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Annual Report 2014 Eden Housings mission is to build and maintain quality well-managed service-enhanced affordable housing communities that meet the needs of lower income families seniors and persons with disabilities. 2 TO O U R S U P P O R T E R S There are some things that you just know from decades of experience. Here at Eden a 1 vacancy rate and 17000 households on our waiting lists signal that the housing market is not recovering as well as it should be. And typical of income inequality the high end of the housing market is doing well while the rest is not. We also know that the economy works best when people can live where they work. But for many the high price of housing is far greater than they can ever afford. At Eden we continue to work on solutions to this problem. Even in the face of daunting resource cuts weve had some real success finding ways to build and preserve new housing and to help our residents climb the economic ladder. One of our signature achievements has been partnering with the California Emerging Technology Fund to expand broadband access to low income families in their homes. It is an essential tool for survival in the modern economy. We also continue to work towards finalizing our nearly complete merger with South County Housing which will result in the preservation of 1571 affordable homes in four counties. And there is at last the potential for new resources for affordable housing. Here in California the Speaker of the Assembly Toni Atkins and the mayors of the big cities are leading the way. We are excited to collaborate with our colleagues in support of the Speakers plan to stimulate the growth of affordable housing. William Arthur Ward wrote The pessimist complains about the wind the optimist expects it to change the realist adjusts the sails. At Eden we adjusted our sails and ever the optimists we are excited as we feel the changing wind. John Gaffney CHAIR EDEN HOUSING BOARD OF DIRECTORS Linda Mandolini PRESIDENT EDEN HOUSING To Our Supporters In 2014 we built acquired and preserved 1963 homes for more than 5260 lower-income residents. Development Apartment Community Name Homes Served CONSTRUCTION STARTED South Hayward BART 151 FamiliesSeniors CONSTRUCTION COMPLETED Ford Road Plaza 75 Families Monteverde Senior 67 Seniors ACQUISITIONSPRESERVATION Montgomery Plaza 50 Seniors Quail Run 200 Families South County properties listed on pg.4 Monterey County 417 San Benito County 120 Santa Clara County 696 Santa Cruz County 338 TOTAL HOMES 1963 homes E D E N H O U S I N G 2 0 1 4 A N N U A L R E P O R T 3 Innovative Solutions Building and Preserving Affordable Homes for All Emerald Vista Wins Urban Land Institutes Kemp Award A Vibrant Mixed-use and Mixed Income Community The prestigious award is the fourth honor for this innovative master-planned community in Dublin CA. Emerald Vista reinvigorated the former public housing site increasing the number of affordable homes to 180. PRESERVING BUILDING Eden Pioneers a New Funding Model Decades- old HUD developments receive new life New strategy combined six HUD properties in need of renovation Packaging smaller and larger properties created a more attractive financing opportunity for lenders and investors Process required collaboration among a diverse group of partners Olive Tree Plaza Hayward SPECIAL NEEDS EC Magnolia Hayward SPECIAL NEEDS Fuller Lodge San Leandro SPECIAL NEEDS Redwood Lodge Fremont SPECIAL NEEDS Sequoia Manor Fremont SENIORS Eden Issei Terrace Hayward SENIORS A strong partnership including Eden Housing the City of Dublin the Housing Authority of the County of Alameda Wells Fargo California Community Reinvestment Corporation Federal Home Loan Bank of San Francisco KB Home Silicon Valley Bank BAR Architects and Midstate Construction. New community room Olive Tree Plaza 4 N E W C R E AT I V E PA R T N E R S H I P S New Creative Partnerships Eden South County merger preserves 1571 homes in four counties 39 1571 affordable homes preserved Expansion to new regions and populations South County Properties Aspen Grove Gilroy Brooklyn Street Pajaro Camphora Soledad Charles Apartments Marina Connell Apartments Gilroy Corralitos Creek Apartments Freedom Crest Avenue Apartments Morgan Hill Cypress Gardens Apartments Marina Depot Commons Morgan Hill Gateway Palms Hollister Gilroy Sobrato Studios Gilroy Jardines De Boronda Salinas Jasmine Square Morgan Hill Kents Court Pajaro Lincoln Square Watsonville Maple Gardens Gilroy Monterra Village Gilroy Monticelli Gilroy Nuevo Amanecer Pajaro Pacific Terrace Freedom Pajaro Court Watsonville Rancho Park Hollister Royal Court Apartments Morgan Hill Rustic Gardens Hollister Seacliff Highlands Aptos Sobrato Transitional Gilroy Sycamore Glen Morgan Hill The Redwoods Apartments Gilroy The Skeels Apartments Morgan Hill The Trees Gilroy The Willows Morgan Hill Tierra Linda Watsonville University Village Apartments Marina Villa Ciolino Apartments Morgan Hill Villa Esperanza Gilroy Vista Point Apartments Pacific Grove Vista Verde Freedom Westside Terrace Hollister Wheeler Manor Gilroy developments in four counties Broadening the reach of our mission through preservation Nuevo Amanecer in Pajaro CA E D E N H O U S I N G 2 0 1 4 A N N U A L R E P O R T 5 FARMWORKER HOMES Camphora Apartments 44 new affordable rental homes 3-bedroom and 2-bedroom apartments for lower income farmworkers will transform what used to be a run-down labor camp with concrete block structures. WORKING FAMILY HOMES Royal Court