AREA HOUSING AUTHORITY OF THE COUNTY OF VENTURA

REGULAR BOARD OF COMMISSIONERS

MEETING TO BE HELD

September 23, 2020

1400 W. HILLCREST DRIVE NEWBURY PARK, CALIFORNIA

THIS PAGE IS INTENTIONALLY BLANK

REGULAR MEETING OF THE AREA HOUSING AUTHORITY

OF THE COUNTY OF VENTURA Wednesday, September 23, 2020 at 3:00 P.M.

1400 W. Hillcrest Drive, Newbury Park, CA 91320 "The Area Housing Authority of the County of Ventura shall be a leader in providing opportunities and assistance to people in need of affordable housing through development, acquisitions, and partnerships."

COVID-19 UPDATE: The Area Housing Authority of the County of Ventura office building is currently closed to the public. Pursuant to the State of California’s Executive Order N-29-20, dated March 17, 2020, due to concerns of COVID-19 this meeting will be conducted electronically. The public can participate in this meeting by calling from a telephone or mobile phone.

HOW TO PARTICIPATE VIA PHONE To access the meeting by phone: Dial: 1-669-900-6833 When prompted, enter meeting ID: 922 4213 5103 Once connected, if you wish to speak during Public Comment, press *9 to raise your hand

PUBLIC COMMENT To allow the opportunity for all to speak, a time limit of 3 minutes has been set for public speakers wishing to address the Board of Commissioners. The Chair has the discretion to further limit this time if warranted.

HOW TO SUBMIT PUBLIC COMMENT Comments may be submitted by one of the following: 1. Connect to the meeting via phone (above), once connected press *9 on your phone to raise

your hand and you will be recognized during Agenda Item #5 to make your comment. 2. Comments may also be submitted prior to the meeting via email by 5:00 p.m. Tuesday,

September 22, 2020. Please email your comment to admin@ahacv.org and include “Public Comment” in the subject line.

3. You may also leave your comments by a voice message at 805-480-9991 ext. 850, please speak clearly. Your email or transcribed voice message will be distributed to the Board of Commissioners prior to the Board meeting.

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Area Housing Authority Agenda 1. CALL TO ORDER/WELCOME A. PLEDGE OF ALLEGIANCE B. COMMISSIONER ATTENDANCE: BRADLEY, CRUTCHFIELD, JOHNSON, KUENY, LECH, LUNN, MCCLENAHAN, MERCER, NIELSEN, NOBLE, NORORI, RAMOS-CRUZ, REISENDER, WALL, AND WATSON 2. ADOPTION OF AGENDA 3. APPROVAL OF MINUTES: REGULAR MEETING OF August 26, 2020 4. CONSENT CALENDAR ITEMS Review and approve unless an item is pulled for separate action by the Board and moved to the Regular agenda for consideration. Consent items are to be routine and non- controversial. All items are approved as recommended without discussion.

A. Receive Executive Director Report (Michael Nigh) B. Receive Financial Report (Denise Howells) C. Receive Section 8 Report (Carrie Sabatini & James Markot) D. Receive Housing Programs Report (Carrie Sabatini) E. Receive Housing Assets and Development Report (George McGehee, Jr.) F. Receive Personnel/Human Resources Report (Patricia Friou)

5. PUBLIC COMMENTS

Any member of the public may address the Board of Commissioners on an item appearing on the agenda or any subject within the jurisdiction of the Housing Authority. Please note that public comments will not be responded to, acted on or discussed during the meeting, but may appear on a future agenda. If you wish to make a comment, please refer to meeting announcement on previous page.

6. LEWIS ROAD: ROLES AND RESPONSIBILITIES Michael Nigh, Executive Director Information Only 7. RESOLUTION NO. 1091 - A RESOLUTION OF THE AREA HOUSING AUTHORITY OF THE COUNTY OF VENTURA AUTHORIZING THE AUTHORITY, MOUNTAIN VIEW 77 LLC AND MOUNTAIN VIEW 77 LP TO ENTER INTO FORMATION DOCUMENTS AND AGREEMENTS TO FACILITATE THE ACQUISITION, FINANCING ACTIVITY, DEVELOPMENT ACTIVITY, AND SYNDICATION ACTIVITY FOR MOUNTAIN VIEW APARTMENTS Michael Nigh, Executive Director Motion to Approve, Second, Discuss, Roll Call Vote

8. CLOSED SESSION Conference with Legal Counsel - Anticipated Litigation Anticipated litigation pursuant to Government Code Section 54956.9(d)(2)

Number of cases: One (1) potential case: tort claim on behalf of Dawn Cane. 2

Area Housing Authority Agenda

9. STAFF COMMENTS Information Only 10. EXECUTIVE DIRECTOR COMMENTS Information Only 11. COMMISSIONER COMMENTS Comments by Commissioners on matters they consider appropriate. The Board of Commissioners will not respond to comments but will take them into consideration and the item may appear on a future agenda if discussion is determined necessary. Commissioners are asked to limit their comments to three (3) minutes or less. 12. CHAIR COMMENTS (5 MIN)

NEXT SCHEDULED MEETING October 28, 2020

1400 W. Hillcrest Drive Newbury Park, CA 91320 AT 3:00 P.M.

Americans with Disabilities Act (ADA): In compliance with ADA, if you need special assistance to participate in this meeting, please contact the Area Housing Authority of the County of Ventura via email at admin@ahacv.org or by phone at (805) 480-9991 ext. 850. Notification at least 48 hours prior to the meeting will ensure that reasonable accommodations can be addressed appropriately.

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REGULAR MEETING OF THE AREA HOUSING AUTHORITY OF THE COUNTY OF VENTURA BOARD OF COMMISSIONERS

MEMBERS OF THE BOARD: Angela Bradley, Resident Commissioner Marques Crutchfield, Simi Valley Susan L. Johnson, Fillmore Steven Kueny, Moorpark Charles Lech, Thousand Oaks Mark Lunn, Thousand Oaks Jane McClenahan, Ojai Stephanie Mercer, Camarillo Jorgen Nielsen, Moorpark Margaret Noble, Simi Valley Nicole Norori, Unincorporated County Marci Ramos-Cruz, Fillmore Brent Reisender, Camarillo Terry Wall, Unincorporated County Betsy Watson, Ojai

MINUTES – August 26, 2020

DISCLAIMER: These minutes are DRAFT minutes. These minutes do not constitute an official record of the Area Housing Authority and are subject to change upon further review by the Board of Commissioners of the Area Housing Authority. Official minutes, incorporating any approved revisions, are available after approval of the corresponding draft minutes by the Board of Commissioners at a subsequent meeting. Pursuant to Executive Order N-29-20, issued by the Governor of the State of California on March 17, 2020, the Area Housing Authority of the County of Ventura conducted this meeting via conference and video calling services. Public comment was able to be submitted via email to admin@ahacv.org or voice message to 805-480-9991, extension 850. 1. CALL TO ORDER / WELCOME / PLEDGE OF ALLEGIANCE This regular meeting of the Area Housing Authority of the County of Ventura's Board of Commissioners was held on Wednesday, August 26, 2020, at 1400 W. Hillcrest Drive, Newbury Park, California. Chair Nielsen called the meeting to order at 3:06 pm. and Commissioner Wall led the Pledge of Allegiance. ATTENDANCE: Commissioners participating via conference or video call: Angela Bradley,1 Susan Johnson, Steven Kueny, Chuck Lech, Mark Lunn, Jane McClenahan, Stephanie Mercer, Jorgen Nielsen, Margaret Noble, Nicole Norori, Marci Ramos-Cruz, Brent Reisender, Terry Wall, Betsy Watson Commissioners absent: Marques Crutchfield Staff participating via conference or video call: Executive Director Michael Nigh, Patricia Friou, Denise Howells, Jim Markot, George McGehee, Jr., Nancy Reidy, Carrie Sabatini Legal Counsel participating via conference or video call: James McDermott, Ferguson, Case, Orr and Patterson 2. ADOPTION OF AGENDA Chair Nielsen announced that Item 8. Resolution No. 1091 would be withdrawn from the August Agenda for presentation at a future meeting. Commissioner Lunn moved to adopt the revised Agenda for the Board meeting of August 26, 2020; the motion was seconded by Commissioner Watson. Following a voice vote, the motion passed and the Agenda was approved as revised.

