REPORT. Chair and Members of the San Diego Housing Commission For the Agenda of July 19, 2013

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1 REPORT DATE ISSUED: July 3, 2013 REPORT NO: HCR ATTENTION: SUBJECT: Chair and Members of the San Diego Housing Commission For the Agenda of July 19, 2013 Wakeland/CHCDC Loan Consolidation & Preliminary Bond Items COUNCIL DISTRICT: 9 REQUESTED ACTION Approve the consolidation of seventeen (17) loans previously made by the San Diego Housing Commission to the City Heights Community Development Corporation and related items, and take initial steps to issue multifamily mortgage revenue bonds to facilitate the rehabilitation of ten (10) properties in the City Heights community. STAFF RECOMMENDATION 1) That the San Diego Housing Commission (Housing Commission) take the following actions, subject to the approvals referenced within items 2 and 3 below by the Housing Authority of the City of San Diego (Housing Authority) and the San Diego City Council (City Council), respectively: a. Consolidate the existing seventeen (17) loans previously made by the Housing Commission to the City Heights Community Development Corporation into a single loan to a limited partnership comprised of Wakeland Housing and Development Corporation, City Heights Community Development Corporation, and a tax credit limited partner, with terms and conditions set forth herein. b. Subordinate the deed of trust securing the consolidated loan to the first deed of trust securing the bond loan described herein. c. Adjust the rent and income restrictions on some of the ten (10) sites as set forth in this report and extend rent and occupancy restrictions to 55 years. d. Approve the financing team of Quint & Thimmig LLP as bond counsel and Ross Financial LLC as financial advisor to begin work on the project. e. Authorize the President & Chief Executive Officer of the Housing Commission, or a designee, to execute all necessary documents, in a form approved by General Counsel and/or Bond Counsel to implement these approvals. 2) That the Housing Commission recommend the Housing Authority take the following actions: a. Approve a bond inducement resolution (declaration of official intent) for up to $8 million in multifamily housing revenue bonds for the acquisition and rehabilitation of ten (10) scattered sites by a limited partnership comprised of Wakeland Housing and Development Corporation, City Heights Community Development Corporation, and a tax credit limited partner. b. Approve an application (and subsequent applications, if necessary) to the California Debt Limit Allocation Committee (CDLAC) for an allocation of authority to issue tax-exempt private activity bonds in an amount up to $8 million dollars for the project described herein.

2 July 3, 2013 Wakeland/CHCDC Loan Consolidation & Preliminary Bond Items Page 2 c. Authorize the President & Chief Executive Officer of the Housing Commission, or a designee, to execute all necessary documents, in a form approved by General Counsel and/or Bond Counsel to implement these approvals. 3) That the Housing Commission recommend the City Council take the following actions: a. Hold a Tax Equity and Fiscal Responsibility Act (TEFRA) public hearing, and adopt a resolution approving the Housing Authority s issuance of tax-exempt bonds in an amount up to $8 million dollars. b. Authorize the President & Chief Executive Officer of the Housing Commission, or a designee, to execute all necessary documents, in a form approved by General Counsel and/or Bond Counsel to implement these approvals. SUMMARY The City Heights Community Development Corporation (CHCDC) owns and manages affordable apartments throughout the City Heights neighborhood. Ten different CHCDC properties totaling 132 units have been partially financed by the Housing Commission. A map of these ten CHCDC properties is included as Attachment 1. Since 1992, the Housing Commission has approved a total of 17 amortizing loans or residual receipts loans on these 10 properties to CHCDC as borrower. Three of the 17 Housing Commission loans are in a first deed of trust lien position (either amortizing or residual receipts), with the other 14 Housing Commission loans in second or third lien position (either amortizing or residual receipts) and subordinated to various third-party first deed of trust lenders. All of the Housing Commission loans are at 3 percent simple interest. Attachment 2 identifies the 10 CHCDC properties and all loans on the properties, including the 17 Housing Commission loans. The principal amount loaned to CHCDC by the Housing Commission totals $5,603,903. The Housing Commission has received principal and interest payments on the three amortizing loans in the amount of $309,066, bringing the outstanding loan principal amount due to the Housing Commission to $5,471,463. In addition, the Housing Commission has received residual receipts payments of $14,278 as of May 1, The Housing Commission has accrued another $1,507,677 in residual receipts interest, bringing the total outstanding principal and interest on the 17 loans to $6,979,139 as of May 1, Despite the Housing Commission s loans to rehabilitate the properties, they are in need of additional capital improvements and repair. CHCDC has retained a qualified engineering consultant to conduct a Physical Needs Assessment (PNA) of these properties. CHCDC has recently had a change in CEO and Board leadership which recognizes that CHCDC would benefit going forward by partnering with a more experienced affordable housing developer to rehabilitate and manage these properties; therefore, CHCDC has solicited Wakeland Housing and Development Corporation (Wakeland) to enter into a partnership to share ownership and management of the properties. CHCDC would continue to own other affordable housing properties not included in the proposed partnership with Wakeland. Wakeland and CHCDC have negotiated a partnership concept (Memorandum of Understanding) for the properties (described in Attachment 3) and they jointly approached the Housing Commission in late 2012 with a proposal to finance the necessary rehabilitation as a scattered site rehabilitation using 4

3 July 3, 2013 Wakeland/CHCDC Loan Consolidation & Preliminary Bond Items Page 3 percent tax credits and tax-exempt bond financing. In order to accomplish the proposed financing, the prospective partners have requested that the Housing Commission agree to consolidate all 17 of its first, second, and third position loans into one new Housing Commission residual receipts loan and agree to subordinate the consolidated Housing Commission loan to a new first deed of trust loan from a to-bedetermined third party lender. All non-housing Commission debt will be paid off and a new first deed of trust will be secured by the partners via affordable housing bonds at an estimated amount of $4,950,340. The current debt service principal and interest payments on the first trust deeds totals approximately $228,239. Under the proposed housing bond concept, the estimated debt service payment will be approximately $322,534. The increase in debt service payment is a direct result of a higher first trust deed loan amount. However, the proposed structure will take advantage of current lower market interest rates (estimated at 5.1 percent). Under the current loan structure, CHCDC has the majority of its first deed of trusts at higher interest rates, some of them as high as 9.26 percent and 8.14 percent. The proposed financing takes advantage of the current lower market interest rates and brings equity into the properties via the 4 percent Tax Credit Program. Staff recommends that the Housing Commission allow the proposed partnership to obtain all necessary approvals and funding for the proposed rehabilitation construction no later than December 31, DEVELOPMENT TEAM Wakeland, a 501(c)(3) non-profit housing developer, will be responsible for the rehabilitation and development of the apartment complexes. Wakeland currently has over 5,600 units of affordable housing in its portfolio. The Housing Commission has worked with Wakeland on several successful projects. Recently completed projects include 92-unit Village Green Apartments in the Rolando area and Vista Grande, a 48-unit rehab project located in southeastern San Diego. The most recent Wakeland project funded by the Housing Commission is Juniper Gardens Apartments located in the City Heights neighborhood of southeastern San Diego for which rehabilitation is currently underway and is expected to be completed in September Wakeland is in compliance with all previous Housing Commission loans and bond issuances. Developer Disclosure Statements for both CHCDC and Wakeland are provided as Attachments 4a and 4b, respectively. Under its new leadership, CHCDC is undergoing a thorough review of their operations and recognizes that it will benefit from a partnership with Wakeland, as Wakeland has the expertise and knowledge to submit a tax credit application and handle the necessary rehabilitation of the properties. PROPOSED REHABILIATION Some of the 10 CHCDC properties have received partial rehabilitation work over the years, but none of the properties have received comprehensive renovation since their original construction dates. CHCDC has ordered a Physical Needs Assessment, the product of which will be the basis for a detailed scope of work which will be competitively bid by a general contractor and value engineered to the final sources of funds available for the rehabilitation construction. The scope of work will address the immediate physical needs and will extend the useful life of building systems, reduce operating costs, and improve energy efficiency.

4 July 3, 2013 Wakeland/CHCDC Loan Consolidation & Preliminary Bond Items Page 4 The scope of work has not been finalized yet, although the draft scope of work for each of the 10 properties is detailed in the Memorandum of Understanding. The scopes are organized separately by property address however the following items will be viewed as Priority Items that will be addressed first across the portfolio. The remaining items will be addressed as funds are available. 1) Energy Efficiency a) Replace all appliances without an Energy Star rating b) Replace all windows lacking in thermal efficiency c) Add Solar Water Heating 2) Other construction/replacement activities a. Repair/replace roofs in order to have a 20 year minimum life b. Sewers to be video scoped and repaired and/or replaced c. New irrigation systems d. Repair replace carpets/tile e. Upgrade site lighting for security purposes The current estimate of rehabilitation costs is approximately $2,978,007 ($22,561 per unit). This figure includes the estimated costs to address the immediate repairs, necessary building system replacements, aesthetic upgrades, and general contractor s profit/overhead/general requirements, and a construction contingency of 5 percent of direct costs. Following completion of construction and final cost certification, any project cost savings or excess proceeds will be shared 50 percent to the developer and 50 percent to pay down the principal amount of the Housing Commission s consolidated loan. In addition to the 1 percent annual principal payment, the Housing Commission will receive 25 percent of residual operating cash flow after payment of the deferred developer fee in years 0-10 and 50 percent for years RELOCATION As rehabilitation is performed on each unit, households will be moved temporarily off site (approximately three days, two nights), with all expenses covered by the developer partners. A relocation budget in of the amount of $326,800 ($2,476 per unit) is included for this purpose. LOAN CONSOLIDATION Housing Commission staff, with the assistance of financial consultant Keyser Marston Associates (KMA), has been negotiating with Wakeland and CHCDC for several months with the mutual objective of facilitating the following actions: (1) Formation of the proposed development partnership between Wakeland and CHCDC. (2) Application to CDLAC for an affordable housing bond allocation. (3) Application to TCAC for a scattered site rehabilitation 4 percent tax credit allocation. (4) Consolidation of 17 Housing Commission loans into one residual receipts loan. (5) Addition of Wakeland to the borrowing entity of the consolidated Housing Commission loans. (6) Subordination of the consolidated Housing Commission loans to a new third-party first deed of trust loan which is estimated to be $4,950,340. This loan will replace all of the existing thirdparty debt that is currently secured by the scattered sites. (7) Adequate rehabilitation of the 10 properties.

5 July 3, 2013 Wakeland/CHCDC Loan Consolidation & Preliminary Bond Items Page 5 (8) Management of the rehabilitation/construction and future property management by Wakeland. (9) Future resident services provided by CHCDC. (10) Equity contributions toward the rehabilitation by each prospective partner. (11) Recalibration of the Housing Commission consolidated loan going forward. In consideration for the Housing Commission s facilitation of the first nine actions listed above, Wakeland and CHCDC are willing to accommodate the Housing Commission in adequately addressing the last two actions listed above, as follows: (a) (b) (c) (d) Both Wakeland and CHCDC will make an equity contribution of $211,000 each toward the rehabilitation construction cost. The CHCDC equity contribution represents 50 percent of its share of the developer fee. Wakeland will be making its equity contribution from a smaller developer fee than it typically receives as developer of a tax credit affordable housing project. The Housing Commission would be providing NO additional loan as a consequence of the proposed loan consolidation. From the proposed sources of funds the Housing Commission will receive a pay down on the current accrued interest in an amount to be determined by final tax credit pricing, but anticipated to be in excess of $600,000. The Housing Commission consolidated loan will have a 3 percent simple interest rate and will be subordinated to a new first lien construction/permanent loan, but will receive a 1 percent annual minimum loan payment (approximately $60,000), with the remaining 2 percent interest either paid from residual receipts or it will accrue. The proposed partners acknowledged the deal as outlined above in an executed Letter of Intent attached to this report as Attachment 5. SELECTION OF THE FINANCING TEAM MEMBERS Staff recommends assigning Ross Financial LLC as financial advisor and Quint & Thimmig LLP as bond counsel to work on the project. The proposed financing team members have been selected in accordance with the existing policy for the issuance of bonds. Financial advisors and bond counsels are designated on a rotating basis from the firms selected under the program through a competitive RFP process. PROPOSED HOUSING BONDS The Housing Commission utilizes the Housing Authority s tax-exempt borrowing status to pass on lower interest rate financing (and make federal 4 percent tax credits available) to developers of affordable housing. The Housing Authority s ability to issue bonds is limited under the U.S. Internal Revenue Code. To issue bonds for a development, the Housing Authority must first submit an application to CDLAC for a bond allocation. Prior to submitting applications to CDLAC, projects are brought before the Housing Commission, Housing Authority, and City Council. Housing Authority bond inducement resolutions must be obtained prior to application submittal and City Council TEFRA resolutions must be secured no later than 30 days after application submittal. These actions do not obligate the Housing Authority to issue bonds.

6 July 3, 2013 Wakeland/CHCDC Loan Consolidation & Preliminary Bond Items Page 6 It is anticipated that the development will receive a bond allocation at CDLAC s November 2013 meeting; however, if necessary, staff will submit additional applications to CDLAC to secure a bond allocation for the project. A schedule of proposed dates is provided in Attachment 6. A general description of the Multifamily Bond Program and the actions that must be taken by the Housing Authority and by the City Council to initiate and finalize proposed financings are described in Attachment 7. A timetable with the estimated deadlines for the bond issuance process is provided in Attachment 8. The developer will be seeking a CDLAC allocation of approximately $8,000,000. The developer currently proposes to issue the bonds through a tax exempt private placement bond issuance. The bonds would meet all the requirements of the Housing Commission s Multifamily Housing Revenue Bond Program policy and would fully comply with the City s ordinance on bond disclosure. The $8,000,000 allocation that will be sought from CDLAC is approximately 15 percent higher than the amount for which the project is currently being underwritten for the financing, which is $6,929,042. This increased amount represents a cushion to account for possible increases in the bond amount due to increases in rehabilitation costs or decreases in the assumed interest rate. The bond amount that is ultimately issued will be based upon project costs, revenues, and interest rates prevailing at the time of bond issuance. It is anticipated that the bonds will be used for both construction financing and permanent financing of the project. Preliminary sources of funding are summarized in the following table: Proposed Construction Proposed Permanent Financing Sources Financing Sources LIHTC $997,083 $3,988,330 Housing Revenue Bonds $6,929,042 $4,950,340 Cash Flow from Operations $137,926 Transfer of Reserves $415,747 $415,747 GP Capital Contribution $423,000 SDHC Loan Assumption $6,198,011 $6,198,011 Total $14,539,882 $16,113,354 AFFORDABLE HOUSING IMPACT All 132 units will be affordable to extremely low- and very low-income households. Rents will continue to range from 35 to 60 percent of the Area Median Income. The units will be affordable for a term of 55 years. The restricted rents will appear as follows. Property Address No. Units Type Unit Type Number of Units Rent Restrictions Alta Vista rd St. 12 Family 2-Bed % AMI

7 July 3, 2013 Wakeland/CHCDC Loan Consolidation & Preliminary Bond Items Page 7 Canyon Vista rd St. Cornerstone 3604 Van Dyke Ave. Euclid Ct Euclid Ave. 8 Family 2-Bed 8 50 % AMI 7 Family 2-Bed 7 50 % AMI 11 Family Studio 2 50 % AMI 1-Bed 8 50 % AMI 2-Bed 1 50 % AMI Harmony Homes th St. 12 Senior 1-Bed % AMI San Diego Apts. Studio 2 50% AMI 16 Senior th St. 1-Bed 14 50% AMI Sycamore Ct. 1-Bed 1 50% AMI 17 Family /2 48th St. 2-Bed 16 50% AMI Teralta Ct. 1-Bed 4 50% AMI Highland Ave. 13 Family 2-Bed 6 50% AMI 3-Bed 3 60% AMI Village View 1-Bed 6 50% AMI rd St. 30 Family 2-Bed 18 50% AMI 3-Bed 6 50% AMI West View 1-Bed 1 50% AMI 6 Family rd St. 2-Bed 5 50% AMI TOTAL 132 Wakeland will be the Managing general partner of the tax credit limited partnership and will be responsible for managing the rehabilitation of the 10 properties through completion and cost certification and will be responsible going forward for preparation of annual property-specific budgets, marketing, leasing, property management and maintenance, income-qualification of residents, annual reporting to investor and lenders, and payments to lenders. CHCDC will be the Administrative general partner of the tax credit limited partnership and will continue to provide resident services to households at all 10 properties owned by the partnership. As part of the proposed transaction, a capital replacement reserve in the amount of $39,600 ($300 per unit) will be established with deposit requirements of the same amount on an annual basis. This amount is in accordance with the Tax Credit Allocation Committee s replacement reserve requirement. The project s pro-forma submitted by Wakeland is provided in Attachment 9. FISCAL CONSIDERATIONS The proposed funding sources and uses approved by this action were not approved by the Housing Authority in the Fiscal Year 2014 Housing Commission Budget. Approving this action will increase the Fiscal Year 2014 Total Budget by $881,609 per the estimated pro-forma cash flow comparison below.

