales proceeds amounted to $57,455,000 net of related deferred project costs of $5,139,000 and are being deferred and amortized over the lease term. The remaining deferred revenue of condominium and membership sales at December 31, 2009 and 2008 was $24,851,000 and $26,159,000, respectively. - Upon the resale of a leasehold condominium, a BRIDGE affiliate is entitled to a transfer fee equal to 10% of the seller's purchase price, plus 75% of any realized appreciation. The affiliate is required to pay 75% of the transfer fees as contingent lease payments to the owner of the property. Transfer of the seller's membership occurs simultaneously with the sale of the leasehold condominium. Prior to 2009, both the revenue from the transfer fees and the related contingent lease payments to the owner of the property were deferred and amortized over the remaining lease term in accordance with generally accepted accounting principles. In the year of subsequent resale, any unamortized fees from the previous resale were recognized as revenue in full. Total cumulative transfer fees received up to 2008 on condominiums which had no subsequent re- sales to 2007 amounted to $20,057,000, of which $15,043,000 represented contingent lease payments made to the owner of the property. The affiliate recognized $403,000 of deferred revenue, net of related deferred lease costs, in 2008. The remaining deferred revenue, net of related deferred lease costs, was $3,961,000 as of December 31, 2008. Effective January 1, 2009 the affiliate changed its accounting policy for transfer fees. The affiliate had been following the guidance in SFAS No. 66, Accounting for Sales of Real Estate, which states that a seller who is required to support operations of a real estate enterprise has a continuing exposure to risk of loss until the projected property revenue is sufficient to cover projected operating expenses. A safety margin of one-third of revenue is to be used in estimating a vacancy rate until the exposure to substantial risk of loss is eliminated. Sales revenue should be deferred and recognized on a performance basis under the seller's obligation to support operations until the risk of loss is eliminated. Effective January 1, 2009 the affiliate estimated that prior experience and future projections indicate that the one-third vacancy rate safety margin is no longer necessary. Therefore, transfer fees are fully recognized as income upon each unit's sale in order to more accurately report the Company's financial activity. This change in the affiliate's accounting estimate of future years' revenue and expense activity is reflected in the accompanying statement of activities by recognizing the full amount of the previously deferred transfer fee revenue of $3,961,000. NOTE 16 — TEMPORARILY RESTRICTED NET ASSETS AND NET ASSETS RELEASED FROM RESTRICTIONS The major programs for which BRIDGE has received restricted contributions are as follows: HUD Capital Advances — HUD has granted capital advances to certain multi -family properties under the Multifamily Property Disposition — Upfront Grant or the Section 202 program. These advances are secured by deeds of trust with assignment of rents. The capital advances bear no interest and shall be repayable if the properties do not remain available for very low-income housing through a specific term or the notes become due and payable by reason of default under the notes, mortgages or regulatory agreements. In the event of noncompliance with affordability provisions as described in the notes, interest and principal will be payable on demand. The capital advances will not otherwise have to be repaid. Since the capital advances are expected to be forgiven, they are released over 40 years from temporary restricted net assets to unrestricted net assets. Development Restricted Proceeds — Various companies and agencies have awarded grants to certain properties for the development of affordable housing. These grants are not secured, bear no interest and are not repayable unless the properties do not remain available as low-income housing. These grants are released as the restricted use is met either upon home sales or over the useful life of the property. CJ 24 .. 0109 BRIDGE HOUSING CORPORATION AND AFFILIATES 0 NOTES TO COMBINED FINANCIAL STATEMENTS YEARS ENDED DECEMBER 31, 2009 AND 2008 Stein Educational Assistance Program — Provides scholarships or awards to qualified residents in BRIDGE developments. Homeownership Initiative — Increases the number of new affordable homes for sale and ensures that low- income, moderate -income and minority families have the proper level of support through services and financial backing to purchase and sustain a new home. Building and Technology Initiative — Enabled BRIDGE to move to new, larger headquarters in 2004 and is bringing greater operational efficiency and improved information technology systems to BRIDGE and it properties throughout the state of California. Neighborhood Partnership Initiative (NPI) — Increases affordable housing and economic development in low- income urban communities. NPI properties are ambitious, mixed -income, multi -use developments that combine many elements of community revitalization. In addition to housing, NPI efforts also focus on creating jobs, retail activity, services, and neighborhood facilities. 25" Anniversary Initiative — In 2008, BRIDGE celebrated its 25" anniversary and sponsored several events. Temporarily restricted net assets as of December 31, 2009 and 2008 were available for the following purposes: HUD Capital Advances Development Restricted Proceeds Stein Educational Assistance Program Homeownerships Initiative Neighborhood Partnership Initiative Building and Technology Initiative 25" Anniversary Initiative Other Total 11: $ 36,503,000 $ 37,712,000 43,791,000 41,746,000 1,155,000 1,229,000 310,000 835,000 178,000 617,000 181,000 220,000 27,000 165,000 224,000 427,000 $ 82,369,000 $ 82,951,000 Net assets were released from restrictions for the years ended December 31, 2009 and 2008 as follows: HUD Capital Advances Development Restricted Proceeds Stein Educational Assistance Program Homeownerships Initiative Neighborhood Partnership Initiative Building and Technology Initiative 25" Anniversary Initiative Other Total • NOTE 17 — PERMANENTLY RESTRICTED NET ASSETS 2009 2008 $ 1,208,000 $ 1,208,000 820,000 104,000 89,000 658,000 810,000 991,000 361,000 45,000 131,000 137,000 387,000 301,000 120,000 $ 4,264,000 $ 3,106,000 Permanently restricted net assets, as of December 31, 2009 and 2008, consist of land required to be used for low-income housing of $1,660,000. The reduction of permanently restricted net assets was due to sale of land in Richmond, California to an affiliate of BRIDGE. 25 o110 BRIDGE HOUSING CORPORATION AND AFFILIATES NOTES TO COMBINED FINANCIAL STATEMENTS YEARS ENDED DECEMBER 31, 2009 AND 2008 NOTE 18—EMPLOYEE BENEFIT PLANS BRIDGE has employee 403(b) plans, established effective July 1, 1998, covering eligible employees. BRIDGE contributions to the plan consist of a percentage based on eligible employees' compensation plus a discretionary amount to match voluntary employee contributions. Contributions and plan costs totaled approximately $621,000 and $759,000 for 2009 and 2008, respectively. A taxable not -for -profit affiliate of BRIDGE has an employee 401(k) plan, established effective January 1, 2003, covering eligible employees. The affiliate's contributions to the plan consist of a percentage based on eligible employees' compensation plus a discretionary amount to match voluntary employee contributions. Contributions and plan costs totaled approximately $8,000 and $26,000 for 2009 and 2008, respectively. BRIDGE has an employee 457(b) plan, established effective July 1, 2004, covering eligible employees. BRIDGE's contributions are discretionary. Contributions and plan costs totaled approximately $33,000 and $75,000 for 2009 and 2008, respectively. NOTE 19 — COMMITMENTS AND CONTINGENCIES Rental Payments under Non -cancelable OOeratinP Leases Office space BRIDGE has leases for office space in San Francisco, Los Angeles, and San Diego, California, which expire between April 2011 and April 2014. The following is a schedule by year of the future minimum rental payments under the office space leases: Year ended December 31, 2010 $ 862,000 2011 804,000 2012 756,000 2013 762,000 2014 191,000 $ 3,375,000 Rent costs totaled approximately $889,000 and $828,000 for 2009 and 2008, respectively. Property -related leases BRIDGE and affiliates lease property land, facilities, and commercial space under leases ranging from 30 to 55 years. Rent expense totaled approximately $7,180,000 and $6,457,000 for 2009 and 2008, respectively. • • BRIDGE HOUSING CORPORATION AND AFFILIATES • NOTES TO COMBINED FINANCIAL STATEMENTS YEARS ENDED DECEMBER 31, 2009 AND 2008 Certain ground lease payments are subject to changes in net cash flow which is a contingency that cannot be reasonably estimated. Minimum future lease payments under the foregoing leases are: Year ended December 31, 2010 $ 6,169,000 2011 6,169,000 2012 6,169,000 2013 6,169,000 2014 6,169,000 Thereafter 210,857,000 $ 241,702,000 Litigation BRIDGE is named in various claims and legal actions in the normal course of its activities. Based upon counsel and management's opinion the outcome of such matters are not expected to have a material adverse effect on the financial position or changes in net assets of BRIDGE. Letters of Credit • As of December 31, 2009 and 2008, BRIDGE and affiliates did not have any outstanding balance on its letters of credit. • Surety Bonds In connection with certain project developments, BRIDGE enters into surety bond agreements which bind BRIDGE to repay the surety company if the contractor is unable to successfully perform on the contract. As of December 31, 2009 and 2008, BRIDGE has outstanding a maximum of $3,231,000 and $2,340,000, respectively, in surety bonds. Property Management Property management on certain properties are contracted with non-affiliated entities for annual amounts subject to yearly increases. Other As a general partner in various partnerships, BRIDGE may be subject to other liabilities, should an affected partnership's assets become insufficient to meet its obligations. In the opinion of management, the future revenues and the value of the underlying assets of each of these partnerships will be sufficient to meet ongoing and future partnership obligations. 27 0112 BRIDGE HOUSING CORPORATION AND AFFILIATES NOTES TO COMBINED FINANCIAL STATEMENTS . YEARS ENDED DECEMBER 31, 2009 AND 2008 NOTE 20—GUARANTEES BRIDGE issues a variety of guarantees in the course of developing properties. The guarantees are generally issued in favor of limited partner investors or lenders. Guarantees, as of December 31, 2009 and 2008 (except for tax benefits which are one year in arrears), consist of the following: Operating deficits Construction loan repayment and completion Tax benefits Equity contribution Total OperatingDeficit Guarantees 2009 2008 $ 10,579,000 $ 11,265,000 218,198,000 238,457,000 167,189,000 200,099,000 2,305,000 2,305,000 $398,271,000 $ 452,126,000 Operating deficit guarantees are commitments to fund future operating deficits of partnerships. The guarantees are issued in favor of limited tax credit partnerships, and generally are for the fifteen -year period when the investor is expected to hold its limited partner interest, or for shorter periods (for example, until certain debt ratios are achieved). A payment under a guarantee would create a receivable from the partnership. BRIDGE usually capitalizes the public benefit corporations which are the general partners of the limited partnerships; any funding call against the guarantee would first be paid from these general partners' cash funds. To date, BRIDGE has not experienced any calls on these guarantees. Constniction Loan Repayment and Completion Guarantees BRIDGE has provided repayment guarantees for construction loans used for the development of properties. BRIDGE has also provided unlimited construction completion guarantees in favor of certain lenders for the development of properties. There are no significant completion delays in current BRIDGE developments. To date, BRIDGE has not experienced non -completion of a project, nor has it been called on for any loan repayment guarantee. Tax Benefits Guarantees As the sponsor or the developer of certain properties financed in part by federal and/or state tax credit allocations, BRIDGE has made certain guarantees to investors as to the tax credits and other benefits to be derived from the properties. These guarantees generally cover the tax compliance periods of fifteen years after initial lease up. In the opinion of management, compliance with tax regulations and careful monitoring of the properties should preclude these contingent liabilities from materializing. To date, BRIDGE has not experienced any calls on these guarantees. Equity Contribution Guarantee During 2002, BRIDGE became a co -managing member of North Beach Development Associates, LLC (NBDA), the developer of North Beach Housing Associates. NBDA has executed certain performance guarantees relating to construction completion, operating cash flows and tax credit recapture. BRIDGE is obligated to fund NBDA up to $2.3 million should specified events occur resulting in a capital call by NBDA's managing members. BRIDGE considers the occurrence of such events highly unlikely. No stand ready liability has been recorded in connection with the operating deficit, construction loan repayment and completion, tax benefit, or equity contribution guarantees as these are guarantees to entities under common control. • 28 .»M. 0113 9 ` \ ( /....., ._.......\ / ) 2 ,_..,.: .......... / \ ..,}•/� \ \ � \� \\ ({.\ 0114 _ {)\}// .{\} . \ � _....! ..... _ 1./..! , 9 � ) 9 .. 0115 u • SUPPLEMENTARY INFORMATION 29 0116 • 00000� oga.000 000ao= oa j U L � U , f_ a 8 = o _ - 5 o Q E a ^ U _ _ n 7U Y ic U � m 0117 s ...... og��o a a --- - - _ iz e „ $ p U a O Y - m g o a � � Q w o S w a m � _ -- - w 8 0 =e $^ n 5 V 0 w n u • • �� OUB 0 � 0 tilt cl It 01A E' o a S S � rvee o 0 S S $ S S 8 S c _ _ 8 S o S w o o � a m - - E - � w m m ry - g a - , s m o0o s, 3 e � C V w » y w O c 6 u z z z 11 • e c � � [1 0 F7. \ \ OM ossoo� E r - y o8-o,SS o 8 8 8 q b o8 u - e S S o� m � - E - Y i 5 ' s s m � 8 S o 0 U B u° m E a � • • 0122 E • 11 77 st 0 E A eg yy Ea $? '3 e<a is �c OY.c 3m`m � Ea c66 c V ��ZZ a.aZ aaa 2 v'J Z � 0123 0124 � 0 � Q 'J • • 0 0 0l0 O O O O O V WIN 'n �o vac Nr Oh � b ' o olo 0 0 0 0 0 0 N - V ' o o 0 0 0 0 0 0 M A sa a. s m;^ N rn �o ra c i � W u L i V en � a > N L a�i Q � a m a z e a V m m V y a V U a �LIF d F C 7 Q W V V L Q KS u v a w - o � a V a L U V y a y G a�L]F K F 0125 I 000 00 oa000 p .� U O vi o0 h U o0 M O w o � rn r M ri Q U 0.' m E o O v vi o a: 0 h p O m N O V y 0 Vi C O O O O O O O b r b N 0 r` Vi O O N O O O O O O O O O O O O P b r M D\ O O O O O O O O O O U' M q U w M NM N > N r ¢ a C C 0 C 0 C C 0 C to N m W N M^ N ^ M^ N N C) M U • • 00 0 0 0 0 0 0 0 o 0 c 0 o 0 0 0 0 o c 0 0 o c c o 0 0 0 00000 0 D 000 0 0000� .'S m o^ m m a r e o �- a m �o v U N N N N Q O U � p] 69 O F O O o 0 O 0 O 0 E of e v a 0 N j 9 W Vi O O O O o O O O O O O O O O C O O C O O O O O O O O C O O O O O O O O O O O O O C C y o 0 o r v r� N ro o a r M e v C rn a w e v O U ss W m o 0 0 0 0 0 0 0 0 0 0 o c c E.. 0 0 0 0 0 0 0 0 o c O C � F O C O O O C O O O O O O C C O O a lO a .�-. W O W �O r to �O a. o z¢ W o 0 o a$ oo • N N � Wo c q ry N cO°v r D o w d o0000 00o a 0000< 000ao 000 0 0000< �i O C O O V .. .n C VO g N T ti p m N T 0 O 0 0.- O F F. �+ m a..d F m P. F F p� F� aGi • _ ` � z z 0127 0 11 BRIDGE HOUSING CORPORATION AND AFFILIATES SCHEDULES OF NOTES PAYABLE (BRIDGE HOUSING CORPORATION ONLY) YEARS ENDED DECEMBER 31, 2009 AND 2008 Notes payable of BRIDGE Housing Corporation as of December 31, 2009 and 2008 are as follows: 2009 2008 Interest Interest Wells Fargo Bank, unsecured, due April 12, 2016, with 2% interest payable quarterly. $ Wells Fargo Bank, unsecured due January 16, 2011, with 4% interest payable quarterly. Wells Fargo Bank, unsecured, due April 30, 2014, with zero interest in the first five years, and 3% interest payable quarterly beginning in 2004. The Ford Foundation, unsecured, due July 16, 2022, with I% interest payable quarterly. Loan proceeds are designated to be used in homeownership developments. The Ford Foundation, unsecured, due September 20, 2020, with I % interest payable quarterly. Loan proceeds are designated to be lent to HomeBricks for the Mortgage Assistance Program. Bank of America, unsecured, due October 31, 2010 with zero interest in the first five years, and 4.5% interest payable quarterly beginning in 2005. Catholic Healthcare West, unsecured, due September 1, 2010, with 3% interest payable quarterly. Calvert Social Investment Foundation, unsecured, due December 31, 2012, with 4.5% interest payable semi-annually interest payments commencing December 2003. S.H Cowell Foundation, unsecured, due November 1, 2013, with 2.5% interest payable quarterly. $ 3,000,000 1 $ - $ 3,000,000 2,000,000 1 - 2,000,000 41,000 1,000,000 1 51,000 1,000,000 3,000,000 1 - 3,000,000 3,000,000 1 - 3,000,000 46,000 2,989,000 115,000 2,989,000 - 2,000,000 - 2,000,000 - 1,000,000 - 1,000,000 4,000 1,000,000 4,000 1,000,000 43 0128 BRIDGE HOUSING CORPORATION AND AFFILIATES SCHEDULES OF NOTES PAYABLE (BRIDGE HOUSING CORPORATION ONLY) YEARS ENDED DECEMBER 31, 2009 AND 2008 FB Heron Foundation, unsecured, due September 2012, payable in two installments of $50,000 each on September 30, 2010 and September 30, 2011 with a final installment of $400,000 due on September 30, 2012. Interest of 4% is due and payable quarterly. Redevelopment Agency of the City of Pinole, secured by a deed of trust. Simple interest accrues at 4% per annum. Principal and interest due in October 2024, but under certain conditions, the due date can be extended for another 19 years, with the note being forgiven at the end of that term. County of Contra Costa, secured by a deed of trust. Simple interest accrues at 4% per annum. Principal and interest due in October 2024, but under certain conditions, the due date can be extended for another 19 years, with the note being forgiven at the end of that term. Community Development Agency of the City of Foster City, non -interest -bearing, secured primarily by a deed of trust. Principal payments are due annually in an amount equal to rental payments received. The note is due in June 2050, with unpaid balance to be forgiven under certain circumstances. Others Developer fee payable Predevelopment payable Notes payable to affiliates Total Less: current portion Non -current portion 2009 2008 Interest Interest Payable Principal Payable Principal 5,000 500,000 5,000 500,000 535,000 900,000 500,000 900,000 223,000 400,000 207,000 400,000 - 616,000 - 631,000 336,000 - 420,000 1,213,000 - 36,000 92,000 - 92,000 854,000 23,046,000 882,000 21,968,000 55,000 4,989,000 175,000 1,036,000. $ 799,000 $ 18,057,000 $ 707,000 $ 20,932,000 0 • 44 1 l� ATTACHMENT 2 A Response for the Request of Qualifications Submitted to: City of La Quinta La Quinta Redevelopment Agency Attn: Doug Evans, Assistant City Manager 78-495 Calle Tampico La Quinta, CA 92253 Submitted by: Coachella Valley Housing Coalition 45701 Monroe Street, Suite G Indio, CA 92201 Contact: John Mealey October 1, 2010 •00 , COACHELLA VALLEY HOUSING COALITION Building Community Since 1982 0130 w ghboki CHARTERED MEMBER l Coachella Valley Housing Coalition 45-701 Monroe Street, Suite G, Plaza 1, Indio, CA 92201 TEL: (760) 347-3157 FAX: (760) 342-6466 Mr. Douglas R. Evans Assistant City Manager -Development Services La Quinta Redevelopment Agency P.O. Box 1504 78495 Calle Tampico La Quinta, CA 92253 Dear Mr. Evans, The Coachella Valley Housing Coalition (CVHC) appreciates the opportunity to respond to the City of La Quinta's Request for Qualifications dated August 3, 2010. CVHC has more than 28 years of experience developing affordable housing communities in partnership with more than fifteen different cities and counties. Based on CVHC's tract record and staff expertise, CVHC is submitting this proposal to develop the Dune Palms Road and Westward Ho Drive site into an affordable multi -family residential complex. CVHC has a long history of successfully working with municipalities and counties in Southern California developing attractive and affordable housing for low and very low • income households. The Coalition has produced more than 3,700 affordable rental and homeownership units since it was founded in 1982 and secured more than $600 million for the acquisition, development and permanent financing of these units. CVHC has used numerous financing sources to leverage funds received from municipalities and counties. As an experienced housing developer and administrator, CVHC has been very effective in the creation of high quality housing opportunities. The organization has a team of highly experienced professionals. CVHC's qualifications and experience in financing, architectural, development, construction and management, as further described in this proposal have been instrumental to CVHC's accomplishments. CVHC has received numerous awards and is nationally recognized as a prominent non-profit developer in California and the nation. CVHC values greatly its relationship with the City of La Quinta. CVHC and the City of La Quinta have partnered to develop 112 single family self help homes, and recently the successful completion of the 218 unit LEED Gold Wolff Waters Place Apartments. CVHC looks forward to working closely with the City of La Quinta on the development of another successful affordable housing community. Thank you for considering our proposal. cerely, John F. Mealey Executive Director Coachella Valley Housing Coalition 0131 0 Background • The Coachella Valley Housing Coalition (CVHC) is - f based in eastern Coachella Valley, Riverside County. CVHC was established in 1982 by a group of local residents, business leaders, and community -minded individuals. These individuals came together to improve the deplorable living conditions of the hardworking farmworkers who lived in the Coachella Valley. A seed grant of $10,000 from the AETNA Foundation and a Board of Directors strongly committed to improving the inadequate and unsafe housing conditions for farmworkers enabled CVHC to grow from an organization with one staff member into one of the most successful non-profit _ housing development corporations in the nation. To date, CVHC has produced more than 3,700 housing units of single family homes and multi- family apartments for low-income families and farmworkers in Southern California. CVHC has built strong partnership with more than fifteen municipalities and counties in Southern California (e.g. County of Riverside, County of Imperial, City of Palm Desert, City of Cathedral City, City of Coachella, City of Indio, City of La Quinta, City of Blythe, City of Moreno Valley, City of Riverside, City of Palm Springs, and the City of Desert Hot Springs). CVHC has used many financing sources to leverage funds received from municipalities and counties. CVHC has a staff of 44 committed employees working on various projects in two distinctive departments: Multi -Family Department and Single -Family Department. CVHC also operates more than 15 community services programs (e.g. child care centers, summer tennis camp, after school programs, mariachi and ballet folklorico classes) and housing counseling services. Since its inception in 1982, CVHC has produced 1,552 single family homes and 2,237 multi- family apartments for low-income families. CVHC has another 356 units in construction. CVHC is very interested in working with the City of La Quinta to develop multi -family communities. CVHC staff specializes in obtaining and leveraging multiple sources of financing for the development of affordable housing. A typical multi -family development will have between 3 and 11 financing sources. CVHC leverages its relationships with lenders, investors, government officials, foundations, and other financing entities to obtain funding needed to finance the construction of its affordable housing communities. Local Affordable Housing Builder The Coachella Valley Housing Coalition was forged out of the local residents, business people, growers, community and civic leaders. From CVHC's early history it has had a strong relationship with the City of La Quinta. The first Mayor of La Quinta Fred Wolff was one of the early champions of CVHC during his time as mayor, and also served on the board of directors of the Coachella Valley Housing Coalition. Currently four members of CVHC's 0132 E • • board of directors are residents of the City of La Quinta including its Board President and the Board Secretary/Executive Director John F. Mealey. CVHC's staff of 44 employees is divided into two development departments: Multi -Family Department and Single -Family Department, as well as three support departments: Community Services, Accounting and Administration. 100% of CVHC's staff resides in the Coachella Valley, and many of CVHC's staff live in La Quinta, attend La Quinta schools, and participate in La Quinta AYSO and other community activities. CVHC, whenever possible, hires local architects, engineers, and subcontractors. On this development CVHC is partnering with the award -winning Coachella Valley -based Interactive Design Corporation for architectural services and MSA Consulting, Inc. for civil engineering services. This is a team that most recently completed the Wolff Waters Place development in the City of La Quinta, and has. worked together on award winning affordable housing communities for almost 20 years. CVHC works diligently to hire local subcontractors wherever possible, and this is evident by the fact that more than 70% of the construction dollars that were awarded on CVHC's Wolff Waters Place and Rosa Gardens Apartments (currently under construction in Palm Springs) went to subcontractors who are local to the Coachella Valley. On CVHC's single family developments (rehab and new construction) the percentage of local subcontractors exceeds 95%. Green Building/ Alternative Energy Generation CVHC recognizes the need to develop housing as energy efficient as possible, and this development will be no exception. CVHC will utilize energy star rated appliances, low flow plumbing fixtures, high efficiency heating and air conditioning units, energy star rated appliances, and durable and environmentally efficient materials. Not only do these amenities better the environment, but they also help to lower the electric, water, and gas bills of CVHC's residents. CVHC expects that this development will be certified by the United States Green Building Council's Leadership in Energy and Environmental Design (LEED) standard. This is a process that CVHC recently completed on its Wolff Waters Place which received LEED Gold and Silver awards. Currently, CVHC has two other developments either under construction or set to begin construction that will meet or exceed LEED Silver designation. WOLFF WATERS PLACE 47-795 DUNE PALMS, BUILDING 1200 La QUInta w.00 CVHC also has been recognized by the United States Environmental Protection Agency for the strides it has made in the realm of environmental design. CVHC was awarded by awarding the 2010 Energy Star for Homes Leadership in Housing Award for qualifying an outstanding number of energy -efficient homes in the past year. CVHC incorporates Energy Star rated appliances in its single family and multi -family developments, and diligently works with subcontractors to ensure that the most efficient technology is used on its developments. 0133 • CVHC is a leader in the use of programs that incorporate solar energy collection into its developments. Currently, CVHC is using the Multi Family Affordable Housing (MASH) program and other funding sources to install solar panels on existing CVHC multi -family complexes, including Wolff Waters Place. CVHC is currently using the Single Family Affordable Housing (SASH) program to install solar panels on 13 single family homes in the unincorporated portions of the County of Riverside and in the Community of Thousand Palms. CVHC's staff strives to stay on the cutting edge of programs that help finance the development and installation of energy efficient communities. CVHC will install solar and other energy efficient amenities on the Westward Ho Drive and Dune Palms Road site. Living and working in the Coachella Valley CVHC's development team is acutely aware to the needs for desert tolerant landscaping and the use of water efficient plumbing fixtures. CVHC incorporates these amenities in all of its developments and actively works with local government staff to develop landscape plans that are both attractive and energy efficient. CVHC diligently researches the latest technologies to find plumbing fixtures that use the least amount of water possible. CVHC is enthusiastic about the opportunity to work with the of City of La Quinta staff to incorporate enhanced energy and water efficiencies, including photovoltaic electric generation, ultra high efficiency heating and air conditioning units, energy star appliances and lighting, water efficient landscaping, very low -flow plumbing fixtures, and durable and environmentally sound materials to achieve the highest energy efficient certification • attainable. Special Needs Housine CVHC, throughout its history has worked with local governments to develop housing for individuals with special needs, even when many other developers were unwilling to do so. To CVHC staffs knowledge to date, CVHC has developed more units of housing for special needs populations in the County of Riverside than any other developer. CVHC developed the first community for individuals with special needs in the Coachella Valley in 1995. This 36 unit community is located in the City of Indio, and was financed with help from the County of Riverside, and low income housing tax credits from the National Equity Fund (NEF). In 1999, in response to the AIDS epidemic CVHC partnered with Cathedral City and the County of Riverside to develop the first permanent supportive housing development for individuals afflicted with HIV and Aids in the nation. In 2004 CVHC completed the only 100% permanent special needs housing development in Western Riverside County, a 45 unit Geel Place Apartments. Much like the internationally renowned community in Belgium that Geel Place is named for, the housing complex provides special needs individuals with a communal environment where they can gain much -needed independence while still receiving care and support services. CVHC also develops communities that incorporate a portion of the units for individuals with • mental health issues. In 2007 CVHC completed the rehabilitation of the Historic El Solano Hotel in Blythe, CA. CVHC converted this formal hotel into a thriving 40 unit apartment development. This blended community features market rate and affordable rents, and it also provides units for those with mental health issues. Additionally, individuals with special needs p••. 0134 . are welcome at all of CVHC's housing developments. CVHC works with the appropriate government agencies to ensure that they are provided with case management and other services as needed. • • As in all of its developments CVHC and its asset management partner, Hyder Property Management Professionals (Hyder), perform a great deal of due diligence when selecting an onsite property manager. CVHC is uniquely aware of the skills needed to manage a development that features a special needs population. CVHC ensures that the managers that are assigned to its sites go through appropriate training classes, and works with Hyder to equip the managers with the resources they need to do their job effectively. CVHC, through its Community Service department takes special care to design programming that responds to the needs of individuals with special needs. Specifically, these developments regularly hold movie and game nights, pot lucks, and other community enriching events; as well as provide space for meetings with case managers, work force development programs, nutritional programs, etc Community Services As a local community minded non-profit CVHC recognized early in its history the need for and benefit of continued project -based community support services in order to break the cycle of poverty. In 1993, CVHC constructed a water delivery system that ®' supplies safe drinking water to more than 200 households in the city of Indio, CA. In the same year, CVHC constructed its first child care center at its Pie de la Cuesta Apartments in Mecca. To date, CVHC has developed 9 childcare facilities throughout the Coachella Valley. Seeing the need for a medical clinic CVHC incorporated the first full -service medical facility in Mecca in 1995 when building Nueva Vista Apartments. CVHC strives to expose underrepresented communities to culturally enriching events and activities that stimulate their understanding of the world around them. Every year more than 1,000 people utilize CVHC's childcare centers, after -school tutoring programs, bi-lingual computer technology centers, community gardens, discounted swim passes, an annual summer tennis camp, mariachi music lessons, ballet folklorico, trips to the opera, financial literacy, workforce development programs, English as a Second Language and Citizenship classes, and various other community service programs and activities. The Coachella Valley is an area of abundant opportunities for cultural, intellectual, and social interactions. CVHC is dedicated to bringing the best of the Coachella Valley to the residents of its communities. Over the past 10 years CVHC has partnered with the Indian Wells Tennis Gardens on a tennis camp where the children of farmworkers over a 4 week period receive tennis lessons from some of the best teaching pros in the world. To ensure that the interest in tennis carries throughout the year the Indian Wells Tennis Gardens 0135 • provides tickets for residents to participate at "Kids Day" and attend matches at the BNP Paribas Open. E • Through the generosity of residents of the Coachella Valley in 2008 CVHC started a program to expose young people to the opera. The New York Metropolitan Opera Company broadcasts live feeds of its performances to select theatres throughout the world. The Cinemark 15 at the River in Rancho Mirage broadcasts these feeds, and throughout the season CVHC takes groups of 10-25 students to the opera. At the end of every opera, the students write a critique of the performance, and through this program develop an appreciation for opera In the spirit of the holidays CVHC works with local agencies such as the Indio Youth Task Force, Toys for Tots, and other local groups to provide Christmas gifts to the residents of its communities. The gratefulness of the children is seen when the gifts they receive are shared amongst their friends. All of these programs are spearheaded by CVHC's community services department which has an annual budget of more than half a million dollars. The department is funded in part by developer fees CVHC earns from the development of affordable housing, as well as grants and donation from foundations, government agencies, and private entities. Single Family Home Ownership In its continued mission to improve the lives r: of the individuals of the Coachella Valley, in 1987 CVHC constructed its first single family home, and to date has developed or rehabilitated more than 1,500 single family homes, including 112 in the La Quinta Cove. CVHC is currently under construction on a 205-unit development in the City of Coachella, a 45-unit subdivision in Mecca, and is rehabilitating 22 homes in Coachella, Indio, Thousand Palms, and other unincorporated regions of Riverside County. CVHC offers the opportunity for residents of its communities to transition from renting to home ownership, and CVHC ensures that families receive mortgages that are affordable and the appropriate credit and homeownership counseling. 0136 . HM Scholarship The JFM Scholarship began in 2002 because of the generous spirit of the CVHC staff and board, who wanted to honor John F. Mealey, its Executive Director and first CVHC employee. The JFM Scholarship is available to any individual who is currently residing in a home developed by the Coachella Valley Housing Coalition. The scholarship is still primarily funded by the generosity of CVHC staff, but over the last two years CVHC has received large contributions from Pathways to Success and Southern California Edison. The scholarship has grown to be one of the largest annual scholarships in the Coachella Valley. In 2010 CVHC awarded more than $90,000 in scholarships to 81 hardworking students, joining more than • 198 scholarship recipients. Of these students 10 are residents of the City of La Quinta, and in the first year of operations three students from Wolff Waters Place were awarded scholarships. The recipients of the JFM Scholarship speak to how they are not only grateful to receive the scholarship, but how they feel fortunate to live in a home developed by the Coachella Valley Housing Coalition. • Monica Garcia, a 22-year-old senior at University of California, Irvine, and a scholarship recipient, is very grateful for all of the support she has received from CVHC. "To me, CVHC brought me my first real home. That house has brought me a sense of security and a sense of belongingness that will never leave me, even when I'm not living there anymore. I can honestly say that both my family and I have been lucky to have been offered many opportunities which can be directly or indirectly related to having a CVHC home." 0137 • PROJECT TEAM The development team assigned to this project has worked together for many years in the production of multifamily rental housing. Their expertise has strengthened CVHC's capacity and has allowed CVHC to become a nationally recognized organization. Following is specific information for each of the partnering entities, including company and personnel biographies. Applicant/Developer: Coachella Valley Housing Coalition John F. Mealey Executive Director 45701 Monroe Street, Suite Indio, CA 92201 Phone: (760) 347-3157 Fax: (760) 347-0058 Email: john.mealeyna cvhc.org Architect: Interactive Design Corp. Reuel Young Principal 199 S. Civic Drive, Suite 10 Palm Springs, CA 92262 Phone: (760) 323-4990 Fax: (760) 322-5308 Email: reuel@interactivedesigncorp.com Engineer: MSA Consulting, Inc. Julian De la Torre, P.E. Principal 34-200 Bob Hope Drive Rancho Mirage, CA 92270 Tel: (760) 320-9811 Fax: (760) 323-7893 Email: JDeLaTorre(amsaconsultineinc.com Financial Consultant. - Community Economics, Inc. Joel Rubenzahl 538 9th Street, Suite 200 Oakland, CA 94607 Phone: (510) 832-8300 Fax: (510) 832-2227 Email: jubenzahlkcommunityeconomics.org Tax Credit Legal Counsel Gubb & Barshay Natalie Gubb 50 California Street, Suite 3155 San Francisco, CA 94111 Phone: (415) 781-6600 Fax: (415) 781-6967 Cell: (415) 378-9545 Email: ngubbkgubbandbarshay.com Asset Management Company Hyder Property Management Professionals Steve Marjetic President 1649 Capalina Road Suite 500 San Marcos, CA 92069 Phone: (760) 591.9737 Fax: (949) 510.0262 Email: smargetic@hyderco.com 013� 0 Roles and Responsibilities CVHC takes responsibility for all aspects of the planning, development, and operation of its communities. CVHC contracts with other firms to assist in achieving these objectives, below please find a breakdown of the roles and responsibilities each team member will undertake: Preparation of Site Plan and Development Program - Coachella Valley Housing Coalition, Interactive Design Corporation, and MSA Consulting, Inc. Prepare Preliminary and Final Development Budgets — Coachella Valley Housing Coalition Participate in Preparing and Processing a General Plan Amendment, Zoning Code Amendment, Entitlements and Environmental Review- Coachella Valley Housing Coalition, Interactive Design Corporation, and MSA Consulting, Inc. Secure Construction and Permanent Financing - Coachella Valley Housing Coalition Participate in Community Meetings — Coachella Valley Housing Coalition, Interactive Design Corporation, and MSA Consulting, Inc. Construct Development — Coachella Valley Housing Coalition • Operate Complex — Coachella Valley Housing Coalition and Hyder Property Management Professionals Architect Interactive Design Corporation Principle Office 199 S. Civic Center Drive, Suite 10 Palm Springs, CA 92262 CVHC and Interactive Design Corporation (IDC) have a 19 year history of developing award winning multi -family complexes and single family homes throughout Riverside County. CVHC and IDC recently worked together to complete Wolff Waters Place Apartments in La Quinta, Castias del Valle Apartments in Moreno Valley, and Coyote Run II Apartments in Palm Springs. Civil Engineer MSA Consulting, Inc. 34-200 Bob Hope Drive Rancho Mirage, CA 92270 CVHC and MSA Consulting, Inc. (MSA) have a 19 year history of developing award winning multi -family complexes and single family homes throughout Riverside County. CVHC is currently working with MSA on 3 new developments totaling more than 500 units of housing. R39 Roles and Responsibilities CVHC takes responsibility for all aspects of the planning, development, and operation of its communities. CVHC contracts with other firms to assist in achieving these objectives, below please find a breakdown of the roles and responsibilities each team member will undertake: Preparation of Site Plan and Development Program - Coachella Valley Housing Coalition, Interactive Design Corporation, and MSA Consulting, Inc. Prepare Preliminary and Final Development Budgets — Coachella Valley Housing Coalition Participate in Preparing and Processing a General Plan Amendment, Zoning Code Amendment, Entitlements and Environmental Review- Coachella Valley Housing Coalition, Interactive Design Corporation, and MSA Consulting, Inc. Secure Construction and Permanent Financing - Coachella Valley Housing Coalition Participate in Community Meetings — Coachella Valley Housing Coalition, Interactive Design Corporation, and MSA Consulting, Inc. Construct Development — Coachella Valley Housing Coalition Operate Complex — Coachella Valley Housing Coalition and Hyder Property Management . Professionals Architect Interactive Design Corporation Principle Office 199 S. Civic Center Drive, Suite 10 Palm Springs, CA 92262 CVHC and Interactive Design Corporation (IDC) have a 19 year history of developing award winning multi -family complexes and single family homes throughout Riverside County. CVHC and IDC recently worked together to complete Wolff Waters Place Apartments in La Quinta, Castias del Valle Apartments in Moreno Valley, and Coyote Run II Apartments in Palm Springs. Civil Engineer MSA Consulting, Inc. 34-200 Bob Hope Drive Rancho Mirage, CA 92270 CVHC and MSA Consulting, Inc. (MSA) have a 19 year history of developing award winning multi -family complexes and single family homes throughout Riverside County. CVHC is currently working with MSA on 3 new developments totaling more than 500 units of housing. 0140 CVHC recently partnered with MSA on the development of Wolff Waters Place in La Quinta and Coyote Run II in Palm Springs. Financial Consultant Community Economics Inc., a nonprofit California corporation PrincTle Office 539 9 Street, Suite 200 Oakland, CA 94607 CEI has served as financial consultant to CVHC on 20 housing developments, most of which have combined the Low Income Housing Tax Credit program with multiple sources of funding from federal, state, and local governments as well as private sources. Tax Credit Legal Counsel Gubb & Barshay, a privately held corporation Principle Office 50 California Street, Suite 3155 San Francisco, CA 94111 Gubb and Barshay has worked with CVHC for the past 15 years providing legal counsel specific to the development and execution of government agreements and financial structures in the creation of apartment community portfolio. Natalie Gubb, principle complements the team with over 20 years of experience in the affordable housing industry. Gubb and Barshay continue to be our counsel providing in depth analysis of current law, financial modeling, and facilitating the execution of agreements. Asset Management Company Hyder Property Management Professionals Principle Office 1649 Capalina Road Suite 500 San Marcos, CA 92069 Hyder Property Management Professionals (Hyder) and CVHC currently partner to manage all of CVHC's 2,237 affordable multi -family units. CVHC dedicates 4 staff people full time to work with Hyder to ensure that all of its projects are maintained to the highest level of quality. The solid working relationship is evident by the less than 2% vacancy rate that CVHC has on all of its complexes, and the letters of thanks that CVHC receives from its tenants. 0141 u N A Cn•nit gue of the Development Concept CVHC, Interactive Design Corporation (IDC) and MSA Consulting, Inc. (MSA) approach the design of a new community by looking at the space from the "Outside In". By first recognizing the pros and cons surrounding the development, such as neighborhood amenities (parks, schools, and transit lines), surrounding land uses, traffic patterns, etc., the team puts forth a design that enhances the strengths of the community in which it sits. ' ��, , The site plan prepared by Studio E Architects is one � "'""- '"'- that is based upon sound site planning principles, and the development team's comments are intended to enhance the existing plan. The intersection and neighborhood where this development is located is one of the most active communities in the City of La Quinta. Staff members of CVHC, IDC, and MSA know this first hand from dropping their children off at La Quinta High School or John Glenn Middle School, and utilizing La Quinta Park for its splash pad, basketball courts, soccer and softball fields. The site planning effort must also address the other surrounding uses such as the existing single family residential (particularly the Indian Springs Golf Club) and the Jehovah's Witness Kingdom Hall. Please find a detailed critique of the proposed site plan as well as two alternative conceptual plans prepared by IDC in partnership with CVHC and MSA. TRAFFIC NOISE Distance from busy streets reduces noise into units, and buildings block noise from internal courtyards. — CONNECTIVITY Provide pedestrian and bike access at corner so students can walk to school directly. INTERNAL CIRCULATION Treat drives as "streets" with minimal bay parking, some parallel parking and lots of shade trees. — • ACCESS Provide secondary emergency vehicle access from Dune Palms. • ' SOLAR ORIENTATION Align the long axes of buildings in the east -west direction to minimize solar exposure to east and west, and to maximize south -facing roof surfaces for solar collectors (PV and thermal). This applies to carports as well. ADJACENCY Mirror parking along common property line shared with church. ipCC' �Xtva<r, Design Within Context PROPOSED PLAN The proposed site plan (reproduced below) adheres to many of the design principles we follow in our work, and is a solid basis for yield and concept studies. We have briefly noted those elementsthat hold true, and thosethat may be modified to improve the overall plan. In addition, we have prepared two alternative conceptual plans that would generate further discussion and critique. ADJACENCY Place buildings of similar scale and mass next to existing structures (e.g. one-story SFR-scale next to existing and future homes) W Bf�W0e0 XO Ce1V! �1►R is M ISOLATION The special needs housing appears remote from the common area (relocate to be closer to common area). 0143 • • LIVABILITY AND HEAT REDUCTION Trees are the most desirable landscape feature to soften an environment and create shade for both buildings and people. SOLAR ORIENTATION To maximize the benefits of solar PV panels, the long axis of roofs on buildings and carports should run east -west. This orientation also reduces the exposure of walls to the westerly sun. CARPORTS AND PV PANELS Because carports are separate from the buildings and social spaces, carports are the best location for PV panels. For carports the most efficient exposure also results from the long axis running east -west. — m CO' l.�tvactiu D�a C°r�aC Sun and Shade PV PANELS AND TREES Trees and PV panels are not friends. Trees provide shade, and if they shade a PV panel, it won't work. But trees are also essential for a livable project — tree -shaded sidewalks, streets and courtyards are the elements that make the project enjoyable for residents and also reduces the overall heat island effect of the project. �j^--- PV Panels I^ South Facing DISTANCE BETWEEN TREES AND PV PANELS At our latitude, the lowest winter sun angle is about 32 deg. So for roof -mounted PV panels on carports, a two story building must be at least 30' away from the carport. This is relatively easy, but creating a street with shade trees can compromise the panels. ---\ 0144 • Site Plan - Alternate 1 Hammerhead UNIT COUNT 3 bedroom 30 units 2 bedroom 30 units 1 bedroom 22 units 1 bedroom + 8 units Total Units 90 units Emergency Vehicle Access SOLAR ORIENTATION This alternative retains the approach that maximizes the E/W orientation of the long axes of buildings for solar benefits, but revises the on -site circulation to eliminate the westerly drive. HAMMERHEAD TURNAROUNDS To minimize overall paving, we are suggesting to eliminate the westerly drive. To allow fire and trash trucks to turnaround, we introduced two hammerheads. The central parking off the (eliminated) westerly drive is relocated to the SW corner. The emergency vehicle access will be an extension of the southerly drive. EXTEND THE COMMON SPACE By eliminating the westerly drive, the large central courtyard can be extended to include the courtyard between the buildings adjacent to Dune Palms. INCLUDE SPECIAL NEEDS INTO THE CENTER We suggest bringing the special needs clusters along the entry drive so there is a stronger link to the •, community building and the central space. m IiQ'l�v hc2lhi�+ LrMr'af 0145 E • Site Plan - Alternate 2 nits nits nits nits ,its FRONT DOORS This approach is organized to place front doors facing the public realm — streets and courtyards. Instead of aligning the buildings for maximum solar exposure, we emphasize placing front doors opposite one another across pedestrian -scaled open space. In this scheme, the large common space winds between buildings rather than being a formal space. STREETS Successful streets for pedestrians are based upon four components: narrow width, street trees, crossing humps and parallel parking. In each case, the goal is to create a more human -scaled streetscape — limit the paving for cars, provide shade for walkers, raise the street crossing to the level of the sidewalk, and separate the sidewalk from the street where possible. COURTYARDS Successful courtyards require front doors, shade, some places to sit, and "right -sizing." Therefore units need to open across from each other, trees and benches are crucial, and the width of the courtyard should be about equal to the building height. It also helps if the facing walls are slightly offset and at a slight angle to one another; this makes the space more dynamic. Cli" G.tvatiue � C�ratia, 0146 • Experience with Similar Developments Name: The Coachella Valley Housing Coalition Address: 45-701 Monroe Street, Suite G, Indio, CA 92201 Phone: (760) 347-3157 Fax: (760) 342-6466 Email: cvhc e,cvhc.org Website: www.cvhc.ora Year Established: 1982 Type of Ownership: Non -Profit Corporation CVHC is not a subsidiary of, or affiliated with, any other corporation or firm. Size of Company: $102,137,233.00 (total assets as of March 31, 2010) Size of Staff: 44 Employees Authorized Representative: Executive Director John F. Mealey Contact: 45-701 Monroe Street, Suite G, Indio, CA 92201 Phone:760-347-3157 Fax:760-342-6466 Email: John.Mealey@cvhc.org CVHC is committed to its mission "to help low-income people improve their living conditions through advocacy, research, construction, and operation of housing and community development projects". With more than 28 years of experience as an affordable housing developer, CVHC is committed to using all of its knowledge and resources to secure funding to build and manage an apartment community that serves very low to low income families and • seniors in the City of La Quinta. Throughout its history, CVHC has strived to establish strong, successful working relationships with various cities. To date, CVHC has developed 30 complexes ranging in size from 30 units to more than 200 units in partnership with such cities as Palm Springs, Indio, Coachella, Riverside and Desert Hot Springs, as well as the counties of Riverside and Imperial. If chosen to develop the community at Dune Palms Road and Westward Ho Drive, CVHC will work closely with the City of La Quinta and its community groups to ensure the needs and goals of the City are met. CVHC has built housing developments following various architectural styles to complement and blend well into the communities served. The styles used include Santa Barbara Mission Revival, California Ranch style, California Bungalow, and Contemporary California Spanish style. Additionally, as part of this proposal, CVHC will continue to partner with Davis Energy Group (a leading innovator of cooling and heating technology based in Davis, CA) and Global Green (highly respected national environmental non-profit) to ensure that the design of the development is energy efficient and LEED certified. CVHC has assembled a development team with many years of experience developing Multi - Family rental housing. Whether working on challenging sites with drainage issues or more traditional developments, CVHC's team is capable of securing funding, building a project and placing it in service on time and onfunder budget. 0147 • PROFESSIONAL RESUMES The development team assigned to this development has worked together for many years in the production of multifamily rental housing. CVHC recognizes the importance of selecting professionals that are leaders in the industry. CVHC has a corporate structure governed by a dedicated and professional board, who is committed to the original vision of the Mission Statement created more than 28 years ago. Principals of CVHC John Mealey, the founding Executive Director of the Coachella Valley Housing Coalition, has directed CVHC's growth from an original $10,000 seed money grant from The Aetna Foundation 28 years ago, to the development of more than 3,700 affordable rental and homeownership units, valued at approximately $600 million dollars, for low and very low income households. John Mealey has molded the organization into one of the largest California non-profit affordable housing developers. John Mealey has final authority of all aspects of the La Quinta developments as proposed. John Aguilar, Director of Multi Family Development, has a diverse and vast experience in real estate development, and brings strong leadership to CVHC. Mr. Aguilar's prior experience includes his role as Real Estate Manager for the San Francisco Presidio Trust, a public Trust created by Congress to preserve and rehabilitate 1.6 million square feet of • historical residential and commercial buildings. As Director of Multi Family Development for CVHC, John Aguilar oversees the development team working on the La Quinta proposals. F Pedro S.G. Rodriguez, Chief Financial Officer, is responsible for overseeing all of the financial activities of CVHC. Mr. Rodriguez has twenty-three (23) years of experience in the nonprofit accounting sector and four (4) years of experience in the Public Accounting sector. Mr. Rodriguez assures that CVHC follows generally accepted accounting principles with a staff of nine individuals. Their responsibilities also include the asset management of CVHC's 2,237 completed units. Mr. Rodriguez is responsible for all financial aspects of the La Quinta developments. CVHC Team Members Mary Ann Ybarra Housing Development Specialist II/ Senior Project Manager Ms. Ybarra has worked at CVHC for more than 19 years in the Multi -Family and Asset Management departments. Ms. Ybarra successfully secured financing for seven CVHC projects totaling 517 units. Currently as Senior Project Manager, Ms. Ybarra is responsible for managing all aspects of a multi -family project, from predevelopment planning and acquisition to financing and development. Ms. Ybarra served as the project manager for Wolff Waters Place Apartments in the City of La Quinta. Ms. Ybarra will serve as the primary project manager for the development of the Westward Ho Drive and Dune Palms Road community. 31 I. • Brian Peulicke Construction Manager Mr. Peulicke has worked for 19 years in construction management. Mr. Peulicke was personally responsible for overseeing design and construction of more than 800 homes and 1 million square feet of commercial space in the Coachella Valley. Currently, Mr. Peulicke is responsible for all construction and land development activities undertaken by CVHC including CVHC's efforts in La Quinta. Mike Walsh Land Acquisition Manager Mr. Walsh is responsible for seeking and identifying suitable real estate sites for single family and multifamily communities. Mr. Walsh was integrally involved in the acquisition of 325 single family lots, more than 300 units of multifamily housing, and 20 single family acquisition homes. The combined purchase price of these acquisitions exceeded $10 million. Mr. Walsh also coordinates rental developments as Project Manager in the Multi -Family department. Mr. Walsh will provide project management support for the La Quinta proposals. Swavic Rutkowski Project Manager Il Mr. Rutkowski has worked in construction management for CVHC for more than 8 years. Mr. Rutkowski supervised the development of 288 homes for low to very low income families in the community of Mecca and North Shore, County of Riverside. The combined value of the • subdivisions he supervised exceeded $30 million. Mr. Rutkowski will provide project management support for the La Quinta proposal. Individuals Responsible for Decision Making John F. Mealey —Executive Director Phone: (760) 347-3157 John Aguilar — Multi Family Director Phone: (760) 347-3157 Attachment: Resumes for the Principals and Team Members described above. 0149 John F. Mealey 10 Coachella Valley Housing Coalition Executive Director Qualification Mr. Mealey is the founding Executive Director of the Coachella Valley Housing Coalition. He has directed CVHC's growth from an original $10,000 seed money grant from The Aetna Foundation 28 years ago, through the development of more than 3,700 affordable rental and homeownership units, valued at approximately $600 million dollars, for low and very low income households. Mr. Mealey, who was the first CVHC employee, and its only employee for several years, now oversees an accomplished staff of 44. He also serves as the secretary to the Board of Directors and has primary responsibility for ensuring that organizational goals and objectives are met. As Executive Director of one of the most successful non-profit housing developers in California, Mr. Mealey has received a number of local • and national awards including the 2003 "Champions for Justice" Award from the Fair Housing Council of Riverside County, as well as being named by The Desert Sun, the local paper of record, as one of the 75 people who have had the most impact on the Coachella Valley. In October of 2003 Mr. Mealey made a presentation at the Fannie Mae International Housing Conference in Washington D.C. on non-profit housing in the United States. Under his leadership CVHC has won a Fannie Mae Maxwell Award of Excellence and three finalist awards. Affiliations Bank of America Advisory Board, Founding Member California Coalition for Rural Housing, Board Member National Rural Housing Coalition, Board Member Rural LISC, Founding Member Southern California Edison, Consumer Advisory Panel National Equity Fund, Board Member Education: Villanova University School of Commerce and Finance Temple University, Bachelor of Arts Harvard University, Advanced Practitioner Program 2004-2005 • o Jo 1Val� Coachella Valley Housing Coalition John Aguilar Multi -Family Director Background: John Aguilar is the Director of the Multi -Family Department. Mr. Aguilar came to CVHC with more than 20 years of Senior Residential and Commercial development experience. Mr. Aguilar's prior experience include his role as Real Estate Manager for the San Francisco Presidio Trust, a public Trust created by Congress to preserve and rehabilitate 1.6 million square feet of historical residential and commercial buildings. As the Director for the Multi -Family Department at CVHC, Mr. Aguilar is responsible for the development and completion of multi -family projects, resource development for housing and community development projects, management of consulting • contracts and syndication of low-income housing tax credits. Currently, CVHC's Multi -Family Department is working on four projects indifferent stages of development (financing, entitlements, & construction). Rosa Gardens in Palm Springs is a 57-unit family development now in construction; Brisas de Paz in Desert Hot Springs is a 62-unit family development scheduled to start construction in six months; and Pasco de los Heroes III Mobile Home Park in Mecca (80 units) and Fred Young I in Indio (85 units) are scheduled to start construction in 2011. Affiliations: Rural Community Assistance Corporation Migrant Farmworker Advisory Committee- Member Education: Masters Public Administration, California State University Chico. California Brokers License. L� 0151 • ��==_-_V I ILA Pedro S.G. Rodriguez Coachella VeIIBy Housing G081ftlOn Chief Financial Officer Pedro S.G. Rodriguez has twenty-three (23) years of experience in the nonprofit Qualifications accounting sector (17 years in community development organization CVHC and 6 years in community health center) and four (4) years of experience in the Public Accounting sector. Mr. Rodriguez is responsible for overseeing all of the financial activities of the organization. His responsibilities include the management of the single, multifamily and agency's accounting departments, implementation of fiscal reporting systems, development and monitoring of the organization's annual operating budget, and coordination of financial and compliance audits of the organization. In the single and multifamily departments his duties include financial oversight of the mutual self-help projects and the multifamily development projects. Mr. Rodriguez is also responsible for ensuring compliance with fiscal reporting requirements applicable to federal, state and local grants and contracts. In his capacity as a member of the Asset Management Team, Mr. Rodriguez is responsible for the operational and fiscal integrity of the agency's multifamily • apartment projects. His duties include the monitoring of the property management financial functions of twenty seven (27) multifamily projects. Development and monitoring of the multifamily projects' annual operating budgets. Coordination of financial and compliance audits for the multifamily projects. He is also responsible for the financial reporting and compliance requirements of the multifamily projects. • Training Bank of America's Neighborhood Excellence Initiative 2006 Leadership Program, Asset and Property Management Certificate (Sponsored by LISC and Wells Fargo Bank), SAGE-MIP Accounting Program training, CPA candidate, have completed experience requirement for CPA certificate. Education Bachelor of Science, Business Administration emphasis in Accounting San Diego State University. Associate of Arts Degree, College of the Desert. 