1 Commissioner Bradley arrived at 3:14 pm.

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3. APPROVAL OF MINUTES - REGULAR MEETING OF JULY 22, 2020 Commissioner Wall moved to adopt the Minutes from the Regular Board Meeting of July 22, 2020, and Commissioner Noble seconded the motion. Following a voice vote, the motion passed and the Minutes were approved. 4. CONSENT CALENDAR ITEMS The following consent items required no discussion and had no objections: Executive Director Report, Financial Report, Section 8 Report, Housing Programs Report, Housing Assets & Development Report, and the Personnel/Human Resources Report. Commissioner Johnson moved to adopt the Consent Calendar Items; the motion was seconded by Commissioner McClenahan. Following a voice vote, the Consent Calendar Items were approved. 5. PUBLIC COMMENTS There were no public comments. 6. DISCUSSION ON HOUSING VULNERABLE POPULATIONS This was the third in a series of discussions focusing on supportive housing as it relates to the proposed Rancho Sierra Senior Apartments. Alex Russell, Executive Vice President of Many Mansions introduced members of the Many Mansions management team to share their expertise and knowledge managing supportive housing properties and to respond to questions from the AHA Board of Commissioners. The presenters included Laurie Roberts, Regional Manager, Property Management, Heather Powell, VP of Residential Services, and Derrick Wada, Associate Director of Real Estate. The discussion provided information and perspective into resources, staffing, strategies, and funding for housing vulnerable populations, as it relates to the proposed project for seniors, consisting of forty-nine units, plus one unit for a manager. 7. FY 2021 BUDGET PRESENTATION Director of Finance, Denise Howells, presented the FY 2021 Budget. Ms. Howells explained the expenses anticipated along with the revenue sources for the fiscal year 2021; an addition was noted addressing grant funds that became available after Board materials were distributed. Chair Nielsen called for a vote to adopt the FY 2021 Budget as amended. Commissioner Norori moved to approve the budget as amended and the motion was seconded by Commissioner Ramos-Cruz. After a voice vote, the FY 2021 Budget was approved. 8. RESOLUTION NO. 1091 - A RESOLUTION OF THE AREA HOUSING AUTHORITY OF THE COUNTY OF VENTURA AUTHORIZING THE AUTHORITY, MOUNTAIN VIEW 77 LLC AND MOUNTAIN VIEW 77 LP TO ENTER INTO FORMATION DOCUMENTS AND AGREEMENTS TO FACILITATE THE ACQUISITION, FINANCING ACTIVITY, DEVELOPMENT ACTIVITY, AND SYNDICATION ACTIVITY FOR MOUNTAIN VIEW APARTMENTS As noted in Item 2, Resolution No. 1091 was withdrawn for presentation at a future meeting. 9. CLOSED SESSION Government Code Section 54956.9(d)(2) - Conference with Legal Counsel - Pending

Litigation Significant exposure to litigation Number of cases: One (1) Board Chair Nielsen closed the Open Session at 4:11 pm. Under Chair Nielsen’s direction and pursuant to Government Code Section 54956.9(d)(2), the Board of Commissioners entered into Closed Session at 4:12 pm. Chair Nielsen closed the Closed Session and reconvened into Open Session at 4:32 pm; the Chair reported out that no further action is to be taken at this time.

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10. STAFF COMMENTS George McGehee Jr., Director of Housing Assets, shared photos of the new playground installed at Ellis Terrace Apartments in Camarillo, showing pre-construction, demolition, and the finished project. It replaces the original playground built in 1993 and is one of four playground improvements done by AHA over the last six months. The project was funded through the Capital Fund Program grant by HUD. Denise Howells, Director of Finance, stated that earlier in the month, AHA was notified that a second round of CARES Act supplemental administrative fee funding for Section 8 would be distributed to all housing authorities. AHA received $653,300 in CARES Act funding; the funds can be used for all COVID related expenses and any normal operating expenses that are allowed under the regular administrative fees earned. Staff is investigating possible uses of these funds. HUD announced that additional funding for Housing Assistance Payments would be available through an application process and AHA has applied for the additional funding under the extraordinary circumstances category. The extraordinary circumstances funding is available to public housing authorities whose average Housing Assistance Payments have increased by more than 2% due to COVID. Priority will go to public housing authorities that have less than three months of HUD held Housing Assistance Payments reserves. Currently, AHA has sufficient HUD held Housing Assistance Payments reserves. Funding awards will be announced in November 2020. 11. EXECUTIVE DIRECTOR COMMENTS Mr. Nigh provided an update about ongoing issues related to Covid-19. An evaluation was done on the AHA workspace and the recommendations are being reviewed. Management is investigating what flexibilities and solutions can be offered to staff who have challenges due to online schooling requirements. Mr. Nigh e-mailed information to the Commissioners for the State of the County of Ventura free webinar on September 17, 2020 at 1:00 pm. He also emailed information for the HOME Ventura County Housing Conference on October 21, 2020 and mentioned that those interested in registering should contact AHA. Mr. Nigh congratulated Carrie Sabatini on her 5 years of service and expressed appreciation that Carrie had joined the AHA team. Mr. Nigh informed the Commissioners that immediately following the meeting, he would attend a virtual meeting of the Camarillo City Council, where Council members would get a refresher course on the 2800 Barry Street development. The project is expected to go to the Council for approval at the November 4, 2020 City of Camarillo Council meeting. A question was raised by Chair Nielsen regarding the scattered sites in Moorpark. Mr. Nigh explained that the project is currently on hold. The developer for the Leta Yancy site is responsible for the grading and offsite improvements but is not yet ready to move forward due to market conditions. Once these site improvements are completed, the land will transfer to the City. The Exclusive Negotiating Agreement states that AHA has 12 months after the land is transferred to the City to move forward with the project. 12. COMMISSIONER COMMENTS Commissioners expressed appreciation for the information and discussion during the presentation by Many Mansions; Commissioner Ramos-Cruz commented that she would like to see them again once the project is closer to getting underway. Commissioners extended congratulations to Carrie Sabatini for completing five years of service with AHA and voiced their appreciation to Denise Howells for her detailed presentation of the FY 2021 Budget. In addition, the new playground installation at Ellis Terrace received enthusiastic comments. 13. CHAIR COMMENTS (5 MIN) Chair Nielsen thanked everyone for a great meeting.

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Chair Nielsen adjourned the meeting at 4:55 pm. Prepared by: Date: Michael Nigh, Executive Director Reviewed by: Date: Jim McDermott, Legal Counsel Accepted by: Date: Jorgen Nielsen, Chair

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Meeting Date: September 23, 2020 Agenda Item: 4A Subject: Executive Director Report Prepared by: Michael Nigh, Executive Director Requested Action: Information Only This report reflects progress for the period of August 20, 2020 to September 17, 2020. I continue to actively pursue the goals established by the Board of Commissioners.

• Participated in Mountain View Apartments (Fillmore) construction financing calls • Reviewed and commented on MountainView77 LP, Limited Partnership Agreement and

construction financing documents • Provided an update to Camarillo City Council on the Barry Street Project • Participated in the September Continuum of Care Board Meeting • Participated in Housing California virtual Conference • Participated in Public Housing Authority Directors Association (PHADA) virtual Legislative

Conference • Attended virtual State of the County with County CEO Michael Powers • Reviewed and distributed to staff the CDC and State of California Eviction Moratorium

information • Continue to participate in webinars related to Covid-19 health emergency regarding CARES Act

funding, housing authority operations now and in the future, reopening housing authority offices’ concerns and considerations

• Continue to follow the Governor’s briefings regarding Covid-19 health emergency • Continue to follow County of Ventura’s briefings regarding Covid-19 health emergency • Continue to follow Board of Supervisors meetings regarding the Covid-19 health emergency • Continue to meet with the executive team to discuss Covid-19 impacts, response plans, HUD

updates and to plan future actions • Continue to communicate with staff to provide timely updates addressing operations during the

Covid-19 health emergency • Continue to monitor HUD communications on waivers and funding due to Covid-19 • Continue to discuss with management team the future of our operations, the physical and

organizational changes necessary to continue to serve our clients

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Meeting Date: September 23, 2020 Agenda Item: 4B Subject: Financial Report Prepared by: Denise Howells, Director of Finance Requested Action: Information Only July 2020 Financial Statements Please find following the financial reports for the month ended July 31, 2020.