8 July 3, 2013 Wakeland/CHCDC Loan Consolidation & Preliminary Bond Items Page 8 Approving this action will extend the affordability of 132 low income units for a period of 55 years from the effective date of the loan agreement of the consolidated loan. There will be separate Declarations of Covenants, Conditions and Restrictions for each of the properties involved in the transaction to comply with applicable HOME Program requirements. Funding sources approved by this action will be as follows: HOME/HTF Restricted Funds - $881,609 Funding uses approved by this action will be allocated as follows: HOME/HTF Reserves - $881,609

9 July 3, 2013 Wakeland/CHCDC Loan Consolidation & Preliminary Bond Items Page 9 Bond Inducement Fiscal Considerations There are no fiscal impacts to the Housing Commission, City of San Diego, or Housing Authority associated with the requested bond actions. Approval of the bond inducement and TEFRA resolutions does not commit the Housing Authority to issue bonds. The bonds would not constitute a debt of the City. If bonds are ultimately issued for the project, the bonds will not financially obligate the City, the Housing Authority or the Housing Commission because security for the repayment of the bonds will be limited to specific private revenue sources. Neither the faith and credit nor the taxing power of the City or the Authority would be pledged to the payment of the bonds. The developer is responsible for the payment of all costs under the financing, including the Housing Commission's annual administrative fee, as well as Housing Commission bond counsel and financial advisor fees. ENVIRONMENTAL REVIEW This activity is categorically exempt from the requirements of the California Environmental Quality Act (CEQA) under Section because it involves the rehabilitation existing facilities which would not result in an expansion of the existing uses. Processing under the National Environmental Policy Act is not required as no federal funds are involved in this action. Respectfully submitted, Emmanuel Arellano Emmanuel Arellano Real Estate Manager Portfolio Management Department Approved by, Deborah N. Ruane Deborah N. Ruane Senior Vice President Real Estate Division Attachments: 1) CHCDC Properties Map 2) CHCDC Schedule & Analysis of Real Estate Owned 3) Wakeland / CHCDC Memorandum of Understanding including rehab Scopes of Work 4) Developer s Disclosure Statement a. CHCDC b. Wakeland 5) Letter of Intent 6) Schedule of CDLAC Committee Meeting Dates and Application Deadlines 7) Multifamily Bond Program General Descriptions 8) Wakeland/City Heights Bond Issuance Estimated Timetable 9) Developer s Pro Forma Hard copies are available for review during business hours in the main lobby of the San Diego Housing Commission offices at 1122 Broadway, San Diego, CA and at the Office of the San Diego City Clerk, 202 C Street, San Diego, CA You may also review complete docket materials on the San Diego Housing Commission website at

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12 CHCDC SCHEDULE AND ANALYSIS OF REAL ESTATE OWNED Property Address No. Units Type Unit Mix/ Restrictions Lender Name Type of Funding SDHC Loan Principal Balance as of May 1, 2013 Interest Due SDHC as of May 2013 Year Loan Originated Term of Loan Interest Rate Principal and Interest Payments on 1st TD's Affordability Restrictions Expiration Date (under proposed project) Alta Vista 1st: JP Chase Chase Morgan Conventional/Adj $ 562, % rd St. 12 Family 12 50% 2nd: SDHC (RR) HOME 120,000 $ 10, % $55,307 3rd: SDHC (Am./RR) HOME 582,686 55, % Canyon Vista 1st: JP Chase Morgan Conventional 115, % rd St. 8 Family 8 50% 2nd: SDHC (RR) HOME 215,607 74, % 14,056 3rd: SDHC (Am./RR) HOME 468,587 47, % Cornerstone 1st: SDHC (Am. $528/ mo.) HOME 72, % 7 Family 7 50% 6, Van Dyke Ave. 2nd: SDHC (RR) HOME/HTF 162,500 78, % Euclid Ct. 2 50%; 1st: Berkadia/Citi Conventional 146, % Euclid Ave. 11 Family 8 50%; 2nd: SDHC (RR) HOME 383, , % 14, % 3rd: SDHC (Am./RR) HOME 196,539 11, % Harmony Homes 1st: SDHC (Am $1,037/mo.) HOME/HTF 151, % 12 Senior 12 50% 12, th St. San Diego Apts. 1st: JP Chase Morgan Conventional 225, % 2 35% th St. 16 Senior 2nd: SDHC (RR) HOME/Local 380, , % 14 35% 3rd: SDHC (Am.RR) HOME 55,462 7, % Sycamore Ct. 1 50% 1st: Berkadia/Capmark Conventional/Adj 315, % 17 Family /2 48th St % 2nd: SDHC (RR) HOME/HTF 778, , % 22,273 32,278 Teralta Ct. 4 50% 1st: CCRC Conventional 166, % Highland Ave. 13 Family 6 50% 2nd: SDHC (RR) HOME 366, , % 18, % 3rd: SDHC (Am.RR) HOME 486,214 48, % Village View 6 50% 1st: Berkadia/Citi Conventional 424, % rd St. 30 Family 17 50% 46, % 2nd: SDHC (RR) HOME/HTF % 808, ,945 West View 1 50% 1st: SDHC (RR) HOME/HTF 166,448 74, % 6 Family rd St. 5 50% 2nd: SDHC (Am. $514/mo.) HOME $ 75,785 $ % $6, /1/ /1/ /1/ /1/ /1/ /1/ /1/ /1/ /1/ /1/2069 Total Principal due SDHC as of 05/01/13 5,471,463 Total Interest due SDHC as of 05/01/13 1,507,677 TOTAL $ 6,979,140

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21 Professional Associates Construction Services, Inc. 7/9/ :31 COST ESTIMATE SUMMARY SHEET INTERIOR AND EXTERIOR UPGRADES ALTA VISTA APTS San Diego, CA APPENDIX Description Quantity Units Unit Price Estimate Building & Site Rehab 12 EA $17, $210,786 General Conditions 1 Months $9,650 $9,650 Contractor OH and Profit $220,436 Percent 7.00% $15,431 Liability Insurance $235,867 Percent 1.50% $3,538 P&P Bond $239,405 Percent 1.50% $3,591 GC's Contingency/Miscl $242,996 Percent 5.00% $12, % Sub Total Hard Cost 12 Units $21,262 $255,146 Permits 12 Units $100 $1,200 FF&E - office LS Architectural & Engrs 1.96% Percent $255,146 $5,000 Hard Cost Contingency $255,146 Percent 10.00% $25,515 Project Management 2 Months $2, $5,000 Sub Total Direct Cost 12 EA $24, $291,860 Note: Conceptual estimate - plus minus 10% All quantities are approximate Scope of work can be varied depending on the availability of funds PACS Inc.

22 ALTA VISTA APTS San Diego, CA 09-Jul-13 Conceptual Cost - Rehab/Upgrade and Immediate Needs Upgrade Immediate Needs Short Term S.NO DESCRIPTION UNITS QUANTITY UNIT PRICE ESTIMATE ESTIMATE 1 year GENERAL CONDITIONS $9,650 Field Supervision Months 1 $3, $3,500 In-House Labor Months 1 $1, $1,000 Storage Containers EA $ Temp Facilities LS $ Mileage/Phones EA 1 $ $250 Misc. Equipment rentals Months 1 $ $400 Temp Toilets Months 1 $ $400 Supplies/Misc. Materials Months 1 $ $400 Clean up Months 1 $1, $1,500 Trash Out Loads 4 $ $2,200 Demolition & Abatement $500 Interior demo miscl EA $ General exterior demo LS $ Demo metal posts EA Demo mail boxes LS Water blast/clean EA 1 $ $500 Demo existing Solar plumbing system (panels & LS Dump loads EA Asbestos Abatement SF Lead Paint Abatement SF DIVISION 2 - SITE WORK $10,550 Cut trees. Weeds and brush LS Adjust concrete LS Add a community garden LS On going const debris removal Loads Fine grading/haul dirt EA Concrete d/w caulk cracks/seal LS 1 $ $500 Monument Signage EA 1 $ $750 Erosion Control & SWPPS EA New entry system EA Knox Box EA Repair rear gate & opener LS $3, Paint and repair WI fence LS Paint fence Block & WI LS New WI fence above masonry wall LF Repair & paint wood fence LF Install two metal gates for security at side yards EA 4 $ $2,400 Kids play area LS Building signage EA 1 $1, $1,000 Mail boxes EA Mail boxes structure LS Create BBQ area EA Site furniture LS Termite treatment - spot LS $1, PACS Inc.

23 Pressure wash paving and sidewalks LS Relocate tenants for 2 days EA Railings/Fence on north side LF Back flow preventer valve cage EA 2 $ $1,000 Grading for new building LS Utilities for new building & Landscape LS Block wall repairs LS Yard drains LS Basketball ct work EA Landscaping upgrades EA 1 $ $500 Irrigation repairs upgrades EA 1 $ $500 Add electrical at tot lot LS Asphalt repair LS Asphalt Overlay or Reseal SF Sidewalk repairs/ada - access path of travel LS Parking lot restriping LS 1 $ $400 Concrete car wheel stops EA Trash enclosure EA 1 $2, $2,000 Planter repairs EA Trellis/Pergolas EA Miscl site work LS 1 $1, $1,500 DIVISION 3 - CONCRETE Repair slab/concrete - allow SF Light wt concrete - allow SF Concrete deck repair - 2nd flr walkway EA Concrete slab repairs DIVISION 4 - MASONRY Exterior Decorative Stone LS DIVISION 5 - METALS Replace existing stair rail in 3 bdrm units EA Balcony railings LF Remove window bars etc Bldgs Replace WI gates and pedestrian gates EA Structural steel seismic work EA Steel stairs close risers & repairs Stairs Sheet metal R/R at patio LF Add metal posts under stairs 2 ea. EA Replace entry door & window security bars 1-B LS Misc. Metals LS DIVISION 6 - WOOD & PLASTICS $7,000 Re frame Closet door that are 8 ft high EA Close off one bathroom door EA Repair T1-11 & Facia board LS Rebuild trellis w/ composite framing new patio area LS Rebuild west trash enclosure area LS Fascia & Trim EA $1, Dry rot allowance EA $2, Remove existing wood decking & replace with Trex decking SF $3.00 Finish Carpentry miscl EA 12 $ $6,000 Replace existing board batten sidings w/ Hardiplank sidings Buildings EA Miscellaneous Rough Carpentry LS 1 $1, $1,000 PACS Inc.

24 DIVISION 7 - THERMAL & MOISTURE PROTE $12,209 Deck water proofing SF $4.00 New roofing - BUR SF $2.75 New Roof Tiles - Mansard EA $3, Seal units from draft/energy efficiency EA 12 $ $4,800 Sheet metal/gutters/downspouts Buildings $ Sheet metal relating Hardiplank sidings LS $1, Add insulation in attic SF 4940 $1.50 $7,409 Replace with cool roof shingles DIVISION 8 - DOORS & WINDOWS $19,440 Exterior Doors, closet, storage, water heaters EA $ Replace old windows w/ Milgard EA $ Replace Patio Doors/sliders w/ Milgard EA 12 $ $9,600 Front Door Replace EA $ Interior doors & Jambs EA $ Closet doors EA $ Entry door hardware EA 12 $ $1,800 Hardware finish doors LS 48 $55.00 $2,640 Cabinets pull/knobs EA 12 $ $2,400 Thresholds EA $75.00 Screen doors EA 12 $ $3,000 Utility closet door EA $ New garage doors EA $ DIVISION 9 - FINISHES $24,558 T-111 repairs Buildings $ Stucco - remove wood trim around windows, patio doors & patch or repair Buildings $10, Exterior paint touch up/facia board Buildings $3, Exterior painting /patch/power wash - Comm Buildings $2, Interior Painting Apts,partial bathrooms EA 12 $ $3,000 Interior Painting - Community Building $1, Carpet & Vinyl SF 7903 $2.50 $19,758 Carpet - Community SF $2.50 Tile - floor tile & base in entry, kitchen, baths & laundry SF $6.00 Kitchen Countertops EA $ Bath Countertops - Meganite solid surface EA Misc. Drywall repairs EA 12 $ $1,800 Resilient Channels SF Bathroom vanity EA $ New Cabinets in kitchen & baths - melamine int EA $2, Closet shelves and poles EA $ Laundry room interior upgrades EA $ DIVISION 10 - SPECIALTIES Signage Ea Medicine cabinets EA $ Fire extinguishers EA Toilet & Bath accessories EA $ Mirrors EA $ PACS Inc.

25 DIVISION 11 - EQUIPMENT Appliance Labor EA $ Washer/Dryers EA $1, Range/Oven replace EA $ Microwave EA $ Garbage disposer EA $ Refrigerators EA $ Dishwasher EA $ Range hoods exhaust EA 0 $ DIVISION 12 - FURNISHINGS $900 Window treatment - repairs EA 12 $75.00 $900 EA Directories EA $5, DIVISION 13 - SPECIAL CONSTRUCTION Make laundry ADA EA $7, Units ADA upgrades EA DIVISION 14 - Conveying System Battery back up LS Elevator cabs EA Wheel chair lift EA $15, DIVISION 15 - MECHANICAL $8,800 HVAC Exhaust fan Humidistat EA 12 $ $2,400 New FCU EA $1, Wall A/C - PTAC EA $1, Bath heater - eliminate EA Attic exhaust EA 4 $ $2,800 Check and repair wall heaters/ replace 12 EA 36 $ $3,600 EA Plumbing $22,950 Water heaters repair LS 1 $ $750 Plumbing general Units 12 $50.00 $600 Fiberglass Tub/shower Unit EA 12 $1, $21,600 Toilets EA $ Gas piping/miscl. Allow EA Plumbing trim EA 12 Seismic strap for water heater EA $ Gas shut off valves EA Recirculating pump R/R EA $1, Kitchen sink SS Ea Replace water shut off valves EA Fire sprinklers EA LS PACS Inc.

26 DIVISION 16 - ELECTRICAL $30,400 Fire alarm SF Main breaker upgrade EA Miscl electrical, tel & cable jacks & trims EA 12 $ $1,200 Exterior building lights EA $ Rough elect to replace bath fans & range hoods EA $ GFI in kitchen & bath EA $ Smoke detectors Being replaced with CO sen EA 12 Kitchen lights EA Add one more bathroom fan EA Install LED light bulbs EA 12 $ $4,800 Phone/Intercom EA CATV repair LS Phone wire repairs - 3 bldgs EA Relocate exposed conduits EA New primary service EA Fan ceiling fans EA 36 $ $14,400 Add security cameras LS 1 $10, $10,000 MISCL ITEMS $73,479 Community - expand rec room & add new office SF $ Mold removal allow LS $5, Unit ADA work EA 1 $7, $7,500 Miscl ADA work LS 1 $7, $7,500 PV System -Water heating LS 1 $56, $56,503 Clean up units SF $1,976 Sub Total Net Hard Cost EA 12 $18, $220,436 #DIV/0! Contractors OH & Fee Percent 7.00% $220, $15,431 Insurance Percent 1.50% $235, $3, % P&P Bond Percent 1.50% $239, $3,591 GC Contingency/Miscl Percent 5% $242, $12,150 SUBTOTAL Direct cost EA 12 $21, $255,146 #DIV/0! Subject to a variation of plus minus 10% to 20% All quantities are approximate Scope of work can be varied depending on the availability of funds Scope of work will change once the A/E consultants and GC/Subs walk the project PACS Inc.

27 ARCHITECTURAL & ENGINEERING Upgrade S.NO DESCRIPTION UNITS QUANTITY UNIT PRICE ESTIMATE Comments ALTA survey LS $25, Mold survey LS 1 $2, $2,000 Architectural Remodel design LS $15, Architectural design clubhouse LS $40, Civil engr design LS $10, Arch construction observations EA $ Soil Engr LS $7, Video Scope Sewer LS $1, Environmental Survey LS $5, ADA survey LS 1 $2, $2,000 Cal Green LS $10, Structural review LS $2, Miscl A/E consultants LS 1 $1, $1,000 Total Arch & Engr EA 12 $ $5,000 PERMITS AND CITY FEES Upgrade S.NO DESCRIPTION UNITS QUANTITY UNIT PRICE ESTIMATE Comments Re roof EA $ HVAC EA $ Plan check LS $2, Electrical EA $ General Bldg permit EA $ Site permits LS $2, Miscl Permits EA 12 $ $1,200 Total Permits and Fee EA #DIV/0! $1,200 PACS Inc.

28 Professional Associates Construction Services, Inc. 7/31/2012 0:00 COST ESTIMATE SUMMARY SHEET INTERIOR AND EXTERIOR UPGRADES CANYON VISTA APTS San Diego, CA APPENDIX Description Quantity Units Unit Price Estimate Building & Site Rehab 8 EA $29, $233,276 General Conditions 2 Months $8,550 $17,100 Contractor OH and Profit $250,376 Percent 5.00% $12,519 Liability Insurance $262,895 Percent 1.50% $3,943 P&P Bond $266,838 Percent 1.50% $4,003 GC's Contingency/Miscl $270,841 Percent 5.00% $13, % Sub Total Hard Cost 8 Units $35,548 $284,383 Permits 8 Units $475 $3,800 FF&E - office LS Architectural & Engrs 2.46% Percent $284,383 $7,000 Hard Cost Contingency $284,383 Percent 10.00% $28,438 Project Management 2 Months $2, $5,000 Sub Total Direct Cost 8 EA $41, $328,621 Note: Conceptual estimate - plus minus 10% All quantities are approximate Scope of work can be varied depending on the availability of funds PACS Inc.

29 CANYON VISTA APTS San Diego, CA 31-Jul-12 Conceptual Cost - Rehab/Upgrade and Immediate Needs Upgrade Immediate Needs Short Term S.NO DESCRIPTION UNITS QUANTITY UNIT PRICE ESTIMATE ESTIMATE 1 year GENERAL CONDITIONS $17,100 Field Supervision Months 2 $3, $7,000 In-House Labor Months 2 $1, $2,000 Storage Containers EA Temp Facilities LS Mileage/Phones EA 2 $ $500 Misc. Equipment rentals Months 2 $ $800 Temp Toilets Months 2 $ $800 Supplies/Misc. Materials Months 2 $ $800 Clean up Months 2 $1, $3,000 Trash Out Loads 4 $ $2,200 Demolition & Abatement $1,450 Interior demo miscl EA 8 $ $1,200 General exterior demo LS $ Demo metal posts EA Demo mail boxes LS Water blast/clean EA 1 $ $250 Demo existing Solar plumbing system (panels & LS Dump loads EA Asbestos Abatement SF Lead Paint Abatement SF DIVISION 2 - SITE WORK $24,050 Cut trees. Weeds and brush LS Adjust concrete LS Add a community garden LS On going const debris removal Loads Fine grading/haul dirt EA Concrete d/w caulk cracks/seal LS Monument Signage EA 1 $1, $1,000 Erosion Control & SWPPS EA New entry system EA Knox Box EA Repair rear gate & opener LS Paint and repair WI fence LS Paint fence Block & WI LS New WI fence above masonry wall LF Repair & paint wood fence LF Install two metal gates for security at side yards EA 4 $ $2,400 Kids play area LS Building signage EA Mail boxes EA Mail boxes structure LS Create BBQ area EA Site furniture LS Termite treatment - spot LS PACS Inc.

30 Pressure wash paving and sidewalks LS Sewer line video/repair/conc LS 1 $15, $15,000 Railings/Fence on north side LF Back flow preventer valve cage EA 1 $ $500 Grading for new building LS Utilities for new building & Landscape LS Block wall repairs LS Yard drains LS Basketball ct work EA Landscaping upgrades EA 1 $2, $2,000 Irrigation repairs upgrades EA 1 $ $250 Add electrical at tot lot LS 1 $ $500 Asphalt repair LS Asphalt Overlay or Reseal SF Sidewalk repairs/ada - access path of travel LS Parking lot restriping LS 1 $ $400 Concrete car wheel stops EA Trash enclosure EA Planter repairs EA Trellis/Pergolas EA Miscl site work LS 1 $2, $2,000 DIVISION 3 - CONCRETE Repair slab/concrete - allow SF Light wt concrete - allow SF Concrete deck repair - 2nd flr walkway EA Concrete slab repairs DIVISION 4 - MASONRY Exterior Decorative Stone LS DIVISION 5 - METALS Replace existing stair rail in 3 bdrm units EA Balcony railings LF Remove window bars etc Bldgs Replace WI gates and pedestrian gates EA Structural steel seismic work EA Steel stairs close risers & repairs Stairs Sheet metal R/R at patio LF Add metal posts under stairs 2 ea. EA Replace entry door & window security bars 1-B LS Misc. Metals LS DIVISION 6 - WOOD & PLASTICS $6,500 Re frame Closet door that are 8 ft high EA Close off one bathroom door EA Repair T1-11 & Facia board LS Rebuild trellis w/ composite framing new patio area LS Rebuild west trash enclosure area LS Fascia & Trim EA $1, Dry rot allowance EA $2, Remove existing wood decking & replace with Trex decking SF $3.00 Finish Carpentry miscl EA 8 $ $4,000 Replace existing board batten sidings w/ Hardiplank sidings Buildings EA Miscellaneous Rough Carpentry / under tubs LS 1 $2, $2,500 PACS Inc.

