APPRAISAL OF LOCATED AT: Lundys Lane San Francisco, CA FOR: San Francisco Housing Authority Egbert Ave San Francisco, CA 94124

Transcription

1 0-0 LUNDYS LANE File. LUNDY_0_205 APPRAISAL OF LOCATED AT: 0-0 Lundys Lane, CA 940 FOR: Housing Authority 85 Egbert Ave, CA 9424 BORROWER: Housing Authority AS OF: vember 6, 205 BY: E. James O'Malley

2 DETAILED ANALYSIS, INC. 0-0 LUNDYS LANE Small Residential Income Property Appraisal Report File. LUNDY_0_205 SUBJECT The purpose of this summary appraisal report is to provide the lender/client with an accurate, and adequately supported, opinion of the market value of the subject property. Property Address 0-0 Lundys Lane City Borrower Housing Authority Owner of Public Record Housing Authority Legal Description Lot 57, block 566- Bernal Heights Sub-District Assessor's Parcel # APN Tax Year 205 Neighborhood Name Bernal Heights Map Reference 667-H4 State CA Zip Code 940 County R.E. Taxes 0.00 Census Tract Occupant Owner X Tenant Vacant Special Assessments 0.00 PUD HOA 0.00 Property Rights Appraised X Fee Simple Leasehold Other (describe) Assignment Type Purchase Transaction Refinance Transaction X Other (describe) Fair Market Value Lender/Client Housing Authority Address 85 Egbert Ave,, CA 9424 Is the subject property currently offered for sale or has it been offered for sale in the twelve months prior to the effective date of this appraisal? Yes X per year per month Report data source(s) used, offering price(s), and date(s). MLS/NDC CONTRACT I did did not analyze the contract for sale for the subject purchase transaction. Explain the results of the analysis of the contract for sale or why the analysis was not performed. Contract Price Date of Contract Is the property seller the owner of public record? Yes Data Source(s) Is there any financial assistance (loan charges, sale concessions, gift or downpayment assistance, etc.) to be paid by any party on behalf of the borrower? Yes X If Yes, report the total dollar amount and describe the items to be paid. te: Race and the racial composition of the neighborhood are not appraisal factors. NEIGHBORHOOD Neighborhood Characteristics Location X Urban Built-Up X Over 75% Growth Rapid Suburban 25-75% X Stable 2-4 Unit Housing Trends Rural Under 25% Slow Property Values X Increasing Demand/Supply X Shortage Marketing Time X Under mths 2-4 Unit Housing Stable In Balance -6 mths Declining Over Supply Over 6 mths PRICE (000) AGE (yrs) Present Land Use % One-Unit 2-4 Unit 0 Multi-Family % % % 948 Low,999 High 5 Commercial % to the west, and Hwy 0 to the north and east.,247 Pred. 80 Other % Neighborhood Description The subject neighborhood is a well-established residential community in a centralized location with easy access to both Hwy 0 and 280, public transportation, shopping, restaurants, and schools. Neighborhood Boundaries The boundaries are defined as Cesar Chaves to the south, Valencia St Market Conditions (including support for the above conclusions) Median comparable sale price of 2 unit properties in the subject's market have increased SITE significantly over the past year due to a strengthening economy. Units are typically selling with 60 days with an SP/LP ratio above 00%, indicating most properties are selling above asking price. Demand for housing in is high as there are few vacancies in buildings occupied by long term tenants due to existing rent control. Dimensions 29. x 70 Area 205 Sq.Ft. Shape Rectangular View Specific Zoning Classification RH-2 Zoning Description Two Family Residential Zoning Compliance Legal X Legal nconforming (Grandfathered Use) Zoning Illegal (describe) Minimum lot size is 2,500 SF. Is the highest and best use of the subject property as improved (or as proposed per plans and specifications) the present use? If, describe. The building has 2 units. In case of fire the City will allow to rebuilt as stated in the R report which is 2 units. Utilities Public Other (describe) Public Other (describe) Off-site Improvements Type Public Private Electricity X Water X Street Concrete X Gas X Sanitary Sewer X Alley FEMA Special Flood Hazard Area Yes X FEMA Flood Zone N/A FEMA Map # t printed FEMA Map Date t participating Are the utilities and off-site improvements typical for the market area? If, describe. Are there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land uses, etc.)? If Yes, describe. apparent adverse conditions such as adverse easements, encroachments, special assessments or any other adverse conditions were noted by the appraiser who did not view the title report. The subject is not located in the Alquist-Priolo Study Zone.(earthquake). IMPROVEMENTS GENERAL DESCRIPTION FOUNDATION EXTERIOR DESCRIPTION Units X Two Three Four Accessory Unit (describe below) # of Stories # of bldgs. Type Det. X Att. S-Det./End Unit X Existing Proposed Under Const. Design (Style) Contemporary Year Built Unknown Effective Age (Yrs) 20 years Crawl Space Full Basement Partial Basement Basement Area 0 sq. ft. Basement Finish 0% Outside Entry/Exit Sump Pump Evidence of Infestation Dampness Settlement Attic X Drop Stair Floor Finished # of Appliances Refrigerator Unit # contains: X FWA Stairs Scuttle Heated 2 Range/Oven 5 Rooms 5 Rooms X Concrete Slab Foundation Walls Exterior Walls Roof Surface Gutters & Downspouts Window Type Storm Sash/Insulated Screens Heating/Cooling materials/condition INTERIOR Concrete/Avg Wood/Avg Compo/Avg Metal/Avg Aluminum/Avg /Adequate Yes/Avg Amenities materials/condition Floors Walls Trim/Finish Bath Floor Bath Wainscot Vinyl/wood/Avg Drywall/avg Vinyl/avg Vinyl/Avg Car Storage X Driveway # of Cars 2 HWBB Radiant Fireplace(s) # 0 WoodStove(s) # 0 Driveway Surface Concrete Other Fuel gas X Patio/Deck deck X Fence wood Garage # of Cars 0 Central Air Conditioning X Pool X Porch none Carport # of Cars 0 Individual Other X Other none Att. Det. Built-in 2 Dishwasher 0 Disposal 0 Microwave 0 Washer/Dryer 2/2 Other (describe) Bedroom(s) Bath(s),96 Square feet of Gross Living Area Unit # 2 contains: Unit # contains: Rooms Unit # 4 contains: Rooms Additional features (special energy efficient items, etc.). Bedroom(s) Bath(s),25 Square feet of Gross Living Area Bedroom(s) Bedroom(s) Bath(s) Bath(s) Square feet of Gross Living Area Square feet of Gross Living Area noted. Describe the condition of the property (including needed repairs, deterioration, renovations, remodeling, etc.). Subject was last inspected on March 6, 204 by the appraisers. At that time it was in average overall condition. Physical depreciation is due to age and normal wear and tear. major items of deferred maintenance was observed through a visual walk-through at that time, however, the appraiser recommends a house inspection due to age of this home and poor drainage at the side and on decks. This report relies on the "extraordinary assumption" that the condition of the subject is currently the same as it was when it was last inspected. The use of this extraordinary assumption had an influence on the appraisers opinion of value of the subject. If it is later discovered that the condition of the subject is not accurate, the appraisers reserve the right to amend the report. Freddie Mac Form 72 March 2005 Produced using ACI software, Page of 7 Fannie Mae Form 025 March _

