All of us at EAH Housing, from staff and board to donors and partners, share the belief that the American Dream is to live in a society where everyone has the ability to get ahead by working hard. Unfortunately, today it seems difficult for most Americans to simply get by. What does it say about our country when an estimated 20% of the homeless have a full time job?

EAH Housing was established in 1968 by caring individuals who believed the American Dream begins by creating diverse sustainable communities – economically, culturally, and environmentally. We build and manage well designed affordable housing that strengthens the economy, lowers our need for natural resources, decreases traffic, and dramatically enhances the quality of life for everyone.

We have developed 77 properties and manage over 9,000 units that serve more than 20,000 residents. During this past year we celebrated a grand opening in California for Drake's Way, a groundbreaking for Arbor Court in Fresno, and our 10-year anniversary at Vista Park in San Jose. With nineteen new projects on the table, EAH has become one of the most respected non-profit housing organizations in the Western United States.

EAH Housing is committed to a society where all people, and not just the lucky few, have the opportunity to build a good life. Without a home, such tasks as going to school, cooking for your family, building a career, or feeling secure in your senior years can become impossible. We believe sustainable and affordable communities are the key to living the real American Dream. Join us as we build a better life for our parents, our grandparents, our neighbors, our children and our grandchildren. We are planning for stronger communities today, and sustainable communities for the future.

We encourage you to support EAH by donating HERE.

The Real Estate Development Department overcomes many obstacles to gain approvals and financing for new affordable housing developments. This past year was no different and yet EAH was able to provide many new high quality homes for seniors, families, and persons with disabilities, enhancing neighborhoods and providing permanent affordability to residents.

DEVELOPMENTS IN PROGRESS:

Camellia Place, Dublin, CA: The property was leased and is now at 100% occupancy. The Grand Opening took place May 17th, 2007. The Cal-HFA and HCD permanent loan closing is anticipated to occur in Summer 2007.

Crescent Park, Richmond, CA: The sale of the project from the current owner to EAH Housing will be funded through a Richmond bond issue and equity syndication projected to close by mid-year 2007. Over $45 million in rehabilitation activity will be funded and the construction will take about two years.

Edgewater Place Refinance and Rehabilitation, Larkspur, CA: Approximately $450,000 in rehabilitation work is being funded for Edgewater Place through an Edison Capital limited partnership interest and subsequent purchase of the project by a new EAH controlled limited partnership that occurred in August 2006. Citibank also supported the project by purchasing new tax-exempt bonds issued by the Marin County Housing Authority and NEF purchased a new limited partnership interest.

Ewa Villages 1 and 2, Ewa, Hawaii: EAH start construction in late 2007. The Purchase and Sale Agreement with Avalon Development provides site infrastructure benefiting the Ewa Villages low-income rental units EAH Housing is sponsoring.

Point Reyes Family Housing, Point Reyes, CA: Building construction was completed in January 2006, followed by a leasing process that ended December 2006. A grand opening celebration was held June 30, 2006. The permanent Cal-HFA and the California HCD MHP loans closed in Spring 2007.

Drakes Way, Larkspur, CA: This 24-unit project is slated to begin construction in November 2007.

The EAH Housing Property Management Department (PMD) continued its focus on establishing Best in Class policies and procedures not only for the EAH real estate portfolio but for the affordable housing industry as a whole. During the 2006-2007 fiscal year, these advances concentrated on both asset management practices and growth preparation.

The department continued building on the comprehensive operational review accomplished by the EAH Housing Traffic Light system. This system incorporates a report which rates the various financial, physical, social and staffing aspects of any given property against an established set of quality standards. EAH asset management department provides comprehensive asset management support for both company owned and fee-managed properties. The primary goals of this process are to preserve both the long-term affordability and the highest available quality for each specific real estate asset. Services include preparing the asset for refinancing allowing the release of needed rehabilitation dollars, preparing properties for the 15-year tax credit buyout process and creating assets for ongoing maintenance and resident enhancements.

Growth preparation in property management operations continues to be an important area of focus for EAH Housing as we continue to develop, acquire and fee-manage new properties. EAH is recognized for its professionalism in tenant file compliance, financial reporting, staff retention, and accounting practices. EAH continues to build a more efficient infrastructure with state-of-the art software platforms and by creating strategic industry partnerships to support new properties into the current portfolio while maintaining quality standards. As a part of these strategic growth activities, the EAH Property Management Department continues its strong commitment to both the NAHMA and AHMA organizations in advocating for improved regulatory efficiencies within the affordable housing industry.