0159 • • Coachella Valley H0u61ng Coauuon Mary Ann Ybarra M Qualifications Mary Ann Ybarra has worked at CVHC for more than 19 years in the Multi -Family and Asset Management departments. Currently as Senior Project Manager, Ms. Ybarra has the responsibility for managing all of the aspects of multi -family projects from redevelopment planning through acquisition, financing and development, Qualifications include entitlements, preparing development & operating budgets, funding applications, closing multi funding escrows, contract negotiations, coordinating with architects, consultants & contractors, regulators analysis, preparing multi funding draw requests. CVHC Experience Training / Certifications Ms. Ybarra is the project manager for and successfully secured financing for the following developments Rosa Gardens Apartments — a 57 unit affordable housing complex for low income families in the City of Palm Springs, CA. Currently in construction the project is scheduled to be completed in January 2011. Pasco de Ins Heroes It — a 53 unit manufactured housing for farmworkers and their families in Mecca, CA Construction completed in June 2010. Wolff Waters Place — a 218 unit affordable housing complex for low income families in the City of La Quinta. CA. Construction completed in December 2009. Arroyo de Paz Apartments (Phase Ip - a 34 unit affordable housing complex for low income families in the City of Desert Hot Springs, CA. Construction completed May 2007. Arroyo de Paz Apartments a 60 unit affordable housing complex for low income families in the City of Desen Hot Springs, CA. Construction completed November 2006. Villas Oscar Romero Apartments - a 50 unit affordable housing complex designed for farmworkers and them families in Mecca, CA. Construction completed in June 2004. Gee] Place Apartments — a 45 unit SRO designed for individuals with mental disabilities in the City of Riverside CA. Construction completed in April 2004. Prior to being promoted to Senior Project Manager, Ms. Ybarra assisted Multi -Family Project Managers and the Asset Manager in the preparation of funding applications, maintaining financial records, preparing financia reports, project status report updates and monitoring funding agency compliance for the following projects: Casas San Miguel de Allende — 39 units Coachella Community Homes — 100 units Coyote Run Apartments - 140 units Desert Gardens - 88 units La Hacienda - 36 units Las Casas I - 50 units Las Casas 11- 78 units Las Casas III - 52 units Las Mananitas I - 88 units Las Palmeras Estates - 96 mobilehome units Nueva Vista - 32 units Paseo de Ins Poetas — 21 single family homes Pie de la Cuesta-68 units Pueblo Nuevo - 50 units Rancho West Apartments - 150 units Tlaquepaque - 76 units California Statewide Housing Development Training (Sponsored by the Local Initiatives Support Corporation; Education Business Accounting Studies - College of the Desert 0153 Coachella Valley Housing Coaiitioo Michael Walsh Land Acquisition Manager Qualifications Mr. Walsh has worked for the Coachella Valley Housing Coalition for over three years and is responsible for seeking and identifying suitable real estate sites for single family and multifamily communities and will perform a specific range of tasks related to the planning implementation and development of affordable housing developments. Responsibilities include negotiation with sellers to eliminate obstacles, opening escrow, follow through the escrow and title process to successful completion of the purchase, coordinating and implementing activities relating to projects' development from acquisition through completion of construction. Experience Land Acquisition - Has been integrally involved in the acquisition of 325 single family lots, over 300 units of multifamily housing, and 20 single family acquisition homes. The combined purchase price of these acquisitions exceed $10 million Brisas de Paz Apartments — Secured $1.7 million redevelopment loan from the City of • Desert Hot Springs, a $1,000,000 loan from the County of Riverside HOME program, $610,000 loan from the Affordable Housing Program, $1.4 million permanent loan from Bank of America, and a $10 million construction loan from Bank of America for the development of a 62 unit affordable housing community in the City of Desert Hot Springs, CA. • Holy Cross Associate Volunteer 2005-06 Member, National Political Science Honor Society- Pi Sigma Alpha Affiliations and Member, National Spanish Honor Society — Sigma Delta Pi Awards 2005 Recipient of Brother Andre Medal for Service 2005 Recipient of Stonehill College Vice President Award Education B.A. Political Science — Stonehill College Minor Spanish Language - Stonehill College Executive Certificate in Negotiation — University of Notre Dame, Mendoza School of Business 0154 Coachella valley Housing Coalition Swavic Rutkowski Project Manager Duties Mr. Rutkowski has the responsibility for monitoring all of the aspects of project management: financing, planning, entitlements, land development, and construction. Experience Mr. Rutkowski has worked for more than 8 years in project and construction management. His qualifications include the following: • Subdivision development, construction, budgeting, forecasting, supervising large and small crews, and scheduling contractors. • Coordination of engineers, architects, marketing managers, public and govemment/local agencies. • Development and entitlements of plans/maps from concept to completion. • Supervision of land development operations. • Recording of tract maps, processing tract plans and obtaining final inspections. • Preparation of budgets and contracts for land development and construction. • Processing of development plans for residential and commercial sites, and securing of building and grading permits. • Mr. Rutkowski has participated in the following projects: • Development of 288 homes for low to very low income families in the community of Mecca and North Shore, County of Riverside. The combined value of the subdivisions Mr. Rutkowski supervised exceeded $30 million. • Construction of 126 homes in Coachella and 40 homes in Desert Hot Springs for low to very low income families. • Project feasibility assessment on various projects in the Coachella Valley. • Entitlements of development plans for 277 home subdivision in Mecca and 41 home subdivision in County of Riverside. Work History Coachella Valley Single Family 2002-Present Housing Coalition Construction Manager Procter & Gamble Assistant Brand Manager 2001 Education The University of Sussex, United Kingdom 2000 Master of Arts, International Economics The University of Warsaw, Poland 2001 Master of Arts, Finance and Banking Center of Latin American Studies 2001 • Postgraduate Degree, Contemporary Latin America 0155 REUEL A. YOUNG, AIA Principal Architect • Interactive Design Corporation License #C 10974 EDUCATION Harvard University, B.A. English Literature, Cum Laude, 1967 University of California Berkeley, Master of Architecture, 1974 TEACHING College of the Desert: History of Architecture, 1989 - 2006 UC Berkeley, Teaching Associate, Architectural Design PROFESSIONAL ASSOCIATIONS American Institute of Architects, California Desert Chapter Congress for the New Urbanism Urban Land Institute, Associate Member U.S. Green Building Council Biomimicry Institute CIVIC SERVICES Coachella Valley Regional Housing Trust, Board of Directors • ACE Mentoring Program Volunteer, 2010 World Museum of Natural History, Chair, Current General Plan Update Committee: Palm Springs, 2003 - 2007 Palm Springs Homeless Task Force Architectural Advisory Committee: Palm Springs, 1988 - 1999 Cathedral City Downtown Task Force, 1993 - 1996 PROJECT EXPERIENCE Mr. Young has been an architect in the Coachella Valley for 29 years. His emphasis is to create places that support social interaction, create a sense of community, and are both memorable and beautiful. He produces design solutions that take their cues from the context of the project, and are sensitive to the user's needs rather than to a preconceived design ideology. Mr. Young's project experience includes applying the principles of New Urbanism and sustainability to architecture, community design, land planning and master planning. His firm has been involved in innovative energy conserving projects since 1993 when he designed with SCE staff, an "emerging technologies showcase" remodel of the PS Chamber building; in 2006 the Palm Desert Visitor Center received LEED silver certification; in 2009 Wolff Waters Place was certified as gold and silver LEED; and currently he is designing a senior housing project expected to be "net zero." He has worked on numerous redevelopment projects including projects in Palm Springs, Desert Hot Springs, Cathedral City, Palm Desert, La Quinta, Indio, the County of Riverside, Fontana, Yucaipa and Temecula. His clients include •, non-profit organizations such as ABC Recovery Center, Martha's Village and Kitchen, Desert AIDS Project, Coachella Valley Housing Coalition, Mercy Housing of California, and LINC Housing. 0156 MSA Consulting, Inc. - Statement of Qualifications General Firm Description Firm Profile Capsule Resumes of Key Personnel Representative Project Experience 0157 U General Firm Description Vclr� cnmr R.grum Ownership: Corporation Legal Name: MSA Consulting, Inc. DBA: Mainiero, Smith and Associates Principals: Robert S. Smith, P.E., President/CEO Julian A. De LaTorre, P.E., Vice-President/Principal Engineer Office Location: 34-200 Bob Hope Drive Rancho Mirage, CA 92270 0158 • FIRM PROFILE MSA Consulting, Inc. (MSA) is a multi -disciplinary Planning, Civil Engineering and Land Surveying firm providing professional services to public agencies and private development since 1976. Formerly known as Mainiero, Smith and Associates, located in Rancho Mirage, California, MSA is the Coachella Valley's largest locally owned, full - service planning and engineering company, serving clients throughout Southern California and beyond. The firm initially represented primarily public agency clients in the late `70's and early `80's. As Southern California experienced periods of explosive growth, the firm's land development services were in increasing demand over the ensuing decades. Residential, commercial and resort projects became a significant portion of the company's work, while the agency and institutional clientele continued to expand. In the early 1990's the firm expanded by adding Planning to the development services offered to clients. In 2000, an Environmental Services division and a Utility Coordination and Construction Support division were added to the firm's core Civil Engineering and Surveying services. In recent years, the firm has continued to provide clients with an expanded menu of services by offering both GIS services and Real Estate Assessment services in-house, along with a strategic alliance for Landscape Architecture services with RGA Landscape Architects, Inc. • As a result of maintaining high standards in work product, MSA has been consistently able to attract new projects from its solid client core and their referrals. With the firm's expansion of services came an increase in staff and its capabilities. Included in the current staff of 40 are six registered civil engineers and land surveyors, both AICP and LEED Accredited Professional certifications and a highly qualified support staff of designers, land planners, CADD operators, field personnel and administrative staff. • MSA is proud of its commitment to LEED and Green Building standards and takes very seriously the firm's role in helping projects attain sustainability through strategic planning and design. Equipped with state-of-the-art computer, color plotting, and surveying systems, MSA today continues to serve a broad range of repeat clientele from small developers to the Federal government. Over the past 33 years, the firm has successfully completed over 2,000 projects and studies, involving the planning, design, surveying or construction administration of public works, residential, institutional, resort, or commercial developments. MSA is actively involved in assisting local community groups through participation in organizations such as Urban Land Institute (ULI), Desert Valleys Builders Association (DVBA), ACE Mentor Program, American Planning Association (APA), U.S. Green Building Council, American Public Works Association (APWA), Desert Roundtable, and College of the Desert Real Estate Development and Construction Institute, among others. 0159 o CAPSULE RESUMES N N )Julian A. De La Torre, P.E. Vice-President/Principal Engineer Mr. De La Torre was born and raised in the Coachella Valley, attended UCLA and graduated with an Engineering degree in 1983. He was ! 4 registered as a Civil Engineer in 1989 and joined MSA in 1995. Today he brings over 25 years of experience as a design engineer and project y manager. He has served as project manager for a wide variety of projects including the 1,200-home residential and golf resort project of "f Escena in Palm Springs, the 800-home residential project Talavera in Indio, and the 700,000 square foot Arrowhead Water Bottling Plant in Cabazon. He became the firm's Vice -President and Principal Engineer in 2007. Marvin Roos, A.H.C.P. Director of Design Development MrRoos oined MSA in 1992 after serving the City of Palm Springs c . � for more than 20 years, including 13 years as the head of its Planning Department. With a Bachelor of Architecture Degree from the University of California at Berkeley and more than 38 years of planning experience, Mr. Roos has an exceptional depth and breadth of knowledge in his field. During his tenure at MSA he has helped develop the Planning Department into the Coachella Valley's premier planning group. In addition to providing senior project management for MSA, as Director of Design Development Mr. Roos oversees the creative aspects of the entire firm's land planning assignments. Charles R. Harms, P.L.S. Director of Surveying and Mapping Mr. Harris joined MSA Consulting in 1983. He has over 33 years of 7 industry experience. As Survey Director, his responsibilities include the supervision of the processing of final maps, ALTA surveys, l� condominium plans and fieldwork conducted by the firm's survey crews. He is past President and an active member of both the Desert and Riverside chapters of the California Land Surveyors Association. Mr. Harris' expertise in surveying and mapping, along with his leadership skills, has earned the firm a solid reputation as the Valley's leading land surveyors. 0 REPRESENTATIVE PROJECT EXPERIENCE MSA performed Planning, Environmental, Surveying, and/or Civil Design Engineering for the following project samples: Wolff Waters Place — Affordable Housing Dune Palms Road and Avenue 48, La Quinta MSA provided representative services for the proposed 15-acre 218-unit affordable housing project in the City of La Quinta containing a mix of housing types ranging from one to four ' bedroom units to serve a variety of residents from singles to families in addition to a community center and recreational facilities. Energy and water efficient elements contribute to the neighborhood's sound environmental values, including active ' and passive alternative energy technologies, and porous pavement along pathways. The environmentally -friendly construction, with LEED certified aspects, takes full advantage of green building methods and incentives. Contact: John Aguilar Team Leader for Multi -Family Housing • Coachella Valley Housing Coalition 45-701 Monroe St Plaza 1 Ste G Indio, CA 92201 760-347-3157 Jaguilargcvhc.ora Brian Peulicke Brian Peulicke@cvhc.ory, Maryann Ybarra Multi -Family Housing Specialist M bbarragcvhc.ora • 0161 2 147 N 101 Annenberg Center at Sunnylands - Education Venter Northwest Comer of Frank Sinatra Drive and Bob Hope Drive, Rancho Mirage The Annenberg Foundation Trust at Sunnylands is building an education center to be named the Annenberg Center at Sunnylands on a fifteen- ; acre site adjacent to the Sunnylands Estate. The new Center will offer visitors an understanding e of the history of Sunnylands including its place in the midcentury modern architecture x story of the desert. MSA is currently providing representative services for the future 15,000 sq. ft. environmentally conscious education center. A nine -acre desert landscape garden will be made a r"_ #.cr; If F f part of the Center and will use desert d ' Its AU plants to paint a living canvas while _ consuming a minimal amount of water. Interpretive materials will explain the Y, ways in which solar panels and geo- �' thermal systems will supply energy for this LEED Silver project. Contact: John Berley Frederick Fisher and Partners Architects 12248 Santa Monica Blvd Los Angeles, CA 90025 (310) 820-6680 Ext.: 17 JohnBgfisherpartners.net 0162 5 0 Arrowhead Water Bottling Facility, Cabazon Morongo Indian Reservation, Cabazon MSA was retained to i perform all of the civil engineering design and surveying services for C { the 1 million square foot Arrowhead Water .`£' Bottling Facility. The ly { e project in Cabazon is located on Indian land within the Reservation of the Morongo Band of Mission Indians. It is the first building in the Tribe's planned Morongo Intermodal Transload and ambitious master planned industrial park. The Arrowhead Water Bottling Facility for Nestle Waters North America represents a further refinement and knowledge development of the LEED (Leadership in Energy and Environmental Design) program. The Cabazon plant received a LEED Silver certification in June 2004. The "Green Design" features include: o Water saving technologies for plumbing fixtures o Innovative waste water technologies to reduce the impact on the surrounding community 1 o Roofing materials to reduce heat gain into the building v o Site planning for parking and stormwater management o Energy savings for HVAC systems through the use of HCFC and Halon free equipment and fire -protection systems o Methods to reduce contaminants during construction that eventually impact the occupants and users of the facility after the construction is complete o Recycled content of materials that incorporate less raw materials and more reused materials to further the preservation of natural resources o Products purchased within 500-miles of the construction site to reduce transportation environmental impacts o Volatile Organic Compound (VOC) content of paints, sealants and adhesives a Finish selections of paints, wall covering and carpets to reduce the VOC emissions and the impact to the building occupants o Operational policies for smoking and carpooling by the customer o Incorporating new technologies for alternative fueling cars o Recharging stations for electric cars o Signage program for education of the employees and customers of, the features and benefits of LEED that are incorporated into the facility Contact: Scott Sailer, Real Estate Project Manager The Haskell Company Haskell Building, I I I Riverside Ave Jacksonville, Florida 32231-4100 0, (904) 357-4809 Ext.: 4809 sesailerg.thehaskelleo.com 0163 .,1D 11 Howley Gardens, ]halm Desert Avenue 42 and Merle Street, Palm Desert MSA completed planning and engineering services to include overall site plan and applications for General Plan Amendment, Change of Zone, and Tentative Parcel Map to position property for entitlements. Services also included pre -design surveys, utility research, design civil engineering, construction surveying and provided construction management for the Hovley Gardens 162-unit multi -family and senior housing project located between 42"d Avenue and Merle Street in Palm Desert. The project consists of 2, 3, and 4 bedroom rental units available to families up to 60 percent of the county median. The amenities include a clubhouse, community swiming pool, tot tot, and laundry facilities. Contact: Catherine Walker, Senior Management Analyst Palm Desert Redevelopment Agency 73-510 Fred Waring Drive Palm Desert, CA 92260 (760)346-0611 cwalkerkci.palm-desert. ca.us Falcon Crest, ]halm Desert Avenue 42 and Merle Street, Palm Desert MSA Consulting, Inc. performed all professional civil design engineering and survey services for this affordable housing project on behalf of the Palm Desert Redevelopment Agency. A showcase for Palm Desert's solid commitment to quality affordable housing for its residents, the 3 Best in American Living Award in the HUD Secretary's Award for excellence category from the National Association of Home Builders and Professional Builder Magazine. This centrally -located neighborhood for low and moderate -income families established safe and comfortable affordable housing with a blend of for -sale single family homes. The $28 million Energy Star community feastures building integrated rooftop photovoltaics designed to substantially cut homeowners' electrical bills, sustainable xeriscape design utilitzing native plants, and universal design elements allowing multigenerational families to age in place. Contact: Dave Yrigoyen, Director of Redevelopment Palm Desert Redevelopment Agency 73 -5 10 Fred Waring Drive Palm Desert, CA 92260 (760) 776-6306 0164 dyrigoyen@ci.palm-desert.ca.us 7 N ]La Quinta Fire Station No. 32 and Corporate Yard, La Quinta Frances Hack Lane, La Quinta MSA provided the Surveying, Preliminary and Final Civil Design, Dry Utility Coordination, Cost Estimating, Bidding and Negotiation and Construction phases of the new 7,700 sq. ft. single story fire station and corporate yard located on Frances Hack Lane in the city of La Quinta. The existing fire station will be modified to temporarily house administrative offices, in addition to site work, decant storage facility of street sweeping, bulk storage, covered parking and a photovoltaic system. Contact: Wayne Holtan, AIA, Principal Dominy + Associates Architects 2150 West Washington Street, Suite 303 San Diego, CA 92110 (619) 692-9393 wayne.holtanAdomusstudio.com Iqury m Casino Resort & RV ]dark, Twentynine Palms Adobe Road and Baseline Road, Twentynine Palms MSA provided professional services related to the Phase 1 infrastructure and site development of a proposed 160-acre casino and RV park on the southeast corner of Adobe Road and Baseline Road in Twentynine Palms in San Bernardino County. Phase I of the development will include an approximately 60,000 square -foot casino and a 100t space state-of-the-art KOA RV campground, and miles of dedicated hiking trails. The services provided by MSA on behalf of the Twenty -Nine Palms Band of Mission Indians included Site Planning Refinement of Trail System, Dry Utility Coordination, Final Design Engineering and Coordination and preparation of the Stormwater Pollution Prevention plan. Contact: Chris Wardwell CEI Construction, Inc. 81161 Indio Boulevard Indio, CA 92201 (760)863-5962 cwardwellkceiconst.com 0165 • Trilogy @ La Quinta - Active Adult Golf Community Avenue 62, La Quinta • \J Trilogy at La Quinta is the first active adult community built in the City of La Quinta, developed by J.F. Shea Corporation, the largest family owned, privately held construction company in the United States. The Project, located between Avenue 60 and 62, between Monroe Street and Madison Street, consisting of 1,300 residential units and a championship golf course, was originally entitled and the first phase approved through Riverside County. The property was then annexed into the City of La Quinta and continues development into the final phases. MSA Consulting was the project's technical team coordinator and managed the entire consultant team, pulling toge the architects (both clubhouse and residential), landscape architects, golf course architect and geotechnical consultant to complete the golf course, infrastructure and first phase buildings. At the same time, the firm was the owner's liaison with Riverside County and the City of La Quinta and processed the myriad of permits through the multiple departments to keep the project moving forward. MSA will have designed, managed and coordinated some $40 million in infrastructure improvements for the project at buildout. Contact: Ulrich Sauerbrey Previously with Shea Homes 60918 Desert Rose Dr La Quinta, CA (760)578-6318 uisauerbre Aaol.com 0166 0 Heritage Palms - Active Adult Golf Community Jefferson Street and Fred Waring Drive, Indio On behalf of U.S. Home Corporation/Lennar Communities, MSA performed planning, civil engineering design, surveying, and construction management services for a 380-acre Senior Residential Retirement Community comprised of an 18-hole golf course, clubhouse and 1,005 single family units. The services completed included all boundary and topographic surveys, utility research, land planning, computer site planning, cost estimates, Storm Water Pollution Prevention Plan, Fugitive Dust Mitigation Plan, Signing and Striping Plan, hydrology exhibit, subcontractor consultation, street geometry, and Phase 1 Environmental Assessment. The Project included 4,800 l.f. of street improvements, with medians, for Fred Waring Drive between Jefferson Street and Madison Street in Indio. The project also included the expansion of the existing bridge over the All - American Canal as well as two intersections with signalization. Contact: Norm Gasman Lennar Homes of California, Inc. 391 N Main St Ste 300 . Corona, CA 92880 (951)817-3500 norm. ag smanglennar.com • 0167 10 n LJ • ADDITIONAL RELEVANT PROJECTS ® Coyote Run I and 11—Low Income/Self Help Housing (140 Unit Apartments) Sunrise Way, Palm Springs, California Contact: Reuel Young Interactive Design Corporation 199 S Civic Dr Ste 10 Palm Springs, CA 92262 760-323-4990 reuel glnteractiveDesignnCorp.com (B Nuestro Orgullo —Affordable Housing 63`d Avenue and Lincoln Street, Mecca Contact: Swavic Rutkowski Single Family Construction Manager Coachella Valley Housing Coalition 45-701 Monroe St Plaza 1 Ste G Indio, CA 92201 760-347-3157 Slawomir.Rutkowskigcvhc.org ® 62-Unit Multi -Family Apartment Community — Affordable Housing Flora Avenue & West Drive, Desert Hot Springs, CA Contact: Mike Walsh Coachella Valley Housing Coalition 45-701 Monroe St Plaza 1 Ste G Indio, CA 92201 760-347-3157 Mike. Walsh(cr�,cvhc.org (1) San Jacinto Villas Apartments —Affordable Housing/81 units City of San Jacinto, CA Contact: Ron Crisp Palm Desert Development Company 44-139 Monterey Ave Ste A Palm Desert, CA 92260 760-568-1048 roncrispka,msn.com ME 11 • ® Multi -Family Apartment Community — Senior Affordable Housing Alessandro Boulevard, Moreno Valley, CA Contact: Ron Crisp Palm Desert Development Company 44-139 Monterey Ave Ste A Palm Desert, CA 92260 760-568-1048 roncrispkmsn.com Multi -Family Apartment Community — Affordable Housing Nicolet Street, Banning, CA Contact: Ron Crisp Palm Desert Development Company 44-139 Monterey Ave Ste A Palm Desert, CA 92260 760-568-1048 roncrispAmsn.com 0169 12 Community y S 4 Economics COMMUNITY ECONOMICS, INC. Community Economics, Inc. (CEI) provides nonprofit organizations and public agencies with expert technical assistance in the financing and development of affordable housing. CEI has a broad range of expertise in all aspects of affordable housing development and related areas of real estate and community development. CEI was established in 1976 to address a lack of technical expertise in the emerging field of nonprofit affordable housing development. As federal housing funds have decreased, the nonprofit sector has become the primary producer of affordable housing. Through direct technical assistance to nonprofit developers, and through involvement with local, state, and national housing policy issues, CEI has been at the forefront of the affordable housing movement, developing creative solutions and resources to meet the housing needs of low income people. CEI staff work with clients from the earliest conceptual stages of development — helping • to assemble a development team and secure funding — through the successful completion of construction and commencement of operations. Through this project -specific technical assistance and through long-term relationships with clients, CEI strives to enhance the capacity of nonprofit housing developers. • CEI's primary expertise is in the financing of affordable housing, having worked with a broad assortment of federal, state and local funding programs as well as conventional bank lenders. Since 1987, CEI has developed a particular expertise in the use of the federal and state low income housing tax credit programs, and has facilitated the development of thousands of affordable housing units using those programs. Typical clients include nonprofit housing development organizations, as well as social service agencies providing housing for their special needs clients. CEI has also worked with tenant organizations and groups forming limited equity cooperatives. Public agencies frequently hire CEI to assist them in evaluating housing proposals from private developers or in devising housing priorities and programs. CEI staff consistently take on active leadership roles in housing policy organizations. Joel Rubenzahl is currently a board member of Housing California. Elissa Dennis has served as President of East Bay Housing Organizations. 0110 n u HOUSING DEVELOPMENT CEI's housing development work has spanned a wide range of projects from urban residential hotels for homeless individuals to rural housing for farmworker families. CEI assists clients with new construction and rehabilitation developments for families, seniors, and special needs populations. CEI has worked with residents of mobile home parks and with artists to convert their homes to cooperative ownership. CEI assistance covers all aspects of housing development, including: • site evaluation • site acquisition strategies and negotiation • selection of development team members • formation of new nonprofit corporations and limited equity cooperatives • financial feasibility analysis • applications to subsidy and financing sources - local, state, federal, banks • negotiations with funders • structuring of overall financing for project • coordination of development process through until occupancy TAX CREDIT FINANCING • CEI has particular expertise in assisting nonprofit developers to raise equity capital through the syndication of tax credits. CEI works with clients and investors to maximize the amount of equity raised while maintaining control over the development by the sponsor and ensuring long-term affordability for the residents. • Syndication services include: • initial feasibility analysis, including projection of equity that could be raised through different syndication models • identification of potential investors • evaluation of investor proposals • negotiation with investors • structuring the syndication to maximize long term goals of the sponsor • preparation of financial projections used by the investor • assistance with formation and operation of syndication partnership TAX-EXEMPT BOND FINANCING CEI can assist nonprofit developers in utilizing tax-exempt bonds as a method of financing their projects. In particular, CEI works with sponsors to find the best type of bond structure and credit enhancement for each project. Community Economics, Inc. 0171 n CEI's services for tax-exempt bond financing include: • initial feasibility analysis, including issuance costs and fees • evaluation of alternative forms of credit enhancement • determination of the most appropriate bond structure (fixed rate or low - floater; private placement or public sale; etc.) • assistance in obtaining credit enhancement • structuring the bonds to work with tax credit and other sources of financing LOCAL GOVERNMENT ASSISTANCE CEI advises public agencies on real estate and development matters. Agency clients may be pursuing housing development themselves or evaluating proposals by other developers. CEI services for public agencies include: • site evaluation • site acquisition strategies and negotiation • financial feasibility analysis, including potential for tax credit syndication • structuring of financing, development, syndication, ownership of project • • evaluation of developer proposals, to ensure maximum public benefit • negotiation with developers to ensure maximum public benefit • CEI STAFF JOEL RUBENZAHL Mr. Rubenzahl is an expert in the development, financing, and syndication of affordable housing. He has extensive experience providing technical assistance to nonprofit organizations, public agencies, and limited equity cooperatives. He has also been instrumental in the development of local, state, and federal programs which create and maintain affordable housing. Mr. Rubenzahl has particular expertise in utilizing the federal and state low income housing tax credit programs. He played an active role in the creation of California's program. He has assisted nonprofit sponsors throughout California and in several other states in the development of dozens of affordable housing complexes using the tax credit programs. An active participant in many housing advocacy organizations, Mr. Rubenzahl is on the board of Housing California and the Nonprofit Housing Association of Northern California. He has previously been on the boards of the National Low Income Housing Community Economics, Inc. 0172 • Coalition, California Cooperative Federation, and the steering committee of the National Mutual Housing Network. He is past president of Savo Island Cooperative Homes and the Bay Area Mutual Management Association. Mr. Rubenzahl is a frequent presenter at conferences and workshops nationwide, and has taught courses on the economics of housing development. He has testified as an expert witness at California and U.S. Congressional hearings on affordable housing programs. U Mr. Rubenzahl joined CEI in 1976 after completing a Master's Degree in City and Regional Planning at the University of California at Berkeley. KEVIN KNUDTSON Since joining CEI in 1987, Mr. Knudtson has assisted in the development of dozens of new construction and rehabilitation housing projects. He has developed a particular expertise in special needs housing for homeless and disabled households, working extensively on urban residential hotel developments, as well as emergency and transitional shelters. Mr. Knudtson participated in the Nonprofit Housing Association of Northern California's Homeless Working Group and co-authored with the Group an analysis of federal McKinney Act programs for the homeless. At CEI, Mr. Knudtson assists clients with all types of tax credit projects and with HUD - funded projects for the elderly and disabled. He has also worked with limited -equity cooperatives, and has contributed to analyses of low income housing policy choices for local governments and foundations. Mr. Knudtson earned a Master's Degree in Urban and Regional Planning from the University of Oregon. Prior to joining CEI, he worked for nonprofit agencies in California and Oregon doing housing development and low income housing policy analysis. ELISSA DENNIS Ms. Dennis has assisted clients in a range of affordable housing developments since joining CEI in 1990. She has worked extensively with urban and rural clients on a wide array of new construction and rehabilitation projects. She has worked with nonprofit housing developers, service providers, and public agencies on projects using the tax credit programs and the HUD programs for the elderly and disabled. Ms. Dennis has been active in local housing policy issues. She served on the board of East Bay Housing Organizations for six years including four years as president from 1994 Community Economics, Inc. 0173 through 1999. She is currently on the board of Peoples Community Partnership Federal Credit Union. After receiving her Master's Degree in Urban Planning from the University of California at Los Angeles, Ms. Dennis worked for nonprofit housing organizations in the Bay Area and Los Angeles before joining CEI. She previously worked as a community organizer and a newspaper reporter. ALICE TALCOTT Prior to joining CEI in 1999, Ms. Talcott worked for the San Francisco Mayor's Office of Housing for six years, where she provided funding and technical assistance in the development of numerous affordable housing projects. She has worked on a wide variety of new construction and rehabilitation projects, including many supportive housing developments for special needs and homeless populations. Ms. Talcott's experience makes her particularly adept at dealing with the issues public agencies face in the development of affordable housing. As a member of the Nonprofit Housing Association of Northern California's Tax Credit Working Group, Ms. Talcott has been actively involved in recommending and lobbying • for changes to the tax credit allocation process. Ms. Talcott holds a Master's Degree in City and Regional Planning from the University of California at Berkeley. •: Community Economics, Inc. 01-14 • GUBB & BARSHAY LLP Fifty California Street, Suite 3155 San Francisco, CA 94111 415-781-6600 Firm Resume Gubb & Barshay LLP has extensive experience with all types of affordable housing programs, including tax-exempt bonds, HUD programs, elderly and special needs housing, and state and local programs. The firm also has substantial experience with the federal and state housing tax credit programs, and has been involved in the structuring and closing of over 150 low income housing tax credit syndications in California and other states. This work has involved drafting limited partnerships, analyzing financial projections, negotiating with investors, and structuring transactions to maximize funding potential. The firm has also acted as lender's counsel in affordable housing matters to Wells Fargo Bank, Rural Community Assistance Corporation, Mercy Housing Fund, and LIMAC, among others. Natalie L. Gubb • Ms. Gubb is a partner in the firm of Gubb & Barshay LLP with an emphasis of practice in affordable housing, real estate and tax matters and tax credit syndications. Ms. Gubb drafted the initial legislation for the California low income tax credit program and revisions to the state tax credit and allocation laws. She also acted as consultant to the California Tax Credit Allocation Committee on the annual allocation program. She has structured many syndications of affordable housing projects in California and other states, using state and federal tax credits. Education: Graduated from Simmons College in 1970 with a B.A. degree in Mathematics and Economics. Received a Masters Degree in Public Administration from the State University of New York at Stony Brook in 1974. Received J.D. degree from Boalt Hall School of Law, University of California, Berkeley,1981. ScottRBarshay Mr. Barshay is a partner in the firm specializing in affordable housing, real estate and tax matters, syndications, and nonprofit law. He has assisted lenders in analyzing underwriting risks, documenting transactions and negotiating favorable loan provisions. He also has been involved in structuring numerous syndications and advising clients on R\Officc ,F .Re 31M r1 tax, fair housing, and relocation matters. Education: Graduated from Duke University in 1981, summa cum laude with an B.A. degree in Economics. Member of Phi Beta Kappa. Received J.D. from Harvard University Law School in 1985, cum laude. State Bar No. 121315. Leslie B. Trutner Ms. Trutner is associated with the firm, specializing in affordable housing finance, real estate, and municipal law matters. Ms. Trutner was previously a Deputy City Attorney for the City and County of San Francisco for nine years, and represented the City in affordable housing development and finance transactions, real estate matters, and economic development programs. During that period she also worked closely with numerous community -based nonprofit entities. Education: Graduated from the University of California, San Diego, in 1984 with a B.A. in English and French literature. Received J.D. from UCLA School of Law in 1987. F:\Offc�Fiem.Ra Yin ._,. 0176 C� 9 GUBB S BARSHAY PRINCIPAL/ NO. YEAR IN YEARS IN SALES, PROTECT NAME OF SERVICE PARTICI- DEFAULTS, UNITS PATION FORECLOSURES [In all rases the governmental agency was Calif. Tax Credit Allocation Committee.l ASIAN, Inc. 24 1994 1993-1995 None Minna Street. San Francisco BRIDGE Housing Corp. YWCA/Villa Nueva, San Jose 63 1993 1993-1994 None Richmond City Center, Richmond 64 1993 1993-1994 None Fell Street, San Francisco 82 1994 1993-1995 None Calistoga, Calistoga 48 1993 1993-1994 None Winfield, San Jose 144 1994 1993-1995 None Pinola, Pinole 70 1994 1993-1995 None Santa Alicia, Irvine 84 1996 1994-1997 None Strowbridee, Castro Valley 96 Not Yet 1995- None Ohlone, San Jose 135 Not Yet 1995- None Rotary Valley, Lucas Valley 80 Not Yet 1996- None Metro Senior, Foster City 60 1996 1994-1997 None Burbank Housing Dev. East Cotati Avenue, Rohnert Park 50 1993 1993-1995 None Forest Winds, Santa Rosa 48 1994 1993-1995 None Lavell Village, Larkfield 48 1996 1993-1995 None The Gardens, Rohnert Park 20 1996 1994-1997 None John Chandler Monte Vista, Glendale 10 1994 1993-1995 None Chico Housing Imp. Program Campbell Commons, Chico 55 1995 1993-1996 None Hazel Hotel, Gridley 56 Not Yet 1996 None Chinese Community Housing Corp. Larkin/Pine,San Francisco 63 1994 1993-1995 1 None • FC office\prjohrt.lst 3112/2 •at. 017 7 • • CHISPA Marina Senior Hsg., Marina 40 * 1993-1994 None Gabilan Hills, Salinas 28 * 1994 None Villa San Miguel, King City 50 * 1994 Quail Meadows, Carmel 6 * 1994 Community Housing Opportunities Corp Windmere, Davis 48 1994 1993-1995 None Tuscany, Davis 36 1993 1993-1994 None Holly Court, W. Sacramento 40 1995 1993-1996 None Antelope, Antelope 140 1995 1993-1996 None Hotel Woodland, Woodland 76 1995 1993-1996 None Coachella Valley Housing Coalition Tlaquepaque, Coachella 76 1994 1993-1995 None Nueva Vista, Mecca 32 1994 1993-1995 None Miles Avenue, Indio 36 1996 1994-1997 None Pasco del los Poetas, Mecca 21 Not Yet 1996- None Conard House Lyric Hotel, San Francisco 58 Not Yet 1995- None Contra Costa County Housing Authority Casa del Rio, Antioch 82 1996 1994-1997 None CREDO Housing Inc. Woodrow Hotel, Oakland 72 1995 1993-1996 None Hamilton Hotel, Oakland 92 1996 1994-1997 None Decro Corporation Nordhoff Apartments, Los Angeles 38 Not Yet 1996-1997 None Delancey Street Foundation Midtown Gardens, Los Angeles 205 1995 1993-1996 None F:\0ffice\Prjchrt.1st 3/22/2 • E ,ast Bay Asian . ocal Dev. Corp. East 14th Street, Oakland 90 1995 1993-1996 None Eden Housing, Inc Washington Creek, Petaluma 32 1993 1993-1994 None A Street, Hayward 36 1993 1993-1994 None Berry Avenue, Hayward Corona Ranch, Petaluma 50 74 1994 1994 1993-1995 1993-1995 None None Eden Palms, San Jose 145 1996 1994-1997 None Catalonia, San Jose 50 1995 1993-1996 None None First San Jose Hsg. Rincon delos Esteros, San Jose 246 1994 1993-1995 None James Fusselman Sunshine,Fresno 14 1995 1993-1996 None L.A. Family Housing Corporation �`. /ineland Place, Los Angeles 18 1995 1993-1996 None Alabama Court, Los Angeles 42 1996 1994-1997 None Vanowen Gardens, Los Angeles 15 Not Yet 1995-1997 None Harmony Gardens, Los Angeles 14 Not Yet 1995-1997 None La Habra Neighbor- hood Services Garnet Lane, Fullerton 18 Not Yet 1996-1997 None Walnut Avenue, Brea 47 Not Yet 1996-1997 None Many Mansions Community Homes. Thousand Oaks 11 Not Yet 1996- one •' F:\office\prjchrt.lst 3/12/2 0119 • • 4ercy/Charities Housing California 1028 Howard Street, San Francisco 30 1995 1993-1996 None 1101 Howard Street, San Francisco 34 1994 1993-1995 None 205 Jones, San Francisco 50 1996 1994-1997 None Hobson Way. Oxnard 64 1996 1994-1997 None School and Bruno, Daly City 47 Not Yet 1995- None Vista Grande, Daly City 24 1996 1994-1997 None Rose Hotel, San Francisco 75 1996 1994-1997 None Sycamore, Santa Cruz 60 Not Yet 1995- None 3rd & Reed, San Jose 53 1994 1993-1995 None 1035 Folsom, San Francisco 50 1996 1994-1997 None Mid -Peninsula Housing Coalition Holy Family, San Jose 79 1993 1993-1994 None Ginzton, Mountain View 107 1993 1993-1994 None The Farm, Soquel 39 1993 1993-1994 None Open Doors, Los Gatos 64 1993 1993-1994 None Century Village, Fremont 100 1996 1994-1997 None Mezes Court, Redwood City 81 Not Yet 1995- None Gloria Way, E. Palo Alto 40 1996 1994-1997 None Murphy's, Watsonville 18 1996 1994-1997 None atham Park, Mountain View 74 1996 1994-1997 None Pajaro Valley Housing Coalition Pacific Terrace, Watsonville 28 Not Yet 1996- None Palo Alto Housing Corporation Alma Place, Palo Alto 106 Not Yet 1996- None PAM Development, Inc Olive Wood Apts., Sacramento 68 Not Yet 1996-1997 None People's Self -Help Cawelti, Arroyo Grande 28 1996 1994-1997 None Oceanside, Morro Bay 21 1996 1994-1997 None Schoolhouse Lane, Cambria 24 Not Yet 1996- None Oak Fores4 Arroyo Grande 20 Not Yet 1996- None • F:\office\pr]chrt.1st 3112/2 0130 Santa Cruz El Centro, Santa Cruz 44 1993 1993-1997 None La Playa, Santa Cruz 1993 1993-1997 None South County Housing Corporation Rustic, Hollister 20 1994 1993-1995 None Rancho Park, Hollister 54 1993 1993-1994 None Monterra Village, Gilroy 34 Not Yet 1996- None The Related Com- panies Hillview Glen, San Jose 138 1994 1993-1995 None Fillmore Marketplace, San Francisco 1996 1994-1997 None La Mirada, La Mirada 100 1996 1994-1997 None Self -Help Housing Solinas Village, McFarland 52 1994 1993-1995 None Gateway Village, Modesto 48 Not Yet 1995- None Almond Court, Wasco 36 1996 1994-1997 None Temple Westlake Neighborhood Dev. Manila Terrace, Los Angeles 30 1996 1993-1997 None Tenderloin Neighbor- hood Dev. Corp. Plaza Ramona, San Francisco 63 Not Yet 1995- None Housing Authority of Tulare County Cypress Cove, Tulare 52 1994 1993-1995 None Fairview Village, Visalia 8 1996 1994-1997 None Willowbrook, Visalia 10 1996 1996-1997 Upland Community Housing, Inc. Coy D. Estes Senior Apartments, Upland 130 Not Yet 1994-1997 None • F:\office\prjchrt.lst 3122/2 ��•. o l a 1 • \ A Ventura County Housing Authority Colina Vista. Piru 35 1995 1993-1996 None * Unknown - withdrew from participation prior to placement in service. • F:\office\prjchrt.lst 3/12/2 1 .11. 0182 Property Management Professionals • iv m a 0 of r m 0 0 W er & Company ca Emellent and Pmfesslonal cam of your assets • Some of our clients LTD Partnerships Joint Ventures Private Investors Housing Authorities Non Profit Corporations Financial Institutions • State & Federal Government Special points of interest. > Mission Statement > Introduction letterfmmour President > Management Objectives > Who We Are > Operations -Human Resources - On -Site Management - Policy Development & Compliance - Budget & Finance - Miscellaneous Mission Statement "Hyder & Company is committed to its customers' mission. To that end, the company has employed a wide range of property management professionals with the expertise necessary to optimize the operations of affordable housing properties. By partnering with housing/developers, the company is able to provide safe, clean and active communities with programs and services that residents are proud to call home." Hyder Property Management Professionals 1649 Capalina Road, Suite 500 San Marcos, CA 92069 Phone: (760) 591-9737 Fax: (760) 591-9784 v .hyderco.com 0183 Dear Housing Owner: When Hyder Property Management Professionals was formed, the basic premise was that this would be a Company oriented and responsive to the needs of out customers in the affordable housing field. Our growth would indicate that this was indeed a sound premise from which to begin. Hyder Property Management Professionals has one primary goal, which is to deliver the highest quality product in the management field. It is impossible to deliver a quality product without first knowing the needs of our customers. For this reason, we are immediately accessible to our residents, owners, and employees. These open lines of communication are the foundation of our success. I believe that our commitment to technology provides us an additional advantage because it is an important tool to serve the management function. Our use of technology ties separate bits of information together, which assists in effective decision making. However, there is no substitute for personal knowledge and services for out residents. This is our true competitive edge. We continually strive to upgrade our program knowledge through company -sponsored, as well as, agencysponsored education programs for employees and residents. ! Our experience and knowledge in maintenance programming is second to none. We have a staff of dedicated specialists that have years of experience in apartment management and maintenance. There is virtually no problem that cannot be solved by our professionals. We feel that our management program is superior. Our employees have been trained with emphasis on accessibility, reliability, and responsibility. Our management program is based on these sound and proven principals of affordable housing management We invite you to unite with our firm to attain the goals you have set for your apartment community. Very truly yours, Hyder Property Management Professionals Stephen J. Margetic President 0184 • Management Objectives The primary goal of Hyder Property Management Professionals is and will continue to be to provide the finest in quality property management services. Tc this end, we have set forth the following objectives of our management program that we provide to our owners. 1. Hyder Property Management Professionals has the responsibility to pre- serve and protect the investment of the owner. 2. Hyder Property Management Professionals will manage each community as a financially -stable enterprise, and maintain it to provide decent, safe and sanitary housing. 3. Hyder Property Management Professionals will make every effort to assure that additional services are available and directed at improving the lives of our residents. 4. The property will be managed in accordance with the regulatory requirements of the supervising agency. 5. The apartment community will be a long-term affordable housing asset for the community, and a pleasant and secure living environment for its residents and the neighborhood. Excellent and Professional care of your assets 6. The apartment community will be a catalyst for positive relationships among the residents, management, and the surrounding neighbors. 7. Hyder Property Management Professionals will maintain a continuous line of open communication with our owners, residents, staff members, neighbors, community officials, and other interested parties. As part of the management agreement, Hyder Property Management Professionals will assist the owner in the development of a solid management plan. The management plan will set forth the method by which the management will be implemented to assure that the apartment communities under yntract with our Company will provide the highest standard of living )r the residents. The management agreement will set forth the services be rendered by Hyder Property Management Professionals, which "e outlined on the following pages. ..ry. 0185 • m m In Addition to providing basic and enbanced property management services, Ryder Property Management Processionals... 3 0 Tr Promote Stability: " We focus on our residents. living in quality, affordable housing provides the required peace of mind that comes with a safe & secure place to live, where children and adults can develop families and make connections that last forever. Stable neighborhoods enhance health and residents self-esteem, both of which are critical to helping our residents reach their goals and life-long dreams at school and at the workplace. Dee Dee Rogers, Regional Manager Provide Opportunities: "At many of our community centers, Hyder residents pursue educational and professional goals that lead to increased opportunity, a better job, a better school, and economic independence" Tony Sanchey Regional Manager Construct Stepping Stones to Success: "Residents from our professionally managed portfolio have both the knowledge that they are setting and achieving goals, as well as, the dignity that comes with determining their own path for the future. Our site managers and staff also set goals and objectives for thew own communities that promotes this self-determination. Jose J. Solis, Regional Manager Let us show you "How We Develop Communities to Last Far Beyond our Own Lifetime..." Our professional staff takes pride of the Ryder & Company ownership philosophy We're on the Web Hyderco.com Measuring our Success "... I really appreciate so much everything that you have done for me and my family. I know you say that it was just your job, but you really did treat us right. As you know life was difficult for us for awhile, but we were able to save money while living at the apartments. As you know, we now own our home. I hope that others are also able to benefit from this program. Tell your maintenance guy, Juan, to keep up the good work too. He's awesome..." Maria, Former Resident "... I love it here. The manager is always nice and helpful, especially when I don't understand something about my income certification process. And my kids think she's tough, but fair..." Current Resident "Her initiative in responding to this issue is appreciated. I think it will make our properties safer and encourage a good relationship between us and the City..." Bill Rice Property Developer Affordable Housing Improves the quality of people's Ihes and Hyder & Company is committed to create and strengthen communities through the provision of quality, affordable and service -enriched housing. 0186 Operations Property Management of affordable housing has become a complex business, requiring strong systems, significant planning and on -going staff training. Hyder Property Management Professionals assist owners in developing the policies and procedures required for meeting their goals. New and existing owners continue to be attracted to Hyder Property Management Professionals for our unique ability to be mindful of their individual priorities, as well as the range and quality of their management options. Hyder Property Management Professionals clients generally come from repeat customers, word-of-mouth recommendations, or from an agency of the government due to its reputation of providing quality basic and enhanced property management services. The basic and enhanced property management activities include: Human Resources/Personnel While many operations around the country lament the scarcity of high -quality staff throughout the affordable housing spectrum, the Human Resources Department takes charge of attracting and retaining high -quality staff by focusing on the following key drivers: 1. Pre-screening and Testing All applicants are screened by our Human Resources Department to assure the best qualified individuals are placed in vacant positions. A drug free environment is mandatory at all sites. 2. Employee Benefits Senior management works directly with the Human Resource Department to assure that the best possible employee benefits are made available to each and every employee. 3. Staff Development We develop partnerships, such as Work Place Learning Centers to develop and train staff in areas of Leadership Development, Customer Service and Communication Skills. Fair Housing training is a regular and mandatory component of our continuing education. Computer and on -going company policy training is also a regular part of our staff development Our managers have and continue to participate in Local Initiatives Support Corporation (LISC) Certified Resident Management Training and Advanced Project Management Classes. An annual three-day Company Conference is held to develop the skills and training needed, as well as to encourage a TEAM approach in all areas of administration and maintenance. Tenant Selection -Ryder Property Management Professionals provide all the personnel to do the necessary preliminary application work, tenant screening, and tenant selection for the community. This process includes all necessary qualifying information for the specific program, as well as background checks, credit checks, income verification, and any other regulatory requirements established by the agency under which the development is funded. After the qualifying process is completed, Hyder Property Management Professionals give each family an orientation of how to live in the unit properly, and how to maintain the equipment and appliances in the appropriate manner. Hyder Property Management Professionals will perform all necessary tenant income recertification at the appropriate time, to be in compliance with the governing agency. Rule Enforcement -All residents have a lease for their premises, with a dear understanding of their obligations under the terms of that lease. Each resident will have other handbooks or information as is necessary to live in the apartment unit. 0 0187 • • On -Site Management On -Site Resident Managers at each community in excess of 15 units; Hyder Property Management Professionals is committed to providing excellent property management services by providing culturally competent on -site staff and team leaders that our owners have come to trust. This is a way of life rather than a requirement imposed by a governmental and/or private entity. Maintenance Professionals trained with health and safety as a priority using the premise that when employers and workers jointly and voluntarily create and maintain an effective health and safety program in their own workplaces, the human and financial cost of workplace injuries and illnesses will be minimized. Hyder Property Management Professionals believe that supporting health and safety programs lead to a larger reduction in injuries than OSHA regulatory compliance alone. For this reason, we have a Director of Safety and Maintenance at the corporate office to monitor the overall health and safety issues of our portfolio. Hyder Property Management Professionals will provide a written maintenance program that will be adhered to on a regular basis by the staff, and other contract vendors. This will include corrective maintenance as well as preventive maintenance programs on an on -going basis. Hyder Property Management Professionals performs a semi-annual inspection of each apartment unit so as to determine the needs of the maintenance program, as well as determine the housekeeping efficiency of the individual tenants. The results of these inspections are written up in the form of work orders, or instructions to the tenant on a case -by -case basis. Regional Managers clarify roles and responsibilities of the on -site staff, assure that individual goals and objectives are met, and review and adjust objectives, using key indicators to measure progress. Fa apartment community is assigned a supervisor who is responsible for the overall operation of the property. Each property is inspected regularly for appearance, maintenance, tenant services, and office procedures. We provide immediate respoi to the results of our inspections. Experience, Policy Development & Compliance It is through the careful development of policies and procedures that site and regional staff is able to develop and maintain healthy occupancy and reporting figures and statistics. The Director of Compliance works with the regional managers and site managers on all compliance issues. Activities include preparation of those reports required by our owners, sindicator, and various funding institutions. Our Manager's Handbook contains instructions, forms, and letters the site managers and regional managers reference on a regular basis. This Handbook is updated as regulations change. Hyder Property Management Professionals exclusively manages tax credit and other assisted housing units on a fee basis. We have only limited ownership interest in any propemes that we manage. We do not compete with our owners. -,Its 0188 Budget & Finance Hyder Property Management Professionals: • Maintain a staff of accounting personnel to maintain the books and records of each apartment community; • Pay all bills and generate financial reports. • Collect all rents and disburse all funds for the property. • Deposit all funds in a bank insured by the FDIC. • Establish a reserve for replacement account to make periodic deposits for the future replacement of major structural items in the complex, such as roofs, carpeting, parking lots, mechanical systems, and other replacement items that will be necessary over the life of the property. • Prepare an annual budget for the Owners approval each year. Our company also, as is needed, requests and implements rental increases on behalf of the Owner. • Submit to the Owners monthly reports as to income and expenses, together with any other reports provided for in the management agreement. Miscellaneous Risk Management We will obtain bids from various insurance agencies for the permanent insurance of the property. Our insurance brokers will also make recommendations that we will share with the Owner as to other insurance needs for the protection of the Owner. Hyder Property Management Professionals maintains an employee dishonesty policy that provides up to $500,000.00 of coverage per instance of loss. Grant Writing We have a grant writing program that actively identifies the needs of the residents in our communities and seeks grant funds to help provide these programs and services. Security We will make recommendations to the Owner on a case -by -case basis of any additional security needs of the property. Resident Relations We will protect and preserve the rights to privacy and other rights of our residents. We will maintain the records in a confidential manner during the term of our contract. All site and supervisory management and maintenance personnel will be required to abide by the policies and standards for appropriate behavior with residents. Where required by a regulatory agency, we will establish an appeals procedure to be used by residents in the event that differences cannot be resolved between the manager and tenants. Meetings We anticipate that a representative of our company will attend monthly meetings with the Owners if requested by the Owners. We will make every effort to assist in implementing Owner policies and programs for the benefit of all residents. We will maintain a continuous program of communication and accessibility with our residents, staff members, and Owners, for the benefit of the operation of the community. Properties in our portfolio hive ranged in si a from 12 units to 558 units and from 20,000 sq. ft. of land to over 40 acres. The situ have had as few as two buildings to over 100 buildings. .tt. 0189 . Personnel Qualifications President, Stephen Margetic has more than 17 years of experience managing affordable and market -rate properties. A Certified Public Accountant from the state of Illinois, Mr. Margetic has been a member of both the American and the California Association of Homes and Services for the Aging, as well as serving on the Owners' Advisory Board of the National Investment Conference. Senior Vice President of Housing Kendra Fauth has over 18 years experience as an executive in the senior housing and affordable housing industry with an emphasis on operations and development. As the Senior Vice President of Housing at Hyder, Kendra is responsible for both operations and compliance. Kendra is responsible for developing the operational standards for all existing and future properties along with the implementation and management of the company's systems and processes. She was formerly the Vice President of Operations for the Stratford Companies and was responsible for multiple new developments and existing communities and worked closely with each community's Executive Director to ensure they were meeting the needs of residents and employees. Before joining The Stratford Companies in January of 2007, she was Vice President of Operations for Prime Care Management, LLC (PCM) where she led the development and operations of this Indianapolis -based management company and was responsible for 26 senior housing communities located throughout the country. She had also been Director of Operations for Retirement Housing Foundation which managed both market -rate and affordable housing. She managed several campus expansions while achieving substantial operational and financial improvements throughout her portfolio. She began her career as Administrator of Colonial Heights Retirement Community, a 173-unit independent and assisted living facility in Florence, Kentucky. Kendra graduated from the University of Texas -- Southwestern Medical Center with a B.S. in Gerontology and Geriatrics Administration, and received an M.B.A. in Health Care Administration from the University of Dallas. Vice President of Administration Gary Da Prato has 12 years of experience in Program Compliance for subsidized housing projects in California with the California Department of Housing & Community Development (HCD). Program compliance included monitoring housing policy issues dealing with California Redevelopment Agencies administering the California Housing Rehabilitation Program & Earthquake Assistance Program and developing regulations for the Rental Housing Construction Program. One of his primary duties is to act as a liaison between our firm and the various Governmental Agencies and the Owners to keep current in the ever -changing requirements in the field of subsidized management. He has 19 years of experience in the affordable housing industry and is responsible for new business development and contract administration. Director of Compliance Dee Dee Rogers has 18 years of experience in property management of affordable housing developments. She is a Certified National Compliance Professional and Site Compliance Specialist. Her primary duty is to coordinate the monitoring of all affordable programs including TAX CREDIT, HUD, USDA-RD, BOND, MHP, RHCP, HOME, and Redevelopment Agencies, City or County Programs Ego 0 Personnel Qualifications Page 2 and all other regulatory requirements including Fair Housing. She is responsible for reviewing and approving tenant occupancy, transfers to other units and changes of ownership. She also monitors tenant file documents to insure compliance with program regulations and coordinate necessary tenant terminations due to fraud. These duties are carried out in strict compliance with Federal, State and Tenant Landlord laws. In addition, Ms. Rogers prepares a variety of reports and correspondence pertaining to inquires from owners, investors and regulatory agencies. Director of Information Technology & Occupancy Specialist Arthur Mendoza has served Hyder & Company for over 25 years as a USDA-RD Certified Manager and USDA-RD Farm Labor Occupancy Specialist. He is responsible for maintaining and producing detailed records of eligibility, status and compliance required by agencies and owners for Hyder's entire portfolio of properties. Previously he provided IT services for both Mercy and Scripps Memorial Hospitals. Controller Debra Wanamaker has over 17 years of experience in Accounting and Payroll and 19 years of experience in Credit and Collections. She now oversees the Accounting, Budget, and Payroll/Human Resources departments. She has been with Hyder for 10 years C:Hyder & Company/Resume 8-10 0191 0 Wolff Waters Place, City of La Ouinta Wolff Waters Place is located on 14.8 acres of land at 47795 Dune Palm Road in La Quinta, California. Recipient of much national praise and awards in 2010, Wolff Waters Place recently received Gold and Silver LEED Certification from the U.S. Green Building Council. CVHC completed the 218-unit affordable housing complex in 2009. The development is designed to provide high -quality living conditions for very low to low income families. The 218 units of Wolff Waters Place are located in 22 buildings. One-half of the units are three bedrooms or larger, reflecting the needs of large families. Rents are set at 35%, 40% and 50% of area median income. Buildings are one, two and three stories. Nearly all single -story and two-story buildings are arranged in a courtyard setting to create communal open space buffered from parking areas. The courtyards provide the in-between spaces that improve the safety of children at play. The two-story units are designed as town homes, with flats and garden apartments located in the three floor. An underground parking structure maximizes available land area for residential units and useable open space. All buildings are designed in a Spanish Mission Revival style. The construction is wood frame with off-white hand troweled stucco finish in terra cotta, ochre and blue-green. The roofs are gable style covered with red clay "S" tiles. All windows and sliding glass doors are multi - pane. Each unit includes a private outdoor patio or balcony. All units are equipped with energy star rated efficient refrigerators, dishwashers, stoves/ovens, garbage disposals, heat/air conditioners, carpeting and blinds. Formal outdoor recreation areas include a swimming pool, a water spray feature, tot lots and a sports court. The project also features a 2,992 square foot community room and a 3,048 square foot child-care center. Services to be provided at the community room include: English as a Second Language, art and nutrition classes, cultural programs, computer training classes, a parenting skills program, a homeownership preparation program, an aquatics program, an after -school program, summer camp programs and day care. Funding Sources for the project include: City of La Quinta RDA funds, HCD- Multifamily Housing Program, Riverside County Home Funds, Tax Exempt Bond financing and 4% Tax Credits. n92 • Sponsor Developer: Coachella Valley Housing Coalition Architect: Interactive Design Corporation Civil Engineer: MSA Consulting, Inc. General Contractor: Brown Construction Inc. References• Doug Evans — Assistant City Manager, City of La Quinta Phone # (760) 777-7108 P 0193 ;O Geel Place Apartments, City of Riverside Geel Place is located on 1.93 acres of land at 3990 Reynolds Road in Riverside, California. Much like the internationally renowned community in Belgium that Geel Place is named for, the housing complex provides special needs individuals with a communal environment where they can gain much -needed independence while still receiving care and support services. CVHC joined forces with the Riverside County Department of Mental Health and the Economic Development Agency to create Geel Place, the only 100% permanent special needs housing facility in western Riverside County. Geel Place consists of 45 Single Resident Occupancy units in six buildings. The buildings are clustered around a beautiful open space area lined with a variety of plants, trees, flowers, and free -flowing walkways. Individual units are designed with efficiency in mind. Each unit features a private bathroom, furnished living room and well-appointed kitchen. The one- and two-story buildings offer residents their own private patio or balcony, as well as a communal patio or balcony perfect for social interaction among neighbors. Project amenities include a large community room designed for residents to use for formal gatherings, resident support services and meetings. The attached large kitchen is perfect for resident events such as potlucks, movies and other informal and formal gatherings- events are planned monthly by the management staff. The community room also features two state-of- the-art computers for use by the residents. The Riverside County Department of Mental Health provides on -site counseling services and meetings with case workers, ensuring a supportive environment throughout the complex. In order to complete this 45 unit 9% tax credit project CVHC acted as the Developer, Sponsor, and General Partner, with National 0 /1 Equity Fund (NEF) acting as the Limited Partner. Geel Place was built using a combination of funding sources including: Riverside County Department of Mental Health, County of Riverside Economic Development Agency — HOME funds, National Equity Fund — 0194 Syndicated Investor, and the California Tax Credit Allocation Committee. The State of • California Housing and Community Development Department — SHIA Program provides rental assistance for all Geel Place residents, ensuring that residents pay no more than 30 percent of their income on rent. Sponsor/Developer: Coachella Valley Housing Coalition Architect: Interactive Design Corporation Civil Engineer: Fomotor Engineering General Contractor: Wm. C. Buster, Inc. References: Brad Hudson — City Manager, City of Riverside Phone # (951) 826-5553 CJ • ..1, 0195 0 Arrow de Paz I & It Apartments, City of Desert Hot Springs Named the 2007 Project of the Year by the Southern California Association of Non -Profits, Arroyo de Paz I & II Apartments in the City of Desert Hot Springs is a 94-unit affordable, family housing community built in two phases. The complex was built on 10 acres at 66-765 • Two Bunch Palms Trail in Desert Hot Springs, Riverside County, California. CVHC completed the first phase of the development (60 units) in 2006, and finished the second phase (34 units) in 2007. The development is designed to provide a high quality living environment for low and very low income families. Rents are set at 30%, 40% and 50% of area median income. The construction is wood frame with stucco walls and tile roofs. Each unit includes a private outdoor patio or balcony. The units are located in 18 buildings clustered around a common open space area, with a unit mix of one-, two-, three-, and four -bedroom apartments. One half of the units are three bedrooms or larger, reflecting the needs of larger families. All of the units are equipped with energy efficient refrigerators, dishwashers, and stoves/ovens. Units are also equipped with garbage disposals, heat/air conditioners, carpeting and blinds. Formal outdoor recreation areas include tot lots, a sports court, and a beautiful swimming pool. Arroyo de Paz I & II also features a 1,654-square-foot child-care center and a 1,620-square-foot community room. The community room includes a computer learning center, and a full kitchen with access to an outdoor courtyard equipped with barbeque grills for indoor/outdoor events and activities. An abundance of open space and free flowing pathways provide opportunities for fresh air, exercise, and informal social interactions. The development is located in close proximity to schools, grocery stores, medical facilities, and parks. • CVHC acted as the developer, sponsor and general partner in the construction of the 94-unit 9% tax credit project. National Equity Fund (NEF) served as the Limited Partner. Arroyo de Paz I and II were financed using California Tax Credit Allocation Committee funds, County 0196 of Riverside HOME funds, City of Desert Hot Springs RDA funds, National Equity Fund — Syndicated Investor, and the USDA 538 program. Sponsor/Developer: Coachella Valley Housing Coalition Architect: Ken Darling and Associates Civil Engineer: DMC Engineering General Contractor: Wm. C. Buster, Inc. References: Rick Daniels — City Manager, City of Desert Hot Springs Phone # (760) 329-6411 x. 101 0 i 0197 1] Coyote Run Il Apartments, City of Palm Springs Coyote Run II Apartments is located on 6.75 acres of land at 3401 N. Sunrise Way in Palm Springs, California. CVHC completed the 66-unit Coyote Run II in 2006 as a second phase to its award -winning Coyote Run I Apartments, 140 units, built in 1993. Coyote Run II was designed to flow and integrate with Coyote Run I. The design, architecture, layout and materials used in the construction of Coyote Run II flow as an extension of the California ranch style of the existing development. The development contains 17 residential buildings and one community service building. Coyote Run II consists of one-, two-, three-, and four -bedroom units. Each unit has Energy Star -rated appliances including dishwashers, garbage disposals, gas ranges, refrigerators, and water heaters. Units are also equipped with gas forced air heat and electric air conditioning. The building design is both one and two story garden and town house with wood frame construction and slab on grade foundations. Stucco exteriors are painted with subtle contemporary desert hues of faded terra-cotta with various complementary accent colors and brightly painted window awnings. Open floor plans within the units and building placement throughout the complex ensure maximum free space for the needs of the larger families that the project is designed to serve. Large courtyards are designed around building openings which provide tenants with large open areas, shade trees, scattered communal benches, barbeques, and play structures for children. The grounds also feature three tot lots, a 1,800 sq ft community center, a community swimming pool, restrooms, laundry facilities, and a basketball play area. Coyote Run II is located within one mile of grocery stores, a pharmacy, a medical clinic, restaurants, shopping, and employment opportunities. In order to complete this 66 unit 4% tax credit project CVHC acted as the Developer, Sponsor, and General Partner, with National Equity Fund (NEF) acting as the Limited Partner. • Coyote Run II was funded using the Multi -family Housing Program (MHP), California Tax Credit Allocation Committee, CaIHFA, Affordable Housing Program (AHP), California Debt 0193 • Limit Allocation Committee, City of Palm Springs RDA funds and the National Equity Fund (NEF). Developer/Sponsor: Coachella Valley Housing Coalition Architect: Interactive Design Corporation Civil Engineer: MSA Consulting, Inc. General Contractor: Wm. C. Buster, Inc. References: John Raymond — Economic Development Director, City of Palm Springs Phone # (760) 323-8198 Email: iohn.ra mondki)almsprin�,,s-ca.