The City of Morgan Hill has had a long successful partnership with South County Housing in creating housing opportunities for many needy residents. Eden Housing has a fantastic record of accomplishments and is recognized as one of Northern Californias leading affordable housing providers. We embrace the opportunity of adding Eden Housing as a partner in our community. Morgan Hill Mayor State Tate TRANSITIONAL HOMES Gilroy-Sobrato Studios Homes for special needs residents With the changes to local and state funding it is noteworthy that South County and Eden Housing are joining forces to find ways to maximize economies and efficiencies. Eden will add value to our community. Gilroy Mayor Don Gage AFTER BEFORE 6 N E W C O M M U N I T I E S New Communities Affordable homes in Orinda and San Jose for 323 people Orinda has new affordable homes for the first time in three decades Orinda donated the land after determining senior housing was a public benefit Expansive views and transportation services GreenPoint Rating of 135 Community garden computer lab and free onsite services Monteverde Senior Apartments Orinda Contra Costa County Ford Road PlazaSan Jose Santa Clara County A deteriorated lot becomes a beautiful neighborhood San Jose-owned property is leased for 1yr. for 75 years Adjacent to Monterey Villa which provides 20 homes for persons with special needs Greenbelt Alliance-endorsed Located near shopping and transportation Community Garden computer lab and free onsite services 67 HOMES FOR OLDER ADULTS 75 HOMES FOR FAMILIES E D E N H O U S I N G 2 0 1 4 A N N U A L R E P O R T 7 Resident Success Improving social physical educational and financial well-being DIGITAL TECHNOLOGY COMMUNITIES WIRED Portfolio-wide initiative reducing the digital divide by providing affordable internet access and education. DIGITAL CONNECTORS GENERATION EXCHANGE HOWARD T. COLLINS MEMORIAL SCHOLARSHIP Supporting our residents to achieve their professional and academic goals. Eden awarded 28 scholarships totaling 50500 to residents across the portfolio. AFTER-SCHOOL ACADEMIC ENRICHMENT Eden Palms has fantastic after-school programming. I appreciated having the homework club and a quiet space that I could rely on . . . it was incredible during my K-12 schooling. - Bill Nguyen Eden Palms FINANCIAL LITERACY Helping residents increase financial security and stability while gaining valuable money management skills. Engaging our youth and seniorspromoting leadership career readiness practical computer skills and inter-generational connections. SOCIAL HEALTH WELLNESS Community gardening growing healthy and nutritional foods at home Eden Housing Financials Thank You to Our Supporters 22645 Grand Street Hayward CA 94541 510 582-1460 www.edenhousing.org Printed on recycled paper with soy based ink CONSOLIDATED STATEMENTS OF FINANCIAL POSITION FOR EDEN HOUSING INC. AND SUBSIDIARIES JULY 1 2013 TO JUNE 30 2014 ASSETS Cash 27300417 Affiliates and Other Receivables 31604626 Notes Receivable 33730426 Investments-Partnerships and LLCs 447601 Development in Progress 5264406 Land and Fixed Assets 24500385 Other Assets 241449 Total Assets 123089310 LIABILITIES EQUITY Accounts Payable Accrued Liabilities 1187870 Affiliate Payables 2219215 Notes and Interest Payables 33253860 Other Liabilities 224578 Total Liabilities 36885523 Net Assets 86203787 Total Equity Liability 123089310 REVENUE Rental Revenue 2379728 Financial Revenue 2843734 Fee Revenue 14611656 Contributions and Grants 1871005 Other Revenue 228682 Total Revenue 21934804 Total Expenses 16545355 Net Surplus Deficit 5389449 COMMUNITY PARTNERS Alameda County Waste Mgmt Authority All Stars Project Inc. Arthur J. Gallagher Co. Bank of the West BAR Architects Bell Realty Ventures Inc. California Emerging Technology Fund Citibank City of Livermore Community Economics Inc. Eden IR Enterprise Community Investment Corporation HKIT Architects JP Morgan Chase Bank KLA-Tencor Foundation L D Construction Co. Inc. Luk and Associates Marin Community Foundation Mayers Architecture National Equity Fund Inc. Rebellos Towing Services Segue Construction Inc. Silicon Valley Bank Spectrum Community Services The San Francisco Foundation UBS Community Affairs Union Bank US Bank Van Meter Williams Pollack Wells Fargo Bank Zanghi Torres Arshawsky INDIVIDUAL DONORS Fred Alsup Barbara Bernstein W. Pierce Brownell Sue Castellucci May Chang Kristen J. Clements Joyce Dattner Brandon Dinon Sheila Dutton Joseph F. Dworkin Sylvia Ehrenthal Alois Marlene Feuerstraeter Michael Frandy Geraldine Freeman John Amy Gaffney Irving Gonzales Barbara Halliday William Kathleen Hamm Debra McKnight Higgins Alice Jem Bruce Jett Susan M. Jones James D. Kennedy Jill Knuth Paula Krugmeier Mary Lavelle Elliot Levin Steve Janet Lockhart Linda McDaid Steve Melikian Joe Postigo Niels Povlsen Mike Pyatok Nicholas Randall Timothy Reilly Emily Robert Rich James E. Roberts Tillie Ross Dennis Ryan Mary Ellen Shay Timothy Silva Cynthia Simons John Tastor Larry Van Steenhuyse William Vandenburgh Anthony R. Vierra Samuel Walker Pauline Weaver Ilene Weinreb Calvin Whitaker Janice Woycheshin Julie Wunderlich Elizabeth Yost Board of Directors John Gaffney Chair Timothy L. Silva Sr. Vice Chair Kathleen K. Hamm Treasurer Pauline Weaver Secretary Muhammed Chaudhry Director Jim Kennedy Director Doug Kuerschner Director Grace Li Director Janet Lockhart Director Joe Postigo Director Nicholas Randall Director Timothy Reilly Director Ilene Weinreb Director Calvin Whitaker Director William Vandenburgh Director Emeritus