· Summary Financial Statement 1. Salaries and benefits, utilities and maintenance and operations reflect a favorable

variance. This is primarily due to year end accruals. Many of the expenses paid in July had been accrued for FYE June 30, 2020.

2. The negative change in net position for the General Fund is due to $42,879 in permanent loan fees for The Casas (Camarillo). These fees were included in the General Fund's approved FY 2021 budget.

· Statement of Revenue, Expenditures and Changes in Net Position The following budgeted maintenance repairs occurred in July 2020:

1. Ellis Terrace (Camarillo) - $4,777 for tub refinishing, painting and vacancy repairs

2. Fiore Gardens (Thousand Oaks) - $3,220 for tub refinishing and painting 3. Pepper Tree Court (Simi Valley) - $1,985 for painting and vacancy repairs

The following non-budgeted expenses occurred in July 2020:

Glenn Oaks (Thousand Oaks) - $4,977 for termite damage and repairs to posts

· Analysis of Reserve Summary This report includes all year to date activity for the fiscal year.

Please contact me at extension 610 or via email at dhowells@ahacv.org in order to discuss your individual questions.

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Area Housing Authority of the County of Ventura

Summary Financial Statement Period Ended July 31, 2020

Combined Low Rent Public

HousingHousing Choice

Vouchers General Fund

Combined Agency Owned

Housing

Tax Credit Property

ManagementFY 2020 Budget

Variance Favorable/

(Unfavorable)

Current assets 18,001,007 5,674,305 2,997,283 2,659,816 83,737 Current liabilities 359,160 772,960 85,564 407,993 46,281 Current Ratio 50.12 7.34 35.03 6.52 1.81 Long term assets 5,395,849 22,216 15,420,716 14,450,949 87,105 Long term liabilities 359,890 114,009 2,126,508 13,839,653 15,593 Net position invested in capital 4,156,130 22,216 (929,662) 408,226 - Restricted net position - - - - - Unrestricted net position 2,321,676 4,787,336 17,135,589 2,454,893 108,968

Operating revenueTenant revenue 144,137 - - 242,461 - 396,881 (10,283) Management fee income - - 37,165 - 38,817 72,842 3,140 Portability - 1,001 - - - 2,542 (1,541) Other - 599 23,906 195 8,772 35,006 (1,534) Total operating revenue 144,137 1,600 61,071 242,656 47,589 507,270 (10,217) Operating expensesSalaries and benefits 29,350 128,389 31,981 19,358 21,810 384,244 153,356 Administrative expenses 2,867 64,187 50,457 6,348 664 141,322 16,799 Management fee expense 37,165 - - - - 35,190 (1,975) Resident services 174 - - - - 12,389 12,215 Utilities 22,479 3,634 1,247 10,610 596 76,014 37,448 Maintenance and operations 32,279 4,607 1,650 35,707 10,006 145,682 61,433 General expenses 34,935 6,824 4,039 19,984 1,988 81,423 13,653 Housing assistance - 2,589,634 - - - 2,590,056 422 Total operating expenses 159,249 2,797,275 89,374 92,007 35,064 3,466,318 293,349 Nonoperating revenue/expensesGrant revenue 117,234 2,864,626 - - - 2,976,118 5,742 Investment income 575 2,631 2 23 - 8,205 (4,974) Loan payments/reserve deposits (17,827) - (12,110) (75,327) - (105,158) (107) Deferred maintenance/capital improvements - - - - - (75,658) 75,658 Total nonoperating revenue/expense 99,982 2,867,257 (12,108) (75,304) - 2,803,507 76,320

Change in net position 84,870 71,582 (40,411) 75,345 12,525

Statement of Net Position

Statement of Revenue, Expenditures and Changes in Net Position

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Whispering Florence Leggett Roth Tafoya Ellis FioreOaks Janss Court Apts Terrace Terrace Gardens

100 units 63 units 48 units 34 units 30 units 26 units 49 unitsSenior/ Senior/ Family Family Senior/ Family Family

Disabled Disabled DisabledThousand Thousand Thousand

Ojai Oaks Oaks Ojai Moorpark Camarillo OaksOperating revenue

Tenant revenue 28,505 21,507 22,841 15,780 9,523 17,281 28,700 Other revenue - - - - - - - Total operating revenue 28,505 21,507 22,841 15,780 9,523 17,281 28,700

Operating expenses

Total administrative expenses 14,009 9,510 8,187 4,970 5,869 4,773 8,599 Resident services - - 87 - - 87 - Utilities 8,090 2,578 1,999 3,954 1,734 1,089 3,035 Maintenance and operations 6,287 2,887 3,589 1,793 2,642 8,668 6,413 General expenses 7,842 5,929 4,858 3,674 2,897 3,386 6,349 Total operating expenses 36,228 20,904 18,720 14,391 13,142 18,003 24,396

Nonoperating revenue/expensesGrant revenue 24,557 39,452 7,655 9,186 8,999 7,506 6,414 Investment income 160 61 123 123 52 42 14 Loan payments (5,687) (4,778) (2,175) (2,924) (677) (1,587) - Deferred maintenance/capital improvements - - - - - - - Total nonoperating revenue/expense 19,030 34,735 5,603 6,385 8,374 5,961 6,428

Change in net position 11,307 35,338 9,724 7,774 4,755 5,239 10,732

AREA HOUSING AUTHORITY OF THE COUNTY OF VENTURAPublic Housing - Statement of Revenue, Expenditures and Changes in Net Position

For the period ended July 31, 2020

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Raemere Glenn Royal Los Sunset Grand Summer Summerwind Pepper Casas de CasaStreet Oaks Oaks Arboles Villas Ave Apts Tree Court Sueno Velasquez2 units 39 units 5 units 43 units 11 units 5 units 10 units 15 units 36 units 10 units 13 unitsFamily Senior Family Family Family Family/ Family/ Family/ Family Family

Thousand Thousand Thousand Thousand Senior Senior Senior SeniorCamarillo Oaks Oaks Oaks Oaks Ojai Ojai Piru Simi Valley Camarillo Camarillo

Operating revenue

Tenant revenue 2,475 46,056 10,010 61,829 16,830 5,250 10,564 12,550 43,512 14,727 18,658 Other revenue - - - - - - - - 195 - - Total operating revenue 2,475 46,056 10,010 61,829 16,830 5,250 10,564 12,550 43,707 14,727 18,658

Operating expenses

Total administrative expenses 55 2,223 276 4,361 256 242 312 1,497 2,530 1,012 1,315 Resident services - - - - - - - - - - - Utilities 53 966 210 4,116 681 731 795 656 467 921 537 Maintenance and operations 466 12,162 756 6,367 1,299 827 2,060 1,030 6,352 1,756 2,073 General expenses 205 2,967 785 4,813 1,385 621 1,252 820 2,704 1,881 1,707 Total operating expenses 779 18,318 2,027 19,657 3,621 2,421 4,419 4,003 12,053 5,570 5,632

Nonoperating revenue/expensesGrant revenue - - - - - - - - - - - Investment income 3 3 1 2 2 1 - 1 2 3 2 Loan payments/replacement reserves (50) (11,118) (3,574) (11,649) (6,927) (125) (5,043) (375) (23,376) (5,976) (7,114) Deferred maintenance/capital improvements - - - - - - - - - - - Total nonoperating revenue/expense (47) (11,115) (3,573) (11,647) (6,925) (124) (5,043) (374) (23,374) (5,973) (7,112)

Change in net position 1,649 16,623 4,411 30,525 6,284 2,705 1,102 8,173 8,280 3,184 5,914

AREA HOUSING AUTHORITY OF THE COUNTY OF VENTURAAgency Owned - Statement of Revenue, Expenditures and Changes in Net Position

For the period ended July 31, 2020

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AHA General Fund

Agency Owned

Section 8 Program*

Public Housing*

Cash & EquivalentsCash 14,583 90,672 1,993 62,877Investments 2,709,109 2,162,864 5,659,237 1,711,240Replacement Reserve 390,902Accounts Receivable 273,591 14,895 13,076 26,891

Total Cash & Equivalents 2,997,283 2,659,333 5,674,306 1,801,008Uses of Cash & EquivalentsAccounts Payable 1,184 (587,287) (16,972) (180,212)Accrued Liabilities (66,055) (24,636) (869,998) (9,078)

Total Uses of Cash & Equivalents (64,871) (611,923) (886,970) (189,290)

Sub Total 2,932,412 2,047,410 4,787,336 1,611,718

Projected Other Uses thru 6/30/21Remaining Yr. Projected Income/(Loss) 36,433 664,554 25,884 307,019Capital Improvements/Deferred Maintenance (578,000) (329,896)Transfer to Property Management

Total Other Uses 36,433 86,554 25,884 (22,877)

Projected Fiscal Year End Balance 2,968,845 2,133,964 4,813,220 1,588,841

*Restricted use for specific program only.