¢ov 0 • 0199 ;O Cashes Del Valle, City ®f Moreno Valley v Casitas Del Valle is located on 3.5 acres of land at 12-318 Lamos Place in Moreno Valley, California. CVHC completed the 40 unit affordable housing complex in 2006. The development is designed to provide high quality living conditions for very low to low income families. The 40 units of Casitas Del Valle are located in eight buildings clustered around a beautiful common area. The building style is a combination of garden and townhouse design with stucco exteriors and tiled roofs. Casitas Del Valle consists of one bedroom, two bedroom, three bedroom and four bedroom units. Each unit has Energy Star rated appliances including dishwashers, garbage disposals, gas ranges, refrigerators, and water heaters. Units are also equipped with gas forced air heat and electric air conditioning. Project amenities include a community center and tot lots. The project is located within walking distance to many necessary and desired amenities open and available to the general public. The location of the development offers the residents many conveniences all within a near proximity, including: public transit bus stops, grocery stores, restaurants, medical clinic, doctors offices, dentist offices, pharmacies, public park, schools, retail shopping, technical and job training, post office, fire station, and much employment opportunity. In order to complete this 40 unit 4% tax credit project CVHC acted as the Developer, Sponsor, and General Partner, with National Equity Fund (NEF) acting as the Limited Partner. Casitas Del Valle Casitas Del Valle was financed with funding from the City of Moreno Valley RDA funds, California Tax Credit Allocation Committee, Multifamily Housing Program (MHP), Affordable Housing Program (AHP), $500,000 from the County of Riverside in RDA — HOME funds, and CALHFA. Sponsor/Developer: Coachella Valley Housing Coalition Architect: Interactive Design Corporation Civil Engineer: DMC Engineering General Contractor: Wm. C. Buster, Inc. O References: Emilio Ramirez — Deputy Director, County of Riverside Economic Development Agency Phone # (951) 826-5553 0200 N Neighborhood and Protect Planning The Coachella Valley Housing Coalition (CVHC) was formed in 1982 when local community activists, business leaders, and other individuals came together to do something about the lack of decent housing for farmworkers, and low- income families and individuals in the Coachella Valley. Formed by the community, CVHC strives to include local community groups, neighborhood associations, and residents in the planning of its housing developments. Early in the development process, CVHC contacts its property management company, Hyder Property Management Professionals, to discuss and brainstorm the pros and cons of a planned development. Incorporating their input, CVHC then presents the design to residents of the community to be served by the new development. CVHC takes this information and retools its developments before presenting a proposal to the community at large. CVHC seeks out the key neighborhood groups, and local leaders to present the concept, and garner feedback in order to develop a community that the entire community can be proud. To demonstrate the process CVHC goes through when it comes to community meetings below are examples of projects that have been completed, are in construction, and are in predevelopment. Completed Project - Wolff Waters Place Apartments One of the best examples of this process came in the development of Wolff Waters Place, a 218-unit 100 percent affordable 4-percent tax credit community built in the City of La Quinta, CA. Wolff Waters Place is located adjacent to the Rancho La Quinta Country Club, one of the most exclusive country clubs in the Coachella Valley. CVHC partnered with City of La Quinta staff early in the design process to setup meetings to inform and gather questions, concerns and comments from residents of Rancho La Quinta and other communities. CVHC staff and City staff held meetings with the HOA of Rancho La Quinta, the residents of Watercolors, and residents at -large at the La Quinta Library. The meetings and openness by all to share their input helped to assuage any concerns might have had, and secure their support. Listening to the advice of staff and the community at large CVHC installed more mature landscaping, raised the height of the perimeter wall, and repositioned three story buildings to the center of the project. Residents of Rancho La Quinta and Watercolors attended, toured, and supported the opening of Wolff Waters, and expressed their appreciation Ofor the quality of architecture and construction. 1.. 0201 • Under Construction — Rosa Gardens Apartments Located within the Desert Highlands area of Palm Springs, Rosa Gardens Apartments is a 57 unit 4-percent tax credit community. CVHC has developed single family and multifamily units in the Desert Highlands area for over 19 years. Working directly with the community to build housing affordable to the residents of the community CVHC recognizes the value of engaging the community to ensure successful developments. In the process of planning Rosa Gardens Apartments, CVHC participated in meetings with the Community Council to provide updates on the progress of design, and to assuage any concerns regarding the environmental remediation of the site. The Community Council did not like the initial color choice of the community, and CVHC worked with the Community Council to find a color choice that would work for all those involved. During the construction process CVHC reports back to the Community Council every three months to provide them with construction updates. CVHC also has worked with the general contractor to ensure that residents of the community are given full opportunity to find employment on the jobsite. Pre -Development — Brisas de Paz Apartments Brisas de Paz Apartments is located at the corner of Flora Avenue and West Drive in the City of Desert Hot Springs. CVHC successfully secured a reservation of Federal 9% tax credits in the July 210 funding round, and CVHC expects to begin construction in December 2010. This 62 unit community, designed for families, is located in an area with a blend of uses. CVHC early in the design process began a listening campaign to discover what the key issues were in • the community. CVHC engaged the Desert Hot Springs Council of Churches, the Parish Council of the neighboring Four Square Baptist Church, the City of Desert Hot Springs Police Department, the City of Desert Hot Springs staff, and the surrounding residents on what they thought the key issues were as it relates to the design of the site. Through the listening process CVHC was able to clear up misconception of what affordable housing is, and was able to give a full history of CVHC and its past accomplishments of the Coachella Valley. CVHC also discovered that the main point of concern was security. CVHC modified its site plan to place an emphasis of putting eyes on the street, improved lighting, and the implementation of a mix of one and two story buildings. The relationships that were forged during the design process CVHC envisions carrying over into the operation of the community. CVHC is actively working with the City of Desert Hot Springs Police Department about implementing a neighborhood watch group within the neighborhood, and to use the community center on the site for other community meetings and events. The development of affordable housing is never easy. CVHC has learned that the process is much easier when the community in which the project is to be developed trusts those involved. This trust is forged through information, communication, past performance, and patience. CVHC shares its plans with the community, talks to people early and often, and listens to what the community is saying. CVHC is unique in that it has developed housing in nearly every City in the Coachella Valley. Its employees and board members are active within the community, and are ambassadors for its developments in grocery stores, pharmacies, • restaurants, soccer fields, and other meeting places. CVHC's mission is not simply to develop, projects, but to work to establish communities, and in order to do so, CVHC works diligently with the community throughout the development process. 0202 • • Awards CVHC's affordable housing has been honored with numerous awards and accolades for quality developments, some of the more recent awards are outlined below: 2010 Energy Star for Homes Leadership in Housing Award, The U.S. Environmental Protection Agency 2010 LEED Certification for Wolff Waters Place (Gold & Silver), The U.S. Green Building Council 2009 SCANPH Project of the Year Award, Rancho Cielo 2008 SCANPH Developer of the Year Award, Coachella Valley Housing Coalition 2008 Affordable Housing Finance, Top 50 Affordable Housing Developers 2008 National Equity Fund Inc. Appreciation Award, Wolff Waters Place "Appreciation of hard work and dedication to affordable housing" 2007 Multi -Family Project of the Year for Arroyo de Paz I & II, given by Southern California Association of Non Profit Housing 2007 LISC-NEF Inc. Appreciation Award, Arroyo de Paz Apartments II "Appreciation of hard work and dedication to affordable housing" 2005 HOPE Award for Project of the Year from the National Association of Realtors 2005 Pioneer in Excellence Award for Outstanding Leaders in the Development Field, given by Local Initiatives Support Corporation (LISC) 2005 Non -Profit of the Year Award for Outstanding Public Service, Contributions, and Commitment to Building a Better Community, given by the Desert Business Achievement Awards 2005 Special Recognition Award for tireless efforts to build and preserve affordable housing, given by the National Equity Fund (NEF) and LISC 2004 Multi -Family Project of the Year Award for Villas Oscar Romero Apartments, given by Southern California Association of Non Profit Housing (SCANPH) 2003 Champions of Justice Award by the Fair Housing Council of Riverside County 2000 Fannie Mae Maxwell Award of Excellence Finalist for Desert Gardens Apartments (only apartment development for retired farm workers in California) 2000 Fannie Mae Maxwell Award of Excellence Finalist for Casas San Miguel de Allende Apartments (for persons living with HIV and AIDS) 1. 0203 �VC1l� Coachella Valley Housing Coalition COACHH I A VALM HOUSING COALITION Organizational Summary Nv�ldirzR Lammunliy 54n 19R1 •Mission Statement "The purpose of the Coachella Valley Housing Coalition is to help low-income families improve their living conditions through advocacy, research, construction and operation of housing and community development protects ,. r6 L - , A Brief History -The Coachella Valley Housing Coalition was formed in 1982 when local community activists business leaders, and concerned citizens came together to do something about the lack of decent housing for farmworkers, and low-income families and individuals in the Coachella Valley. An initial grant of $10,000 from The Aetna Foundation was obtained, and CVHC's first employee and current Executive Director John Mealey was hired. Early efforts produced a farmworker apartment complex and a housing rehabilitation program. More than 800 people applied to live in Pueblo Nuevo (50 units), CVHC's first far mworker housing complex completed in 1986 in Coachella, CA. In 1987, CVHC began its Self Help housing program, and in 1992, CVHC's First non-farmworker apartment complex was completed using tax credit financing. CVHC extended its services beyond housing in 1993, first by the completion of a water -delivery system that supplied safe drinking water to more than 200 households in Indio, CA., and then by the implementation of apartment -based child-care centers at two of its apartment complexes. Multi Family - To date, 30 multi -family developments (totaling 2237 units) have been completed or acquired, including two migrant-fanmworker facilities and 21 rental homes. Eight apartment complexes provide family housing for farmworkers, funded by the USDA Farmers Home Administration. CVHC has completed 18 tax credit financed rental complexes (1061 units), including award -winning Villas Oscar Romero in Mecca, CA; Coyote Run in Palm Springs, CA., and Tlaquepaque Apartments in Coachella, CA. In 1995, La Hacienda, a 36-unit single room occupancy complex providing independent living for seniors and individuals with special needs, was completed in Indio, CA. In March 1999, Casas San Miguel de Allende, a 39-unit special -needs housing development for persons with HIV/AIDS and other chronic illnesses, was completed in Cathedral City, CA. Casas San Miguel is a combination of both new construction and the rehabilitation of an abandoned apartment building. CVHC's first mobile home park development, the 77-lot Las Palmeras Estates in Coachella, CA, was built with tax credit funding in 1999. In 2001, Fuente de Paz (37 units) in Coachella, CA, was built for farmworkers utilizing tax credits and other financing, as was Chapultepec Apartments (31 units) in Mecca, CA, in 2002. Also completed in 2002 was CVHC's second mobile -home park venture, the 106-space Paseo de los Heroes in Mecca, CA. Completed in 2004 was CVHC's Western Riverside special -needs complex Geel Place, a single - room occupancy apartment complex for adults with developmental disabilities in Riverside, CA; and Villas Oscar Romero, a family apartment complex in Mecca, CA. Completed in 2006 was a 66-unit expansion to Coyote Run in Palm Springs, CA, a 60-unit family complex Arroyo De Paz in Desert Hot Springs, •CA, and a 40-unit family complex in Moreno Valley, CA. In 2007 a second phase to Arroyo De Paz of 34 units was completed, and an historic 40-unit rehabilitation in Blythe, CA. In construction now are a mission -style 218-unit complex in La Quinta and a 53-unit mobile home park in Mecca, both to be completed in late 2009, In the pre -development stage is a 57-unit complex in Palm Springs, a 62-unit complex in Desert Hot Springs; and a 253-unit complex in Indio to be built out in three phases. Single Family - To date, 1,353 Self -Help homes have been completed. Of these, 1,172 were built in rural areas funded by USDA -Rural Development and 123 In urban areas with city and state funding. Presently, more than 100 homes are in construction, including a 72-home subdivision in Coachella, CA, and a 45-home subdivision in Mecca, CA. In addition, CVHC has more than 600 self help homes in various stages of pre -development. In response to the displacement of families in unpennitted mobile home parks in the eastern Coachella Valley, CVHC joined forces with the County of Riverside to develop Cachanillas, a 48-home, contractor -built subdivision for very low income families, built in June 2004, in Coachella, CA. CVHC also is exploring the viability of implementing its successful Self -Help home building model in the city of Mexicali, Baja California, Mexico. CVHC has formed a consortium of forward -thinking Mexican and American organizations committed to improving housing conditions of low-income families in Mexico through its Self -Help Housing Across Borders program. Rehabilitation — Both rental and homeownership properties have been developed as rehabilitation endeavors by CVHC through the years. To date, 84 homes, 18 condominiums, and 100 tax -credit financed rental units have been rehabilitated. A 32-unit zero -lot -line single-family homeownership rehabilitation complex in Cathedral City, CA, was completed in 1997. El Solano, a historic 40-unit hotel in Blythe, CA, was acquired and renovation in 2007. And CVHC continues to work toward creating another great CVHC community in the 253-unit Fred Young Farm tabor Center in Indio, CA. Community Service - CVHC also recognizes the need for and benefit of continued project -based community support services. To that end, CVHC sponsors seven child-care centers, seven after -school tutoring programs, seven computer technology centers, two medical clinics, a computer -based family learning center, community gardens, discounted swim passes, a tennis camp, mariachi music lessons, ballet folklorico dance lessons; and various other community service programs and activities. Scholarship Program - In 2002 CVHC's Board of Directors and staff acknowledged the contributions of CVHC founding and current Executive Director John F. Mealey and the JFM Scholarship was formed. With contributions from staff, board, subcontractors, partners, and friends, scholarships of $500, $1,000 and $5,000 have been awarded to graduating high school seniors and college -enrolled students to help defray the cost of tuition and books. To date 279 recipients have received more than $400,000.00 in scholarships. pansion — CVHC first branched out of the Coachella Valley in 1995 when a series of Self Help homes were built in Self Help homes have been completed in Blythe. CVHC also owns a 15the city of Blythe, CA. To date, 65 Ex0-unit complex in Temecula for low-income families, with some units set -aside for homeless individuals. CVHC's completion of 27 self help homes in Brawley, CA; along with 45-units of Special Needs housing in the city of Riverside, CA, and 40-units of family housing in Moreno Valley, CA, gives CVHC a presence in Imperial and Western Riverside County. Today, with more than 3,400 total housing units completed, CVHC plans to continue to fulfill its mission in Riverside and Imperial counties, and to expand its efforts into San • Bernardino County and Mexico. i0204 eie ghborWorks° www.cvhrorcJ CHARTERED MEMBER 45.701 Monroe St. Suite G. Indio, CA 92202 Tel: (760) 347-3157 Fax: (760) 342-6466 Coachella Valley Housing Coalition 45-701 Monroe St. Suite G Indio, CA 92201 TEL (760) 347-3157 FAX (760) 342-6466 Coachella Valley Housing Coalition Summary of Projects Completed and In -progress Multi -Family Rental Housing PUEBLO NUEVO APARTMENTS 1492 Orchard Avenue, COACHELLA Farmworker Family Housing 50 Units (Completed - 1986) Developed and owned by Coachella Valley Housing Coalition (CVHC): Pueblo Nuevo is designed to serve low and very low income farmworkers and their families. The project is managed by Hyder and Co. Financing: Riverside County Department of Community Action State of California Department of Housing and Community Development (HCD) Predevelopment Loan Program U.S. Department of Agriculture (USDA) Farmers Home Administration (FmHA) 514/516 Program with Rental Assistance LAS CASAS APARTMENTS 51-600 Tyler Street, COACHELLA Farmworker Family Housing 50 Units (Completed - 1988) Developed and owned by CVHC, Las Casas is designed to serve low and very low income farmworkers and their families. The project is managed by Hyder and Co., and includes an After - School Kids Club program, and a computer technology center and bilingual computer classes. Financing: Riverside County Department of Community Action HCD Predevelopment Loan Program USDA (FmHA) 514/516 Program with Rental Assistance PIE DE LA CUESTA APARTMENTS 91-720 Avenue 66, MECCA Farmworker Family Housing 68 Units (Completed - April 1992) Developed and owned by CVHC, Pie De La Cuesta is designed to serve low and very low income farmworkers and their families. The project is managed by Hyder and Co., and includes a Child Care program run by the Coachella Valley Unified School District. Financing: Riverside County Department of Community Action HAC Predevelopment Loan Program USDA (FmHA) 514/516 Program with Rental Assistance 0?05 Coachella Valley Housing Coalition 45-701 Monroe St. Suite G Indio, CA 92201 TEL (760) 347-3157 FAX (760) 342-6466 u �J LAS CASAS II APARTMENTS Farmworker Family Housing 51-500 Tyler Street, COACHELLA 78 Units (Completed - October 1992) Developed and owned by CVHC, Las Cases II is designed to serve low and very low income farmworkers and their families. The project is managed by Hyder and Co., and features a child care program operated by the Coachella Valley Unified School District, an After -School Program, and a computer technology center and bilingual computer classes. Financing: Riverside County Department of Community Action Housing Assistance Council (HAC) Predevelopment Loan Program HCD Rural Predevelopment Loan Program USDA (FmHA) 514/516 Program with Rental Assistance LAS CASAS III APARTMENTS 51-550 Tyler Street, COACHELLA Family Apartments 52 Units (Completed -August 1992) Developed with Federal Tax Credits, Las Casas III is designed to serve low and very low income households. The project is managed by Hyder and Co. Financing: Predevelopment HCD Rural Predevelopment Loan Program (land purchase) Construction Security Pacific Bank City of Coachella Permanent California Housing Finance Agency (CHFA) HCD Rental Housing Construction Program (RHCP) Equity Partner - California Equity Fund COYOTE RUN APARTMENTS Family and Elderly Apartments 3601 North Sunrise, PALM SPRINGS 140 Units (Completed -March 1993) Developed with Federal Tax Credits, Coyote Run is designed to serve low and very low income households. The project is managed by Hyder and Co., and includes two full-time and two part- time Child Care programs, and an After -School Kids Club program, a computer technology center offering computer classes. Financing: Predevelopment Palm Springs Redevelopment Agency (RDA) Loans Community Development Block Grant (CDBG) Grant City donated land Construction Bank of America Loan Palm Springs RDA Loan Permanent Savings Association Mortgage Company Loan HCD-RHCP Loan Equity Partner (Mission Housing Investments) • TLAQUEPAQUE APARTMENTS 51.354 Tyler Street, COACHELLA Family Apartments 76 Units (Completed — June 1994) Developed with Federal Tax Credits, Tlaquepaque is designed to serve low and very low income households. The project is managed by Hyder and Co., and includes a full-time Head Start program. • • 02 0 6 Coachella Valley Housing Coalition 45-701 Monroe St. Suite G Indio, CA 92201 TEL (760) 347-3157 FAX (760) 342^6466 • u Financing: Predevelopment Coachella Redevelopment Agency Construction Bank of America/Community Development Bank HCD-RHCP Permanent California Community RC HCD - (RHCP) Equity Partner (Mission Housing Investments) Edison Capitol Housing Investments NUEVA VISTA APARTMENTS Family Apartments 65-100 Date Palm Street, MECCA 32 Units (Completed - May 1995) Developed with Federal Tax Credits, Nueva Vista is designed to serve low and very low income households. The project is managed by Hyder and Co., and includes a Child Care program and a Health Clinic. Financing: Construction Bank of America Permanent First Mortgage HCD - FHDP Loan Equity Partner - California Equity Fund Riverside County RDA — HOME Program CVHC LA HACIENDA APARTMENTS Individual Efficiency Units 82-495 Miles Avenue, INDIO 36 Units (Completed -Aug. 1995) La Hacienda is designed as efficiency, single room occupancy apartments, with some units set aside for mentally challenged residents. The project was developed with Federal Tax Credits, and is managed by Hyder and Co. Financing: Construction Riverside County RDA HOME Loan Limited Partner Equity -California Equity Fund Permanent Riverside County RDA HOME Loan Limited Partner Equity -California Equity Fund PASEO DE LOS POETAS Rental — Single Family Homes 65-100 Date Palm Street, MECCA 21 houses (Completed- August 1997) Paseo de los Poetas was developed with Federal Tax Credits the project consists of 21 single family home rentals, and California Equity Fund (CEF) as the Equity Partner. The project is managed by Hyder and Co. Financing: Tax Credit Allocation Committee (TCAC) County of Riverside HOME Program • Washington Mutual Bank Federal Home Loan Bank, Affordable Housing Program (FHLB-AHP) Equity Partner - California Equity Fund „. 0207 DESERT GARDENS APARTMENTS 83-880 Avenue 48, INDIO Coachella Valley Housing Coalition 45-701 Monroe St. Suite G Indio, CA 92201 TEL (760) 347-3157 FAX (760) 342-6466 • u FUENTE DE PAZ Farmworker Family Housing 52-664 Harrison, COACHELLA 37 Units (Completed - December 2001) Developed by CVHC, this tax credit project consists of 37 units on a three -acre site. Amenities include a tot lot, community room with computer learning center, and a swimming pool. Ample open space and paths provide opportunities for informal social interactions. The project is managed by Hyder and Co., and includes an After -School Kids Club program, a computer technology center and bilingual computer classes. Financing: Construction Wells Fargo Bank Permanent Tax Credit Allocation Committee (TCAC) (US Bank Corp.) Guaranty Federal Savings, Affordable Housing Program (AHP) State of CA HOME USDA/RHS 514/516 Grant CHAPULTEPEC 62-600 Lincoln Avenue, MECCA Farmworker Family 31 units (Completed- December 2002) Developed by CVHC, Chapultepec was designed to serve low and very low income farmworkers and their families. This 31-unit tax credit project features a community room and a manager's office. Formal outdoor recreation areas, including tot lots are integrated into the site plan. Ample open space and free flowing paths also provide opportunities for informal social interactions. Financing: Construction Wells Fargo Bank Permanent Tax Credit Allocation Committee (TCAC) (National Equity Fund) County of Riverside Economic Development Agency (EDA) USDA 515 Loan LAS MARANITAS II 91-200 Avenue 63, MECCA Migrant Housing 5 Units-40 Beds (Completed -December 2003) Developed by CVHC for migrant farmworkers, Las Mananitas consists of 40 beds in 5 multi -tenant units. The project is Phase Two of CVHC's first migrant housing project. Financing: Federal- HCI County of Riverside PASEO DE LOS HEROES 62-900 Lincoln Avenue, MECCA Family rental 106 spaces (Completed -January 2003) Developed and owned by CVHC, Paseo de los Heroes Mobile Home Park features a Migrant Head Start facility, computer technology center, bilingual computer classes, a large community building, a medical clinic, and recreation areas. The project is designed for low and very low income households, with priority given to families displaced by unpermitted mobile home park closures. This project is managed by Newport Pacific. The complex includes a Migrant Head Start Center operated by the Riverside County Office of Education and an After School Kids Club. • Financing: Rural Community Assistance Corporation (RCAC) Federal- HUD Empowerment Zone County of Riverside RDA Affordable Housing Program (AHP) - CAI group BDNC Farmworker Housing Grant (FWHG) HUD-RHED GEEL PLACE APARTMENTS 3990 Reynolds Road, RIVERSIDE 0?08 Coachella Valley Housing Coalition 45-701 Monroe St. Suite G Indio, CA 92201 TEL (760) 347-3157 FAX (760) 342-6466 52 Family Units, 36 Senior Units 88 units (Completed- November 1998) • Desert Gardens is a rural development housing project designed to serve low and very low income farmworkers and retired farmworkers. The project is managed by Hyder and Co., and includes a Child Care program, an After -School Kids Club program, a computer technology center and bilingual computer classes. • Financing: Predevelopment Riverside County Dept. of Community Action Rural Community Assistance Corporation (RCAC) Permanent USDA -Rural Development (formerly FmHA) County of Riverside-EDA CDBG State of California HCD (FHDP) CASAS SAN MIGUEL DE ALLENDE 37-055 Melrose CATHEDRAL CITY Special Needs 39 units (Completed -March 1999) Single Room Occupancy (SRO) Developed with Federal Tax Credits on three non-contiguous sites, Casas San Miguel de Allende includes the rehabilitation of an 11-unit vacant hotel that was within the city's downtown residential area. The remaining 29 units, including the managers unit, are new construction. The project features supportive housing for people with HIV, AIDS and other chronic illnesses. Financing: Tax Credit Allocation Committee (TCAC) U.S. Department of Housing and Urban Development (HUD) City of Riverside Housing Opportunities for Persons with AIDS (HOPWA) County of Riverside HOME, CDBG City of Cathedral City CDBG City of Cathedral City RDA City of Cathedral City (zero interest construction loans) FHLB-AHB CVHC/HOME Equity Partner— California Equity Fund LAS MANANITAS 91-200 Avenue 63 MECCA Migrant Housing 11 units -88 beds (Completed -October 1999) Developed by CVHC for migrant farmworkers, Las Mananitas consists of 88 beds in 11 multi -tenant units. The project features a manager's unit and office, laundry facilities, public telephones and courtyard -style common areas. Financing: County of Riverside Redevelopment Agency LAS PALMERAS 51-374 Tyler, COACHELLA Rental -Manufactured 96 Units 53 units Completed July 2000 43 units Completed October 2000 CVHC developed and owns 77 properties in this sub -division. The project, located on approximately 19 acres, features a 2,200-square-foot clubhouse and manager's office, a large laundry facility, a large community swimming pool, BBQ/picnic areas and an After School Kids Club program. S Financing: Tax Credit Allocation Committee (TCAC) Bank of America, Affordable Housing Program (AHP) County of Riverside HOME California Housing Finance Agency (CHFA) ,wl. 02 9 Coachella Valley Housing Coalition 45-701 Monroe St. Suite G Indio, CA 92201 TEL (760) 347-3157 FAX (760) 342-6466 EMAIL:www.cvhc.org _ Special Needs/Single Room Occupancy (SRO) 45 units (Completed -March 2004) j • Developed by CVHC, Geel Place is a Tax Credit project consisting of 45 studio apartments designed for individuals with mental disabilities, and includes a community room and computer learning center. This project is managed by Hyder and Co. • • Financing: Tax Credit Allocation Committee (TCAC) County of Riverside Department of Mental Health County of Riverside HOME funds State of California Department of Mental Health SHIA funds National Equity Fund (NEF) VILLAS OSCAR ROMERO 65-010 Dale Killer Road, MECCA Farmworker Family Housing 50 Units (Completed —June 2004) Developed by CVHC, Villas Oscar Romero is designed to serve low and very low income farmworkers and their families. This Tax Credit project is managed by Hyder and Co., and includes a computer lab, ESL classes, a computer training program and large public common areas complete with a BBQ Pavilion. Each unit comes equipped with a computer and printer for the families personal use. Financing: USDA 514 Loan CA Housing and Community Development (HCD) FWHG Tax Credit Allocation Committee (TCAC) — Awarded 2002 National Equity Fund (NEF) Wells Fargo construction loan COYOTE RUN II Family Apartments N. SUNRISE WAY, PALM SPRINGS 66 units (Completed — September 2006) Coyote Run II is designed to serve low and very low income households. This tax credit project consists of one- and two-story units, the two-story units being townhouses. Amenities include tot lots, community room with learning center, swimming pool and a community park. Financing: City of Palm Springs State Home Program CALHFA Construction & Permanent Loan HCD Multi- Family Housing Program 4% Federal & State Tax Credit National Equity Fund AHP — Bank of America CASITAS DEL VALLE Family Apartments 12-318 Lamos Place, MORENO VALLEY 40 units (Completed — Dec. 2006) Casitas Del Valle is a 40-unit project designed to serve low and very low income households. This tax credit project includes a community room, after -school program, computer lab, computer training classes, and tot lots. Financing: 4% Federal & State Tax Credit Allocation Committee (TCAC) City of Moreno Valley CALHFA HCD Multi- Family Housing Program CDLAC National Equity Fund AHP County of Riverside Home Program Coachella Valley Housing Coalition 45-701 Monroe St. Suite G Indio, CA 92201 TEL (760) 347-3157 FAX (760) 342-6466 EMAIL:www.cvhc.org C� J E ARROYO DEPAZ—PHASEI Family Apartments 66-765 Two Bunch Palms Trail DESERT HOT SPRINGS 60 units (Completed — Nov. 2006) A tax credit project designed for low and very low income households. This tax credit project includes a community room, after -school program, computer lab, computer training classes, child care center, a swimming pool and tot lots. Financing: Tax Credit Allocation Committee (TCAC) National Equity Fund USDA 538 Program County of Riverside HOME funds Wells Fargo construction loan Bonneville Multi -Family — Permanent Lender AHP Affinity Bank ARROYO DE PAZ—PHASE 2 66-765 Two Bunch Palms Trail DESERT HOT SPRINGS Family Apartments 34 units (Completed — May 2007) A tax credit project designed for low and very low income households. This tax credit project includes a community room, after -school program, computer lab, computer training classes, child care center, a swimming pool and tot lots. Financing: Tax Credit Allocation Committee (TCAC) USDA 538 Program County of Riverside HOME funds Wells Fargo construction loan City of Desert Hot Springs RDA National Equity Fund PASEO DE LOS HEROES It MECCA Family Rental 53 Units (In Pre -Development) A planned 53- unit mobile home park for very low income farmworkers. This tax credit project will include a community room, computer lab, tot lot, open space, after school program, ESL classes and computer classes. Financing: Tax Credit Allocation Committee (TCAC) USDA 514 Riverside County Economic Development Agency (EDA) Wells Fargo Construction Loan HCD Multi -Family Housing Program EL SOLANO 170 S. Main Street, BLYTHE SENIOR —SRO 42 Units Completed - 2007 Rehab of an existing historical hotel into a senior project, including support services, community room, and community gardens. Financing: Riverside County Economic Development Agency City of Blythe HUD Project Base Section 8 Rosa Gardens PALM SPRINGS Family Housing 59 Units (In Pre -Development) • To be developed by CVHC as a tax credit project for low and very low income households. This tax credit project will include a swimming pool, community room, sports court, tot lots, computer lab, and after school program and computer training classes. Financing: Tax Credit Allocation Committee (TCAC) 0 211 City Of Palm Springs State of California Housing and Community Development (HCD) Coachella Valley Housing Coalition 45-701 Monroe St. Suite G Indio, CA 92201 TEL (760) 347-3157 FAX (760) 342-6466 EMAIL: www.cvhc.org 0 COMMUNITY GARDENS DESERT GARDENS COMMUNITY GARDEN INDIO Opened: February, 2000 Financing: FOOD FOR ALL Foundation and private donation LAS CASAS GARDENS COMMUNITY GARDEN COACHELLA Opened: February, 2001 Financing: FOOD FOR ALL Foundation and private donation PUEBLO NUEVO COMMUNITY GARDEN COACHELLA Opened: March, 2001 Financing: A Cesar Chavez California Department of Education Grant brought together young volunteers from Valley's Promise, Boys and Girls Club, and Building Horizons who assisted in developing the garden with Technical Assistance from Community Gardens of the Coachella Valley. Additional financing from FOOD FOR ALL Foundation. The community gardens were organized through CVHC's Community Organizing Project and implemented with Technical Assistance from Community Gardens of the Coachella Valley. RESIDENT SUPPORT SERVICES In response to interest and need, CVHC collaborates with a number of service providers to bring programs to its rental projects: Program: Art Classes for seniors and children offered through Weingart Foundation support with La Quinta Arts Foundation. English as a Second Language (ESL) for adults at various apartment complexes offered by Palm Springs Adult School and CVHC volunteer staff. Nutrition Classes offered by Riverside County Extension Service. Immunizations at various apartment complexes by Santa Rosa Del Valle's mobile health clinic. Annual Summer Youth Tennis Camp for residents of five CVHC apartment complexes. The camp runs twice a week for four weeks, and is offered by CVHC in conjunction with the Indian Wells Tennis Gardens. Summer Day Camp and Discounted Swim Passes sponsored by CVHC and Ballet Folklorico Classes for children at Coachella and Indio complexes. Marfachi Classes for youngsters at a Coachella complex. Special Note: Fanners Home Administration (FmHA) is now known as USDA -Rural Development (USDA-RD) [REVISED August20081 0212 ,. Financial Capaci The Coachella Valley Housing Coalition has secured the financing needed to develop 30 Multi -Family affordable housing developments (totaling 2,237 apartments) and 1,552 single family homes since inception in 1982. CVHC uses a combination of various financing sources to leverage funds received from municipalities and counties. Development staff is knowledgeable and up to date on the available housing/community service grants, government programs, state funds, and county and city funds available. CVHC also partners with banks and investors such as the National Equity Fund (NEF), Fannie Mae, the Local Initiatives Support Corporation (LISC), Edison Capital and U.S. Bancorp Community Development Corporation. CVHC has a track record of securing needed private funding for the development of single and multi -family housing through loans, grants, lines of credit and equity sharing investments from large scale banks such as Wells Fargo, Bank of America, JP Morgan Chase, Citibank, Union Bank of California, US Bank and Rabobank N.A.; and national foundations such as Microsoft, La Raza Foundation and the William and Flora Hewlett Foundation. Additionally, CVHC receives loans and grants from federally -funded public organizations such as Housing Assistance Council, Local Initiatives Support Corporation, NeighborWorks America and Enterprise. These funds are used for land acquisition, predevelopment and construction costs in both multi- and single-family developments. CVHC's unsecured Lines of Credit and Equity Investment accounts total more than $5.4 million. • CVHC uses the following specific programs and/or entities to finance its affordable housing developments: Affordable Housing Program (AHP) — Federal Home Loan Bank American Recovery and Reinvestment Act Financing Bank of America California Community Reinvestment Coalition (CCRC) California Debt Limit Allocation Committee (CDLAC) California Dept. of Housing and Community Development (HCD) — Multiple Programs California Housing Finance Agency (CaIHFA) California Municipal Finance Agency (CMFA) California Tax Credit Allocation Committee (TCAC) Citibank Community Development Block Grants (CDBG) County of Riverside Google Housing and Urban Development (HUD) Housing Assistance Council (HAC) Housing Opportunities for Persons with AIDS (HOPWA) JP Morgan Chase La Raza Foundation • Local Initiatives Support Corporation (LISC) Mental Health Services Act (MHSA) NeighborWorks America National Equity Fund (NEF) Rabobank N.A. �• Redevelopment Agency 20% Set -aside Funds Riverside County Dept. of Community Action Rural Community Assistance Corporation (RCAC) United States Department of Agriculture —Rural Development — Multiple Programs Home Investment Partnership (HOME) Funds Union Bank of California US Bank Wells Fargo Bank Sample Financing Plan CVHC's finance plan includes City of La Quinta Redevelopment Agency funds, County HOME Investment Partnership funds, Affordable Housing Program funds, County of Riverside Mental Health Services Act Funds, private construction and permanent loan funds, and Low Income Housing Tax Credits. CVHC has experience working with these funding sources, and has already received interest from several investors about working with CVHC on another development in the City of La Quinta. CVHC has verbal approvals from County of Riverside HOME and Mental Health staff that an they would look favorably on an application for funds from CVHC (please see attached letters of support). County of Riverside HOME Investment Partnership Funds: The County of Riverside is a long '• standing partner with CVHC. CVHC regularly uses County of Riverside funds in its developments. Most recently CVHC received $1 million in HOME funds for the development of Wolff Waters Place, $1,525,000 in County Redevelopment Agency funds for Paseo de los Heroes Il farmworker development in Mecca, and has a commit of $1.95 million for the Brisas de Paz Apartments in Desert Hot Springs. County of Riverside Mental Health Services Act (MHSA) Funds: CVHC most recently utilized MHSA funds on the construction of Geel Place Apartments in the City of Riverside, CA. The County of Riverside's Department of Mental Health structure for use of MHSA funds is to designate 15 units within a community for individuals with mental health needs. By designating 15 units within the proposed Westward Ho Drive and Dune Palms Road development, the complex is eligible to receive up to $1,622,400 in development costs, and $1,622,400 in annual operating subsidies. The project also would receive a full time case manager to work with the residents of the community. As part of the program, CVHC will meet with stakeholders in the mental health community prior to submitting an application. This is a process that CVHC is very familiar with, and is confident staff can navigate successfully to obtain the needed MHSA funds. Affordable Housing Program Funds: In the last 3 years, CVHC has successfully obtained more than $2.5 million in Federal Home Loan Bank of San Francisco Affordable Housing Program (AHP) funds. CVHC has strong relationships with Federal Home Loan member banks that allow the organization to quickly secure a bank to sponsor its AHP applications. • Successful AHP applications receive up to $10,000 a unit in development funds. Incorporating units for special needs residents also helps make the Westward Ho Drive and 0214 Dune Palms Road development more competitive for 4% and 9% Low Income Housing 1 Credits. Low Income Housing Tax Credits: The most cost effective way to finance the development of this community is through the use of 9% Low Income Housing Tax Credits (9% Tax Credits). The 9% Tax Credit program produces more than double the amount of equity as a 4% Low Income Housing Tax Credit (4% Tax Credits) development. The Dune Palms Road and Westward Ho Drive site, however, currently does not score enough "Site Amenities" to successfully compete in the 9% Tax Credits. The next option is to use 4% Tax Credits. CVHC has a great deal of experience with 4% Tax Credits, having successfully completed three 4% Tax Credit developments in the last four years, as well as a fourth now in construction in Palm Springs. Where other developers have had difficulty securing investors for 4% Tax Credit bond developments, CVHC has seen an increase in interest from investors who want to provide equity for CVHC 4% Tax Credit developments. That being said, CVHC also will pursue 9% Tax Credits by working with SunLine Transit Agency to modify the 70 bus route to travel and stop within 500 feet of the proposed development. This is something that CVHC has successfully done in other jurisdictions, and can be attained with assistance from the City of La Quints and CVAG. The simple change enables the site to successfully compete in the 9% Tax Credit competition, and will significantly reduce the amount of redevelopment agency dollars needed in the development. • Conventional Construction Loan and Permanent Loan: Despite the time lending market, CVHC is still able to obtain both construction and permanent loans from lenders such as Citigroup, Bank of America, US Bank, Rabobank, and Wells Fargo. CVHC's successful track record of developing projects on time and under budget is attractive to banks that are currently extremely conservative. City of La Quinta Redevelopment Agency Loan: Largely dependent on whether the community is built using 4% or 9% Tax Credits, CVHC will look to the City of La Quinta's Redevelopment Agency for funding support. The contribution in a 9% transaction is approximately $6 million (excluding the land); and approximately $10 million in a 4% transaction (excluding the ground). CVHC will work with the investors, State, federal, and other local agencies to ensure that if cost savings occur in the course of the development, the RDA can benefit from the savings. Preliminary conversations with the State of California Tax Credit Allocation Committee Executive Director Bill Pavao, on this topic, are favorable to that end. • 0215 C UO NTY OF RIVERSIDE • -..EDA ECONONUC pEVEIOPMBiIAGENCY 9 September 2010 Douglas R. Evans Assistant City Manager -Development Services La Quinta Redevelopment Agency 78495 Calle Tampico La Quinta, CA 92253 RE: COACHELLA VALLEY HOUSING COALITION Mr. Evans, I am pleased to write this letter in support of the Coachella Valley Housing Coalition's (CVHC) bid to develop the 5.65 acre city owned site located at the comer of Dune Palms Road and Westward Ho Drive. CVHC and the County of Riverside have partnered in the development of over 3,000 affordable housing units within the County of Riverside. Within the last 2 years CVHC and the County of Riverside have partnered on the development of 259 single family self-help homes in Mecca, the rehabilitation of 18 single family homes under the Neighborhood Stabilization Program (NSP), a 53 farm worker tax -credit development in Mecca, and of course the 218 unit Wolff Waters Place Apartment development in the City of • La Quinta. CVHC is an organization that is quickly able to adapt to new funding sources, laws, and regulation changes, and it is an organization that has as its sole purpose to provide housing for those most in need. Their capable staff has helped the County rejuvenate many communities throughout the County of Riverside. We at the County of Riverside know that a CVHC development will not only look nice in year one, but it will be well maintained for 10, 15, and 20 years down the road. Their vibrant community service program is a model for other organizations. The County of Riverside is proud of its partnership over the years with CVHC, and looks forward to working with CVHC in the future on the development of more affordable housing developments. If you have any questions, please feel free to contact me at 951.955.3422 or at by email at em ilioramirezgrivcoeda.org. Sincerely, V V"_s�s Emilio Ramirez Assistant Director Administration Aviation Business Intelligence Cultural Services Community Services Custodial S\Templats EDA-()Ma-r arheed-Color doc Housing Housing Authority Information Technology Maintenance Marketing Economic Development Edward -Dean Museum Environmental Panning Fair & Notional Date Festival Foreign Trade Graffiti Abatement Parking Project Management Purchasing Group Real Property Redevelopment Agency Workforce Development 0" 1V C updamdovsolo • ��a a r 4; OffFb CHT W MWST1EidLniZ(1 JERRY A. WENGERD. DIRECTOR Reply to: WESTERN REGION ADULT P.O. BOX 52567 RIVERSIDE, CA 92517-3567 PH. (951) 358-4523 FAX. (951) 3584607 September 14, 2010 Douglas R. Evans Assistant City Manager -Development Services La Quinta Redevelopment Agency P.O. Box 1504 78495 Calle Tampico La Quinta, CA 92253 Re: Coachella Valley Housing Coalition Mr. Evans, The partnership between Riverside County Department of Mental Health and the Coachella Valley Housing Coalition (CVHC) is one that extends over 10 years. The Department has enjoyed a special relationship with CVHC to provide supportive permanent housing at the La Hacienda Apartments, the first housing for people with special needs in the Coachella Valley, located in the City of Indio. Approximately 10 years ago CVHC and the County of Riverside Department of Mental Health also partnered to build a 45 unit development in Riverside, known as Geel Place, in order to expand the capacity to provide much needed supportive services to special needs residents of Riverside County. Today, Geel Place remains a beautifully maintained development that 44 special needs residents call home. I have known CVHC to be a quality organization that cares deeply about providing high quality developments to residents with special needs and the community as a whole. I believe that if the Coachella Valley Housing Coalition is selected to develop the 5.65 acre site located at Dune Palms Road and Westward Ho Drive they will develop a community that the City, the residents and the surrounding community will be proud of. If selected as the project developer, the Department looks forward to once again partnering with CVHC to propose to our stakeholders the opportunity to include 15 units of special needs housing in La Quintaand to invest MHSA funds in your project. If you have any questions please feel free to contact me at (951) 358- 4523 or at MIMar�e�rcmhd.org . me ?ly, <��C� n�-` Maria 1. Marquez /!/ Mental Health Services Administrator Western Adult Services and Housing Regions cc: Mike Walsh, CVHC 0?1 15 �080 Fi a nk S+naiaa D. 82t1 P•ettse-., C492tt1:. September 28, 2010 Douglas R. Evans Assistant City Manager -Development Services La Quinta Redevelopment Agency P.O. Box 1504 78495 Calle Tampico La Quinta, CA 92253 Re: Coachella Valley Housing Coalition Mr. Evans, I am pleased to write this letter in support of the Coachella Valley Housing Coalition's (CVHC) bid to develop the city owned site located at the corner of Dune Palms Road and Westward Ho Drive. CVHC and Pathways to Success continue to partner to provide much needed scholarships to low-income students living in the Coachella Valley who are pursuing higher education. • CVHC's communities foster a safe environment where children are provided with the opportunity to better themselves academically, socially, and personally. The children and families of CVHC's communities have the opportunity to engage in a wide variety of activities. CVHC provides after school tutoring programs that provide underserved children access to resources needed to be successful at school. The Coachella Valley Economic Partnership's Pathways to Success organization values its relationship with CVHC, and it looks forward to working with CVHC for years to come to increase the college going rate in the Coachella Valley. We appreciate your consideration and encourage you to select the Coachella Valley Housing Coalition for the development of this affordable housing community. If you have any questions please feel free to contact me at 760-346-0265 or erios@cvep.com Sincerely, • Ernesto Rios Program Director 0218 1] Citt Community Capital Fax 12132391933 Municipal Securities Division 787 W. 5lh Sn eel. 29th Flour Los Angeles, CA 90071 September 8, 2010 Doug Evans Assistant City Manager City of La Quinta 78-495 Calle Tampico La Quinta, CA 92253 Dear Mr. Evans, As a Managing Director for Citi Community Capital, I am pleased to provide a letter of support for Coachella Valley Housing Coalition in regards to their Westward Ho project located in the City of La Quinta. Citi has enjoyed a long-standing relationship with Coachella Valley Housing Coalition, and Citi staff views CVHC as one of our top clients and a premier housing developer. Our success partnership with CVHC has most recently culminated in the grand opening of the Wolf Waters complex, where Citi was the lead • lender in providing both the debt and the equity to the project Citi staff views Westward Ho as an important project for the community, and we welcome the opportunity to work with CVHC team again. Please feel free to call me at 213-239-1934 or email me at alice.e.carr@citi.com with any questions. Sin ly, Alice Carr /v\ Managing Director Citi Community Capital cc: John Aquilar citlgroup Global Markets Inc. 0? 113 bank. Flue Star Service Gu teed September 9, 2010 Doug Evans Assistant City Manager City of La Quinta 78-495 Calle Tampico La Quinta, CA 92253 Re: Westward Ho Dear Mr. Evans: I am writing about Coachella Valley Housing Coalition's (CVHC) housing development project planned in La Quinta, CA. US Bancorp Community Development Corporation • recently met with CVHC to discuss this project. In short, it is the kind of project that US Bancorp would be interested in investing in. Having recently completed a successful construction and lease -up of a Mecca; CA LIHTC project with CVHC, we are very - excited to once again have the opportunity to work with the same team members on the Westward Ho project. We were pleased to meet with CVHC to review the current assumptions and financial feasibility of this deal. We believe that this is a strong project that is structured in a way that will be attractive to investors and lenders. Additionally, given our experience on several LIHTC projects with the organization, CVHC is the kind of sponsor we hope to partner with during this uncertain time in the tax credit market — an organization with the depth and breadth of experience that we can trust. Please feel free to contact me should you have any questions about our opinion of the underwriting assumptions of this project. Sincerely, Sebastian Glowacki 303-585-4230 O"A Bankof America 'O;' Merrill Lynch September 8, 2010 Douglas R. Evans Assistant City Manager — Development Services La Quinta Redevelopment Agency P.O. Box 1504 78495 Calle Tampico La Quinta, CA 92253 Dear Mr. Evans: This letter is written at the request of Coachella Valley Housing Coalition (CVHC) which has had a business relationship with Bank of America since 1991. It is our understanding that CVHC is applying to the City of La Quinta for financing for a proposed 86-unit multi -family affordable housing development. Since 1991 Bank of America Community Development Lending has financed five affordable housing development projects for CVHC. Three of those projects have term loans with Bank of America which are performing as scheduled. In addition, Bank of America has issued new commitments to CVHC for construction loans for two planned new construction projects. Bank of America is also a tax credit equity investor in six of CVHC's • completed affordable housing developments. Each of those projects is also performing satisfactorily. Each loan and equity investment made by Bank of America is based on project specific evaluation as well as an assessment of the financial strength and development experience of the sponsor/borrower. Bank of America has not underwritten the proposed development in La Quinta so I cannot comment specifically on potential debt or equity investment by Bank of America in that project. CVHC, however, is an important Bank of America client whose experience and capacity as a developer has satisfied our underwriting and credit criteria in the past. Bank of America would be pleased to consider a request for financing of CVHC's proposed new development in La Quinta. We look forward to having an opportunity to assist CVHC in bringing its expertise and successful track record as an affordable housing developer to the City of La Quinta. Sincerely, ,Ni/tGluj Nancy Conk VP, Community Development Lending Bank of America 1006 4" Street, 5`" Floor Sacramento, CA 95814 s 02� to iATTACHMENT 3 4 4"; K Preparedfor LA QUINTA REDEVELOPMENT AGENCY ?y r� Westward Ho Drive and Dune Palms Road Development Proposal October 1, 2010 National Community Renaissance RECEIVED 0222 CITY OF 'A QIj+ 70, UTY NIANAUR'S OFFIC:F X. r Y T I � C:* September 30, 2010 Douglas R. Evans Assistant City Manager — Development Services La Quinta Redevelopment Agency P.O. Box 1504 78-495 Calle Tampico La Quinta, CA 92253 STATEMENT OF INTEREST AND QUALIFICATIONS National Community Renaissance of California (National CORE) is pleased to present this Statement of Qualifications to the La Quinta Redevelopment Agency to develop a superior affordable housing development that will serve the needs of working families wishing to have homes in the City of La Quinta. The breadth of our experience includes mixed -income, mixed -use, deeply affordable, market rate, special needs housing, new construction and rehabilitation of both family and senior developments. Many of our developments have been recognized with various industry awards for their forward vision, commitment to quality, excellent tenant services, unique and superior design features and outstanding long-term property management. It is this approach that allows us to become members of every conmmunity in which we build. Our Vista Dunes Courtyard Homes in La Quinta (Vista Dunes) is an excellent example of our flexibility and innovative approach to public private partnerships. That unique project was cutting edge in terms of City vision, advanced design, public responsiveness and creative financing. In light of the success of Vista Dunes, we have asked Studio SA Architects to be part of our team. Robyn Vettraino of Studio SA was the principal architect on Vista Dunes, and we are pleased to have her back on our winning team. Moreover, we have selected a group of highly regarded local professionals to supplement our development team. In our submittal, we have provided extensive infonmation on our team's experience in development of high quality housing and working with local communities. We strongly believe that we are uniquely qualified to develop an attractive project in La Quinta that meets and exceeds community expectations. If we are designated to proceed with this development, we would customize our financing plan to take into account specifics of the site, community needs, financing opportunities and Agency goals. DEVELOPMENT CONCEPT Our typical developments make use of the existing urban fabric in devising a development plan. We will incorporate other uses such as community centers to ensure smooth transitions and highest and best use of the property. We have reviewed the basic concept plan and we have several suggestions that may help improve the functionality of the design. We have included those in our development critique included with our qualifications. In National CORE properties, cormnon areas are integrated into the overall design and include both interior and outdoor sitting areas, activity rooms, and a leasing office. In addition, National CORE provides pedestrian common areas as part of the proposed amenities. We believe that developments should be part of the community, sharing areas with the surrounding neighborhood, and our design will reflect these desires. Many of our developments incorporate design sensitivity to the surrounding neighbor, and we often "step dow t" our_propeities. This allows the physical massing of our developments to remain consistent with the character of the community. An example is the modern design of our Villagio on Route 66 affordable family development in Rancho Cucamonga. That project's scale is comparable to the adjoining uses, with the density stepping down from three stories to single -story "villas" near the adjacent single-family homes. That development has a 5,000 square foot community center open to the residents of the property. The site O O O 9065 Haven Avenue. Suite 1o0, Rancho Cucamonga, CA 91730 909. 