California Department of Housing and Community Development Awards Millions at Statewide Media Event.

California Department of Housing and Community Development

WHO:            Director Lucetta Dunn, newly appointed by Governor
                Schwarzenegger California Department of Housing and
                Community Development, (HCD)

WHAT:           Announcement of over $100 million in State funds to
                build housing in 59 communities throughout California.

WHEN:           Wednesday, June 30, 2004, 10:00 a.m.

WHERE:          Project Site of Rancho Del Norte -- San Diego,
                California
                From Interstate 15 in the vicinity of Rancho Bernardo,
                take the Camino Del Norte exit. This exit is two exits
                (approximately 2.5 miles) north of the Ted Williams
                Parkway (Highway 56) on the I-15. Travel west on
                Camino Del Norte approximately 3.5 miles, to the
                traffic signal at the intersection of Camino Del Norte
                and Lone Quail Road (the new extension of Rancho
                Bernardo Road is on the right side of this
                intersection). At this intersection, turn right into
                Chelsea Investment Corp.'s Rancho Del Norte Affordable
                Apartment project.

VISUAL OPPORTUNITIES: Top State housing officials present mock award
                checks to city and county leaders and local housing
                dignitaries at active construction site.

HIGHLIGHTS:

--California's Department of Housing and Community Development Director, Lucetta Dunn, will announce awards totaling over $100 million for housing development in 59 California communities. The funds are provided through Proposition 46, the housing bond approved by the voters in November 2002.

--Governor Arnold Schwarzenegger has directed the State's housing agencies to expedite the award of housing bond funds to meet the housing needs of California's workforce and their families, stimulate the economy, and create thousands of jobs.

--Awards will be made to build housing and homeless facilities located in the following counties: San Diego, Alameda, Butte, Contra Costa, Fresno, Humboldt, Imperial, Kern, Kings, and Los Angeles. Others include Madera, Mariposa, Merced, Monterey, Napa, Orange, Placer, Riverside, Sacramento, San Bernardino, San Luis Obispo, and San Francisco. Also in the line-up are San Mateo, Santa Barbara, Santa Clara, Shasta, Solano, Sonoma, Trinity, Tuolumne, Tulare, Ventura, and Yolo counties.