This report is not prepared in accordance with GAAP and is intended for internal use only.

Area Housing Authority of the County of VenturaAnalysis of Projected Reserves By Program

July 2020

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Meeting Date: September 23, 2020 Agenda Item: 4C Subject: Section 8 Report Prepared by: James Markot, Director of Information Systems and Carrie Sabatini, Director of Housing Programs Requested Action: Information Only HOUSING CHOICE VOUCHER PROGRAM STATUS Total Family Members Assisted 4,341 WAITING LIST STATUS Current S8 Waiting List Closed 05/09/2016 280 DEMOGRAPHICS Voucher Holders Income Classifications - All Cities

EXTREMELY LOW, <= 30% of Median Income; VERY LOW, >30% and <= 50% of Median Income; LOW, > 50% and <= 80% of Median Income; OTHER, > 80% of Median Income Voucher Holders Family Types - All Cities

Income Classifications

Low2%

Extremely Low80%

Very Low16%

Other2%

32

1

9

1922

1

15

3

20

0

5

10

15

20

25

30

35

Section 8

Elderly,No Children, Non-Disabled

Elderly, with Children, Non-Disabled

Non-Elderly, No Children, Non-Disabled

Non-Elderly, with Children, Non-Disabled

Elderly, No Children, Disabled

Elderly, with Children, Disabled

Non-Elderly, No Children, Disabled

Non-Elderly, with Children, Disabled

Female Head of Household, with Children

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DEMOGRAPHICS Reporting Date: July 31, 2020 Page 2 Monthly Rent Related Averages by City

FMR = Avg. Fair Market Rent (Payment Standard) based on Housing and Urban Development at time of Lease up RENT = Contract Rent HAP = Housing Assistance Payment TTP = Total Tenant Payment (Tenant Portion of Rent) DEMOGRAPHICS Monthly Vouchers in use, Dollars – Comparison of City to All Vouchers

Vouchers

% of All Vouchers HAP Dollars

% of all HAP Dollars

Camarillo 479 21.1% $540,915 21.1% Fillmore 211 9.3% $244,104 9.5%

Moorpark 119 5.2% $155,967 6.1% Ojai 74 3.3% $81,753 3.2%

Simi Valley 674 29.7% $703,399 27.4% Thousand Oaks 547 24.1% $642,093 25.0% Unincorporated 127 5.6% $153,171 6.0% Outside of Area 36 1.6% $45,794 1.8%

2267 100.0% $2,567,196 100.0%

Vouchers = Number of vouchers actively in use in designated city. % of Vouchers = Percentage of monthly vouchers leased in a city compared to all vouchers in use. HAP Dollars = Total monthly Housing Assistance Payments made in designated city. % of Dollars = Percentage of monthly voucher HAP paid in a city compared to all HAP dollars paid. GENERAL PROGRAM INFORMATION Under the Coronavirus Aid, Relief and Economic Security Acts (CARES Act), the Area Housing Authority of the County of Ventura received an additional $1,244,864 in housing assistance payment funds. These funds are intended to assist in covering the increased payments to landlords as a result of program participants losing their incomes. Please contact Jim at extension 888 or via email at jmarkot@ahacv.org or Carrie at extension 390 or via email at csabatini@ahacv.org in order to discuss your individual questions.

Rent Related Averages by City

0200

400600800

1000

120014001600

18002000

FMR 1714 1868 1875 1667 1677 1775 1835

RENT 1565 1573 1817 1456 1446 1562 1636

HAP 1129 1157 1311 1105 1044 1174 1206

TTP 436 416 506 351 402 388 430

Camarillo Fillmore Moorpark Ojai Simi Valley Thousand Oaks Unincorporated

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09/17/20 CY 2020 Leasing Summary

HUD Budget Authority (BA)

HUD Disbursement

AHA Actual

Percentage of Actual

Compared to BA

Per Unit Average HAP

Housing Assistance PaymentsCurrent Month $2,548,820 $2,367,525 $2,587,964 101.5% $1,135

Year To Date $17,841,740 $17,320,113 $17,672,411 99.1% $1,106

Administrative/Other Fees AF DisbursedAF (Prorated)

EarnedCurrent Month $238,683 $219,104

Year To Date $1,557,064 $1,535,798

Total Dollars (HAP+Admin Fees)

Current Month $2,606,208 $2,807,068

Year To Date $18,877,177 $19,208,209

Budget Authority (BA) Funded Units

HUD Disbursement Funded Units

AHA Actual Units

% of Actual Compared to

BA

HUD BA Units (Over) / Under

LeasedAverage Units

Leased

Current Month 2,246 2,086 2,280 101.5% (34)

Year To Date 16,147 15,676 15,985 99.0% 162 2,284

*July 2020 - HUD disbursement funding shows a sharp decline as a result of HUD offsetting over disbursement from2019

Units Leased

Area Housing Authority of the County of VenturaSection 8 Voucher Program Leasing Summary

January 1, 2020 - July 31, 2020

2302 2294 2315

2245 2225 2211

2086

2292 2278

2287 2282

2284 2282 2280

2,383 2,366

2,356

2,284

2,263 2,248 2,246

2542 2542 2542 2542 2542 2542 2542 2542 2542 2542 2542 2542

1,850

1,900

1,950

2,000

2,050

2,100

2,150

2,200

2,250

2,300

2,350

2,400

2,450

2,500

2,550JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

Uni

ts P

er M

onth

Disbursed LeasedBA Units ACC

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FY2021 Pay Std Eff 100120 w Income Limits Eff 040620.doca

Area Housing Authority of the County of Ventura Revised 10-01-2020

PAYMENTS STANDARDS

Effective 10-01-2020 ALL AREAS OF COUNTY

AHA 0-BR $1,275 1-BR $1,550 2-BR $1,943 3-BR $2,709 4-BR $3,243 5-BR $3,729

Single Room Occupancy SRO20 75% of 0BR $956

INCOME LIMITS

Effective 04-01-2020 INCOME LIMITS: Median Family Income $97,800 % 1 2 3 4 5 6 7 8 30% OF MEDIAN 30 23700 27100 30500 33850 36600 39300 42000 44700 VERY LOW-INCOME 50 39550 45200 50850 56450 61000 65500 70000 74550 LOW-INCOME 80 63250 72300 81350 90350 97600 104850 112050 119300 REVISED 10-01-2020

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Meeting Date: September 23, 2020 Agenda Item: 4D Subject: Housing Programs Report Prepared by: Carrie Sabatini, Director of Housing Programs Requested Action: Information Only PUBLIC HOUSING PROGRAM STATUS Total Family Members Assisted 714 WAITING LIST STATUS Current Public Housing Elderly Waiting List 274 Current Public Housing Family Waiting List 437 DEMOGRAPHICS Public Housing Income Categories

EXTREMELY LOW, <= 30% of Median Income; VERY LOW, >30% and <= 50% of Median Income; LOW, > 50% and <= 80% of Median Income; OTHER, > 80% of Median Income Public Housing Family Types

PH Income Classifications

Extremely Low79%

Very Low15%

Low5%

Other1%

19

1

11

27

20

1

19

4

28

0

5

10

15

20

25

30

Public Housing

Elderly, No Children, Non-Disabled

Elderly, with Children, Non-Disabled

Non-Elderly, No Children, Non-Disabled

Non-Elderly, with Children, Non-Disabled

Elderly, No Children, Disabled

Elderly, with Children, Disabled

Non-Elderly, No Children, Disabled

Non-Elderly, with Children, Disabled

Female Head of Household, with Children

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DEMOGRAPHICS Reporting Date: July 31, 2020 Page 2 Occupancy by Program

Units Units Leased # of

Vacancies Occupancy % Public Housing 349 344 5 99% Agency Owned 189 183 6 97%

TCP Managed Property 225 222 3 99% Mira Vista Village 303 299 4 99%

1,066 1,048 18 98%

RESIDENT SERVICES:

Meetings and gatherings have been cancelled due to the current health crisis. Resident Services, however, in partnership with a wide network of service partners, continues to reach out to residents to ensure they are connected to the resources they need. A partial list of partnering agencies includes Conejo Recreation and Parks District, Senior Concerns, VC United, Ventura County Area Agency on Aging, LifeSTEPS, and Help of Ojai. Resident Services has distributed masks at Florence Janss (Thousand Oaks), Tafoya Terrace (Moorpark), and Whispering Oaks (Ojai). For questions on the demographic information, please contact Jim at extension 888 or via email at jmarkot@ahacv.org. For questions on other Housing Programs related information, please contact Carrie at extension 390 or via email at csabatini@ahacv.org.

