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A motion was made by Commissioner Gaidos, seconded by Commissioner Kiziloglu, to approve the consent calendar items. The motion was approved unanimously. MEETING OPEN TO THE PUBLIC 4. Introductions / Awards / Recognitions None. Public Comment from the audience regarding items not listed on the agenda None PUBLIC HEARINGS AND OTHER MATTERS 6. Approval of the Annual Operating Budget for Ridgeview Commons for 2019 Sean Barcelon of Barcelon Associates informed Commissioners that the 2019 Annual Operating Budget for Ridgeview Commons was prepared by Barcelon Associates and has been reviewed by Eden Housing Staff. He advised that as outlined in the budget, overall expenditures are estimated at $1,272,539.25, revenue is estimated to be $2,174.057, and after debt service payments and Reserve Impounds, the budget is projecting a year-end net cash flow balance of $232,246. Commissioners were advised by Mr. Barcelon that a procedure for annual rent increase approved by the Housing Commission in 2003 has been followed since then to address increasing project costs and maintain a positive fiscal condition. Also, an action was taken in the 2011 budget to forego rent increases in recognition of general economic consideration with the understanding a modest annual rent increases (1-2%) being resumed in 2012. This annual rent increase practice has left RVC rents $200 to $300 below maximum TCAC rents and a 5% rental increase to all tenants is being proposed. Additionally, Mr. Barcelon informed Commissioners that RVC will be applying for new 4% tax credits to resyndicate and complete several property wide capital improvements. Commissioners reviewed the proposed budget in detail with Mr. Barcelon. Commissioner Kiziloglu was advised that the proposed rent increase would raise tenant rents by $40-$50 per month and most tenants would be paying approximately $950 per month in rent. Chairperson Soby asked about the operating expenditures amount not including debt service payments and what the plan was to use cash received from refinancing. Mr. Barcelon advised that the focus would be on replacement of windows and appliances and repair of deck wood -rot issues. Commissioner Galvin had questions about the debt service and when it would be paid off. Mr. Barcelon provided details and advised that the debt would be paid through deferred loans to the City of Pleasanton. Commissioner Kiziloglu questioned what the plans were for completing renovations and if something could be done to assist tenants instead of raising rents by 5%. Mr. Barcelon provided information about when renovations would be completed and noted that the rent Page-2-