483. 2444 Fax 909. 483. 2448 nationalcore org 0^; • has extensive public art, interior courtyard space and meandering walkways for our residents to enjoy. This same approach is utilized in our rehabilitation developments, allowing for substantial transformation of communities. Our Citrus Grove project in Rialto has been recognized for the dramatic impact it had on a neighborhood known for crime and substandard housing. SUSTAINABILITY We have also embraced the concept of sustainability. Our partnership with the City of La Quinta on the Vista Duties family development is the first multi-fannily development to achieve the coveted Platinum LEED Certification. This project was recently recognized by the HOME Depot Foundation at the 2009 National Green Builders Conference as "Outstanding Green Project of the Year." While always supportive of innovative construction approaches, our team was particularly impressed with the scope of new technologies employed at this project. All of these cutting edge technologies are becoming part of our standard building approach that we believe will allow us to excel in this new century. PROPERTY MANAGEMENT EXPERTISE Our property management group is viewed as an industry leader in temps of quality and conurnihnent to excellent resident services. The breadth of that capability is across many market and income segments and l our staff is adept at responding to changing needs. Many jurisdictions and funding sources have recently begun incorporating the concept of nixed populations in affordable housing communities. National CORE has been active in this pursuit for over a decade. Many of our existing developments have the inclusion of special needs units. We are very comfortable with this type of inclusionary housing. We have special needs units reserved for specific groups, such as persons with HIV, persons with mental illness that can live with support, seniors with chronic illness, and emancipating foster youth. We were also recently awarded funding for our first 100% special needs development. Our application was one of only two proposals selected in the entire state. This property will provide quality affordable housing for persons with developmental disabilities. We have partnered with United Cerebral Palsy to develop the site and provide case management and other support services. National CORE's portfolio includes projects that have different ranges of unit types, including large units for families. Our communities range in size from as small as 36 units up to our larger developments with over 400 units. In addition, we have experience with both nixed -use and nixed -income properties, and we are comfortable working with all property types. It is that expertise in property management that allows us to provide quality service to all of our residents. FINANCING EXPERTISE In working with the City, we would examine the various affordability levels required and recommend several financing and development plans to achieve that goal. We stricture our financing to leverage local resources if desired, and have also successfully used private financing in cases where more flexibility was needed. As we have stated, it is our aim to devise a unique funding structure to best meet the goals and desires of our City partner. Our expertise with the various funding programs allows us to tailor those (� programs to the greatest extent possible. I r-In reviewing the -development concept,_we are confident that the project could be structured to score • Lpeiffectly'f n 9%low income _tax credits or tax-exempt bonds with 4% low income tax credits. Moreover, we would ensue competitiveness for other sources of financing, including, but not limited to County of Riverside HOME funds. National CORE has successfully competed for County of Riverside HOME funds and has won six awards. COMPETITIVE ADVANTAGES National CORE's mission is to develop high quality affordable housing and to preserve it for the longest periods possible. La Quinta's desired proposed development meets our stated nhission and goals, and provides us greater efficiencies in our operations in the Coachella Valley. National CORE currently has 1 0?25 • developments in Cathedral City, Indian Wells and La Quinta. We have another new family development under construction in Cathedral City that will be completed in the first quarter of 2011. In addition, we have two other projects in predevelopment in Cathedral City and in Riverside County near the City of Indio. Our award winning developments are setting the standard for high quality affordable communities in the Coachella Valley. Our staffs knowledge of the market area, our expertise with desert and green building, our commitment to outstanding resident services and our long-term vision make us a strong partner. We have been growing throughout the Southern California region and another La Quinta development world augment our high quality affordable Coachella Valley housing portfolio quite well. The increased pressure on working families and seniors to afford decent, safe quality housing is everywhere. We believe in seeking opportunities to help alleviate this crisis throughout the region, and we thank you for considering our qualifications to develop this unique and important site. Sincerely, Alfredo Izmajtovich Vice President of Acquisitions s • ,� 0226 DEVELOPMENT CONCEPT 0?27 ��Il i�l �ni I�I�P1 ��!'.�!dI�IP�I�Itn l-'IH �J FVI �1`hn �f�lp. �lll�r�n ♦I I<1-u_�-----------�--------'-"J • SITE PLAN COMMENTS AND SUGGESTIONS Introduction As the developer, owner and operator of almost 10,000 units of high quality affordable and market rate housing, National' CORE has gained valuable insight into good design that enhances residents' quality of life while, optimizing funding opportunities. The following comments consist of elements from Studio SA and National CORE's experience, and they are intended to offer another viewpoint into how the site might be configured to optimize the quality of life and sustainability of the development. We evaluate a property's ability to serve the needs of its residents by first examining the external constraints of the property and working our way into the internal site functional aspects. We then focus on the individual unit functions as a way of gaining a clear insight into how the site can be made to enhance the development and community. As a long-term owner, we are deeply concerned with both the short and long-term function and performance of our properties. The project team reviewed the following materials and utilized historical observations, site concepts and right-of- way exhibits in the RFQ, visits to the site, and, most importantly, previous experience with similar developments in order to offer the following comments: The Existing Community and External Conditions Much of the site planning appears to be driven by the surrounding uses and the need for sensitivity to their potential impacts and/or relationships to the site. -We support this philosophy. Developments must be consistent with. �adjohiing;-usessand=remain«eniza ogt of potential impacts. One of the primary influences on the site is the high • school to the west across Dune Palms Road. This school site could be a strong asset or a potential obstruction to a cohesive community depending on how the site relates to the student population. Our team believes that research is warranted -to -determine the patterns of use and/or misuse that currently exist in this area. By understanding how the <Z::=neighborhood=fu"ncfiohs-today;>we can make sure our development provides positive impacts and not cause inadvertent consequences tomorrow. Our goal is always to minimize attractive nuisanc factors that the new development could create. For example, we must be sensitive to the loc on of the community�c(r `so that it provides maximum utility for both the residents of the new development-i -the community at-larese goals will drive the location of the visual site lines and view -windows into the site a mmunity cene. Our observation of the homes and golf course to the north is that they are set back far enough that the new development should not impact them detrimentally. Given the street width and the landscape buffer conditions, we believe sufficient space exists to mitigate any issues. Moreover, given the high quality of our design and the materials typically utilized in our developments, the improved site will be viewed as an overall amenity to the community and a positive impact on overall neighborhood property values. The church to the south provides mostly parking lot frontage along the property line and could therefore support multistory development along that edge. This multistory configuration is an important design component because it allows for a reduced building footprint on the site. This would allow a new design to open up the site and allow both enhanced recreational space (paseos and gardens) and better Crime Prevention through Environmental Design (CPTED) results. New view corridors would create a better sense of community and encourage more resident interaction. The single-family homes to the east suggest a need to reduce the scale and density of use along this perimeter. We would suggest a "step-down" approach on this edge to help improve the site lines for the adjoining uses. This would also help to mitigate noise and view obstruction. Our River Canyon development tinder construction in Cathedral • City utilizes this approach to properly scale the property to the adjoining single-family uses. 01 2) III1f111AulII! 4 N1"tkI lkl,'i,! Ipt, I III M PNi`!, ;)IA!InP4tl'.I I01 O Internal Site Design The development density illustrated in the concept plan is consistent with the average recommended sustainability guidelines. However, we have devised alternative site plan options in the project's massing and would recommend several opportunities for improving the plan during development of the project. The intent would be to energize the indoor/outdoor linkage at the individual unit level to take advantage of the beneficial desert climate, while facilitating the enhancement of the quality of life at a relatively low cost by using well designed and functional outdoor spaces. This is easiest for first -floor units; the real challenge is to provide access for the second -floor units. Our goal will be to make both levels equal through use of balconies or other, similar amenities. Recommendations and Suggestions -- Our primary suggestion would be to implemen—tian— alte— rnate circulation pattern and clustering unit design, which wouldpromote,a:more_effieient-and urban feel along Westward Ho and Dune Palms Road. This modified concept tallows the -projects densities to step down toward the adjacent single-family lots and potentially along the Church. Most importantly, by implementing this change, the development can include a large open space with visibility from a majority of the homes. These layouts with joined open space creates living and play areas where neighbors share common spaces and where families can feel safe by observing these areas from several vantage points, thus supporting strong CPTED principles. What we learned from the Vista Dunes project is that the connectivity and private spaces are useful for short-term and intimate socializing, but that there are not many opportunities for a safe larger -scale interaction. We want to • encourage design where neighbors often find themselves meeting and therefore interacting with each other through shared use (paseos, patio areas, etc). CAn alternate site -plan may also utilize tandem=parking,shared only within units, to help further promote a more open feel to the development. This tool can often lead to a reduction of hard parking surfaces of up to 40 percent. This feature allows for greater permeable surfaces for on -site water retention, greater open spaces and reduced construction costs. We recommend that the site plan provide focused or centered open space. This would come from adoption of a revised circulation plan that revolves around a walkable community where vehicular travel naturally takes a backseat to pedestrian paths. With a focus on a more walkable community, the circulation plan would safely support forced slowing and calming of vehicular traffic through meandering drives and utilizing principles of safe neighborhood developments. Through training on sustainable neighborhood developments and direct experience, we have found that straight drives with minimal turns promote higher vehicle speeds than is safe in neighborhoods with small children. Our circulation would promote slow and meandering drive aisles that are still sufficient for traffic mitigation. The team would work with all parties to develop a plan that improves use of the public space through the function and location of a community building that is engaging to those outside the new community without disrupting the safety and function of the residents living within. This would most likely mean moving the community building to the corner of the property where Westward Ho and Dune Palms Road meet, but the final location should be determined to implement the City's desire for this appealing community. Summary We believe the current site plan has many positive attributes, and with some modifications, could be enhanced even further. Improvements in community center location, traffic circulation patterns, and the introduction of paseos and gardens would enhance the livability of the site. Urban planning stresses how design in a thoughtful manner not only improves the aesthetics of buildings, but also impacts the lives of individuals and families. A famous quote by Christopher Alexander captures this goal. "There are patterns) of use that have evolved over long periods of time and that are functionally supportive of our needs as humans. Some of these patterns support us as individuals and some as members of a community. Our goal will be to enrich the development at both levels by applying many of IA Pattern language, Christopher Alexander n o229 t ll�illl �i�lAI��'1-tiltlAL1:HO:1h111:I AI ll��l`. K�)�PU!VI I�: W • these patterns to the design of this project." Our portfolio exemplifies this commitment and we are proud of the great response and confidence our partners give us. We look forward to expanding that positive working relationship with the City of La Quinta. EXPERIENCE NATIONAL COMMUNITY RENAISSANCE 9 0�32 , 1I, 11, 1 . : PI-�I'A,1: U,In 1dd I,t . ,- ',11V, ivb�`, 14".11 ,I " 1 , , ._-_ -..-___---. _ -. - _ ._ _. ,. • COMPANY PROFILE NATIONAL COMMUNITY RENAISSANCE OF CALIFORNIA 501(c)(3) non-profit public benefit organization 9065 Haven Ave, Suite 100 Rancho Cucamonga, Ca 91730 909-483-2444 P 909-291-1401 F i DEVELOPMENT TEAM Acquisition/Project Management— Alfredo Izmajtovich, VP of Acquisitions, 818-612-4882, aizmaitovichCmnationalcore n±g General Contractor — Byron Ely, VP of Construction, 909-483-2444, belt/@nationals remre Property Manager — Jim Aliberti, Senior VP of Property Management, 909-483-2444, jaliberti@nationalcore.or Social Service Provider— George Searcy, Executive Director HTH, 909-483-2444, gsearcy@nationalcure.org DATE ORGANIZATION WAS FORMED 1992 NUMBER OF YEARS IN BUSINESS 18 years SIZE OF BUSINESS - 300+ employees - 59 completed developments in Southern California ( 6,200 units) - Serve over 27,000 residents - Total Assets as of 6/30/2009: $766 million SERVICES OFFERED - Development of affordable housing communities - Land and property acquisition - Project development and development feasibility analysis - Construction (licensed general contractor) - Property manager - Asset management - Focus on: new construction, acquisition/rehabilitation, mixed income, mixed use, senior and family OPERATING PHILOSOPY Our mission is to develop and manage high quality affordable housing and to preserve it for the longest periods possible. 0233 I W, ill 1 11111 1,AAil-SIP.tKl)t U11U1AI1111i1'`,iNlA 21 )-.I11)10. 111'IY '.ItII1,I1, • ORGANIZATION EXPERIENCE IN DEVELOPING AND MANAGING AFFORDABLE HOUSING National CORE is a non-profit vertically integrated company with its own construction, property management, asset management, compliance, accounting and social programs/services departments. In-house staff is responsible for project design, entitlements processing, community outreach, securing financing, construction management, property management, resident screening, community relations, provision of social services and compliance. Having all personnel "in-house" allows for strict quality control and cost savings in all facets of our business. Our portfolio includes a mix of various types of developments including; mixed use with commercial opportunities, mixed income, senior, multifamily, new construction and acquisition /rehab developments. National CORE achieves its low-income housing objectives by working with city and county agencies throughout Southern California to help assess their affordable housing needs locate appropriate sites and develop responsive financially feasible programs either through the acquisition and renovation of existing properties or through construction of new multi -family housing. In evaluating sites and projects for possible acquisition, National CORE gives priority to those serving low and very -low income families, as well as seniors and other special -needs residents. Some of the communities managed by National CORE are located in neighborhoods recuperating from the effects of significant criminal elements, and violence. National CORE has successfully revitalized many challenged neighborhoods. In fact, it received numerous regional and national awards for turning around distressed properties. Cleaning up a troubled community has a ripple effect and the positive influence has been seen throughout the neighborhoods National CORE has touched. Since our inception in 1992 we have partnered with over 30 different municipalities in the Southern California region to produce approximately 6,200 units of affordable housing. Our current completed projects list is included in this section. In addition we currently have 4 developments under construction at various stages totaling approximately 230 units, slated for completion intermittently in the next fifteen months. Four other projects are in entitlement/design stages. High -quality management is the key to preserving the integrity of a property and a community. National CORE has adopted an all -encompassing management strategy to deal with the challenges of managing affordable properties, complying with tax - credit regulations, elimination of crime ridden communities, and comprehensive neighborhood revitalization. Part of that strategy includes implementing the most current practices and proven traditions utilized in the industry. Our managers, leasing, and maintenance professionals are trained in the latest techniques and are expected to uphold standards of excellence in community service, maintenance, marketing and management. Every property is managed by a philosophy of providing and maintaining top quality properties and service to our residents. We employ strict management practices that include comprehensive tenant screening, use of a crime free addendum to the tenant leases, allowing for zero tolerance of illegal activities. Our property managers know their tenants well and especially in senior communities where some seniors get hardly any outside visitors, this relationship goes a long way to letting them know someone cares. We strongly believe that quality management is the key to maintaining quality developments in the long term and as well as providing a positive environment for our residents. An important component of management is also compliance with the many regulatory agreements imposed on affordable projects by cities, counties, TCAC and other public sources of funding as well as conventional lenders. The management staff receives regular on -going training on managing affordable housing developments and our in-house compliance department staff continuously monitors the timely submission of all required reports, welfare exemption filings, annual rent calculations for recertification and conduct tenant file audit review. We have provided the following documents in this section: - Organizational Chart - Chart of our completed projects showing all the requested data in the RFQ is included in this section - Resumes of Key staff in Project Management, Construction, Project management, Hope Through Housing (HTH) - Social service provider, leadership team and Board of Directors are included in the Appendix - Letters of Reference - National CORE and Hope Through Housing - Resumes of other Team members • - Selected property profiles — National CORE An awards and recognition list 0334 • COMMUNITY OUTREACH National Community Renaissance ("National CORE") has been involved in several large community transformations. in all instances, substantial effort and attention were given ao-building support in the community [forour effoit5. We realize that without the support of community stakeholders, our best plans will not be successful. This awareness has allowed us to perfect our community outreach activities, and we have a strong record of successful interactions. Our approach is inclusive; we do not engage the community to simply approve our plan. We seek understanding of community issues (traffic, noise, crime, juvenile behavior, etc.) and incorporate those in our planning. Community stakeholders soon realize this is not a "done deal" and that their input will always be considered in the final design concept. An example of this approach is our Villagio on Route 66 development in Rancho Cucamonga. This development is on a transitional parcel between commercial uses and single-family homes. We scheduled our first community meeting to discuss our concept with the community recognizing beforehand that our design would need to be sensitive to the single-family uses in particular. The boundary to the rear of the site abuts a single-family neighborhood and there was considerable community resistance to the development at the onset. When the project was first proposed, one individual took it upon himself to encourage the entire neighborhood to protest at the first community meeting. His efforts were successful. Almost every neighbor showed up at the meeting to rail against the project and threaten to recall every council member if it received entitlement. The complaints were familiar: property values would diminish; crime would increase; schools would be overcrowded; and one final argument: the project was too dense and the neighbors would have three-story buildings looking down into their back yards. National CORE listened and embarked on a plan. Tours were set up to see the quality of other National CORE properties in the area and meet residents in order to allay fears of what protesters called "those people." Single- family comps around these projects demonstrated home values were not affected by our housing affordable developments. Finally, a representative group worked with the design team and came up with a concept that "stepped down" the development density from the commercial frontage to the residential rear of the site. When the development went before the Council and Planning Commission for approval, the only residents who showed up were there to support the project. It was entitled and completed in December 2009 with the same income mix as originally proposed. This story is repeated in many of our communities. The stigma of affordable housing is always an initial challenge in seeking community support. However, our existing portfolio and excellent reputation in property management become very difficult to refute. Community activists and protestors, once informed, often become supporters at council meetings. This is a testament to our efforts to truly engage community groups, neighbors, law enforcement, and other agencies. The fact that we are willing to change site plan layout and unit mixes and add significant amenities diffuses the concerns often raised at the onset of a project. Moreover, our efforts do not end with approval of our entitlements. Our property management group continues to work with both resident and neighbors to stabilize the properties dining the interim hold period and construction periods. We engage residents in decision making and keep everyone informed of our progress with newsletters and subsequent community meetings. We also employ best practices in construction by complying with Section 3 requirements, thus providing employment for both residents and local business. All of this effort engenders good will from the community. We are confident in this approach, and believe we will be successful in securing the same support in La Quinta that we have secured throughout the development of our portfolio. 0 -�$ 02lul5 NATIONAL COMMUNITY RENAISSANCE h)65 Haven Avenue, Suite 100, Rancho Cucamonga, California 91730 COMPANY DESCRIPTION National Community Renaissance (National CORE) is a non-profit housing development organization dedicated to neighborhood revitalization and enhancement by developing and managing quality, service=enriched affordable housing. Through its social services foundation, Iqpe Through Housing, National CORE is committed to improving communities and sidents' lives by providing services including after -school tutoring, computer training, senior wellness classes and more. National CORE achieves its low income housing objectives by working with city and local government officials to assess their affordable housing needs and develop responsive programs either through the acquisition and renovation of existing properties or through the construction of new multifamily and senior housing. When units are being acquired, National CORE works to obtain loans and grants necessary to fund the acquisition and develops financial structures that ensure both the long-term maintenance of affordable rents and servicing of the permanent loans. Both public and private sources of capital are utilized, often matcbedwith local housing set -aside funds to create the optimum financing structure for each project. The main goal at all times is to identify projects that are politically, socially and economically viable. In evaluating sites and projects for possible, acquisition, National CORE gives priority to those serving low and very -low families, seniors and other special needs residents. National CORE's affordable housing experts work closely with local officials to locate sites, perform feasibility and financial analysis, determine affordability thresholds, develop management plans and obtain necessary entitlements. National CORE currently employs in excess of 300 people and is a vertically integrated company with its own project development, construction, property management, accounting, asset management, and social services departments. National CORE is also responsible for project design, construction management, resident screening, community relations and compliance. This "in-house" structure allows for strict quality con- trol and cost -savings in all facets of our business. National CORE continues to own and manage all of its properties in perpetuity, thus ensuring long-term affordability as well as the maintenance of decent, safe living conditions at each community. CALIFORNIA PERSPECTIVE COUNTIES W/ DEVELOPMENTS • Los Angeles County • Orange County • Riverside County • San Bernardino County • San Diego County AREAS OF EXPERTISE • Land and Property Acquisitions • Project Development • Construction AREAS OF FOCUS • Neighborhood Revitalization • New Construction • Preservation • Inclusionary Partnerships • Mix -Use • Transit -Oriented Developments • Green Building - Elements • Senior Housing • Multifamily Housing NATIONAL COMMUNITY RENAISSANCE (NATIONAL CORE) 9065 Haven Avenue, Suite 100, Rancho Cucamonga, CA 91730 O ? tel.909.483.2444 fax.909.483.2448 3 www.nationaicore.org 4 CORE B V SM S G Y V MM O 11 U S National CORE houses individual business units for: .— • Cv►Istrl►�tio► PFOpLOF�y �, n►�� en»r�t This in-house struLture promotes cluuky combat by ensuring the same sundards are reek at each phase of development. Each business uric is weft equipped vdEh an experienced teams of professionaks and de%vers outstanding results in its respecOve area of community development, gmdE. The Development team conlristerrtly finds creative solutions to finance. design, and project manage the entire rational CARE portfolio. Construction s s1111 as^ s^ . 1N IN Ion r t't- ars The 1'toperty Aunagerent team employs and trains an -site sW to manage the dtsy�to-day functions of the property once development is complete. Family and Senior Services are the focus of Hope Through dousing Foundat%n, Matronal COWS nooprofct affiliate organCzation. Hope Through Housing ensures residents have acmes to serrtces that help the community Mal in a 'high quality of Ne. 023 7 O OOOO OCE ARE National Community Renaissance® C, ac In 1991 two successful home builders and entrepreneurs, Jeffrey S. Burum and Andrew B. Wright, envisioned an organization with the capacity and spirit to transform communities by providing attractive, safe, and affordable housing for families and seniors of all income levels. National CORE is especially skilled in assessing community development needs and creating a responsive program. This may include: Fg9PNt 3 0 ` QDMWW • Revitalization Qc ftoC h a ffgAo a `Q / - New construction o o• Y- o o - o . o o- a .- o �d o o o / \ • Preservation RUC 4oftdb *a-.�� �/i •Transit -oriented development 0 0 0 0 0 0.0 -.o. ti1- �o� kaa 4�f fG�ti�nQ i�3Qlo 0 0 of Mebuilding Mixeduse suse moim Nog@tgR 0 0 @Wvnwwgh • Senior housing ° o eHa)PT4W_%N VM0 ftwAa@w* • Inclusionary housing A�- ram- i�o � - A unique aspect to National CORE's success is its in-house capacity and expertise. National (` /l U " ° ° o W CORE business units include: ��Wm gD ow k n- Development o 0 o Construction Property ManagemeRtlt 0238 t�I �' family and Senior Services The inspiration to create the Hope Through OHousing Foundation came from the understanding that to affect long-term and significant community change, housing is one step. Once safe quality housing is achieved communities benefit from access to resources that promote prosperity and physical well-being. Hope enhances the communities iVational CORE builds with services such as licensed pre-school and daycare; youth programs and tutoring, and senior wellness programs. Preschool: a child's foundation Research shows children who receive a quality preschool education will experience higher levels of academic achievement long-term. [,enter 0- e Hope Through Housing establishes licensed preschool and child care centers at various National CORE communities. These centers will increase school readiness of children at no cost to their families. After School: the vital hours The Charles Stewart Mott Foundation reports,"Children who participate in after school programs show improved academic performance, fewer behavioral problems, and gains in self-confidence:' Hope Through Housing offers access to after school programs for more than 1000 children —right in their own apartment community. Evaluation results show a positive impact. Among program participants, • 81 % report high levels of homework completion • 68% report stronger math skills • 63% report an increased interest in school Seniors: our nation's treasures Hope Through Housing provides services proven to aid older adults live independently longer. Key to maintaining health for older adults is their level of physical activity and social engagement. Group activities are designed to break down social isolation and provide physical and mental activity. Service Coordinators provide one-on-one assistance to help seniors access vital resources such as housing, health care, and food. 0?3g After School and Beyond 0 Academic Enrichment Program in Low -Income Communities N After School: the Vital Hours The Charles Stewart Mott Foundation reports, "Children who participate in after school programs show improved academic performance, fewer behavioral problems, and gains in self-confidence." Hope offers access to after school programs for more than 1000 children —right in their own apartment community. Evaluation results show a positive impact. Among program participants, 86% report achieving better results on hornework 77% report stronger math skills 67% report stronger reading skills 68% report an increased interest in school CAfte 5 hook Beyond is_the signature program offered by Hope in more than 50 low-income communities. After School & Beyond focuses on building critical skills in youth that lead to positive outcomes in school and in life. Hope delivers critical services at learning centers located on the sites of affordable housing communities at no cost to residents. Hope provides a well-rounded program that includes: • evidence based curricula for balanced literacy high quality tutoring and homework assistance project based learning activities that give youth hands-on learning experiences G a healthy snack and physical activity that promotes health and wellness mentoring frorn caring adults r3 0240 HOPE through HOUSING FOUNDATION Research shows that low-income children and youth are more at risk to fail in school. Hope believes that to impact these negative statistics, low-income children need: • Positive adult role models • Strong ties to peers who have pro -social values and behavior • Positive feelings about school • Tolerant attitudes and behavior toward others ti17trr 9 d:',:c11 r? f 14 1- _ ... _l 1f; In today's economy having at least a high school diploma is a critical step in avoiding poverty; especially for young men who, without a diploma, will find it almost impossible to earn an adequate income to support themselves and their families. Latest 2009 Achievements: • Prograrn srtgy q:er: from. 17 to 22a (539K ° PFOCr 31r­. da/s SVrit+r. 7 ac rCSs Lill Srt2.` Cre 1. • (�lurnber {�{ 51i _ _ Offenflg Fhree Fe ro Cjr 3 r rI r?a if: crea5-e j 7rc?ff jr, it yC%u, arKf C i t 9.r.._ =r=r1 4-` daya of programming pe, v:eek 6 of Pr, yrarn Srtcs 53% INCREASE 5s° ° of Program Days 80% INCREASE of Sites Offering 4 or 5 Days of Programming per Week 0,11 1] HOPE through HOUSING POUIJ DAIIOIJ St�'I110Of �f"��Ilt"�� The Hope Through Housing Senior Wellness strategy encompasses the goal of providing access to needed services for aging adults to live well through independence. This is accomplished through a series of service provisions as outlined below: Excellence in Geriatric Social Work Modeled after the Hartford Foundation in educational pursuits, Hopc provides qualified and engaged Aging Service Coordinators (ASC's) who assist in improving the care and well-being of older adults and their families. We strive to ensure our residents have the ability to not just age in place, but excel in their communities. Our Service Coordinators provide an in-depth home assessment to ascertain interests and reeds which include the development and continuous review of an individualized service/care plan, linkage to resident and community based services, information and referral, and the integration of care management when necessary. Our Aging Services Coordinators represent the conduit for assisting residents with remaining healthy and independent. Residential Stability and Meeting Basic Needs Modeling after the Journals of Nutrition and Public Health (2001, 2005), we support research that indicates given the opportunity, seniors must have security for meeting their basic needs. Programs which support this outcome include: an assessment of personal sufficiency and nutritional food intake with subsequent services which include referrals and/or inclusion in our food programs (i.e., food banks), linkage with entitlement and benefit programs (Medicare/Medi-cal, Social Security, SSI), Section 8 and housing subsidies, access to medical transportation and other local transportation services, financial literacy through classes and presentations, linkage to utility assistance programs such as HEAP and other subsidy programs, as well as services which assist the resident with maintaining their independence. if Additionally, prominent communication between the Property Management team and the Service Coordinator are maintained to ensure the residents ability to sustain their leasing agreement, thereby providing housing continuity, which is essential to residential stability. 42 nn�intnininn an Individual Standard of Health The Center for Home Care Policy and Research states, there are key areas that make a difference in the lives of older adults. One of these key areas is individual health and wellness. Hope works hard through its service coordination, to ensure a continual standard of health and well being with all of its elderly residents. Linkage with local healthcare clinics, hospitals and community service agc-ncies to assure residents have access to affordable healthcare, as well as prevention activities arc just some of the scl vices provided through service coordination. Such services include; Nutritional education and, nesources - educational classes on nutrition and education for general wcchness and nutrition and education on the management of chronic illnesses such as diabetes, hypertension, arthritis and asthma; Health and Wellness Activities - through health fairs, health screenings for blood pressure, glucose and cholesterol, visual acuity education and information, as well as informational sessions for illness prevention and management; Fitness Programs and Activities - Regular fitness and physical activity through exercise, dance and range of motion exercises as well as information and referrals for medical care, mental health resources, etc. Social Connectedness and Lessening of Isolation Older persons who engage socially and civically have a higher propensity towards living longer, and an increase in the prevention of mental health illnesses, such as depression (Berkman, 2000). Our service coordination engages our residents in programs and services which address the eduction of social isolation through discussion groups, computer literacy classes, support groups, one-on-one connections, community service opportunities, volunteer opportunities, special events, and various forms of recreational activities and opportunities for social interaction; Resident Councils/Associations - Resident Associations are formed, developed, and facilitated by residents to ensure the needs and interests are addressed of each individual within the residential community. Senior Wellness Properties Lu Angeles Cuunty Tres Loinas Gardens - 43 units Los Angels, CA Oaks on Florence - 63 units Bell, CA Little Lake Village - 144 units Santa Fe Springs, CA. Whispering Palms - 75 units Palmdale, CA Summer Tel - 90 units Palmdale, CA, Impressions - 109 units Palmdale, CA 105ih and Nonnandlc' Los Angeles, CA Fountains at Sierra - 93 unts Fontana, CA Village at Sierra - 100 units Fontana, CA Gardens at Sierra - 93 units Fontana, CA Plaza at Sierra Fontana, CA Heritage Pointe - 49 units Rancho Cucamonga, CA San Marino Senior - 24 units Montclair, CA R.,erslde Cor.nty Cathedral Palms - 231 units Cathedral City, CA Indian Wells Villas - 90 units Indian Wells, CA Mountain View Villas - 128 units Indian Wells, CA D� =p: C,,k � I!Cape Cod Villas - 36 units Oceanside, CA Talmadge Scrior Village -91 units San Diego, CA Juniper Senior' Escondido, CA Richmar Senior Village' San Marcos, CA Untie R,�ck Ait j The Cottages - 144 units Little Rock, AR Cr�i rendy m the Jiipeluie 0243 Vio�e ce prevention program OEnriching Successful After School Programs with PeaceBuilders Component --------- - Hope's violence prevention program, PeaceBuilders, enhances its after school program (After School & Beyond) by creating a positive, peaceful environment in which children feel safe, cared for and want r { _ to keep coming back. The positive teacher -student relationships created through PeaceBuilders increase trust, thus positively impacting effectiveness and attendance in after school programs. In order to truly impact a troubled community, Hope recognizes that we must create a safe environment both within and outside of the learning center doors. Hope uses the research -validated and federally approved PeaceBuilders curriculum at its After School & Beyond sites. In 2009, Hope expanded the program to 4 sites bringing the total number of sites utilizing the PeaceBuilders curriculum to 18, a 64% increase since the program inception in 2007-08. Program evaluation findings for 2008-09 show a correlation between implementation of PeaceBuilders and higher program attendance. 1fl The Violence Prevention Program takes place at center -based learning centers located in affordable housing communities, providing children in tough neighborhoods with a safe and caring environment during the after school hours. PeaceBuilders emphasizes giving youth the skills and tools they need to get back on or stay on the path to positive developmental outcomes. 0244 W US 0 0��o HOPE through HOUSING FOUNDATION The PeaceBuilders curriculum is approved by the United States Department of Justice. Hope Through Housing has two years of data on the results of the implementation of these activities in our programs. The results indicate: o PeaceBuilders provides staff with tools and skills to manage behavior, create a warm emotional climate, and effectively support youth in the after school environment. o PeaceBuilders increases both program quality (as measured by independent evaluations) and youth attendance. e Youth enrolled in the prograrn show statistically significant increases in acadernic self -efficacy which is highly predictive of future attainment. Hope builds a coalition among the parents, city officials, and other stakeholders to ensure that the activities and lessons learned through the violence prevention curriculum can be carried into the homes and neighborhoods of at -risk children and youth. An afternoon at Hope's Violence Prevention Program includes several components: • tearn building exercises • self esteern building activities' • PeaceBuilders, the nationally acclaimed violence prevention curriculum o family involvement ORGANIZATIONAL CHART 0246 t I i l U! I A"A Iv! A v,I � I N A H I) I I() I)!t V. I. i fl ^il 1, 1 AIJRr)An U: A! I('il'VIt�I f<IQ ORGANIZATIONAL CHART Scba tiano st' Ctu m 011aMo J. eahrela G�kf ExeMer Oxon wA F2SiCdY Tr Y TM a J YMtan 6m0 Wtl11J J. WNImp�m CM1af 9Pa�atV CFa- � Swo V[e Fw tls:' Cha'-lnaxa O[cer � .. 6uvwssW.aa >e+: �cs. 6Poa Eh Jm lt�x4 Omw Bryn AxxP Ma% fiMatl NiMiMV :�� Vme'mtirP 1 Ciecal cl °w1t1 V<aPmlla2 C. 1 Pcryil:mapvaiCwK'f `:crr,sv:Ran JJ l�y`.��p{�CEi�1i�!'MIW4F�04kaWa itto'M^a4'MOu1^B RiW.LblYfve.M'M �. � .-Ary110^tl Cslh SviW ov Lzz C Tki. CnRc h' y� 2 e�iTJ �y�,C llnFr �.-au. ye y y RiNQi CK�RM[ pq YJujttx/ • hTI CCtl gNfSCy aPi"t G}zBYp! %P9Ctl ?9�arA yVTI esam 1 - 1 m�cx xrrasy is 0247 NATIONAL CORE PROPERTY LIST WITH FUNDING SOURCES fb 0?48 0 • NATIONAL CORE PROJECTS LIST wn H FUNDING SOURCES PROPERTY TOTAL VNd9 TypL ROLL lINS1TL AMENITIES 41NANCIN(i 511VRCTS MAARLT LLRRE:Cf IRdILIEa lI . ,2 VILLAS ARPOR.I M1] A[WRUTab Ilwm CmmmavilY C[nu'MR[t Ava Ymba LinJa RDA Loan I PI, mkl Plumava Pin NY4-WYa M%AMI Fmiily La,inX Pml ILLof 4NLB AXP YUGLinII. Ctllfomia TxtlM1 IWM AR�Modt limmmC T. TW-LA I'emlwem BrN Lnn CimPl[A41n IW9 MS- 1,Al.a.O CcnnnllaimJO fv[i a,—. Syrywnire Scrvi[n PmviJn Alm Pnm1Y Mwapmmnn k Mvinlmw[[ tlMVUMUbILENUME PA FOR I)M1 NWRtluM Ownv unYy CcnmrlUR [Ant Malik Nwnc Pmk R[v[nut S'.lV .1I Pv,I[Y Rny Im,, XU/., I10%AMI Sevim Pv M9u mine Pwl Glwmy nflU-1[EDAL-. Ri—ia. Ca ilanu Ram, AUm, UN I—am, ml('muann TWFL,. (lwpkl im IS99 Pmam, Mo., Ccmnl Lam, fx"ai. Smrywnirt Scrvwa N.-m UulrYim Cnm IY Al. G �. 11-1 Mm ma..l @ Maunmw[ 36 A[WRXInb D,—I Rmnl La—malJnin BmWe 171.MmDVILLA5 1]Iµ Mavxm SlnV LIMA SUh MY/aAMI Srnirc wrCmm,,aa Anu LILTCnnry LIHTf� UvvrnsiI (-2may, n9]BSt IpIX ANUJobk C—mlrr vi0, VOmPlw ITTvny Mmwp[mnnik Mainl[nw[t Cily olUmmim ROA Lwn m CumµlelN in MpX PrvlwnY Mangmr SOMwnivt.—m TV-., CATHEDRAL PALMS 3)1 1x/R[1eb Ownv CommavilY C-F.11fnt Ama y of Rivvml HIM1L Law 11-I5N Tall- lMukvam1 IU%,NI%AMI Senim Derclnpn mmR N"I mW SM Cilynvf('nbNml City RDA tvan ('mlmJml Cily, Ca,.,-ia 9II)< IW%AIRNab1a cal C'mnalnr laaal-.11 Fal.— I'HLB ANP Cam"I'lin l99] ",, aam, 011Jwr Cnmm,flay Alma Pmma-m Nak L- s.,,— S[rvico Pnmakx P,41m, MMIROml@Mainlwma[ CITRUS GROVE AT RIALTO 112 A[WO1.1, Owns wli1,1M.101Ia Ana T—EamamEmaJe 143: N'll A w )b%. 4UA. fVA, II.. AMI F ly Ovvdmxr' C 1-1 Lawmry Fxililia LIHTC-1% er\ U,110. Cal,famm91I]fi 2 ftam P jvW [imcalCm nt ur C p xLab XCD MHPIMHP YSSS Cnmply Nin.WR IYY4 ARwJrbl[ PnyaJy M..Pm F Cwla Ca1HFAHELP Lmn Suppmir[ Snrinw Pm,amr O 11,ml Cmnmoni, Aam San Barad w Rwvry HOME Lmn Pmpcny Mamil_m. MWnualwm Cam of RU`, RDA L-m Y FHLH ANP Pmnnrnl Rama Lmn Da-., E9aly C'LARK MANOR tl A,I.almb Uwnn Lalm, Fvciliry Clly of Downy HOME Len "."CNRA— IS%. III. NII,A :. AMI Fwily Da-1,-Pmp[q Mmupnmml&Maima— WnAinanm Mmam, ,a a", California iµm± IIal mmw He C malCmlm[Im RmpklN in N. P,ay Mawpn Swa nire Snvka Pala. COBBLESTUNC VILLAGE H NWRVM1vb Owna Cm., I-ama, Fxililia T. Lump bvlah RA E. mmEa lm Al —a Iµ 1..IL%1MI Family Eam,n.ra O,l1—Cmmauma, Alm LIHTC-41i EmmiJo, Cvlilmliv 9-D, INCPA AffOLma MR Omervl Cmaa[Im Pmpmry.—Pa,am,. Mamamm, LED NUR CmmplelN io lWl %npeny Manvpa Cily of FxmWiIk RDA Lmv \ SapP ",S,—m hoviJee FNED ANP ;P'1 CCRC Doman.. Low rAiv ' ""a, Eavily COLONY N amy miab Own. Coammmay C—OSy Fite Arta Cary of Sm flot-dvn HOME Lmm III N[w Yok Slna .1 ANT Family De'al", Swimming Pml Nmw[m Law RWbnMt'alilornu Tl]) iaM.:...Rmeffi Grnmal Cml— mLt, CmmpMNan T. ARaNablt I.,, Mvvvpm Cmnlel Lm 1, Faalalan Slgf^.ire S[rvl[a Navas MIJmm CAM—mlY Alm Pmlay Mnugv'm[nl @ Mainlenmae CORONA DE ORO ]I A[yRNE [Tvn. Cammwlily R-RI.Cf [Alta LIHTC-11.. IN. WavlSttwd S— 9TA fN%AMI Fvmaly Prv[Inp. Swammi,1. C,,, of Colo: HOMLLom1 CaliFnnia 1. ARamablt OmrmlCmlm[uc Tn1�Lm Ciry ofCma FOALrvn Y <mlplmNin 2.1 POMnY RE.,mm wnanp Cml[r FHLB AHP SUIma-S.— PnrvaJ[r Cmllal laanmry paOlalam 1—mml B+�h llwn I4Wm Ema vly An ,l,,Ay O.aRman @ Ma'lllnvac CORONA DEL RbY IM "P.ab Cma. Cmmaamly CemclNmi[a All U.,of R-1t m ROVE LI I"I D Sal. IP .1 ma. AM1 Family D-al, Tn1�Lm CilYul L'nmm NOAIL Lmn 1—,Cn1X1nma9ERSE IB]%ARmJabk 1'nnmal Cmalm— m., Lam,ry, milalin Ciryof Com: REA toms �_ Cm1p41N is 1. yk P.,O, Mamall Oo1MV Cmma.a, N[. LED AHP Soplxr..e Snva[m PV—.r Pm1xnY..M,mrnl k.—a-.— P[--ma...RL ma �- CRIISSIYOS IW N[w Camamaan Own. Comm.,, CenmJU11-Arta LIHTC 9Y. 111 W, Swlh Sand 11., 411IlyYe A M I family Rrv[Frywr Swimming P-I 11wn1y of F., Bvnalalmn NOML Famm 1U.N., CtllRa'uia 92)]M1 ON%NYUN, P,", Mm, Tnl-Le PILE AHP ,111-11.. 211. Suryxnlrt I—W. Pa" Lnlll^IICI Lu4 P[1mml.x Wrh Lan �R .mmlLaOdalam UUWmn Commonly Alm P.nw.y Mwopcmcm@ Mainmlmcc 6W AT SIERRA 93 New Cmlelrvcfllm L�IIWIw1 liryl'am.M1IN¢t Ana LIHTC'-4% =NTAINS MM Cmvx A,ame 111%. n5%. RI AMI Scniar CoN"R, Canal a LnunJry la[ilalaa Yaf Fmnuna RDA Lmn fmmluna. Culifimliv 9.))1 IPl-, PVge[I Plryr my Menapn EvinlminR PlolwW Spe IIILSAHP r I Cunlalv1N n1111111 IIXYA AR .:, Svmllmvlva Iry k'1 PmvWvv FSInvs Rwm OUWam Cam ryArtw ('('RC Pvmmunl Lmv 1.1, Mwmm m@Maanl.mnv y 51ro 0249 • • READING SOURCES PROPERTY TOTAL UNITS TypL RULE ONSITE AMENITIES 11ANCIHO SOURCES MARKLi UARDLHS AT SHRRA 9) (Immm1II CmlvxNlflvv AVM Taa CININ HIM, 'I IM)g Cvm Arm- 50%AMI Benin Co0.'.R11n� 'm EMII L...J.M1.III. LIHTC-a% I'-.—CMifmmuY+))5 )Rww P:Xvn "Itt, MMIEv, mine Pni wM St. 111.1Fmrwn RDA LIM CrmpkvW i.±WS I.ARAIMNk S.A--Smkn A —III Iunvsr Rvmi IRLD ARP .j DISIMInm —11. CERC U—ml CAM PI'my ICMMM O@Mvimrnuic'. ".� XAWTX ORNLTLRRACE IW AINSth. (Mlv Cut.—ilI CMIMLRtt Arvv CCR('PcmuivY Lnar �.... BIKE E,.R—Avm- 55%, Im.ISMS.AMI U.." DIIII, . I., WLavWry Fx'ilillea Dv'uMgzr+ENMlY -Hawlkmv . Cw1eliR-OR Intluv may ml Cm Tnl L,I - CmryAVlW in W51 1. ARaJMpk RnAtiY NEM, Laming E.SI Sta11Ml1. Savins Pm'.1, IMWmr CammunilY Artz Prutyny Mmagmml k Mm.— HERITAGE DDNTE 49 Nvw CVmutim (Mrnr C......ly CvnIMO(fim Arta 1i111 a T—EA it HIM, ...... ISW PON. Arm. Rm.C-vm.,.CNR1M-.11l)0 55M 45%. XI%AMI AMNA 1. A.Im, D CIIMu Omvrvl Cmlranw Smia KiRHM CrnlreliN Lawlry Fxililin UHTC'�<% Cmnly IT Sm 81-Imin HOME LIM C:o''IN in IDE) Rm", M'MEND C-1OA TO MHRRIRanvfin(lvmmmry;a RDA "A Smgmniw 5nrvkee PmviJer cuMNIC....... ly fiV® RmuvN lnm PIANO) -.l. PmRny M-...... AUMVIV M- IMPRESSIONS 1. M9IRMM O.-V ury CaINORry Am CI,IlPaIrtRDA LV- 3.51RthSIrv'nLul `Eff,IM AMI SIMS` Dv+II, IwD..d WmJry I'avdo— EDITS ARE RRIS[A Cvlil mia 9)550 IOfM Aff..R Ovnml C'Vnmvlm Swimming PUJ-n E. SVm.M nSt P---I LIM - CrmpkvNm 11. PnirynY Mamy- .—Cammuni.,A— SynlnnlvvSmlmRamJu "IM,.—M.— . SO tIE-At IM"SIIONS AT VALLEY I. New Comtf l CMmmmily CYImOR- AIN LIHTC-9% CENTER a5%,III AMI Family DMIlmv C-md—J L—du UMIiiias AN Ov-MMICwmy HOME LIM 115W MR.—DmY Iurvv ARNablc Pnymny Mamryar Swimming 1-1 aVI I, City If 1IO-11e RDA LIM VRlarvillc ('a lifam.. IHIC LMmD-Sv'rvkmRIIU C—MALvp DmM—I LIM _�.KrfSRC I—PMN in 2.13 LMmivg Cv'nN DI-I, E9vily TK,TAVtua TMLA IJmrCYmmwny Amu Rryvny Mvmgvmml @ Main¢nma INDIAN WELLS VILLAS M AvWRJrvb Ownv IIMMIily Cmin)(IRlI Alvn CIy of WJwr WCIb RDA LIM U-M V,EOr Cemv give 50%, RO%, tlM AM I Mim Dm,[Ip Cemr'vli¢J I—N,FaviT.— NJimWMILv.EMI—.a 91,10 100%A.IETe Rfpm, Manvpn CIYNuuw camrly dm,MM1 lapmnma Sneivm RMrlmr Fll—Cmlm ming P.ul®Snv OIOI CMn mrl Am Pmpvny IRIMI.-I ®MavilvnmvM IA QOLITA IW AryR11I CMmm-ay C-MOTAm Cby If PIIIIMI RDA LIM )8)011 it' StrtvY E` Mt SPi AM1 WmHy Mnlrynr mmliM I—Idl DIiS.— MILE AHP '� AImJaIv. Califtwia 9)550 INO ARwJapIM H.—I Cnnlra'Itrt Swimming Pml mW 1, WIM I.I. MYNal Dm—Lmn CMmpIVlWiv l99l Pmlany Mamgvr TM UM MHEMim L—M PmriEt Lnavine Cmmr HMd ni'IA It MNMNM.ml®ManlmmM LA MISIUN VILLAGE M0 New COImNMli1111 Day Cart C-t. wilt v Smi- KilMbm Taa-L.—, Rntls 3210 MM,, Avmm A.W%AMI Family DI'M. r vial Lms Am LIHTC <Y. CM —Mk, C.TrO is YEON HANI IUEIO1 Rnlnny Mvnvtl« ..'A HCD MHP L-I .Ifrt In IDOB SM,m-miss R-m, CAW U-1 Fa,t— City n( O—W, RDA LIM IJmmCMmmunily Arto K—ml UNI Rnry YManapmvrl@MainlmmVM LITTLE LAKE VILLAGE IM Hvw EMN.MI1IIII (..I RnM M nily C"I"Ata vilb a Tm rn -Latry BNN ION) FMIM WMIIa Arrn- Ste,. M& svn Mr D..."" S SHOMn LIHTCIN igaa m Sm1. AtOn" Cthnmmm 9WYO IN%ARM VJe Z,Im, MnnogV IUJ L-M, 1-I.A.a LAC'OC HOME LIMCm MD.A 11.1 Suprynirt 5mivn RIAM, 'nntpala Wb CYY Mf RuJIMry LIM (41JrvC=Iily Artv City Mf S-I. Fe SDAII C. LIM Ut.-A—I@MainHnvtvv' Rmmmau 11.1 MELRUIL VILLAS 11a Nm(MICItinn Cummuniry CemermOice Anv will) v TO`—V BMMe IP+OMMIn_0.w )5%, Mh AM1 1'mnily DMI I,,a snrivv KilO- TO 1. Svn Mvrtw. CaLfnmu YlMY InMmianvry fnwml Cmly'm ('ntml-1 L...Jry Fxilirivr NL'DMHPLmn mpNm in )dM IWKARaNably Pnryvny Mmagv Lwrnin9 C'Mmr Ov—IM rEMai, _ Svppvn ry sMrv-s RI-M, umrmm Lap .dNIt PvliNPivmv Arta TIlLM Prmr1Y MJovp'mvn@ REN."'nax MI111U1 POINT' W AMMIRIAII I.I. iry Cvnn'nOi-AVa iaa E—M-III 2750 Tmz Onvv IO155"%AMI Family D-IT"'v Cal.1-d WMJry 1—I.I.-LIHTC-I% Rir 1, C'vI'.1-im PSM Nvi,!NIIO J renal Cmlealm Lv'mivg('vnly RCO MNP CtMpktaf in ISO 0.w Rmny Mamgvr ('ImtpMln Lab P—.—Lwn IIII AfF=imli'nlliun 11y SJMvni. 1— 1— MwiM, 41Jmr<mmmanily Am Ov'I-,, EWny swimming 1-1 g VI LIm,MN Pn NA MN.Im. MISSIXI VILLAILSENESS NMICMl.nlvliun 0.."I —m, IDAR-Arm wLRI I ,IGmIpI BmtlM MYMY Miuim RRJ. SIMAMl M III0.'Llly nM E:",- LIHTC-1% Rirvvw3. C-I fnniv Y+51y1 IN%AR Nuply PIllrIy "g'r IMN L Jry4 'I C y IfR' JV RDA Lrw ¢'ua..'it s - ST. IIxLo p u C ry n- R LIM MI' P-1—YMa aPI'mvn&MMI-M" Dv-I"EMtiT MONTLRIEY VILLAOL "J ANTR,Wlt (I.— CMMMI, CMEA.'iav Arty CVIXIA IOIN Am.w Rwn )5'/�U,All III AN I F-ly DAIIpa Swimming P-I CI VIM m. City,A RmWIn CMmmmg, RDA Oar RMIMC I.It..ga CaliT— 9 l l)0 ..III Ma14MI-.Ia@ IU--, Cmtwtnr U.UN(U RAIM.M. Dulk LIM ('Im"I"Win III ARtlNably Pmpvny MaMym "II, Cnunv SIMMII m.—Rnvil4v lZICmn II .11MIN, CMmm1 L-MIT 1.0oivr 0250 9 11 • NATIONAL CORE PROJECTS LIST WITH FTINOSNL SOURCES PR[IPLRTY TOTAL UNRS TYPE ROLL I)NRITEAMENITI�S FINANCING SOURCLS MARK T M(IUNT.. VIEW VILLAS Intl NI Own. Cnmmuniry OOlvKRI'vAv ('i:yol bd,, WCI1s RDA Lrwn MOW Bnry Bvher Way W%,.1 INS.. AMI Snim D—W, COII-E, R<ilil'I<n IS im Wu@,('alll'm:i.1111. IIIIII,ITN < III,, Kim, mint Pn:laM Sry "INNIWIn PAR SN,—Smim Fhrvihv R—CM. lab IUd,NSC--,i,A.ar PV,n, M.vwmwl@ NOW -- MOUNTAINSIDE 3" A[SAF.b rid Cnx.l111T. A.. FIRE 91RI I-Pl. 11Bwlvrard IS%,0 W%. MY4 AIR Family N0.ve", +rtnlitttl LvxWryFv[ilirim Ciy of Run[IIOC':xrvmXRe RDA Lm Raxi:n Cvv'mumpa.Cvlifmmia 9I750 Minh M+h.-Rmv6 GmmlCmlmnw Snimminp P.J rLd Spv Pvm 1.. PON, Lnm m Nul m1946 AXmJrM< P,,N—y MAMP,, 4uDIS SVwnive Servi<[. RrwiJ. miYet u+ P Onw..romnr IA— PnTv'nY Mmuµmml @ Mvin¢nrre< MULBLRR Y VILLAS 51 MWRdab Gw. ...—ryC S.OSII A— W.N..,lrn Mmm:I PcmI lmn I4M MUILr dlv[ 55%,50%. RASs ROV AM' Family Mrv<Rq:v+ C<nVell'aJ L.NS, Fa[ililivs WINRiII VAIRniv W. 1.. A.DHI ('nn<nlCmVxl. OUW:rv(bmmI Artaz Cnvpl<IW in+CM RIWM.-nry'[ A,"MruY<mem$M'ainuwne i S:nrynir<Sv <s Prvvi:kr NDETONATE VILLAGE 140 wR<bvb Ow.. A— Tu-F—,..,N IPSI Da:<Sl- SM.. W%ARC fvmil, Ov-I, C<mmli.d LamJry Ia61,.. LIHTC-<% Vkrm H, I.Fl, ria OIC IUN. 1FALM, na:unl IN.,... SvimminR I.J HCD MU "."'.a., RA, III, M—NI TO LM Coyof VklnmlW RDA Lnw Suprynrv< Smice Pn-&, 1Crm Iy Art. 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O,doorCmmmuniry A:<ss WmFlneran Mumal P<m:anml Lwn ,—,NI W in vS, ",ty MA.FO P.'rY Men+Yrmml6 Mvi.....I. Sugwnirt3m¢n R<viJ+ FARRAR., IF A<dR<bob Ovnu CmmmomlyC-,,DR-A.S Tu£xempl BoNs .31 P..li—CwF pO SOMn W'A AMI Family DI, rv+ Crn F.d Lv.ulry Fv[ililn LIXTC-B% bn.., Celifamia VOI I IUUYe AMPIEFIc Gm[.I Cmra[ lF< Levninp C-O RR P<K.. mp Commiee'm:r FmJs C,,NESl iu LMM4 ISVA,y M—, Tol DA a%—. L= SUPPniv< 3<.iwr Pmvidv OUW.x Cpmmnn:ly A— 1%r<Im-+CwiV Pny:<ny NE-1 wl k M,...rse PASLOOLL[RO IIO Nvw Conmrv[rn ('r0.ntt ylerorNRc[Anv LINtt 9X JSSW M - R JS IM 50%. 45%. VEN AMI DIAily Derclnp.+ d LSI fu(Iu Cwnyof Sm NI HOMUNOPWA Ln.A Mvms(<IdAriw ONA M'+vJLr[ Pn P<rly N—, mr. CyvfSS Mar —RDA LwnmpinN io slMls SmanlrOmvrF Sµrlwrlir<Smi[n Pnrv�Jlr P PraI iXLB AHPMixJ Moher-Rer<k mmmI.iry Artw LomAA,.NNF< Mw:vpvmml@MaNwwnc[PROMLVAOC r IS8 A[d0.Ab Gwnv iry Cv'nr./ORa<Ana Tn5-l:aemfa lMnJsI)55 W. Ovrvry Avcmr NI .11..IR. 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PnYenY Mamga O Cmm,;:Z M1ymwm Lmn � I SuppliveSmim Pnvi@r PmpeAY Manegvmmit Muinkiwve pvmy i&M 6.'vv'Wl�v'l EVuiry Cwmy � I oFRirmtiv lR�mv fuiJe ♦t! m 02J4 RESUMES OF KEY PERSONNEL 0 i lil �❑IAtil 1�11AA11IN V<I1Ip:'tl.1e11�11{1'AI ;,��µu ,P 1p `,I lld"il �i Klt� _.._____—_________--f� BOARD MEMBERS BIOGRAPHIES Sebastiano "Seb" Sterpa, Chaiman of the Board Mr. Sterpa founded and operated Sterpa Realty Inc., from 1962 to 1985, and today serves as Chairman of The Sterpa Group, a real estate investment and management firm. Both state and local leaders have appointed him to numerous positions, including the appointment to the office of Chairman of the Board of Directors of the California Housing Finance Agency (CHFA). Mr. Sterpa served for 12 years as a director of the SunAmerica Asset Management Corp., a mutual fund company. Renee C. Bizer, Director Ms. Bizer is the Regional Manager of the Los Angeles -based Community Development Group at Wells Fargo Bank. She oversees the company's community and economic development activities in the Los Angeles Metro Region: Los Angeles, Ventura , and Santa Barbara counties. She has been a formidable advocate in the financial industry, promoting the understanding of diversity and cultural differences and the impact of such on underserved communities. Armando J. Bucelo, Jr., Director Mr. Bucelo is a real estate attorney in Coral Gables , Florida . He was the first Hispanic -American appointed as a director of the Federal Home Loan Mortgage Corporation (Freddie Mac) in 1991, and was appointed by President George W. Bush as Chairman of the Securities Investors Protection Corporation (SIPC). Mr. Bucelo is also the Florida Governor's appointee to the Board of Directors of Miami Dade College, the nation's largest community college. In July 2006, on behalf of SIPC, Mr. Bucelo became the first Cuban -American to ring the closing bell of the New York Stock Exchange (NYSE). James D. Cashion, Director Mr. Cashion is an active member of his community and principle of Cashion, Go & Company, LLP and Cashion Consulting, • Inc. Together his businesses provide accounting, auditing, review, compilation, business valuation, and litigation support to more than 150 continuing clients and countless more. He is a member of an array of professional associations including the American Institute of Certified Public Accountants and has been active in more than 20 civic organizations in his community. Gavin Clingham, Director Mr. Clingham provides day-to-day management of DCI Group's federal Government Affairs division. The Government Affairs division assists corporations and not -for -profit entities such as universities, municipalities and health care entities be heard before the Executive Branch and the United States Congress. Mr. Clingham counsels corporate and not -for -profit clients needing specific expertise in the area of federal appropriations. Daniel R. Fauske, Director Mr. Fauske is the CEO/Executive Director for the Alaska Housing Finance Corporation. Mr. Fauske participated on the Alaska Governor's Jobs Cabinet and Rural Sanitation Committee. He was Chair of the Governor's Interagency Council on the Homeless and he currently serves as a Member of the Governor's Gas Pipeline Team. Nationally, Mr. Fauske served as a member of Fannie Mae's National Housing Impact Advisory Council and was appointed as a Commissioner for the Millennial Housing Commission. He is a Board Member of the Federal Home Loan Bank in Seattle. G. Allan Kingston, Vice Chairman Mr. Kingston, during his tenure as President & CEO of Century Housing, directed the financing of more than 14,000 affordable housing units in 250 housing developments in Los Angeles and throughout Southern California . While originating more than $450 million in loans, he also initiated "More Than Shelter® Services, Inc." serving underserved communities with after -school tutoring, job training and placement, transitional housing for homeless veterans, childcare, health and wellness for senior, and two charter middle schools. Mr. Kingston serves as the immediate Past Chairman of the Board of Governors of the National Housing Conference. Last year concluded a 3 year term as Chairman of the Board of the National Housing Conference, the nation's oldest advocacy organization for affordable housing. • Laura Kurtz Kuhns, Director Ms. Kuhns, President and CEO of Vandalia Heritage Foundation and its sister non-profit organization Vandalia Redevelopment Corporation, has a long history of working in community and economic development. Since 1999, Ms. Kuhns has led Vandalia's efforts to revitalize communities and neighborhoods throughout northern West Virginia , focusing on historic preservation and redevelopment of the built environment. Ms. Kuhns is one of West Virginia's advisors to the t 0 � r i I}} u l l A t g l "+ I '• A" I.� I A% , k i, I W[ 4K f N I l H\ F P A� 1 i� V t I% I I I 1[ A I I LI I' V 11 '. I i IP i _._ _ ­_ -_ _ - _�) • National Trust for Historic Preservation. She also serves on the boards of directors for the Mountain Made Foundation, Fairmont Renaissance Corporation and the Institute for Scientific Research (ISR), all non -profits with missions of economic regeneration. Philip Nelson Lee, Esq., Director Mr. Lee is senior counsel in the Los Angeles Office of Fulbright & Jaworski L.L.P. and a member of the firm's Public Finance and Administrative Law Group and the firm's Structured and Project Finance Group. Mr. Lee has more than 30 years of finance and securities experience. He began his legal career with the Securities and Exchange Commission in Washington , D.C. , where he served in the Division of Corporation Finance and later in the Office of General Counsel. Prior to joining Fulbright & Jaworski, he was a partner in other law firms. He has served as President of the Business roundtable of the National Association of Black County Officials. He earned his J.D. from Harvard Law School and his A.B. from University of Southern California. Sammi L. Reeves, Director Mr. Reeves is President of KDG Development & Construction Consulting (KDG). KDG is a 26 year old Construction Management firm based in Pasadena, California that specializes in the development, implementation, and maintenance of complex project/program (cost & schedule) controls systems, as well as general project/construction management services. KDG has over 50 employees and does business in California , Nevada , Utah , Arizona , Idaho , and Wyoming. Mr. Reeves and his company have been honored with several Small Business Administration awards, the Regional Small Business of the Year Award, and the National Minority Business of the Year Award. Andrew B. Wright, Chairman Emeritus Mr. Wright led a prestigious career in real estate development spanning more than 30 years. Before co-founding National Community Renaissance with Jeffrey Burum, he served as a Partner in Diversified Pacific Development Group, a successful • homebuilder, and the Colonies at San Antonio , a master -planned community in Upland , California . Mr. Wright was President of the Inland Empire division of KB Homes and developed and sold thousands of homes targeted to first-time homebuyers. Mr. Wright also served as Chair -Elect of the Upland Chamber of Commerce. 0?5l �liAUII�t�i �.i.:v,1 �1��1i<iiltn Ul<iAf-ni I1l; 11,,n)111kii,--'—_'-----'--_-"C LEADERSHIP TEAM BIOGRAPHIES Assistant Secretary Orlando Jose Cabrera, Chief Executive Officer Assistant Secretary Cabrera joined National Community Renaissance with an impressive track record in both private and public sectors of the housing industry. Prior to taking the helm at National CORE as its CEO, Assistant Secretary Cabrera was appointed by President George W. Bush as the Assistant Secretary for Public and Indian Housing at the U. S. Department of Housing and Urban Development (HUD). At HUD, Assistant Secretary Cabrera managed public housing, Section 8, and tribal housing programs nationwide. Responsible for the administration of a $24 billion dollar budget, Assistant Secretary Cabrera is extremely knowledgeable about the federal programs that affect affordable housing development and operations that are funded with federal dollars. In 2008 the Office of the Inspector General of HUD honored Assistant Secretary Cabrera with the Golden Eagle award. The Golden Eagle recognizes Assistant Secretary Cabrera for his "Public Integrity and Service to the Department." He is one of only three recipients, sharing the honor with HUD Secretaries Jack Kemp and Mel Martinez. In 2004 Florida Governor Jeb Bush appointed Assistant Secretary Cabrera as Executive Director of the Florida Housing Finance Corporation, the State of Florida's housing finance agency. Governor Bush also appointed him to the Hurricane Housing Work Group, a task force created to develop a housing recovery plan in the wake of the state's 2004 hurricane season. Assistant Secretary Cabrera has served on various other housing related boards. These include the National Council of State Housing Agencies, Florida Housing Finance Corporation, National Council of State Housing Boards, Latin Builders Association, City of Miami Community Development and Housing Committee, and Dade Venture Capital Management Company where he served as Chairman and Director. In addition to his housing experience, Assistant Secretary Cabrera is an attorney. He was a partner at Holland & Knight where he practiced in that law firm's real estate group in its Miami office. He earned his Bachelor of Arts degree in 1984 from the University of Michigan and his law degree in 1989 from the University of Wisconsin Law School. James W. Aliberti, Senior Vice President of Property Management Mr. Aliberti is a graduate of Whittier College, with a Bachelor of Arts degree in Political Science. He has 21 years of senior level property management experience, most recently as Regional Vice -President, Western United States, for Elkor Properties, Inc. where he was responsible for daily management and marketing of over 4,000 units and rehabilitation of 3,000 units. Mr. Aliberti was also Regional General Manager for The William Lyon Property Management Company, where he was actively involved in the lease up of over 2,000 new construction units and rehabilitation of fee management properties. In addition, Mr. Aliberti has significant experience in acquisitions, due diligence and training. Doretta (Dorrie) Bryan, PHR, Vice President of Human Resources & Operations Ms. Bryan began her career with National Community Renaissance in 1995 as the Executive Assistant to our CEO and Executive Director. During her tenure, Ms. Bryan exhibited the passion and drive this company embraces and was quickly promoted to positions of Office Manager and Human Resources Manager respectively. After graduating from the University of California Riverside Human Resources Certificate Program in 2000, Ms. Bryan was promoted to Director of Human Resources and Operations. She is currently responsible for planning, developing, implementing, administering, and budgeting for all areas of employment, compensation, benefits, training, employee relations, legal compliance, affirmative action, and health and safety programs. Ms. Bryan is a past president of the Ontario chapter of the Business & Professional Women's Association. Other professional affiliations include Professionals in Human Resources Association and the Society of Human Resources Management. Kevin Chin, Vice President of Project Development Mr. Chin has over ten years of experience in housing and community development. His development experience includes the •oversight and direct project management of approximately 500 special needs, multifamily, and senior housing units. His entitlement and construction experience includes acquisition/rehab, mixed -use and new construction projects. Prior to joining National CORE, he was responsible for structuring the financing of over $50 million in affordable housing projects for the Los Angeles County Community Development Commission, and helped start-up a housing and community development collaborative for LTSC Community Development. Mr. Chin is experienced with numerous affordable housing financing ��5° tIII IP1.1111,IAAV11AAINU111101"A1t.