3 DETAILED ANALYSIS, INC. 0-0 LUNDYS LANE Small Residential Income Property Appraisal Report File. LUNDY_0_205 IMPROVEMENTS Are there any physical deficiencies or adverse conditions that affect the livability, soundness, or structural integrity of the property? Yes X If Yes, describe adverse environmental conditions such as hazardous wastes, toxic substances, or any other adverse conditions were noted by the appraiser who is not an expert in this field. Does the property generally conform to the neighborhood (functional utility, style, condition, use, construction, etc.)? Is the property subject to rent control? If Yes, describe If, describe The annual allowable increase amount effective March, 205 through February 29, 206 is.9%. The following properties represent the most current, similar, and proximate comparable rental properties to the subject property. This analysis is intended to support the opinion of the market rent for the subject property. FEATURE SUBJECT COMPARABLE RENTAL NO. COMPARABLE RENTAL NO Lundys Lane Address COMPARABLE RENTAL DATA Proximity to Subject Current Monthly Rent Rent/Gross Bldg. Area Rent Control Data Source(s) Date of Lease(s) Location Actual Age Condition Gross Building Area Unit Breakdown Unit # Unit # 2 Unit # Unit # 4 Utilities Included COMPARABLE RENTAL NO Harrison Street 0.50 miles NE,09 4, sq. ft sq. ft. Inspection SFARMLS#45406 Unknown Less than Year Bernal Heights Bernal Heights Unknown 94 Years 2,447 SF 70 SF 00 Holyoke Street.24 miles SE Heather Stoltz Available Potrero 87 Years 945 SF Joel Panzer Available Mission/Bernal Heights 2 Good,24 Rm Count Tot Br Ba Size Sq. Ft. Rm Count Tot Br Ba Rm Count Tot Br Ba 5 5,96 5,25 Water & Sewer Open parking Rm Count Tot Br Ba Size Sq. Ft. Monthly Rent th Street 0.4 miles NE 4,200 5 Size Sq. Ft. Monthly Rent 945 4, sq. ft. 4,200 5 Size Sq. Ft. Monthly Rent,24 Water & Sewer parking 4, sq. ft. 4,750 Water & Sewer parking Water & Sewer parking Analysis of rental data and support for estimated market rents for the individual subject units reported below (including the adequacy of the comparables, rental concessions, etc.) Comp # is a fairly recent lease of a smaller unit within the subject's neighborhood. Comp #2 is an available listing of a slightly smaller unit with no parking. Comp # is a listing of an available unit similar in size and superior in condition but with no on-site parking. The comps range from 4,200 to,4,750 per month for the subject's units. The subject's unit are larger than typical for the market and included on-site parking; however, their condition is fair to average. All factors considered, reconcile to 4,200/month for subject units. Rent Schedule: The appraiser must reconcile the applicable indicated monthly market rents to provide an opinion of the market rent for each unit in the subject property. Leases Actual Rents SUBJECT RENT SCHEDULE Lease Date Unit # Begin Date Unk 2 Unk 4 Comment on lease data Utilities included in estimated rents End Date Unfurnished Total Rents Furnished Unfurnished,09,09 Total Actual Monthly Rent Other Monthly Income (itemize) Electric Per Unit Total Actual Monthly Income Water Sewer Gas 4,400 4,400,09 Total Gross Monthly Rent Other Monthly Income (itemize) Oil,09 Total Estimated Monthly Income Cable Trash collection Total Rents Furnished 4,200 4,200 8,400 8,400 Other (describe) Comments on actual or estimated rents and other monthly income (including personal property) The subject's units are rented through SF Housing Authority and tenants pay 0% of their income for rent. Tenant is to pay all utilities in addition to the rent. The rents were calculated at market as the building if sold could be delivered vacant and the tenants could be relocated. However, the subsequent owner would likely have to adhere to rent control as the building was built prior to 978. I PRIOR SALE HISTORY Opinion Of Market Rent Per Unit X did did not research the sale or transfer history of the subject property and comparable sales. If not, explain My research did X did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal. Data source(s) NDC My research did X did not reveal any prior sales or transfers of the comparable sales for the year prior to the date of sale of the comparable sale. Data source(s) NDC Report the results of the research and analysis of the prior sale history of the subject property and comparable sales (report additional prior sales on page 4). ITEM SUBJECT COMPARABLE SALE NO. COMPARABLE SALE NO. 2 COMPARABLE SALE NO. Date of Prior Sale/Transfer 07/2/97 Price of Prior Sale/Transfer Data Source(s) NDC Effective Date of Data Source(s) 0/06/204 Analysis of prior sale history for the subject property and comparable sales 08/08/989 02/07/202 0/28/ , ,000,000 NDC NDC NDC 0/06/204 0/06/204 0/06/204 The subject property has not sold or listed within the three years prior to the effective date of this report. The comparable sales have not sold within a year prior to the date of sale in this report. prior sales data available for comparable #4. Freddie Mac Form 72 March 2005 Produced using ACI software, Page 2 of 7 Fannie Mae Form 025 March _

