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Case Avenue. This project is age restricted to 62 years of age and provides the following level of affordability: RENT/UNIT MIX AT RIDGE VIEW COMMONS* Percent of Area Median 1- Bedroom Units 2- Bedroom Units Income 25% ($14,375)** 9 1 33% ($18,975) 36 4 50% ($28,750) 27 3 60% ($34,500) 108 10 Total 180 18 Does not include two emits reserved for on -site management Estimates, based on 2004 Area Median Income for one person Currently the property is managed by Barcelon Associates who works closely with the City regarding property management issues. As indicated, the development is currently owned by Ridge View Commons Associates, a limited partnership affiliated with Eden Housing, Inc., who for this project, acts as RVC Investments and serves as the project's managing general partner responsible for assuring compliance with all regulatory requirements including property maintenance. Ridge View Commons was financed using various sources in a manner consistent with many affordable housing projects developed in the late 1980's. The current project financing is as follows: First Mortgage (From Ca1HFA) $8,637,378 (Refinanced in 1998@ 5.5 Term is 30 years with repayment October 1, 2029. Second Mortgage (From City) $4,000,000/ 0% /Term is 30 years with loan payments to begin to the City in 20 L3/ Required to pay $2,000,000 in seven years and remaining $2,000,000 is forgiven/ Money was from the $4,000,000 HoDG Grant awarded to the City from Department of Housing and Urban Development (HUD). Third Mortgage (From City) $2,250,000/ 0% interest/ Term is City to receive all Surplus Cash beginning July 1, 2001 and continuing for 30- years Third mortgage is to repay City for 1998 refinancing costs. Under typical tax credit arrangements, the owner's limited partner will liquidate its interest in the property after 15 years when project tax benefits expire. Because projects funded in the late 1980's represented the first "wave" of tax credit projects, details related to ownership transfer were still somewhat inconsistent. However, in most situations, it is expected that the project's general partner (most often a non profit housing corporation that acted as the project's SR:04:049 Page 2