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Demolition Plan The Land Donation Site will be donated to Eden with no occupants and with an existing structure. There is an existing chapel structure on the site that is currently being used by a congregation. The congregation's lease has expired, and they currently occupy the space on a month-to-month basis. The seller of the site to Lane will deliver the site to Lane without occupants. Lane will in turn deliver the unoccupied site to Eden. Eden will demolish the existing structure at the start of construction of the affordable housing project. Financing Plan Overview The intent of the financing plan is to lay out the requirement to provide a level of affordability to satisfy Lane Partners' inclusionary obligation and to balance the intent of Eden Housing's mutually shared goal of providing more units at the deepest levels of affordability possible while maintaining fiscal feasibility without the need for an operating subsidy. The size of the proposed development (at 72 homes) now lends itself to a more flexible execution that could result in an overall affordability level at or below 60% AML Should this project qualify and be awarded 9% LIHTC, the average affordability level will be at or below SO% AMI. While the 9% LIHTC program remains largely oversubscribed and relies heavily on tiebreaker scoring that rewards local funding commitments, San Mateo County has historically fared very well in the application process. Nevertheless, our focus is to ensure financing that allows for the quickest delivery of vital affordable homes to the market. To this end, and to complement the donated land, the project's plan for competitive financing includes: • A 4% LIHTC execution • CA HCD funds (MHP and IIG programs) • Project -Based Vouchers (approximately 18 — 22) • Federal Home Loan Bank of SF AHP program Eden has paired these programs on past projects and has a strong track record securing competitive funds from CA HCD, as well as bonds through CDLAC in the current competitive environment. We have structured the unit affordability mix with strong depth of affordability in order to be competitive for the MHP and IIG programs administered under the SuperNOFA. Once entitled, we anticipate project will be competitive and ready to attract financing. The order of financing would likely be: 1. First working closely with San Mateo County to allocate approximately 18 — 22 Project -Based Vouchers to the project 2. Applying for the State of California SuperNOFA 3. Applying for the FHLB -SF program 4. Once obtaining all soft funding commitments, we would then apply for a CDLAC allocation and 4% tax credits. 26 ATTY/AGR/2024.193.1 —A FFO RDA BLL HOUSING LAND DONATION AGREEMENT- EXHIBIT B - AFFORDABLE HOUSING PLAN REV: 10-22-24 VR Page 44 of 48