31 DIVISION 7 - THERMAL & MOISTURE PROTE $8,060 Deck water proofing SF $4.00 New roofing - BUR SF $2.75 New Roof Tiles - Mansard EA $3, Energy efficiency doors seals, etc EA 8 $ $3,200 Sheet metal/gutters/downspouts Buildings $ Sheet metal relating Hardiplank sidings LS $1, Add attic insulation SF 3240 $1.50 $4,860 Add cool roof shingles DIVISION 8 - DOORS & WINDOWS $14,600 Exterior Doors, closet, storage, water heaters EA Replace old windows w/ Milgard EA Replace Patio Doors/sliders w/ Milgard EA Front Door Replace EA Interior doors & Jambs EA Closet doors EA 16 $ $4,800 Entry door hardware EA 8 $ $1,200 Hardware finish doors LS 32 $75.00 $2,400 Cabinets pull/knobs EA 8 $ $1,600 Thresholds EA $75.00 Screen doors EA 2 $ $600 Utility closet w/h EA 4 $1, $4,000 New garage doors EA $ DIVISION 9 - FINISHES $28,620 T-111 repairs Buildings $ Stucco - remove wood trim around windows, patio doors & patch or repair Buildings $10, Exterior paint touch up/facia board Buildings $3, Exterior painting /patch/power wash - Comm Buildings $2, Interior Painting Apts EA 8 $ $4,800 Interior Painting - Community Building $1, Carpet & Vinyl SF 6480 $2.75 $17,820 Carpet - Community SF $2.50 Tile - floor tile & base in entry, kitchen, baths & laundry SF $6.00 Kitchen Countertops EA $ Bath Countertops - Meganite solid surface EA Misc. Plaster/Drywall repairs EA 8 $ $4,000 Resilient Channels SF Bathroom vanity EA $ New Cabinets in kitchen & baths - melamine int EA $2, Closet shelves and poles EA $ Laundry room interior upgrades EA 1 $2, $2,000 DIVISION 10 - SPECIALTIES Signage Ea Medicine cabinets EA $ Fire extinguishers EA Toilet & Bath accessories EA $ Mirrors EA $ PACS Inc.

32 DIVISION 11 - EQUIPMENT Appliance Labor EA $ Washer/Dryers EA $1, Range/Oven replace EA $ Microwave EA $ Garbage disposer EA $ Refrigerators EA $ Dishwasher EA $ Range hoods exhaust EA 0 $ DIVISION 12 - FURNISHINGS $600 Window treatment - repairs EA 8 $75.00 $600 EA Directories EA DIVISION 13 - SPECIAL CONSTRUCTION Make laundry ADA EA Units ADA upgrades EA DIVISION 14 - Conveying System Battery back up LS Elevator cabs EA Wheel chair lift EA $15, DIVISION 15 - MECHANICAL $2,800 HVAC Exhaust fan Humidistat EA 8 $ $2,000 New FCU EA $1, Wall A/C - PTAC EA $1, Bath heater - eliminate EA Attic exhaust EA $ Check and repair wall heaters EA 8 $ $800 EA Plumbing $18,000 Water heaters repair LS Plumbing general Units 8 $ $1,200 Fiberglass Tub/shower Unit EA 8 $2, $16,000 Toilets EA Gas piping/miscl. Allow EA Plumbing trim EA 8 $ $800 Seismic strap for water heater EA Gas shut off valves EA Recirculating pump R/R EA Kitchen sink SS Ea Replace water shut off valves EA Fire sprinklers EA LS PACS Inc.

33 DIVISION 16 - ELECTRICAL $24,800 Fire alarm SF Main breaker upgrade EA Miscl electrical, tel & cable jacks & trims EA 8 $ $800 Exterior building lights EA Rough elect to replace bath fans & range hoods EA GFI in kitchen & bath EA Smoke detectors Being replaced with CO sen EA Kitchen lights EA Add one more bathroom fan EA Install LED light bulbs EA 8 $ $3,200 Phone/Intercom EA CATV repair LS Phone wire repairs - 3 bldgs EA Relocate exposed conduits EA New primary service EA Fan in rooms EA 24 $ $10,800 Add security cameras EA 1 $5, $5,000 Add Wifi EA 1 $5, $5,000 MISCL ITEMS $103,796 Community - expand rec room & add new office SF $ Mold removal allow LS $5, PV System LS 1 $75, $75,000 Miscl ADA work LS 1 $7, $7,500 Adjust floor/level EA 2 $10, $20,000 Clean up units SF $1,296 Sub Total Net Hard Cost EA 8 $31, $250,376 #DIV/0! Contractors OH & Fee Percent 5.00% $250, $12,519 Insurance Percent 1.50% $262, $3, % P&P Bond Percent 1.50% $266, $4,003 GC Contingency/Miscl Percent 5% $270, $13,542 SUBTOTAL Direct cost EA 8 $35, $284,383 #DIV/0! Subject to a variation of plus minus 10% to 20% All quantities are approximate Scope of work can be varied depending on the availability of funds Scope of work will change once the A/E consultants and GC/Subs walk the project PACS Inc.

34 ARCHITECTURAL & ENGINEERING Upgrade S.NO DESCRIPTION UNITS QUANTITY UNIT PRICE ESTIMATE Comments ALTA survey LS $25, Environmental survey LS 1 $2, $2,000 Architectural Remodel design LS $15, Architectural design clubhouse LS $40, Civil engr design LS $10, Arch construction observations EA $ Soil Engr LS $7, Video Scope Sewer LS $1, Environmental Survey LS $5, ADA survey LS 1 $2, $2,000 Cal Green LS $10, Structural review LS 1 $2, $2,000 Miscl A/E consultants LS 1 $1, $1,000 Total Arch & Engr EA 8 $ $7,000 PERMITS AND CITY FEES Upgrade S.NO DESCRIPTION UNITS QUANTITY UNIT PRICE ESTIMATE Comments Re roof EA $ HVAC EA $ Plan check LS $2, Electrical EA $ General Bldg permit EA $ Site permits LS $2, Structural LS 1 $1, $1,000 Tubs EA 8 $ $1,600 Miscl Permits EA 12 $ $1,200 Total Permits and Fee EA 8 $ $3,800 PACS Inc.

35 Professional Associates Construction Services, Inc. 7/9/ :38 COST ESTIMATE SUMMARY SHEET INTERIOR AND EXTERIOR UPGRADES Cornerstone Apts San Diego, CA APPENDIX Description Quantity Units Unit Price Estimate Building & Site Rehab 7 EA $30, $210,302 General Conditions 2 Months $10,100 $20,200 Contractor OH and Profit $230,502 Percent 5.00% $11,525 Liability Insurance $242,028 Percent 1.50% $3,630 P&P Bond $245,658 Percent 1.50% $3,685 GC's Contingency/Miscl $249,343 Percent 3.00% $7, % Sub Total Hard Cost 7 Units $36,689 $256,823 Permits 7 Units $329 $2,300 FF&E - office LS Architectural & Engrs 1.95% Percent $256,823 $5,000 Hard Cost Contingency $256,823 Percent 10.00% $25,682 Project Management 2 Months $2, $5,000 Sub Total Direct Cost 7 EA $42, $294,805 Note: Conceptual estimate - plus minus 10% All quantities are approximate Scope of work can be varied depending on the availability of funds PACS Inc.

36 Cornerstone Apts San Diego, CA 09-Jul-13 Conceptual Cost - Rehab/Upgrade and Immediate Needs Upgrade Immediate Needs Short Term S.NO DESCRIPTION UNITS QUANTITY UNIT PRICE ESTIMATE ESTIMATE 1 year GENERAL CONDITIONS $20,200 Field Supervision Months 2 $4, $8,000 In-House Labor Months 2 $1, $3,000 Storage Containers EA $ Temp Facilities LS $ Mileage/Phones EA 2 $ $1,000 Misc. Equipment rentals Months 2 $ $1,000 Temp Toilets Months 2 $ $1,000 Supplies/Misc. Materials Months 2 $ $1,000 Clean up Months 2 $1, $3,000 Trash Out Loads 4 $ $2,200 Demolition & Abatement $3,500 Interior demo miscl EA 4 $ $2,000 General exterior demo LS 1 $1, $1,000 Demo metal posts EA Demo mail boxes LS Water blast/clean EA 1 $ $500 Demo existing Solar plumbing system (panels & LS Dump loads EA Asbestos Abatement SF Lead Paint Abatement SF DIVISION 2 - SITE WORK $22,056 Cut trees. Weeds and brush LS Adjust concrete LS $1, Add a community garden LS On going const debris removal Loads Fine grading/haul dirt EA Concrete d/w caulk cracks LS 1 $ $500 Monument Signage EA Erosion Control & SWPPS EA New entry system EA Knox Box EA Repair gate opener LS Paint and repair WI fence LS 1 $3, $3,000 Paint fence Block & WI LS New WI fence above masonry wall LF Repair & paint wood fence LF 100 $20.00 $2,000 Install two metal gates for security at rear EA 2 $ $1,000 Kids play area LS Building signage EA Mail boxes EA Mail boxes structure LS Create BBQ area EA Site furniture LS Termite Treatment - tent SF $4,156 PACS Inc.

37 Pressure wash paving and sidewalks LS Relocate tenants for 2 days EA 7 $ $4,200 Railings/Fence on north side LF $35.00 Back flow preventer valve cage EA 1 $ $500 Grading for new building LS Utilities for new building & Landscape LS Block wall repairs LS Yard drains LS Basketball ct work EA Landscaping upgrades EA 1 $2, $2,500 Irrigation repairs upgrades EA 1 $ $500 Add electrical at tot lot LS $3, Asphalt repair LS $ Asphalt Overlay or Reseal SF.45 Sidewalk repairs/ada - access path of travel LS $15, Parking lot restriping EA $5.00 Concrete car wheel stops EA Trash enclosure trellis & gate EA $2, Garage door repair EA 4 $ $1,200 Trellis/Pergolas EA Miscl site work LS 1 $2, $2,500 DIVISION 3 - CONCRETE $1,200 Repair slab/concrete - allow SF Light wt concrete - allow SF Concrete deck repair - 2nd flr walkway EA 2 $ $1,200 Concrete slab repairs DIVISION 4 - MASONRY Exterior Decorative Stone LS DIVISION 5 - METALS $4,000 Replace existing stair rail in 3 bdrm units EA Balcony railings LF Remove window bars etc Bldgs Replace WI gates and pedestrian gates EA Structural steel seismic work EA Steel stairs close risers & repairs Stairs 2 $2, $4,000 Sheet metal R/R at patio LF Add metal posts under stairs 2 ea. EA Replace entry door & window security bars 1-B LS Misc. Metals LS DIVISION 6 - WOOD & PLASTICS $8,000 Re frame Closet door that are 8 ft high EA $ Close off one bathroom door EA Repair T1-11 & Facia board LS 1 $3, $3,000 Rebuild trellis w/ composite framing new patio area LS $1, Rebuild west trash enclosure area LS $2, Fascia & Trim EA Dry rot allowance EA $2, Remove existing wood decking & replace with Trex decking SF $3.00 Finish Carpentry miscl EA 7 $ $3,500 Replace existing board batten sidings w/ Hardiplank sidings Buildings $7, EA Miscellaneous Rough Carpentry LS 1 $1, $1,500 PACS Inc.

38 DIVISION 7 - THERMAL & MOISTURE PROTE $20,469 Deck water proofing SF $4.00 New roofing - BUR SF 4354 $2.75 $11,974 New Roof Tiles - Mansard EA $3, Energy efficiency /door seals/electrical sockets EA 7 $ $2,800 Sheet metal/gutters/downspouts Buildings 1 $ $500 Sheet metal relating Hardiplank sidings LS $1, Add attic insulation SF 3464 $1.50 $5,195 Cool roof shingles DIVISION 8 - DOORS & WINDOWS $9,715 Exterior Doors, closet, storage, water heaters EA $ Replace old windows w/ Milgard EA $2, Replace Patio Doors/sliders w/ Milgard EA $ Front Door Replace EA $ Interior doors & Jambs EA 7 $ $1,225 Closet doors EA 14 $ $3,500 Entry door hardware EA 7 $ $1,050 Hardware finish doors LS 28 $55.00 $1,540 Cabinets pull/knobs EA 7 $ $1,400 Thresholds EA $75.00 Entry doors Allow $ Utility closet door EA 2 $ $1,000 DIVISION 9 - FINISHES $38,568 T-111 repairs Buildings $ Stucco - remove wood trim around windows, patio doors & patch or repair Buildings $10, Exterior paint touch up/facia board Buildings 1 $3, $3,000 Exterior painting /patch/power wash - Comm Buildings $2, Interior Painting Apts, incl drs, trims & ceiling EA $ Interior Painting - Community Building $1, Carpet & Vinyl SF 6927 $2.50 $17,318 Carpet - Community SF $2.50 Tile - floor tile & base in entry, kitchen, baths & laundry SF $6.00 Kitchen Countertops EA 5 $ $3,000 Bath Countertops - Meganite solid surface EA Misc. Drywall repairs EA 7 $ $1,750 Resilient Channels SF Bathroom vanity EA 5 $ $3,000 New Cabinets in kitchen & baths - melamine int EA 5 $2, $10,000 Closet shelves and poles EA $ Laundry room interior upgrades EA 1 $ $500 Entry thresholds EA $ DIVISION 10 - SPECIALTIES $2,800 Signage Ea Medicine cabinets EA 7 $ $700 Fire extinguishers EA Toilet & Bath accessories EA 7 $ $1,225 Mirrors EA 7 $ $875 PACS Inc.

39 DIVISION 11 - EQUIPMENT $1,525 Appliance Labor EA $ Washer/Dryers EA $1, Range/Oven replace EA $ Microwave EA $ Garbage disposer EA 2 $ $300 Refrigerators EA $ Dishwasher EA $ Range hoods exhaust EA 7 $ $1,225 DIVISION 12 - FURNISHINGS $1,050 Window treatment - repairs EA 7 $ $1,050 EA Directories EA $5, DIVISION 13 - SPECIAL CONSTRUCTION Make laundry ADA EA $7, Units ADA upgrades EA DIVISION 14 - Conveying System Battery back up LS Elevator cabs EA Wheel chair lift EA $15, DIVISION 15 - MECHANICAL $13,650 HVAC Exhaust fan Humidistat EA 7 $ $1,400 New FCU EA 7 $1, $10,500 Wall A/C - PTAC EA $1, Bath heater - eliminate EA Office HVAC LS $1, Check and repair Fire place EA 7 $ $1,750 EA Plumbing $19,000 Water heaters repair LS $ Plumbing general Units 7 $ $1,050 Fiberglass Tub/shower Unit EA 7 $1, $11,200 Toilets EA $ Gas piping/miscl. Allow EA Plumbing trim EA 7 $ $5,250 Seismic strap for water heater EA $ Gas shut off valves EA Recirculating pump R/R EA $1, Kitchen sink SS Ea 5 $ $1,500 Replace water shut off valves EA Fire sprinklers EA LS PACS Inc.

40 DIVISION 16 - ELECTRICAL $27,150 Fire alarm SF Main breaker upgrade EA Miscl electrical, tel & cable jacks & trims EA 7 $ $1,400 Exterior building lights EA $ Rough elect to replace bath fans & range hoods EA $ GFI in kitchen & bath EA $ Smoke detectors Being replaced with CO sen EA 7 $ $700 Kitchen lights EA Add one more bathroom fan EA Electrical fixtures & trim - interior EA 7 $ $2,800 Phone/Intercom EA LED light bulbs EA 7 $ $2,800 Phone wire repairs - 3 bldgs EA Relocate exposed conduits EA New primary service EA Fan in rooms EA 21 $ $9,450 Add security cameras pre wire EA 1 $5, $5,000 Wi-Fi EA 1 $5, $5,000 MISCL ITEMS $37,620 Community - expand rec room & add new office SF $ Mold removal allow LS $5, Site security ADA work LS 1 $7, $7,500 PV System Water Heater LS 1 $28, $28,042 Clean up units SF $2,078 Sub Total Net Hard Cost EA 7 $32, $230,502 #DIV/0! Contractors OH & Fee Percent 5.00% $230, $11,525 Insurance Percent 1.50% $242, $3, % P&P Bond Percent 1.50% $245, $3,685 GC Contingency/Miscl Percent 3% $249, $7,480 SUBTOTAL Direct cost EA 7 $36, $256,823 #DIV/0! Subject to a variation of plus minus 10% to 20% All quantities are approximate Scope of work can be varied depending on the availability of funds Scope of work will change once the A/E consultants and GC/Subs walk the project PACS Inc.

41 ARCHITECTURAL & ENGINEERING Upgrade S.NO DESCRIPTION UNITS QUANTITY UNIT PRICE ESTIMATE Comments ALTA survey LS $25, Mold survey LS 1 $2, $2,000 Architectural Remodel design LS $15, Architectural design clubhouse LS $40, Civil engr design LS $10, Arch construction observations EA $ Soil Engr LS $7, Video Scope Sewer LS $1, Environmental Survey LS $5, ADA survey LS 1 $2, $2,000 Cal Green LS $10, Structural review LS $2, Miscl A/E consultants LS 1 $1, $1,000 Total Arch & Engr EA 7 $ $5,000 PERMITS AND CITY FEES Upgrade S.NO DESCRIPTION UNITS QUANTITY UNIT PRICE ESTIMATE Comments Re roof EA 1 $ $400 HVAC EA 6 $ $900 Plan check LS $2, Electrical EA $ General Bldg permit EA $ Site permits LS $2, Miscl Permits LS 1 $1, $1,000 Total Permits and Fee EA 7 $ $2,300 PACS Inc.

42 Professional Associates Construction Services, Inc. 11/5/2012 0:00 COST ESTIMATE SUMMARY SHEET INTERIOR AND EXTERIOR UPGRADES EUCLID COURT APARTMENTS San Diego, CA APPENDIX Description Quantity Units Unit Price Estimate Building & Site Rehab 11 EA $18, $198,316 General Conditions 2 Months $8,550 $17,100 Contractor OH and Profit $215,416 Percent 7.00% $15,079 Liability Insurance $230,496 Percent 1.50% $3,457 P&P Bond $233,953 Percent 1.50% $3,509 GC's Contingency/Miscl $237,462 Percent 5.00% $11,873 Sub Total Hard Cost 11 Units $22,667 $249,335 Permits 11 Units $100 $1,100 FF&E - office LS Architectural & Engrs 2.01% Percent $249,335 $5,000 Hard Cost Contingency $249,335 Percent 10.00% $24,934 Project Management 2 Months $2, $5,000 Sub Total Direct Cost 11 EA $25, $285,369 Note: Conceptual estimate - plus minus 10% All quantities are approximate Scope of work can be varied depending on the availability of funds PACS Inc.