�'J I'VI `.11,10,AI111;A1- `.\Ii11�.._ ____---- _--_--� sources such as low income housing tax credits, HOME, CDBG, AHP, housing set -aside funds, HUD 811, Section 8 rental subsidies, tax-exempt bonds and conventional financing. Mr. Chin received his MBA and Masters degree in Urban Planning from the University of Southern California and Bachelors degree from the University of California, Berkeley. Byron Ely, Vice President of Construction Mr. Ely started with National CORE in 2006. He holds the professional designation of Certified Building Official with over 30 years of local government development and private sector consulting experience managing a wide variety of development and construction projects. Mr. Ely holds degrees in Construction Technology and Management, and has a Certificate in Advanced Construction Management, from the University of Southern California, Civil Engineering Division. Prior to joining National CORE he spent seven years with the Community Development Commission of Los Angeles County, as the Director of the Construction Management Division. He oversaw both private and commission owned affordable housing developments, averaging $500 million per year. During his tenure with the City of Ontario as the Development Agency Director/Deputy City Manager he oversaw the development of more than $12 Billion of private and public projects. He specializes in resolving problems in high conflict situations and uncertain political environments. He has personally managed the design and construction of hundreds of developmeatbuilding projects totaling over $ 600 Million. He has provided consulting and entitlement review services for a broad range of projects from affordable housing to commercial developments, specializing in expedited, and fast track approvals. Mr. Ely is a frequent speaker at Lorman Seminars, the Construction Superconference, for Construction Litigation, and other venues on a wide range of technical and managerial construction and development topics. Alfredo lzmajtovich, VP of Acquisitions - Northern California, Ventura, San Bernardino and Los Angeles Counties Mr. Izmajtovich has more than two decades of professional experience in community development. Prior to joining National CORE, Mr. Izmajtovich was responsible for housing development programs with an annual budget of more than $40 million for the Los Angeles County Community Development Commission. During his tenure, over 6,000 units were financed with the County successfully leveraging its resources 6-to-1. He has extensive experience managing the underwriting of housing programs, including but not limited too, Low Income Housing Tax Credits, State and Federal Housing Programs, and various private programs, as well as overseeing all aspects of development. Mr. lzmajtovich is an esteemed industry expert and has spoken at seminars for the Community Redevelopment Association, Southern California Association of Non-profit Housing (SCANPH) and other various industry groups. He has been a guest lecturer at USC, UCLA and other programs, and has been a technical trainer in the affordable housing industry for many years. Mr. lzmajtovich is also on the Los Angeles County Affordable Housing Task Force, a Board member of SCANPH, and volunteers for many civic activities. Mr. lzmajtovich received his MBA in Finance from the University of California, Los Angeles. He also holds a Masters degree in Urban Planning and a Bachelors degree in Economics. Julie Mungai, CPA, Vice President of Acquisitions - Orange, Los Angeles, Riverside, San Bernardino Counties Ms. Mungai holds an MBA Degree specializing in Finance from the University of Oregon. Her experience includes work in the public and private sector for twenty four years. Previous experience included working in the auditing, financial analysis, and financial management field for companies including; Touche Ross, Toyota Motor Sales, and Seagate Technology. Prior to joining National CORE she worked with the Los Angeles County Community Development Commission in the capacity of an Accounting Manager for ten years. She joined National CORE in 2000, overseeing/monitoring projects from the financing phase to project close out and lease up as well as maintaining relationships with lenders and city partners. Ms. Mungai is well versed with numerous affordable housing financing sources such as low income housing tax credits, HOME, CDBG, HOPWA, AHP, housing set -aside funds, MHP, tax-exempt bonds and conventional financing. George Searcy, Director of Operations, Hope Through Housing Mr. Searcy has a Master's degree in Management from the University of Redlands and a Master's degree in Clinical Psychology from Antioch University in Los Angeles. Prior to working at the Hope through Housing Foundation, Mr. Searcy served as the Manager of Human and Social Services for the City of Irvine, California. He has served on the Board of Directors of several organizations including serving as President of the Board of Directors of INFOLink Orange County and Board Vice President of Development for Women Helping Women in Costa Mesa. In his position at Hope Through Housing, Mr. Searcy has responsibility for program operations at over forty affordable housing developments throughout Southern California. 111 �)1Atl1A1IIA1,1h, III)! tiI IIIAhN(IM4111AI11'I�pAIlfn)— _-___ __ E John F. Seymour, Vice President of Acquisitions - San Diego, Orange, Riverside Counties Mr. Seymour has been with the company for over 10 years. He received his Bachelor of Applied Arts and Sciences Degrees in Public Administration and Economics from San Diego State University in 1984. He has resided in San Diego for over twenty-five years and has over twenty years of experience in the private and public sectors. As Vice -President of John Seymour & Associates, a corporate and governmental affairs consulting firm, he provided services to builders, developers, and other corporations; he served as Vice -President of Corporate and Governmental Affairs to the San Diego Hyatt Regency and Manchester Resorts; he served as Senior Legislative Advocate of the San Diego County Building Industry Association on affordable housing issues; he served as Community Representative and Policy Advisor to then -County Supervisor Susan Golding and research analyst in the City of San Diego Intergovernmental Relations Department. Mr. Seymour is involved in many volunteer groups and associations on affordable housing and land -use. Welton R. Smith, Senior Vice President of Development Mr. Smith has over 25 years of public and private sector real estate development and consulting experience. He began his career as a management consultant with two CPA firms, Pannell Kerr Forster and Coopers & Lybrand, conducting management and financial feasibility analyses for hotels, office buildings, shopping centers, multi -family housing developments, and mixed -use projects. Mr. Smith also spent six years with the Economic Development Group of the Community Development Commission, the Redevelopment Agency of Los Angeles County, as a commercial development and housing Consultant on projects throughout the County. He has most recently completed five years with American Airlines developing and managing real estate owned by one of the company's largest international divisions. Mr. Smith holds a Bachelor's Degree in Economics and English from Rockhurst College in Kansas City, Missouri, an MBA, and a Housing Development Finance Professional designation from the National Development Council. Tracy Thomas, Chief Administrative Officer Prior to joining Southern California Housing, Ms. Thomas had a consulting business of her own and provided consulting services in accounting and Yardi Systems. Before starting her own business, Ms. Thomas was the Senior Director of Finance • and Accounting for Insignia ESG where she was responsible for overseeing the financial reporting for the Western Region of the United States. Prior to Insignia ESG, Ms. Thomas was the Senior Director of Finance and Accounting for American Realty Advisors, a real estate investment advisory firm providing real estate investment services and solutions to public and corporate pension funds, endowments, foundations and Taft -Hartley trust funds. Prior to American Realty Advisors, Ms. Thomas was the CFO for The Seeley Company, a real estate brokerage and property management company. Ms. Thomas graduated from California State Polytechnic University at Pomona with a Bachelor of Science degree in Accounting. She received her CPA license while working at Arthur Andersen. Richard J. Whittingham CPA, CFO Mr. Whittingham received his Bachelor of Science degree in Accounting from California State University, Long Beach and holds a California Real Estate Broker's License. Mr. Whittingham spent many years in "Big Six" public accounting with Peat, Marwick, and Mitchell & Company, specializing in real estate auditing and taxation. In 1978 Mr. Whittingham left the public sector and has spent the past twenty years involved in real estate development, construction, and management. He served as either Vice President of Finance or Executive Vice President for companies that owned or managed over 6,000 apartments and over one million square feet of commercial/office/industrial space. After serving as a consultant to The National Community Renaissance for over two years, Mr. Whittingham joined the company as Director of Finance and Accounting and is currently the Senior Director. In this position he has overall responsibility for all internal operations, accounting and cash management. Note: Mr. Whittingham possesses the authority to legally bind the Respondant. V60 • PROJECT DEVELOPMENT TEAM BIOGRAPHIES Kevin Chin, Vice President of Project Development Mr. Chin has over ten years of experience in housing and community development. His development experience includes the oversight and direct project management of approximately 500 special needs, multifamily, and senior housing units. His entitlement and construction experience includes acquisition/rehab, mixed -use and new construction projects. Prior to joining National CORE, he was responsible for structuring the financing of over $50 million in affordable housing projects for the Los Angeles County Community Development Commission, and helped start-up a housing and community development collaborative for LTSC Community Development. Mr. Chin is experienced with numerous affordable housing financing sources such as low income housing tax credits, HOME, CDBG, AHP, housing set -aside funds, HUD 811, Section 8 rental subsidies, tax-exempt bonds and conventional financing. Mr. Chin received his MBA and Masters degree in Urban Planning from the University of Southern California and Bachelors degree from the University of California, Berkeley. Fernando Vasquez, Development Manager Mr. Vasquez holds an MA in City Planning from San Diego State University and a Bachelors degree from the University of California, Riverside. Mr. Vasquez has over six years of experience in housing and community development and working in new construction of multifamily and single family housing. While working at Lewis Planned Communities he oversaw the development of over 1,500 units for several master plan community projects each ranging from $25 to $150 million in profit. In addition, Mr. Vasquez managed the formation of Home Owner Association's (Designated Services Areas and Sub HOA's) and Community Facilities Districts (CFD) which yielded up to $100 million in proceeds. Mr. Vasquez's prior experience includes working in various facets of the public sector including the City of San Diego Department of Development Services and the Riverside County Board of Supervisors. • James Kim, Assistant Development Manager Mr. Kim has over four years of professional experience in urban housing development. He started his career at KB Home — Urban/High Density Division as a land acquisition associate who performed market research and new development analyses for both Los Angeles and Orange Counties. Prior to joining National CORE, Mr. Kim was employed with MacFarlane Costa Housing Partners, formerly Simpson Housing Solutions, assisted the firm to find new affordable housing development opportunities and build relationships between the firm and public agencies. Mr. Kim received his Bachelor of Arts in Asian American Studies with a minor in Business Management from the University of California -Irvine. Jason Knotowicz, Assistant Development Manager Mr. Knotowicz holds a Bachelors of Science Degree in Urban and Regional Planning with an emphasis in Economics from California State Polytechnic University, Pomona. He joined National Community Renaissance in 2010 in the Development Department as an assistant project development manager. Prior to joining National CORE, his experience included serving in the United States Air Force as a liaison officer for the State of California's Counter Drug task force for over four years, and I I years total as an active duty enlisted member. Mr. Knotowicz has proficient knowledge in city planning processes, entitlements, economic development, market research, and Geographic Information Systems (GIS) data processing. Lesley Edwards, Senior Development Manager Ms. Edwards holds an MBA degree from the University of California, Irvine and a B.A. degree from the University of California, San Diego. She joined National CORE in 2003 as a financial analyst and transitioned to project management in 2005. Prior to joining National CORE she worked with the Orlando Housing Authority as chief accountant for several years. Ms. Edwards' professional experience also includes banking and working as controller for a non-profit organization. Ms. Edwards is experienced with numerous affordable housing financing sources such as low income housing tax credits, HOME, CDBG, HOPWA, AHP, housing set -aside funds, MHP, tax-exempt bonds and conventional financing. Lorna Contreras, Development Manager Ms. Contreras holds a B.S Degree specializing in Finance/Accounting from the California State University, Pomona. She Joined National Community Renaissance in 2005 in the Accounting Department as a financial analyst. She transferred to the • project management department in 2007. Prior to joining National CORE, her experience includes working in the private sector in accounting and financial analysis for over seven years. Ms Contreras is well versed in affordable housing financing sources such as low income housing tax credits, HOME, CDBG, AHP, housing set -aside funds, MHP, tax-exempt bonds and conventional financing. �b 0?61 • CONSTRUCTION TEAM BIOGRAPHIES Byron Ely, Director of Construction Mr. Ely started with National CORE in 2006. He holds the professional designation of Certified Building Official with over 30,years of local government development and private sector consulting experience managing a wide variety of development and construction projects. Mr. Ely holds degrees in Construction Technology and Management, and has a Certificate in Advanced Construction Management, from the University of Southern California, Civil Engineering Division. Prior to joining National CORE he spent seven years with the Community Development Commission of Los Angeles County, as the Director of the Construction Management Division. He oversaw both private and commission owned affordable housing developments, averaging $500 million per year. During his tenure with the City of Ontario as the Development Agency Director/Deputy City Manager he oversaw the development of more than $12 Billion of private and public projects. He specializes in resolving problems in high conflict situations and uncertain political environments. He has personally managed the design and construction of hundreds of development/building projects totaling over $ 600 Million. He has provided consulting and entitlement review services for a broad range of projects from affordable housing to commercial developments, specializing in expedited, and fast track approvals. Mr. Ely is a frequent speaker at Lorman Seminars, the Construction Superconference, for Construction Litigation, and other venues on a wide range of technical and managerial construction and development topics. John P. Taylor, Assistant Director of Construction Mr. Taylor joined National CORE in 1998. He brought with him a broad construction background that he developed during • over Fifteen years in the construction industry. His previous experience includes Commercial and Residential supervision, as well as estimating, and inspections. He has overseen the construction of over fifteen projects in his tenure with National CORE, first as a superintendent and for the past five years, as a construction manager. His list of projects includes multi- story new construction, extensive rehabilitation, and moderate rehabilitation. His academic background includes courses in Architecture and Construction Management. John is the California State General Contractors License holder for National CORE. Sperry Maxwell, Senior Construction Manager Mr. Maxwell has worked for National CORE since 2002 and is currently responsible for the construction of a $25 million senior affordable housing project in the City of Indian Wells. He works in liaison with the City of Indian Wells and National CORE in a cooperative effort to successfully produce a development that had been cancelled under previous attempts with a prior development and management firm. Before coming to National CORE, Mr. Maxwell was employed for nine years by Jacobs Engineering. In his capacity at Jacobs, Sperry worked as a Project Manager on both Construction Management and General Contractor projects. Some of his duties included preparing estimates, negotiating change orders and ensuring contract compliance oversight, as well as claims documentation and resolution. Sperry, along with employees under his supervision, had responsibility for award and execution of multiple contracts in both the public and private sectors. Richard K. Rollins, Construction Manager Mr. Rollins joined National CORE in 2005. He brought with him over twenty years of diverse construction experience. His first eleven years in the construction industry were spent as a Structural Concrete Carpenter building subterranean garages, bridges, tilts ups and "poured in place" buildings. He also has significant experience in the rough carpentry trade. He spent ten years as Project Superintendent Constructing multi family affordable housing projects. Mr. Rollins currently manages multiple projects and his skill set has allowed him to quickly become an invaluable member of the National CORE team. Steve Weller, Construction Superintendent Mr. Weller joined National CORE in 2004. He began his construction career in the drywall Industry. After several years in the drywall industry, he advanced to the position as Construction Superintendent For over eighteen years, Mr. Weller has • performed construction oversight for residential and commercial projects with an emphasis on multi family residential construction. He has developed strong skills in managing subcontractors through specialized training and hands-on application and a detailed knowledge of recordkeeping and organizational skills. He has vast experience working with various developers in California and Arizona. Mr. Weller is currently the Superintendent overseeing our 75 unit Courson Senior Apartments in Palmdale. �� 0262 ( II A OF 141)1 IAt A AA i ,IN \kl) Hi 1 I)11IA t A A At PVI V1 Pt' y,1' I A I I UPill v I kPV ---0 Christopher Killian, Construction Superintendent Christopher became a part of the National CORE team in 2004. Mr. Killian has seven years of experience in the construction and maintenance industries, four of which consisted of supervision. He spent one and a half years with the Fontana Unified School District as a Project Manager where he was responsible for coordinating the infrastructure and installation of modular facilities. He possesses a broad range of trade experience. Mr. Killian recently oversaw the extremely complex gut rehabilitation of the 64 unit Mission Pointe Apartments. His academic background includes two years of general education and course work in construction and supervision. Joanne Salas, Contract Administrator Ms. Salas has been with National CORE since 2003 and has over sixteen years experience in new and rehab construction. Her previous work experience as Executive Administrative Assistant for the president of a regional residential developer where her duties included interfacing with lenders and investors, budgets, construction contract administration, escrow coordination, buyers upgrade selections, model and interior design coordination, purchasing and managing the new home warranty Customer Service program. At National CORE, Ms. Salas is responsible for issuance and maintenance of the construction contract documents, subcontractor insurance requirements, subcontractor licensing verification, prevailing wage compliance and payment processing coordination with the accounting department. She provides team support and a working knowledge of construction terms, contracts, change orders, and the overall construction environment. Lorena Gomez, Jr. Project Engineer Mrs. Gomez has been with National CORE since 2005. She comes to us with ten years of construction/facilities experience. At National CORE, Mrs. Gomez is responsible for issuance and maintenance of the construction contract documents, subcontractor insurance requirements, subcontractor licensing verification, and payment processing coordination with the • accounting department and our prevailing wage consultant. She provides team support and a working knowledge of construction terms, contracts, change orders, and the overall construction environment • Veronica Lares, Construction Administrative Assistant/AP Clerk Ms. Lares is one of the newest members to the construction team. She joined National CORE in 2005 . She is responsible for the Construction Accounts Payable Data Entry and provides overall assistance to the construction and project development teams. Ms. Lares received her Associated Degree in Paralegal Studies from Platt College and a Certificate from La Verne Law School in Research & Writing. �" 0263 I II) Id I g in IAI." PI �1,1 ak1l Ml I,HI1 I,I)k AI P'! A11 W)", Ili '14111I'VII-",I ;:I • PROPERTY MANAGEMENT James W. Aliberti, Senior Vice President of Property Management: Mr. Aliberti is a graduate of Whittier College, with a Bachelor of Arts degree in Political Science. He has several years of senior level property management experience, most recently as Regional Vice -President, Western United States, for Elkor Properties, Inc. where he was responsible for daily management and marketing of over 4,000 units and rehabilitation of 3,000 units. Mr. Aliberti was also Regional General Manager for The William Lyon Property Management Company, where he was actively involved in the lease up of over 2,000 new construction units and rehabilitation of fee management properties. In addition, Mr. Aliberti has significant experience in acquisitions, due diligence processes and training of on -site personnel. Mr. Aliberti is currently a candidate for Certified Property Manager (CPM). Susie Powers, Assistant Director of Property Management: Ms. Powers has been actively involved in the property management field for 8 years. She came from Elkor Properties, Inc. as Regional District Manager. She was responsible for daily management, marketing and rehabilitation of over 1,500- apartment homes in California and Nevada. Ms. Powers was also the Property Director for William Lyon Property Management's largest apartment community, 675 units. She has received many awards including Property of the Year on two different occasions. As Assistant Director of Property Manager with National CORE she is responsible for over 3,500 apartment homes. In addition, Ms Powers has significant experience in due diligence processes, acquisitions, tax credits, budgets and training on site personnel. She is currently taking the necessary steps for her Certified Property Manager (CPM). Teri Hoerntlein, Regional Manager: •Teri began career with National CORE in 1997 as a Community Manager. She was promoted and became the first Area Manager for the company in July of 2002 . In February of 2004 she became a Regional Manager. Teri specializes in Tax Credit Financed New Construction, Systems and Operations. Honors Include: 1999 National Community Manager of the Year — NAHB, 1999 Best National Community Turnaround — Renaissance Village — AHMA, 2001 APEX Awards — Community of the Year for Renaissance Village, and 2002 APEX Awards — Community of the Year for The Crossings Apartments and was the 2006 APEX l" runner-up in the Regional Manager category. The City of Rialto recognized Teri in 1999 with a City Proclamation recognizing her leadership as did the Board of Directors for National CORE. Teri has continued to keep herself updated on the changes in property management law and in this pursuit has received the following educational designations; TACC'S — National Tax Credit Designation in 2004, AHM — Affordable Housing Management Designation in Project Based Section 8 in 2005, CCRM — California Certified Resident Manager from the California Apartment Association in 2005 as well as various industry related courses in Fair Housing, Leasing and Customer Service. Mondi Dorrough, Regional Manager: Mondi began her career with National CORE in 1997 as an Assistant Manager at Sycamore Springs in Alta Loma. She was promoted to Community Manager in 1998 at Sycamore Springs(240 units). She was then promoted to Community Manager at Mountainside in Ranch Cucamonga(384 units). Mondi was again promoted to Regional Manger in July 2005. Honors Include: 2004 APEX Awards — Community Manager of the Year and Community of the Year for Mountainside Apartments. Earned CCRM Designation Awarded in 2002. El 111 il� I kil l%, 1!I "I I ' -______..__._ _____ 9 SOCIAL SERVICES PROVIDER TEAM BIOGRAPHIES The Hope Through Housing Foundation (HOPE), a 501(c)3 non-profit public benefit organization is the social services affiliate for National Community Renaissance. HOPE provides the social services that are made available to National CORE's residents. HOPE forms partnerships with other non-profit groups to access additional resources and brings those service providers on -site. This collaborative effort helps support our residents and provides them self -empowerment tools and a better quality of life. George Searcy, Director of Operations Mr. Searcy has a Master's degree in Management from the University of Redlands and a Master's degree in Clinical Psychology from Antioch University in Los Angeles. Prior to working for the Hope through Housing Foundation, Mr. Searcy served as the Manager of Human and Social Services for the City of Irvine, California. He has served on the Board of Directors of several organizations including serving as President of the Board of Directors of INFOLink Orange County and Board Vice President of Development for Women Helping Women in Costa Mesa. In his position at Hope Through Housing, Mr. Searcy has responsibility for program operations at over fifty affordable housing developments throughout Southern California. Susan Neufeld, Assistant Director of After School Programs Ms. Neufeld has a Master's degree in Applied Developmental Psychology from Claremont Graduate University in Claremont, California. Prior to working at Hope Through Housing Foundation, Ms. Neufeld served as the Collaboration Manager for Mustangs on the Move, a consortium of community -based organizations that provides after school programming • to high school youth in Northwest Pasadena. She also worked for Communities Organizing Resources to Advance Learning (CORAL) Pasadena, a multi -city after school initiative launched by the Irvine Foundation, first as a program evaluator then as Associate Director. Currently, Ms. Neufeld is the Board Chair for California Living Histories. In her position at Hope Through Housing, Ms. Neufeld has responsibility for youth development programming at National CORE's affordable housing communities. CJ Michelle Nathanson, Director of Philanthropy Michelle has a Masters of Social Work from Yeshiva University, Graduate Certificate in Gerontology and a BA in Public Administration from the University of Arizona. Michelle has been raising funds for non -profits for the past 20 years. Prior to Hope Through Housing, she has been the Executive Director for the Susan G. Komen Breast Cancer Foundation in Denver, Colorado and owner her own consulting business for where she worked with over 25 non -profits in developing a diversified funding program. R f�26�� LETTERS OF REFERENCE i 0 02bb • September 30, 2010 La Quinta, CA Dear Douglas R. Evans, Amigos de los Rios Amigos de los Rios, a 501(c) 3, non profit was formed in 2003 by a dedicated multi -disciplinary group of experienced professionals committed to developing open space in park poor areas as a catalyst for creating healthy communities. The mission of Amigos de los Rios is to create sustainable open spaces, strengthen community life, and preserve the environment in underserved areas of Southern California. Amigos uses sustainable and community based design principles to design and build projects that foster resident watershed health. We strive to develop new and meaningful open space resources, enhance existing public spaces, and create opportunities for outdoor recreation and environmental education that actively engage community members of all ages. We look forward to actively participating on the National Community Renaissance in the design and development of the La Quinta Project. Our contributions will include input on sustainable and compliant sight design and the inclusion of low impact development and storm water management elements in to the project in an aesthetically pleasing manner. We will also provide landscape design and community based design of outdoor interpretive areas. The landscaping will feature native and Mediterranean landscape design. Low water use irrigation system will help conserve water. We propose significant tree canopy through out the project, the urban forest we are creating with strategically planted trees will save energy and utility bills and reduce heat island effect by providing shade for the dwelling units and public spaces. Urban forests provide air quality, greenhouse gas uptake, and storm water management benefits, improved aesthetics, improved walk ability, temperature control, and heritage. Eliciting a multi generational appreciation of local natural and cultural history, we will strategically placed art will create a unique sense of place, inspire and motivate people to exercise and spend time outdoors and to be actively engaged in learning about sustainable design. Habitat areas will encourage residents to reconnect to and enjoy nature as they watch birds, butterflies, humming birds and lizards flourish within the project. These incremental but influential design concepts allow community members to learn and reconnect to their local natural and cultural heritage that had been lost. Amigos is very excited to partner with National Community Renaissance in creating an incremental development in order to change the area as a whole. Sincerely, • Claire Robinson Managing Director Amigos de los Rios 0267 908 F. Altadena Drive • Altadena, CA 91001 • tel626.791.1611 • fax 626.791.1771 • wwwsmigmdelusrio rg �IfA fI� A�ii l`�1 1`.t11A`�!:i �Ii�l)I�IU'+Ul,Afl'��til�k��•:.�tl .I �'��I III A�I,'��i_ __ 0 HOPE through HOUSING FOUNDATION 4 0 MEMORANDUM OF UNDERSTANDING Between HOPE THROUGH HOUSING FOUNDATION and FAMILY YMCA OF THE DESERT 'ibis Memorandum of Understanding (MOU) will guide the working relationship betweea both parties. As a partner to National Community Renaissance of California, Hope Through Housing Foundation (HTHF) has made a commitment to quality social services at the Ln Quinta Development Project, located at the intersection of Westwood Ho Drive and Dune Palms Road in La Quinta, California Family YMCA of the Desert commits to offering after school programming at the project site. Specifically, Family YMCA of the Desert agrees to: • • Provide a high quality after school program that incorporates Hope Through Housing Foundation's After School and Beyond model. Program components include a healthy snack, physical activity, homework assistance, access to a computer lab, and academic enrichment programming. • To implement after school programming for a minimum of 3 hours per day, 5 days per week during the 10-month school year. • To supervise all staff and provide training and staff development opportunities in order to obtain a high quality program. Hope Through Housing Foundation agrees to: • Negotiate a social services fee agreement that satisfies both parties. • To oversee all social services partnerships that bring services onsite of the La Quinta development. • To identify similar services if partnerships terminate or new resident needs are identified To annually evaluate program quality and impact. • To identify additional funding streams that can support enhancing and expanding after school services. • 01) 6 8 ,t'!1vI 1't'i l,� :\,il v.W,11�)I)W%lA W 1"19vI''0-v❑-isI • Tbis Memorandum of Understanding will be m effect upon dated signature of both 0 r� U �i1 �1! Irt� �•. 1APAIN �Lll rni al�.l �n ',� PNi\d(>AI��`I AII(WP11 Ikit, __-- --------{7 September 28, 2010 To Whom It May Concern, This Is a letter of support of our partnership with the Hope Through Horning Foundation. This partnership has afforded residents the opportunity to have free afterschool educational and enrichment activities five days a week during the academic school year. In addition, we also collaborate with other funding sources to provide creative summer programs. This program has become a place children feel safe, secure and valued. The participants have experienced a variety of activities from art, music, sports, rooting, science as well as receiving much needed academic support. In addition, local comnpmity partners such as Big Brothers Big Sisters of the Desert, Time Warner Cable and FIND have provided much needed program enrichment opportunities. We support the efforts of the Hope Through Housing Foundation program and Rave seen the improvement in areas of participant seir esteem due to safe, fun and challenging educational and enrichment programs that are offered at the Vista Dunes Courtyard Homes. We appreciate your consideration of this much needed and valuable residential community. RNBa& R Executive Director Family YMCA of the Desert 760-341-9622 • Ali'flily 01ISIi14PtiIN\KI111(101,1 ,01"I __ _---- _. -(] F' �t • r ` 42-600 Cook street, Suite 110 Palm Desert, CA 92211 FAX (760) 668-2282 EMAIL: BBBSDeserWaot.00m 4 sit, Broth an slog Skters Web Site: www.BBBSDesert.org i of the Desert i Beard arTrastees 'n Jim Behar t Prasidont Phii Shdla 'v let Ymu Lkesldent ' 4 Richard Davis September 30, 2010 Yad Vice Pr Adrnt Wendy Angmituc Secretary David Suss To Whom It May Concern, tleasvrer ? Tom FlaneNan* Member "�� rc This is a letter of support of our partnership with the Family Y.M.CA. of Rick Bradrord the Desert_ This partnership has allowed the families of Vista Dunes to t i Jeffrey Deitch have a Volunteer Big Brother Big Sister Mentor for their children. Juan. DelAre Volunteerswho range in age from High School to seniors come on site to bu. Feriae mentor, tutor, guide, support, and form friendships with the children and i Debrk Grusaerki their families that are transforming. These Mentoring Relationships have ;: Eiteen Mel far reaching benefits. The Coachella Valley community is strengthened by Jack Higstas children performing better in school, children having increased self esteem, hnchael Jeaneren and families have volunteers curing about their welfare. Jerry Jcnko We support the efforts of the Family Y.M.CA of the Desert and the Hope r Judy Mathes Through Housing Foundation program in any future plans they have for Baaannd Manahan. !w expanding their services. We always describe this combined partnership as Dr. Corias iterrisun really living out the phrase "it takes a village to raise a child." We all have Trion Soloman come together to make up that village, have seen the immediate and long Dr. Edwin steinpter. lasting effects of our work, and take great pride in the ongoing Shari Stewart accomplishments of the children from these families. ,Sullivan I Bud. Judy Tobin May Y Tobin Judy nutiva u «tor Executive Director Pres. Gerald B. Ford Big Brothers Big Sisters of the Desert 14 n ry Quirumn 760-569-3977 In Abtmariam Prank Gaeta. ' Hamr"I.Wesaa: ' sond Mtmxl Stan Gerston, n n. lnnr Faaldm i B: Saul Jacobs, Esq. Foadv%bwd Mnmbv `P"a Pm'Al - 1 i S arinn cldfi s:�J„✓,,fd rr,f:JflPrf-: �iYpllJ j JDbt Rfaudojrin Year wad F,r.,rulire I ?DJJR Cnl(+l.i7nNf%pllr!Y DJrcrrol; efWS YarrAsaM FfncRn 7WVjM d 8,w Rou/tl of the Ym/r—Nohelt r. almmurxlatl Lemlrgbip AwaN.; 1046 E neli.e Dilxcbv of Jbr YearAwmd Fb OIW VV6 Sear ofCebfarrdu Ng amber of tbe. Yaw. mu.name ' S Helping c/sildma reach their porenria/ r/trpo66 prpjesripxdly sryipprAed pno-fn-one menrpr!>tg re/arionshipX 0271 i I1(1111(.1I'll APitilf!AIZU III�I%I<1'.I NCI IA1 AIl W"ll ',I iv11_ _-_.- _ 9 L� r ESCON� D® June 8, 2010 Jerry H. Van LMUAw DIIWIX Comnuaty Fo-T& s Ho N vwi 201 N. aroad ray, L%on&k), CA 9M25 Phgre: 76A9394841 Re: National Community Renaissance of California — Property Management Services To Whom it May Concern The City of Escondido has worked with National CORE as a developer and property manager over the past ten years. We are proud of this working relationship, and have enjoyed their professionalism. National CORE has managed Cobblestone Village, a 44- unit, affordable, multi-famiy development, since 2002. A second development, Juniper Senior Village, is currently under construction and will also be owned and managed by National CORE Roth of these developments have received financial support from the City. The City is proud to have these high quality developments as part of our housing stock. In our experience with National CORE we have always found them to be very pleasant to work with both on the staff level and as an organization. Their staff is well - versed in property management industry norms and is well -trained in the management of affordable housing We have never had any issues of non-compliance with our regulatory agreements. National CORE provides quality services to their tenants and the City is unaware of any complaints from tenants or adjoining uses. The staff always conducts themselves in a professional manner and keeps the City appraised of potential issues. National CORE gets involved in the community and builds relationships with stakeholders to ensure the success of their projects long term The apartment complex they currently manage is well -maintained and crime is not an issue I highly recommend the services of National CORE as a property manager for affordable housing. t you have any questions 1 can be reached at (760) 839.4356 Sincerely, Roni Keiser Housing Manager toA Mnl: r:eP•n, !favor Dld Dnnir:a. Al aacr ^�� fon M.�:',e `Naidrcn Sam 4Wa (;Ug;• r5!w� CITY JALTO) OiF RETip;VEI_UPMFi NT AC•?�f CY June 7, 2010 To whomever it may concern: RE: National Community Renaissance of California — Property Management Services The City of Rialto has partnerod with the National CORE as a developer and property manager in three developments in the city. Ourently they manage 413 units in three developments in the city of Rialto; Crossings (new construction), Renaissance Village and Citrus Grove at Rialto. The latter two properties were acquisition/nitabilitation developments involving a very challenging existing tenant population. These developments were a major drain on public safety resources with an exassivc number of police calls annually ranging from petty theft to homicide. Efforts to curb this problem were limited due to the absentee landlordlowner nature of the properties. I• When National Core obtained ownership of the properties (after significant dedication nod effort) the changes were immediate in the significant drop in the crime statistics for these ptopertic& There property management staff worked closely with the police department and the city to put in place stria management procedures in order to provide safe and doctat housing to the tenants. 'I he properties are well maintained and managed and the staff always conducts thenaselves in a professional capacity. The staff is well traimxl and knowledgeable in the management of affordable housing units. They know their tenants and monitor them closely so they can be pntactivc in dealing with any potential issues that may arise. National CORE provides the residents quality services as well as social services on site and 1 the apartment communities are well maintained. 'These services are also available to Rialto residents outside of the National Core's properties. This willingness to extend positive effects to the neighborhood at large makes National Core a valued partner. I would highly recommend their services as a property manager for affordable housing. If you have any questions I can be reached at 909-879-1151. • ly, i J hn Dutrey ousmg, Program Manager 131 �na14 It.iNtrOtIv AN,ertw. Rialto, (;atifornia 92376 {94i)i IIIt! • i'a� (g09)875-5467 0' l3 (11�"IIAUI!^IAAbla!A�AkUIIiI UI;I51Ao11, .i kii)_--'—,—__,------'--'— -—�} 01 ,try. EKWALu1. KUKRI, M.D. Mayvr Prole L. Dr.NNn5 MICHAt.I CmwdLmmbm Rtx Gut ICiur S\,! Stm..NIXI? DIANr Wit tf e!• 0.7 lira.. rr THE CITY OF RANCHO C()CAMONCA )AcK LAM, AICP RANCHO CUCAMONGA Minch 22, 2010 To Whom It May Concern: Since 1992 National CORE has worked with the City of Rancho Cucamonga to address the need for high quality, safe affordable housing for seniors and families in our community. As you may be aware, National CORE is the successor company to Southern California Housing Development Corporation, which was founded in the City of Rancho Cucamonga and is still very proud to call this City its home. 'I*k, City has been involved with National CORE in the new construction or pn-scrvation of eight developments in our community. as follows: Rancho Verde Village (248 units), Rancho Verde East (40 units). Heritage Pointe (49 units), Sunset Heights (117 units), Sycamore Springs (240 unis� Monterey Village (224 units), Mountainside (394 units), and Villaggio on Route 66 (166 units). • National CORE is an innovative affordable housing provider with an excellent record of developing, building and managing high quality award winning affordable housing throughout the region. Their commitment to the long-term property management and ongoing social services is a benefrl to both the residents and our community - Affordable housing provides the residents of our community with opportunities for a better future. Tbw City of Rancho Cucamonga appreciates its partnership with National CORE and their commitment to creating affordable communities in perpetuity. Affordable housing can be best accomplished through joint efforts of local organizations, private financial institutions, and the commitment of local, state and federal resources. Sincerely, Donald J. Karin, $1D, MRA kPA JMayar �s Michael Rcc trtferm ayorPro Ten: Coaacflmember , tf ....r. � � /0 • i Sari S rot Diane Williams Coirad niew Coancibnember 1 Ui'YJ ("'w t'<mcr D'. • W, P— FU' • It3ncha (:ucwonga. CA 9M7 0807 • Tc19U')-G"-PW • Na 90,477,280 • �.'.:�.ciryoiiw5 0274 _ (Ill ") l>(tlI'll r'�lA1.1 1RI,NV DRi�P')>fN1!,I A11 kU U: Uh\FIUPAiL�1i<I:1__ 4 �------- MONTCLAIR January 14, 2010 To Whom It May Concern: Re: National Community Renaissance of Cefrfomia Property Management Services The City of Montclair Redevelopment Agency has a longstanding relationship with National Community Renaissance of California (National CORE) as a nonprofit housing developer and manager of affordable rental housing. In 2003, the Redevelopment Agency Board of Directors selected National CORE as the developer and manager of a proposed affordable family project and an affordable senior citizens housing project to be constructed in the City primarily based on the management practices exhibited by National CORE projects that Redevelopment Agency elected officials and staff visited in the area. The 75-unit San Antonio Vista Family Apartment Project was completed In • 2OD7 and the 85-unit San Marino Senior Citizens Housing project was completed at the end of 2009. The City and the Redevelopment Agency are proud to have both projects as a part of the community. It has been City and Agency staffs experience that National CORE projects are consistently well -maintained and managed. Any tenant issues are well controlled by the resident manager. In fad, the resident manager of the San Antonio Vista Apartment Project initiated a relationship with the Police Department so members of the Department would know to seek her assistance in the event of any issues and she could deal appropriately with any problem tenants. It is nice to say that this project and the senior project have not been the subject of Police Department attention. Based on the Agency's past experience with National CORE, the Redevelopment Agency has entered into an Affordable Housing Agreement for the development of a 50-unit affordable family project which is funded and ready to construct. The Agency and National CORE are also pursuing the development of an 18-unit aff ordable special housing National CORE to The City and Agency have found the property a ag be excellent and have chosen to continue to work with National CORE on the development and management of affordable housing projects the ty. Sincerely, w,a��Q4 Marilyn J. Steals Director of Redevelopment/Public Works CITY OF MONTCLAIR Redevelopment Agency 5111 Berko Sweet, P-O. Box 2308. MmxUi, CA 91 i63 (90%625-94I1 FAX (9091621-I114 D F Ruh Dxrcvnr Cna man Rut M tat., YKe-4ha� man 1 101t. CCult,. NOe,cE D•rttl,ua. lxu^utl PauliL, Ceroty� Ra!r . 0<cunax tar r x4lMugal 0275 ,,(\f)iIA U I I \ i 1 V1 I. ti i V,A F U I In I H< P. I I!P.I11,vo( oOi-A I, I,uPA 11It I-" .—.--- _.._- _ - --C• i 0 0 1 6rc Cttntr thaw S=itxcos.CA 9.069-2919 1 .. oe.dw.aq.swce nq..anent '41ephent Q60t744-tm FAXT)M-114135 hday 73, 7Q65'. . To Whoni It May Concz . , .I Thisis to remmm=d Sou0cm iaiifornia Iiousin as a-higply.quali6cd affordahic houiag dcveloper.for your eommhmity_ SOCal has.devctoped bodtjt'i'w ptojccts and renovated eaistiig paojccrs x th'e City of San'tt:rtos W d hasuvrl-ed onrectely sveII w:th both Gi q and Rodctrciopment Agetiry Sraff; devctopas,-and tht tpirtmmoity athoge. . . _ 4potiically, Sur-W was a.keydcvekaperit the roitalizasionofthc Ricbntar neigLborhuod of Saes Ma-cov, ;wr primary oiuhi=fmni[yarca This rnaghborliooil had decl'ntai thhonbti the Years - i to dto point wStrc it was the most disnciscd area of the City._p' nmadlyd t to abseniee owaersbipznd 1}1e aisenci of etfcctivt maamgemeot for tJis majoliiy oCMe larger arattmeut prgiicts 5dd ovcmiowding of ttniti In conjQm w with nei&borbtwd:residcuts and business oivnas �hd t',es'tiiipcis sncfi as-SaL`a1, the City dtwebped as miprovetamt 0wx for d1e Rieh� oeighbgdtaod, which focused on rcriL uation ofrcWl and risideattil project, inert=.uri!*tt ` in'.;�ftmd mtCttpsoreuinnmic assistance apd seivirt; Anarovidingfar r6mlive ' ...iaanagcmontoEi.ihilti•fainilY ProjeY:;s thrriigh jsiinicshjps d`ith affordabL•.>",:t:tig dcrt3opers su1h ai.SoCaI. A ktiy factor in the: City% wil)inhgncs to recemmcud So(; at; in.aiditioa ta.thcicoverJ[ ' per vnn:incc, has bean t:'tciI ability m take aads',[eised prdjicts that sve have dvs overed+nest ticnidic, g tie not wish in deal with. As sach.'SoCal Iris been ibe' develbpc we look to for these . t simat:.o»ss. Cmidittfy. SoCal ii wodmg with'tbc Cityio.Eic„cxploratianpbasc ofievita =gin appriixie-etc two b}ocic area With a ltm nail seoigr ptdjcctivitli the aemainJW.ofdl� area . consiscng afnfici, retail, and for sale Units, To daty they bxvt t can roceiv ng a favorab e :icspomc from both City staff and the piopetry owners inward: ' .. • - _. - - SoCal Lss been iavolveain the kpisifim of tbe folhiwiuuprojcds which wcri rnv+F . y raauvated wilb rams cstabliidO at fic low and very lbw income livr 6 for a 55 yea period: Villa;Seteea{formuty.thcLidoand dntperiatApamlent3)• .134roits Sierra Vista jfondcsly Autumn Rci&ts.Apartnxats) 196 units CIIr COW:ai.: - FH.'Codcy.5aik:. itaye, Pie Herb Me' Vw Malct Hi'Ma6n I.; ba Ptas:un ''_4rn [teswnne O R'blbdm3n%P�sceycb3piYn 01176 II,�111 !rtl'-I,Ni".RVI>IA1I,1%11 Rn 0,111 1AI Wt,_—... __- 0 Sofa) also worked with the City asd RDA in the vartsformntion of a bligitcd 5 a,ai.strip ma! crnfei into the Pasco Dri Ora project...... .... ....an awanl w!Lnirlg mixed tine projwt cousistav of 120 apaitmetds (96 at tow aM very low affarda9ilityJ and 23; 100 sct»are fen of ritai4 Of"note, in addition to the national awards and favorable rceog.^.ition for the City, was tins fact flat the tr'6rity of the Caul tenants were hcatglit back into the projoct cpon completion of the retail cornptvrertt Due to :be success of SoCaVs winkin dtc"Richou-I ueigbbwhfx-A the City and RDA recommended SoCal to RrooMeld liutncs which has at. inclusion y housing.nguirctn64 time at their devoktptnrat of the Uttivvshy Coin:lons Specifies Plan in the southernportion of the City Consistent with -the Cit- s inclisivnary housing ordinance, Sk-kl worked very ef[eenvely with the City, RDA, and Brookfield Homes in tun: approval of a 114 unit low; very low, and cztremeiy low income project within the boandaries of the Specific Plan.,*live pmica nattie is SoCalNnivcrsirl Comioons and R is curcetdly turler construcit n As with the other pMucts, SoCal was vcry.ef cvtice in rectiving the aceras'sy fcclahl, 41.lk and lacal assistance needed to ftmd'ttte project. An additions] *;tionRpoint is their ability to stntcture a variety of social and acme o programs to provide assistance to dteir tenanm fn summat y, we have found SoCal to be a very effective and c*bic deveinper. lbey are not afraid to take on difficult ptujats, delinx on fittuf arfti" budget. work well with cummimuly, and are aggressive in going after project 5naucing 1L.^'y have also consistency met their obligatium in meeting tcgdatory agreement tcluircmrnts with the City and KDA in talus of gtcrUcati0m of tenants, tnaintesiance'and upgrade of the pmjocts, loan paymtuts; and payxtreat oftcsidual receipts, As such, I would weleonfe tbo uj amMu&y to answer gnestinns you may have and may • be empacued at (960) 74-1050 act 3230. Sincerely. Charlie Schaffor, Director Devcbtpmcm Services Department (Sal 11 0277 n 0 l)i t'.'\11611U �i51�W'I�IcI' I IN N1I 110\111\I \I I�tPV7\ Itl'1 • Riverside 1 CITY OF RIVERSIDE "ppopte serving f'enpls Flay 19, ?OU5 Rebecca Clark Executive llirecJOr So Cal Housing 9U65 Haven Avetwe, Suite I Rancho Cucamonga. CA 91730 Dear Ms. Clark.: The City of Riverside is exuded about the progress So. C31. Iloasing has made in the revitalization of the ropaa and Turquoise neighborhood 'Ihrnurgh otn combined effor is, we were able to overcome a very difficult acquisition process with rnunerous chtdlenL"s This project consisted of 16 dilapidated buildings under various ownerships and was an area of crime and blight. The rehabilitation is proceeding forward and we are now beginning to see the fruits of our labors in the transformation of a neighborhood. Instead • of sub standard living conditions grid hopelessmss, we now see old buildings being transformed into beautiful living quarters. instead of dirt, Irish and weeds, we see a new community center being built Additionally, So. Cal. Housing was able to secure very competitive funding from several sources to help leverage our limited resources. This was all done under a tight schedule and escalating costs. Clearly, our partnership has yielded great results, and we now have confidence that this community will be a safe place for families to live :cod thrive. We are excited at the future of this community, and we look forward to continuing out 5w.cessful relationship. Thane you again for our :::furls in helping the City of Rive:s;dc create wonderful and livable communities. Sincerely, lbomas P. Evans Interim City Manager OFFICF OF THE CITY MANACFR 3900 MAIN STU," • io ERSItn:.Cn!JcoaMA92522 • (951)826-5553 .w WMSWC-S.iim • 0278 III �tI�1�11AI,gllklA lHU Rtn rt.t+.tn'�:I".1 li�N�I �IUI di 'i Vtav Iti, 2005 Ms. RhicccaClark Executive Director So. Cal Housing Development Cote 9065 Haven Averme, Suite 100 R,rtulx7 Cucamonga, CA 91710 I)= Ma Clark' As you know, Southern Califilmia Housing f ieveh7pmrml Corpordbon has been working wttb tine City of Riverside on Ole crnnplete renovation of a neighooduood known as Topaz and Turquoise. This pmjccl consisted of to ditapidined buildings under various ownerships and was an area of crime and Might Tluough out combined cflnrls_ we were able ur overcome a very difficult acquisition process with numerous challeltges. In addition, So. Cal. Housing was able to Sccure very competitive funding from several sources to help lccemLe out limited resources This was all done under a tight schedule mid escalating cosh Now, we we beginning to see the fmits of our labors. The rehabiliiation is proceeding forward and we are seeing the nansfomtation of a neighborhood. lnsteml of sub -standard living cottdilious and hopelessness, we now see old buildings being tntnsfomhed into beautiful living quarters Instead of din, trash atul weeds, the see a new community center heing built. Clearly, we are proud of the results of out efforts. out partnership has yielded 1greal results, and we now have confidence that this community will bo a safe place for families to live and thrive. We are excited at the future of this community, and we took forward to mntinuin; our successful relationship. Thank you again fa your efforts in helping the (:try or Riverside create wonderful and livable communities. Sincerely, Michael Aeck Agency FAccutive Director QffOF MUM DEVEiP'ttL%o uuARimp iqua pain Street - S7h now - Rirersidr Catit¢m1a ws22 90 "A-5649 1-g77-P.IV-StDt 'A, 909-1176-57" vertjw.gsl& ca.arc; 0279 �iil ul l'�Itl vIt1vIVA1'-KU Hn I)1i:1(Ui`.I",1'0,W1.l11-1 CF1Y OF BELL GARDENS inn 4� G•vi,eld aw•nuc....� _. am Gudem Caldl-la MIh11 (Stra BC6-7:Y1t! May 17, 2005 Rebecca F. Clark Executive Director So Cal Housing 9W5 Haven Avenue. Suite 100 Rancho Cucamonga, CA 91730 Deal Ms, Clark' • 1 wish to commend So Cal Housing for their outstanding performance to date on the creation of the Bell Gardens Senior }rousing development As you know, we selected your firm to a large degree on your track record in meeting your obligations with regard to financing and timelines. The fact that you have assembled the financing from the various competitive programs to build this project, completed all the necessary entitlement work, and are now ready to begin construction confirms our good decision in selecting your firm through the RFP process. I look forward to seeing you at the grand opening of "Park View Terrace Senior Apartments" in the next twelve months. We are glad to be working with you on creating this much needed housing for the seniors of Bell Gardens. Sincerely, CITY OF PEt.L GARDENS �✓ Gilbdrt as r Director of Community Development • .rr. Q 7 U 0 i�'�114 i �l;l l��1�A1111A1 Vtl)1{1)Ulii`i''IH V I,'I,i,W f; I)iIrI AI; ItIts ^+ Htiei 1~ 1 pity of Santa Fe Spring 1 t?IG tciegr.,ph koad • CA •'ANi?S3u79 (ib.'.l Kn&0i11 • Fay (Y)b ei S' II? • nun smuaicsprir;aa mg September 24, 2003 Rebecca F. Clark Executive Director So Cal Housing Development Corporation 9065 Haven Avenue, Suite 100 Rancho Cucamouga, CA 91730 that Ms. Clark: • 77be City of Santa Fe Springs would like to courmerd So Cal blousing for its excellera work on the Little I -Ake Village Senior Apartments. we are impressed with the professionalism, efficiency and creativity of your staff in providing our :miurs a wonderful place to live. A process that had the potential to be complicated and laborious instead proud to he quite easy. 1 believe the process was trade so easy by our effective working patvtership. We are especially pleased that the project was developed within the approved development budget. This was accomplished to a great extent by So Cal Housing's ability to both identify other sources of financing and successfully compete for such funds to leverage our resouroes. Equally noteworthy is that the project completion is ahead of schedule. The City Council, the Senior Citizens Advisory Committee, and staff appreciate your efforts to incorporatc their suggestions into the design and operation of the facility. Clearly, your efforts in this arena have helped the project receive strong support in the community. It has been a pleasure to work with your development team in meeting our affordable housing creeds and we look forward to new opportunities to work together again IY' Asbw Director of Housing and Community Preservation CJ 0281 (it l�INV,I"I \POt1i1IA:I\t:I 'It V7,tAIA ki i U,I li 1111WN1 I\ I RI t) I Y 0 f >r� 1 N C 11 C) U (2 A M Ni G N Deectrlher S. 20o2 To %%om It May Cotlxul It is my Islrasure to reconlmeml Swalnsn Califnrnio Housing Devcif-vuern Corptuaimrl as the Devciopnlaa Fitur of the Ye31 One of So(al liruing's firs mviulizatiun parlecus seas e1 lilt Oily W paticho Cucantonpa ten Yeats ago Ali agiu¢ zral nuent complex dots retmvakri to pnlvi& afIordabir houssng in a sewing flat Was clean, attractive, aro7 secyrc. The strength of vocal Ifeusinr* s concept ii. exemplified in this Paniculut ctwlplcx viludi. after all thm years. still often well manag d, anrxtive living comitions to Working people in lawcr 1;illm jobs Several other uptwrrunitics for usoeval Of deelinmg ptnpetties tan cur cite oere ekntified by .SoC21 basing and, Working in pa11rxiship With our icdrvebpnlcnt agen-y, ti Rffnrrlcd into 1glilated, vita: allinanelo cwumtmiticx Wide cnq:fosis oo 4101iry of life for families Wil Housing has tnainaim.1 this emphasis duough the addition of Ihgre 1hi.mgh Ilousing which luo:-kics educational and socul selvices trot only to tire residents bui to frighborboofs 14CA lbrusn g's high standards of rnaimevance .,1u1 nutugenmt have •#'rlxa mated that nliaed htcoax • bli:usne is of significmu brimfin to the vi ily of a conliounsty. lJw city has a Dalatxe of all types of lumsalg for all irlcunx levels W high has been at cxcelktu marketing tail fni out city as we pulsur ar.Pkayets in light maudactutig and tim service itdusiry to bring their businesses to RamW CuLantmlga !laving upoility affordable horsing availablt for etuployees is very high all the lin of needs by well eal440yera and Ite et. ikil of ju"•s is a priuriry of our City council. I love personally encouraged officials of other runes to partner With S-jCal (lousing in dn-n rsvinlinrnon effbtts and the provision) of affordable huusinp, I klx:W their success in otter Lilies lus dentomuatnt hose such partnerships benefit all t e^iactas of a city snot a is at, (dodo. that their headquarters is located in our city. It is a privilege to support the continuation of &dal !lousing for NAIIfi's IhyeloFKIWrg pine of the Year award. If you Have any questions please heel (tee to contact me at 909 93P-633G. Sincerely, i Diane Williams Mayor No Ten bvrror Wlxirm i FVr3xor10+a rjr\ Coal r_iKrraaet Pad p+ano bt'.-ru1 V1olem lh6e W,inl5 Dutron Joral tom AK)f Coy l6:aca Cvrurmo iti"xx3 G.r_ C�+ew txrve • ❑ 0 6a:807 • Pcvn to C.ucca mrx]4 CA 71?},' • fal+)4F7-?I{Ji • IAX IVJJ)d77.9w avnv 0 ro:v-111 rI�Iljrttrw;pa Las: • 0282 SELECTED PROPERTY PROFILES �J 0283 1111 (11 f \()1 IAi 1A 1-ti 11A AitU Iiti IJ1:1\1-!?I \i I'4I V'.W'D IW%I1fq°.kl-� CURRENT PROJECTS UNDER DEVELOPMENT RIVER CANYON — CATHEDRAL CITY New Construction Family Development 60 units Approximate Completion Date — February 2012 • I • w en-oson .e.n*.nm cove. ��I l—� — — I�I 2 >o' �,_ < I p. I .e nar 1 0284 ( IIA r)I I AUt'IAI lAkl)I()UkjNJJN NI-PAI AIti kG',f)0f XI.IIH'\R V kltr • DESERT MEADOWS — INDIO / UNINCORPORATED RIVERSIDE COUNTY New Construction Family Development 80 Units Approximate Completion Date —February 2012 IE%ISIING RESIDENCES, Ll CLINTON AVENUE • W W Fr i z 1 4 Q W cc U. I 2 { > x � a I _ V �I V 0285 ''M 0I I ACN 6m> NP..iIN PI Al I'JVi WIt11I P\IIOP%Ii �I PfQ O 0 DREAM HOMES — CATHEDRAL CITY New Construction Family Development 63 Units Approximate Completion Date — 2012 0 ` a 10• /Go oa, 3 r � F 4 � •, yeti',i �4 C I 0286 74 j� r' „! •' TOTAL UNITS: 80 (including one manager's unit) 0 14 I -Bedroom e 38 2-Bedroom Q8 3-Bedroom AFFORDABILITY: 1000/4Affordable 0 30%-50%AMI NEW CONSTRUCTION CERTIFIED LEED PLATINUM FAMILY DEVELOPMENT on approximately 5 acres, Completed in 2008 ►1 a VISTA DUNES 78990 Miles Avenue, La Quinta, California 92253 ONSITE AMENITIES o Community Center/Office Area 0 Centralized Laundry Facilities a Swimming Pool o Sports Court e Outdoor Community Areas u Property Management & Maintenance i FINANCING SOURCES a LIHTC-9% o City of La Quinta RDA Loan o Permanent Loan ROLE Owner - Developer Property Manager - Supportive Services Provider %.Q co TOTAL UNITS: 128 (including one manager's unit) 0 97 I -Bedroom WO31 2-Bedroom RDABILITY: 100% Affordable 0 45%-600/a AM[ NEW CONSTRUCTION SENIOR DEVELOPMENT on approximately 17.4 acres, Completed in 2003 �� �A*'�.Lja.l ���f ya� try.. -•i,. �"�'.^a .. . TT is 4 ij e, r 'Y �YV(�Y"Y"lA y L �\ ♦\ltiY \��i�-�V1���� 1_' 1 '\' 7-71 �r+{ 4 �%k �3'�=w,t�� S :V _... .���`1.... S1a,C.a.. __� - � 4O_• ..-.ii%3... ._�'.t: MOUNTAIN VIEW VILLAS 78_000 Betty Barker Way, Indian Wells, California 92210 FINANCING SOURCES u City of Indian Wells RDA Loan ROLE Owner • Developer Property Manager • Supportive Services Provider ONSITE AMENITIES 0 Community CentedOffice Area 0 Centralized Laundry Facilities 0 Swimming Pool and Spa o Fitness Center e Computer Lab 0 Outdoor Community Areas 0 Property Management & Maintenance 0289 ueroac MISSION POINTE 2750 Topaz Drive, Riverside, California 92507 FINANCING SOURCES o Tax -Exempt Bonds u LIRTC-4% c HCD MHP o Developer Equity ROLE Owner - Developer • General Contractor property Manager • Supportive Services Provider FINANCING SOURCES o Tax -Exempt Bonds e LIHTC-4% o City of Rancho Cucamonga RDA Loan o Permanent Loan M Mg - VILLA PLUMOSA 4372 Plumosa Drive, Yorba Linda, CA 92886 _ J TOTAL UNITS: 160 ONSITE AMENITIES FINANCING SOURCES 0 52 2-Bedroom o Community Center/Office Area a LIHTC a SwimmingPool and Spa o City of Yorba Linda RDA Loan + 0 24 3-Bedroom 0 Tot -Lot 0 Permanent Bank Loan RDABILITY: 100% Affordable a Learning Center u FHLB AHP Funds 0%, 45%, 50%and 60%AMI a Central Laundry Facilities ACQUISITIONAND RfiNABILITATION MULTFprM1LY o Outdoor Community Areas ROLE PROJECT a Property Management &Maintenance Owner •Developer •Property Manager • on approximately 6:3 nems. Completed in 2009 General Contractor • Supportive Services Provider i 01) TOTAL UNITS: 85 u 84 I -Bedroom o I 2-Bedroom .URDABILITY: 1006% Affordable 0% and 600A AMI NEW CONSTRVLTIONSENIoR DEVELOPMENT PROJECT on appmimorely 2.59 acres, Completed in 2009 ONSITE AMENITIES o Community Center/Office Area e Central Laundry Facilities 0 outdoor Community Areas a Property Management & Maintenance FINANCING SOURCES o City of Montclair RDA u Fed/State LIHTC e Permanent Bank Loan e HUD 202 Funds o Developers Equity ROLE Owner • Developer • Property Manager Supporfive Services Provider 0193 v FINANCING SOURCES o Tax -Exempt Bonds o LIHTC - 40/. o HCD MHP o Ca1HFA HELP Loan o San Bernardino County HOME Loan c City oFRiafta RDA Loan o FHLB AHP e Permanent Bank Loan. �, I SAN ANTONIO VISTA 10410 Pradera Avenue, Montclair, California 91763 ONSITE AMENITIES FINANCING SOURCES a 3,700 sq. R. Community Center7011iee�l1 a LIHTC - 9% with a Service Kitchen o County of San Bernardino HOME Funds i e Centralized Laundry Facilities a City of Montclair RDA Loan a Outdoor Community Areas a Permanent Bank Loan 0295 o Tot -Lot ( a Developer Equity a Swimming Pool a Property Management & Maintenance ROLE '. or Owner • Developer • General Ctujiw Se tc Property Manager Co -Supportive Services Provider ,Jip, s yI//IX�.t) 1 Qii LAMISfON VILLAGE 3220 Mision Avenue, Oceanside, California 92054 ONSITE AMENITIES o Day Care Center with a Service Kitchen u Commercial lease Area u Tot -Lot e Central Laundry Facilities o Outdoor Community Areas o Property Management & Maintenance O FINANCING SOURCES c Tax -Exempt Bonds o LIHTC-4% e HCD MHP Loan o City of Oceanside RDA Loan c Permanent Loan 0 L 9 6 ROLE Owner • Developer Property Manager • Supportive Services Provider TOTAL UNITS: 102 • 90 2-Bedroom • it 3-Bedroom &RDABILITV: 100% Affordable 50% and 609A AMI NEWCONSTRUCTIONSENIORDEVELOPMENTPRO✓ECT on opprnximately 2,95 acres, Completed in 2010 Sri MISSION VILLAGE 8989 Mission Blvd, Riverside, CA 92509 ONSITE AMENITIES • Community Center/Office Area • Swimming Pool & Spa • LeamingCenter • Central Laundry Facilities • Outdoor Community Areas • Fitness Room • Library • Property Management & Maintenance FINANCING SOURCES • County of Riverside Economic Development Agency • Fed/State LIHTC--4% o Permanent Bank Loan o FHLB AHP Funds ROLE n ®2 9 j Owner • Developer • Property Manager supportive services Provider 0 II it AWARDS OF RECOGNITIONS ii OZ2 9 8 AWARDS & RECOGNITIONS o List not exhaustive ojall awards awarded. 