4 DETAILED ANALYSIS, INC. 0-0 LUNDYS LANE Small Residential Income Property Appraisal Report There are 2 comparable properties currently offered for sale in the subject neighborhood ranging in price from to 97, ,000 There are 0 comparable sales in the subject neighborhood within the past twelve months ranging in sale price from 685,000 FEATURE SUBJECT COMPARABLE SALE NO. COMPARABLE SALE NO Lundys Lane Address Newman Street Proximity to Subject 0.4 miles SE Sale Price FMV,25,000 Sale Price/Gross Bldg. Area 0.00 sq. ft 5.6 sq. ft Gross Monthly Rent,09 4,82 Gross Rent Multiplier 2.79 Price Per Unit 562,500 Price Per Room 2,500 Price Per Bedroom 87,500 Rent Control Data Source(s) Inspection SFARMLS#47529;DOM 6 Verification Source(s) DOC#K4977 SALES COMPARISON APPROACH VALUE ADJUSTMENTS Sale or Financing Concessions Date of Sale/Time Location DESCRIPTION Bernal Heights Fee Simple 205 Contemporary Actual Age Unknown Condition Gross Building Area ,447 Leasehold/Fee Simple Site View Design (Style) Quality of Construction Unit Breakdown Unit # Total Bdrms. Baths 5 Unit # 2 5 Unit # Unit # 4 Basement Description Basement Finished Rooms Functional Utility Heating/Cooling FAU/noAC 2 Car Driveway Patio/Deck Minimal Energy Efficient Items Parking On/Off Site Porch/Patio/Deck Fireplaces Remodeling DESCRIPTION Total 5 5 Bdrms. Baths 49-5 Harrison Street 0.50 miles NE,50, sq. ft 6, ,000 27,778 20,000 SFARMLS#45406;DOM 26 DOC#K (-) Adjustment ArmsLength 0/5/5 COE Bernal Heights Fee Simple 2495 Contemporary 52 Yrs Good 2,200 DESCRIPTION 5 4 FAU/noAC DualPaneWin 2 Car Garage Porch Similar Bdrms. Baths 2 FAU/noAC -40,000 Car Garage Porch/Patio F/P Similar. to,700,000. COMPARABLE SALE NO A Ellsworth Street 0.8 miles SE 969, sq. ft 4, ,500 2,25 242,250 SFARMLS#4277;DOM 97 DOC#K0768 +(-) Adjustment ArmsLength 0/08/5 COE Bernal Heights Fee Simple 07 Traditional 94 Yrs Good 25,000,460 Total File. LUNDY_0_205 DESCRIPTION +(-) Adjustment ArmsLength 02/06/5 COE Bernal Heights Fee Simple 746 Contemporary 5 Yrs 99,000,700 Total 4 0,000 4 Bdrms. Baths 2 2 FAU/noAC -20,000 Car Garage Patio/Deck Similar 75,000 0,000 0,000-20,000 Net Adjustment (Total) Adjusted Sale Price of Comparables Adj. Price Per Unit (Adj. SP Comp / # of Comp Units) + X 5,000 X + 89,000 X + 75,000 Net Adj. -. % Net Adj. 7.7 % Net Adj. 7.7 % Gross Adj. 5.8 %,0,000 Gross Adj..2 %,29,000 Gross Adj..9 %,044, ,000 69, ,000 Adj. Price Per Room Adj. Price Per Bdrm. RECONCILIATION INCOME,000 7,667 0,500 85, ,800 26,000 Value Per Unit 575,000 X 2 Units =,50,000 Value Per GBA X 2,447 GBA =,72, Value Per Rm.,000 X 0 Rooms =,0,000 Value Per Bdrms. 85,000 X 6 Bdrms. =,0,000 Summary of Sales Comparison Approach including reconciliation of the above indicators of value. The units of value range from,0,000 to,72,. Sale 2 GBA could not be verified with the records and the GBA can be substantially larger that what was posted in the MLS records. See addendum for discussion of Value indicators, reconciliation, and exposure time. ((Adj. SP Comp / # of Comp Rooms) (Adj. SP Comp / # of Comp Bedrooms) Indicated Value by Sales Comparison Approach,50,000 Total gross monthly rent 8,400 X gross rent multiplier (GRM) =,28,000 Indicated value by the Income Approach Comments on income approach including reconciliation of the GRM GRM range for 2 unit properties in the city of typically range from 0 to 570 with a median value of 265. The subject's unit's can capture market rent after sale. Therefore, a lower GRM was selected for the subject. See addendum for further analysis. Indicated Value by: Sales Comparison Analysis,50,000 Income Approach,28,000 Cost Approach (if developed),208,200 Three approaches were used in the final determination of value with most emphasis placed on the Sales Comparison Approach, which best reflects the actions of buyers and sellers in the open market. The Income Approach and Cost approach offer support to the Sales Comparison Approach. This is a summary report prepared for lender/client or their assigns to secure a mortgage loan. Other uses are not authorized. This appraisal is made X "as is," subject to completion per plans and specifications on the basis of a hypothetical condition that the improvements have been completed, subject to the following repairs or alterations on the basis of a hypothetical condition that the repairs or alterations have been completed, or subject to the following required inspection based on the extraordinary assumption that the condition or deficiency does not require alteration or repair: This report relies an an "extraordinary assumption". Please see bottom of page one for explanation. Based on a complete visual inspection of the interior and exterior areas of the subject property, defined scope of work, statement of assumptions and limiting conditions, and appraiser's certification, my (our) opinion of the market value, as defined, of the real property that is the subject of this report is as of /06/205 Freddie Mac Form 72 March 2005,50,000, which is the date of inspection and the effective date of this appraisal. Produced using ACI software, Page of 7 Detailed Analysis Fannie Mae Form 025 March _