43 EUCLID COURT APARTMENTS San Diego, CA 05-Nov-12 Conceptual Cost - Rehab/Upgrade and Immediate Needs Upgrade Immediate Needs Short Term S.NO DESCRIPTION UNITS QUANTITY UNIT PRICE ESTIMATE ESTIMATE 1 year GENERAL CONDITIONS $17,100 Field Supervision Months 2 $3, $7,000 In-House Labor Months 2 $1, $2,000 Storage Containers EA Temp Facilities LS Mileage/Phones EA 2 $ $500 Misc. Equipment rentals Months 2 $ $800 Temp Toilets Months 2 $ $800 Supplies/Misc. Materials Months 2 $ $800 Clean up Months 2 $1, $3,000 Trash Out Loads 4 $ $2,200 Demolition & Abatement $1,650 Interior demo miscl EA 11 $ $1,650 General exterior demo LS $ Demo metal posts EA Demo mail boxes LS Water blast/clean EA Demo existing Solar plumbing system (panels & LS Dump loads EA Asbestos Abatement SF Lead Paint Abatement SF DIVISION 2 - SITE WORK $36,300 Cut trees. Weeds and brush LS Alter concrete sidewalk slope for drainage LS 1 $5, $5,000 Add more area drains along sideyards LS 1 $1, $1,800 Construct a trash enclosure w/ chain link fence LS 1 $3, $3,500 Fine grading/haul dirt EA Concrete d/w caulk cracks/seal LS Monument Signage EA 1 $1, $1,000 Erosion Control & SWPPS EA New entry system EA Knox Box EA Repair rear gate & opener LS Paint and repair WI fence LS Paint fence Block & WI LS New WI fence above masonry wall LF Repair & paint wood fence LF Install two metal gates for security at side yards EA Kids play area LS Building signage EA Mail boxes EA Mail boxes structure LS Create BBQ area EA Site furniture LS Termite treatment - spot LS PACS Inc.

44 Pressure wash paving and sidewalks LS Sewer line video/repair/conc LS 1 $15, $15,000 Railings/Fence on north side LF Back flow preventer valve cage EA 1 $ $500 Shut-off valves, individual EA 11 $ $5,500 Utilities for new building & Landscape LS Block wall repairs LS Yard drains LS Basketball ct work EA Landscaping upgrades LS Add new irrigation system EA 1 $2, $2,000 Add electrical at tot lot LS Asphalt repair LS Asphalt Overlay or Reseal SF Sidewalk repairs/ada - access path of travel LS Parking lot restriping LS Concrete car wheel stops EA Planter repairs EA Trellis/Pergolas EA Miscl site work LS 1 $2, $2,000 DIVISION 3 - CONCRETE $5,000 Repair slab/concrete - allow SF Light wt concrete - allow SF Concrete deck repair - 2nd flr walkway EA Misc repairs on raised foundation below crawlspaces LS 1 $3, $3,000 Seismic & mold investigation underneath crawlspaces LS 1 $2, $2,000 Concrete slab repairs DIVISION 4 - MASONRY Exterior Decorative Stone LS DIVISION 5 - METALS Replace existing stair rail in 3 bdrm units EA Balcony railings LF Remove window bars etc Bldgs Replace WI gates and pedestrian gates EA Structural steel seismic work EA Steel stairs close risers & repairs Stairs Sheet metal R/R at patio LF Add metal posts under stairs 2 ea. EA Replace entry door & window security bars 1-B LS Misc. Metals LS DIVISION 6 - WOOD & PLASTICS Re frame Closet door that are 8 ft high EA Close off one bathroom door EA Repair T1-11 & Facia board LS Rebuild trellis w/ composite framing new patio area LS Rebuild west trash enclosure area LS Fascia & Trim EA Dry rot allowance EA Remove existing wood decking & replace with Trex decking SF Finish Carpentry miscl EA Replace existing board batten sidings w/ Hardiplank sidings Buildings EA Miscellaneous Rough Carpentry / under tubs LS PACS Inc.

45 DIVISION 7 - THERMAL & MOISTURE PROTE $14,150 Deck water proofing SF New roofing - BUR SF New Roof Tiles - Mansard EA Seal units from draft/energy efficiency EA 11 $ $4,400 Sheet metal/gutters/downspouts Buildings Sheet metal relating Hardiplank sidings LS Add insulation in attic SF 6500 $1.50 $9,750 Rplace with cool roof shingles DIVISION 8 - DOORS & WINDOWS $45,250 Exterior Doors, closet, storage, water heaters EA Replace old windows w/ Milgard EA 11 $2, $27,500 Replace Patio Doors/sliders w/ Milgard EA Front Door Replace EA Interior doors & Jambs EA Closet doors EA 12 $ $3,600 Interior door hardware EA 0 $ Hardware finish doors LS 0 $50.00 Cabinets pull/knobs EA Thresholds EA Security screen doors EA 11 $ $9,350 Utility closet w/h EA New garage doors EA New automatic garage doors openers & locks EA 8 $ $4,800 DIVISION 9 - FINISHES T-111 repairs Buildings $ Stucco - remove wood trim around windows, patio doors & patch or repair Buildings $10, Exterior paint touch up/facia board Buildings $3, Exterior painting /patch/power wash - Comm Buildings.00 Interior Painting Apts EA $ Interior Painting - Community Building $1, Carpet & Vinyl SF $2.75 Carpet - Community SF $2.50 Tile - floor tile & base in entry, kitchen, baths & laundry SF $6.00 Kitchen Countertops EA $ Bath Countertops - Meganite solid surface EA Misc. Plaster/Drywall repairs EA $ Resilient Channels SF Bathroom vanity EA $ New Cabinets in kitchen & baths - melamine int EA $2, Closet shelves and poles EA $ Laundry room interior upgrades EA $2, DIVISION 10 - SPECIALTIES Signage Ea Medicine cabinets EA $ Fire extinguishers EA $ Toilet & Bath accessories EA $ Mirrors EA $ PACS Inc.

46 DIVISION 11 - EQUIPMENT Appliance Labor EA $ Washer/Dryers EA $1, Range/Oven replace EA $ Microwave EA $ Garbage disposer EA $ Refrigerators EA $ Dishwasher EA $ Range hoods exhaust EA $ DIVISION 12 - FURNISHINGS Window treatment - repairs EA $75.00 EA Directories EA DIVISION 13 - SPECIAL CONSTRUCTION $5,000 Make laundry ADA EA Units ADA upgrades - modify 1 unit EA 1 $5, $5,000 DIVISION 14 - Conveying System Battery back up LS Elevator cabs EA Wheel chair lift EA $15, DIVISION 15 - MECHANICAL $4,400 HVAC Exhaust fan Humidistat EA 11 $ $4,400 New FCU EA $1, Wall A/C - PTAC EA $1, Bath heater - eliminate EA Attic exhaust EA $ Check and repair wall heaters EA $ EA Plumbing $5,000 Water heaters repair LS Sanitary line replacement in crawlspaces Units 5 $1, $5,000 Fiberglass Tub/shower Unit EA $2, Toilets EA Gas piping/miscl. Allow EA Plumbing trim EA $ Seismic strap for water heater EA Gas shut off valves EA Recirculating pump R/R EA Kitchen sink SS Ea Replace water shut off valves EA Fire sprinklers EA LS PACS Inc.

47 DIVISION 16 - ELECTRICAL $23,600 Fire alarm SF Main breaker upgrade EA Miscl electrical, tel & cable jacks & trims EA $ Exterior building lights EA Rough elect to replace bath fans & range hoods EA GFI in kitchen & bath EA Smoke detectors Being replaced with CO sen EA Kitchen lights EA Add one more bathroom fan EA Install LED light bulbs EA 11 $ $4,400 Phone/Intercom EA CATV repair LS Phone wire repairs - 3 bldgs EA Relocate exposed conduits EA New primary service EA Ceiling Fan/lights EA 23 $ $9,200 Add security cameras LS 1 $10, $10,000 MISCL ITEMS $57,966 Community - expand rec room & add new office SF $ Mold Inspection inside crawl spaces - allow LS 1 $1, $1,000 Unit ADA work EA 1 $7, $7,500 Miscl ADA work LS 1 $7, $7,500 PV System (Water Heater) EA 1 $75, $40,666 Clean up units SF $1,300 Sub Total Net Hard Cost EA 11 $19, $215,416 #DIV/0! Contractors OH & Fee Percent 7.00% $215, $15,079 Insurance Percent 1.50% $230, $3, % P&P Bond Percent 1.50% $233, $3,509 GC Contingency/Miscl Percent 5% $237, $11,873 SUBTOTAL Direct cost EA 11 $22, $249,335 #DIV/0! Subject to a variation of plus minus 10% to 20% All quantities are approximate Scope of work can be varied depending on the availability of funds Scope of work will change once the A/E consultants and GC/Subs walk the project PACS Inc.

48 ARCHITECTURAL & ENGINEERING Upgrade S.NO DESCRIPTION UNITS QUANTITY UNIT PRICE ESTIMATE Comments ALTA survey LS $25, Environmental survey LS 1 $2, $2,000 Architectural Remodel design LS $15, Architectural design clubhouse LS $40, Civil engr design LS $10, Arch construction observations EA $ Soil Engr LS $7, Video Scope Sewer LS $1, Environmental Survey LS $5, ADA survey LS 1 $2, $2,000 Cal Green LS $10, Structural review LS 1 $2, $2,000 Miscl A/E consultants LS 1 $1, $1,000 Total Arch & Engr EA 11 $ $7,000 PERMITS AND CITY FEES Upgrade S.NO DESCRIPTION UNITS QUANTITY UNIT PRICE ESTIMATE Comments Re roof EA $ HVAC EA $ Plan check LS $2, Electrical EA $ General Bldg permit EA $ Site permits LS $2, Structural LS 1 $1, $1,000 Tubs EA 8 $ $1,600 Miscl Permits EA 11 $ $1,100 Total Permits and Fee EA 11 $ $3,700 PACS Inc.

49 Professional Associates Construction Services, Inc. 11/5/2012 0:00 APPENDIX COST ESTIMATE SUMMARY SHEET INTERIOR AND EXTERIOR UPGRADES HARMONY HOMES SENIOR APARTMENTS San Diego, CA Description Quantity Units Unit Price Estimate Building & Site Rehab 12 EA $19, $231,546 General Conditions 2.5 Months $7,090 $17,725 Contractor OH and Profit $249,271 Percent 7.00% $17,449 Liability Insurance $266,720 Percent 1.50% $4,001 P&P Bond $270,721 Percent 1.50% $4,061 GC's Contingency/Miscl $274,782 Percent 5.00% $13,739 Sub Total Hard Cost 12 Units $24,043 $288,521 Permits 12 Units $100 $1,200 FF&E - office LS Architectural & Engrs 1.73% Percent $288,521 $5,000 Hard Cost Contingency $288,521 Percent 10.00% $28,852 Project Management 2 Months $2, $5,000 Sub Total Direct Cost 12 EA $27, $328,573 Note: Conceptual estimate - plus minus 10% All quantities are approximate Scope of work can be varied depending on the availability of funds PACS Inc.

50 HARMONY HOMES SENIOR APARTMENTS San Diego, CA 05-Nov-12 Conceptual Cost - Rehab/Upgrade and Immediate Needs Upgrade Immediate Needs Short Term S.NO DESCRIPTION UNITS QUANTITY UNIT PRICE ESTIMATE ESTIMATE 1 year GENERAL CONDITIONS $17,725 Field Supervision Months 2.50 $4, $10,000 In-House Labor Months 2.50 $1, $2,500 Storage Containers EA Temp Facilities LS Mileage/Phones EA 3 $ $625 Misc. Equipment rentals Months 3 $ $1,000 Temp Toilets Months 3 $ $1,000 Supplies/Misc. Materials Months 3 $ $500 Clean up Months 1 $1, $1,000 Trash Out Loads 2 $ $1,100 Demolition & Abatement $2,900 Interior demo miscl EA 12 $ $2,400 General exterior demo LS 1 $ $500 Demo metal posts EA Demo mail boxes LS Water blast/clean EA Demo existing Solar plumbing system (panels & LS Dump loads EA Asbestos Abatement SF Lead Paint Abatement SF DIVISION 2 - SITE WORK $8,750 Cut trees. Weeds and brush LS 1 $2, $2,000 Alter concrete sidewalk slope for drainage LS Add more area drains along sideyards LS Construct a trash enclosure w/ chain link fence LS Fine grading/haul dirt EA Concrete d/w caulk cracks/seal LS Monument Signage EA 1 $1, $1,000 Erosion Control & SWPPS EA New entry system EA Knox Box EA Repair rear gate & opener LS Paint and repair WI fence LS Paint fence Block & WI LS New WI fence above masonry wall LF Repair & paint wood fence LF Install two metal gates for security at side yards EA Kids play area LS Building signage EA Mail boxes EA Mail boxes structure LS Create BBQ area EA Site furniture LS Termite/Dry-rot - all treatment & wood repair LS 1 $3, $3,500 PACS Inc.

51 Pressure wash paving and sidewalks LS Sewer line video/repair/conc LS Railings/Fence on north side LF Back flow preventer valve cage EA Shut-off valves, individual EA Utilities for new building & Landscape LS Block wall repairs LS Yard drains LS Basketball ct work EA Landscaping upgrades LS Add new irrigation system EA Add electrical at tot lot LS Asphalt repair LS Asphalt Overlay or Reseal SF Sidewalk repairs/ada - access path of travel LS Parking lot restriping LS 1 $ $250 Concrete car wheel stops EA Planter repairs EA Trellis/Pergolas EA Miscl site work LS 1 $2, $2,000 DIVISION 3 - CONCRETE Repair slab/concrete - allow SF Light wt concrete - allow SF Concrete deck repair - 2nd flr walkway EA Misc repairs on raised foundation below crawlspaces LS Seismic & mold investigation underneath crawlspaces LS Concrete slab repairs DIVISION 4 - MASONRY $800 Exterior Decorative Stone LS Repair and/or replace damaged stair treads LS 1 $ $800 DIVISION 5 - METALS $22,000 Replace existing vertical rails of stairs & balcony LS 1 $15, $15,000 Balcony railings LF Remove window bars etc Bldgs Replace WI gates and pedestrian gates EA Structural steel seismic work EA Steel stairs close risers & repairs Stairs Sheet metal R/R at patio LF Add metal posts under stairs 2 ea. EA Install window security bars on all 1st floor units LS 1 $5, $5,000 Replace entry front & alley EA 2 $1, $2,000 Misc. Metals LS DIVISION 6 - WOOD & PLASTICS Re frame Closet door that are 8 ft high EA Close off one bathroom door EA Repair T1-11 & Facia board LS Rebuild trellis w/ composite framing new patio area LS Rebuild west trash enclosure area LS Fascia & Trim EA Dry rot allowance LS Remove existing wood decking & replace with Trex decking SF Finish Carpentry miscl EA Replace existing board batten sidings w/ Hardiplank sidings Buildings EA Miscellaneous Rough Carpentry / under tubs LS PACS Inc.

52 DIVISION 7 - THERMAL & MOISTURE PROTE $23,117 Balcony/Walkway deck waterproofing LS 1 $8, $8,000 New roofing - BUR SF New Roof Tiles - Mansard EA Seal units from draft/energy efficiency EA 12 $ $4,800 Add insulation in attic SF 5878 $1.50 $8,817 Rplace with cool roof shingles Replace weatherstripping of all entry doors EA 12 $ $1,500 DIVISION 8 - DOORS & WINDOWS $14,400 Exterior Doors, closet, storage, water heaters EA Replace old windows w/ Milgard EA 12 $1, $14,400 Replace Patio Doors/sliders w/ Milgard EA Front Door Replace EA Interior doors & Jambs EA Closet doors EA Interior door hardware EA Hardware finish doors LS Cabinets pull/knobs EA Thresholds EA Security screen doors EA Utility closet water/heater doors EA New garage doors EA New automatic garage doors openers & locks EA DIVISION 9 - FINISHES $44,938 T-111 repairs Buildings Stucco - remove wood trim around windows, patio doors & patch or repair Buildings Exterior paint touch up/facia board Buildings Exterior painting /patch/power wash - Comm Buildings Interior Painting Apts EA Interior Painting - Community Building Carpet & Vinyl SF 4341 $2.50 $10,852 Carpet - Community SF Tile - floor tile & base in entry, kitchen, baths & laundry SF 868 $2.00 $1,736 Kitchen Countertops, approx 50% EA 6 $1, $9,000 Bath Countertops - Meganite solid surface EA Misc. Plaster/Drywall repairs EA Resilient Channels SF Bathroom vanity, approx 50% EA 6 $ $1,350 New Cabinets in kitchen & baths - melamine int EA 10 $2, $22,000 Closet shelves and poles EA Laundry room interior upgrades EA DIVISION 10 - SPECIALTIES $3,600 Signage Ea Medicine cabinets EA 12 $50.00 $600 Fire extinguishers, recharge EA 6 $50.00 $300 Toilet & Bath accessories EA 12 $ $1,800 Mirrors EA 12 $75.00 $900 PACS Inc.

53 DIVISION 11 - EQUIPMENT $8,400 Appliance Labor EA $ Washer/Dryers EA $1, Range/Oven replace EA 12 $ $6,000 Microwave EA $ Garbage disposer EA 12 $ $2,400 Refrigerators EA $ Dishwasher EA $ Range hoods exhaust EA $ DIVISION 12 - FURNISHINGS Window treatment - repairs EA $75.00 EA Directories EA DIVISION 13 - SPECIAL CONSTRUCTION Make laundry ADA EA Units ADA upgrades - modify 1 unit EA $5, DIVISION 14 - Conveying System Battery back up LS Elevator cabs EA Wheel chair lift EA DIVISION 15 - MECHANICAL $8,800 HVAC Exhaust fan Humidistat EA 12 $ $4,800 New FCU EA Wall A/C - PTAC EA Bath heater - eliminate EA Attic exhaust EA Replace gas-fired wall heaters EA 4 $1, $4,000 Replace electric wall heaters EA $ Plumbing $25,500 Water heaters repair LS Sanitary line replacement in crawlspaces Units Fiberglass Tub/shower Unit EA 12 $1, $20,400 Toilets, approx 100% EA 12 $ $3,600 Gas piping/miscl. Allow EA Plumbing trim EA Seismic strap for water heater EA Gas shut off valves EA Recirculating pump R/R EA Kitchen sink SS, approx 50% EA 6 $ $1,500 Replace water shut off valves EA Fire sprinklers EA LS PACS Inc.

54 DIVISION 16 - ELECTRICAL $31,600 Fire alarm SF Main breaker upgrade EA Miscl electrical, tel & cable jacks & trims EA 12 $ $1,200 Exterior building lights EA Rough elect to replace bath fans & range hoods EA GFI in kitchen & bath EA Smoke detectors Being replaced with CO sen EA Kitchen lights EA Add one more bathroom fan EA Install LED light bulbs EA 12 $ $4,800 New Phone/Intercom System LS 1 $6, $6,000 CATV repair LS Phone wire repairs - 3 bldgs EA Relocate exposed conduits EA New primary service EA Ceiling fan/lights EA 24 $ $9,600 Add security cameras LS 1 $10, $10,000 MISCL ITEMS $36,741 Community - expand rec room & add new office SF Mold Inspection inside crawl spaces - allow LS Unit ADA work LS 1 $7, $7,500 Miscl ADA work LS 1 $7, $7,500 PV System (Water Heater) LS 1 $75, $20,655 Clean up units SF $1,085 Sub Total Net Hard Cost EA 12 $20, $249, % Contractors OH & Fee Percent 7.00% $249, $17,449 Insurance Percent 1.50% $266, $4,001 P&P Bond Percent 1.50% $270, $4,061 GC Contingency/Miscl Percent 5% $274, $13,739 SUBTOTAL Direct cost EA 12 $24, $288, % Subject to a variation of plus minus 10% to 20% All quantities are approximate Scope of work can be varied depending on the availability of funds Scope of work will change once the A/E consultants and GC/Subs walk the project PACS Inc.

