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Ms. Forbath stated that converted parks have shown'to be successful, that is why they are so popular. Ms. Forbath mentioned that it is very hard for people on a fixed income to ever purchase real estate. She explained that the State considers converted parks to be affordable purchase housing as oppose to affordable rental housing. She noted that to support affordable purchase housing the State has a financing program for lower-income people or fixed incomes. She note that the State would love money with incredible terms; 3 % interest over 30 year term and the monthly payment would be based on your income not the purchase price. She mentioned that there is a shortage of affordable housing in California. Ms. Forbath noted that whether you are alive or not in 30 years, there are still tax advantages and equity advantages to being an owner. Mr. Fritsch mentioned that Pleasanton housing has held its value more than in other cities. A resident noted that many of the people came to this park to rent. He stated that if they wanted to buy, they would have gone to another park, but they came here to rent because they did not want to be in the real estate market. He stated that he did not think this conversion was fair. He stated that he has no clue as to what the conversion means in dollars and cents and this not knowing has created fear and confusion. He request~;d an approximate cost in today's market knowing that prices could go up or down in ten years. He noted that there was nothing to base anything on right now. Ms. Waters asked if she bought a lot could she rent it out. Ms. Forbath stated that if you choose to buy, you get certain legal rights of homeownership and you have the right to rent out your home. She noted that the rules of the park would apply to the renter, meaning only a senior would be able to rent. Janette, space 96, explained that if she died and her children were too young to move in, they could rent it to a senior. Sylvia #55 asked if an owner maintains 50% or 49% & 51% owned what kind of vote he would have on the HOA. She stated that she is not interested in the conversion and does not know how it would benefit anyone in these older homes. She stated this rosy picture to get a homeowner's loan on what will then be a 40 year old house, is a jolce and it is absurd that anybody would want to finance. She continued by stating that the residents may be able to rent here at a different price structure that would not be protected by the State if we were not low income, it would be market rate, whatever that is and we do not know what market rate is right now. She continued that when the residents want to sell their houses, they will not be able to sell 40 year old houses. They will have no value as you said they will be "buckets". She continued by stating that right now people want to buy the land to put a new house on it, they will pay something now, but then they will just want "us" out and we will get nothing. People who have newer homes will have some value to them, but not to those with older homes. She concluded that it would economically impact the residents in a very negative way. Minutes: PMCC-2 Page 7 January 9, 2009