2010 e Vista Dunes Courtyard Homes, Award for Municipal Excellence Finalist, National League of Cities o Citrus Grove of Rialto, Award of Excellence in Residential Rehabilitation Development, California Redevelopment Association (CRA) u Villaggio on Route 66, Best Affordable Housing Community, National Association of Home Builders (NAHB) o San Marino Apartments, Best Creative Financing of an Affordable Housing Community, National Association of Home Builders (NAHB) u San Marino Apartments, , Award of Merit in Housing ad Community Development, National Association of Housing and Redevelopment Officials (NAHRO) 2009 e Vista Dunes Courtyard Homes, Award of Excellence for Affordable Housing Build Responsibly, Home Depot Award e Citrus Grove of Rialto, Award of Merit, National Association of Housing and Redevelopment Officials e Citrus Grove of Rialto, Award of Excellence, National Association of Housing and Redevelopment Officials (NAHRO) u Vista Dunes Courtyard, Helen Putman Award of Excellence, Housing Programs and Innovations, California League of Cities o Vista Dunes Courtyard, Award of Excellence for Sustainable Development, California Redevelopment Association e Vista Dunes Courtyard, Gold Nugget Award of Merit, California Redevelopment Association (CRA) e Citrus Grove, Best Conversion/Repositioning of a Multifamily Asset, National Association of Home Builders (NAHB) Vista Terraza, Best Affordable Apartment Community Finalist, National Association of Home Builders (NAHB) 0 3rd Largest Non -Profit Developer, Affordable Housing Finance Magazine u 15th Largest Non -Profit Owner, Affordable Housing Finance Magazine u La Misi6n Village, Housing Project of the Year with 50+ units, San Diego Housing Federation a Promenade, Best Affordable Housing Community of the Year, Apartment Association of the Greater Inland Empire e San Antonio Vista, Community of the Year with 1-75 units, Apartment Association of the Greater Inland Empire a Sycamore Springs, Community of the Year with 151-350 units, Apartment Association of the Greater Inland Empire 2008 e Park View Terrace, Best Affordable Housing, National Association of Home Builders (NAHB) e Mission Pointe, Award of Merit, National Association of Housing and Redevelopment Officials (NAHRO) e Park View Terrace, Excellence in Implementation and Special Awards of Merit for Social Change and Diversity, American Planning Asso- ciation a Park. View Terrace, Prosperity Achievement Award, Southern California Association of Governments o Little Lake Village, Community of Quality, National Affordable Housing Management Association o Fountains at Sierra, Community of Quality, National Affordable Housing Management Association a Impressions at Valley Center, Community of Quality, National Affordable Housing Management Association u Heritage Pointe, Community of the Year, Apartment Association of the Greater Inland Empire 2007 a 4th Largest Non -Profit Developer, Affordable Housing Finance Magazine Top 50 Developers Survey 0 6th Largest Non -Profit Owner, Affordable Housing Finance Magazine Top 50 Owners Survey • Affordable Housing Project of the Year, Talmadge Senior Village, Developer and Builder's Alliance a Monterey Village, Community of the Year for a Community with 151-350 units, Apartment Association of the Greater Inland Eunphe . ULy� AWARDS & RECOGNITIONS • List not exhaustive of all awards awarded. 2006 a Fountains at Sierra, Community of the Year for a Community with 151-350 units, Apartment Association of the Greater Inland Empire e Mountainside, Community of the Year for a Community with 350+ units, Apartment Association of the Greater Inland Empire 2005 u Innovation in Workforce Housing, Award of Distinction -Pasco del Oro, National Association of Home Builders (NAHB) 2004 e Pillars of the Industry Winner, Best Multifamily Development Firm of the Year, National Association of Home Builders (NAHB) a Conference City Award, Quality Affordable Housing, Little Lake Village, Gateway Cities Partnership, Inc. e Design Excellence -Heritage Pointe, City of Rancho Cucamonga Planning Commission a Housing Award -Shadow Hill Apartments, Heartland Human Relations & Fair Housing Association o Resident Program of the Year, San Diego Housing Federation, National City Family Resource Center o Heritage Pointe, Community of the Year for a Community with 1-75 units, Apartment Association of the Greater Inland Empire o Village at Sierra, Lease -Up Community of the Year, Apartment Association of the Greater Inland Empire c Mountainside, Community of the Year for a Community with 351 or more units, Apartment Association of the Greater Inland Empire a Cathedral Palms, Most Improved Community of the Year, Apartment Association of the Greater Inland Empire 003 Pasco del Oro, HUD Secretary Opportunity &Empowerment Award, American Planning Association u Community Service Award-SCHDC Multifamily Executive Magazine u Gold Nugget Award of Merit, Best Seniors Project —Active Adult, The Village at Sierra u Outstanding Planning Award -Village at Sierra, Inland Empire American Planning Association e Pasco del Oro, New Construction Project of the Year, San Diego Housing Federation a Cobblestone Village, Rehabilitation Project of the Year, San Diego Housing Federation c Corona de Oro, Most Improved Community of the Year, Apartment Association of the Greater Inland Empire 2002 a Best Redevelopment/Rehabilitation/lnfill Site Plan, Hermosa Village, Gold Nugget, Best in the West n Outstanding Planning -Corona de Oro, American Planning Association e Pasco del Sol, Award of Excellence Community Revitalization, California Redevelopment Association (CRA) a Pillars of the Industry Winner, Pasco del Sol, Best Rehabilitation of an Asset, National Association of Home Builders (NAHB) e Villa Serena, Communities of Quality, Exemplary Family Property, Affordable Housing Management Association, Pacific Southwest Chapter e Pasco del Sol, Communities of Quality, Outstanding Turnaround of a Troubled Property, Affordable Housing Management Association, Pacific Southwest Chapter o Promenade, Most Improved Community of the Year, Apartment Association of the Greater Inland Empire o The Crossings, Community of the Year, Apartment Association of the Greater Inland Empire 2001 a Affordable Housing Management, Company of the Year, Apartment Association, California Southern Cities Chapter 2000 Y Corona del Rey, Communities of Quality, Best Turnaround of a Troubled Property, Affordable Housing Management Association (AHMA) VJLV • • DESIGN TEAM Studio SA - Civil Engineer RBF Consulting - Landscape Architect RGA Landscaping Architects, Inc. — Landscape Architect ELEN Consulting — Electrical Engineer Vandorpe Chou Associates — Structural Engineer Stueven Engineering Consultants Inc. — Mechanical Engineer 0301 • Studio SA 207 N. Broadway, Suite F Santa Ana, CA 92701 www.studio-sa.com Studio SA teams with our clients to build long-term relationships that foster both short and long term project goals. We provide comprehensive architecture, interior design, planning and LEED/sustainable consulting services. Our core services extend into areas of expertise beyond traditional architectural disciplines, supporting clients' needs with strategic planning, sustainability studies, feasibility studies and master planning. Our work strives to combine a strong aesthetic sensibility with functionality. PROJECT LEAD QUALIFICATIONS Robyn Vettraino, LEEDO AP Homes, BD + C, Senior Associate Robyn brings over 10 years of experience in residential design, where she has produced outstanding projects through smart design and hands-on understanding and implementation of unique project conditions. With her assistance, the Vista Dunes Courtyard Homes project has been highly publicized and is utilized as a learning tool for future projects as they relate to sustainability and affordability. This is possible through her diligence and recommendations to the Home Depot Foundation. She is adept in managing a team through a project's entirety, and manages not only the design coordination, but all interested parties and maintains full -circle involvement in projects. Robyn supplements her project experience with continued insight into trends and • outreach through her activity in USGBC- Orange County, where she serves on the Homes Committee and also consults through Studio SA on LEED for Homes projects 0302 • pursuing Certification. She is currently t of 289 Professionals in the Nation who are LEED Accredited with the Homes specialty. Robyn serves on the City of Newport Beach Green Task Force which reports to the City's Council, the LEED for Neighborhood Development corresponding committee, and is an active volunteer with the Surfrider Foundation. This November she will be a Presenter for Greenbuild, the U.S. Green Building Council's International Conference and Exposition and has attended the Conference's Affordable Housing Summit since its inception. Proiect Architect - Vista Dunes, La Quinta, CA: 80 affordable unit apartments and an amenities building for the City of La Quinta Redevelopment Agency and National Community Renaissance. With complete involvement beginning with Community Outreach involving discussions with potential neighbors during Schematic Design stages to City Council presentations during Design Development and through final punch walks after construction completion, Robyn was intensely involved with all stages of the Project. It achieved Platinum Certification under the LEED-H Pilot Rating System. The development also won the Home Depot Foundation Award of Excellence and was honored with the Builder's Choice Grand Award, Affordable Housing project and green/sustainable community. It received an Award of Merit, Outstanding Affordable Project, Sustainable Residential Neighborhood, & Residential Community of the Year at . the Pacific Coast Builders Conference 2009, as well as the Award of Excellence for Sustainable Development, California Redevelopment Association. Project Architect -Olive Court, Long Beach, CA: 58 eco-friendly mix of low-income and market -rate townhome/loft condominiums close to the Blue Line Station. The project was a combination of efforts by the City of Long Beach and Livable Places, a non-profit developer. The infill project fronted an urban street and provided direct access to the train line, while it transitioned into single-family residential homes at the rear of the property. Robyn was part of the design and on -site construction administration team that balanced the diverse interest of all parties involved to bring the project to a successful completion. It received the Merit Award, Pacific Coast Builders Conference 2008, Best Affordable Project, 30 du or more and the Honor Award, Southern California Association of Governments, Compass Blueprint Awards 2007. Project Architect - Burbank Village Walk, Burbank, CA Project Architect - Artist Village Lofts, Santa Ana, CA Project Architect - Long Beach Promenade, Long Beach, CA studio archimcwrc. planni,g 0303 OQ p Q CONSULTING ❑ ❑ ❑ RBF Consulting (RBF) is a leader in the fields of consulting civil and specialty engineering, land planning, surveying, construction project manage- ment, and related professional services. RBF, with its current staff of over 800 employees, was founded in California in 1944. The firm has established an outstanding record as a "community engineer" through its involvement in both private and public sector projects throughout the Western United States and Mexico. The Palm Desert Office was established in 1986. This office enabled the company to better serve its public works and private development clients in the region. The office is fully staffed and provides professional civil, structural, land planning and surveying services. Our office utilizes its in-depth knowledge of local issues and conditions combined with the strength and diversity of our eleven other offices' resources to provide a comprehensive approach to community planning, public works engineering and land development through- out the desert community. RBF has long standing abilities in the fields of subdivision and public works engineering, land planning, environmental analysis, traffic engineering, transportation planning and design, structural design, electrical engineering, and water resources engineering. The Clients served by this office receive the benefits of a highly qualified staff with localized experience backed by a sophisticated multi - station CADD system with supporting digitizing and plotting equipment. The professional engineers and surveyors at the Palm Desert Office form an expert and unique community oriented team. This team- work philosophy, which integrates RBF's vast array of professionals, tools and talents, enables this office to offer services covering the entire planning and development process. 0304 Public Sector Mid -Valley Parkway Phase I Road / Bridge Improvements - Palm Springs/Cathedral City CA State Highway 111 Schematic Bike Path & Landscape Study - Indian Wells, CA Indian Ridge Reclaimed Waterline & Pump Station, CVWD - Palm Desert, CA Hig9hway 74 Construction Management & Inspection - Palm Desert, CA Golf Cart Transportation Program - Palm Desert CA Cook Street Road Improvements - Palm Desert, CA Washington Street Bridge Widening - La Quinta, CA Eldorado Drive Bridge - Indian Wells, CA Contract City Engineer - Coachella, CA Miscellaneous Traffic Signals & Studies - Various Agencies Bighorn Assessment District - Palrn Desert, CA Burr Street Sewer Force Main, CV WD - Indio, CA Valleywide PM-10 Street Sweeping Study, CVAG Coachella, Palm Canyon Streetscape - Cathedral City, CA State Highway 111 Widening - Rancho Mirage, CA State Hightway 86 Storm Drain - Indio, CA Jefferson Street Reconstruction - Indio / La Quinta, CA Washington Street Reconstruction - Palm Desert l!a Quinta CA Transportation Uniform Mitigation Fee (TUMF) Analysis, Various Projects - Coachella Valley CA Private Sector The Reserve Storm Channel - Indian Wells, CA Montecito Residential Development - Palm Desert, CA Bighorn Master Planned Residential Community - Palm Desert, CA Whitehawk Residential Development - Palm Desert CA Heart Institute of the Desert - Rancho Mirage, CA Manitou Gate Improvements - Indian Wells, CA Portola Plaza - Palm Desert CA Marriott's Shadow Ridge Resort - Palm Desert, CA Garden of Champions Tennis Stadium - Indian Wells, CA Betty Ford Expansion - Rancho Mirage, CA Caliente Casino - Rancho Mirage, CA Spotlight 29 / Trump Casino - Coachella, CA Morongo Casino Resort & Spa - Cabazon, CA Eisenhower Hospital - Rancho Mirage, CA 0305 M11 801 1O/OS Michael S. Sutton, PE • Vice President / Project Manager Mr. Sutton is a registered engineer in the State of California with a Registration: broad range of experience covering many types of land 1997, Civil Engineer, CA, development and public works projects. His strengths are in on- C057667 and off -site planning and design, and street widening projects. As a Project Manager, he has worked on several public works Years of Experience: 16 improvement projects for agencies throughout the Coachella Valley, as well as, managed design teams on large commercial and Education: residential projects, including coordination with the client, B•S., 4, Civil Engineering, governing agencies, various sub -consultants and utility purveyors. California State Polytechnic He has also acted in the capacity of Inspector/Construction University, Pomona Manager. Mr. Sutton's vast, multi -faceted experience has made him an invaluable asset to the RBF Palm Desert Management team. Professional Affiliations: Member, Chi Epsilon, RELEVANT EXPERIENCE: Engineering Honors Society Member, American Society of Eisenhower George and Julia Argyros Health Center (La Civil Engineers Quinta, CA) 2008 - Mr. Sutton served as Project Director for the Member, La Quinta Rotary Club Eisenhower George and Julia Argyros Health Center in La Quints, California. The three story, 90,000 square foot ambulatory care • center, is located on a 10.2 acre parcel, and will serve the eastern Coachella Valley with convenient and much needed services including, an imaging center, physician offices, a pharmacy, laboratory services, and radiation oncology services. Design services included the preparation of schematic studies, grading and drainage plans, utility plans, horizontal control plans, a PM-10 Plan, and a Storm Water Prevention Plan. The project required close coordination with all local agencies including the City of La Quints, the Coachella Valley Water District, Imperial Irrigation District, Riverside County Fire Department, Southern California Gas Company, and Verizon. Indian Wells Town Center (Indian Wells, CA) - Mr. Sutton served as Project Director for the entitlements of the Indian Wells Town Center a 30 acre commercial project in Indian Wells, California. This upscale retail, restaurant, and entertainment destination proposes a large cinema complex and will include up to 40,000 square feet of retail shops, restaurants, and a hotel. Rancho Dorado Apartments (Moreno Valley, CA) - Mr. Sutton served as Project Director for the entitlements and Final Engineering for Rancho Dorado Project in Moreno Valley, California. The 6.6 acre project contains 160 multi -Family units a recreation center. The project also required full off -site street improvements to John F. Kennedy Drive. cn wsuir�«s 0306 Michael S. Sutton, PE • Vice President / Project Manager Sundance Master Plan Community (Beaumont, CA) Ongoing/2010 - Mr. Sutton currently serves as Project Manager for the Sundance Master Planned Community in Beaumont, California. This 1,200 acre Master Planned Community proposes 4,200 dwelling units, 3 school sites encompassing 60 acres, 15 acres of Commercial Development, and 102 acres of Park and Open Space. Mr. Sutton is managing RBF's work efforts which includes amendments to the Specific Plan, processing and Approval of 6 Tentative Maps, and approximately 34 final maps. Mr. Sutton has managed the design of all on -site and off -site Grading, Street, Storm, Sewer, and Water Improvements related to the project. Tournament Hills Master Plan Community (Beaumont, CA) Ongoing/2010 - Mr. Sutton currently serves as Project Manager for the Tournament Hills Master Planned Community in Beaumont, California. This 240 acre Master Planned Community proposes 1,000 dwelling units, and 13 acres of Park and Open Space. Mr. Sutton is managing RBF's work -efforts which includes entitlements and approval of 6 final maps. Mr. Sutton has managed the design of all on -site and off -site Grading, Street, Storm, Sewer, Water and Channel Improvements related to the project. Marriott Shadow Ridge (Palm Desert, CA) 2008 - Mr. Sutton served as Project Manager / Project Engineer for the Marriott Shadow Ridge Project in Palm Desert, California an approximately 315 acre Time Share project with an 18 hole golf course, resort center, sales center, maintenance center, large pool and recreation area, and six villages with 999 time share units. Mr. Sutton managed the design of on -site and offsite street improvement plans, precise and rough grading plans, on -site and off -site water and sewer • improvement plans, and storm drain plans as related to the project. Mr. Sutton coordinated with the Marriott personnel, various sub -consultants, contractors both during design and construction. Mr. Sutton continues to assist Marriott personnel with construction administration. Bob Hope and Dinah Shore Widening Project (Rancho Mirage, CA) 2008 - Mr. Sutton served as Project Manager for the Bob Hope and Dinah Shore Widening Project. The 6.0 million project consisted of approximately 9,000 feet of roadway widened to ultimate street width. The project entailed close coordination with Southern California Edison due to the relocation of many large transmission poles within the proposed right of way. The plans were processed and reviewed by, The County of Riverside, The City of Rancho Mirage and The City of Palm Desert. Highway 111 Widening San Marcos to Larkspur Way (Palm Desert, CA) - Mr. Sutton served as Project Manager for the Highway I I I San Marcos to Larkspur Way Widening Project. The project consisted of approximately 2,200 feet of roadway widened to ultimate street width. The project was contracted with the City of Palm Desert, but also required close coordination with Cal Trans due to Highway I 1 I being within Cal Trans Right of way. The plans were processed and reviewed by The City of Palm Desert and Cal Trans. Much of the street fronted on commercial areas causing the need for close coordination with local businesses. Highway 111 Widening Plaza Way to San Marcos (Palm Desert, CA) - Mr. Sutton served as Project Manager for the Highway I I I Plaza Way to San Marcos Widening Project. The project consisted of approximately 2,600 feet of roadway widened to ultimate street width, the design of 1,100 feet of storm drain, and the location and conflict resolution of multiple existing utilities. Due to the extensive history of highway I I l many of the utilities within the street were undocumented requiring extensive potholing. The project was contracted with the City of Palm Desert, but also required close coordination with Cal Trans • due to Highway 1 I I being within Cal Trans Right of way. The plans were processed and reviewed by The 0307 Michael S. Sutton, PE • Vice President / Project Manager • City of Palm Desert and Cal Trans. Much of the street fronted on commercial areas causing the need for close coordination with local businesses. Ramon Widening Project (Riverside County, CA) 2001 - Mr. Sutton served as Project Manager for the Ramon Widening Project for the Agua Band of Cahuilla Indians. The project consisted of approximately 5,000 feet of roadway widened to ultimate street width. The project was completed to allow for better traffic circulation to the new Agua Caliente Casino. The plans were processed and reviewed by both The County of Riverside and The City of Rancho Mirage. Garden of Champions Tennis Complex, (Indian Wells, CA) 2000 - Mr. Sutton served as Project Engineer for the Garden of Champions Tennis Complex, Mr. Sutton assisted with the design of the on -site grading, on -site sewer improvements and on -site water improvements. Mr. Sutton also managed the design of the Off -Site sewer improvements consisting of 14,300 lineal feet of 18-inch VCP sewer with depths ranging from eight to 19 feet. Mr. Sutton worked closely with the Coachella Valley Water District, examining many alignments due to the sewer's proximity adjacent to the White Water Channel. The sewer design was completed within a constrained schedule due to the opening date for the tennis complex. The project also included bid evaluation and construction management services. Cathedral City - Downtown Core Streets (Cathedral City, CA) 1999 - Mr. Sutton served as Inspector/Construction Manager for the Downtown Core Streets for the City of Cathedral City. The project involved the construction of over one mile of roadway encompassing the City's Civic Center and 3,000 feet of Sewer and Water main. Sonrisa (La Quinta, CA) 1998 - Mr. Sutton served as a Design Engineer for the Sonrisa Project, a 130-lot subdivision in the City of La Quinta. Mr. Sutton completed the Water Improvement Plans and Rough Grading Plan. He also helped to prepare the Tentative and Final Tract Map. Bighorn Development (Palm Desert, CA) 2008 - Mr. Sutton served as a Design Engineer for the Bighorn Project, a 640-acre master planned custom home lot and golf course development. Mr. Sutton completed various improvement plans for the project including Sewer, Water, Storm Drain, Rough Grading, and Precise Grading Plans. El Pasco Parking Lot (Palm Desert, CA) 1997 - Mr. Sutton worked in conjuncture with the City of Palm Desert Redevelopment Agency to extend the parking lot for a shopping center on El Paseo in Palm Desert. Mr. Sutton completed the entire design of the parking lot and was required to complete various legal descriptions and plats relating to the City's acquisition of land. FBF 0308 Affordable Housing Development • RBF's experience in the planning and design of affordable, senior and apartment housing development and redevelopment spans over many decades. Services have included environmental and planning studies/documents to support municipal housing programs, entitlement services and land development planning, parking analysis, and land surveying and civil engineering design. Many of the housing community designs required implementing very specific guidelines in compliance with the U.S. Department of Housing and Urban Development (HUD), Redevelopment Block Grant Funding, and Housing Commissions, as well as building consensus with community members and planning groups. Representative Projects: AFFORDABLE HOUSING • Belden Village Housing, San Diego, CA • Hovely Gardens, Palm Desert, CA • Lakeside Gardens Housing, Lakeside, CA • Laurel Tree Apartment Housing, Carlsbad, CA • Mercado Apartment Housing (Barrio Logan) San Diego, CA • Mercy Charities Casa De San Juan, Oxnard, CA • San Martin DePorres Apartments, San Diego County, CA • Sweetwater Vista Homes Housing, Spring Valley, CA • The Bay Collection (City of Carlsbad's Inclusionary Housing Program), Carlsbad, CA SENIOR HOUSING • Glendora Senior Housing, Glendora, CA • IDM Seabreeze Senior Apartments, Long Beach, CA • Lemon Grove Senior Housing, Lemon Grove, CA • Pacific Garden Senior Group Housing, Santa Monica, CA • Paradise Village Senior Housing, National City, CA • Stevenson Manor Seniors Housing, Los Angeles, CA • Sunrise Senior Housing Comprehensive Planning and Engineering Study, National City, CA • Telacu Senior Housing, Hawthorne, Commerce, La Mirada, Baldwin Park and East Los Angeles, CA • Village Green Senior Housing, Santa Clara, CA • Woodland Senior Housing, San Marcos, CA OTHER APARTMENT HOUSING • Bunker Hill Towers Apartments Parking Analysis, Los Angeles • Cheyenne Villas Apartments, North Las Vegas, NV • Copper Creek Apartments, Clark County, NV 02/i W2010 Services Provided: PLANNING: ■ Land Planning ■ Transportation Planning ■ Environmental Services ■ Urban Planning and Design ■ GIS ■ Visual Analysis and Design DESIGN: ■ Civil Engineering ■ Transportation Engineering ■ Water Resource Engineering ■ Structural Engineering • Traffic Engineering ■ Electrical Engineering ■ Landscape Architecture CONSTRUCTION: ■ Field Surveying ■ Mapping / Right of Way ■ Construction Staking ■ Construction Management ■ Construction Inspection coHsuvi.� 0399 Affordable Housing Development 101 o Crossings at Montegue Apartments, Milpitas, CA e Flora Vista Apartment Project, Santa Clara, CA o Hollister Apartments, Carmichael, CA o Las Brisas Apartments, Phoenix, AZ o Las Gardenias Apartments, Phoenix, AZ o Parc Rose Apartments ALTA / ACSM Survey, Oxnard, CA o Parc Rose Apartments Project Parking Analysis, Oxnard, CA c Point Loma Nazarene University Married Student Housing, San Diego, CA o San Marcos Apartment Complex, Richmond, CA o The Heritage Apartments, Phoenix, AZ o The Renaissance at South Mountain Apartments, Phoenix, AZ o Uptown District Mixed Use Redevelopment, San Diego, CA o Village Hillcrest Mixed Use Redevelopment, San Diego, CA o Villas Solonas Apartments, Glendale, CA MILITARY HOUSING (WITH HUD GUIDELINES) o Bayview Off -base Multi -Family Navy Housing, San Diego, CA o Eucalyptus Hills Off -base Multi -Family Navy Housing, Lakeside, OCA La Mesa Off -base Multi -Family Navy Housing, La Mesa, CA +?f o Murphy Canyon Off -base Multi -Family Housing, San Diego, CA AFFORDABLE HOUSING PLANNING PROJECTS o Affordable Housing Neighborhood Implementation Plan, Long Beach, CA o City of Chula Vista Housing Element, Artesia, CA o City of Lancaster Housing Needs Analysis Phase 11, City of Lancaster, CA o City of Long Beach Employer Assisted Housing Program Public Outreach Service o City of Lynwood 1998-2005 General Plan Housing Element Update, Lynwood, CA o City of Stanton Housing Element Update, Stanton, CA o Odd Fellows Master Plan to upgrade, renovate and ultimately expand the existing senior care housing facilities, Santa Clara County, California o Southeastern Economic Development Corporation Multi -family Design Guidelines, San Diego, CA S ovionaio oao0 to �o«ems., UN IN Hovely Garden Apartments Palm Desert, CA RBF provided preliminary and final engineering services for the Hovely Garden Apartments Project located in Palm Desert, California. REIF prepared all mapping, grading, sewer, water, and storm drain plans for the 162 unit affordable multi -family project. The 12.4 acre project, at build out includes a recreation center with pool and a tot lot. 02a43 - 08/21/2009 Highlights: 0 12.4 Acres c 162 Affordable Multi -Family Units 0 Recreation Center with Pool and Tot Lot 0 Civil Engineering, Subdivision Mapping, and Surveying Services Reference: Palm Desert Development Company 44139 Monterey Avenue, Suite A Palm Desert, CA 92260 Mr. Ron Crisp, 760/568-1084 oa. O. o. 0311 M N N Public / Subsidized Housing Wolff Waters; La Quinta, CA RGA Landscape Architects, Inc. 74-020 Alessandro, Ste E,' Palm Desert, CA 92260 RGA recognizes that landscape design for public / subsidized housing projects requires providing needed amenities within a budget. We have the experience to create welcoming and useful landscapes which are also cost effective and sustainable. our expertise includes design of the following: • Low water use plant selection • Drip irrigation systems using weather stations data to control watering times • Solar lighting and irrigation control • Play structures, picnic areas and other recreational opportunities which use recycled /sustainable materials and integrate well into the community plan (760) 568-3624 w p $12 .rga-pdxom • s zc RGA LANDSCAPE ARCHrrEM INC. ROBERT E. PARKER, JR., A.S.L.A. Position: Principal/Designer, RGA Landscape Architects, Inc. Education: Bachelor of Arts in Landscape Architecture Associate of Science in Landscape Design • State University of New York, Alfred - 1985 • State University of New York, College of Environmental Science and Forestry at Syracuse, NY - 1988 Registration: Registered Landscape Architect: • California #5219 Length of RGA Employment: 1989 to present Principal with RGA Landscape Architects, Inc. Responsible for design, oversight and direction and client services. Professional Affiliations: American Society of Landscape Architects, Desert Section, So. Calif. Chapter (Past Chair) • Tradition Architecture Review Committee Board Member • Mirada Architecture Review Committee Board Member • Shadow Lakes Architecture Review Committee Board Member • Bighorn Country Club Consulting Landscape Architect • Hideaway Consulting Landscape Architect • Institute for Real Estate Development and Construction — College of the Desert, Advisory Board Member • Green Roofs for Healthy Cities • USGBC, Coachella Valley Branch — Chair of the Landscape Committee • ASLA Housing & Community Development Professional Practice Network Co -Chair 74020 Alessandro, Suite E • Palm Desert, CA 92260.760-568-3624 • FAX • 760-773-5615 0 313 1850 Fifth Ave., Suite 8 • San Diego, CA 92101 • 619-293-0589 • FAX 619-293-0273 CA Lic. #1532 • AZ Lic. #13754 • NV Lic. #94 0 RGA LANDSCAPE ARCFWrEM INC. AFFORDABLE HOUSING DEVELOPMENTS Atria Hacienda; Palm Desert, CA; Atria Catalina Way Senior Apartments; Palm Desert, CA; City of Palm Desert Redevelopment Agency Carlos Ortega Villas; Palm Desert, CA; Palm Desert Redevelopment Agency Desert Rose; Palm Desert, CA; City of Palm Desert (10 acres) Durso La Quinta Affordable Housing; La Quinta, CA; Durso Development Falcon Crest; Palm Desert, CA; Palm Desert Redevelopment (95 units, 14.8 acres) Indian Canyon Affordable Housing (currently in progress); Palm Springs, CA; Community Dynamics (3.6 acres) Miraflores; La Quinta, CA (parkway, models, production, phase 2, front, pool, basin, senior •housing, new pool, typical front yards) Mountain View Villas; Indian Wells, CA; City of Indian Wells (18 acres, 160 units) Palm Desert Senior Apartments; Palm Desert, CA; USA Properties Fund, Inc., Developer (150 units, 7.2 acres) Ryerson Senior Community; Indian Wells, CA; The Ryerson Company San Felipe Migrant Housing; Coachella, CA; Desert Alliance for Community Empowerment (48 units, 1.8 acres) Seasons Senior Apartments; La Quinta, CA (91 units, 9 acres) Select Care Senior Center; Indio, CA; Select Care Silver Strand I; Coronado, CA; U.S. Navy (53 units) Silver Strand II; Coronado, CA; U.S. Navy (104 units and 10 NAS North Island units) Vista Dunes; La Quinta, CA; City of La Quinta Watercolor Senior Housing; La Quinta, CA; DCD Development (20 acres) West Living Community; La Quinta, CA; West Living Wolff Waters Place; La Quinta, CA; Coachella Valley Housing Coalition and City of La Quinta 74020 Alessandro, Suite E • Palm Desert, CA 92260. 760-568-3624 • FAX 760-773-5615 0 314 1850 Fifth Avenue, Suite 8 • San Diego, CA 92101 • 619-293-0589 • FAX 619-293-0273 CA Lic. #1632 • AZ Lic. #13754 • NV Lic. #94 gEELEULTINGNCONS ELEN Consulting, Inc. Residential Project Experience Project Location Description General Contractor Marine Palms 29 Palms, CA 46 Single Family Harper FY04 Park Laurel San Diego, CA 74 Condos Roel is 350 Ash San Diego, CA 150 Condos Highland Allegro San Diego, CA 320 Apartments DPR Savanna Terrace San Diego, CA 80 — 4plex's Pardee BEQ's Monterey, CA 200 — LEED GOLD Soltek BEQ's Camp Pendleton Over 1,000 Units Various BEQ's 29 Palms, CA Over 1,000 Units Various YPG FY05 Yuma 78 Single Family Stronghold YPG FY06/FY07 Yuma 165 Single Family Harper Electrical Engineering Consulting • �' 3456 Camino del Rio North, Suite 101, San Diego, CA 92108 Tel (619)550-1085• Fax (619)450-7920 0315 VCA - AFFORDABLE & SENIOR HOUSING PROJECTS • www.vcaengineers.com Project Developer Description 3-story Senior / Family Housing with 75 units supported by post - Claremont Village Jamboree Housing Claremont tensioned slab on grade 4-story wood framed apartment building with a total o146 units over Sunrise Apartments AMCAL Multi -Housing, Inc. Los Angeles a one level below grade parking structure 2-story wood framed senior living facility with a total of 34 units Mirandela Apartments AMCAL Multi -Housing, Inc. Rancho Palos Verdes supported by post -tensioned slab on grade 3-story wood framed apartment building with a total of 75 units over Canyon Creek Apartments Thomas Safran & Assoc. Calabasas a one level below grade parking structure with a mat foundation 3-story wood framed senior living facility with a total of 100 units Dana Strand Senior Apartments ROEM Corporation s Angeles supported by post -tensioned slab on grade 3-story wood framed apartment building with a total of 84 units over Brookwood Terrace Apartments ROEM Corporation Jose a one level below grade parking structure with a mat foundation !San 4-story wood framed apartment building with a total of 9l units over a Orvieto at Montecito Vista ROEM Corporation n Jose one level below grade parking structure 3-story wood framed apartment building over one level at grade Laguna Canyon Apartments BRIDGE Housing ine concrete parking structure. Seven 3-story wood framed buildings with a total of 162 units Montecito Vista Housing Jamboree 9 Irvine supported by post -tensioning concrete slab on grade foundation. Five 4-story wood framed apartment buildings with a total of 248 City Place PCS/Cal-Mor & DDRC Long Beach units. 3 upper levels are Stacked flats over street level retail stores. Six 2-story wood framed buildings with a total of 96 apartment units Casa Bella Apartments AMCAL Multi -Housing, Inc. ViclOrville supported on a post -tensioning concrete slab on grade foundation. Seven 2-story wood framed buildings with a total of 61 apartment Casa La Paz Apartments AMCAL Multi -Housing, Inc. Coachella units supported by post -tensioning concrete slab on grade foundaTwo 4-story on grade apartment buildings wrapped around two 5- outh San Francisco BART Station Fairfield Residential San Francisco level concrete parking garages. There are 373 residential units and Apartments 20,000 sq. ft. retail space. Three Independent Living Unit buildings with a total of 225 units. La Costa Glen Continuing Life Communities Carlsbad Buildings are 3-story, wood framed, on grade. Includes 11.000 sq. ft. recreation center / club house. Twin Palms Apartments Global Premier Palmdale Six 2-story apartment building with a total of 48 units. 3-story wood framed building with 60 units. Includes 2,000 sq. ft. Tyrol Plaza Acacia Housing Advisors 9 Anaheim club house. 3-story assisted living facility with 75 residential units. Light gauge The Inn at the Terraces Westmont Development Chico steel construction. 3-story assisted living facility with 84 residential units. Light gauge Westmont at San Miguel Ranch Westmont Development Chula Vista steel construction. 3-story senior living facility with a total of 101 units. Includes 7,000 La Verne Active Adult Housing Hsientein Investment Group La Veme sq. ft. 2-story club house. Four split-level wood framed buildings with a total of 131 units. Jacaranda Senior Apartments The Morgan Group Fullerton 7,000 sq. ft. 2-story club house. San Sevaine Villas Northtown Housing ncho Cucamonga 2- and 3-story walk-up style, wood framed buildings with a total of 224 units. Includes 11,000 sq. ft. 2-story club house. Development Fourteen 3-story wood framed buildings with 400 stacked flats over Riverpark Apartments Riverpark, LLC nard tuck -under garages. Garden Grove Senior Apartments Willow Partners rden Grove !IBrawley 4-story. on grade, apartment building with a total of 85 units. Eight 2-story wood framed apartment buildings with a total of 252 Mendocino at Talega Jamboree Housing n Clemente units supported by post -tensioned slab on grade Sonterra Family Apartments Simpson Housing 2-story, on grade, apartment buildings with a total of 54 units Two 2-story wood framed apartment buildings with a total of 120 Dove Canyon Apartments BRIDGE Housing San Diego units supported by post -tensioned slab on grade VC A VANDORPE CHOu ASSOCIATES, INC. 0 316 2200 West Orangewood Ave. Ste. 150 Orange, CA 92868 07/10 Stueven Engineering Consultants Inc. .6 ABOUT THE COMPANY STUEVEN ENGINEERING CONSULTANTS INC. is a mechanical consulting engineering firm dedicated to professional engineering, planning, design, and construction support services for mechanical and plumbing systems. Since 1975, our thirty-five years of experience in mechanical and plumbing projects encompass a wide diversity in the types of projects such as mixed use facilities, government facilities, hospitality, commercial, medical/research facilities, religious facilities, and educational facilities. All of our staff take an active role in the design and client contact for each project. • Engineering, design, and preparation of construction documents for mechanical heating, ventilation, and air conditioning (HVAC) systems, and plumbing systems. • Mechanical and plumbing expertise in Design/Build documents for sub -contractor installation. • Scoping/survey services of existing HVAC/plumbing systems for energy analysis, retrofits, and upgrades. ■ Energy analysis to optimize performances of building HVAC/plumbing systems, complete with technical reports and calculations. • Certified California Energy Commission Title 24 reports. • Building automation controls for HVAC and plumbing systems. ■ Hydronic analysis of building chilled/heating water and plumbing systems. KEY PERSONNEL Harold J. Stueven, PE Mechanical Engineer M15838 Vasilios (Bill) Tziouvaras Project Engineering Manager billt@stueven-engineering.com Steve Balderrama Mechanical Design Engineer - Title 24 CABEC, LEED AP sb@stueven-engineering.com Jason Vander Veen, PE Mechanical Engineer - Title 24 CABEC jkv@stueven-engineering.com 140 W. Third Ave • Escondido, CA • 92025 • Phone (760) 735-8577 • Fax (760) 735-8578 0317 til''Iltlll.1AUih�Q N+UF!1ii%iaAF i`(',f I'ql `.I�htF"0 if V)% I;d''_� • STUEVEN ENGINEERING CONSULTANTS, INC. Harold J. Stueven, PE ESCONDIDO, CALIFORNIA Mechanical Engineer Mr. Stueven possesses over 35 years of experience in HVAC, plumbing, and construction administration for a variety of projects including government/municipal projects, hospital and medical centers, medical office buildings, commercial, institutional, and industrial. His responsibilities include evaluation of system types, preparation of energy studies, engineering and design, life cost analysis as well as Title 24 calculations. His project experience include a variety of projects ranging from design of central plants, cogeneration systems, HVAC and variable air volume systems, and plumbing systems design. Mr. Stueven is an active member with society of Heating Ventilation and Air Society of Plumbing Engineers (ASPE). Education many professional societies including American Conditioning Engineers (ASHRAE), American 1963 — 1967 Bachelor of Science HVAC/Environmental Engineering, California State Polytechnic University, San Luis Obispo, CA • Professional Affiliations/Registration California Licensed Mechanical Engineer M15838 California Society for Hospital Engineering American Society of Heating, Refrigeration, and Air Conditioning Engineers America Society of Plumbing Engineers INDIVIDUAL PROJECT EXPERIENCE • San Diego Transit Authority Administration Building, San Diego, CA • East County Courtrooms, El Cajon, CA • East County Regional Center, El Cajon, CA • San Diego Juvenile Court, San Diego, CA • San Diego County Branch Library, San Diego, CA • San Ysidro Library, Sa Ysidro, CA • Benjamin Branch Library, San Diego, CA • Coronado Library, Coronado, CA • Natural History Museum Balboa Park, San Diego, CA • Scripps Miramar Branch Library, Poway, CA • Fallbrook Community Center, Falibrook, CA • • Tri City Medical Center, Vista, CA • St Francis Medical Center, Lynwood, CA • Children's Hospital Research Facility, Los Angeles, CA 0318 Ali) ul I%Ol ill, ARl7IIWWM�'Di"I.l '..e rn �.1�1�7 \ i 'W'!) \"1RIV� • INDIVIDUAL PROJECT EXPERIENCE - RESIDENTIAL • Santee Fanita Family Apartments, Santee, Ca • Verbena Low Income Family Apartments, Otay Mesa, CA • M2i Parking Structure & Condominium Building, San Diego, CA • Fahrenheit Condominium Building, San Diego, CA • Doma Parking Structure & Condominium Building, San Diego, CA • El Centro Affordable Housing, El Centro, CA • Calipatria Family Apartments, Calipatria, CA • Calexico Family Apartments, Calexico, CA • Heberwoods Low Income Family Apartments, Heberwoods, CA • Vista Dunes Low Income Housing, La Quinta, CA • 03 99 (C11' OI-iA(,t1,.fAP!'.S1 rARUHODRIALOMNI 14 LAI � NW_I1 D F% i9 PI"..I[A) KPIi • FINANCIAL CAPABILITY Enclosed, please find the financial statements for National Community Renaissance of California. We are a financially sound firm that has successfully grown into the largest non-profit housing developer in southern California. We are very successful in securing financing for development based upon that capability. National Core manages the development of multiple properties easily, and is well regarded by our financial partners. In addition, National Core is well versed in affordable housing finance as denoted in our project resume. This list provides detailed information on National Core's success in securing the following types of financing: 1. Federal Low Income Housing Tax Credits (9%). 2. Federal Low Income Housing Tax Credits (4%). 3. Tax Exempt Bond Financing. 4. Federal HOME Partnership Program Funds. 5. Community Development Block Grant Funds. 6. State of California Multi -Family Housing Program F ds (MHP). 7. Federal Home Loan Bank Affordable Housing Program 8. Private 501(c) 3 Bonds. 9. California Housing Finance Agency HELP Loan funds. 10. MHSA Funds 11. Congressional Appropriations for Housing. 12. Private Conventional Debt. 13. City of Industry Funds. Our successful track record gives National Core a competitive advantage in securing funding opportunities for our developments. Moreover, our flexibility in working on transactions from 50 to 500 units gives our civic partners the • opportunity to phase projects based upon their needs, and not just the financing. Our innovative approach to finance also allows us to tailor our project financing to maximize community goals as well as cost effectiveness. The proposed project in La Quinta falls well within our financial capability to perform. • Our Hope through Housing Foundations successfully partners with other service providers to secure services for our residents. Moreover, they independently fundraise to help offset program costs at our developments. We have included their information as well as support letters from service providers already ready to work on this development. Our special needs units generally also have service funding components included as part of our financing plans to ensure the long term viability of services for those specific populations. National Core has never defaulted, been foreclosed upon or declared bankruptcy. We have committed to finish all the projects that we undertake, and have done so throughout our history. As a long-term owner, we emphasis high quality in our construction standards. We believe in prudent underwriting to ensure not only the short-term viability of a project, but that the long-term health and maintenance of our properties remains high. It is this philosophy that has allowed us to weather challenges both in the development process and operations. A 0321 LI 2009 Audited Financials rI 0322 0 i Reznick Group ACCOVN[ING, TAX • WV MI SS"D *-O Y CONSOLIDATED FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS' REPORT NATIONAL COMMUNITY RENAISSANCE OF CALIFORNIA JUNE 30, 2009 0323 �1 1 National Community Renaissance of California TABLE OF CONTENTS PAGE ! INDEPENDENT AUDITORS' REPORT 3 I CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATED STATEMENT OF FINANCIAL POSITION 5 CONSOLIDATED STATEMENT OF ACTIVITIES AND NET ASSETS 6 CONSOLIDATED STATEMENT OF CASH FLOWS 8 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 10 SUPPLEMENTAL INFORMATION COMBINING SCHEDULE OF FINANCIAL POSITION 38 COMBINING SCHEDULE OF ACTIVITIES 49 SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS 60 INDEPENDENT AUDITORS' REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS 61 INDEPENDENT AUDITORS' REPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE TO EACH MAJOR PROGRAM AND INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITH OMB CIRCULAR A-133 63 SCHEDULE OF FINDINGS AND QUESTIONED COSTS 65 AUDITEE'S COMMENTS ON AUDIT RESOLUTION MATTERS 67 I i i �a� Remck 012 Group ACCOUNTING • TAX • BUSINESS ADVISORY INDEPENDENT AUDITORS' REPORT To the Board of Directors National Community Renaissance of California Rezrick Group, PC. 400 Capitol Mail Suite 900 Sacramento. CA 95814.4424 Tel:(916) 442-9100 We have audited the consolidated statement of financial position of National Community Renaissance of California (NCRC) as of June 30, 2009, and the related consolidated statements of activities and net assets and cash flows for the year then ended. These consolidated financial statements are the responsibility of NCRC's management. Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. As noted in note 1, the financial statements of certain affiliates were not required to be audited in accordance with • Government Auditing Standards. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the consolidated financial position of NCRC as of June 30, 2009, and the consolidated changes in their net assets and their cash flows for the year then ended, in conformity with accounting principles generally accepted in the United States of America. In accordance with Government Auditing Standards, we have also issued our report dated February 4, 2010 on our consideration of NCRC's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards and should be considered in assessing the results of our audit. • -3- 0325 www. reznickgrou p.com Reznick LW Group ACCOUNTING- to%.BUSINESS AOV,S..Y Our audit was conducted for the purpose of forming an opinion on the basic consolidated financial statements taken as a whole. The combining schedule of financial position and activities are presented for purposes of additional analysis and are not a required part of the basic consolidated financial statements. The accompanying schedule of expenditures of federal awards is presented for purposes of additional analysis as required by U.S. Office of Management and Budget Circular A-133, Audits of States, Local Governments and Non -Profit Organizations and is not a required part of the basic consolidated financial statements.Such information has been subjected to the auditing procedures applied in the audit of the basic consolidated financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic consolidated financial statements taken as a whole. Sacramento, California February 4, 2010 0326 oa d • • National Community Renaissance of California CONSOLIDATED STATEMENT OF FINANCIAL POSITION Cash and cash equivalents Reserve for security deposits held in trust Total cash and cash equivalents Reserves and restricted deposits Accounts receivable, net of allowance for uncollectible amounts of $256,251 Advances due from related parties Developer fee receivable Prepaid expenses Investment Project development costs Property, equipment and improvements, net Deferred costs, net Accounts payable Accrued expenses Security deposits Deferred revenue Mortgages and notes payable Due to affiliates Developer fee payable June 30,2009 ASSETS National Community Renaissance Housing of California Affiliates Eliminations Total $ 5,162,367 $ 9,840,237 $ - $ 15,002,604 1,246,752 1,492,370 - 2,739,122 6,409,119 11,332,607 - 17,741,726 25,623,735 7,937,583 596,704 874,282 21,068,503 (7,631,521) 6,250,400 - 343,598 2,538,385 1,635,815 - 1,000,653 122,727 140,233,124 547,382,818 1,337,096 12,519,744 33,561,318 1,470,986 (5,200,000) 8,236,982 (6,250,400) - 2,881,983 1,635,815 1,123,380 (2,397,184) 685,218,758 13,856,840 $ 204,498,747 $ 575,076,625 $ (13,847,584) $ 765,727,788 LIABILITIES AND NET ASSETS $ 2,439,709 $ 18,212,473 $ - $ 20,652,182 3,531,928 26,639735 - 30,171,663 1,253,209 1,490:812 - 2,744,021 5,970,300 369,962 6,340,262 119,005,260 379,886,544 (5,200,000) 493,691,804 32,271 976,630 - 1,008,901 - 6,452,000 (6,2501400) 201,600 Total liabilities 132,232,677 434,028,156 (11,450,400) 554,810,433 - 140,828,224 140,828,224 Non -controlling interest - Netassets- unrestricted 25,837,501 141,048,469 (143,225,408) 23,660,562 Net assets -temporarily restricted 46,428,569 - - 46,428,569 $ 204,498,747 $ 575,076,625 $ (13,847,584) $ 765,727,788 See notes to consolidated financial statements -5- ©327 National Community Renaissance of California CONSOLIDATED STATEMENT OF ACTIVITIES AND NET ASSETS CHANGES IN UNRESTRICTED NET ASSETS REVENUE Rental income from tenants Consulting and development fees Property management fees Private donations - Hope Through Housing Foundation Grants, including release of temporarily restricted net assets of $574,457 Grants - Hope Through Housing Foundation Laundry Interest Other EXPENSES, GAINS AND LOSSES Program Service Expenses Administrative Salaries and related expenses Utilities Maintenance and operating Professional services Taxes and insurance Interest Depreciation Amortization Management fees Other Subtotal Non controlling interest Total program service expenses Year ended June 30, 2009 National Community Renaissance Housing of California affiliates Eliminations Total $ 25,102,681 $ 29,405,424 $ - $ 54,508,105 7,361,809 - (876,614) 6,485,195 1,966,434 - (1,468,733) 497,701 644,037 - - 644,037 1,513,268 203,374 - 1,716,642 634,049 - - 634,049 186,689 393,261 - 579,950 822,3t0 470,447 (242,416) 1,050,341 1,823,004 626,771 - 2,449,775 40,054,281 31 099,277 (2,587,763) 68,565,795 2,212,437 1,542,010 - 3,754,447 3,017,508 2,743,239 - 5,760,747. 2,821,704 3,469,592 - 6,291,296 5,850,822 5,713,936 - 11,564,758 488,444 1,114,699 - 1,603,143 1,750,976 1,586,576 - 3,337,552 3,566,596 14,501,364 (242,416) 17,825,544 3,262,614 15,711,419 - 18,974,033 69,947 730,352 - 800,299 34,746 3,080,206 (2,392,864) 722,088 76,842 951,706 - 1,028,548 23,152,636 51,145,099 (2,635,280) 71,662,455 - (20,027,961) (20,027,961) 23,152,636 51,145 099 (22,663,241) 51,634 494 (continued) 6- I I • 03'8 • National Community Renaissance of California CONSOLIDATED STATEMENT OF ACTIVITIES AND NET ASSETS - CONTINUED Year ended June 30, 2009 National Community Renaissance Housing of California affiliates Eliminations Total General and administrative expenses - 1,821,748 Administrative 1,821,748 - - 7,938,885 Salaries and related expenses 7,938,885 - 77,428 Maintenance and operating 77,428 - - 1,041,146 Professional services 1,041,146 - 43,060 Taxes and insurance 43,060 - - - 114,424 Interest 114,424 150,098 - - - 150,098 Depreciation 29,250 - - 29,250 Amortization 22,487 - - ' 22,487 Other Total general and administrative 11,238,526 expenses 11,238,526 - - Total expenses, gains and losses 34391,162 51,145,099 (22,663,241) 62,873,020 Increase (decrease) in unrestricted net assets 5,663,119 (20,045,822) 20,075,478 5,692,775 Contributions - 33,547,405 (33,547,405) - Distributions (3,843) (79,594) 63,736 (19,701) Netassets-unrestricted, beginning ofyear 20,178,225 127,626,480 (129,817,2171 17,987,488 Net assets - unrestricted, end of year $ 25,837,501 $ 141,048,469 $ (143,225,408) $ 23,660,562 Net assets - temporarily restricted, beginning of year $ 46,496,626 $ - S - $ 46,496,626 Grant income - Pledge Agreement Grant 506,400 - - 506,400 Release of temporarily restricted net assets (574,457) - - (574,457) Net assets- temporarily restricted, end of year $ 46,428,569 $ - $ - $ 46,428,569 See notes to consolidated financial statements 7 03''9 National Community Renaissance of California CONSOLIDATED STATEMENT OF CASH FLOWS Year ended June 30, 2009 Cash flows from operating activities Increase in unrestricted net assets Decrease in temporarily restricted net assets Adjustments to reconcile increase in net assets to net cash provided by operating activities Depreciation and amortization Bad debt expense Recognition of grant revenue Loss from non controlling interests (Increase) decrease in Accounts receivable Developer fee receivable Prepaids and other assets Increase (decrease)in Accounts payable and accrued expenses Security deposits Deferred revenue Net cash provided by operating activities Cash flows from investing activities Investment in property, equipment.and improvements Advances to related parties Repayment from related parties advances Decrease in project development costs Increase in investments Reserves and restricted deposits Net cash used in investing activities (continued) 5,692,775 (68,057) 19,953,680 493,030 (2,679,634) (20,027,961) (87,705) (200,670) (112,938) 14,386,979 103,796 (830,368) 16,622,927 (112,857,608) (7,161,491) 400,927 3,016,219 (1,261,351) (6,436,182) (124,299,486) 0330 •I E National Community Renaissance of California CONSOLIDATED STATEMENT OF CASH FLOWS - CONTINUED Year ended June 30, 2009 Cash flows from financing activities Proceeds of mortgages and notes payable Principal payments on notes payable Proceeds from grant revenue Amounts due to affiliates Distributions Capital contributions received from non controlling interests Deferred costs Net cash provided by financing activities Net decrease in cash and cash equivalents Cash and cash equivalents, beginning of the year Cash and cash equivalents, end of year Cash paid during the year for interest 103,075,851 (37,808j 82) 2,029,634 183,124 (83,438) 33,547,405 (93,169) 100,851,225 (6,825,334) 24,567,060 $ 17,741,726 $ 15,417,683 Non cash investing activities: Property, equipment and improvements include accounts payable of $6,240,983, developer fee payable of $1,152,585 and $5,434,375 of deferred revenue. See notes to consolidated financial statements M 0331 National Community Renaissance of California NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2009 NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES National Community Renaissance of California (NCRC), formerly known as Southern California Housing Development Corporation, is a nonprofit public benefit corporation formed to assist cities in California in the development of affordable housing. NCRC assists in revitalizing communities through acquisition and rehabilitation of existing housing or through construction of housing. NCRC owns affordable housing properties, provides property management, provides social programs to enhance the quality of life of its residents and serves as general partner for affordable housing projects. NCRC's principal sources of revenue are rental income from tenants, property management fees and developer fees. NCRC and its affiliates receive significant funding from federal, state, and local government subsidies in various forms, including low-income housing tax credits, low -interest rate loans, grants, and rent subsidies for qualifying very -low, low- and moderate -income tenants. Principles of Consolidation . I The consolidated financial statements include the accounts of NCRC and supporting entities in which NCRC and affiliates own 100% interest. Additionally, the consolidated financial statements for the year ended June 30, 2009 include the accounts of 41 limited partnerships j in which NCRC owns a minority financial interest, but has a controlling interest. These entities are included in the consolidation in accordance with EITF 04-5, "Determining Whether a General Partner, or the General Partners as a Group, controls a Limited Partnership or Similar Entity When the Limited Partners Have Certain Rights." The effective date for EITF 04-5 is June 29, 2005 for all new or modified partnerships and January 1, 2006 for all other existing partnerships. For the limited partnerships in which the Non Profit General Partners described on page 12 is the general partner, NCRC has determined that the presumption of control for the limited partnerships have not been overcome and as a result the limited partnerships has been consolidated. All significant inter -company balances and transactions have been eliminated in consolidation. NCRC has an economic relationship with National Community Renaissance Development Corporation (NCRDC), a not for profit organization which has an overlapping board, shares employees and facilities. However, each organization has and maintains its separate corporate identity. Neither entity has any voting rights in the other and there are no contractual or oversight requirements imposed on either organization in favor of the other. NCRC has provided voluntary operating advances to NCRDC. As of June 30, 2009, the S[IM 033? National Community Renaissance of California NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED June 30, 2009 balance of such advances is $7,161,491 to NCRDC, which is included in advances due from related parties on the consolidated statement of financial position (see note 12). Pursuant to Statement of Position 94-3 (as amended) (SOP 94-3), Reporting of Related Entities by Not -for -Profit Organizations, consolidation of the two organizations is not required. Total assets, liabilities, net assets, non -controlling interest, revenue and expenses - unaudited as of and for the year ended June 30, 2009 of NCRDC are $77,002,430, S69,679,290, $5,219,839, $2,103,301, $15,275,051 and $24,111,831, respectively. Also included in the consolidation is Hope Through Housing Foundation, a separate 501(c)(3) entity. Hope Through Housing Foundation shares the same board of directors as NCRC, and is economically dependent on NCRC. In accordance with SOP 94-3, it has been determined that control exists over Hope Through Housing Foundation, and thus has been included in the consolidation. . The entities listed below are also included in NCRC's consolidated financial statements for the year ended June 30, 2009. The nonprofit supporting entities (identified as National Community Renaissance of California in the financial statements) consist of -- Southern California Housing Development Corporation of Rancho Cucamonga which owns 100% of the following projects: • Sycamore Springs Apartments • Mountainside Apartments • Monterey Village Apartments • Northgate Village Apartments • 0333 National Community Renaissance of California NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED June 30, 2009 q l Projects and organizations which are owned 100% by NCRC are as follows: 3 • Arbor Villas Apartments • Park Vista Apartments • Bravo Mobile Home Park • Rancho Verde Apartments • Cathedral Palms Apartments • Renaissance Village Apartments • Clark Manor Apartments • River Canyon • Colony Apartments • Signature at Valley Center • Corona del Rey • South Pace Fairfield Apartments • Hawthorne Terrace Apartments • Summerridge Apartments • Impressions Apartments • Summerwood Apartments • Juniper Senior Apartments Vista Terraza II • La Quinta Apartments • West Mission Partners, LLC • Mills Family e Westlake Village I • Mulberry Villas Apartments • Westlake Village II • Normandie Senior Housing • Woods Family Apartments NCRC has a lease -hold interest in the following projects: • Indian Wells Villas • Mountain View Villas i The nonprofit entities who own general partner interests in For Profit Housing Affiliates consist of • Southern California Housing Development Corporation of Los Angeles (SCHDC of Los Angeles) t • Southern California Housing Development Corporation of Orange County (SCHDC of Orange) • Southern California Housing Development Corporation of Riverside County (SCHDC of Riverside) • Southern California Housing Development Corporation of the Inland Empire (SCHDC of Inland Empire) • San Antonio Gateway Housing Corporation (San Antonio Gateway) -12- . I 0334 • National Community Renaissance of California NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED June 30, 2009 The For Profit Housing Affiliates (Housing Affiliates) are comprised of the following limited partnerships: For Profit Housing Affiliate Non Profit General Partner % Anaheim Revitalization Partners, L.P. SCHDC of Los Angeles .005% Anaheim Revitalization Partners 11, L.P. SCHDC of Los Angeles 001% Anaheim Revitalization Partners Ill, L.P. SCHDC of Los Angeles .005%" Anaheim Revitalization Partners IV, L.P. SCHDC of Los Angeles .01%" Autumn Ridge Apartments, L.P. SCHDC of Orange .01% Bell Gardens Housing Partners, L.P. SCHDC of Los Angeles .01% Bell Housing Partners, L.P. SCHDC of Los Angeles .01% Bolt Housing Partners, L.P. SCHDC of Orange 01%" Copper Hills Apartments, L.P. SCHDC of Orange 01% Corona de Oro Apartments, L.P. SCHDC of Orange .01% Courson Senior Partners, L.P. SCHDC of Los Angeles .01% Eagle Rock Housing Partners, L.P. SCHDC of Los Angeles .01% East Rancho Verde Housing Partners, L.P. SCHDC of Inland Empire .01% • Escondido Housing Partners, L.P. SCHDC of Orange .01% Executive Lodge Apartments, L.P. SCHDC of Orange .01% Fontana Housing Partners, L.P. SCHDC of Orange .012% Fontana II Housing Partners, L.P. SCHDC of Orange .005% Fontana III Housing Partners, L.P. SCHDC of Orange .005% Fontana IV Housing Partners, L.P. SCHDC of Orange .005% Inland Valley Housing Partners, L.P. SCHDC of Inland Empire .01% Ken Tat Housing Partners, L.P- SCHDC of Orange .005% Malvem Housing Partners, L.P. SCHDC of Riverside 01% Mission Village Senior, L.P. SCHDC of Inland Empire 005% Montclair Family Housing Partners, L.P. SCHDC of Inland Empire .01% Montclair Senior Housing Partners, L.P. San Antonio Gateway .01% Oceanside Housing Partners, L.P. SCHDC of Orange .01% Oceanside Senior Housing Partners, L.P. SCHDC of Orange .01% Palmdale Senior (lousing Partners, L.P. SCHDC of Los Angeles .01% Rancho Workforce, L.P. SCHDC of Inland Empire .005% Rialto Housing Partners, L-P. SCHDC of Inland Empire .01% Riverside (lousing Partners, L.P. SCHDC of Inland Empire -Ol%" • 13 0335 National Community Renaissance of California NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED June 30, 2009 For Profit Housing Affiliate Non Profit General Partner % San Marcos Housing Partners, L.P. SCHDC of Orange .005% Saute Fe Springs Housing Partners, L.P. SCHDC of Los Angeles .01% Santee Apartments, L.P. SCHDC of Orange .01% Spring Valley Housing Partners, L.P. SCHDC of Orange .01% UC Housing Partners, L.P. SCHDC of Orange .01% Victorville Housing Partners, L.P. SCHDC of Inland Empire .01% Villa Serena Apartments, L.P. SCHDC of Orange .01% Vista Dunes Housing Partners, L.P. SCHDC of Inland Empire .01% Vista Terraza Housing Partners, L.P. SCHDC of Inland Empire .01% Yorba Linda Housing Partners, L.P. SCHDC of Orange .01% The audited financial statements of Corona del Rey, Hope Through Housing Foundation, Indian Wells Villas, and Mountain View Villas, whose results are included in the consolidated financial statements, were not required to be audited in accordance with Government Auditing Standards. • Financial Statement Presentation NCRC conforms to Statement of Financial Accounting Standards (SFAS) No. 117, "Financial Statements of Not -for -Profit Organizations." Under SFAS No. 117, NCRC is required to report information regarding its financial position and activities according to three classes of net assets: unrestricted net assets, temporarily restricted net assets, and permanently restricted net assets. Information is required to segregate program service expenses from general and administrative expenses. NCRC also conforms to SFAS No. 116, "Accounting for Contributions Received and Contributions Made." In conformity with SFAS No. 116, contributions received are recorded as unrestricted, temporarily restricted or permanently restricted support depending on the existence and/or nature of any donor restrictions. Use of Estimates 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. Those estimates and assumptions affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Estimates of future 14- s 0336 0 10 National Community Renaissance of California NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -CONTINUED June 30, 2009 operations were made by management in the calculation of the amount of development fee recognized under FASB 66. Cash and Cash Equivalents and Reserve for Security Denosits NCRC considers all highly -liquid investments purchased with an original maturity of three months or less to be cash equivalents. Reserves and Restricted Deposits Reserves and restricted deposits primarily consist of replacement reserves, property tax and insurance escrows, operating reserves, debt service reserves, and construction draw reserves. Such reserves are required by various financing authorities, lenders or stipulations in the applicable partnership or operating agreements. Accounts Receivable and Bad Debts Tenant accounts receivable are reported net of an allowance for uncollectible amounts. Management's estimate of the allowance is based on historical collection experience and a review of the current status of tenant accounts receivable. It is reasonably possible that management's estimate of the allowance will change. Advances Due from Related Parties The advances from affiliates are reported net of an allowance for doubtful accounts. Management's estimate of the allowance is based on expected future operating performance and other factors. It is reasonably possible that management's estimate of the allowance will change. As of the year ended June 30, 2009, no allowance was required (see note 12). Investments NCRC records its investments on either the cost basis or equity basis of accounting, as determined by their ownership and control. Project Development Costs NCRC incurs costs in connection with properties it is considering for development as well as costs associated with properties in the initial stages of development. These costs include such items as market studies, purchase options, environmental study costs, legal and -15- 0337 National Community Renaissance of California NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED June 30, 2009 accounting costs. Project development costs are capitalized until such time as the project is no longer considered desirable or feasible, at which time the costs are expensed. Project development costs related to projects that are ultimately developed are subsequently recorded as receivables to be repaid by the applicable projects. Property,Equipment and Improvements Property, equipment and improvements are recorded at cost. Expenditures for maintenance and repairs are expensed as incurred, while major renewals and betterments are capitalized. The resulting gains and losses are reflected in the consolidated statement of activities and net assets. Depreciation is computed on a straight-line basis. Costs of properties constructed or rehabilitated include all direct costs of construction as well as carrying costs during the construction period and indirect costs of construction, supervision and management. Upon disposal of depreciable property, the appropriate property accounts are reduced by the related costs and accumulated depreciation computed using the straight-line method. The estimated useful lives are as follows: Buildings and improvements 15 - 40 years Furniture and fixtures 7 years Equipment 5 years It is NCRC's policy to capitalize expenditures for improvements, furniture, fixtures and equipment exceeding $2,500. During the year ended June 30, 2009, NCRC and its housing affiliates acquired land and buildings, for the purpose of construction, rehabilitation and operation as affordable rental property. The properties were acquired with cash and mortgages and notes payable. The purchase price was allocated to land and buildings based on their respective fair values as set forth below: Land $ 15,010,543 Buildings 14,142,111 $ 29,152,654 M 0338 LJ 0 National Community Renaissance of California NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED June 30, 2009 Deferred Costs Financing fees are amortized over the term of the loan using the straight-line method. Accounting principles generally accepted in the United States of America require that the effective yield method be used to amortize financing costs; however, the effect of using the straight-line method is not materially different from the results that would have been obtained under the effective yield method. Costs related to obtaining low-income housing tax credits are being amortized using the straight-line method over the mandatory 15-year compliance period. Costs related to obtaining leasehold interests are capitalized and amortized on the straight- line method over the life of the related ground lease. The table below indicates the value of each component within the deferred costs line item on . the statement of financial position: Mortgage Tax Credit Leasehold financing costs Monitoring fees interest Total Deferred costs $ 9,094,008 $ 1,577,739 $ 7,212,167 $ 17,883,914 Accumulated amortization (2,386,368) (540,155) (1,100,551) (4,027,074) Deferred costs, net $ 6,707,640 $ 1,037,584 $ 6,111,616 $ 13,856,840 Annual amortization for each of the next five years is as follows: Mortgage Tax Credit Leasehold financing costs Monitoring fees interest Total 2010 $ 296,906 $ 83,072 $ 131,130 $ 511,108 2011 255,537 79,883 131,130 466,550 2012 255,537 76,307 131,130 462,974 2013 255,537 72,925 131,130 459,592 2014 255,537 71,100 131,130 457,767 17- 0339 i` National Community Renaissance of California NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED June 30, 2009 Impairment of Lone -Lived Assets In accordance with SFAS No. 144, "Accounting for the Impairment or Disposal of Long - Lived Assets," NCRC reviews the rental property for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. If the fair value is less than the carrying amount of the asset, an impairment loss is recognized for the difference. No impairment loss has been recognized during the year ended June 30, 2009. Fair Value The carrying amounts of NCRC's cash and cash equivalents, receivables, payables and accrued expenses approximate fair value due to the short-term nature of these instruments. The fair value of NCRC's due from affiliates and mortgages and notes payable is assessed by management based on analysis of underlying investments and historical trends. Impairment reserves are provided as necessary. It is impracticable to estimate the fair value of NCRC's financial guarantees because there are no quoted market prices for transactions that are • similar in nature. Revenue Recognition Rental income is recognized as rentals become due. Rental payments received in advance are deferred until earned. All leases between the projects and the tenants of the projects are operating leases. NCRC earns contractor fees based on services provided to apartment projects of affiliated limited partnerships and wholly owned properties. Such fees are recognized when earned based on an estimated percentage of completion. The fees are capitalized into rental property on the projects' books. Development fees are earned in connection with the construction and oversight of the development of properties. The development fees are recognized as revenue commencing with the closing of a property's construction loan (the Closing) based on the percentage of completion method, taking into account the total anticipated development costs and the potential operating deficit obligation through the period from the Closing through the end of the operating deficit obligation period (typically three years from the achievement of Breakeven Operations as defined in partnership agreements). Generally, NCRC utilizes the following formula to determine the amount of the development fee earned as of a specific 18- 0340 National Community Renaissance of California NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED June 30, 2009 date: The development fee multiplied by the fraction having as its denominator (i) the total development costs plus (ii) the total operating deficit obligation for the obligation period and as its numerator (i) the total development costs incurred to the specific date of calculation plus (ii) the total operating deficits funded as of the specific date of calculation. Upon construction completion, the remaining development fee is recorded as an asset with a corresponding offset to deferred revenue if the amount of development fee owed exceeds the amount of development fee earned to such date in accordance with the preceding formula. In the event that a portion, or all, of the development fee is not paid at the end of the development period (a deferred development fee), the deferred development fee is generally assumed to be paid from the future cash flow of the property. Laundry and cable income, and prepaid rent received in advance are deferred until earned. Private Donations Contributions are recognized as revenue when an unconditional promise, in substance, to give is received by NCRC. All contributions and other types of revenue with restrictions imposed by the donor, if any, are reported as increases in temporarily or permanently restricted net assets depending on the nature of the restrictions. When a restriction expires, temporarily restricted net assets are released and reclassified to unrestricted net assets. Grants Grants received from governments, agencies and others, which are conditioned upon NCRC incurring certain qualifying costs or meeting other conditions, are recognized as an increase in temporarily or permanently restricted net assets. When the qualifying costs are incurred and/or the possibilities of not meeting the conditions are remote such grants are reported as increases in unrestricted net assets. In general, these conditions require NCRC to maintain ownership of the property and to continue to provide low-income housing as specified in the agreement. Functional Allocation of Expenses The costs of providing the various programs and other activities have been summarized on a functional basis in the consolidated statement of activities and net assets. Directly identifiable expenses are charged to program and supporting services. Expenses related to more than one function are charged to program and supporting services based on systematic methods. 