55 ARCHITECTURAL & ENGINEERING Upgrade S.NO DESCRIPTION UNITS QUANTITY UNIT PRICE ESTIMATE Comments ALTA survey LS $25, Environmental survey LS 1 $2, $2,000 Architectural Remodel design LS $15, Architectural design clubhouse LS $40, Civil engr design LS $10, Arch construction observations EA $ Soil Engr LS $7, Video Scope Sewer LS $1, Environmental Survey LS $5, ADA survey LS 1 $2, $2,000 Cal Green LS $10, Structural review LS $2, Miscl A/E consultants LS 1 $1, $1,000 Total Arch & Engr EA 12 $ $5,000 PERMITS AND CITY FEES Upgrade S.NO DESCRIPTION UNITS QUANTITY UNIT PRICE ESTIMATE Comments Re roof EA $ HVAC EA $ Plan check LS $2, Electrical EA $ General Bldg permit EA $ Site permits LS $2, Structural LS $1, Tubs EA $ Miscl Permits EA 12 $ $1,200 Total Permits and Fee EA 12 $ $1,200 PACS Inc.

56 Professional Associates Construction Services, Inc. 11/5/2012 0:00 COST ESTIMATE SUMMARY SHEET INTERIOR AND EXTERIOR UPGRADES SAN DIEGO SENIOR APARTMENTS San Diego, CA APPENDIX Description Quantity Units Unit Price Estimate Building & Site Rehab 16 EA $11, $189,623 ADA work - excluded General Conditions 2 Months $6,300 $12,600 Contractor OH and Profit $202,223 Percent 7.00% $14,156 Liability Insurance $216,379 Percent 1.50% $3,246 P&P Bond $219,625 Percent 1.50% $3,294 GC's Contingency/Miscl $222,919 Percent 5.00% $11,146 Sub Total Hard Cost 16 Units $14,629 $234,065 Permits 16 Units $94 $1,500 FF&E - office LS Architectural & Engrs 2.14% Percent $234,065 $5,000 Hard Cost Contingency $234,065 Percent 10.00% $23,406 Project Management 2 Months $2, $5,000 Sub Total Direct Cost 16 EA $16, $268,971 Note: Conceptual estimate - plus minus 10% All quantities are approximate Scope of work can be varied depending on the availability of funds PACS Inc.

57 SAN DIEGO SENIOR APARTMENTS San Diego, CA 05-Nov-12 Conceptual Cost - Rehab/Upgrade and Immediate Needs Upgrade Immediate Needs Short Term S.NO DESCRIPTION UNITS QUANTITY UNIT PRICE ESTIMATE ESTIMATE 1 year GENERAL CONDITIONS $12,600 Field Supervision Months 2 $3, $7,000 In-House Labor Months 2 $1, $2,000 Storage Containers EA Temp Facilities LS Mileage/Phones EA 2 $ $500 Misc. Equipment rentals Months 2 $ $800 Temp Toilets Months 2 $ $800 Supplies/Misc. Materials Months 2 $ $400 Clean up Months $1, Trash Out Loads 2 $ $1,100 Demolition & Abatement $2,400 Interior demo miscl EA 16 $ $2,400 General exterior demo LS $ Demo metal posts EA Demo mail boxes LS Water blast/clean EA Demo existing Solar plumbing system (panels & LS Dump loads EA Asbestos Abatement SF Lead Paint Abatement SF DIVISION 2 - SITE WORK $3,350 Cut trees. Weeds and brush LS $2, Alter concrete sidewalk slope for drainage LS Add more area drains along sideyards LS Construct a trash enclosure w/ chain link fence LS Fine grading/haul dirt EA Concrete d/w caulk cracks/seal LS Monument Signage EA 1 $1, $1,000 Erosion Control & SWPPS EA New entry system EA Knox Box EA Repair rear gate & opener LS Paint and repair WI fence LS Paint fence Block & WI LS New WI fence above masonry wall LF Repair & paint wood fence LF Install two metal gates for security at side yards EA Kids play area LS Building signage EA Mail boxes EA Mail boxes structure LS Create BBQ area EA Site furniture LS Termite/Dry-rot - all treatment & wood repair LS 1 $ $100 PACS Inc.

58 Pressure wash paving and sidewalks LS Sewer line video/repair/conc LS Railings/Fence on north side LF Back flow preventer valve cage EA Shut-off valves, individual EA Utilities for new building & Landscape LS Block wall repairs LS Yard drains LS Basketball ct work EA Landscaping upgrades LS Add new irrigation system EA Add electrical at tot lot LS Asphalt repair LS Asphalt Overlay or Reseal SF Sidewalk repairs/ada - access path of travel LS Parking lot restriping LS 1 $ $250 Concrete car wheel stops EA Planter repairs EA Trellis/Pergolas EA Miscl site work LS 1 $2, $2,000 DIVISION 3 - CONCRETE Repair slab/concrete - allow SF Light wt concrete - allow SF Concrete deck repair - 2nd flr walkway EA Misc repairs on raised foundation below crawlspaces LS Seismic & mold investigation underneath crawlspaces LS Concrete slab repairs DIVISION 4 - MASONRY Exterior Decorative Stone LS Repair and/or replace damaged stair treads LS DIVISION 5 - METALS $3,000 Replace existing vertical rails of stairs & balcony LS Balcony railings LF Remove window bars etc Bldgs Replace WI gates and pedestrian gates EA Structural steel seismic work EA Steel stairs close risers & repairs Stairs Sheet metal R/R at patio LF Add metal posts under stairs 2 ea. EA Install window security bars on all 1st floor units LS 1 $3, $3,000 Replace entry front & alley EA $1, Misc. Metals LS DIVISION 6 - WOOD & PLASTICS Re frame Closet door that are 8 ft high EA Close off one bathroom door EA Repair T1-11 & Facia board LS Rebuild trellis w/ composite framing new patio area LS Rebuild west trash enclosure area LS Fascia & Trim EA Dry rot allowance LS Remove existing wood decking & replace with Trex decking SF Finish Carpentry miscl EA Replace existing board batten sidings w/ Hardiplank sidings Buildings EA Miscellaneous Rough Carpentry / under tubs LS PACS Inc.

59 DIVISION 7 - THERMAL & MOISTURE PROTE $18,759 Balcony/Walkway deck waterproofing LS $8, New roofing - BUR SF New Roof Tiles - Mansard EA Seal units from draft/energy efficiency EA 16 $ $6,400 Add insulation in attic SF 6906 $1.50 $10,359 Rplace with cool roof shingles SF Replace weatherstripping of all entry doors EA 16 $ $2,000 DIVISION 8 - DOORS & WINDOWS $1,800 Exterior Doors, closet, storage, water heaters EA Replace old windows w/ Milgard, 3 SETS EA 3 $ $1,800 Replace Patio Doors/sliders w/ Milgard EA Front Door Replace EA Interior doors & Jambs EA Closet doors EA Interior door hardware EA Hardware finish doors LS Cabinets pull/knobs EA Thresholds EA Security screen doors EA Utility closet water/heater doors EA New garage doors EA New automatic garage doors openers & locks EA DIVISION 9 - FINISHES $25,500 T-111 repairs Buildings Stucco - remove wood trim around windows, patio doors & patch or repair Buildings Exterior paint touch up/facia board Buildings Exterior painting /patch/power wash - Comm Buildings Interior Painting Apts EA Interior Painting - Community Building Carpet & Vinyl SF $2.50 Carpet - Community SF Tile - floor tile & base in entry, kitchen, baths & laundry SF $2.00 Kitchen Countertops, approx 50% EA 8 $1, $12,000 Bath Countertops - Meganite solid surface EA Misc. Plaster/Drywall repairs EA Resilient Channels SF Bathroom vanity, approx?% EA 10 $ $2,500 New Cabinets in kitchen & baths - melamine int EA 5 $2, $11,000 Closet shelves and poles EA Laundry room interior upgrades EA DIVISION 10 - SPECIALTIES Signage Ea Medicine cabinets EA $50.00 Fire extinguishers, recharge EA $50.00 Toilet & Bath accessories EA $ Mirrors EA $60.00 PACS Inc.

60 DIVISION 11 - EQUIPMENT $7,350 Appliance Labor EA $ Washer/Dryers EA $1, Range/Oven 50% EA 6 $ $3,000 Microwave EA $ CHECK ALL THESE per text Garbage disposer EA $ % EA 6 $ $3,300 Dishwasher EA $ Range hoods 50% EA 6 $ $1,050 DIVISION 12 - FURNISHINGS Window treatment - repairs EA $75.00 EA Directories EA DIVISION 13 - SPECIAL CONSTRUCTION Make laundry ADA EA Units ADA upgrades - modify 1 unit EA $5, DIVISION 14 - Conveying System Battery back up LS Elevator cabs EA Wheel chair lift EA DIVISION 15 - MECHANICAL $22,400 HVAC Exhaust fan Humidistat EA 16 $ $6,400 New FCU EA Wall A/C - PTAC EA Bath heater - eliminate EA Attic exhaust EA Replace gas-fired wall heaters EA 16 $1, $16,000 Replace electric wall heaters EA $ Plumbing $15,600 Water heaters repair LS Sanitary line replacement in crawlspaces Units Fiberglass Tub/shower Unit EA 8 $1, $13,600 Toilets, approx 100% EA $ Gas piping/miscl. Allow EA Plumbing trim EA Seismic strap for water heater EA Gas shut off valves EA Recirculating pump R/R EA Kitchen sink SS, approx 50% EA 8 $ $2,000 Replace water shut off valves EA Fire sprinklers EA LS PACS Inc.

61 DIVISION 16 - ELECTRICAL $39,620 Fire alarm system, repair LS 1 $3, $3,500 Main breaker upgrade EA Miscl electrical, tel & cable jacks & trims EA $ Exterior building lights EA Rough elect to replace bath fans & range hoods EA GFI in kitchen & bath EA Smoke detectors Being replaced with CO sen EA 16 $ $1,920 Kitchen lights EA Add one more bathroom fan EA Install LED light bulbs EA 16 $ $6,400 Phone/Intercom System, replace LS 1 $5, $5,000 CATV repair LS Phone wire repairs - 3 bldgs EA Relocate exposed conduits EA New primary service EA Ceiling Fan/Lights EA 32 $ $12,800 Add security cameras LS 1 $10, $10,000 MISCL ITEMS $49,844 Community - expand rec room & add new office SF Mold Inspection inside crawl spaces - allow LS Unit ADA work EA 1 $7, $7,500 Miscl ADA work LS 1 $7, $7,500 PV System (Water Heater) LS 1 $75, $33,444 Install sign "Do not park backup style" LS 1 $ $100 Clean up units SF $1,300 Sub Total Net Hard Cost EA 16 $12, $202, % Contractors OH & Fee Percent 7.00% $202, $14,156 Insurance Percent 1.50% $216, $3,246 P&P Bond Percent 1.50% $219, $3,294 GC Contingency/Miscl Percent 5% $222, $11,146 SUBTOTAL Direct cost EA 16 $14, $234, % Subject to a variation of plus minus 10% to 20% All quantities are approximate Scope of work can be varied depending on the availability of funds Scope of work will change once the A/E consultants and GC/Subs walk the project PACS Inc.

62 ARCHITECTURAL & ENGINEERING Upgrade S.NO DESCRIPTION UNITS QUANTITY UNIT PRICE ESTIMATE Comments ALTA survey LS $25, Environmental survey LS 1 $2, $2,000 Architectural Remodel design LS $15, Architectural design clubhouse LS $40, Civil engr design LS $10, Arch construction observations EA $ Soil Engr LS $7, Video Scope Sewer LS $1, Environmental Survey LS $5, ADA survey LS 1 $2, $2,000 Cal Green LS $10, Structural review LS $2, Miscl A/E consultants LS 1 $1, $1,000 Total Arch & Engr EA 16 $ $5,000 PERMITS AND CITY FEES Upgrade S.NO DESCRIPTION UNITS QUANTITY UNIT PRICE ESTIMATE Comments Re roof EA $ HVAC EA $ Plan check LS $2, Electrical EA $ General Bldg permit EA $ Site permits LS $2, Structural LS $1, Tubs EA $ Miscl Permits EA 1 $1, $1,000 Total Permits and Fee EA 16 $62.50 $1,000 PACS Inc.

63 Professional Associates Construction Services, Inc. 11/5/2012 0:00 COST ESTIMATE SUMMARY SHEET INTERIOR AND EXTERIOR UPGRADES SYCAMORE COURT San Diego, CA APPENDIX Description Quantity Units Unit Price Estimate Building & Site Rehab 17 EA $13, $230,318 (Excludes CDC rehab costs) General Conditions 3 Months $9,283 $27,850 Contractor OH and Profit $258,168 Percent 7.00% $18,072 Liability Insurance $276,239 Percent 1.50% $4,144 P&P Bond $280,383 Percent 1.50% $4,206 GC's Contingency/Miscl $284,589 Percent 5.00% $14,229 Sub Total Hard Cost 17 Units $17,578 $298,818 Permits 17 Units $200 $3,400 FF&E - office LS Architectural & Engrs 3.35% Percent $298,818 $10,000 Hard Cost Contingency $298,818 Percent 10.00% $29,882 Project Management 3 Months $2, $7,500 Sub Total Direct Cost 17 EA $20, $349,600 Note: Conceptual estimate - plus minus 10% All quantities are approximate Scope of work can be varied depending on the availability of funds PACS Inc.

64 SYCAMORE COURT San Diego, CA 05-Nov-12 Conceptual Cost - Rehab/Upgrade and Immediate Needs Upgrade mmediate Need Short Term S.NO DESCRIPTION UNITS QUANTITY UNIT PRICE ESTIMATE ESTIMATE 1 year GENERAL CONDITIONS $27,850 Field Supervision Months 3 $3, $10,500 In-House Labor Months 3 $1, $3,000 Storage Containers EA $ Temp Facilities LS $ Mileage/Phones EA 3 $ $750 Misc. Equipment rentals Months 3 $ $1,200 Temp Toilets Months 3 $ $1,200 Supplies/Misc. Materials Months 3 $ $1,200 Clean up Months 3 $1, $4,500 Trash Out Loads 10 $ $5,500 Demolition & Abatement $18,000 Interior demo miscl EA $ General exterior demo LS $ Demo metal posts EA Demo mail boxes LS Water blast/clean EA 1 $1, $1,000 Demo existing Solar plumbing system (panels & LS Dump loads EA Asbestos & Lead Abatement LS 1 $17, $17,000 Included in CDC rehab DIVISION 2 - SITE WORK $36,500 Cut trees. Weeds and brush LS Adjust concrete LS Add a community garden LS On going const debris removal Loads Fine grading/haul dirt EA Concrete d/w caulk cracks/seal LS 1 $1, $1,000 Monument Signage EA Erosion Control & SWPPS EA New entry system EA Knox Box EA Repair rear gate & opener LS Paint and repair WI fence LS Repair retaining wall at south side of project LS 1 $5, $5,000 Included in CDC rehab New wood fence along perimeter (sideyards) LS 1 $4, $4,500 Included in CDC rehab Repair & paint wood fence LF Install new metal gate/fence for security at open vestibule area (prevent illegal activity) LS 1 $2, $2,500 $2,500 Kids play area LS Building signage EA $1, Mail boxes EA 1 $1, $1,000 Mail boxes structure LS Create BBQ area EA Site furniture LS Termite treatment - spot LS 1 $1, $1,000 PACS Inc.

65 Pressure wash paving and sidewalks LS Sidewalk to repair drainage LS 1 $5, $5,000 Included in CDC rehab Railings/Fence LF Back flow preventer valve cage EA 1 $ $500 Grading for new building LS Utilities for new building & Landscape LS Block wall repairs LS Upgrade yard drains in courtyard area LS 1 $5, $5,000 $5,000 Included in CDC rehab Basketball ct work EA Landscaping upgrades LS 1 $2, $2,500 Install new Irrigation system LS 1 $1, $1,500 Add electrical at tot lot LS Asphalt repair LS Asphalt Overlay or Reseal SF Sidewalk repairs/ada - access path of travel LS Parking lot restriping LS 1 $ $500 Install benches by tot-lot LS 1 $1, $1,500 Construct trash enclosure area w/ chain link fen LS 1 $3, $3,000 Planter repairs EA Trellis/Pergolas EA Miscl site work LS 1 $2, $2,000 DIVISION 3 - CONCRETE Repair slab/concrete - allow SF Light wt concrete - allow SF Concrete deck repair - 2nd flr walkway EA Concrete slab repairs DIVISION 4 - MASONRY Exterior Decorative Stone LS DIVISION 5 - METALS $6,000 Replace existing stair rail in 3 bdrm units EA Balcony railings LF Remove window bars etc Bldgs Replace WI gates and pedestrian gates EA Structural steel seismic work EA Steel stairs close risers & repairs Stairs Sheet metal R/R at patio LF Add metal posts under stairs EA Replace entry door & window security bars 1-B LS Install window security bars at rear wall of 1st floor units LS 1 $6, $6,000 $6,000 Included in CDC rehab Misc. Metals LS DIVISION 6 - WOOD & PLASTICS $14,000 Re frame Closet door that are 8 ft high EA Close off one bathroom door EA Repair T1-11 & Facia board LS Rebuild trellis w/ composite framing new patio area LS Rebuild west trash enclosure area LS Fascia & Trim EA 1 $1, $1,000 Included in CDC rehab Dry rot allowance EA 1 $3, $3,500 Remove existing wood decking & replace with Trex decking SF $3.00 Finish Carpentry miscl EA 17 $ $8,500 Included in CDC rehab Replace existing board batten sidings w/ Hardiplank sidings Buildings EA Miscellaneous Rough Carpentry LS 1 $1, $1,000 Included in CDC rehab PACS Inc.