5 DETAILED ANALYSIS, INC. Small Residential Income Property Appraisal Report 0-0 LUNDYS LANE File. LUNDY_0_205 Our appraisal report contains electronic signatures. All electronic signatures on this report have a security feature maintained by individual passwords for each signing appraiser. person can alter the report in any form with the exception of the original signing appraiser(s). I have performed no services, as an appraiser or in any capacity, regarding the property that is the subject of this report within the threeyear prior immediately preceding acceptance of this assignment. ADDITIONAL COMMENTS "The Intended User of this appraisal report is the Lender/Client. Unless specifically stated within the report, there are no additional Intended Users. The Intended Use is to evaluate the property that is the subject of this appraisal for a mortgage finance transaction, subject to the stated Scope of Work, purpose of the appraisal, reporting requirements of this appraisal report form, and Definition of Market Value as defined in the report. The undersigned do hereby certify that to the best of our knowledge and belief, except as otherwise noted in this appraisal report: *The statements of fact contained in this appraisal report, upon which the analyses, opinions and conclusions expressed herein are based, are true and correct. *The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are our personal, impartial and unbiased professional analyses, opinions and conclusions. *We have no present or prospective interest in the property that is the subject of this appraisal report, and no personal interest with respect to the parties involved. *We have no bias with respect to the property that is the subject of this report or the parties involved with the assignment. *Our engagement in this assignment was not contingent upon developing or reporting predetermined results. *Our compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. " one other than the signer(s) prepared the analyses, conclusions and opinions concerning real estate that are set forth in this appraisal report. An exterior inspection of the property was made by Isabel O'Malley. The appraiser certifies and agrees that this appraisal was prepared in accordance with the requirements of Title XI of the Financial Institutions, Reform, Recovery, and Enforcement Act (FIRREA) of 989, as amended (2 U.S.C. et seq.), and any applicable implementing regulations in effect at the time the appraiser signs the appraisal certification. * This appraisal conforms to the standards set forth in the 200 Inter-Agency Appraisal and Evaluation Guidelines, the Federal and State Law, USPAP, Fair Lending Laws, (including the Gramm-Leach-Bliley Act). I certify that I am licensed or certified in the state in which the subject is located. License is attached. employee, director, officer, partner, independent contractor, appraisal management company, or partner on behalf of the lender has influenced or attempted to influence the development, reporting, result, or review of this assignment through coercion, extortion, collusion, compensation, instruction, inducement, intimidation, bribery or in any other manner. I was not asked to provide a preliminary estimate for the subject property prior to the completion of this appraisal report. I agree to immediately report any unauthorized contacts either personally by phone or electronically. COST APPROACH TO VALUE (not required by Fannie Mae) Provide adequate information for the lender/client to replicate the below cost figures and calculations. Support for the opinion of site value (summary of comparable land sales or other methods for estimating site value) There are no recent comparable land sales in the COST APPROACH subject's market area, therefore land value was estimated via abstraction method. ESTIMATED REPRODUCTION OR X REPLACEMENT COST NEW Source of cost data Marshall & Swift Commercial Cost Handbook Quality rating from cost service Effective date of cost data /06/205 Comments on Cost Approach (gross living area calculations, depreciation, etc.) OPINION OF SITE VALUE = Dwelling 2,447 Sq = Sq. = Cost Approach estimates were obtained from Marshal & Swift Cost Handbook and local contractors estimates. Land value was derived from extraction of improved lot sales. Land to total value ratio is typical for the area. functional or economic obsolescence was noted. Depreciation was based on age/life guidelines and condition of the house. Remaining economic life is estimated at 0 years. Estimated Remaining Economic Life (HUD and VA only) 0 Years Garage/Carport Sq. Total Estimate of Cost-New Less Physical Functional External Depreciation 8, = = INDICATED VALUE BY COST APPROACH PROJECT INFORMATION FOR PUDs (if applicable) PUD INFORMATION Is the developer/builder in control of the Homeowners' Association (HOA)? Yes = ( Depreciated Cost of Improvements = "As-is" Value of Site Improvements = Unit type(s) Detached = 750,000 6,750 6,750 8,525 ) 428,225 0,000,208,200 Attached Provide the following information for PUDs ONLY if the developer/builder is in control of the HOA and the subject property is an attached dwelling unit. Legal name of project Total number of phases Total number of units Total number of units sold Total number of units rented Total number of units for sale Data source(s) Was the project created by the conversion of an existing building(s) into a PUD? Yes If Yes, date of conversion. Does the project contain any multi-dwelling units? Yes Data source(s) Are the units, common elements, and recreation facilities complete? Are the common elements leased to or by the Homeowners' Association? Yes Yes If, describe the status of completion. If Yes, describe the rental terms and options. Describe common elements and recreational facilities. Freddie Mac Form 72 March 2005 Produced using ACI software, Page 4 of 7 Fannie Mae Form 025 March _

6 DETAILED ANALYSIS, INC. Small Residential Income Property Appraisal Report 0-0 LUNDYS LANE File. LUNDY_0_205 This report form is designed to report an appraisal of a two- to four-unit property, including a two- to four-unit property in a planned unit development (PUD). A two- to four-unit property located in either a condominium or cooperative project requires the appraiser to inspect the project and complete the project information section of the Individual Condominium Unit Appraisal Report or the Individual Cooperative Interest Appraisal Report and attach it as an addendum to this report. This appraisal report is subject to the following scope of work, intended use, intended user, definition of market value, statement of assumptions and limiting conditions, and certifications. Modifications, additions, or deletions to the intended use, intended user, definition of market value, or assumptions and limiting conditions are not permitted. The appraiser may expand the scope of work to include any additional research or analysis necessary based on the complexity of this appraisal assignment. Modifications or deletions to the certifications are also not permitted. However, additional certifications that do not constitute material alterations to this appraisal report, such as those required by law or those related to the appraiser's continuing education or membership in an appraisal organization, are permitted. SCOPE OF WORK: The scope of work for this appraisal is defined by the complexity of this appraisal assignment and the reporting requirements of this appraisal report form, including the following definition of market value, statement of assumptions and limiting conditions, and certifications. The appraiser must, at a minimum: () perform a complete visual inspection of the interior and exterior areas of the subject property, (2) inspect the neighborhood, () inspect each of the comparable sales from at least the street, (4) research, verify, and analyze data from reliable public and/or private sources, and (5) report his or her analysis, opinions, and conclusions in this appraisal report. INTENDED USE: The intended use of this appraisal report is for the lender/client to evaluate the property that is the subject of this appraisal for a mortgage finance transaction. INTENDED USER: The intended user of this appraisal report is the lender/client. DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: () buyer and seller are typically motivated; (2) both parties are well informed or well advised, and each acting in what he or she considers his or her own best interest; () a reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U. S. dollars or in terms of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions* granted by anyone associated with the sale. *Adjustments to the comparables must be made for special or creative financing or sales concessions. adjustments are necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are readily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutional lender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market's reaction to the financing or concessions based on the appraiser's judgment. STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser's certification in this report is subject to the following assumptions and limiting conditions:. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it, except for information that he or she became aware of during the research involved in performing this appraisal. The appraiser assumes that the title is good and marketable and will not render any opinions about the title. 2. The appraiser has provided a sketch in this appraisal report to show the approximate dimensions of the improvements, including each of the units. The sketch is included only to assist the reader in visualizing the property and understanding the appraiser's determination of its size.. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted in this appraisal report whether any portion of the subject site is located in an identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination. 4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unless specific arrangements to do so have been made beforehand, or as otherwise required by law. 5. The appraiser has noted in this appraisal report any adverse conditions (such as needed repairs, deterioration, the presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or she became aware of during the research involved in performing this appraisal. Unless otherwise stated in this appraisal report, the appraiser has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of the property (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) that would make the property less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied. The appraiser will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the field of environmental hazards, this appraisal report must not be considered as an environmental assessment of the property. 6. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory completion, repairs, or alterations on the assumption that the completion, repairs, or alterations of the subject property will be performed in a professional manner. Freddie Mac Form 72 March 2005 Produced using ACI software, Page 5 of 7 Fannie Mae Form 025 March _