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Meeting Date: September 23, 2020 Agenda Item: 4E Subject: Housing Assets and Development Report Prepared by: George McGehee, Jr., Director of Housing Assets Requested Action: Information Only UPDATES:

· All required close-out documentation for the City of Thousand Oaks Community Development Block Grant (CDBG) program have been provided to the city. The program funded the elevator rehabilitation projects at both the Florence Janss (190 Brazil Street building) and the Glenn Oaks apartments.

· The Ellis Terrace playground rehabilitation project has been completed. This project was funded through the Capital Fund Program grant 501-20.

· A budget adjustment was submitted for the current Capital Fund Program (CFP) 501-19 on the HUD web site Energy and Performance Information Center (EPIC). This will allow remaining funds to be obligated and all funds to be expended before the end of the year. An Actual Modernization Cost Certification (AMCC) for the Capital Fund Program grant 501-19 will be submitted to HUD once all funds are expended.

CONTINUING EFFORTS:

· A draft application has been submitted to HUD for additional funding under the

Emergency Capital Fund Grant program. Current projects under consideration are the re-roofing at Leggett Court Apartments (Thousand Oaks) and water line replacement at the Whispering Oaks Apartments (Ojai).

· The other AHA Emergency Capital Fund Grant projects, which have been placed on hold due to the Coronavirus, include the elevator rehabilitations at Tafoya Terrace (Moorpark) and Whispering Oaks (Ojai). These renovations have been put on hold due to the possible need to relocate seniors during the renovations. We continue interviewing residents regarding their need to possibly be relocated during this modernization project. KONE Elevator continues to work with AHA to finalize project time lines. By the end of the September, we anticipate determining if it is feasible for this project to move forward. AHA has been granted an automatic extension until July 2022 to fully expend the grant and may not use this funding for any other purposes.

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COVID-19 MITIGATION EFFORTS:

· We have begun implementation of central office recommendations noted during the COVID-19 assessment by M3 Designs. Recommendations included safe distancing in the kitchen, additional hand sanitizer stations and hands-free door operators. We are also testing hands-free faucets in the restrooms. We continue reviewing comments noted for allowing the opening of the office and safe distancing.

· KONE Elevator is scheduled to begin the installation of the “Toe to go” system this month for elevators in Public Housing, Agency Owned, AHA central office and the Tax Credit Property Oak Creek (Thousand Oaks). This will allow for hands-free operation of the elevators.

· We are currently procuring supplies needed to install hands-free operations for all facilities’ common areas including hand sanitizers, faucets, soap and paper towel dispensers as well as foot door operators.

DEVELOPMENT UPDATE Moorpark VI (Scattered Sites):

· The anticipated development of 56 family units on the following six parcels: 112, 124 & 136 First Street, 224 & 236 Charles Street and a vacant parcel on Leta Yancy Road is on hold.

2800 Barry Street (Camarillo)

· This site is currently owned by the City of Camarillo. The proposed development includes 68 units of affordable housing, eight of which will be for-sale units. The project is located at 2800 Barry Street (formerly Stockyard Lumber).

· The architect, RRM Design Group, continues to modify preliminary site plans and

conceptual drawings based on City comments.

· The Entitlement application, including the Post Construction Storm Water Maintenance Plan, was submitted to the City on March 5, 2020. The City requested additional information subsequently a revised application package was submitted May 22, 2020. The City provided a letter on July 9, 2020 requesting additional information resulting in a third application package which was submitted to the City on July 31, 2020.

· The City provided a letter on August 31, 2020 determining the Entitlement package

complete. The Planning Department will schedule the project to be presented to the Planning Commission and City Council in the coming months.

· The City contracted with Rincon Consultants, Inc.to prepare the California Environmental

Quality Act (CEQA) documentation for the development. This will be part of the Entitlement application and is expected to be completed after the 30-day public comment period which is anticipated to begin by the end of September.

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· A meeting to discuss the Conditions of Approval (COA) for the project will be held with the Planning Department on September 24, 2020.

Mountain View Homes (Fillmore)

· Additional comments were received from the City’s Building and Safety Department on July 2, 2020. RRM Architects resubmitted responses on July 21, 2020. After the submittal, the City requested additional information regarding the playground area. The redesign was submitted to the City on August 4, 2020. It is anticipated that the final approval and Building Permit will be ready by the end of September 2020.

· McCarthy Companies was selected to be the General Contractor for the project.

· The development received an award of 4% Tax Credits and the development team is working with lenders to secure the remaining funds for the project. We anticipate a final loan closing by early October.

· The development is projected to begin construction in October 2020.

Please contact me at extension 520 or via email at gmcgehee@ahacv.org to discuss your individual questions.

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Meeting Date: September 23, 2020 Agenda Item: 4F Subject: Personnel/ Human Resources Report Prepared by: Patricia Friou, Human Resources Manager Requested Action: Information Only This report reflects a summary of AHA headcount and anniversaries for the period of August 2020.

AHA EMPLOYEE PAYROLL EMPLOYEES 56 Regular Full-time Employees

0 Regular Part-time Employees 0 Temporary Full-time Employees 0 Temporary Part-time Employees* 56 Total AHA Active Employees ADDITIONAL AHA EMPLOYEE INFORMATION 14 Management and Confidential Employees 42 Bargaining Unit Employees (Represented by SEIU 721) *SEIU 721 does not represent temporary and part-time employees

TUTORS & TEMPORARY WORKERS

0 California Lutheran University 0 Temporary employees from temporary employment agencies

EMPLOYEE ANNIVERSARIES IN AUGUST Years of Service Employee Name Department

6 Crystal C. Section 8 6 Maria D. Housing Assets 6 Maria S. Finance 5 Carrie S. Housing 2 Clara G. Housing Assets 2 Irma M. Housing Assets

Please contact me at extension 840 or via email at humres@ahacv.org in order to discuss your individual questions.

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Meeting Date: September 23, 2020 Agenda Item: 6 Subject: Lewis Road: Roles and Responsibilities Prepared by: Michael Nigh, Executive Director Requested Action: Information Only Over the past few months, the Board has participated in discussions related to the proposed Lewis Road development. These discussions provided the Board with a foundation for housing vulnerable populations and understanding the requirements associated with No Place Like Home (NPLH) funding. Discussions included panels of experts who provided extensive background information regarding NPLH funding (June 2020), housing vulnerable populations (July 2020) and expertise required to successfully and efficiently operate and manage special needs housing units (August 2020). Essential to this ongoing discussion are the roles and responsibilities of the AHA and Many Mansions. AHA’s anticipated key functions are to oversee the design and construction phases as the co-Developer for which the AHA will receive 50% of the developer fee. The AHA may also be asked to provide guaranties of construction completion as required by construction lenders. In addition the AHA will allocate and administer 49 Project Based Section 8 Vouchers to assist in the overall financing and to subsidize a portion of each resident’s rent. The table below provides a sample breakdown of responsibilities.

Responsibilities Lead Agency Secure Financing Many Mansions Design & Construction AHACV Day-to-Day Operations Many Mansions Property Management Many Mansions Resident Services Many Mansions Project Ownership To be formed LP of which AHA

and MM may be 0.01% GP .