66 DIVISION 7 - THERMAL & MOISTURE PROTE $68,400 Deck water proofing SF $4.00 New roofing - Asphalt Shingles incl plywd shtng SF 7200 $3.00 $21,600 New Roof Tiles - Mansard EA $3, Seal units from draft/energy efficiency EA 17 $ $6,800 Sheet metal/gutters/downspouts LS 1 $5, $5,000 Sheet metal relating Hardiplank sidings LS $1, Add insulation in attic SF $1.50 $18,000 Replace all bathroom tub/shower stalls EA 17 $1, $17,000 Included in CDC rehab DIVISION 8 - DOORS & WINDOWS $55,625 Exterior Doors, closet, storage, water heaters EA 10 $ $2,500 Included in CDC rehab Replace old windows w/ Milgard EA 6 $ $3,600 Included in CDC rehab Replace Patio Doors/sliders w/ Milgard EA $ Front Door Replace EA 17 $ $6,800 Included in CDC rehab Interior doors & Jambs EA 84 $ $16,800 Included in CDC rehab Closet doors EA 33 $ $8,250 Included in CDC rehab Entry door hardware EA 17 $ $2,550 Included in CDC rehab Hardware finish doors LS 68 $75.00 $5,100 Included in CDC rehab Cabinets pull/knobs EA $ Thresholds/Weatherstrippings EA 17 $ $2,975 Included in CDC rehab Screen doors EA $ Utility closet door EA 6 $ $1,050 New garage doors EA 4 $1, $4,000 Install new automatic garage door openers EA 4 $ $2,000 DIVISION 9 - FINISHES $128,200 T-111 repairs Buildings $ Stucco - remove wood trim around windows, patio doors & patch or repair Buildings 2 $10, $20,000 Exterior paint touch up/facia board Buildings 2 $3, $6,000 Included in CDC rehab Ext painting /patch/power wash - Laundry bldg Buildings 1 $1, $1,000 Included in CDC rehab Interior Painting Apts,partial bathrooms EA 17 $ $4,250 Included in CDC rehab Interior Painting - Community Building $1, Included in CDC rehab Carpet & Vinyl SF 9600 $3.00 $28,800 Included in CDC rehab Carpet - Community SF $2.50 Tile - floor tile & base in entry, kitchen, baths & laundry SF $6.00 Kitchen Countertops EA 17 $ $15,300 Included in CDC rehab Bath Countertops - Meganite solid surface EA Misc. Drywall repairs EA 17 $ $4,250 Included in CDC rehab Resilient Channels SF Bathroom vanity EA 17 $ $10,200 Included in CDC rehab New Cabinets in kitchen & baths - melamine int EA 17 $2, $34,000 Included in CDC rehab Closet shelves and poles EA 17 $ $3,400 Included in CDC rehab Laundry room interior upgrades EA 1 $1, $1,000 Included in CDC rehab DIVISION 10 - SPECIALTIES $7,400 Signage Ea Medicine cabinets EA 17 $ $1,700 Included in CDC rehab Fire extinguishers EA 6 $ $600 Included in CDC rehab Toilet & Bath accessories EA 17 $ $2,975 Included in CDC rehab Mirrors EA 17 $ $2,125 Included in CDC rehab PACS Inc.

67 DIVISION 11 - EQUIPMENT $30,600 Appliance Labor EA $ Washer/Dryers EA $1, Range/Oven replace EA 17 $ $10,200 Microwave EA $ Garbage disposer EA 17 $ $3,400 Refrigerators EA 17 $ $12,750 Dishwasher EA $ Range hoods exhaust - install new EA 17 $ $4,250 Included in CDC rehab DIVISION 12 - FURNISHINGS $4,250 Window treatment - replace EA 17 $ $4,250 Included in CDC rehab EA Directories EA $5, DIVISION 13 - SPECIAL CONSTRUCTION Make laundry ADA EA $7, Units ADA upgrades EA DIVISION 14 - Conveying System Battery back up LS Elevator cabs EA Wheel chair lift EA $15, DIVISION 15 - MECHANICAL $23,800 HVAC Exhaust fan Humidistat EA 17 $ $6,800 Included in CDC rehab New FCU EA $1, Wall A/C - PTAC EA $1, Bath heater - eliminate EA Attic exhaust EA $ Check and repair wall heaters/ replace all EA $ All new wall heaters (gas) EA 17 $1, $17,000 Plumbing $56,825 Water heaters repair LS $ Plumbing general Units 17 $ $1,700 Included in CDC rehab Fiberglass Tub/shower Unit EA 17 $1, $30,600 Included in CDC rehab Toilets EA 17 $ $8,500 Included in CDC rehab Bathroom vanity EA 17 $ $5,950 Included in CDC rehab Plumbing trim EA Seismic strap for water heaters EA 3 $ $300 $300 Gas shut off valves EA $ Recirculating pump R/R EA $1, Kitchen sink SS Ea 17 $ $2,975 Included in CDC rehab Install new water shut off valves EA 17 $ $2,550 Included in CDC rehab Fire sprinklers EA Install new tub/shower valves EA 17 $ $4,250 Included in CDC rehab PACS Inc.

68 DIVISION 16 - ELECTRICAL $37,200 Fire alarm SF Main breaker upgrade EA Miscl electrical, tel & cable jacks & trims EA 17 $ $1,700 Exterior building lights EA $ Rough elect to install bath fans & range hoods EA 17 $ $1,700 Included in CDC rehab GFI in kitchen & bath EA $ Smoke detectors Being replaced with CO sen EA 17 $ $1,700 Included in CDC rehab Kitchen lights EA Add one more bathroom fan EA Electrical fixtures & trim - interior EA 17 $ $1,700 Included in CDC rehab Install LED light bulbs EA 17 $ $6,800 CATV repair LS Phone wire repairs - 3 bldgs EA Relocate exposed conduits EA New primary service EA Ceiling Fan/Lights EA 34 $ $13,600 Add security cameras LS 1 $10, $10,000 MISCL ITEMS $69,618 Renovate existing laundry room to expand computer lab & add bathroom LS 1 $15, $15,000 Included in CDC rehab Mold removal allow LS 1 $1, $1,500 $1,500 Included in CDC rehab Unit ADA work EA 1 $7, $7,500 Miscl ADA work, ramp w/ railing LS 1 $7, $7,500 Solar panel replacements LS $5, New PV System (Water Heater) LS 1 $35, $35,718 Clean up units SF $2,400 Sub Total Net Hard Cost EA 17 $34, $584,268 $15,300 #DIV/0! Less costs included in CDC Rehab (see above in blue text) = ($326,100) Less costs included in CDC Rehab $258,168 Contractors OH & Fee Percent 7.00% $258, $18,072 Insurance Percent 1.50% $276, $4, % P&P Bond Percent 1.50% $280, $4,206 GC Contingency/Miscl Percent 5% $284, $14,229 SUBTOTAL Direct cost EA 17 $17, $298,818 $15,300 #DIV/0! Subject to a variation of plus minus 10% to 20% All quantities are approximate Scope of work can be varied depending on the availability of funds Scope of work will change once the A/E consultants and GC/Subs walk the project PACS Inc.

69 ARCHITECTURAL & ENGINEERING Upgrade S.NO DESCRIPTION UNITS QUANTITY UNIT PRICE ESTIMATE Comments ALTA survey LS $25, Mold survey LS 1 $2, $2,000 Architectural Remodel design LS $15, Architectural design clubhouse LS $40, Civil engr design LS $10, Arch construction observations EA $ Soil Engr LS $7, Video Scope Sewer LS $1, Environmental Survey LS $5, ADA survey LS 1 $2, $2,000 Cal Green LS $10, Structural review LS $2, Miscl A/E consultants LS 1 $1, $1,000 Total Arch & Engr EA 17 $ $5,000 PERMITS AND CITY FEES Upgrade S.NO DESCRIPTION UNITS QUANTITY UNIT PRICE ESTIMATE Comments Re roof EA $ HVAC EA $ Plan check LS $2, Electrical EA $ General Bldg permit EA $ Site permits LS $2, Miscl Permits EA 17 $ $3,400 Total Permits and Fee EA 17 $ $3,400 PACS Inc.

70 Professional Associates Construction Services, Inc. 11/5/2012 0:00 COST ESTIMATE SUMMARY SHEET INTERIOR AND EXTERIOR UPGRADES TERALTA COURT APARTMENTS San Diego, CA APPENDIX Description Quantity Units Unit Price Estimate Building & Site Rehab 13 EA $10, $137,208 General Conditions 2 Months $5,800 $11,600 Contractor OH and Profit $148,808 Percent 5.00% $7,440 Liability Insurance $156,248 Percent 1.50% $2,344 P&P Bond $158,592 Percent 1.50% $2,379 GC's Contingency/Miscl $160,971 Percent 5.00% $8,049 Sub Total Hard Cost 13 Units $13,001 $169,019 Permits 13 Units $100 $1,300 FF&E - office LS Architectural & Engrs 2.96% Percent $169,019 $5,000 Hard Cost Contingency $169,019 Percent 10.00% $16,902 Project Management 2 Months $2, $5,000 Sub Total Direct Cost 13 EA $15, $197,221 Note: Conceptual estimate - plus minus 10% All quantities are approximate Scope of work can be varied depending on the availability of funds PACS Inc.

71 TERALTA COURT APARTMENTS San Diego, CA 05-Nov-12 Conceptual Cost - Rehab/Upgrade and Immediate Needs Upgrade Immediate Needs Short Term S.NO DESCRIPTION UNITS QUANTITY UNIT PRICE ESTIMATE ESTIMATE 1 year GENERAL CONDITIONS $11,600 Field Supervision Months 2 $3, $6,000 In-House Labor Months 2 $1, $2,000 Storage Containers EA Temp Facilities LS Mileage/Phones EA 2 $ $500 Misc. Equipment rentals Months 2 $ $800 Temp Toilets Months 2 $ $800 Supplies/Misc. Materials Months 2 $ $400 Clean up Months $1, Trash Out Loads 2 $ $1,100 Demolition & Abatement $2,450 Interior demo miscl EA 13 $ $1,950 General exterior demo LS 1 $ $500 Demo metal posts EA Demo mail boxes LS Water blast/clean EA Demo existing Solar plumbing system (panels & LS Dump loads EA Asbestos Abatement SF Lead Paint Abatement SF DIVISION 2 - SITE WORK $4,900 Cut trees. Weeds and brush LS Alter concrete sidewalk slope for drainage LS $5, Add more area drains along sideyards LS $1, Construct a trash enclosure w/ chain link fence LS $3, Fine grading/haul dirt EA Concrete d/w caulk cracks/seal LS Monument Signage EA 1 $1, $1,000 Erosion Control & SWPPS EA New entry system EA Knox Box EA Repair rear gate & opener LS Paint and repair WI fence LS Paint fence Block & WI LS New WI fence above masonry wall LF Repair & paint wood fence LF Install two metal gates for security at side yards EA Kids play area LS Building signage EA Mail boxes EA Mail boxes structure LS Create BBQ area EA Site furniture LS Termite - spot treatment LS 1 $ $750 PACS Inc.

72 Pressure wash paving and sidewalks LS Sewer line video/repair/conc LS Railings/Fence on north side LF Back flow preventer valve cage EA 2 $ $1,000 Shut-off valves, individual EA Utilities for new building & Landscape LS Block wall repairs LS Yard drains LS Basketball ct work EA Landscaping upgrades LS Add new irrigation system EA Add electrical at tot lot LS Asphalt repair LS Asphalt Overlay or Reseal SF Sidewalk repairs/ada - access path of travel LS Parking lot restriping LS 1 $ $150 Concrete car wheel stops EA Planter repairs EA Trellis/Pergolas EA Miscl site work LS 1 $2, $2,000 DIVISION 3 - CONCRETE Repair slab/concrete - allow SF Light wt concrete - allow SF Concrete deck repair - 2nd flr walkway EA Misc repairs on raised foundation below crawlspaces LS Seismic & mold investigation underneath crawlspaces LS Concrete slab repairs DIVISION 4 - MASONRY Exterior Decorative Stone LS DIVISION 5 - METALS $6,000 Replace existing stair rail in 3 bdrm units EA Balcony railings LF Remove window bars etc Bldgs Replace WI gates and pedestrian gates EA Structural steel seismic work EA Steel stairs close risers & repairs Stairs Sheet metal R/R at patio LF Add metal posts under stairs 2 ea. EA Install window security bars on all 1st floor units LS 1 $5, $5,000 Replace entry alley EA 1 $1, $1,000 Misc. Metals LS DIVISION 6 - WOOD & PLASTICS $1,500 Re frame Closet door that are 8 ft high EA Close off one bathroom door EA Repair T1-11 & Facia board LS Rebuild trellis w/ composite framing new patio area LS Rebuild west trash enclosure area LS Fascia & Trim EA Dry rot allowance LS 1 $1, $1,500 Remove existing wood decking & replace with Trex decking SF Finish Carpentry miscl EA Replace existing board batten sidings w/ Hardiplank sidings Buildings EA Miscellaneous Rough Carpentry / under tubs LS PACS Inc.

73 DIVISION 7 - THERMAL & MOISTURE PROTE $22,024 Deck water proofing SF New roofing - BUR SF New Roof Tiles - Mansard EA Seal units from draft/energy efficiency EA 13 $ $5,200 Sheet metal/gutters/downspouts Buildings Sheet metal relating Hardiplank sidings LS Add insulation in attic SF $1.50 $16,824 Rplace with cool roof shingles DIVISION 8 - DOORS & WINDOWS $13,800 Exterior Doors, closet, storage, water heaters EA Replace old windows w/ Milgard EA Replace Patio Doors/sliders w/ Milgard EA Front Door Replace EA Interior doors & Jambs EA Closet doors EA Interior door hardware EA Hardware finish doors LS Cabinets pull/knobs EA Thresholds EA Security screen doors EA Utility closet water/heater doors EA 2 $ $1,000 New garage doors EA 8 $1, $8,000 New automatic garage doors openers & locks EA 8 $ $4,800 DIVISION 9 - FINISHES T-111 repairs Buildings Stucco - remove wood trim around windows, patio doors & patch or repair Buildings Exterior paint touch up/facia board Buildings Exterior painting /patch/power wash - Comm Buildings Interior Painting Apts EA Interior Painting - Community Building Carpet & Vinyl SF Carpet - Community SF Tile - floor tile & base in entry, kitchen, baths & laundry SF Kitchen Countertops EA Bath Countertops - Meganite solid surface EA Misc. Plaster/Drywall repairs EA Resilient Channels SF Bathroom vanity EA New Cabinets in kitchen & baths - melamine int EA Closet shelves and poles EA Laundry room interior upgrades EA DIVISION 10 - SPECIALTIES $300 Signage Ea Medicine cabinets EA Fire extinguishers, recharge EA 6 $50.00 $300 Toilet & Bath accessories EA Mirrors EA PACS Inc.

74 DIVISION 11 - EQUIPMENT Appliance Labor EA $ Washer/Dryers EA $1, Range/Oven replace EA $ Microwave EA $ Garbage disposer EA $ Refrigerators EA $ Dishwasher EA $ Range hoods exhaust EA $ DIVISION 12 - FURNISHINGS Window treatment - repairs EA $75.00 EA Directories EA DIVISION 13 - SPECIAL CONSTRUCTION $5,000 Make laundry ADA EA Units ADA upgrades - modify 1 unit EA 1 $5, $5,000 DIVISION 14 - Conveying System Battery back up LS Elevator cabs EA Wheel chair lift EA DIVISION 15 - MECHANICAL $11,050 HVAC Exhaust fan Humidistat EA 13 $ $5,200 New FCU EA Wall A/C - PTAC EA Bath heater - eliminate EA Attic exhaust EA Check and repair wall heaters EA Replace electric wall heaters EA 13 $ $5,850 Plumbing Water heaters repair LS Sanitary line replacement in crawlspaces Units Fiberglass Tub/shower Unit EA Toilets EA Gas piping/miscl. Allow EA Plumbing trim EA Seismic strap for water heater EA Gas shut off valves EA Recirculating pump R/R EA Kitchen sink SS Ea Replace water shut off valves EA Fire sprinklers EA LS PACS Inc.

75 DIVISION 16 - ELECTRICAL $32,750 Fire alarm SF Main breaker upgrade EA Miscl electrical, tel & cable jacks & trims EA $ Exterior building lights EA Rough elect to replace bath fans & range hoods EA GFI in kitchen & bath EA Smoke detectors Being replaced with CO sen EA Kitchen lights EA Add one more bathroom fan EA Install LED light bulbs EA 13 $ $5,200 Phone/Intercom repair LS 1 $ $750 CATV repair LS Phone wire repairs - 3 bldgs EA Relocate exposed conduits EA New primary service EA Ceiling fan/lights EA 42 $ $16,800 Add security cameras LS 1 $10, $10,000 MISCL ITEMS $37,434 Community - expand rec room & add new office SF Mold Inspection inside crawl spaces - allow LS Unit ADA work EA 1 $7, $7,500 Miscl ADA work LS 1 $7, $7,500 PV System (Water Heater) EA 1 $75, $21,312 Clean up units SF $1,122 Sub Total Net Hard Cost EA 13 $11, $148, % Contractors OH & Fee Percent 5.00% $148, $7,440 Insurance Percent 1.50% $156, $2,344 P&P Bond Percent 1.50% $158, $2,379 GC Contingency/Miscl Percent 5% $160, $8,049 SUBTOTAL Direct cost EA 13 $13, $169, % Subject to a variation of plus minus 10% to 20% All quantities are approximate Scope of work can be varied depending on the availability of funds Scope of work will change once the A/E consultants and GC/Subs walk the project PACS Inc.

76 ARCHITECTURAL & ENGINEERING Upgrade S.NO DESCRIPTION UNITS QUANTITY UNIT PRICE ESTIMATE Comments ALTA survey LS $25, Environmental survey LS 1 $2, $2,000 Architectural Remodel design LS $15, Architectural design clubhouse LS $40, Civil engr design LS $10, Arch construction observations EA $ Soil Engr LS $7, Video Scope Sewer LS $1, Environmental Survey LS $5, ADA survey LS 1 $2, $2,000 Cal Green LS $10, Structural review LS $2, Miscl A/E consultants LS 1 $1, $1,000 Total Arch & Engr EA 13 $ $5,000 PERMITS AND CITY FEES Upgrade S.NO DESCRIPTION UNITS QUANTITY UNIT PRICE ESTIMATE Comments Re roof EA $ HVAC EA $ Plan check LS $2, Electrical EA $ General Bldg permit EA $ Site permits LS $2, Structural LS $1, Tubs EA $ Miscl Permits EA $ Total Permits and Fee EA PACS Inc.

77 Professional Associates Construction Services, Inc. 7/9/ :42 COST ESTIMATE SUMMARY SHEET INTERIOR AND EXTERIOR UPGRADES VILLAGE VIEW San Diego, CA APPENDIX Description Quantity Units Unit Price Estimate Building & Site Rehab 30 EA $24, $747,828 General Conditions 4 Months $15,313 $61,250 Contractor OH and Profit $809,078 Percent 5.00% $40,454 Liability Insurance $849,532 Percent 1.20% $10,194 P&P Bond $859,727 Percent 1.20% $10,317 GC's Contingency/Miscl $870,043 Percent 3.00% $26,101 Sub Total Hard Cost 30 Units $29,871 $896,145 Permits 30 Units $423 $12,700 FF&E - office 1 LS $3,500 $3,500 Architectural & Engrs 2.51% Percent $896,145 $22,500 Hard Cost Contingency $896,145 Percent 10.00% $89,614 Project Management 5 Months $2, $12,500 Sub Total Direct Cost 30 EA $34, $1,036,959 Note: Conceptual estimate - plus minus 10% All quantities are approximate Scope of work can be varied depending on the availability of funds PACS Inc.