7 DETAILED ANALYSIS, INC. Small Residential Income Property Appraisal Report 0-0 LUNDYS LANE File. LUNDY_0_205 APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that:. I have, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated in this appraisal report. 2. I performed a complete visual inspection of the interior and exterior areas of the subject property, including all units. I reported the condition of the improvements in factual, specific terms. I identified and reported the physical deficiencies that could affect the livability, soundness, or structural integrity of the property.. I performed this appraisal in accordance with the requirements of the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal report was prepared. 4. I developed my opinion of the market value of the real property that is the subject of this report based on the sales comparison and income approaches to value. I have adequate market data to develop reliable sales comparison and income approaches to value for this appraisal assignment. I further certify that I considered the cost approach to value but did not develop it, unless otherwise indicated in this report. 5. I researched, verified, analyzed, and reported on any current agreement for sale for the subject property, any offering for sale of the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of the subject property for a minimum of three years prior to the effective date of this appraisal, unless otherwise indicated in this report. 6. I researched, verified, analyzed, and reported on the prior sales of the comparable sales for a minimum of one year prior to the date of sale of the comparable sale, unless otherwise indicated in this report. 7. I selected and used comparable sales that are locationally, physically, and functionally the most similar to the subject property. 8. I have not used comparable sales that were the result of combining a land sale with the contract purchase price of a home that has been built or will be built on the land. 9. I have reported adjustments to the comparable sales that reflect the market's reaction to the differences between the subject property and the comparable sales. 0. I verified, from a disinterested source, all information in this report that was provided by parties who have a financial interest in the sale or financing of the subject property.. I have knowledge and experience in appraising this type of property in this market area. 2. I am aware of, and have access to, the necessary and appropriate public and private data sources, such as multiple listing services, tax assessment records, public land records and other such data sources for the area in which the property is located.. I obtained the information, estimates, and opinions furnished by other parties and expressed in this appraisal report from reliable sources that I believe to be true and correct. 4. I have taken into consideration the factors that have an impact on value with respect to the subject neighborhood, subject property, and the proximity of the subject property to adverse influences in the development of my opinion of market value. I have noted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the inspection of the subject property or that I became aware of during the research involved in performing this appraisal. I have considered these adverse conditions in my analysis of the property value, and have reported on the effect of the conditions on the value and marketability of the subject property. 5. I have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledge, all statements and information in this appraisal report are true and correct. 6. I stated in this appraisal report my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the assumptions and limiting conditions in this appraisal report. 7. I have no present or prospective interest in the property that is the subject of this report, and I have no present or prospective personal interest or bias with respect to the participants in the transaction. I did not base, either partially or completely, my analysis and/or opinion of market value in this appraisal report on the race, color, religion, sex, age, marital status, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of the present owners or occupants of the properties in the vicinity of the subject property or on any other basis prohibited by law. 8. My employment and/or compensation for performing this appraisal or any future or anticipated appraisals was not conditioned on any agreement or understanding, written or otherwise, that I would report (or present analysis supporting) a predetermined specific value, a predetermined minimum value, a range or direction in value, a value that favors the cause of any party, or the attainment of a specific result or occurrence of a specific subsequent event (such as approval of a pending mortgage loan application). 9. I personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report. If I relied on significant real property appraisal assistance from any individual or individuals in the performance of this appraisal or the preparation of this appraisal report, I have named such individual(s) and disclosed the specific tasks performed in this appraisal report. I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone to make a change to any item in this appraisal report; therefore, any change made to this appraisal is unauthorized and I will take no responsibility for it. 20. I identified the lender/client in this appraisal report who is the individual, organization, or agent for the organization that ordered and will receive this appraisal report. 2. The lender/client may disclose or distribute this appraisal report to: the borrower; another lender at the request of the borrower; the mortgagee or its successors and assigns; mortgage insurers; government sponsored enterprises; other secondary market participants; data collection or reporting services; professional appraisal organizations; any department, agency, or instrumentality of the United States; and any state, the District of Columbia, or other jurisdictions; without having to obtain the appraiser's or supervisory appraiser's (if applicable) consent. Such consent must be obtained before this appraisal report may be disclosed or distributed to any other party (including, but not limited to, the public through advertising, public relations, news, sales, or other media). Freddie Mac Form 72 March 2005 Produced using ACI software, Page 6 of 7 Fannie Mae Form 025 March _