Additional background information provided to facilitate previous discussions (August 2020) is again provided on the Project Summary Sheet (attached). As with Walnut Street Apartments, Mountain View Apartments, 2800 Barry Street and others, Many Mansions has asked the AHA to partner in the development and ownership of Rancho Sierra Senior Apartments. The AHA Board should give consideration to AHA’s future participation in this project. Please contact me at extension 850 or via email at mnigh@ahacv.org in order to discuss your individual questions.

Enclosed: Proposed Lewis Road Development Project Summary 24

Proposed Lewis Road Development Project Summary Rancho Sierra Senior Apartments

Project Description: The proposed Rancho Sierra Senior Apartments project consists of 49 units of affordable housing to be located on County-owned property on the outskirts of the City of Camarillo on S. Lewis Rd. The project will be restricted to low income seniors (62+). A maximum of 24 units (49% of units) will be restricted for seniors with serious mental illness that are either homeless or at risk of homelessness. These disabled residents will receive services from VCBH and Many Mansions. The other 25 units will be made available for low to moderate income seniors.

Table 1. Summary of Project

Who Low income seniors in need of mental health services and experiencing homelessness

What Senior affordable permanent supportive housing utilizing No Place Like Home funds

Where County-owned land south of Camarillo on Lewis Road When 2020-2024 Why Provide affordable housing opportunities for growing

population

Table 2. Overview of Proposed Demographic/Target Population

# of Units

Low Income Disabled Seniors 24

Low - Moderate Income Seniors 25

Managers Unit 1

Total Units 50

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Board Report: September 23, 2020

Agenda Item: 7 Subject: Resolution No. 1091 - A Resolution of the Area

Housing Authority of the County of Ventura Authorizing the Authority, Mountain View 77 LLC and Mountain View 77 LP to Enter Into Formation Documents and Agreements to Facilitate the Acquisition, Financing Activity, Development Activity, and Syndication Activity for Mountain View Apartments

Prepared by: Michael Nigh, Executive Director Requested Action: Review, Motion, Second, Discuss, Roll Call Vote In preparation of an early October 2020 closing to secure financing, the AHA, the LLC and the LP are required to execute many documents and agreements as referenced in the resolution. Project financing includes 4% tax credits, tax-exempt bonds, California Multifamily Housing Program (MHP) funds, County of Ventura Community Development Block Grant (CDBG) funds and AHA project-based vouchers (see attached Overview). AHA and Many Mansions are co-developers and co-general partners of Mountain View 77 LP and upon construction loan closing both parties shall be reimbursed for all predevelopment expenses and deposits. Attached is an overview of the ownership structure and financing structure. With construction expected to begin in October 2020 and take approximately 18 months, Mountain View Apartments will be a low income family development of 77 units. The current plan proposes a mix of one, two, and three bedroom units and one manager’s unit. The project design will include several multi-story residential buildings and a single-story community building. On-site amenities will include an interior courtyard, playground, community room, laundry facilities and a picnic/BBQ area. Staff is requesting approval of Resolution No. 1091 giving authorization to execute documents necessary to secure financing to construct Mountain View Apartments located in Fillmore, California. Staff recommends approval of Resolution No. 1091 Enclosed: Overview of Ownership and Financing for Mountain View Apartments Draft Resolution No. 1091

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Construction Source Construction Financing Permanent Source Permanent Financing

Tax Exempt Bank Loan (CDLAC/Union Bank/CMFA) $29,201,442.00 Perm Loan (Walker Dunlap/Freddie Mac $15mil max) $10,829,000.00

Taxable Bank Loan (Union Bank/CMFA) $11,132,854.00 MHP Loan (CA-HCD) $17,398,993.00

CDBG Loan (County/Many Mansions) $1,037,200.00 CDBG Loan (County/Many Mansions) $1,037,200.00

MountainView77 LLC (General Partner Equity) $100.00 MountainView77 LLC (General Partner Equity) $100.00

Wincopin Circle LLLP (Tax Credit Equity) $2,021,500.00 Wincopin Circle LLLP (Tax Credit Equity) $16,115,612.00

Deferred to Permanent Conversion $2,204,389.00 Rate Lock Refund $216,580.00

Sub-Total $45,597,485.00 Sub-Total $45,597,485.00

Deferred to Operations Cash Flow $72,600.00 Deferred to Operations Cash Flow $72,600.00

Deferred to Operations Cash Flow $3,006,489.00 Deferred to Operations Cash Flow $3,006,489.00

Total $48,676,574.00 Total $48,676,574.00

Mountain View Apartments Financing Structure

Overview of Ownership and Financing for Mountain View Apartments

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RESOLUTION NO. 1091

A RESOLUTION OF THE AREA HOUSING AUTHORITY OF THE COUNTY OF VENTURA AUTHORIZING THE AUTHORITY, MOUNTAIN VIEW 77 LLC AND MOUNTAIN VIEW 77 LP TO ENTER INTO FORMATION DOCUMENTS

AND AGREEMENTS TO FACILITATE THE ACQUISITION, FINANCING ACTIVITY, DEVELOPMENT ACTIVITY, AND SYNDICATION ACTIVITY

FOR MOUNTAIN VIEW APARTMENTS

At a duly constituted meeting of the Board of Commissioners (the "Board") of the Area Housing Authority of the County of Ventura, a public body, corporate and politic (the "Authority"), held on September 23, 2020, the following resolutions were adopted:

WHEREAS, in this resolution, the Board shall be acting on behalf of the Authority: (i) on its own behalf; (ii) as a member and manager of Mountain View 77 LLC, a California limited liability company (the "LLC"); and (iii) as a member and manager of the LLC, as the managing general partner of Mountain View 77 LP, a California limited partnership (the "Partnership");

WHEREAS, the Authority entered into a Joint Development Agreement (the "JDA") with Many Mansions, a California Nonprofit Corporation ("Many Mansions") as approved on October 26, 2016 by AHA Board Resolution 1027 with regard to development of a multifamily housing development composed of 77 units (including 1 manager's unit) in 7 three-story buildings, to be commonly known as Mountain View Apartments (the "Project"), and located at 210 and 220 Santa Clara Street, in the City of Fillmore, California (collectively, the "Property");

WHEREAS, the LLC was formed by the Authority and Many Mansions as co-members and co-managers of the LLC;

WHEREAS, one of the lenders and the investor for the Project are requiring changes to the JDA and the Operating Agreement for the LLC (the "JDA and Operating Agreement Amendments");

WHEREAS, the LLC, as the managing general partner, entered into the Partnership together with Many Mansions as the initial limited partner;

WHEREAS, the Partnership was formed to acquire the Property and develop, construct and operate the Project;

WHEREAS, Many Mansions currently owns the Property, and the Partnership intends to acquire the Property from Many Mansions for a purchase price of $2,300,000 pursuant to that certain purchase and sale agreement dated November 12, 2019;

WHEREAS, the Partnership intends to enter into certain documents, including but not limited to, the Purchase Agreement, a grant deed, preliminary change of ownership report, bill of sale, and assignment agreements, and any other documents needed to allow the Partnership to acquire the Property (the "Acquisition Documents");

WHEREAS, MUFG Union Bank, N.A., a national banking association (the "Bank"), has committed a funding loan to California Municipal Finance Authority (the "Governmental Lender") in the approximate amount of $29,201,442, the proceeds of which will be used by the Governmental Lender to fund a tax-exempt construction loan to the Partnership in the approximate amount of $29,201,442 (the "Tax Exempt Bank Loan"), or in any other amount as

Resolution No. 1091 1

28

approved and agreed upon by the Bank, the Governmental Lender, and the Partnership, as financing for the development of the Project;

WHEREAS, the Bank as the funding lender to the Governmental Lender, has committed a funding loan to the Governmental Lender in the approximate amount of $17,133,228, the proceeds of which will be used by the Governmental Lender to fund a taxable construction loan to the Partnership in the approximate amount of $17,133,228 (the "Taxable Bank Loan", and together with the Tax Exempt Bank Loan, the "Bank Loans");

WHEREAS, the Bank Loans shall be secured by a senior deed of trust on the Property, which deed of trust shall be assigned by Governmental Lender in favor of Bank, and disbursed to the Partnership pursuant to a Construction Disbursement Agreement by and between Bank and the Partnership;