78 VILLAGE VIEW San Diego, CA 09-Jul-13 Conceptual Cost - Rehab/Upgrade and Immediate Needs Upgrade Immediate Needs Short Term S.NO DESCRIPTION UNITS QUANTITY UNIT PRICE ESTIMATE ESTIMATE 1 year Non PW GENERAL CONDITIONS $61,250 Field Supervision Months 4 $6, $24,000 In-House Labor Months 4 $1, $6,000 Storage Containers EA $ Temp Facilities LS 4 $ $2,000 Mileage/Phones EA 4 $1, $4,000 Misc. Equipment rentals Months 4 $ $3,000 Temp Toilets Months 4 $ $2,000 Supplies/Misc. Materials Months 4 $ $2,000 Clean up Months 4 $2, $10,000 Trash Out Loads 15 $ $8,250 Demolition & Abatement $12,000 Interior demo miscl EA 24 $ $12,000 General exterior demo LS Demo metal posts EA Demo mail boxes LS Water blast/clean -Patios EA Demo existing Solar plumbing system (panels & LS Dump loads EA Asbestos Abatement SF Lead Paint Abatement SF DIVISION 2 - SITE WORK $36,700 Cut trees. Weeds and brush LS Adjust concrete LS Add a community garden LS On going const debris removal Loads Fine grading/haul dirt EA Paver repairs/seal LS Monument Signage EA Erosion Control & SWPPS EA New entry system EA Knox Box EA Repair gate opener LS Front WI fence install LF Paint fence Block & WI LS New WI fence above masonry wall LF Kids play area LS Building signage EA 1 $5, $5,000 Mail boxes EA Mail boxes structure LS Create BBQ area EA Site furniture LS Termite Treatment - spot EA 4 $1, $6,000 PACS Inc.

79 Pressure wash paving and sidewalks LS Demo railings LS Railings/Fence on north side LF 120 $35.00 $4,200 Back flow preventer valve cage EA 4 $ $2,000 Grading for new building LS Utilities for new building & Landscape LS Block wall repairs LS Yard drains LS Basketball ct work EA Landscaping - allowance for tune up EA 4 $1, $6,000 Irrigation repairs upgrades EA Add electrical at tot lot LS 1 $3, $3,000 Asphalt repair LS $ Asphalt Overlay or Reseal SF.45 Sidewalk repairs/ada - access path of travel LS $15, Parking lot restriping EA $5.00 Concrete car wheel stops EA Trash enclosure trellis & gate EA 2 $2, $5,000 Garage door repair EA 1 $ $500 Trellis/Pergolas EA Miscl site work LS 1 $5, $5,000 DIVISION 3 - CONCRETE Repair slab/concrete - allow SF Light wt concrete - allow SF Concrete slab repairs DIVISION 4 - MASONRY Exterior Decorative Stone LS DIVISION 5 - METALS Replace existing stair rail in 3 bdrm units EA $ Balcony railings LF Remove window bars etc Bldgs Replace WI gates and pedestrian gates EA Structural steel seismic work EA Steel stairs close risers Stairs Sheet metal R/R at patio LF Add metal posts under stairs 2 ea. EA Replace entry door & window security bars 1-B LS $10, Misc. Metals LS DIVISION 6 - WOOD & PLASTICS $33,000 Re frame Closet door that are 8 ft high EA 24 $ $18,000 Close off one bathroom door EA Baseboard EA Rebuild trellis w/ composite framing new patio area LS $1, Rebuild west trash enclosure area LS $2, Fascia & Trim EA Dry rot allowance EA Remove existing wood decking & replace with Trex decking SF $3.00 Finish Carpentry miscl EA 30 $ $15,000 Replace existing board batten sidings w/ Hardiplank sidings Buildings $7, EA Miscellaneous Rough Carpentry LS $3, PACS Inc.

80 DIVISION 7 - THERMAL & MOISTURE PROTE $13,464 Deck water proofing SF $4.00 New roofing - BUR SF New Roof Tiles - Mansard EA $3, Insulation relating Hardiplank sidings LS $1, Sheet metal/gutters/downspouts Buildings $3, Sheet metal relating Hardiplank sidings LS $1, Added attic insulation SF $1.20 $13,464 DIVISION 8 - DOORS & WINDOWS $46,500 Exterior Doors, closet, storage, water heaters EA $ Replace old windows w/ Milgard EA $2, Replace Patio Doors/sliders w/ Milgard EA $ Front Door Replace EA $ Interior doors & Jambs EA 120 $ $21,000 Closet doors EA 60 $ $12,000 Entry door hardware EA $ Hardware finish doors LS 170 $50.00 $8,500 Cabinets pull/knobs EA $ Thresholds EA $75.00 Entry doors Allow 10 $ $5,000 DIVISION 9 - FINISHES $205,050 T-111 repairs Buildings $ Stucco - remove wood trim around windows, patio doors & patch or repair Buildings $10, Exterior painting /patch/power wash - Apts Buildings $6, Exterior painting /patch/power wash - Comm Buildings $2, Interior Painting Apts, incl drs, trims & ceiling EA 30 $ $28,500 Interior Painting - Community Building $1, Carpet & Vinyl SF $2.50 $51,000 Carpet - Community SF $2.50 Tile - floor tile & base in entry, kitchen, baths & laundry SF $6.00 Kitchen Countertops EA 24 $ $14,400 Bath Countertops - Meganite solid surface EA Misc. Drywall repairs EA 1 $5, $5,000 Resilient Channels SF Bathroom vanity EA 36 $ $21,600 New Cabinets in kitchen & baths - melamine int EA 24 $2, $48,000 Closet shelves and poles EA 60 $ $12,000 Laundry room interior upgrades EA 2 $2, $4,000 Entry thresholds EA 30 $ $3,750 Expand community room into garage SF 240 $70.00 $16,800 DIVISION 10 - SPECIALTIES $24,000 Signage Ea Medicine cabinets EA 60 $ $6,000 Fire extinguishers EA Toilet & Bath accessories EA 60 $ $10,500 Mirrors EA 60 $ $7,500 PACS Inc.

81 DIVISION 11 - EQUIPMENT $32,300 Appliance Labor EA 24 $ $2,400 Washer/Dryers EA $1, Range/Oven replace EA 24 $ $12,000 Microwave EA $ Garbage disposer EA 5 $ $500 Refrigerators EA 24 $ $13,200 Dishwasher EA $ Range hoods exhaust EA 24 $ $4,200 DIVISION 12 - FURNISHINGS $11,750 Window treatment - EA 30 $ $6,750 EA Directories EA 1 $5, $5,000 DIVISION 13 - SPECIAL CONSTRUCTION Make laundry ADA EA $7, Units ADA upgrades EA DIVISION 14 - Conveying System Battery back up LS Elevator cabs EA Wheel chair lift EA $15, DIVISION 15 - MECHANICAL $77,000 HVAC Exhaust fan Humidistat EA 60 $ $24,000 New Wall Furnace EA $ Wall A/C - PTAC EA 30 $1, $51,000 Bath heater - eliminate EA Office HVAC LS 1 $2, $2,000 EA EA Plumbing $95,300 Water heaters repair LS 1 $ $750 Plumbing general Units 30 $ $4,500 Fiberglass Tub/shower Unit EA 36 $1, $57,600 Toilets EA 5 $ $1,750 Gas piping/miscl. Allow EA Plumbing trim EA 30 $ $22,500 Seismic strap for water heater EA $ Gas shut off valves EA Recirculating pump R/R EA 1 $1, $1,000 Kitchen sink SS under mount Ea 24 $ $7,200 Replace water shut off valves EA Fire sprinklers EA LS PACS Inc.

82 DIVISION 16 - ELECTRICAL $137,604 Fire alarm SF Main breaker upgrade EA Miscl electrical, tel & cable jacks & trims EA 30 $ $4,500 Exterior building lights EA $ Rough elect to replace bath fans & range hoods EA $ GFI in kitchen & bath EA $ Smoke detectors Being replaced with CO sen EA $ Kitchen lights EA Add one more bathroom fan EA Electrical fixtures & trim - interior EA 30 $ $22,500 Phone/Intercom EA CATV repair LS PV System EA 2 $28, $57,104 Net of rebates Add ceiling fans EA 90 $ $31,500 New primary service EA Fan in living room EA Add security cameras EA 24 $ $12,000 Add wi-fi LS 1 $10, $10,000 MISCL ITEMS $23,160 Community - expand rec room & add new office SF $ Mold removal allow LS 1 $5, $5,000 Site security LS $7, ADA units EA 1 $10, $10,000 Clean up units SF $8,160 Sub Total Net Hard Cost EA 30 $26, $809,078 #DIV/0! Contractors OH & Fee Percent 5.00% $809, $40,454 Insurance Percent 1.20% $849, $10, % P&P Bond Percent 1.20% $859, $10,317 GC Contingency/Miscl Percent 3% $870, $26,101 SUBTOTAL Direct cost EA 30 $29, $896,145 #DIV/0! Subject to a variation of plus minus 10% to 20% All quantities are approximate Scope of work can be varied depending on the availability of funds Scope of work will change once the A/E consultants and GC/Subs walk the project PACS Inc.

83 ARCHITECTURAL & ENGINEERING Upgrade S.NO DESCRIPTION UNITS QUANTITY UNIT PRICE ESTIMATE Comments ALTA survey LS $25, Mold survey LS 1 $5, $5,000 Architectural Remodel design LS 1 $15, $15,000 Architectural design clubhouse LS $40, Civil engr design LS $10, Arch construction observations EA $ Soil Engr LS $7, Video Scope Sewer LS $1, Environmental Survey LS $5, ADA survey LS $5, Cal Green LS $10, Structural review LS 1 $2, $2,500 Miscl A/E consultants LS $25, Total Arch & Engr EA 30 $ $22,500 PERMITS AND CITY FEES Upgrade S.NO DESCRIPTION UNITS QUANTITY UNIT PRICE ESTIMATE Comments Re roof EA 4 $ $1,200 HVAC EA 30 $ $4,500 Plan check LS $2, Electrical EA 30 $ $4,500 General Bldg permit EA $ Site permits LS $2, ADA Plan check and fees LS $2, Miscl Permits LS 1 $2, $2,500 Total Permits and Fee EA 30 $ $12,700 PACS Inc.

84 Professional Associates Construction Services, Inc. 7/9/ :43 COST ESTIMATE SUMMARY SHEET INTERIOR AND EXTERIOR UPGRADES WEST VIEW APTS San Diego, CA APPENDIX Description Quantity Units Unit Price Estimate Building & Site Rehab 6 EA $33, $200,659 General Conditions 2 Months $8,550 $17,100 Contractor OH and Profit $217,759 Percent 5.00% $10,888 Liability Insurance $228,647 Percent 1.50% $3,430 P&P Bond $232,076 Percent 1.50% $3,481 GC's Contingency/Miscl $235,557 Percent 3.00% $7, % Sub Total Hard Cost 6 Units $40,437 $242,624 Permits 6 Units $167 $1,000 FF&E - office LS Architectural & Engrs 2.06% Percent $242,624 $5,000 Hard Cost Contingency $242,624 Percent 10.00% $24,262 Project Management 2 Months $2, $5,000 Sub Total Direct Cost 6 EA $46, $277,887 Note: Conceptual estimate - plus minus 10% All quantities are approximate Scope of work can be varied depending on the availability of funds PACS Inc.

85 WEST VIEW APTS San Diego, CA 09-Jul-13 Conceptual Cost - Rehab/Upgrade and Immediate Needs Upgrade Immediate Needs Short Term S.NO DESCRIPTION UNITS QUANTITY UNIT PRICE ESTIMATE ESTIMATE 1 year GENERAL CONDITIONS $17,100 Field Supervision Months 2 $3, $7,000 In-House Labor Months 2 $1, $2,000 Storage Containers EA $ Temp Facilities LS $ Mileage/Phones EA 2 $ $500 Misc. Equipment rentals Months 2 $ $800 Temp Toilets Months 2 $ $800 Supplies/Misc. Materials Months 2 $ $800 Clean up Months 2 $1, $3,000 Trash Out Loads 4 $ $2,200 Demolition & Abatement $3,500 Interior demo miscl EA 5 $ $2,500 General exterior demo LS 1 $ $500 Demo metal posts EA Demo mail boxes LS Water blast/clean EA 1 $ $500 Demo existing Solar plumbing system (panels & LS Dump loads EA Asbestos Abatement SF Lead Paint Abatement SF DIVISION 2 - SITE WORK $13,450 Cut trees. Weeds and brush LS Adjust concrete LS Add a community garden LS On going const debris removal Loads Fine grading/haul dirt EA Concrete d/w caulk cracks LS 1 $ $500 Monument Signage EA Erosion Control & SWPPS EA New entry system EA Knox Box EA Repair rear gate & opener LS 1 $3, $3,000 Paint and repair WI fence LS Paint fence Block & WI LS New WI fence above masonry wall LF Repair & paint wood fence LF Install two metal gates for security at rear EA 2 $ $1,200 Kids play area LS Building signage EA Mail boxes EA Mail boxes structure LS Create BBQ area EA Site furniture LS Termite treatment - spot LS 1 $1, $1,500 PACS Inc.

86 Pressure wash paving and sidewalks LS Relocate tenants for 2 days EA Railings/Fence on north side LF Back flow preventer valve cage EA 1 $ $500 Grading for new building LS Utilities for new building & Landscape LS Block wall repairs LS Yard drains LS Basketball ct work EA Landscaping upgrades EA 1 $ $500 Irrigation repairs upgrades EA 1 $ $500 Add electrical at tot lot LS Asphalt repair LS Asphalt Overlay or Reseal SF Sidewalk repairs/ada - access path of travel LS Parking lot restriping LS 1 $ $250 Concrete car wheel stops EA Trash enclosure trellis & gate EA 2 $ $1,500 Planter repairs EA 1 $1, $1,500 Trellis/Pergolas EA Miscl site work LS 1 $2, $2,500 DIVISION 3 - CONCRETE Repair slab/concrete - allow SF Light wt concrete - allow SF Concrete deck repair - 2nd flr walkway EA Concrete slab repairs DIVISION 4 - MASONRY Exterior Decorative Stone LS DIVISION 5 - METALS Replace existing stair rail in 3 bdrm units EA Balcony railings LF Remove window bars etc Bldgs Replace WI gates and pedestrian gates EA Structural steel seismic work EA Steel stairs close risers & repairs Stairs Sheet metal R/R at patio LF Add metal posts under stairs 2 ea. EA Replace entry door & window security bars 1-B LS Misc. Metals LS DIVISION 6 - WOOD & PLASTICS $7,500 Re frame Closet door that are 8 ft high EA Close off one bathroom door EA Repair T1-11 & Facia board LS Rebuild trellis w/ composite framing new patio area LS Rebuild west trash enclosure area LS Fascia & Trim EA 1 $1, $1,000 Dry rot allowance EA 1 $2, $2,000 Remove existing wood decking & replace with Trex decking SF $3.00 Finish Carpentry miscl EA 6 $ $3,000 Replace existing board batten sidings w/ Hardiplank sidings Buildings EA Miscellaneous Rough Carpentry LS 1 $1, $1,500 PACS Inc.

87 DIVISION 7 - THERMAL & MOISTURE PROTE $6,969 Deck water proofing SF $4.00 New roofing - BUR SF $2.75 New Roof Tiles - Mansard EA $3, Energy efficiency EA 7 $ $2,800 Sheet metal/gutters/downspouts Buildings 1 $ $500 Sheet metal relating Hardiplank sidings LS $1, Add attic insulation SF 2446 $1.50 $3,669 Cool roof shingles DIVISION 8 - DOORS & WINDOWS $24,620 Exterior Doors, closet, storage, water heaters EA $ Replace old windows w/ Milgard EA 28 $ $15,400 Replace Patio Doors/sliders w/ Milgard EA $ Front Door Replace EA $ Interior doors & Jambs EA 6 $ $1,050 Closet doors EA 11 $ $2,750 Entry door hardware EA 6 $ $900 Hardware finish doors LS 24 $55.00 $1,320 Cabinets pull/knobs EA 6 $ $1,200 Thresholds EA $75.00 Entry doors Allow $ Utility closet door EA 2 $ $800 New garage doors EA 2 $ $1,200 DIVISION 9 - FINISHES $31,438 T-111 repairs Buildings $ Stucco - remove wood trim around windows, patio doors & patch or repair Buildings $10, Exterior paint touch up/facia board Buildings 1 $3, $3,000 Exterior painting /patch/power wash - Comm Buildings $2, Interior Painting Apts, incl drs, trims & ceiling EA $ Interior Painting - Community Building $1, Carpet & Vinyl SF 4075 $2.50 $10,188 Carpet - Community SF $2.50 Tile - floor tile & base in entry, kitchen, baths & laundry SF $6.00 Kitchen Countertops EA 5 $ $3,000 Bath Countertops - Meganite solid surface EA Misc. Drywall repairs EA 6 $ $1,500 Resilient Channels SF Bathroom vanity EA 5 $ $3,000 New Cabinets in kitchen & baths - melamine int EA 5 $2, $10,000 Closet shelves and poles EA $ Laundry room interior upgrades EA 1 $ $750 Entry thresholds EA $ DIVISION 10 - SPECIALTIES $2,800 Signage Ea Medicine cabinets EA 7 $ $700 Fire extinguishers EA Toilet & Bath accessories EA 7 $ $1,225 Mirrors EA 7 $ $875 PACS Inc.

88 DIVISION 11 - EQUIPMENT $7,500 Appliance Labor EA $ Washer/Dryers EA $1, Range/Oven replace EA 5 $ $2,500 Microwave EA $ Garbage disposer EA 6 $ $1,200 Refrigerators EA 5 $ $2,750 Dishwasher EA $ Range hoods exhaust EA 6 $ $1,050 DIVISION 12 - FURNISHINGS $900 Window treatment - repairs EA 6 $ $900 EA Directories EA $5, DIVISION 13 - SPECIAL CONSTRUCTION $7,500 Make laundry ADA EA $7, Units ADA upgrades EA 1 $7, $7,500 DIVISION 14 - Conveying System Battery back up LS Elevator cabs EA Wheel chair lift EA $15, DIVISION 15 - MECHANICAL $2,100 HVAC Exhaust fan Humidistat EA 6 $ $1,200 New FCU EA $1, Wall A/C - PTAC EA $1, Bath heater - eliminate EA Office HVAC LS $1, Check and repair wall heaters EA 6 $ $900 EA Plumbing $16,800 Water heaters repair LS $ Plumbing general Units 6 $ $900 Fiberglass Tub/shower Unit EA 6 $1, $9,600 Toilets EA $ Gas piping/miscl. Allow EA Plumbing trim EA 6 $ $4,500 Seismic strap for water heater EA $ Gas shut off valves EA Recirculating pump R/R EA $1, Kitchen sink SS Ea 6 $ $1,800 Replace water shut off valves EA Fire sprinklers EA LS PACS Inc.