19- 0341 National Community Renaissance of California NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED June 30, 2009 Income Taxes NCRC is exempt from income taxes under Section 501(c)(3) of the Internal Revenue Code of 1986 (Code), as amended, except for income taxes on "unrelated business income," if any. For the year ended June 30, 2009, NCRC believes that all material activities were within the tax exempt guidelines of the Code; accordingly, no provision for income taxes has been included in the financial statements. No provision or benefit for income taxes has been included in the financial statements of the Housing Affiliates since taxable income or loss passes through to, and is reportable by, the owners individually. In June 2006, the FASB issued an update to existing guidance relative to the accounting and disclosure for uncertainty in income taxes (update). NCRC has elected to delay the implementation of the update until July 1, 2010. NCRC does not anticipate that the provisions of the update will have any significant impact to its financial statements. Advertising I Advertising costs are expensed as incurred. Economic Concentrations NCRC invests in property in Southern California which future operations could be affected by changes in economic or other conditions in that geographical area or by changes in federal low-income housing subsidies or the demand for such housing. New Accounting Pronouncement In May 2009, the FASB issued SFAS No. 165, "Subsequent Events." This standard incorporates into authoritative accounting literature certain guidance that already existed within generally accepted auditing standards, with the requirements concerning recognition and disclosure of subsequent events remaining essentially unchanged. This guidance addresses events which occur after the balance sheet date but before the issuance of the financial statements. Under SFAS No.165, as under previous practice, an entity must record the effects of subsequent events that provide evidence about conditions that existed at the balance sheet date and must disclose but not record the effects of subsequent events which provide evidence about conditions that did not exist at the balance sheet date. This standard added an additional required disclosure relative to the date through which subsequent events -20- • 034? National Community Renaissance of California NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED June 30,2009 have been evaluated and whether that is the date on which the financial statements were issued. The additional disclosures required by this standard are included in note 16. NOTE 2 - CONCENTRATION OF CREDIT RISK NCRC maintains its cash, reserves, and restricted deposit balances in numerous banks. The balances are insured by the Federal Deposit Insurance Corporation up to $250,000 at each bank through December 31, 2013. As of June 30, 2009, the majority of the cash balances held at the banks are uninsured. NOTE 3 - RESERVES AND RESTRICTED DEPOSITS The Regulatory Agreement with the California Housing Finance Agency (CaIHFA) requires monthly impound deposits for insurance premiums, property taxes and replacements. A capital purchase reserve, which is not required to be replenished, was established at the • inception of the loan to replace refrigerators for certain apartment units. These impounds and reserves are held by CaIHFA and expenditures are subject to their supervision and approval. In addition, an operating expense reserve account was also established at the inception of the loan, which is required to be maintained until certain financial conditions are satisfied, as defined in the Regulatory Agreement. • NCRC holds deposits, restricted by an agreement with the Redevelopment Agency of the City of Rancho Cucamonga and other municipalities, for improvements at the project or for future projects in the City of Rancho Cucamonga and other municipalities. These deposits are held in trust and expenditures are subject to supervision and approval by the Redevelopment Agency and other municipalities. NOTE 4-INVESTMENTS On March 30, 2004, NCRC invested in the Housing Partnership Network Group Insurance Initiative, a cooperative of other real estate investment companies, whose purpose is to offer low-cost insurance to companies with a history of low loss ratios_ The investment is accounted for under the cost method of accounting since ownership is less than 20%. In 2004, NCRC purchased one share of Class A stock for $10,000, and 277 shares of Class B stock at $1,000 per share. NCRC is entitled to dividend payments in proportion to their investment once they are declared. As of June 30, 2009, the investment in the insurance cooperative is $374,464. Dividends of $94,979 were received for the year ended June 30, 2009, and are recorded as income on the consolidated statement of activities. 21 - 0343 01 National Community Renaissance of California NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED June 30, 2009 On January 1, 2006, NCRC entered into a joint venture agreement with Workforce r Homebuilders LLC to develop and construct affordable multi -family housing projects. The + investment is accounted for under the equity method of accounting. Per the joint venture agreement, 50% of profits and losses are allocated to NCRC. As of June 30, 2009, two sites 1 have been agreed upon for development, and are currently in construction. As of June 30, 2009, the investment in the joint venture totaled $1,261,351. Included in the investment are estimated payroll costs of $485,000 incurred by NCRC, which are expected to be agreed upon with Workforce Homebuilders LLC. The balance sheet of the joint venture as of June. 30, 2009 is as follows: Developer fee receivable - $1,439,466; Deferred revenue - $356,230; and Equity - $1,083,236. The income statement of the joint venture from January 1, 2006 (inception) through June 30, 2009 is as follows: Revenue - $2,176,000, and Expenses - $1,819,770.. t NOTE 5 - PROPERTY, EQUIPMENT AND IMPROVEMENTS Property, equipment and improvements consist of the following as of June 30, 2009: Land $ 89,708,483 Buildings 490,477,438 Improvements 121,355,680 Furniture, fixtures and equipment 17,256,612 Construction in progress 73,877,324 792,675,537 Less eliminations (2,397,184) Less accumulated depreciation (105,059,595) $ 685,218,758 22 - • 0344 n LJ • • National Community Renaissance of California NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED June 30, 2009 NOTE 6 - MORTGAGES AND NOTES PAYABLE Mortgages and notes payable are as follows as of June 30, 2009: Monthly principal and interest or other Principal Interest repayment balance as of Lender Secured Entity rate terms Maturity 6/30/2009 National Community Renaissance of California Chase Arbor Villas Apartments Yorba Linda Redevelopment Agency Arbor Villas Apartments County of Riverside - Series A & B Bonds Bravo Mobile Home Park County of Riverside Bravo Mobile Home Park Guaranty Federal Bank Cathedral Palms Apartments County of Riverside Cathedral Palms Apartments City of Cathedral Cathedral Palms Apartments Chase Clark Manor Apartments Long Beach Affordable Housing Coalition, Inc. Clark Manor Apartments County of San Bernardino Colony Apartments County of San Bernardino Colony Apartments Chase Colony Apartments Chase Corona Del Rey Apartments County of Riverside Corona Del Rey Apartments City of Corona Corona Del Rey Apartments Sam's Venture - Hawthome Hawthorne Terrace Apartments California Statewide Communities Devel Authority Hawthome Terrace Apartments City of Hawthorne Hawthorne Terrace Apartments City of Hawthorne Hawthorne Terrace Apartments Chase Impressions Apartments City of Palmdale Impressions Apartments City of Escondido Juniper Senior Apartments Chase La Quinta Apartments City of Palmdale La Quinta Apartments Montclair RDA Mills Family Housing Partners, L.P. Califomia Housing Finance Agency Monterey Village Apartments -23- 6.64% 5 19,214 9/2030 S 2,410,584 200% (8) 0/2014 1,126,297 5.60% 38,963 3/2029 5,485,000 0.00 % (1) 3/2054 520,000 6,50% 5,057 112027 634,919 3.00% 948 12/2026 154,250 0.00% (8) 8/2033 1,000,000 4.93% 7,849 8/2033 1,330,097 400% (1) 72059 550,000 3.00% 2,371 7/2026 378,683 0.00 % (1) 6/2026 337,417 4.93% 10,188 8/2033 1,352,294 6,28% 54,804 7/2029 3,947,182 3,00% 1,304 8/2028 227,164 0.00% (8)t 8i2014 3,071,287 3.00% (1) 10/2059 1,998,855 550 % 28,329 10/2029 2,901,000 0.00 % (1) 4/2020 207,645 0.000". (1) 10/2059 250,000 6 00-, 8,499 8/2028 845,999 0,00156 (8) 9/2053 1627,144 5.32% (1) 6/2071 4,220,009 6.06% 9,301 8/2028 988,638 0.00%, 18) 7/2053 1,775,029 3.00% 112011 3,362,257 7.25% 34,791 9/2026 4,113,388 0343 National Community Renaissance ofCalifomia NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED June 30, 2009 Lender Secured Entit California Housing Finance Agency Mountainside Apartments Chase Mulberry Villas Apartments Housing Capital Company NCRC La Quinta Redevelopment Agency Vista Dunes Housing Partners, L.P. Wells Fargo Bank NCRC Wells Fargo Bank NCRC Wells Fargo Bank NCRC Wells Fargo Bank NCRC Temecula Valley Bank NCRC Community Development Commision of Los Angeles Normandie Senior Housing, LP California Housing Finance Agency Northgate Village Apartments V ictorville Redevelopment Agency Northgate Village Apartments Chase Park Vista Apartments City of Palmdale - Park Vista Apartments Chase Rancho Verde Village ARCS Commercial Mortgage Company, L.P. Renaissance Village Apanments County of San Bernardino Renaissance Village Apartments Cathedral City River Canyon Apanments Housing Partnership Ventures River Canyon Apartments Victorville Redevelopment Agency Signature at Valley Center Wells Fargo Bank South Pace Fairfield Apartments Fairfield RDA South Pace Fairfield Apartments Chase Summeridge Apanments Housing Amhonty of the County of San Diego Summerdge Apanments Department of Housing and Summeridge, Apartments Chase Summemood Apartments City of Palmdale Summemood Apartments Califomia housing Finance Agency Sycamore Springs Apartments City of San Marcos West Mission Apartments Discovery Bank West Mission Apartments -24- Monthly principal and interest or other Principal Interest repayment balance as of rate terms Maturity 6/30/2009 11 11 7.25% 44,171 9/2027 5,222,390 5A0% 2,247 8/2033 1,380,169 y 6.00% (4) 12/2010 4,015,534 ' 4.88 % (1) ' 1 1 /2062 5,200,000 ; 2.00% (4) 11/2012 400,000 CI 2.0001. (12) 11/2009 750,000 2.00% (4) 2/2013 1,000,000 3.75% (4) 2/2010 2,000,000 4.50% (4) 2/2010 1,000,000 t 3.00% (1) 12/2064 1,026,665 6.00% 33,444 9/2034 5,220,264 ; 3.00% (5) 12/2035 1,410,400 [ 6.06% 1,762 8/2028 239,267 4 0.00% (8) 7/2053 742,860 ! 4.53% (4) 4/2025 3,337,275 7.54% 17,112 10/2026 1,983,326 3.00% 2,978 3/2024 427,378 t 3.00% (1)- 7/2062 255,000 2,295,000 3.00% (1) 12/2064 1,473,503 1 2.73% (9) 10/2010 4,000,000 3.00% (1) 12/2063 6,603,836 6.05% 29,151 8/2031 3,906,418 3.00% (1) 3/2011 1,000,000 3.00% (1) 3/2011 820,517 5.99% 6,141 2/2028 645,213 ` 0.00% (8) 1/2053 2,098,310 7.25% 30,186 9/2026 3,568,969 1 1 3.00% (1) 5/2031 1,320,000 5.40% 4,698 9/2013 528,253 • .». 0346 i 0 National Community Renaissance of California NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED June 30, 2009 Monthly principal and interest or other Principal Interest repayment balance as of Lender Secured Entity rate terms Maturity 6/30/2009 San Marco's Redevelopment 3.00% (1) 12/2068 9,820,040 Agency Westlake Village Apartments 3,00% (1) 3/2065 499,539 Los Angeles CDC Woods Family Apartments Housing affiliates California Community Reinvestment Corporation Anaheim Revitalization Partners 11, L.P. 6.72% 40,455 5/2035 5,954,756 Anaheim Housing Authority Anaheim Revitalization Partners 11, L.P. 4.00% (I) 4/2060 7,260,000 California Community Anaheim Revitalization Partners 111, 3,395,879 Reinvestment Corporation L.P. 6.50% 22,312 1/2037 California Community Anaheim Revitalization Partners Ill, 442,818 Reinvestment Corporation L.P. 7.00% 4,045 1/2022 Anaheim Revitalization Partners 111, • Anaheim Housing Authority L.P. 4.00% (1) 2/2061 7,90Q000 Anaheim Revitalization Partners IV, Anaheim Housing Authority L.P. 4.00% (1) 7/2064 5,200,000 California Community Anaheim Revitalization Partners IV, Reinvestment Corporation L.P. 7.00% ** 8/2038 1,710,166 California Community Reinvestment Corporation Anaheim Revitalization Partners, L.P. 7.00% 78.572 3/2032 10,727,772 Anaheim Housing Authority Anaheim Revitalization Partners, L.P. 4.00% (1) 12/2054 12,400,000 Redevelopment Agency of the Autumn Ridge Apartments L.P. 3.00% (1) 1/2035 2,994,503 City of San Marcos Redevelopment Agency of the City of San Marcos Autumn Ridge Apartments, L.P. 7.65% 63,732 8/2037 8,922,857 Redevelopment Agency of the Autumn Ridge Apartments, L.P. 3.00% (1) 1/2035 440.000 City of San Marcos Redevelopment Agency of the Autumn Ridge Apartments, L.P. 3.00% (1) 1/2035 1, Z00,000 City of San Marcos County of San Diego Autumn Ridge Apartments, L.P. 3.00% (1) 3/2055 800,000 FHLB- AHP Bell Gardens Housing Partners, L.P. QUO"L (3) V1064 284.000 California Community Reinvestment Corporation Bell Gardens Housing Partners, L.P. 5.52% 15,360 7/2038 2,288,745 County of Los Angeles Bell Gardens Housing Partners, L.P. 3.00% (1) 3/2062 2,785,367 Bell Gardens Community Development Commission Bell Gardens Housing Partners, L.P. 3.00% (I) 4/2060 3,81 1,881 (lousing Authority of the County Bell Gardens Housing Partners, L.P. 3.00% (I) 32063 I,500,000 of Los Angeles 0 -25- 0347 National Community Renaissance of California NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED June 30, 2009 Lender Secured Entit Community Devel Commission of the County of LA Bell Housing Partners L.P. Chase Bell Housing Partners LP. Chase Bell Housing Partners L.P. Housing Authority of the County of Los Angeles Bell Housing Partners L.P. California Community Reinvestment Corporation Bolt Housing Partners L.P. San Diego Housing Commission Bolt Housing Partners L.P. Chase Copper Hills Apartments, L.P. Community Devel Commission of National City Copper Hills Apartments, L.P. City of Corona Corona de Oro Apartments, L.P. Redevelopment Agency of the City of Corona Corona de Oro Apartments, L.P. Citibank Corona de Oro Apartments, L.P. Citibank Corona de Oro Apartments, L.P. FHLB-AHP Courson Senior Partners, L.P. California Community Reinvestment Corporation Courson Senior Partners, L.P. City of Palmdale RDA - Courson Senior Partners, L.P. State of Calif. HCD Courson Senior Partners, L.P. Housing Capital Company Eagle Rock Housing Partners, L.P Los Angeles Housing Eagle Rock Housing Partners, L.P NHDC Tres Lomas, Inc. Eagle Rock Housing Partners, L.P Chase East Rancho Verde Village, L.P. Chase East Rancho Verde Village, L.P. City of Rancho Cucamonga East Rancho Verde Village, L.P. County of San Berardino East Rancho Verde Village, L.P. City of Escondido Escondido Housing Partners, L.P. Department of Housing R Community Development Escondido Housing Partners, L.N. California Community Reinvestment Corporation Escondido Housing Partners, L.P. City of West Covina Executive Lodge Apartments, L.P. Chase Executive Lodge Apartments, L.P. Chase Executive Lodge Apartments, L.P. California Community Reinvestment Corporation Fontana Housing Partners, L.P. -26- Monthly principal and interest or other Principal Interest repayment balance as of rate terms Maturity 6/30/2009 3M% (1) 3/2033 1,886,091 0.00% (3) 1/2034 240,000 6.25% 9,623 12034 1,270,606 3.00% (1) 3/2033 1,000,000 6.30% (6) 1/2033 987,932 300% (1) 11/2056 1,418,838 6.95% 17,210 6/2031 2,324,668 3.00% (1) 1/2054 6,854,037 1.00% (4) 1/2055 149,900 3.00% 11,813 1/2055 4,725,000 7.25% 8,784 7/2032 1,179,784 0.00% (3) 6/2032 181,873 0.004% (3) 1/2039 350,073 6.88% 0,773 6/2039 1,100,000 3.00% (1) 12/2060 2,850,000 3.00% (1) 6/2062 2,341,584 3.25% (9) 12/2009 1,093,595 4.45% (1) 12/2063 2,225,251 4.45% (1) 12/2063 692,428 5.13% (9) 10/2009 1,600,000 3.74% (9) 10/2009 3,548,388 1.50°% (4) 10/2062 3,557,557 3.00% (1) 3/2063 1,100,000 3.00% ( I) 6/2055 2.090,635 300% (I) 12060 1,341,909 6.41% (4) 8/2026 1,380,000 3.00% (1) 4/2038 5,617,867 0.00% (3) 1/2015 214,000 6.20% 12,472 1/2030 1,737,977 7.30% 10,284 8/2033 1,401,034 0348 I*! 10 I s i I !I National Community Renaissance of Califomia NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED June 30, 2009 Monthly principal and interest or other Principal Interest repayment balance as of Lender Secured Entity rate terms Maturity 6/30/2009 I 9/2033 1 500 000 Federal Home Loan Bank Fontana Housing Partners, L.P. 3.00/ ( I City of Fontana Fontana Housing Partners, L.P. 0.00% (3) 9/2033 500,000 California Community Reinvestment Corporation Fontana II Housing Partners, L.P City of Fontana Fontana II Housing Partners, L.P. Bank of the West Fontana III Housing Partners, L.P. Fontana Housing Authority Fontana III Housing Partners, L.P. California Community Reinvestment Corporation Fontana IN Housing Partners, L.P. Wells Fargo Bank Fontana IV Housing Partners, L.P. County of San Bemadino Inland Valley Housing Partners, L.P. Rialto Housing Authority Inland Valley Housing Partners, L.P. Housing Capital Company Inland Valley Housing Partners, L.P. Housing Authmily of San Diego Ken-Tal Housing Partners, L.P. County of San Diego Ken-Tal Housing Partners, L.P. Wells Fargo Malvern Housing Partners, L.P. City of Rancho Cucamonga Malvern Housing Partners, L.P. County of San Bernadine Malvern Housing Partners, L.P. Chase Malvern Housing Partners, L.P. Riverside Redevelopment Agency Mission Village Housing Partners Housing Capital Company Mission Village Housing Partners County of San Bemadino US Bank Montclair RDA Wells Fargo Montclair Redevelopment Agenc% State of Calif. HCD MuniMae TE Bond Subsidiary, LLC City of Oceanside Chase City of Oceanside Montclair Family Housing Partners, L.P. Montclair Family Housing Partners, L.P. Montclair Family Housing Partners, L.P. Montclair Senior Housing Partners LP Montclair Senior Housing Partners LP Oceanside Housing Partners, L.P. Oceanside Housing Partners, L.P. Oceanside Housing Partners, L.P. Oceanside Senior Housing Partners, L.P. Oceanside Senior Housing Partners, L.P. _27_ 6.75% 8,820 1/2036 1,306,189 5.00% (1) 2/2059 2,500,000 0.00% (7) 4/2061 350,000 5.00% (1) 3/2059 7,153,254 5.79°% (4) 4/2036 1,851,000 variable 4/2011 7,353,192 5.00% (1) 7/2060 3,000,000 3.00% (1) 8/2061 14,754,722 7 10% (1) 8/2038 17,556,964 5.00% 1,691 1/2037 303,784 3.00% (1) 10/2059 5,216,424 7.50% 7,500 10/2026 3,535,000 1.00 % (1) 1012056 465,000 3.00% (7) 10/2022 400,000 8.06% 3,699 10/2026 311,090 3.00% (1) 01/2064 2,998,334 2.47% (9) 3/2010 499,997 5.00% (4) 05/2061 1,500,000 7.70% (4) 11/2037 1,345,568 3.000/6 (4) 5/2061 1,943,765 3.00% (1) 1/2011 4,811,439 3 00",% (1) 6 2062 2108.375 3,00% (I) 5!2064 4,151,008 5.75% 23,980 5/2049 4,500,000 3.00% (1) 5/2061 6,244,000 5.08% (4) 8/2062 904,880 3.00% (1) 6/2062 3,772,340 0349 National Community Renaissance of Califomia NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED June 30, 2009 Interest Lender Secured Entity rate Wells Fargo City of Palmdale City of Palmdale Wells Fargo Bank City of Rancho Cucamonga California Community Reinvestment Corporation Rialto Housing Authority County of San Bernardino Department of Housing & Community Development US Bank County of Riverside County of San Diego Red Mortgage Capital San Marcos Redevelopment Agency US Bank Los Angeles CDC City of Santa Fee Spring CDC HACOLA County of San Diego Dept of Housing and Community Development California Community Reinvestment Corporation Community Devel Commission of the City of Santee Department of Housing & Community Development San Diego County Departmem Housing Capital Company Bookfield Univeristy Commons Wells Fargo Department of I lousing & Community Develop. County of San Bernadino US Bank Victorville RDA Palmdale Senior Housing Partners, L.P. 3.50% Palmdale Senior Housing Partners, L.P. 3-00% Palmdale Senior Housing Partners, L.P. 3.00% Rancho Workforce Housing LP 2.74% Rancho Workforce Housing LP 2.38% Monthly principal and interest or other Principal repayment balance as of terms Mawritv 6/30/2009 (9) 12/2009 6,118,486 (1) 12/2052 725,000 (1) 1212052 1,000,000 (9) 9/2010 12,992,273 (1) 9/2063 7,650,520 Rialto Housing Partners, L.P. 7.49% 13,971 3i2031 1,797,100 Rialto Housing Partners, L.P. 3.00% (4) 112056 1,000,000 Rialto Housing Partners, L.P. 0.00% (3) 1/2016 250,000 Riverside Housing Partners, L.P. 3.00% (4) 4/2061 2,930,000 Riverside Housing Partners, L.P. 6.21% 12,099 7/2036 1,535,316 Riverside Housing Partners, L.P. 3.00% (1) 6/2058 4,496,135 San Marcos Housing Partners, L.P. 5.98 % (1) 6/2055 850,000 San Marcos Housing Partners, L.P. 7.93 % 30,613 12/2032 3,914,268 San Marcos Housing Partners, L.P. 3.00% (1) 12/2055 2,931,040 Saute Fe Springs Housing Partners, L.P. 536 % 27,298 4/2034 4,068,233 Saute Fe Springs Housing Partners, L.P. 3.00% (1) 3/2032 942,259 Saute Fe Springs Housing Partners, L.P. 3.00% (1) 3/2057 2,679,176 Same Fe Springs Housing Partners, L.P_ 3.00% (4) 3,2034 900,000 Santee Apartments LP. 3.00% (1) 7',2055 240,000 Santee Apartments L.P. 5.95% (4) 5/2028 2,908,000 Santee Apartments L.P. 3.00% (1) 122055 3,016,248 Santee Apartments L.P. 3.00% (1) 12'2038 3,270.535 Spring Valley Housing Partners, L-P. 3A(1016 (1) 1.20s- 1.815.000 Spring Valley Housing Partners, L.P. 5.90% 12,852 112032 1,951,891 UC Housing Partners, L.P. 200% (3) 11/2059 1,463,164 UC Housing Partners, L.P. 5.60% (4) 1/2037 4,011,868 UC Housing Partners, LP. 3.00% (2) 1/2037 6,382.879 Victorville Housing Partners, L.P. 3.00% (1) 92022 946,397 Victorville Housing Partners, L.P. 6.66% 13,772 10/2021 1.703,332 Victorville Housing Partners, L.P_ 3.00% (1) 12/2057 895,731 _28- �I I 0350 i 0 National Community Renaissance of California NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED June 30, 2009 Monthly principal and interest or other Principal Interest repayment balance as of Lender Secured Entity rate terms Maturity 6/30/2009 San Marcos Redevelopment Villa Serena Apanments, L.P. 3.00% (4) 4/2028 5,842,212 Agency Chase Villa Serena Apartments, L.P. 0.00% (3) 12/2039 337,680 San Marcos Redevelopment Villa Serena Apartments, L.P. 3 00% 1,280 1 /2034 243,587 Agency Chase Villa Serena Apanments, L.P_ 5.80% 17,161 6/2030 1,996,939 NCRC Vista Dunes Housing Partners, L.P. 1.00% (1) 122062 2,101,689 US Bank Vista Dunes Housing Panners, L.P. 6.90% 9,798 2/2039 1,163,558 Department of Housing & Community Development Vista Terraza Housing Partners, L.P. 3.00% (2) 5/2062 7,000,302 US Bank Vista Terraza Housing Partners, L.P. 5.81 % 25,343 5/2037 4,197,618 Western Pacific Housing Vista Terraza Housing Partners, L.P. 4.68% (1) 4/2060 4,673,244 Chase • Yorba Linda Housing Partners, L.P. 5.41% 3,097 6/2035 10,000,000 Yorba Linda Redevelopment Yorba Linda Housing Partners, L.P. 3.00% 30,840 l l/2061 12,418,764 Agency S 493,691,804 Total U ) Payment is based on residual receipts. (2) Payment in the amount of.42%per annum. (3) Full payment at maturity. - (4) Interest only monthly, principal payment at maturity. (5) Residual receipts commencing in 2013. (6) Semi-annual payments on a variable basis. (7) Payments are deferred for 55 years. (8) Principal payments are based on residual receipts. Any remaining balance at maturity is forgiven. (9) Will be converted into a permanent loan at the end of construction. Loan has not been extended. (10) Note to be paid off upon start of construction. Loan has not been extended. ( I I I Construction loan has been extended. (12) Past due and has not been repaid, however the lender has not declared it to be in default *See note below. ** Per management, loan is expected to be repaid with proceeds from re -financing arrangements, and/or investor limited paver capital contributions. • -29- 0351 National Community Renaissance of California • NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED June 30, 2009 *Note Payable La Quinta Redevelopment Aeenc During the year ended June 30, 2008, NCRC acquired a partially constructed project from the La Quinta Redevelopment Agency for $24,000,000 pursuant to the Amended and Restated Affordability Housing Agreement dated October 31, 2007. NCRC gave the La Quinta Redevelopment Agency a Note in that same amount, $24,000,000. The $24,000,000 represented the amount that the La Quinta Redevelopment Agency had spent on construction as of the date of the sale of the partially completed project to NCRC. The note does not bear interest and is automatically forgiven five years after the date that Vista Dunes Housing Partners, L.P. (an entity in which NCRC holds a general partner interest through an affiliate) executes its permanent loan as long as NCRC does not violate any of the agreement covenants. On October 31, 2007, NCRC sold the project to Vista Dunes Housing Partners, L.P. for $5,200,000. The sales price of $5,200,000 was determined by an appraisal commissioned by NCRC. NCRC believes that the fair value of the projects assets sold to Vista Dunes Housing Partners, L.P. is $5,200,000. Therefore, NCRC believes the fair value of the project assets acquired from the Agency by NCRC and the note payable to the La Quinta Redevelopment Agency is each at $5,200,000. The fair value of the $24,000,000 note • at face value is set at $5,200,000 and is reflected on the balance sheet as a note payable. After the note is forgiven, this amount will be reclassified to temporarily restricted net assets for the length of the affordability agreement, 55 years, since NCRC is restricted in its use of the t project. As of June 30, 2009, the annual maturities of long-term debt are as follows: Year ending June 30, 2010 $ 11,939,936 2011 11,525,541 2012 3,133,525 2013 3,328,157 2014 3,506,466 Thereafter 460,258,179 $ 493,691,804 Interest capitalized into project development costs and property, equipment and improvements totaled $1,949,696 for the year ended June 30, 2009. 0352 0 National Community Renaissance of California NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED June 30, 2009 NOTE 7 - LETTER OF CREDIT In June 2001, U.S. Bank National Association issued a Letter of Credit in the amount of $800,000 payable to the County of San Diego, to induce the County to provide funding for the acquisition and rehabilitation of the Village West project in Fallbrook, California. In the event there is a draw under the Letter of Credit, NCRC shall pay the bank the amounts owing and the period of the Letter of Credit shall be a period of one year or less. As of June 30, 2009, no amounts have been drawn. NOTE 8 - EXTENDED AFFORDABILITY AGREEMENT During the year ended June 30, 2008, NCRC received a $42,500,000 donation under the terms of an Extended Affordability Agreement with the Rancho Cucamonga Redevelopment Agency (the Agency), in which NCRC agreed to add certain units to the existing below market units currently specified at four affordable housing properties (the properties) named • in the agreement and to keep all the below market units at each property at the agreed upon below market rate for a minimum of 99 years. The agreement specified that the proceeds shall be split into two parts, of which $12,750,000 is to be transferred to the properties ($5,000,000 of which will be used as specified in the agreement to replace certain hardware and fixtures and $7,750,000 of which was deposited into the property's capital replacement accounts), and the remaining $29,750,000 according to the agreement shall be used by NCRC in accordance with its nonprofit mission. The agreement to keep the properties as regulated affordable housing for a minimum of 99 years is a restriction on NCRC. The restriction is removed as progress is made in satisfying the 99-year term of the rent affordability restriction in the agreement. Consequently, the entire $42,500,000 was initially classified as temporarily restricted net assets on the statement of financial position and approximately $429,300 will be amortized each year to unrestricted net assets beginning in December 2007. During the year ended June 30, 2009, $429,293 of temporarily restricted net assets was released to unrestricted net assets. As of June 30, 2009, NCRC has a balance of temporarily restricted net assets of $41,820,286 attributable to the extended affordability agreement. NOTE 9 - PLEDGE AGREEMENT GRANT On July 24, 1994, NCRC executed a Pledge Agreement with The Redevelopment Agency of the City of Rancho Cucamonga (the Redevelopment Agency). The purpose of the agreement is to enable the Redevelopment Agency to provide NCRC funds on an annual basis over a period of thirty years to assist NCRC in acquiring qualifying apartment projects from the -31- 0353 National Community Renaissance of California NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED June 30, 2009 Redevelopment Agency's set -aside funds. As a result of this agreement NCRC acquired three qualifying projects. NCRC executed a Regulatory Agreement and Declaration of Restrictive Covenants for each of the three projects which impose tenant income and rent restrictions. Over time, the pledge agreement was amended to satisfy certain requirements of the Redevelopment Agency. Currently the Redevelopment Agency is providing annual funding in the amount of $337,600 for the three projects combined which is deposited into the project's replacement reserve accounts. During the year ended June 30, 2009, The Redevelopment Agency funded $506,400 under the Pledge Agreement, and is included in temporarily restricted net assets on the consolidated statement of activities and net assets. The funding is accounted for as temporarily restricted grant income. As expenditures from the replacement reserves are made, temporarily restricted net assets are released in the same amount. During the year ended June 30, 2009, $145,164 of temporarily restricted net assets was released to unrestricted net assets. As of June 30, 2009, NCRC has a balance of temporarily restricted net assets of $4,608,283 attributable to the pledge agreement grant. NOTE 10 - RETIREMENT PLAN NCRC maintains a Voluntary 401(k) Retirement Plan covering substantially all full-time employees of NCRC. The 401(k) salary reduction provision of the plan includes a matching contribution by NCRC based on a percentage of the employee's contribution. Discretionary contributions are determined by management and are allocated to all eligible employees based upon compensation. NCRC's retirement plan contributions for the year ended June 30, 2009 are $418,704. During the year end June 30, 2009, NCRC merged their 401(k) Retirement Plan with United National Preservation Trust Voluntary 401(k) Plan, whose plan sponsor is NCRDC, on February 23, 2009. NOTE I 1 - OPERATING LEASE NCRC leases its office facilities under an operating lease expiring June 14, 2010. The future lease commitment is $335,067. Rent charged to activities for the year ended June 30, 2009 was $370,213 and is included in facility expense in the consolidated statement of activities and net assets. -32- 0354 • National Community Renaissance of California NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED June 30, 2009 NOTE 12 - RELATED PARTY TRANSACTIONS NCRC has significant related party transactions with affiliates. It provides a considerable amount of funding in connection with the development of projects. It also provides development services, construction management services and property management services. In certain cases, NCRC pays operating expenses on behalf of affiliates. These expenses are reimbursed to NCRC on a monthly basis. In certain instances, such as when individual properties may be experiencing cash flow difficulties, repayment may be delayed, providing the property with a source of funds. NCRC earns construction contractor's fees, supervisory management fees and asset management fees, construction supervisory management fees, social services fees and property management fees in connection with services rendered to consolidating entities. Advances due from Related Parties The amounts loaned by NCRC primarily represent development loans to affiliates. These loans are unsecured and due on demand and some bear interest. From time -to -time, NCRC advances funds to NCRDC to cover operating deficits. As of June 30, 2009, such advances totaled $7,161,491, and are included in advances due from related parties on the consolidated statement of financial position. NCRDC's management has indicated their plans, as well as their underlying estimates and assumptions, to repay the advances. The management of NCRC has reviewed the plans, estimates and assumptions of NCRDC and has concluded that the likelihood of future events of NCRDC that would support the repayment of the advances is probable, thus a reserve on the receivable was not deemed necessary. Allocation NCRC allocates 15% of total general and administrative expenses to NCRDC. The allocation is based on a combination of total organization head count and total properties managed by each organization. Development Fee Income All development fee income is earned in connection with the For Profit Housing Affiliates. Development fees associated with affiliates are eliminated in consolidation to the extent the fees are deferred and paid by operations. -33- 0355 f • National Community Renaissance of California . NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED June 30, 2009 NOTE 13 - COMMERCIAL LEASES West Mission Partners, LLC, an entity which NCRC wholly -owns, has entered into three t commercial operating lease agreements. The lease agreements have a term of five years with renewal options of four additional five-year lease terms. All of the leases provide for annual ' rent escalations during the initial lease term, as set forth in the lease agreements. The tenants are also charged for their proportionate share of common area costs as defined in the lease agreements. The renewal options are calculated based on the base rent payable during the month immediately prior to the commencement of such renewal term plus $.25 per rentable square foot of the premises and shall be subject to the annual rent escalations, as defined in the lease agreements. i During the year ended June 30, 2009, rental revenue recognized under the aforementioned leases was $112,174. s As of June 30, 2009, minimum future building rentals are as follows: Year ending June 30, 2010 $ 292,664 2011 298,464 $ 591,128 NOTE 14-GUARANTEES NCRC serves as a general partner in the For Profit Housing Affiliates which invest in affordable housing projects. In its role as general partner, NCRC is liable for recourse liabilities. These projects have been allocated low-income housing tax credits pursuant to Internal Revenue Code Section 42. In connection with their general partnership interests, certain guarantees have been made to the partnerships. 1 Development Deficit Guarani NCRC or affiliates are obligated to pay any development 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. This obligation terminates at achievement of break-even operations, as defined. As of June 30, 2009, no amounts were due under this guaranty. -34- 0356 • National Community Renaissance of California NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED June 30, 2009 Operating Deficit Guaranty NCRC is obligated to make non -interest bearing loans to cover operating shortfalls which are repayable through available cash flow. The guaranty is for a period of three years, commencing with the breakeven date, as defined. As of June 30, 2009, no amounts were due under this guaranty. The following are the projects that are under the operating deficit guaranty, the period covered and the amount of the guaranty: Project Period covered Amount Ken Tal Housing Partners, LP 12/06 - 12/09 $ 425,000 UC Housing Partners, LP 1/07 - 1/10 430,000 Vista Terraza Housing Partners, LP 10/06 - 10/09 675,000 Bell Gardens Housing Partners LP 4/08 - 4/1 1 264,000 HB Housing Partners LP 7/06 - 7/09 859,000 Oceanside Housing Partners LP 11/08 - 11/11 375,000 • Yorba Linda Housing Partners LP 11/09-.I1/12 353,130 Montclair Family Housing Partners LP 1/08 - 1/11 330,000 Courson Senior Housing Partners LP 1/09 - 1/12 280,400 Inland Valley Housing Partners LP 11/08 - 11/11 460,000 Vista Dunes Housing Partners LP 2/09 - 2/12 370,000 Oceanside Senior Housing Partners LP 7/08 - 7/11 50,970 Recapture Guaranty NCRC, or wholly owned affiliates of NCRC, is obligated, in the event of a Tax Credit Recapture, to make payments to the investor limited partner in an amount equal to all amounts received by NCRC from proceeds from sale or refinancing transactions. As of June 30, 2009, no amounts are due under this guaranty. Repayment Guaranty NCRC guarantees a loan payable from a limited partnership in which NCRDC has a general partnership interest, to Housing Capital Company in the amount of $2,825,000 with a maturity date of October 27, 2010. • -35- 0357 National Community Renaissance of California NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED June 30, 2009 NOTE 15 - COMMITMENTS AND CONTINGENCIES Grant and Property Use Restrictions Many of the properties owned and operated by NCRC were developed using monies provided by grants and restrictive, low -interest rate loans. The terms of these loans restrict the use of the property and generally require it be rented to low-income qualified tenants for the period of the grant or related loan term. NCRC also receive grants with restrictions other than property use. Failure to comply with the terms of the grant or the loans would result in a requirement to repay a portion or all of the proceeds received. Surplus Cash and Residual Receipts Certain of the properties owned by NCRC are subject to Ca1HFA regulatory agreements, which restrict the use of the property and limit the use of project cash. Distributions can only be made from surplus cash. Liti ation NCRC is named in various claims and legal actions in the normal course of its business. Based upon the opinion of counsel, management believes the outcome of such matters will not have a material adverse effect on the financial position or changes in the net assets of NCRC. NOTE 16 - SUBSEQUENT EVENTS Management evaluated all activity of NCRC through February 4, 2010 and concluded that no subsequent events have occurred that would require recognition in the financial statements or disclosure in the notes to the financial statements. Subsequent to June 30, 2009, NCRC, acting as a general partner to a Housing Affiliate, purchased property in the amount of $3,465,185 with proceeds from notes payable and contributions from an investor limited partner of the Housing Affiliate. The property was purchased for the purpose of constructing and operating an affordable housing project. 36 - 0358 i i • • SUPPLEMENTAL INFORMATION 0359 1 3 1 1 1 I • • � r C. � ¢ w 0 0 o n o � 4 O w � Z w C _ J m � w W 2 _ Z 3 c r o F � w c U w W Z c c% 0361 11, w F F Y - Q F - F _ - F Z Z 0362 • • > w o. p O N ` N w 0 A U E NQ z N F r+ o z z _ LL _ - a �' ¢ o w 2 O N _ - z 'm K 'Il s w - Z - F- z = w N _ Q - 0363 w PC tV 01 O � C r �n > w } H s n = z = c w ti z z 0364 NO J .00 P - 9 d C C _ un _ _ - • O m � L, P, N � w w U v Z ry o o C � y w w - ry O - J m � � w w Ij rl � w w Y F J W W _ Z C � _ ii Z Z F= 0365 e vmn o < �o mop LL G. O •n - r _ a O - ' VP n n P r a s •m oc mo c w a.,, r _ t-0 w w = m ry P, • O C ry N C 3 P '4 J m O� a •O .� N O n C m rv� •ni• C m P N Om Z O �- _ S � orvoov� a - P o- ry N 1- ', W C O n r P C 1 _ •� C O 0 • - � w w y _ a - c u� "' •A s e o F - m < J Z Z 0366 o 0 Y Z 0367 ry CL _] c P m F� P tV n n ry - n v rn ry Q C ••• C P - ry u d - E _ P P •1 • O rr'1 ❑ W W W O ry _ V V •`-. ry - a c :j - ❑ m w' w - Z Z - r rj W T F s 5 - C t F = ¢ J Z Z e 0363 KI _ oa nz" ry _ V p o U O O W v ry 4 OU m C V � � ry n a ry > = a _Es z LL w 0 0 a 0-' Teo m G U m z C r A� s =tea •�£ `o U - - m y C N h pq II d m J F- a' = G C W G v L.a v 7 m z z c U z O = w - J = z Ll N Z Z - m 5_ F s U ^� P 0370 [, J w -a J W - K � Z o u i 0 H7 �z`:, i- 0371 Z - i- 5 O - _ w z w U Z Z z m S o — z _ Ij t 1 I 0372 .. a A • ,I II it l P4II II III III � w - 0373 0373 w L - C ' F R _ �v _ a z _ J Z W Y 2 _ U z m r �• s •u �(iZ 2 22 UY Z Z m:. (� o. w `� [l • y- i Swa E>. .. 0.' C I Z I J 0375 0 Tr_ r i its _ w w HIM K � C r _ r . — p C J o = w 2 0 w w K_ Z 2 ^ m � w C w w K Ell OUS C ,^e s ��r� =� C v Z Z Z HIM 2 m V 7 a w 0376 E � oil A folio go! 1 Kv 0377 0 z o _ _ z Q � z H x �e z - c x o� r z zZ za w -u- 0378 0 F _ _ - ww-==_-= 0379 0 z � z w w = o � = y Z c O � w 2 w y I 2 — m W E L F W W 2 Z W v Z )_ Z 7_ 0380 w �7 0 o 0381 �t 1 National Community Renaissance of California SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS Year ended June 30, 2009 Pass -through Federal grantor/pass through grantor Federal entity Federal Program title number number expenditures Department of Housing and Urban Development, passed through the California Housing Finance Agency: Qualified Participating Entities (QPE) Risk -Sharing Pilot Program 14.189 N/A $ 9,062,506 Department of Housing and Urban Development, passed through from the City of San Marcos, the City of Hawthorne, the City of Riverside, the County of San Bemadino, the County of San Diego, Long Beach Affordable Housing, the County of Riverside, the City of Victorville and the County of Los Angeles: l HOME Investments Partnership Program 14.239 N/A 11,775,542 Total U.S. Department of Housing and Urban Development and Federal Expenditures $ 20,838,048 NOTE: The accompanying schedule of expenditures of federal awards is presented on the accrual basis of accounting and represent loan balances. The information in this schedule is presented in accordance with the requirements of OMB Circular A-133, "Audits of States, Local Governments, and Non -Profit Organizations." Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of basic consolidated financial statements. -60- 0382 i Remick Lag S ACCOUNTING•i Group oup Reznick Group, PC. 400 Capitol Mail Suite 900 Sacramento, CA 95814-4424 Tel (916) 442-9100 INDEPENDENT AUDITORS' REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS To the Board of Directors National Community Renaissance of California We have audited the consolidated financial statements of National Community Renaissance of California as of and for the year ended June 30, 2009, and have issued our report thereon dated February 4, 2010. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. The financial statements noted in note l were not audited in accordance with Government Auditing Standards. Internal Control Over Financial Reporting In planning and performing our audit, we considered National Community Renaissance • of California's internal control over financial reporting as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the National Community Renaissance of California's internal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness of the National Community Renaissance of California's internal control over financial reporting. Our consideration of internal control over financial reporting was for the limited purpose described in the preceding paragraph and would not necessarily identify all deficiencies in internal control over financial reporting that might be significant deficiencies or material weaknesses. However, as discussed below, we identified a deficiency in internal control over financial reporting that we consider to be a significant deficiency. A control deficiency exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A significant deficiency is a control deficiency, or combination of control deficiencies, that adversely affects the National Community Renaissance of California's ability to initiate, authorize, record, process, or report financial data reliably in accordance with generally accepted accounting principles, such that there is more than a remote likelihood that a misstatement of the National Community Renaissance of California's financial statements that is more than inconsequential will not be prevented or detected by the National Community Renaissance of California's internal control. to -61- www. reznickgroup.com 0:333 Remck Group ACCOUNTING, TAX• BUSINESS ADVISORY We consider the deficiency described in the accompanying schedule of findings and questioned costs item number 2009-1 to be a significant deficiency in internal control over financial reporting. A material weakness is a significant deficiency, or combination of significant deficiencies, that results in more than a remote likelihood that a material misstatement of the financial statements will not be prevented or detected by National Community Renaissance of California's internal control. Our consideration of internal control over financial reporting was for the limited purpose described in the first paragraph of this section and would not necessary identify all deficiencies in the internal control that might be significant deficiencies and, accordingly, would not necessarily disclose all significant deficiencies that are also considered to be material weaknesses. However, we consider item number 2009-1 to be a material weakness. Compliance and Other Matters As part of obtaining reasonable assurance about whether National Community Renaissance of California's financial statements are free of material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit and, accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards. The National Community Renaissance of California's response to the finding identified in our audit is described in the accompanying schedule of findings and questioned costs. We did not audit the National Community Renaissance of California's response and, accordingly, we express no opinion on it. This report is intended solely for the information and use of the audit committee, board of directors, management, others within the entity and federal awarding agencies and is not intended to be and should not be used by anyone other than these specified parties. Sacramento, California February 4, 2010 -62- '4� �, �) 6. f •N 0384 upRemck Group ACCOUNTING -TAX. BUSINM ADVRORY Reznick Group, PC, 400 Capitol Mall Suite 900 Sacramento, CA 95814-4424 Tel: (916) 442-9100 INDEPENDENT AUDITORS' REPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE TO EACH MAJOR PROGRAM AND INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITH OMB CIRCULAR A-133 To the Board of Directors National Community Renaissance of California Compliance We have audited the compliance of National Community Renaissance of California with the types of compliance requirements described in the U.S_. Office of Management and Budget (OMB) Circular A-133 Compliance implement that are applicable to each of its major federal programs for the year ended June 30, 2009. National Community Renaissance of California's major federal programs are identified in the summary of auditors' results section of the accompanying schedule of findings and questioned costs. Compliance with the requirements of laws, regulations, contracts and grants applicable to each of its major federal programs is the responsibility of National Community Renaissance of California's management. Our responsibility is to express an opinion on National Community Renaissance of California's compliance based on our audit. We conducted our audit of compliance in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and OMB Circular A-133, "Audits of States, Local Governments, and Non -Profit Organizations." Those standards and OMB Circular A-133 require that we plan and perform the audit to obtain reasonable assurance about whether noncompliance with the types of compliance requirements referred to above that could have a direct and material effect on a major federal program occurred. An audit includes examining, on a test basis, evidence about National Community Renaissance of California's compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. Our audit does not provide a legal determination of National Community Renaissance of California's compliance with those requirements. In our opinion, National Community Renaissance of California complied, in all material respects, with the requirements referred to above that are applicable to each of its major federal programs for the year ended June 30, 2009. • -63- www.remickgroup.com 0385 Remck LM Group ACCOUNTING. TAX . BUSINESS ADVISORY Internal Control over Compliance The management of National Community Renaissance of California is responsible for establishing and maintaining effective internal control over compliance with the requirements of laws, regulations, contracts and grants applicable to federal programs. In planning and performing our audit, we considered National Community Renaissance of California's internal control over compliance with the requirements that could have a direct and material effect on a major federal program in order to determine our auditing procedures for the purpose of expressing our opinion on compliance, but not for the purpose of expressing an opinion on the effectiveness of internal control over compliance. Accordingly, we do not express an opinion on the effectiveness of National Community Renaissance of California's internal control over compliance. A control deficiency in an entity's internal control over compliance exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect noncompliance with a type of compliance requirement of a federal program on a timely basis. A significant deficiency is a control deficiency, or combination of control deficiencies, that adversely affects the entity's ability to administer a federal program such that there is more than a remote likelihood that noncompliance with a type of compliance requirement of a federal program that is more than inconsequential will not be prevented or detected by the entity's internal control. A material weakness is a significant deficiency, or combination of significant deficiencies, that results in more than a remote likelihood that material noncompliance with a type of compliance requirement of a federal program will not be prevented or detected by the entity's internal control. Our consideration of internal control over compliance was for the limited purpose described in the first paragraph of this section and would not necessarily identify all deficiencies in internal control that might be significant deficiencies or material weaknesses. We did not identify any deficiencies in internal control over compliance that we consider to be material weaknesses, as defined above. This report is intended solely for the information and use of the audit committee, board of directors, management, others within the entity and federal awarding agencies and pass -through entities and is not intended to be and should not be used by anyone other than these specified parties. Sacramento, California February 4, 2010 IME 0386 National Community Renaissance of California SCHEDULE OF FINDINGS AND QUESTIONED COSTS June 30, 2009 A. SUMMARY OF AUDIT RESULTS 1. The auditors' report expresses an unqualified opinion on the consolidated financial statements of National Community Renaissance of California. 2. The significant deficiency disclosed daring the audit of the consolidated financial statements is reported below. The deficiency is reported as a material weakness. 3. No instances of noncompliance material to the consolidated financial statements of National Community Renaissance of California were disclosed during the audit. 4. No significant deficiencies relating to the audit of the major federal award programs are reported in the Consolidated Financial Statements of National Community Renaissance of California. 5. The auditors' report on compliance for the major federal award programs expresses an unqualified opinion. 6. The programs tested as major program was: • Department of Housing and Urban Development HOME Investment Partnership Program - CFDA No. 14.239 7. The threshold for distinguishing Type A and B programs was $300,000. 