WHEREAS, the Partnership intends to borrow the Bank Loans for the acquisition and development of the Project and for the Partnership to enter into any and all documents, including, but not limited to, project loan agreements, construction disbursement agreements, funding agreements, construction phase financing agreement, promissory notes, deed of trust, assignments of deed of trust, guaranty agreements, security agreements, assignment agreements (including but not limited to: assignment of management agreement; assignment of architect's agreement, assignments of rights to tax credits, assignment of construction contract, assignment of partnership interests, and assignments of the Agreement to Enter into a Housing Assistance Payment Contract (the "AHAP") and a Housing Assistance Payment Contract ("HAP"), disbursement agreements, regulatory agreements, environmental compliance agreement, borrowing certificates, incumbency certificates, subordination agreements, and any and all other types of agreements, certificates or documents necessary for the Governmental Lender to issue the Governmental Notes, and necessary for the Bank to make, and for the Partnership to accept, the Bank Loans (the "Bond/Bank Loan Documents");

WHEREAS, the LLC intends to assist the Partnership in consummating the Bank Loans by taking actions, including but not limited to, entering into the Bond/Bank Loan Documents, where the LLC, acting on its own behalf, is a party;

WHEREAS, the Authority intends to assist the Partnership in consummating the Bank Loans by taking actions, including but not limited to, entering into the Bond/Bank Loan Documents, where the Authority, acting on its own behalf, is a party;

WHEREAS, Walker & Dunlop, LLC ("WD") has conditionally committed to purchase one tranche of the Bank Loans from the Bank pursuant to the Freddie Mac Unfunded Forward Tax-Exempt Loan Program upon satisfaction of the conversion conditions for the permanent phase of the financing for the Project in the approximate principal amount of $15,000,000 (the "Perm Loan");

WHEREAS, the Partnership intends to borrow the Perm Loan for the permanent financing for the Project and for the Partnership to enter into any and all documents, including, but not limited to, continuing covenant agreement, amended and restated promissory note, amended and restated deed of trust, construction phase financing agreement, assignment of loan documents, assignment and subordination of management agreement, guaranty, borrowing certificates, incumbency certificates, subordination agreements, and any and all other types of agreements, certificates or documents necessary to consummate the Perm Loan (the "Perm Loan Documents");

Resolution No. 1091 2

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WHEREAS, the LLC intends to assist the Partnership in consummating the Perm Loan by taking actions, including but not limited to, entering into the Perm Loan Documents, where the LLC, acting on its own behalf, is a party;

WHEREAS, the Authority intends to assist the Partnership in consummating the Perm Loan by taking actions, including but not limited to, entering into the Perm Loan Documents, where the Authority, acting on its own behalf, is a party;

WHEREAS, the County of Ventura (the "County") provided Many Mansions with $1,037,200 from the Community Development Block Grant Program (the "CDBG Funds");

WHEREAS, Many Mansions intends to loan the CDBG Funds in the amount of $1,037,200 to the Partnership (the "CDBG Loan");

WHEREAS, the Partnership intends to borrow the CDBG Loan, and enter into any and all documents necessary to borrow the CDBG Loan, including, but not limited to, loan agreements, promissory notes, deeds of trust, affordability restrictions, subordination agreements, amendments to loan documents, and any and all other types of agreements, certificates or documents necessary to consummate the CDBG Loan (the "CDBG Loan Documents");

WHEREAS, the California Department of Housing and Community Development ("HCD") will provide the Partnership with a permanent loan in the approximate amount of $17,398,993 from the Multifamily Housing Program (the "MHP Loan");

WHEREAS, the Partnership intends to borrow the MHP Loan as part of the permanent financing for the Project and enter into any and all documents, including but not limited to a standard agreement, promissory note, deed of trust, regulatory agreements, form resolutions, and any other documents necessary for the Partnership to borrow the MHP Loan (the "MHP Loan Documents");

WHEREAS, the LLC intends to assist the Partnership in consummating the MHP Loan by taking actions, including but not limited to, entering into the MHP Loan Documents, where the LLC, acting on its own behalf, is a party;

WHEREAS, the Authority intends to assist the Partnership in consummating the MHP Loan by taking actions, including but not limited to, entering into the MHP Loan Documents, where the Authority, acting on its own behalf, is a party;

WHEREAS, the Authority and Many Mansions may have been awarded other financing commitments for the Project ("Other Financing Commitments"), and the Authority intends to assign its rights, title and interest in the Other Financing Commitments to the Partnership;

WHEREAS, the Partnership intends to assume the Authority's and Many Mansions' respective rights, title and interest in the Other Financing Commitments, and the Partnership shall enter into any and all documents, including, but not limited to, assignment agreements and any other types of documents or certificates necessary for the Authority to assign its rights, title and interest in and obligations under any Other Financing Commitments and for the Partnership to assume the Authority's and Many Mansions' respective rights, title and interest in and obligations under any Other Financing Commitments (the "Other Financing Commitment Documents");

WHEREAS, the Partnership intends to enter into both an AHAP contract and a HAP contract with the Authority to subsidize tenant rents at the Project;

Resolution No. 1091 3

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WHEREAS, the Partnership has entered into a property management agreement with Many Mansions for property management services for the Project (the "Property Management Agreement");

WHEREAS, the Partnership intends to enter into a construction contract with the McCarthy Companies for the construction of the Project (the "Construction Contract");

WHEREAS, the Authority and Many Mansions may have entered into several service and professional services contracts for the benefit of the Project (the "Service Contracts"), and the Partnership intends to assume the Authority's and Many Mansions' respective rights, title and interest in and obligations under the Service Contracts in addition to any warranties and work products relating to the Project under the various Service Contracts, and the Authority, Many Mansions and the Partnership intend to enter into any and all documents, including, but not limited to, assignment agreements and all other types of agreements necessary to allow the Partnership to assume the respective rights, title and interests of the Authority and Many Mansions, in addition to any warranties and work products relating to the Project under the Service Contracts (the "Assignment of Service Contracts");

WHEREAS, the Authority intends to assign its respective rights, title, interest and obligations under the Service Contracts to the Partnership and enter into any and all documents, including, but not limited to, the Assignment of Service Contracts;

WHEREAS, the LLC intends to enter into any other contract, certification or agreement necessary to enable the acquisition and development of the Property and the financing, and operation of the Project;

WHEREAS, the Authority intends to enter into any other contract, certification or agreement necessary to enable the acquisition and development of the Property and the financing, and operation of the Project;

WHEREAS, Wincopin Circle LLLP is expected to enter the Partnership as investor limited partner (the "Investor Limited Partner") and provide approximately $16,217,000 in capital contributions (the "Capital Contributions"), which amount of Capital Contributions may change pursuant to the First Amended and Restated Agreement of Limited Partnership for the Partnership (the "A&R Partnership Agreement");

WHEREAS, the Authority, Many Mansions, the LLC, and the Partnership intend to furnish to the Investor Limited Partner due diligence materials in connection with the Investor Limited Partner's investment into the Partnership;

WHEREAS, the Authority, Many Mansions, the LLC and/or the Partnership, as applicable, intend to enter into any other documents, including but not limited to, development services agreement, guaranty, partnership management agreement, partnership administration agreement, right of first refusal, transfer agreement, securities filings and any and all other documents or certificates necessary to consummate the syndication of the Partnership and the issuance of the limited partner interest to the Investor Limited Partner (collectively, with the A&R Partnership Agreement, the "Syndication Documents");

WHEREAS, the Authority intends to enter into the Syndication Documents where it is a party;

WHEREAS, the Authority and Many Mansions intend to act as the developer for the Project and enter into a development services agreement, and such other documents as may be necessary to evidence the Authority and Many

Resolution No. 1091 4

31

Mansions together are acting as the developer of the Project, including, but not limited to any assignment agreement in favor of the Bank or the Investor Limited Partner (collectively, the "Development Documents");

WHEREAS, the Bank, the Governmental Lender, WD, HCD, and the Investor Limited Partner has required or may require the Authority and/or the LLC to act as a guarantor for the Partnership and the Project by: (i) guarantying to the Bank the repayment of the Bank Loans; (ii) guarantying completion of construction of the Project to the Bank and Investor Limited Partner; (iii) guarantying to WD the repayment of the Perm Loan; (iv) guarantying to the Investor Limited Partner the obligations of the general partners of the Partnership, as set forth in the Partnership Agreement, including, but not limited to the funding of any operating deficits, or loss of low-income housing tax credits, and other obligations; (v) otherwise providing such guaranties for the benefit of the Bank, WD, the Investor Limited Partner, or the title insurance company (the "Title Company"); and (vi) entering into certain indemnity agreements for the benefit of the Governmental Lender, the Bank, WD, HCD, the Investor Limited Partner, and/or Title Company, including but not limited to, a guarantor indemnification and an environmental indemnification; or otherwise necessary for the acquisition of the Property and the development of the Project by the Partnership (collectively the "Guaranteed Obligations"); and

WHEREAS, to assist the Partnership in the development of the Project, the Authority and/or the LLC may be required by other lenders to the Project or investors in the Partnership, to provide other guaranties, indemnities and other assurances regarding the Project (the "Additional Guaranties").