8 DETAILED ANALYSIS, INC. Small Residential Income Property Appraisal Report 0-0 LUNDYS LANE File. LUNDY_0_ I am aware that any disclosure or distribution of this appraisal report by me or the lender/client may be subject to certain laws and regulations. Further, I am also subject to the provisions of the Uniform Standards of Professional Appraisal Practice that pertain to disclosure or distribution by me. 2. The borrower, another lender at the request of the borrower, the mortgagee or its successors and assigns, mortgage insurers, government sponsored enterprises, and other secondary market participants may rely on this appraisal report as part of any mortgage finance transaction that involves any one or more of these parties. 24. If this appraisal report was transmitted as an electronic record containing my electronic signature, as those terms are defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if a paper version of this appraisal report were delivered containing my original hand written signature. 25. Any intentional or negligent misrepresentation(s) contained in this appraisal report may result in civil liability and/or criminal penalties including, but not limited to, fine or imprisonment or both under the provisions of Title 8, United States Code, Section 00, et seq., or similar state laws. SUPERVISORY APPRAISER'S CERTIFICATION: The Supervisory Appraiser certifies and agrees that:. I directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with the appraiser's analysis, opinions, statements, conclusions, and the appraiser's certification. 2. I accept full responsibility for the contents of this appraisal report including, but not limited to, the appraiser's analysis, opinions, statements, conclusions, and the appraiser's certification.. The appraiser identified in this appraisal report is either a sub-contractor or an employee of the supervisory appraiser (or the appraisal firm), is qualified to perform this appraisal, and is acceptable to perform this appraisal under the applicable state law. 4. This appraisal report complies with the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal report was prepared. 5. If this appraisal report was transmitted as an electronic record containing my electronic signature, as those terms are defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if a paper version of this appraisal report were delivered containing my original hand written signature. 6. Edmund J. O'Malley (BREA#0059) has provided significant assistance in the preparation of this appraisal including: neighborhood, subject and comp data research and analysis, exterior property inspection, cost/sales comparison approaches, reconciliation. APPRAISER SUPERVISORY APPRAISER (ONLY IF REQUIRED) Signature Name E. James O'Malley Company Name Detailed Analysis, Inc. Company Address 667 Beach Park Blvd Foster City, CA Telephone Number Address omalleyjames@gmail.com Date of Signature and Report /08/205 Effective Date of Appraisal /06/205 State Certification # or State License # 0059 or Other (describe) State # State CA Expiration Date of Certification or License 0/6/207 Signature Name ISABEL A. O'MALLEY Company Name DETAILED ANALYSIS, INC Company Address 667 Beach Park Blvd Foster City, CA Telephone Number Address madamemi@aol.com Date of Signature /09/205 State Certification # AR or State License # State CA Expiration Date of Certification or License /04/207 ADDRESS OF PROPERTY APPRAISED 0-0 Lundys Lane, CA 940 SUBJECT PROPERTY X Did not inspect subject property Did inspect exterior of subject property from street Date of Inspection Did inspect interior and exterior of subject property Date of Inspection APPRAISED VALUE OF SUBJECT PROPERTY,50,000 LENDER/CLIENT Name Jasmine Kuo Company Name Housing Authority Company Address 85 Egbert Ave, CA Address kuoj@sfha.org Freddie Mac Form 72 March 2005 COMPARABLE SALES X Did not inspect exterior of comparable sales from street Did inspect exterior of comparable sales from street Date of Inspection Produced using ACI software, Page 7 of 7 Detailed Analysis Fannie Mae Form 025 March _

9 DETAILED ANALYSIS, INC. 0-0 LUNDYS LANE Small Residential Income Property Appraisal Report FEATURE SUBJECT COMPARABLE SALE NO Lundys Lane Address 408 e Street 0.72 miles NW Proximity to Subject Sale Price Sale Price/Gross Bldg. Area Rent Control Data Source(s) Verification Source(s) VALUE ADJUSTMENTS Sale or Financing Inspection SFARMLS#4266;DOM 2 DOC#J Unit Breakdown Unit # Unit # 2 Unit # Unit # 4 Basement Description Basement Finished Rooms Functional Utility Heating/Cooling Energy Efficient Items Parking On/Off Site Porch/Patio/Deck Fireplaces Remodeling DESCRIPTION Baths Total Bdrms. Baths FAU/noAC 2 Car Driveway Patio/Deck Minimal FAU/noAC 2 Car Garage Patio/Deck 2 F/P Similar SFARMLS#4577;DOM 6 DOC#ACTIVE DESCRIPTION Total Bdrms. Baths 2 2-0, ,000 4 sq. ft Yes +(-) Adjustment FAU/noAC -40,000 Car Garage Porch -0,000 0 Similar SUBJECT COMPARABLE SALE NO. 4 prior sale data prior sale data NDC 0/06/204 Produced using ACI software, DESCRIPTION +(-) Adjustment -0,000 Total Bdrms. Baths 0,000 0,000-20, X 56,000 + X 0,000 + Net Adj % Net Adj. -2. % Net Adj. Gross Adj. 6. %,44,000 Gross Adj. 5.4 %,269,000 Gross Adj. 572,000 64,500 27, 58, ,800 7,250 07/2/97 Price of Prior Sale/Transfer Data Source(s) NDC Effective Date of Data Source(s) 0/06/204 Summary of Sales Comparison Approach. See addendum. Freddie Mac Form 72 March sq. ft 4, ,500 62,75 24,750 Listing 07//5 LD Bernal Heights Fee Simple 225 Victorian 2-6,000 2,750 Bdrms. COMPARABLE SALE NO. 6,299,000 +(-) Adjustment Total Net Adjustment (Total) Adjusted Sale Price of Comparables Adj. Price Per Unit (Adj. SP Comp / # of Comp Units) Adj. Price Per Room ((Adj. SP Comp / # of Comp Rooms) Adj. Price Per Bdrm. (Adj. SP Comp / # of Comp Bedrooms) ITEM Date of Prior Sale/Transfer sq. ft 5, ,000, 240,000 ArmsLength /26/4 COE e Valley Fee Simple 262 City Lights Contemporary 46 Yrs 2,508 Bernal Heights Fee Simple 205 View Design (Style) Contemporary Quality of Construction Actual Age Unknown Condition Gross Building Area ,447 SALES COMPARISON APPROACH,200,000 Gross Monthly Rent Gross Rent Multiplier Price Per Unit Price Per Room Price Per Bedroom Concessions Date of Sale/Time Location Leasehold/Fee Simple Site COMPARABLE SALE NO Bache Street 0.64 miles SE FMV 0.00 sq. ft,09 DESCRIPTION File. LUNDY_0_205 COMPARABLE SALE NO. 5 - % % COMPARABLE SALE NO. 6 09/26/985 62,000 NDC 0/06/204 Fannie Mae Form 025 March _