8. National Community Renaissance of California did not qualify as a low -risk auditee. B. FINDINGS - FINANCIAL STATEMENTS AUDIT Finding 2009-1 Condition: The investment in a joint venture was not properly classified on the National Community Renaissance of California's books. The existence and terms of the joint venture agreement were not communicated to the accounting department. In addition, subsequent investments made to the joint venture were incorrectly expensed and the National Community Renaissance of California's share of the profit from the joint venture was not recorded on its books. -65- 0387 C. •1 National Community Renaissance of California SCHEDULE OF FINDINGS AND QUESTIONED COSTS - CONTINUED June 30, 2009 Criteria: Internal controls should be in place that will provide reasonable assurance that all transactions deriving from the joint venture agreement are properly recorded. Cause: There were no procedures in place to ensure that the joint venture documents were provided to the accounting department. Effect: The investment in the joint venture was not recorded or disclosed in the Organization's books. Recommendation: Management should strengthen procedures to ensure that the accounting department i is provided with all pertinent documents. Response: Management has put procedures in place to ensure that all documents pertaining to any transactions that have an economic impact to the Organization are communicated to all departments that need to be involved, including the accounting department. FINDINGS AND QUESTIONED COSTS - MAJOR FEDERAL AWARD PROGRAMS NONE 1 I -66- • =t_ 0 3 8 8 National Community Renaissance of California AUDITEE'S COMMENTS ON AUDIT RESOLUTION MATTERS June 30, 2009 Finding 2008-1 Section 202 Demonstration Pre -Development Condition: The contractor selection procedures used to award the architectural contract for this grant, as well as a cost and price analysis, was not documented in the procurement file. Additionally, there was no documentation in the procurement file verifying that the contractor was not suspended or debarred. Recommendation: The auditor recommended that the entity should ensure that management and staff charged with administering the grant are aware of all compliance requirements. Current Status: 0 The recommendation was adopted. No similar findings were noted in the 2009 audit. • 67 - 0389 0 2008 Audited Financials l i r I. L( u 0390 D National Community Renaissance of California CONSOLIDATED STATEMENT OF CASH FLOWS Year ended June 30, 2008 Cash flows from operating activities Decrease in net assets S (20,000,450) Increase in temporarily restricted net assets 46,496,626 Adjustments to reconcile decrease in net assets to net cash provided by operating activities Depreciation and amortization 15,900,672 Recognition of deferred grant revenue (4,316,684) Forgiveness of advances to affiliates 6,751,449 Non controlling interest (14,887,278) (Increase) decrease in Accounts receivable (976,257) Developer fee receivable (750,315) Prepaids and other assets 55,559 Increase (decrease)in f Accounts payable and accrued expenses 4,664,861 Security deposits (1,040,441) • Deferred developer fee (3,288,504) Deferred revenue (1,604,227) Net cash provided by operating activities 27,005,011 Cash flows from investing activities Investment in property, equipment and improvements (70,998,050) Advances due from affiliates (1,266,903) Increase in project development costs (2,761,351) Payment of developer fee (200,000) Reserves and restricted deposits (7,890,617) I.' Net cash used in investing activities (83,1 16,921) (continued) -8- i 0391 E National Community Renaissance of California CONSOLIDATED STATEMENT OF CASH FLOWS - CONTINUED Year ended June 30, 2008 Cash flows from financing activities 74,688,455 Proceeds of notes payable (33,779,981) Principal payments on notes payable 318,961 Amounts due to affiliates 25,686,364 Capital contributions (1,569,308) Deferred costs Net cash provided by financing activities 65,344,491 Net increase in cash and cash equivalents 9,232,581 Cash and cash equivalents, beginning of the year 15,334,479 Cash and cash equivalents, end of year $ 24,567,060 • Cash paid during the year for interest $ 11,788,453 Significant noncash activities Property, equipment and improvements include developer fee payable of $2,933,022, and $2,595,834 of deferred developer fee. See notes to consolidated financial statements -9- 0392 National Community Renaissance of California NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2008 NOTE I - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES National Community Renaissance of California (NCRC), formerly known as Southern California Housing Development Corporation, is a nonprofit public benefit corporation formed to assist cities in California in the development of affordable housing. NCRC assists in revitalizing communities through acquisition and rehabilitation of existing housing or through construction of housing. NCRC owns affordable housing properties, provides property management, provides social programs to enhance the quality of life of its residents and serves as general partner for affordable housing projects. NCRC's principal sources of revenue are rental income from tenants, property management fees and developer fees. NCRC and its affiliates receive significant funding from federal, state, and local government subsidies in various forms, including low-income housing tax credits, low -interest rate loans, grants, and rent subsidies for qualifying very -low, low- and moderate income tenants. Principles of Consolidation The consolidated financial statements include the accounts of NCRC and supporting entities in which NCRC and affiliates own 100% interest. Additionally, the consolidated financial statements for the year ended June 30, 2008 include the accounts of 38 limited partnerships in which NCRC owns a minority interest, but has a controlling interest. These entities are included in the consolidation in accordance with EITF 04-5 "Determining Whether a General Partner, or the General Partners as a Group, controls a Limited Partnership or Similar Entity When the Limited Partners Have Certain Rights'. The effective date for EITF 04-05 is June 29, 2005 for all new or modified partnerships and January 1, 2006 for all other existing partnerships. For the year ended June 30, 2007, NCRC adopted EITF 04-05 and determined that the presumption of control for the limited partnerships in which NCRC is the general partner, had not been overcome and as a result, NCRC is required to consolidate the financial statements of those limited partnerships. All significant inter -company balances and transactions have been eliminated in consolidation. NCRC has an economic relationship with National Community Renaissance Development Corporation (NCRDC), a not for profit organization which has an overlapping board, shares employees and facilities. However, each organization has and maintains its separate corporate identity. Neither entity has any voting rights in the other and there are no contractual or oversight requirements imposed on either organization in favor of the other. NCRC has provided voluntary operating advances to NCRDC. As of June 30 NCRC has -10- 0393 9 National Community Renaissance of California NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED June 30, 2008 provided advances totaling $17,030,555 which it has forgiven as of and for the year ended June 30, 2008. NCRC has advanced approximately $4,200,000 during the six months ended December 31, 2008, which NCRC anticipates forgiving. Pursuant to Statement of Position 94-3 (as amended), Reporting of Related Entities by Not - for -Profit Organizations, consolidation of the two organizations is not required. Total assets, liabilities, net assets, revenue and expenses - unaudited as of and for the year ended June 30, 2008 is $87,301,807, $68,713,177, $11,693,396, $17,161,750 and $29,153,031, respectively. The following entities are included in NCRC's financial statements for the year ended June 30, 2008: The nonprofit supporting entities (identified as National Community Renaissance of California in the financial statements) consist of: Southern California Housing Development Corporation of Rancho Cucamonga which owns 100% of the following projects, which were audited in accordance with Government Auditing Standards: • Sycamore Springs Apartments • Mountainside Apartments • Monterey Village Apartments • Northgate Village Apartments Projects and organizations which are owned 100% by NCRC are as follows: • Arbor Villas Apartments • Bravo Mobile Home Park • Cathedral Family Apartments • Cathedral Palms Apartments • Clark Manor Apartments • Colony Apartments • Hawthorne Terrace Apartments • Hope Through Housing Foundation • Impressions Apartments • La Quinta Apartments • Mills Family • Mulberry Apartments • Park Vista Apartments • Rancho Verde Apartments • Renaissance Village Apartments • Sierra Madre Apartments • Summeridge Apartments • Summerwood Apartments • Vista Terraza 11 • West Mission Partners, LLC • Woods Family Apartments -I1- 0394 National Community Renaissance of California NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED June 30, 2008 NCRC has a lease -hold interest in the following projects: • Indian Wells Villas • Mountain View Villas The nonprofit entities who own general partner interests in For Profit Housing Affiliates consist of: Southern California Housing Development Corporation of Los Angeles (SCHDC of Los Angeles) Southern California Housing Development Corporation of Orange County (SCHDC of Orange) Southern California Housing Development Corporation of Riverside County (SCHDC of Riverside) Southern California Housing Development Corporation of the Inland Empire (SCHDC of Inland Empire) . -12- *I I 039 P • 0 National Community Renaissance of California NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED June 30, 2008 The For Profit Housing Affiliates are comprised of For Profit Housing Affiliate Non Profit General Partner Anaheim Revitalization Partners, L.P. SCHDC of Los Angeles 0.005% 0.001% Anaheim Revitalization Partners 11, L.P. SCHDC of Los Angeles 0.005% Anaheim Revitalization Partners III, L.P. SCHDC of Los Angeles Anaheim Revitalization Partners IV, L.P. SCHDC of Los Angeles 0.01% Autumn Ridge Apartments L.P. SCHDC of Orange 0.01% 0.01% Bell Gardens Housing Partners, L.P. SCHDC of Los Angeles 0.011/0 Bell Housing Partners L.P. SCHDC of Los Angeles 0.01% Bolt Housing Partners L.P. SCHDC of Orange 0.01% Copper Hills Apartments L.P. SCHDC of Orange 0 01 % Corona de Oro Apartments L.P. SCHDC of Orange SCHDC of Los Angeles Q01% Courson Senior Partners, L-P. East Rancho Verde Housing Partners, L.P. SCHDC of Inland Empire 0.01% Escondido Senior Housing Partners, L.P. SCHDC of Orange 0.01% 0.01% Escondido Housing Partners, L.P. SCHDC of Orange 0-10% Executive Lodge Apartments, L. P. SCHDC of Orange 0.01% Fontana Housing Partners, L.P. SCHDC of Orange 0.005% Fontana II Housing Partners, L.P. SCHDC of Orange 0.005% Fontana III Housing Partners, L.P. SCHDC of Orange 0.01% Inland Valley Housing Partners, L.P. SCHDC of Inland Empire 0.005% Ken Tal Housing Partners, L.P. SCHDC of Orange 0.01% Malvern Housing Partners, L.P. SCHDC of Riverside 0.01% Mills Family Housing Partners, L.P. SCHDC of Inland Empire 0.01% Montclair Family Housing Partners, L.P. SCHDC of Inland Empire 0.01 %f Oceanside Housing Partners, L.P. SCHDC oOrange 0.01% Oceanside Senior Housing Partners, L.P. SCHDC of Orange 0.01% Palmdale Senior dousing Partners, L.P. SCHDC of Los Angeles 0.01% Rialto Housing Partners, L.P. SCHDC of Inland Empire 0.01 % Riverside Housing Partners, L.P. SCHDC of Inland Empire 0.005% San Marcos Housing Partners, L.P. SCHDC of Orange 0.01% Santa Fe Springs Housing Partners, L.P. SCHDC of Los Angeles 0.0 1°G, Santee Apartments, L.P. SCHDC of Orange SCHDC of Orange 0.01 % Spring Valley Housing Partners L.P. SCHDC of Orange 0.01 % Vi Housing Partners, L.P. Housing Partners, L.P. Villa SCHDC of Inland Empire 201 "t, Villa Serena Apartments, L.P. Sere SCHDC of Orange - 0.01'G, 0.01% Vista Dunes Housing Partners, L.P. SCHDC of Inland Empire 0.01% Vista Housing Partners, L.P. SCHDC of Inland Empire 0.01% Yorba Linda Housing Partners, L.P. Linda SCHDC of Orange -13- 0396 National Community Renaissance of California NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED June 30, 2008 Financial Statement Presentation NCRC conforms to Statement of Financial Accounting Standards (SEAS) No. 117, "Financial Statements of Not -for -Profit Organizations." Under SFAS No. 117, NCRC is required to report information regarding its financial position and activities according to three classes of net assets: unrestricted net assets, temporarily restricted net assets, and permanently restricted net assets. Information is required to segregate program service expenses from general and administrative expenses. NCRC also conforms to SFAS No. 116, "Accounting for Contributions Received and Contributions Made." In conformity with SFAS No. 116, contributions received are recorded as unrestricted, temporarily restricted or permanently restricted support depending on the existence and/or nature of any donor restrictions. Use of Estimates t 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. Those estimates and assumptions affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Estimates of future operations were made by management in the calculation of the amount of development fee recognized under FASB 66. Cash and Cash Equivalents and Reserve for Security Deposits NCRC considers all highly -liquid investments purchased with an original maturity of three months or less to be cash equivalents. Reserves and Restricted Deposits Reserves and restricted deposits primarily consist of replacement reserves, property tax and insurance escrows, operating reserves, debt service reserves, and construction draw reserves. Such reserves are required by various financing authorities, lenders or stipulations in the applicable partnership or operating agreements. � 0 ri J97 `J National Community Renaissance of California NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED June 30, 2008 Accounts Receivable and Bad Debts Tenant accounts receivable are reported net of an allowance for uncollectible amounts. Management's estimate of the allowance is based on historical collection experience and a review of the current status of tenant accounts receivable. It is reasonably possible that managements estimate of the allowance will change. Advances Due from Affiliates The advances from affiliates are reported net of an allowance for doubtful accounts. Management's estimate of the allowance is based on expected future operating performance and other factors. It is reasonably possible that management's estimate of the allowance will change. As of the year ended June 30, 2008, no allowance was required. Protect Development Costs • NCRC incurs costs in connection with properties it is considering for development as well as costs associated with properties in the initial stages of development. These costs include such items as market studies, purchase options, environmental study costs, legal and accounting costs. Project development costs are capitalized until such time as the project is no longer considered desirable or feasible, at which time the costs are expensed. Project development costs related to projects that are ultimately developed are recorded as receivables to be repaid by the applicable projects. Property Equipment and Improvements Property, equipment and improvements are recorded at cost. Expenditures for maintenance and repairs are expensed as incurred, while major renewals and betterments are capitalized. The resulting gains and losses are reflected in the consolidated statement of activities and net assets. Depreciation is computed on a straight-line basis. Costs of properties constructed or rehabilitated include all direct costs of construction as well as carrying costs during the construction period and indirect costs of construction, supervision and management. Upon disposal of depreciable property, the appropriate property accounts are reduced by the related costs and accumulated depreciation computed using the straight-line method. The estimated useful lives are as follows: Buildings and improvements Furniture and fixtures Equipment • EF7M 15 - 40 years 7 years 5 years 0398 National Community Renaissance of California NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED June 30, 2008 It is NCRC's policy to capitalize expenditures for improvements, furniture, fixtures and equipment exceeding $2,500. During the year ended June 30, 2008, NCRC and its Housing Affiliates acquired land and buildings, for the purpose of construction, rehabilitation and operation as affordable rental Property. The properties were acquired with cash and notes payable. The purchase price was allocated to land and buildings based on their respective fair values as set forth below: Land Buildings Deferred Costs $ 19,147,433 10,175,567 $ 29,323,000 Financing fees are amortized over the term of the loan using the straight-line method. Accounting principles generally accepted in the United States of America require that the effective yield method be used to amortize financing costs; however, the effect of using the straight-line method is not materially different from the results that would have been obtained under the effective yield method. Costs related to obtaining low-income housing tax credits are being amortized using the straight-line method over the mandatory 15-year compliance period. Costs related to obtaining leasehold interests are capitalized and amortized on the straight- line method over the life of the related ground lease. The table below indicates the value of each component within the deferred costs line item on the statement of financial position: Mortgage Tax credit Leasehold financing costs monitoring fees interests Total Cost $ 9,502,735 $ 1,218,865 $ 7,212,171 $ 17,933,771 Accumulated (2,010,978) (400,374) (929,199 (3,340,551) Net $ 7,491,757 $ 818,491 $ 6,282,972 $ 14,593,220 16- 0399 I • National Community Renaissance of California NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED June 30, 2008 Annual amortization for each of the next five years is as follows: Mortgage Tax credit Leasehold financing costs monitoring fees interests Total 2009 $ 409,564 $ 89,741 $ 105,174 11 604,479 2010 346,104 75,894 105,174 527,172 2011 343,143 72,929 105,174 521,246 2012 321,220 72,929 105,174 499,323 2013 311,362 70,258 105,174 486,794 Impairment of Lome -Lived Assets In accordance with SFAS No. 144, "Accounting for the Impairment or Disposal of Long - Lived Assets," NCRC reviews the rental property for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. If the fair value is less than the carrying amount of the asset, an impairment loss is recognized for the difference. No asset impairment losses have been recognized as of June 30, 2008. Fair Value The carrying amounts of NCRC's cash and cash equivalents, receivables, payables and accrued expenses approximate fair value due to the short-term nature of these instruments. The fair value of NCRC's due from affiliates and notes payable is assessed by management based on analysis of underlying investments and historical trends. Impairment reserves are provided as necessary. It is impracticable to estimate the fair value of NCRC's financial guarantees because there are no quoted market prices for transactions that are similar in nature. Revenue Reco niion Rental income is recognized as rentals become due. Rental payments received in advance are deferred until earned. All leases between the projects and the tenants of the projects are operating leases. -17- 0 4 I'D National Community Renaissance of California NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED June 30, 2008 NCRC earns contractor and general contractor fees based on services provided to apartment projects of affiliated limited partnerships and wholly owned entities. Construction contractor fees are recognized when earned based on an estimated percentage of direct construction costs incurred. The fees are capitalized into rental property on the projects' books. The fees are eliminated in consolidation along with the associated accumulated depreciation on these capitalized fees. NCRC recognizes development fee income as development of the related projects is completed under a percentage of completion method in accordance with Statement of Financial Standard No. 66, "Accounting for Sales of Real Estate' (FASB 66). Payments for development fees that have been received that are not yet recognizable as revenue in accordance with FASB 66 are recorded as deferred revenue on the consolidated statement of financial position. a Laundry and cable income, prepaid rent, and grants received in advance are deferred until earned. Private Donations i Contributions are recognized as revenue when an unconditional promise, in substance, to give is received by NCRC. All contributions and other types of revenue with restrictions imposed by the donor, if any, are reported as increases in temporarily or permanently restricted net assets depending on the nature of the restrictions. When a restriction expires, temporarily restricted net assets are reclassified to unrestricted net assets. Grants Grants received from governments, agencies and others, which are conditioned upon NCRC incurring certain qualifying costs or meeting other conditions, are recognized as revenue when the qualifying costs are incurred and the possibilities of not meeting the conditions are remote. In general, these conditions require NCRC to maintain ownership of the property and to continue to provide low-income housing as specified in the agreement. Functional Allocation of Expenses The costs of providing the various programs and other activities have been summarized on a functional basis in the consolidated statement of activities and net assets. Directly identifiable expenses are charged to program and supporting services. Expenses related to more than one function are charged to program and supporting services based on systematic methods. 1. 04,1 National Community Renaissance of California NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED June 30, 2008 Income Taxes NCRC is exempt from income taxes under Section 501(c)(3) of the Internal Revenue Code of 1986, as amended, except for income taxes on "unrelated business income," if any. For the year ended June 30, 2008, NCRC did not have any "unrelated business income" subject to income taxes; accordingly, no provision for income taxes for NCRC has been included in the consolidated financial statements. No provision for income taxes is reported in the financial statements of the Housing Affiliates since the income or losses of the For Profit Housing Affiliates are reported by the partners and any taxes are paid by the individual partners. Advertising Advertising costs are expensed as incurred. • Economic Concentrations NCRC invests in property in Southern California which future operations could be affected by changes in economic or other conditions in that geographical area or by changes in federal low-income housing subsidies or the demand for such housing. NOTE 2 - CONCENTRATION OF CREDIT RISK NCRC maintains its cash, reserves, and restricted deposit balances in numerous banks. The balances are insured by the Federal Deposit Insurance Corporation up to $100,000 at each bank. As of June 30, 2008, the majority of the cash balances held at the banks are uninsured. NOTE 3 - RESERVES AND RESTRICTED DEPOSITS The Regulatory Agreement with the California Housing Finance Agency (CalHFA) requires monthly impound deposits for insurance premiums, property taxes and replacements. A capital purchase reserve, which is not required to be replenished, was established at the inception of the loan to replace refrigerators for certain apartment units. These impounds and reserves are held by CaIHFA and expenditures are subject to their supervision and approval. In addition, an operating expense reserve account was also established at the inception of the loan, which is required to be maintained until certain financial conditions are satisfied, as defined in the Regulatory Agreement. -19- 04 J2 •i National Community Renaissance of California NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED June 30, 2008 NCRC holds deposits, restricted by an agreement with the Redevelopment Agency of the City of Rancho Cucamonga and other municipalities, for improvements at the project or for future projects in the City of Rancho Cucamonga and other municipalities. These deposits are held in trust and expenditures are subject to supervision and approval by the Redevelopment Agency and other municipalities. NOTE 4-INVESTMENT On March 30, 2004, NCRC invested in the Housing Partnership Network Group Insurance Initiative, a cooperative of other real estate investment companies, whose purpose is to offer low-cost insurance to companies with a history of low loss ratios. The investment is accounted for under the cost method of accounting since ownership is less than 20%. In 2004, NCRC purchased one share of Class A stock for $10,000, and 277 shares of Class B stock at $1,000 per share. NCRC is entitled to dividend payments in proportion to their investment once they are declared. No dividends were declared for the year ended June 30, 2008. Aft NOTE 5 - PROPERTY, EQUIPMENT AND IMPROVEMENTS Property, equipment and improvements consist of the following as of June 30, 2008: Land $ 77,970,477 Buildings 406,577,983 Improvements 100,629,975 Furniture, fixtures and equipment 14,748,202 Construction in progress 71,758,148 671,684,785 Less eliminations (4,637,369) Less accumulated depreciation (86,069,726) $ 580,977,690 -20- • 04)3 • National Community Renaissance of California NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED June 30, 2008 NOTE 6 - NOTESTAYABLE Notes payable are as follows as of June 30, 2008: Monthly principal and interest or other Principal Interest repayment balance as of Lender Secured property rate terms Maturity 6/30/2008 Washington Mutual Bank Arbor Villas Apartments 6.64% $ 19,214 9/2030 $ 2,460,704 Yorba Linda Redevelopment 0.00% (8) 6/2014 1,126,297 Agency Arbor Villas Apartments County of Riverside - Series A & Bravo Mobile Home Park 5.60% 38,963 3/2029 5,615,000 B Bonds County of Riverside Bravo Mobile Home Park 0.00% (1) 3/2054 520,000 Housing Partnership Fund Cathedral Family Apartments 7.32% (4),** 3/2009 2,475,000 • City of Catherdal City Cathedral Family Apartments 2.00% (12) 255,000 Guaranty Federal Bank Cathedral Palms Apartments 6.50% 5,057 1/2027 653,654 County of Riverside Cathedral Palms Apartments 3.00% 948 12/2026 160,892 City of Cathedral Cathedral Palms Apartments 0.00% (8) 8/2033 I,000,000 Washington Mutual Bank Clark Manor Apartments 4.93% 7,849 8/2033 1,358,399 Long Beach Affordable Housing 4.00% (1) 7/2059 550,000 Coalition, Inc. Clark Manor Apartments 3.00% 2,371 7/2026 395,358 County of San Bernardino Colony Apartments 337,417 County of San Bernardino Colony Apartments 0.00% 4.93% (1) 10,188 8/2033 1,380,717 Washington Mutual Bank Colony Apartments 6.28% 54,804 8/2014 4,076,124 Washington Mutual Bank Corona Del Rey Apartments 3.00% 1,304 8/2028 235,855 County of Riverside Corona Del Rey Apartments 0.00% (8) 9/2009 3,414-144 City of Corona Corona Del Rey Apartments 3.00% (1) 10/2059 1,998,855 Sam's Venture - Hawthorne Hawthorne Terrace Apartments 5.50% 28,329 10/2029 2,976,000 California Statewide Communities Hawthorne Terrace Apartments 4/2020 207,645 City of Hawthorne Hawthorne Terrace Apartments 0.00% (1) 10/2059 250.000 Citv of Hawthorne Hawthorne Terrace Apartments 0.00% 6.06% (1) 8,49 868J06 Washington Mutual Bank Impressions Apartments 0.00% (8)) 81202053 1,660,915 City of Palmdale Impressions Apartments 6.06% 9,361 8/2028 1,015.174 Washington Mutual Bank La Quinta Apartments 0.00% (8) 7/2053 1,836,727 City of Palmdale La Quinta Apartments California Housing Finance Monterey Village Apartments 7.25% 34,791 9/2026 4,228,106 Agency California Housing Finance Mountainside Apartments 7.25% 44,171 9/2027 5,368.037 Agency • -21- 04A National Community Renaissance of California NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED June 30, 2008 Monthly principal and interest or other Principal Interest repayment balance as of Lender Secured property rate terms Maturity 6/30/2008 Washington Mutual Bank Mulberry Villas Apartments Housing Capital Company NCRC Temecula Valley Bank NCRC County RDA/CDC NCRC Wells Fargo Bank NCRC Wells Fargo Bank - NCRC Wells Fargo Bank NCRC California Housing Finance Agency Northgate Village Apartments Victorville Redevelopment Agency Northgate Village Apartments Washington Mutual Bank Park Vista Apartments City of Palmdale Park Vista Apartments Washington Mutual Bank Rancho Verde Village ARCS Commercial Mortgage Company, L.P. Renaissance Village Apartments County of San Bernardino Renaissance Village Apartments Washington Mutual Bank Summeridge Apartments Housing Authority of the County - of San Diego Summeridge Apartments County of San Diego Department of Housing and Community Development Summeridge Apartments Washington Mutual Bank Summerwood Apartments City of Palmdale Summerwood Apartments California Housing Finance Agency Sycamore Springs Apartments City of San Marcos West Mission Apartments Discovery Bank West Mission Apartments Hudson FIT, LP Woods Family Apartments Enterprise Community Loan Fund, Inc Woods Family Apartments California Community Anaheim Revitalization Partners 11, Reinvestment Corporation L.P. -72- 5.10% 2,247 8/2033 1,409,626 5.75% (4) 12/2009 4,459,866 9.50% (10) 2/2009 470,000 4.88% (13),* 12/2062 5,200,000 2.00% (4) 11/2012 400,000 2.00% (4) 11/2009 750,000 8.25% (4) 2/2013 1,000,000 6.00% 33,444 9/2034 5,243,173 3.00% (5) 12/2035 1,472,800 6.06% 1,762 8/2028 245,698 0.00% (8) 7/2053 761,335 4.53% (4) 4/2025 3,504,162 7.54% 17,112 10/2026 2,036,917 3.00% 2,978 3/2024 449,921 6.05% 29,151 8/2031 3,988,379 3.00% (1) 312011 1,000,000 3.00% (1) 3/2011 820,517 5.99% 6,141 2/2028 663,463 0.00% (8) 1/2053 2,123,767 7.25% 30,186 9/2026 3,668,504 3.00% (1) 5/2031 1.320.000 5.40% 4,698 9/2013 554.031 837% (3),** 1/2009 550.000 7.50% (3),** 1/2009 2,700,000 6.72% 40,455 5/2035 6,032,976 I I I • I i 3 04J5 I National Community Renaissance of Califomia NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED June 30, 2008 Monthly principal and interest or other Principal Interest repayment balance as of Lender Secured propertv rate terms Maturitv 6/30/2008 Anaheim Housing Authority Anaheim Revitalization Partners 11, L. P. 4.00% (I) 4/2060 7,260,000 California Community Anaheim Revitalization Partners IIL L.P. 6.50% 22,312 1/2037 3,473,334 Reinvestment Corporation California Community Anaheim Revitalization Partners I11, L.P. 7.00% 4,045 1/2022 424,705 Reinvestment Corporation Anaheim Housing Authority Anaheim Revitalization Partners III, L.P. 4.00% (1) 2/2061 7,900,000 Anaheim Housing Authority Anaheim Revitalization Partners IV, L.P. 4.00% (I) 7/2064 5,212,391 • California Community Anaheim Revitalization Partners IV, L.P. 7.00% ** 8/2038 1,714,847 Reinvestment Corporation California Community Anaheim Revitalization Partners, 7.00% 7R,572 3/2032 L0,902,503 Reinvestment Corporation L.P. Anaheim Housing Authority Anaheim Revitalization Partners, 12/2054 12,400,000 L. P. 4.00% (1) Redevelopment Agency of the City Autumn Ridge Apartments' L.P. 3.00% (I) 1/2035 2,994,503 of San Marcos Redevelopment Agency of the City Autumn Ridge Apartments, L.P. 7.65% 63,732 8l2037 8,915,977 of San Marcos Redevelopment Agency of the City Autumn Ridge Apartments, L.P. 3.00% (I) I/2035 440,000 of San Marcos Redevelopment Agency of the City Autumn Ridge Apartments, L.P. 3.00% (I) 1/2055 1,800,000 of San Marcos County of San Diego Autumn Ridge Apartments, L.P. 3.00% (1) 3/2055 00,000 California Statewide Communities Bell Gardens Housing Partners, L.P. 7.19% (4) 3/2037 6,999,678 Devel Authority County of Los Angeles Bell Gardens Housing Partners, L.P. 3.00% (1) 3/2062 2 785.367 Bell Gardens Community Bell Gardens Housing Partners-, L.P. 3.00% (I) 4/2060 3,812,203 Development Commission Community Devel Commission of Bell Housing Partners L.P. 3.00% (1) 3/2033 1,886,091 the County of LA Washington Mutual Bank Bell Housing Partners L.P. 0.00% (3) 1/2034 240,000 Washington Mutual Bank Bell Housing Partners L.P. 6.25% 9,623 1/2034 1,291,762 Housing Authority of the County Bell Housing Partners' L.P. 3.00% (1) 3/2033 1,000,000 of Los Angeles San Diego Housing Commission Bolt Housing Partners L.P. 3.00% (I) 11/2056 1,418,838 • _23_ 04-96 National Community Renaissance of California NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED June 30, 2008 Monthly principal and interest or other Principal Interest repayment balance as of Lender Secured property rate terms Maturity 6/30/2008 California Community Reinvestment Corporation Washington Mutual Bank Community Devel Commission of National City City of Corona Redevelopment Agency of the City of Corona Citibank Federal Home Loan Bank Wells Fargo City of Palmdale City of Palmdale -Home City of Rancho Cucamonga Washington Mutual Bank County of San Bernardino City of Escondido Department of Housing & Community Development California Community Reinvestment Corporation City of Escondido City of West Covina Washington Mutual Bank Washington Mutual Bank California Community Reinvestment Corporation Bank of the West City of Fontana California Community Reinvestment Corporation City of Fontana Bank of the West Fontana Housing Authority California Community Reinvestment Corporation Bolt Housing Partners L.P. 6.30% (6) 1/2033 1,016,932 Copper Hills Apartments, L.P. 6.95% 17,210 6/2031 2,367,984 Copper Hills Apartments, L.P. 3.00% (1) 1/2054 6,854,037 Corona de Oro Apartments, L.P. 1.00% (4) 1/2055 149,900 Corona de Oro Apartments, L.P. 3.00% 11,813 1/2055 4,725,000 Corona de Oro Apartments, L.P. 7.25% 8,784 7/2032 1,198,898 Corona de Oro Apartments, L.P. 0.00% (3) 6/2032 181,873 Courson Senior Partners, L.P. 6.88% (4) Const Ln 5,334,215 Courson Senior Partners, L.P. 3.00% (I) 06/2062 1,676,310 Courson Senior Partners, L.P. 3.00% (1) 12/2060 2,710,825 East Rancho Verde Village, L.P. 1.50% (4) 10/2026 3,557,557 East Rancho Verde Village, L.P. 5.13% If 1), ** Const Ln 363,529 East Rancho Verde Village, L.P. 3.00% (1) 3/2063 1,100,000 Escondido Housing Partners, L.P. 3.00% (1) 6/2055 2,090,635 Escondido Housing Partners, L.P. Escondido Housing Partners, L.P. Escondido Senior Housing Partners, L.P. Executive Lodge Apartments, L.P. Executive Lodge Apartments, L.P. Executive Lodge Apartments, L.P. Fontana Housing Partners, L.P Fontana Housing Partners, LP Fontana Housing Partners, L.P. 3.00% (1) 1/2060 1,341,909 6.41% (4) 8/2026 1,422,000 5.32% (1) 6/2071 4,162,741 3.00% (1) 4/2038 5,617,867 0.00% (3) 1/2015 214,000 6.20% 12,472 1/2030 1,778,513 7.30% 10.284 8/2033 1.421,349 3.00% (1) 9/2033 1,500,000 0.00% (3) 9/2033 500,000 Fontana 11 Housing Partners, L.P. 6.75% 8,820 1/2036 1,323,243 Fontana 11 Housing Partners, L.P. 5.00% (1) 2/2059 2,500,000 Fontana Ill Housing Partners, L.P. 0.00% (7) 4/2061 350,000 Fontana III Housing Partners, L.P. 5.00% (I) 3/2059 7,153,254 Fontana III Housing Partners, L.P. 5.79% (4) 4/2036 1,879,000 -24- 04J7 0! National Community Renaissance of Calitomia NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED June 30, 2008 Monthly principal and interest or other Principal Interest repayment balance as of Lender Secured properly rate terns Maturity 6/30/2008 County of San Bemadino Inland Valley Housing Partners, 7/2060 3,000,000 L.P. 5.00°% (1) Rialto Housing Authority Inland Valley Housing Partners. 3.00% (1) 8/2061 14,754,722 L.P. Housing Capital Company Inland Valley I lousing Partners, 7.10% (1) 8/2038 15,055,130 Housing Authroity of San Diego L.P. Ken -Tat Housing Partners, L.P. 5.00% 1,691 1/2037 10/2059 308,751 5,128,542 County of San Diego Ken-Tal Housing Partners, L.P. 3.00°% (1) 7,500 10/2026 3,625,000 Wells Fargo Malvern Housing Partners, L.P. 7.50% 1.00% (1) 10/2056 375,000 City of Rancho Cucamonga Malvern Housing Partners, L.P. Malvern Housing Partners, L.P. 3.00% (7) 10/2022 400,000 • County of San Bemadino Washington Mutual Bank Malvern Housing Partners, L.P. 8.06% 3,699 10/2026 319,029 Montclair RDA Mills Family Housing Partners, L.P. 3.00% Const Ln 3,650,000 County of San Bemadino Montclair Family Housing Partners, 05/2061 1,500,000 L.P. 5.00% (4) US Bank Montclair Family Housing Partners, Z70% (4) 11/2037 1,357,213 L.P. Montclair RDA Montclair Family Housing Partners, 3.00% (4) 5/2061 1,943,765 L.P. _ California Statewide Communities Oceanside Housing Partners, L.P. 5.75"/° 29,409 6/2061 13,625,000 Devel Authority City of Oceanside Oceanside Housing Partners, L.P. 3.00°% (1) 5/2049 5,597,872 Washington Mutual Bank Oceanside Senior Housing Partners, 8/2002 3,499,596 L.P. 5.08% (4) City of Oceanside Oceanside Senior Housing Partners-, 6/2062 2,104 922 L.P. 3.00°% (1) Wells Fargo Palmdale Senior Housing Partners, variable ** Const Ln 3267,227 L_p City of Palmdale Palmdale Senior Housing Partners. 100% ** Const Ln 959,750 L P California Community Rialto Housing Partners, L.P. 7.49% 13,971 3/2031 I,828,842 Reinvestment Corporation Rialto Housing Partners, L.P. g 3.00% (4) 1/2056 1,000,000 Rialto Housing Authority Rialto Housing Partners, L.P. 0.00% ' (3) 1/2016 250,000 County of San Beradino Department of Housing & Riverside Housing Partners, L.P. 3.00% (q) 4/2061 2,93Q,000 Community Development Riverside Housing Partners, L.P. 621 % 12,099 7/2036 1,555,277 US Bank -25- 04')8 National Community Renaissance of California NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED June 30, 2008 Lender Secured property County of Riverside Riverside Housing Partners, L.P. County of San Diego San Marcos Housing Partners, L.P. Red Mortgage Capital San Marcos Housing Partners, L.P. San Marcos Redevelopment Agency San Marcos Housing Partners, L.P. US Bank Sante Fe Springs Housing Partners, L.P. Los Angeles CDC Sante Fe Springs Housing Partners, L.P. City of Santa Fee Spring CDC Sante Fe Springs Housing Partners, L.P. HACOLA Same Fe Springs Housing Partners, L.P. County of San Diego Department of Housing and Community Development Santee Apartments L.P. California Community Reinvestment Corporation Santee Apartments L.P. Community Devel Commission of the City of Santee Santee Apartments L.P. Department of Housing & Community Development Santee Apartments L.P. San Diego County Department Spring Valley Housing Partners, L.P. Housing Capital Company Spring Valley Housing Partners, L.P. Bookfield Univeristy Commons UC Housing Partners, L.P. Wells Fargo UC Housing Partners, L.P. 26 - Monthly principal and interest or other Principal Interest repayment balance as of rate terms Maturity 6/30/2008 3.00% (I) 6/2058 4,496,135 5.98% (1) 6/2055 850,000 7.93% 30,613 12/2032 3,968,854 3.00% 1(1) 12/2055 2,931,040 5.36% 27,298 4/2034 4,140,175 3.00% (1) 3/2032 972,217 3.00% (1) 3/2057 2,679,176 3.00% (4) 3/2034 900,000 3.00% (1) 7/2055 240,000 5.95% (4) 5/2028 2,989,000 3.00% (1) 12/2055 3,016,248 3.00% (1) 12/2038 3,270,535 3.00% (I) 1/2057 1,825,000. 5.90% 12,852 12/2032 1,989,731 2.00% (3) 11/2059 1,463,164 5.60% (4) 1/2037 4.068,871 04J9 I I i I • 0 National Community Renaissance of California NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED June 30, 2008 Lender Secured property Interest rate Monthly principal and interest or other repayment terms Maturity Principal balance as of 6/30/2008 Department of Housing & UC Housing Partners, L.P. 3.00% (2) 1/2037 6,382,879 Community Develop. County of San Bemadino Victorville Housing Partners, L.P. 3.00% (1) 9/2022 959,949 US Bank Victorville Housing Partners, L.P. 6.66% 13,772 10/2021 1,727352 Victorville RDA Victorville Housing Partners, L.P. 3.00% (I) 12/2057 905,693 San Marcos Redevelopment Villa Serena Apartments, L.P. 3.00% (4) 4/2028 5,842,212 Agency Washington Mutual Bank Villa Serena Apartments, L.P. 0.00% (3) 12/2039 337,680 San Marcos Redevelopment Villa Serena Apartments, L.P. 3.00% 1,280 1/2034 251,330 Agency Washington Mutual Bank Villa Serena Apartments, L.P. 5.80% 17,161 6/2030 2,044,734 City of La Quinta Vista Dunes Housing Partners, L.P. 3.00% (1),** Const Ln 1,454,873 US Bank Vista Dunes Housing Partners, L.P. 3.00% (1),** Const Ln 1,317,152 Department of Housing & Vista Terraza Housing Partners, L.P. 3.00% (2) 5/2062 7,000,302 Community Development Vista Terraza Housing Partners, L.P. 5.81% 25,343 5/2037 4,252,607 US Bank Western Pacific Housing Vista Terraza Housing Partners, L.P. 4.68% (1) 4/2060 4,673,244 Washington Mutual Bank Yorba Linda Housing Partners, L.P. 6.07% 24,857 6/2035 4,846,707 Washington Mutual Bank Yorba Linda Housing Partners, L.P. 5.41% 3,097 6/2035 5,153,293 Yorba Linda Redevelopment Yorba Linda Housing Partners, L.P. 3.00% 30,840 11/2061 8,624 713 Agency $428,424,135 Total (1) Payment is based on residual receipts. (2) Payment in the amount of .42% per annum. (3) Full payment at maturity. (4) Interest only monthly, principal payment at maturity. (5) Residual receipts commencing in 2013. (6) Semi-annual payments on a variable basis. (7) Payment are deferred for 55 years. (8) Principal payments are based on residual receipts. Any remaining balance at maturity is forgiven. (9) Line of credit was paid off subsequent to balance sheet date. (10) Per management, line of credit extension is in progress. (11) Will be rolled into permanent loan at the end of construction. (12) Note to be paid off upon start of construction. *See note below. ** Loan is expected to be repaid with proceeds from re -financing arrangements, • -27- 0410 National Community Renaissance of California NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED June 30, 2008 *Note Payable La Quinta Redevelopment A ency During the year NCRC acquired a partially constructed project from the La Quinta Redevelopment Agency for $24,000,000 pursuant to the Amended and Restated Affordability Housing Agreement dated October 31, 2007. NCRC gave the La Quinta Redevelopment Agency a Note in that same amount, $24,000,000. The $24,000,000 represented the amount that the La Quinta Redevelopment Agency had spent on construction as of the date of the sale of the partially completed project to NCRC. The note does not bear interest and is automatically forgiven five years after the date that Vista Dunes Housing Partners, L.P. (an entity in which NCRC holds a general partner interest through an affiliate) executes its permanent loan as long as NCRC does not violate any of the agreement covenants. On October 31, 2007, NCRC sold the project to Vista Dunes Housing Partners, L.P. for $5,200,000. The sales price of $5,200,000 was determined by an appraisal commissioned by NCRC. NCRC believes that the fair value of the project's assets sold to Vista Dunes Housing Partners, L.P. is $5,200,000. Therefore, NCRC believes the fair value I of the project assets acquired from the Agency by NCRC and the note payable to the La Quinta Redevelopment Agency is each at $5,200,000. The fair value of the $24,000,000 note at face value is set at $5,200,000 and is reflected on the balance sheet as a note payable. After the note is forgiven, this amount will be reclassified to temporarily restricted net assets for the length of the affordability agreement, 55 years, since NCRC is restricted in its use of the project. As of June 30, 2008, the annual sinking fund and maturities of long-term debt are as follows: Year ending June 30, 2009 $ 89,902,294 2010 6,469,295 2011 3,882,429 2012 4,027,352 2013 4,199,360 Thereafter 319,943,405 $ 428,424,135 Several loans include regulatory and other loan agreements which require impound deposits for insurance premiums and property taxes. Furthermore, many agreements require reserve funds for repair and maintenance, debt service and operations. Generally, these funds are held in trust and expenditures are subject to approval by the lender or agency involved with 28 - 0411 • National Community Renaissance of California NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED June 30, 2008 the project. Amounts are included in the consolidated statement of financial position as reserves and restricted deposits. Interest capitalized into project development costs and property, equipment and improvements totaled $2,333,488 for the year ended June 30, 2008. NOTE 7 - LETTER OF CREDIT In June 2001, U.S. Bank National Association issued a Letter of Credit in the amount of $800,000 payable to the County of San Diego, to induce the County to provide funding for the acquisition and rehabilitation of the Village West project in Fallbrook, California. In the event there is a draw under the Letter of Credit, NCRC shall pay the bank the amounts owing and the period of the Letter of Credit shall be a period of one year or less. As of June 30, 2008, no amounts have been drawn. • NOTE 8 - EXTENDED AFFORDABILITY AGREEMENT During the year NCRC received a $42,500,000 donation under the terms of an Extended Affordability Agreement with the Rancho Cucamonga Redevelopment Agency (the Agency), in which NCRC agreed to add certain units to the existing below market units currently specified at four affordable housing properties (the properties) named in the agreement and to keep all the below market units at each property at the agreed upon below market rate for a minimum of 99 years. The agreement specified that the proceeds shall be split into two parts, of which $12,750,000 is to be transferred to the properties ($5,000,000 of which will be used as specified in the agreement to replace certain hardware and fixtures and $7,750,000 of which was deposited into the property's capital replacement accounts), and the remaining $29,750,000 according to the agreement shall be used by NCRC in accordance with its nonprofit mission. The agreement to keep the properties as regulated affordable housing for a minimum of 99 years is a restriction on NCRC. The restriction is removed as progress is made in satisfying the 99 year term of the rent affordability restriction in the agreement. Consequently, the entire $42,500,000 is classified as temporarily restricted net assets on the balance sheet and approximately $429,300 will be amortized each year to unrestricted net assets beginning in December 2007. During the year ended June 30, 2008, $250,421 of temporarily restricted net assets was released to unrestricted net assets. As of June 30, 2008, NCRC has a balance of temporarily restricted net assets of $42,249,579 attributable to the extended affordability agreement. • -29- 0412 National Community Renaissance of California NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED June 30, 2008 NOTE 9 - PLEDGE AGREEMENT GRANT On July 24, 1994, NCRC executed a Pledge Agreement with The Redevelopment Agency of the City of Rancho Cucamonga ("the Redevelopment Agency"). The purpose of the agreement is to enable the Redevelopment Agency to provide NCRC funds on an annual basis over a period of thirty years to assist NCRC in acquiring qualifying apartment projects from the Redevelopment Agency's set -aside funds. As a result of this agreement NCRC acquired three qualifying projects. NCRC executed a Regulatory Agreement and Declaration of Restrictive Covenants for each of the three projects which impose tenant income and rent restrictions. Over time, the pledge agreement was amended to satisfy certain requirements of the Redevelopment Agency. Currently the Redevelopment Agency is providing annual funding in the amount of $337,600 for the three projects combined which is deposited into the project's replacement reserve accounts. During the year ended June 30, 2008, The Redevelopment Agency funded $92,000 under the Pledge Agreement, and is included in temporarily restricted net assets on the consolidated statement of activities and net assets. The funding is accounted for as temporarily restricted grant income. These amounts were • previously classified as deferred revenue, and during the year ended June 30, 2008, they are recognized as revenue in the current period_ The recognized revenue of $4,316,684 will be classified as temporarily restricted net assets as of June 30, 2008. As expenditures from the replacement reserves are made, temporarily restricted net assets are released in the same amount. During the year ended June 30, 2008, $161,637 of temporarily restricted net assets was released to unrestricted net assets. As of June 30, 2008, NCRC has a balance of temporarily restricted net assets of $4,247,047 attributable to the pledge agreement grant. NOTE 10 -RETIREMENT PLAN NCRC maintains a Voluntary 401(k) Retirement Plan covering substantially all full-time employees of NCRC. The 401(k) salary reduction provision of the plan includes a matching contribution by NCRC based on a percentage of the employee's contribution. Discretionary contributions are determined by management and are allocated to all eligible employees based upon compensation. NCRC's retirement plan contributions for the year ended June 30, 2008 are $395,200, and are included in salaries and related expenses on the consolidated statement of activities and net assets. NOTE I l - OPERATING LEASE NCRC leases its office facilities under an operating lease expiring November 30, 2009, which has a one year renewal option. The future lease commitment is $433,201. -30- 0413 E National Community Renaissance of California NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED June 30, 2008 Rent charged to activities for the year ended June 30, 2008, was $302,153 and is included in facility expense in the consolidated statement of activities and net assets, and is included in contributions on the consolidated statement of activities and net assets. NOTE 12 - RELATED PARTY TRANSACTIONS NCRC has significant related party transactions with affiliates. It provides a considerable amount of funding in connection with the development of projects. It also provides development services, construction management services and property management services. In certain cases, NCRC pays operating expenses on behalf of affiliates. These expenses are reimbursed to NCRC on a monthly basis. In certain instances, such as when individual properties may be experiencing cash flow difficulties, repayment may be delayed, providing the property with a source of funds. Advances Due from Affiliates • The amounts loaned by NCRC primarily represent development loans to affiliates. These loans are unsecured and some bear interest. The advances are due on demand, and typically repaid when certain events transpire, such as conversion to permanent financing, surplus cash receipts, and proceeds from investor limited partners. The loans and the related interest are eliminated in consolidation, where applicable. • Development Fee Income All development fee income is earned in connection with the Housing Affiliates. Development fees associated with affiliates are eliminated in consolidation to the extent the fees are deferred and paid by operations. Construction Supervisory Management Fees All construction supervisory management fees are earned in connection with the management of construction on properties owned or controlled by NCRC. These fees are eliminated in consolidation. Supervisory and Asset Management Fees Supervisory management fees and asset management fees are earned in connection with the services rendered to the Housing Affiliates. These fees are paid with proceeds from operational activity, and are eliminated in consolidation. 31- 04A National Community Renaissance of California NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED June 30, 2008 Construction Contractor's Fee NCRC earns construction contractor's fees in connection with their role as a general contractor. These fees are eliminated in consolidation. Management Fee Income Substantially all of the management fee income earned by NCRC is for property management services provided to the Housing Affiliates. Management fees associated with the Housing Affiliates are eliminated in consolidation. Forgiveness of Debt NCRC received approval from the Board of Director's Audit Committee to forgive advances to NCRDC, an affiliate which NCRC has financial interest with, and to treat the forgiveness as a reduction to net assets in the year ended June 30, 2008. During the year ended June 30, • 2008, the total amount forgiven was $17,030,555. For the six months ended December 31, 2008, approximately $4,200,000 of additional advances has been made to NCRDC. i NOTE 13 - COMMERCIAL LEASES West Mission Partners, LLC, an entity which NCRC wholly -owns, has entered into three commercial operating lease agreements. The lease agreements have a term of five years with renewal options of four additional five-year lease terms. All of the leases provide for annual rent escalations during the initial lease term, as set forth in the lease agreements. The tenants are also charged, for their proportionate share of common area costs as defined in the lease agreements. The renewal options are calculated based on the base rent payable during the month immediately prior to the commencement of such renewal term plus $.25 per rentable square foot of the premises and shall be subject to the annual rent escalations, as defined in the lease agreements. During the year ended June 30, 2008, rental revenue recognized under the aforementioned leases was $103,391. Minimum future building rentals for the year ended June 30, 2008 are $322,866. 32 - 0415 [-I National Community Renaissance of California NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED June 30, 2008 NOTE 14-GUARANTY NCRC serves as a general partner in the Housing Affiliates which invest in affordable housing projects. In its role as general partner, NCRC is liable for recourse liabilities. These projects have been allocated low-income housing tax credits pursuant to Internal Revenue Code Section 42. In connection with their general partnership interests, certain guarantees have been made to the partnerships. Development Deficit Guaranty NCRC or affiliates are obligated to pay any development 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. This obligation terminates at achievement of break-even operations, as defined. As of June 30, 2008, no amounts were due under these obligations. Operating Deficit Guaranty NCRC is obligated to make non -interest bearing loans to cover operating shortfalls and are repayable through available cash flow. The guaranty is for a period of three years, commencing with the breakeven date, as defined. As of June 30, 2008, no amounts were due under this obligation. The following are the projects that are under the operating deficit guaranty, the period covered and the amount of the guaranty: Period covered Amount Riverside Housing Partners LP 2/06 - 2/09 $ 216,000 Ken Tal Housing Partners, L.P. 12/06 - 12/09 425,000 UC Housing Partners, L.P. 1/07 - 1/10 430,000 Vista Terraza Housing Partners, L.P. 10/06 - 10/09 675,000 Fontana 11 Housing Partners, L.P. 9/05 - 9/08 280,000 Fontana III Housing Partners, L.P. 1/06 - 1/09 280,000 Recapture Guaranty NCRC, or wholly owned affiliates of NCRC, is obligated, in the event of a Tax Credit Recapture, to make payments to the investor limited partner in an amount equal to all amounts received by NCRC from proceeds from sale or refinancing transactions. As of June 30, 2008, no amounts are due under these obligations. -33- 0416 W National Community Renaissance of California NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED June 30, 2008 NOTE 15 - COMMITMENTS AND CONTINGENCIES Grant and Property Use Restrictions Many of the properties owned and operated by NCRC were developed using monies provided by grants and restrictive, low -interest rate loans. The terms of these loans restrict the use of the property and generally require it be rented to low-income qualified tenants for the period of the grant or related loan term. NCRC also receives grants with restrictions other than property use. Failure to comply with the terms of the grant or the loans would result in a requirement to repay a portion or all of the proceeds received. Surplus Cash and Residual Receipts Certain of the properties owned by NCRC are subject to Ca1HFA regulatory agreements, t which restrict the use of the property and limit the use of project cash. Distributions can only be made from surplus cash. Liti ag tion NCRC is named in various claims and legal actionsin the normal course of its business. Based upon the opinion of counsel, management believes the outcome of such matters will not have a material adverse effect on the financial position or changes in the net assets of NCRC. NOTE 16 - SUBSEQUENT EVENTS Subsequent to June 30, 2008, NCRC, acting as a general partner to a Housing Affiliate, purchased property in the amount of $29,066,780 with proceeds from notes payable and contributions from an investor limited partner of the Housing Affiliate. The property was purchased for the purpose of constructing and operating an affordable housing project. On July 9, 2008, NCRC guaranteed a loan payable from a limited partnership in which NCRDC has a general partnership interest, to Housing Capital Company in the amount of $3,750,000. The loan matures on July 9, 2009. - 34 - �f 0417 SUPPLEMENTAL INFORMATION 0 Q418 0 o P • _ _ - P P n • • ~ • O � C O r N v a Z - 'J • rOi V O O O - • • Z ti w a U 4 u _ LLl J w c O w •m'i V N � o v •o y h c N •- — _ Z U ' z w m olm t- d w 5 w z _ L - .` m¢ Q y p Z O Q a J 0 oT P z Q _ P c = N r _ O D J Q Z J Q � c Z � • V � _ � F U u C x w - J Z v Z � z m �3 1-1 r Q n a - ao _ O N m O O � o - 0 0 0 C r= a w z w _ Z _ r _ v _ V^ c➢ m F- - - 2 c C C ~ u - ' Z Z Z J F Q 2❑J Q 4 'J PW 0420 a W• _ - � � P r 3 W n w -_ N O P �. O n r• r . F O �_ _ � 4� O O P r • O r E L 4 - F � w C v c Q c U — _I Z � _ � N w rV �- W _ 4 r r- a W z W Z _ F - = ¢ G _ - F W 9 - Au .n rn un c y 9 9 rLo d0- mvd'V`L n F' Joy`f O z. 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O ~ W G v C O L -- z � w u L h w a _ _ J a Q ,w h P O n. •rn J � 1� P •n p ry O V T ry P C rrry .• C T •On H N C r C o- C o Po O gJ r N . . . • . m N -•.. � ry _ c To,o m o 1` O W OO C N IT 1I O a O O - C F- W - _ - Z = c - y J Z Z f 0433 W i- 7 u U = • W c _U� z - - _ V � � z z i c U LL q — a S LL y O � i = L C N wig �L r - zZ s UL .� �Q✓: �L F- L.� Q^DLLs 7 U Z z I 0434 N Y m O m O b�� .n �n W J .•. _ o roJo Y-.doe r V L n C P Pw O L ^ • Qa � 1 2 - J - • • • • • D w •G rNi O n • u .O v U = 5 t W N Q F _ Z - C W _ x a a:6 --• - 6' U L L v J J- J C Q vRI U L F' r1. Q C O LL ✓' Z Ci V Z S W x .Z U K W ,, 0435 • F-xa Z O - V OJ ` C } _ L L • • O � _ A J � r x b d r Q M 60 >x '-0 J x - r r C - N - N_ z ul w e c ~ Z w Y U L C � .� � C U 4 Q N�� 6 'r- v O Q� C C LL •/; Z C :J Z 7 w U Y w 0436 National Community Renaissance of California SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS Year ended June 30, 2008 Federal Federal grantor/pass through grantor CFDA Program title number Department of Housing and Urban Development Section 202 Demonstration Pre -Development 14.157 Pass -through entity identification Federal number expenditures N/A $ 397,000 Department of Housing and Urban Development, passed through the California Housing Finance Agency: Qualified Participating Entities (QPE) Risk -Sharing Pilot Program 14.189 N/A Department of Housing and Urban Development, passed through the City of San Marcos, the City of Hawthorne, the City of Riverside, the County of San Bernadino, the County of San Diego, Long Beach Affordable Housing, the County of Riverside, the City of V ictorville, the County of Los Angeles, and City Home Loan: HOME Investments Partnership Program 14.239 N/A Total U.S. Department of Housing and Urban Development and Federal Expenditures 13,258,939 $ 22,941,127 NOTE: The accompanying schedule of expenditures of federal awards is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of OMB Circular A-133, "Audits of States, Local Governments, and Non -Profit Organizations." Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of basic consolidated financial statements. -54- N 0431 A a -9100 �llf� Remick Remick Group, P.C. Tex 1(91644 2-910 �EtltlYYit�i1� Group 400 Capitol Mall Fax: i916! 442-9103 • P Suite 900 www.reznickgroup.com Sacramento, CA 95814-4424 INDEPENDENT AUDITORS' REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS To the Board of Directors National Community Renaissance of California We have audited the consolidated financial statements of National Community Renaissance of California as of and for the year ended June 30, 2008, and have issued our report thereon dated January 26, 2009. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. The financial statements noted in Note 1 were audited in accordance with Government Auditing Standards. Internal Control Over Financial Reporting • In planning and performing our audit, we considered National Community Renaissance of California's internal control over financial reporting as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness of the entity's internal control over financial reporting. A control deficiency exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A significant deficiency is a control deficiency, or combination of control deficiencies, that adversely affects the entity's ability to initiate, authorize, record, process, or report financial data reliably in accordance with generally accepted accounting principles such that there is more than a remote likelihood that a misstatement of the entity's financial statements that is more than inconsequential will not be prevented or detected by the entity's internal control. A material weakness is a significant deficiency, or combination of significant deficiencies, that results in more than a remote likelihood that a material misstatement of the financial statements will not be prevented or detected by the entity's internal control. Our consideration of internal control over financial reporting was for the limited purpose described in the first paragraph of this section and would not necessarily identify all deficiencies in internal control that might be significant deficiencies or material weaknesses. We did not identify any deficiencies in internal control over financial reporting that we consider to be • material weaknesses, as defined above. -55- Atlanta ■ Austm ■ Bali:mc:o • Bethesda ■ B.aningham ■ Charlotte ■ Chicago ■ Les Angeles ■ Sacramento n Tysons Comer E '1 098 Remick IRIM IMILM Group Compliance and Other Matters As part of obtaining reasonable assurance about whether National Community Renaissance of California's financial statements are free of material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit and, accordingly, we do not express such an opinion. The results of our tests disclosed an instance of noncompliance or other matters that is required to be reported under Government Auditing Standards and is described in the accompanying Schedule of Findings and Questioned Costs as Finding 2008-1. National Community Renaissance of California's response to Finding 2008-1 is described in the accompanying Schedule of Findings and Questioned Costs. We did not audit National Community Renaissance of California's response and, accordingly, we express no opinion on it. This report is intended solely for the information and use of the audit committee, board of directors, management, others within the entity and federal awarding agencies and pass -through entities and is not intended to be and should not be used by anyone other than these specified parties. Sacramento, California January 26, 2009 -56- 0439 f �3 •t P Remck Reznick G!oup. PC. 7e] (916) 442-9100 i� Group 400 Capitol Malt Fax t916) 442-9103 • suae 900 www.reznickgroup-com $acTarnento. CA 95814-4424 INDEPENDENT AUDITORS' REPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE TO EACH MAJOR PROGRAM AND INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITH OMB CIRCULAR A-133 To the Board of Directors National Community Renaissance of California Compliance We have audited the compliance of National Community Renaissance of California with the types of compliance requirements described in the U.S.. Office of Management and Budget OMB Circular A-133 Compliance Supplement that are applicable to each of its major federal programs for the year ended June 30, 2008- National Community Renaissance of California's major federal programs are identified in the summary of auditors' results section of the National Community Renaissance of California's Schedule of Findings and Questioned Costs. Compliance with the requirements of laws, regulations, contracts and grants applicable to each of its major federal programs is the responsibility of National Community Renaissance of California's management. Our responsibility is to express an opinion on National Community • Renaissance of California's compliance based on our audit. We conducted.our audit in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and OMB Circular A-133, "Audits of States, Local Governments, and Non -Profit Organizations." Those standards and OMB Circular A-I33 require that we plan and perform the audit to obtain reasonable assurance about whether noncompliance with the types of compliance requirements referred to above that could have a direct and material effect on a major federal program occurred. An audit includes examining, on a test basis, evidence about National Community Renaissance of California's compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. Our audit does not provide a legal determination on National Community Renaissance of California's compliance with those requirements. In our opinion, National Community Renaissance of California complied, in all material respects, with the requirements referred to above that are applicable to each of its major federal programs for the year ended June 30, 2008. However, the results of our auditing procedures disclosed an instance of noncompliance with those requirements, which is required to be reported in accordance with OMB Circular A-133 and which is described in the accompanying Schedule of Findings and Questioned Costs as Finding 2008-1. _57- Atlanta • Aus-o ■ Balrrnore ■ Bethesda • B�rmmgham ■ CnadorCa w C-,,sago • Los Ange:es a Saaamente • Tysom Co,,,w 0440 Remick Group Internal Control Over Compliance The management of National Community Renaissance of California is responsible for establishing and maintaining effective internal control over compliance with the requirements of laws, regulations, contracts and grants applicable to federal programs. In planning and performing our audit, we considered National Community Renaissance of California's internal control over compliance with the types of compliance requirements that could have a direct and material effect on a major federal program in order to determine our auditing procedures for the purpose of expressing our opinion on compliance and to test and report on the internal control over compliance in accordance with OMB Circular A-133. Accordingly, we do not express an opinion on the effectiveness of the entity's internal control over compliance. A control deficiency in an entity's internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect noncompliance with a type of compliance requirement on a timely basis. A significant deficiency is a control deficiency, or combination of control deficiencies, that adversely affects the entity's ability to administer a federal program such that there is more than a remote likelihood that noncompliance with a type of compliance requirement of a major program that is more than inconsequential will not be prevented or detected by the entity's internal control. A material weakness is a significant deficiency, or combination of significant deficiencies, that results in more than a remote likelihood that material noncompliance with a type of compliance requirement of a major program will not be prevented or detected by the entity's internal control. Our consideration of internal control over compliance was for the limited purpose described in the first paragraph of this section and would not necessarily identify all deficiencies in internal control that might be significant deficiencies or material weaknesses. We did not identify any deficiencies in internal control over compliance that we consider to be material weaknesses, as defined above. This report is intended solely for the information and use of the audit committee, board of directors, management, others within the entity and federal awarding agencies and pass -through entities and is not intended to be and should not be used by anyone other than these specified parties. Sacramento, California January 26, 2009 am 0441 National Community Renaissance of California SCHEDULE OF FINDINGS AND QUESTIONED COSTS June 30, 2008 A. SUMMARY OF AUDIT RESULTS 1. The auditors' report expresses an unqualified opinion on the consolidated financial statements of National Community Renaissance of California. 2. No reportable conditions were identified during the audit of the consolidated financial statements. 3. No instances of noncompliance material to the consolidated financial statements of National Community Renaissance of California were disclosed during the audit. 4. No reportable conditions were identified during the audit of the major federal award programs. 5. The auditors' report on compliance for the major federal award programs for National • Community Renaissance of California expresses a qualified opinion. 6. One instance of noncompliance was identified during the audit of the major federal programs. 7. The programs tested as major programs were: Section 202 Demonstration Pre -Development - CFDA No. 14.157; and Qualified Participating Entities Risk -Sharing Pilot Program - CFDA No. 14.189. 8. The threshold for distinguishing Type A and B programs was $500,000. 9. National Community Renaissance of California was determined to be a low -risk auditee. B. FINDINGS - FINANCIAL STATEMENTS AUDIT NONE. C. FINDINGS AND QUESTIONED COSTS - MAJOR FEDERAL AWARD PROGRAMS Federal Program Section 202 Demonstration Pre -Development - CFDA No. 14.157 • -59- 0442 �E National Community Renaissance of California SCHEDULE OF FINDINGS AND QUESTIONED COSTS - CONTINUED June 30,2008 Federal Grantor A encv U.S. Department of Housing and Urban Development (HUD) Finding 2008-1 Condition The contractor selection procedures used to award the architectural contract for this grant, as well as a cost and price analysis, was not documented in the procurement file. Additionally, there was no documentation in the procurement file verifying that 3 the contractor was not suspended or debarred. Criteria i i Article IV.C. of the grant agreement requires adherence to the Code of Federal Regulations, Title 24, Part 84, which requires contractor selection procedures to be •i documented and a cost and price analysis performed and documented for procurements expected to exceed $100,000 that will be awarded without competition. The requirements also stipulate that contracts entered into with contractors that are suspended or debarred not be funded with federal monies. Effect Non-compliance with any grant requirement can result in disallowance of grant funds. Cause The entity was not aware of the procurement requirements. Recommendation The entity should ensure that management and staff charged with administering the grant are aware of all compliance requirements. -60- • 0443 • National Community Renaissance of California • SCHEDULE OF FINDINGS AND QUESTIONED COSTS - CONTINUED June 30, 2008 View of Responsible Officials The contract with the architect was executed before the application for the HUD 202 grant was submitted and well before the grant was awarded. Once the grant was awarded, there was an added benefit in having the same architect because of the experience they had with HUD 202 projects. -61- 0444