NOW, THEREFORE, BE IT RESOLVED: the Authority shall join the LLC as a co-member (with a 49% interest) and a co-manager and enter into an Operating Agreement, Articles of Organization (form LLC-1), and any other documents or amendments thereto necessary or desirable to form the LLC (the "LLC Formation Documents").

FURTHER RESOLVED: the Authority shall enter into and sign the JDA and Operating Agreement Amendments;

FURTHER RESOLVED: The LLC shall serve as the managing general partner of the Partnership, enter into the partnership agreement, certificate of limited partnership (form LP-1), and any other documents or amendments thereto necessary or desirable to form the Partnership (the "Partnership Formation Documents").

FURTHER RESOLVED: That the Partnership shall acquire the Property and enter into the Acquisition Documents.

FURTHER RESOLVED: That the Partnership shall borrow the Bank Loans and enter into the Bond/Bank Loan Documents.

FURTHER RESOLVED: That the LLC shall enter into the Bond/Bank Loan Documents where it is a party.

FURTHER RESOLVED: That the Authority shall enter into the Bond/Bank Loan Documents where it is a party.

FURTHER RESOLVED: That the Partnership shall borrow the Perm Loan and enter into the Perm Loan Documents.

FURTHER RESOLVED: That the LLC shall enter into the Perm Loan Documents where it is a party.

FURTHER RESOLVED: That the Authority shall enter into the Perm Loan Documents where it is a party.

Resolution No. 1091 5

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FURTHER RESOLVED: That the Partnership shall borrow the CDBG Loan and enter into the CDBG Loan Documents.

FURTHER RESOLVED: That the Partnership shall borrow the MHP Loan as a source of permanent financing and enter into the MHP Loan Documents.

FURTHER RESOLVED: That the LLC shall enter into the MHP Documents where it is a party.

FURTHER RESOLVED: That the Authority shall enter into the MHP Documents where it is a party.

FURTHER RESOLVED: That the Authority shall assign its rights, title and interest in the Other Financing Commitments to the Partnership and enter into the Other Financing Commitments Documents.

FURTHER RESOLVED: That the Partnership shall assume the Other Financing Commitments from the Authority and Many Mansions, if any, and enter into Other Financing Commitments Documents.

FURTHER RESOLVED: That the Authority and the Partnership shall enter into the AHAP and the HAP to subsidize tenant rents at the Project.

FURTHER RESOLVED: That the Partnership shall enter into the Property Management Agreement.

FURTHER RESOLVED: That the Partnership shall enter into the Construction Contract.

FURTHER RESOLVED: That the Authority shall assign its rights, title and interest in and obligations under the Service Contracts to the Partnership, and enter into the Assignment of Service Contracts.

FURTHER RESOLVED: That the Partnership shall assume the Authority's and Many Mansions' rights, title and interests in and obligations under the Service Contracts, and enter into the Assignment of Service Contracts.

FURTHER RESOLVED: That the LLC shall enter into any other contract, certification or agreement necessary to enable the acquisition and development of the Property and the financing, and operation of the Project.

FURTHER RESOLVED: That the Authority shall enter into any other contract, certification or agreement necessary to enable the acquisition and development of the Property and the financing, and operation of the Project.

FURTHER RESOLVED: That the Partnership shall admit the Investor Limited Partner and enter into the Syndication Documents.

FURTHER RESOLVED: That the Authority, the LLC, and the Partnership shall furnish to the Investor Limited Partner due diligence materials in connection with the Investor Limited Partner's investment into the Partnership.

FURTHER RESOLVED: That the LLC shall enter into the Syndication Documents where it is a party.

FURTHER RESOLVED: That the Authority shall enter into the Syndication Document where it is a party.

FURTHER RESOLVED: That the Authority shall act as a co-developer of the Project and enter into the Development Documents.

Resolution No. 1091 6

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FURTHER RESOLVED: That the Authority/or and the LLC shall act as a guarantor for the Project and enter into the Guaranteed Obligations and Additional Guaranties, as required.

FURTHER RESOLVED: That Michael Nigh, Executive Director, Jorgen Nielsen, Chair, and Jane McClenahan, Vice-Chair, each acting alone, on behalf of the Authority, the LLC, and the Partnership, shall be authorized and directed to execute on behalf of the Authority, the LLC and the Partnership, any and all necessary documents listed and/or contemplated by this Resolution, including but not limited to: the LLC Formation Documents, the JDA and Operating Agreement Amendments, the Partnership Formation Documents, the Acquisition Documents, the Bond/Bank Loan Documents, the Perm Loan Documents, the CDBG Loan Documents, the MHP Loan Documents, the Other Financing Commitment Documents, if any, the AHAP and the HAP, the Property Management Agreement, the Construction Contract, the Assignment of Service Contracts, the Development Documents, the Syndication Documents, the Guaranteed Obligations, the Additional Guaranties, as required, and any and all other types of agreements, certificates or documents, and to take any and all further actions necessary to develop the Project and syndicate the partnership interest, and to do all other activities contemplated by this Resolution.

FURTHER RESOLVED: That the authorized signatories of Many Mansions, acting alone, on behalf of the LLC and the Partnership, shall be authorized and directed to execute on behalf of the LLC and the Partnership the MHP Loan Documents, and any and all other types of agreements, certificates or documents, and to take any and all further actions necessary to consummate the MHP Loan.

FURTHER RESOLVED: That Michael Nigh, Executive Director of the Authority, Jorgen Nielsen, Chair of the Authority, and Jane McClenahan, Vice-Chair of the Authority, acting alone, and each acting on behalf of the Authority on its own behalf, acting in its capacity as a member of the LLC, and acting in its capacity as a member of the LLC as the managing general partner of the Partnership, is hereby authorized and directed upon the advice of counsel to enter into any and all forms of resolutions required by a lender or investor which is determined to be consistent with the substantive intent of the resolutions contained herein.

FURTHER RESOLVED: That to the extent any action authorized under the resolutions contained herein have already been performed, such actions are hereby ratified and approved.

FURTHER RESOLVED that this Resolution shall take immediate effect from and after its passage and approval.

[Signature page follows]

Resolution No. 1091 7

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DATED: September 23, 2020

_______________________________________ JORGEN NIELSEN, CHAIR Area Housing Authority Board of Commissioners

STATE OF CALIFORNIA COUNTY OF VENTURA

I, Michael Nigh, Executive Director of the Area Housing Authority of the County of Ventura, do hereby

certify that the above and foregoing Resolution was duly passed and adopted by the Commissioners of the Area Housing Authority of the County of Ventura at a regular meeting thereof held on September 23, 2020 by the following vote of the members thereof: AYES: NOES: ABSTAIN: ABSENT: _________________________________ MICHAEL NIGH, EXECUTIVE DIRECTOR Area Housing Authority of the County of Ventura

Resolution No. 1091 8

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Meeting Date: September 23, 2020 Agenda Item: 8 Subject: Closed Session Prepared by: James McDermott, Legal Counsel Requested Action: Information Only

ANTICIPATED LITIGATION

Closed Session

Government Code § 54956.9(d)(2).

Conference with Legal Counsel - Anticipated Litigation,

Number of cases: One (1) potential tort claim on behalf of Dawn Cane

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Meeting Date: September 23, 2020 Agenda Item: 9 Subject: Staff Comments Prepared by: Staff Requested Action: Information Only Staff will provide comments and updates as needed.

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Meeting Date: September 23, 2020 Agenda Item: 10 Subject: Executive Director Comments Prepared by: Michael Nigh, Executive Director Requested Action: Information Only The Executive Director will provide updates as needed.

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