89 DIVISION 16 - ELECTRICAL $25,300 Fire alarm SF Main breaker upgrade EA Miscl electrical, tel & cable jacks & trims EA 6 $ $1,200 Exterior building lights EA $ Rough elect to replace bath fans & range hoods EA $ GFI in kitchen & bath EA $ Smoke detectors Being replaced with CO sen EA 6 $ $600 Kitchen lights EA Add one more bathroom fan EA Electrical fixtures & trim - interior EA 6 $ $3,000 Phone/Intercom EA Install LED Bulbs EA 6 $ $2,400 Phone wire repairs - 3 bldgs EA Relocate exposed conduits EA New primary service EA Ceiling Fans EA 18 $ $8,100 Add security cameras EA 1 $5, $5,000 Add wi-fi EA 1 $5, $5,000 MISCL ITEMS $50,282 Community - expand rec room & add new office SF $ Mold removal allow LS $5, Site security ADA work site LS 1 $7, $7,500 PV System - Water heater LS 1 $41, $41,315 Clean up units SF $1,468 Sub Total Net Hard Cost EA 6 $36, $217,759 #DIV/0! Contractors OH & Fee Percent 5.00% $217, $10,888 Insurance Percent 1.50% $228, $3, % P&P Bond Percent 1.50% $232, $3,481 GC Contingency/Miscl Percent 3% $235, $7,067 SUBTOTAL Direct cost EA 6 $40, $242,624 #DIV/0! Subject to a variation of plus minus 10% to 20% All quantities are approximate Scope of work can be varied depending on the availability of funds Scope of work will change once the A/E consultants and GC/Subs walk the project PACS Inc.

90 ARCHITECTURAL & ENGINEERING Upgrade S.NO DESCRIPTION UNITS QUANTITY UNIT PRICE ESTIMATE Comments ALTA survey LS $25, Mold survey LS 1 $2, $2,000 Architectural Remodel design LS $15, Architectural design clubhouse LS $40, Civil engr design LS $10, Arch construction observations EA $ Soil Engr LS $7, Video Scope Sewer LS $1, Environmental Survey LS $5, ADA survey LS 1 $2, $2,000 Cal Green LS $10, Structural review LS $2, Miscl A/E consultants LS 1 $1, $1,000 Total Arch & Engr EA 6 $ $5,000 PERMITS AND CITY FEES Upgrade S.NO DESCRIPTION UNITS QUANTITY UNIT PRICE ESTIMATE Comments Re roof EA $ HVAC EA $ Plan check LS $2, Electrical EA $ General Bldg permit EA $ Site permits LS $2, Miscl Permits LS 1 $1, $1,000 Total Permits and Fee EA 6 $ $1,000 PACS Inc.

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167 DEVELOPERS/CONSULTANTS/SELLERS/CONTRACTORS/ ENTITY SEEKING GRANT/BORROWERS (Collectively referred to as "CONTRACTOR" herein) STATEMENT FOR PUBLIC DISCLOSURE 1. Name of CONTRACTOR: Wakeland Housing & Development Corporation 2. Address and Zip Code: 1230 Columbia Street, Suite 950, San Diego, CA, Telephone Number: Name of Principal Contact for CONTRACTOR: Mr. Kenneth Sauder, President & CEO 5. Federal Identification Number or Social Security Number of CONTRACTOR: If the CONTRACTOR is not an individual doing business under his ow n name, the CONTRACTOR has the status indicated below and is organized or operating under the law s of California as: A corporation (Attach Articles of Incorporation) X A nonprofit or charitable institution or corporation. (Attach copy of Articles of Incorporation and documentary evidence verifying current valid nonprofit or charitable status). A partnership know n as: (Name) Check one ( ) General Partnership (Attach statement of General Partnership) ( ) Limited Partnership (Attach Certificate of Limited Partnership) A business association or a joint venture know n as: (Attach joint venture or business association agreement) A Federal, State or local government or instrumentality thereof. Other (explain)

168 7. If the CONTRACTOR is not an individual or a government agency or instrumentality, give date of organization: Provide names, addresses, telephone numbers, title of position (if any) and nature and extent of the interest of the current officers, principal members, shareholders, and investors of the CONTRACTOR, other than a government agency or instrumentality, as set forth below : a. If the CONTRACTOR is a corporation, the officers, directors or trustees, and each stockholder ow ning more than 10% of any class of stock. b. If the CONTRACTOR is a nonprofit or charitable institution or corporation, the members w ho constitute the board of trustees or board of directors or similar governing body. c. If the CONTRACTOR is a partnership, each partner, w hether a general or limited, and either the percent of interest or a description of the character and extent of interest. d. If the CONTRACTOR is a business association or a joint venture, each participant and either the percent of interest or a description of the character and extent of interest. e. If the CONTRACTOR is some other entity, the officers, the members of the governing body, and each person having an interest of more than 10%. Name, Address and Zip Code Position Title (if any) and percent of interest or description of character and extent of interest (Attach extra sheet if necessary) 9. Has the makeup as set forth in Item 8(a) through 8(e) changed w ithin the last tw elve (12) months? If yes, please explain in detail. Mr. Robert Bohrer left the board in the last 12 months. Mr. Jeff Brazel joined the board in the last 12 months Page 2 of 14

169 10. Is it anticipated that the makeup as set forth in Item 8(a) through 8(e) w ill change w ithin the next tw elve (12) months? If yes, please explain in detail. NO. 11. Provide name, address, telephone number, and nature and extent of interest of each person or entity (not named in response to Item 8) w ho has a beneficial interest in any of the shareholders or investors named in response to Item 8 w hich gives such person or entity more than a computed 10% interest in the CONTRACTOR (for example, more than 20% of the stock in a corporation w hich holds 50% of the stock of the CONTRACTOR or more than 50% of the stock in the corporation w hich holds 20% of the stock of the CONTRACTOR): Name, Address and Zip Code Position Title (if any) and extent of interest N/A 12. Names, addresses and telephone numbers (if not given above) of officers and directors or trustees of any corporation or firm listed under Item 8 or Item 11 above: See Attached Board of Directors list 13. Is the CONTRACTOR a subsidiary of or affiliated w ith any other corporation or corporations, any other firm or any other business entity or entities of w hatever nature. If yes, list each such corporation, firm or business entity by name and address, specify its relationship to the CONTRACTOR, and identify the officers and directors or trustees common to the CONTRACTOR and such other corporation, firm or business entity. No. 14. Provide the financial condition of the CONTRACTOR as of the date of the statement and for a period of tw enty-four (24) months prior to the date of its statement as reflected in the attached financial statements, including, but not necessarily limited to, profit and loss statements and statements of financial position. Page 3 of 14

170 Please see attached Audited Financial Statements Page 4 of 14

171 15. If funds for the development/project are to be obtained from sources other than the CONTRACTOR' s ow n funds, provide a statement of the CONTRACTOR' s plan for financing the development/project: The Follow ing sources of capital w ill be used to finance the development: Tax Credit Equity Tax- Exempt Bonds (Permanent Loan) Income from Operations Construction Loan Transfer of Reserves GP Capital Contribution SDHC Loan Assumption 16. Provide sources and amount of cash available to CONTRACTOR to meet equity requirements of the proposed undertaking: a. Name, Address & Zip Code of Bank/Savings & Loan: Amount: $ N/A b. By loans from affiliated or associated corporations or firms: Name, Address & Zip Code of Bank/Savings & Loan: Amount: $ N/A c. By sale of readily salable assets/including marketable securities: Description Market Value Mortgages or Liens N/A $ $ 17. Names and addresses of bank references, and name of contact at each reference: Paul Shipstead Vice President, Community Lending U.S.Bank National Association 4747 Executive Drive, 3 rd Floor San Diego, CA (858) Page 5 of 14

172 Sally Lang Vice President, Real Estate Group Wells Fargo, Community Lending Division Wells Fargo Bank 2030 Main Street, Suite 500 Irvine, CA (949) ellsfargo.com 18. Has the CONTRACTOR or any of the CONTRACTOR' s officers or principal members, shareholders or investors, or other interested parties been adjudged bankrupt, either voluntary or involuntary, w ithin the past 10 years? Yes X No If yes, give date, place, and under w hat name. 19. Has the CONTRACTOR or anyone referred to above as " principals of the CONTRACTOR" been convicted of any felony w ithin the past 10 years? Yes X No If yes, give for each case (1) date, (2) charge, (3) place, (4) court, and (5) action taken. Attach any explanation deemed necessary. 20. List undertakings (including, but not limited to, bid bonds, performance bonds, payment bonds and/or improvement bonds) comparable to size of the proposed project w hich have been completed by the CONTRACTOR including identification and brief description of each project, date of completion, and amount of bond, w hether any legal action has been taken on the bond: Bond Project Date of Amount Action on Type Description Completion of Bond Bond N/A 21. If the CONTRACTOR, or a parent corporation, a subsidiary, an affiliate, or a principal of the CONTRACTOR is to participate in the development as a construction contractor or builder, provide the follow ing information: Not Applicable. a. Name and addresses of such contractor or builder: Page 6 of 14

173 b. Has such contractor or builder w ithin the last 10 years ever failed to qualify as a responsible bidder, refused to enter into a contract after an aw ard has been made, or failed to complete a construction or development contract? Yes No If yes, please explain, in detail, each such instance: c. Total amount of construction or development w ork performed by such contractor or builder during the last three (3) years: $ General description of such w ork: List each project, including location, nature of w ork performed, name, address of the ow ner of the project, bonding companies involved, amount of contract, date of commencement of project, date of completion, state w hether any change orders w ere sought, amount of change orders, w as litigation commenced concerning the project, including a designation of w here, w hen and the outcome of the litigation. d. Construction contracts or developments now being performed by such contractor or builder: Identification of Date to be Contract or Development Location Amount Completed e. Outstanding construction-contract bids of such contractor or builder: Aw arding Agency Amount Date Opened 22. Provide a detailed and complete statement respecting equipment, experience, financial capacity, and other resources available to such contractor or builder for the performance of the w ork involved in the proposed project, specifying particularly the qualifications of the personnel, the nature of the equipment, and the general experience of the contractor: Page 7 of 14

174 N/A 23. Does any member of the governing body of the San Diego Housing Commission (" COMMISSION" ), Housing Authority of the City of San Diego (" AUTHORITY" ) or City of San Diego (" CITY" ), to w hich the accompanying proposal is being made or any officer or employee of the COMMISSION, the AUTHORITY or the CITY w ho exercises any functions or responsibilities in connection w ith the carrying out of the project covered by the CONTRACTOR' s proposal, have any direct or indirect personal financial interest in the CONTRACTOR or in the proposed contractor? Yes X No If yes, explain. 24. Statements and other evidence of the CONTRACTOR' s qualifications and financial responsibility (other than the financial statement referred to in Item 8) are attached hereto and hereby made a part hereof as follow s: N/A 25. Is the proposed CONTRACTOR, and/or are any of the proposed subcontractors, currently involved in any construction-related litigation? Yes X No If yes, explain: 26. State the name, address and telephone numbers of CONTRACTOR' s insurance agent(s) and/or companies for the follow ing coverages: List the amount of coverage (limits) currently existing in each category: See Certificates Attached. a. General Liability, including Bodily Injury and Property Damage Insurance [Attach certificate of insurance show ing the amount of coverage and coverage period(s)] Page 8 of 14

175 Insurance Agent: Cavignac & Associates 450 B Street, Suite 1800 San Diego, CA Contact: Matt Slakoff (619) Check coverage(s) carried: Comprehensive Form Premises - Operations Explosion and Collapse Hazard Underground Hazard Products/Completed Operations Hazard Contractual Insurance Broad Form Property Damage Independent Contractors Personal Injury b. Automobile Public Liability/Property Damage [Attach certificate of insurance show ing the amount of coverage and coverage period(s)] Check coverage(s) carried: Comprehensive Form Ow ned Hired Non-Ow ned c. Workers Compensation [Attach certificate of insurance show ing the amount of coverage and coverage period(s)] d. Professional Liability (Errors and Omissions) [Attach certificate of insurance show ing the amount of coverage and coverage period(s)] Page 9 of 14

176 e. Excess Liability [Attach certificate(s) of insurance show ing the amount of coverage and coverage period(s)] f. Other (Specify). [Attach certificate(s) of insurance show ing the amount of coverage and coverage period(s)] 27. CONTRACTOR w arrants and certifies that it w ill not during the term of the PROJECT, GRANT, LOAN, CONTRACT, DEVELOPMENT and/or RENDITIONS OF SERVICES discriminate against any employee, person, or applicant for employment because of race, age, sexual orientation, marital status, color, religion, sex, handicap, or national origin. The CONTRACTOR w ill take affirmative action to ensure that applicants are employed, and that employees are treated during employment, w ithout regard to their race, age, sexual orientation, marital status, color, religion, sex, handicap, or national origin. Such action shall include, but not be limited to the follow ing: employment, upgrading, demotion or termination; rates of pay or other forms of compensation; and selection for training, including apprenticeship. The CONTRACTOR agrees to post in conspicuous places, available to employees and applicants for employment, notices to be provided by the COMMISSION setting forth the provisions of this nondiscrimination clause. 28. The CONTRACTOR w arrants and certifies that it w ill not w ithout prior w ritten consent of the COMMISSION, engage in any business pursuits that are adverse, hostile or take incompatible positions to the interests of the Page 10 of 14

177 COMMISSION, during the term of the PROJECT, DEVELOPMENT, LOAN, GRANT, CONTRACT and/or RENDITION OF SERVICES. 29. CONTRACTOR w arrants and certifies that no member, commissioner, councilperson, officer, or employee of the COMMISSION, the AUTHORITY and/or the CITY, no member of the governing body of the locality in w hich the PROJECT is situated, no member of the government body in w hich the Commission w as activated, and no other public official of such locality or localities w ho exercises any functions or responsibilities w ith respect to the assignment of w ork, has during his or her tenure, or w ill for one (1) year thereafter, have any interest, direct or indirect, in this PROJECT or the proceeds thereof. 30. List all citations, orders to cease and desist, stop w ork orders, complaints, judgments, fines, and penalties received by or imposed upon CONTRACTOR for safety violations from any and all government entities including but not limited to, the City of San Diego, County of San Diego, the State of California, the United States of America and any and all divisions and departments of said government entities for a period of five (5) years prior to the date of this statement. If none, please so state: Government Entity Making Complaint Date Resolution N/A 31. Has the CONTRACTOR ever been disqualified, removed from or otherw ise prevented from bidding on or completing a federal, state, or local government project because of a violation of law or a safety regulation. If so, please explain the circumstances in detail. If none, please so state: N/A Page 11 of 14

178 32. Please list all licenses obtained by the CONTRACTOR through the State of California and/or the United States of America w hich are required and/or w ill be utilized by the CONTRACTOR and/or are convenient to the performance of the PROJECT, DEVELOPMENT, LOAN, GRANT, CONTRACT, or RENDITION OF SERVICES. State the name of the governmental agency granting the license, type of license, date of grant, and the status of the license, together w ith a statement as to w hether the License has ever been revoked: Governmental Description License Date Issued Status Revocation Agency License Number (original) (current) (yes/no) N/A 33. Describe in detail any and all other facts, factors or conditions that may adversely affect CONTRACTOR' s ability to perform or complete, in a timely manner, or at all, the PROJECT, CONTRACT, SALES of Real Property to, DEVELOPMENT, repayment of the LOAN, adherence to the conditions of the GRANT, or performance of consulting or other services under CONTRACT w ith the COMMISSION. N/A 34. Describe in detail, any and all other facts, factors or conditions that may favorably affect CONTRACTOR' s ability to perform or complete, in a timely manner, or at all, the PROJECT, CONTRACT, DEVELOPMENT, repayment of the LOAN, adherence to the conditions of the GRANT, or performance of consulting or other services under CONTRACT w ith the COMMISSION. N/A 35. List all CONTRACTS w ith, DEVELOPMENTS for or w ith, LOANS w ith, PROJECTS w ith, GRANTS from, SALES of Real Property to, the COMMISSION, AUTHORITY and/or the CITY w ithin the last five (5) years: Entity Involved Status (i.e., CITY (Current, delinquent Dollar Date COMMISSION, etc.) repaid, etc.) Amount 2012 Juniper Gardens SDHC current $2,844, Vista Grande SDHC current $2,197,000 Page 12 of 14

179 SEDC current $781, Village Green SDHC current $2,165,067 RDA current $5,788, Parkside RDA current $13,800, Within the last five years, has the proposed CONTRACTOR, and/or have any of the proposed subcontractors, been the subject of a complaint filed w ith the Contractor' s State License Board (CSLB)? Yes X No If yes, explain: 37. Within the last five years, has the proposed CONTRACTOR, and/or have any of the proposed subcontractors, had a revocation or suspension of a CONTRACTOR' s License? Yes X No If yes, explain: 38. List three local references w ho w ould be familiar w ith your previous construction project: Name: Ann Kern Address: 1122 Broadway, suite 300. San Diego, CA Phone: Project Name and Description: Village Green 94 units of low er income housing Name: Debbie Fountain Address: 2965 Roosevelt St., Ste B. Carlsbad, CA Page 13 of 14

180 Phone: Project Name and Description: Vista Las Flores 28 units of affordable housing Name: Eri Kameyama Address: 401 B St, Ste 400 San Diego, CA Phone: Project Name and Description: Parkside 77 units of affordable housing 39. Give a brief statement respecting equipment, experience, financial capacity and other resources available to the Contractor for the performance of the w ork involved in the proposed project, specifying particularly the qualifications of the personnel, the nature of the equipment and the general experience of the Contractor. N/A 40. Give the name and experience of the proposed Construction Superintendent. N/A Page 14 of 14

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182 CERTIFICATION The CONTRACTOR,, hereby certifies that this CONTRACTOR' s Statement for Public Disclosure and the attached information/evidence of the CONTRACTOR' s qualifications and financial responsibility, including financial statements, are true and correct to the best of CONTRACTOR' s know ledge and belief. By: Title: Dated: By: Title: Dated: WARNING: 18 U.S.C provides, among other things, that whoever knowingly and willingly makes or uses a document or writing containing any false, fictitious or fraudulent statement or entry, in any matter within the jurisdiction or any department or agency of the United States, shall be fined not more than $10,000 or imprisoned for not more than five years, or both. ATTEST: State of California County of Subscribed and sw orn to before me this day of, 20. Signature of Notary SEAL Name of Notary Page 16 of 14

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190 WAKELAND HOUSING AND DEVELOPMENT BOARD OF DIRECTORS Elizabeth B. Bluhm Board Treasurer E. Bluhm Consulting LLC PO Box San Diego, CA D. Todd Philips Board Secretary Scripps Ranch Blvd. San Diego, CA Jeff Brazel Board Member JVB Real Estate Advisors PO Box San Diego, CA Walter Philips Board Member Exec. Dir/CEO of San Diego Youth & Community Services 3255 Wing Street San Diego, CA D. Lawrence Clemens Board Member PO Box Rancho Santa Fe, CA Art Rivera Board Member 350 Nutmeg Street San Diego, CA Lina Ericsson Board Secretary Gresham Savage Nolan & Tilden, PC 501 West Broadway, Suite 800 San Diego, CA Barry J. Schultz Board Member Stuz Artiano Shinoff & Holtz 2488 Historic Decatur Rd Suite 200 San Diego, CA Steve Kuptz Board Chairman Chief Financial Officer Santa Fe Christian Schools 838 Academy Drive Solana Beach, CA Lee Winslett Board Member Vice President Wells Fargo Community Lending 401 B Street, Suite 304-A San Diego, CA Doug Perkins Board Member President of Pacific Gateway Group 5703 Oberlin Dr, Suite 209 San Diego, CA 92121

191 WAKELAND HOUSING AND DEVELOPMENT CORPORATION CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2012 AND 2011 L & C Leaf & Cole, LLP Certified Public Accountants