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Example Project Schedule <br />The schedule below is an example of how long it could take to line up each source of financing. This <br />tentative schedule has been provided for example purposes only and could change based on factors such <br />as: <br />• Funder release schedule <br />• Funding availability for each program <br />• The need to apply multiple times for each source if not successful on the first try <br />• Availability of and success with alternative funding programs (such as San Mateo County <br />Affordable Housing Fund) <br />The sequence below indicates that if project entitlements for the Eden Housing Project are received on <br />schedule and each funding application is successful, it could be as little as 2 years between land transfer <br />and construction start. In reality, it may take repeats of certain funding applications before an award is <br />secured. The additional 3 years available enables time for repeat applications, as well as pursuing <br />alternative sources that may become available. This dance of funding pursuit is a reality for any tax credit <br />project and is matter of course for Eden. <br />Milestone <br />Date <br />Project Entitlement Approvals <br />September 2024 <br />Submit Application for San Mateo County Vouchers <br />May 2024 <br />San Mateo County Voucher Award (3 months) <br />August 2025 <br />Submit Application for FHLB -SF AHP <br />March 2026 <br />*Land Transfer from Lane to Eden* <br />June 2025 <br />FHLB -SF AHP Award (4 months) <br />July 2026 <br />Submit Application for HCD SuperNOFA <br />July 2025 <br />HCD SuperNOFA Award (5 months) <br />December 2025 <br />Submit CDLAC/TCAC Joint Application (Round 1) <br />April 2026 <br />CDLAC/TCAC Award (4 months) <br />August 2026 <br />Construction Start <br />March 2027 <br />Summary of Total Units by Income Group under a 4% LIHTC execution <br />Affordability Level <br />Number of Units <br />Extremely Low Income — 30% AMI <br />S <br />Very Low Income -40-50% AMI <br />23 <br />Low Income — 60% AMI <br />40 <br />Unrestricted—Manager's Unit <br />1 <br />Total <br />72 <br />29 <br />ATTY/AGR/2024.193.1—AFFORDABLE HOUSING LAND DONATION AGREEMENT- EXHIBIT B -AFFORDABLE HOUSING PLAN <br />REV: 10-22-24 VR Page 47 of 48 <br />