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Attachment 7 Financing Plan Financing Plan Overview The size of the proposed development (at 76 homes) lends itself to a flexible execution that could result in an overall affordability level at or below 60% AMI. Should this project qualify and be awarded 9% LIHTC, the average affordability level will be at or below 50% 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 (Federal and State tax credits) • CA HCD funds (MHP and IIG programs) • San Mateo County Funding • 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. Applying for the State of California SuperNOFA in 2028; 2. San Mateo County’s funding program in May or June 2027; 3. Applying for the FHLB-SF program post tax credit award; 4. Once obtaining all soft funding commitments, we would then apply for a CDLAC allocation and 4% tax credits likely in Round 1 2028. This order could easily be adapted based on timing of NOFA releases and funding availability. Although we are confident in the feasibility of the sources we have proposed, there is strong adaptability in this project to consider alternative sources, primarily for the $18 million in MHP and IIG funds we have underwritten. These alternative sources could include: • San Mateo County funds, which are typically a reliable source • Strategic Growth Council AHSC funds, which could include infrastructure improvements and the opportunity to invest in the SamTrans service, something we have done successfully on our Light Tree project in East Palo Alto, two of our developments in Downtown Santa Cruz and several others across the East and South Bay area. • State tax credits ATTY/RESO.0052/ CC RESO APPROVING SUBSTITUTE SITE AS AFFORDABLE HOUSING SITE (705 VETERANS)(1900 BROADWAY DA) - EXHIBIT 1 REV: 07-21-26 MI Page 31 of 53