10 ADDENDUM Borrower: Housing Authority Property Address: 0-0 Lundys Lane City: Lender: Housing Authority File.: LUNDY_0_205 Case.: 0-0 LUNDYS LANE Zip: 940 The client is aware that the undersigned performed and appraisal of the subject property within the three-year period prior to the effective date of this report. The date of the report was March 6, 204. Highest and Best Use The existing use supports the four functions of Highest and best use both as vacant and as improved. The current use is physically possible, legally permissible, financially feasible and is the most productive use of the site. Any change now or in the foreseeable future is highly unlikely. Sales Comparison Approach: The subject property is improved with a duplex. The parameters in the selection of comparable sales were duplexes in the subject's and neighboring communities that sold within the last year. There were four sales that have been presented for analysis. There was no properties with similar unit mix in the subject's neighborhood listed for sale. The comparables selected all bracket the subject in every aspect. Similar properties in areas of other than Bernal Heights and Inner Mission do not accurately represent the value range that appropriately represents the subject s location. Therefore, older sales were utilized as opposed to more recent sales located farther from the subject. Following is a discussion of the five comparables. Comp #: Newman Street listed for 999,000 on 09/6/205 and sold for,25,000 (2.6% above asking) on 0/5/205 after 6 DOM. This property is comprised of two identical BR/BA units and one illegal BR/BA unit. The lower unit s square footage and income were not included. The finishes are similar to the subject s; however, the building appears to be in superior overall condition and has a two car garage. Each unit is occupied by long term tenants under rent control. Actual monthly rental income was utilized as all units are tenant occupied. Comp #2: 49-5 Harrison Street listed for 949,000 on 08/6/205 and sold for,50,000 (2.2% above asking) on 0/08/205 after 26 DOM. This property is comprised of one renovated BR/BA upper level unit and one 2BD/BA lower level unit. The upper level unit was recently rented for 4,200 per month and the lower unit is rented for 2,675; both units are subject to rent control. The finishes are similar to the subject s; however, the building has a one car garage. Comp #: 26-26A Ellsworth Street listed for 795,000 on 02/6/205 and sold for 969,000 (2.2% above asking) on 02/06/205 after 97 DOM. Per MLS description and photography, degree of remodeling/updating and quality of finishes are similar; however, the building has a one-car garage. There are two 850 SF, 2BR/BA units. The upper level sold vacant as it was owner occupied and the lower unit was tenant occupied under rent control for,050 month. A market rent of,500/month was placed on the upper unit. Comp #4: 408 e Street listed for,95,000 on 0//204 and sold for,200,000 (4% below asking) on /26/204 after 2 DOM. Per MLS description and photography, degree of remodeling/updating and quality of finishes are similar. Though this building is located in e Valley, which is considered a superior neighborhood in terms of value, it was selected because it bracketed the subject s GLA and featured similar finishes. The lower unit spans over two floor and is comprised of BR/2BA and measures,672 SF. This unit was vacant at the time of sale; therefore, a market rent of 4,500/month was placed on this unit. The upper level unit is comprised of 2BR/BA and measures approximately 86 SF. This unit is occupied by a long term tenant under rent control and is rented for,87/month. Comp #5: 28-0 Bache Street listed on 7//205 for,299,000, and remains an active listing as of the effective date of this report. Per MLS description and photography, the units feature nearly original finishes and are in average condition. There are unwarranted units in the lower level and the garage has been converted. value or income was given to these areas. The two legal units are both 2BR/BA. One is owner occupied and the other occupied by a long term tenant paying,5/month. A market rent of,750/month was place on the owner occupied unit. One or more comparables are located more than a mile in distance from the subject but are nevertheless within the subject's market. Adjustments were made for GLA at 00/SF; Bedrooms:0,000; Bathrooms;0,000; fireplaces:5,000; forced air:5,000; garage spaces:20,000/space; remodeling/updating, and quality of finishes relative to MLS description and photography ranging between 2.5% and 5% of SP. adjustments were warranted for lot size, age, design style, decks or patios as the paired data analysis does not indicate a need. Market analysis and local market participants dictate that condition, view amenity, and on-site parking are only major factors other than GLA or bedroom count that warrant consideration. Sales Comparison Approach Physical Value Indicators te: Comparable #5, an active listing, was not included in the reconciliation of value indicators as it compared poorly in GLA, room count, and bath count. It was solely included to comply with industry norms. The Price per Unit of Comparables -4 range from 522,000 to 69,500. The subject s value per unit is best represented by comps #, #2, and #4. Reconcile to 575,000 per unit ,000 =,50,000. This is good indicator of value and supports the market approach. The Price per Room of Comparables -4 range from,000 to 7,667. The subject s value per unit is best represented by comp #. 0 =,0,000. The Price per Bedroom of Comparables -4 range from 85,000 to26,000. The subject s value per bedroom is best Addendum Page of

11 ADDENDUM Borrower: Housing Authority Property Address: 0-0 Lundys Lane City: Lender: Housing Authority File.: LUNDY_0_205 Case.: 0-0 LUNDYS LANE Zip: 940 represented by comparable # with similar number of bedrooms. 6 85,000 =,0,000. The Price per Square Foot of gross building area (GBA*) after adjustments of the four comparable sales range from to Comparables # and #4 are the closest in GBA, indicating 5.6 and respectively. The subject s price per SF is reconciled toward the mid-range at 479/SF. 2, =,72,000. The four indicators of value result in a value range of,0,000 to,72,000. Income Approach Gross Rent Multiplier (GRM) Four closed sales and one active listing were used to complete the Income Approach; however, the reconciliation of the GRM does not include the active listing. Gross Rent Multipliers for the four closed comparable sales utilized in this report range from to The higher end is represented by comp #. Comp # is the most similar to the subject in unit mix and size. Like the subject, it has significantly below market rents resulting in a higher GRM. Comp #2 has one unit below market and one unit (BA/BA), which recently rented for 4,200 a month, which resulted in a much lower GRM of Comps # and #4 sold with one unit vacant as they were each partially owner occupied. They indicated GRM s of and respectively. The subject's units can capture market rent after sale; therefore, selecting a GRM from properties subject to rent control would result in an unrealistic value for the subject. As mentioned previously, the subject could be vacated at time of sale, allowing for the new owner to capture market rent, therefore, a much lower GRM is appropriate for the subject. Given the subject s location and appeal, condition, and contract rent structure, the analysis uses a GRM of 45, which seems reasonable for the subject assuming all factors. 45 x 8,400 =,28,000. For the aforementioned reasons, less weight is placed on the GRM. Value Conclusion: There was adequate support for the GRM, which indicated a higher value of,28,000 for the subject assuming it captures market rent. However, more weight is placed on the sales comparison approach as this is the most likely method utilized by buyers and sellers of two unit properties. Reconciliation: The subject is tenant occupied and is capturing below average income per unit. Typically the GRM method of valuation is a reliable indicator for properties like the subject; however, the majority of comparable properties are subject to rent control, which significantly affects the reliability of market rent data and the GRM s derived. Therefore, more consideration is given to methods based on physical units. Reconcile to,50,000 for the subject predicated on an exposure time of less than 60 days. Comments: The appraiser makes no representations, guarantees or warranties, express or implied, regarding building materials, their fitness, quality, condition or remaining economic life. t every element of the subject property was viewable. Comparable data was generally obtained from third-party sources including but not limited to the local MLS, County Assessor, online resources and additional public data sources such NDC or RealQuest, consequently, this information should be considered and "estimate" unless otherwise noted by the appraiser. Conditions of Appraisal Appraisal is subject to standard limiting conditions. Appraiser is not responsible for errors contained in public records. Items of personal property are not considered in the appraised value estimate. The appraiser assumes no dampness, settlement and/or infestation of the Subject property. The appraiser has made a routine visual inspection of the site, as well as the interior and exterior of the improvements and has attempted to describe them in the appraisal. However, the property has not been inspected in the full sense. The appraiser is not an expert in construction, structural integrity, electrical, plumbing, heating or other mechanical and electronic systems. The appraiser is not an expert in discovering infestation due to wood destroying or other insects. This appraisal assumes that all required permits were issued for the Subject improvements. It is possible that tests and inspections made by qualified experts could reveal environmental conditions, or unacceptable physical inadequacies, which may negatively impact value and marketability. If such adverse conditions were found, they may render the value estimate in this report invalid. The appraiser is not a "Home Inspector" and this appraisal report should not be relied upon to disclose the condition of the Subject property nor the presence/absence of any defects. Appraisal inspection is best described as an "observation" for the client. It is not to be regarded as a " Home Inspection Report". Addendum Page 2 of

