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. EXHIBIT A HOUSING PROGRAM AND AMENDMENT TO CITY HOUSING PLAN RELATING TO THE ISSUANCE OF CITY OF ARDEN HILLS REVENUE BONDS UNDER MINNESOTA STATUTES, CHAPTER 462C, FOR THE FINANCING AND REFINANCING OF A SENIOR HOUSING DEVELOPMENT, ON BEHALF OF THE PRESBYTERIAN HOMES OF MINNESOTA, INC, . 1. Citv Housino Plan. Pursuant to Chapter 462C, Minnesota Statutes, as amended (the "Act"), the City has adopted a Housing Plan (as amended from time to time, the "Housing Plan"), which serves as a basis for the provision of housing for residents of the community. The Housing Plan, as amended hereby, describes various housing goals in the City, including providing suitable housing for people of all ages, incomes, and racial and ethnic groups in good living environments; maintaining high quality housing throughout the City; and eliminating instances of delapidation, blight, etc. Under the Act, the City, prior to issuing revenue bonds or other obligations with respect to a multi-family housing development, as described in section 462C.05, subd. 4, thereof, is to adopt a program setting forth the information required by the Act, including but not limited to Section 462C.03, Subd. la, and Section 462C.OS, Subd. 6, of the Act. This Program advances the aforementioned housing goals by enhancing the City's supply of affordable rental housing facilities for elderly persons at reasonable rental rates, and through the renovation, upgrading and improvement of the City's existing housing stock, all as authorized, contemplated and prescribed by the Act and the Housing Plan. . 2. Prooram. This Housing Program comprises an effort by the City to advance the aforementioned housing goals by providing financing and refinancing for the senior housing development described in paragraph 4 below (the "Facilities"), The proposed refinancing of the Facilities is anticipated to produce debt service savings that will permit the maintenance of rental rates at the most reasonably affordable levels, The proposed renovation of the Facility is expected to enhance the quality and livability of the Facilities for residents. The method of financing to be advanced for this Program shall consist of the issuance of revenue bonds by the City pursuant to the Act. Such bonds shall comprise permanent financing for the Facilities and repayment of such bonds shall be provided by the Corporation named in paragraph 4 (the "Corporation") entering into a loan agreement with the City with respect to