12 ADDENDUM Borrower: Housing Authority Property Address: 0-0 Lundys Lane City: Lender: Housing Authority File.: LUNDY_0_205 Case.: 0-0 LUNDYS LANE Zip: 940 I certify that I am licensed or certified in the state in which the subject is located. License is attached. employee, director, officer, partner, independent contractor, appraisal management company, or partner on behalf of the lender has influenced or attempted to influence the development, reporting, result, or review of this assignment through coercion, extortion, collusion, compensation, instruction, inducement, intimidation, bribery or in any other manner. I was not asked to provide a preliminary estimate for the subject property prior to the completion of this appraisal report. I agree to immediately report any unauthorized contacts either personally by phone or electronically. Addendum Page of

13 SUBJECT PROPERTY PHOTO ADDENDUM Borrower: Housing Authority Property Address: 0-0 Lundys Lane City: Lender: Housing Authority File.: LUNDY_0_205 Case.: 0-0 LUNDYS LANE Zip: 940 FRONT VIEW OF SUBJECT PROPERTY Appraised Date: vember 6, 205 Appraised Value:,50,000 REAR VIEW OF SUBJECT PROPERTY STREET SCENE

14 Borrower: Housing Authority Property Address: 0-0 Lundys Lane City: Lender: Housing Authority File.: LUNDY_0_205 Case.: 0-0 LUNDYS LANE Zip: 940 Rear of the Subject View on Esmeralda Avenue View of the Subject on Esmeralda Avenue Rear of the Subject Hot Water & Furnace Laundry Room Produced using ACI software, PHT6

15 Borrower: Housing Authority Property Address: 0-0 Lundys Lane City: Lender: Housing Authority Bedroom. Bathroom Bedroom. 2 Bedroom. Laundry Unit 2 - Living Room Produced using ACI software, File.: LUNDY_0_205 Case.: 0-0 LUNDYS LANE Zip: 940 PHT6

16 Borrower: Housing Authority Property Address: 0-0 Lundys Lane City: Lender: Housing Authority Kitchen - Unit 2 Dining Area Bedroom Bathroom Bedroom Bedroom Produced using ACI software, File.: LUNDY_0_205 Case.: 0-0 LUNDYS LANE Zip: 940 PHT6

17 COMPARABLE PROPERTY PHOTO ADDENDUM Borrower: Housing Authority File.: LUNDY_0_205 Property Address: 0-0 Lundys Lane Case.: 0-0 LUNDYS LANE City: Zip: 940 Lender: Housing Authority COMPARABLE SALE # Newman Street Sale Date: 0/5/5 COE Sale Price:,25,000 COMPARABLE SALE # Harrison Street Sale Date: 0/08/5 COE Sale Price:,50,000 COMPARABLE SALE # 26-26A Ellsworth Street Sale Date: 02/06/5 COE Sale Price: 969,000

18 COMPARABLE PROPERTY PHOTO ADDENDUM Borrower: Housing Authority File.: LUNDY_0_205 Property Address: 0-0 Lundys Lane Case.: 0-0 LUNDYS LANE City: Zip: 940 Lender: Housing Authority COMPARABLE SALE #4 408 e Street Sale Date: /26/4 COE Sale Price:,200,000 COMPARABLE SALE # Bache Street Sale Date: 07//5 LD Sale Price:,299,000 COMPARABLE SALE #6 Sale Date: Sale Price:

19 COMPARABLE RENTALS PHOTO ADDENDUM Borrower: Housing Authority File.: LUNDY_0_205 Property Address: 0-0 Lundys Lane Case.: 0-0 LUNDYS LANE City: Zip: 940 Lender: Housing Authority COMPARABLE RENTAL # 49-5 Harrison Street COMPARABLE RENTAL #2 00 Holyoke Street COMPARABLE RENTAL # th Street

20 FLOORPLAN SKETCH Borrower: Housing Authority Property Address: 0-0 Lundys Lane City: Lender: Housing Authority File.: LUNDY_0_205 Case.: 0-0 LUNDYS LANE Zip: 940

21 FLOORPLAN SKETCH Borrower: Housing Authority Property Address: 0-0 Lundys Lane City: Lender: Housing Authority File.: LUNDY_0_205 Case.: 0-0 LUNDYS LANE Zip: 940

22 PLAT MAP Borrower: Housing Authority Property Address: 0-0 Lundys Lane City: Lender: Housing Authority File.: LUNDY_0_205 Case.: 0-0 LUNDYS LANE Zip: 940

23 LOCATION MAP Borrower: Housing Authority Property Address: 0-0 Lundys Lane City: Lender: Housing Authority File.: LUNDY_0_205 Case.: 0-0 LUNDYS LANE Zip: 940

24 Borrower: Housing Authority Property Address: 0-0 Lundys Lane City: Lender: Housing Authority File.: LUNDY_0_205 Case.: 0-0 LUNDYS LANE Zip: 940

25 Borrower: Housing Authority Property Address: 0-0 Lundys Lane City: Lender: Housing Authority File.: LUNDY_0_205 Case.: 0-0 LUNDYS LANE Zip: 940