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EXHIBIT 1 <br />We remain committed to the long term preservation of the Cornerstone project as affordable, but <br />reiterate the projected capital needs are akin to a ticking time bomb. It is not a question of if, but <br />rather when they will come due. A shoddy rehabilitation that was completed by the original <br />developer of this project has resulted in capital needs that jeopardize the economic viability of <br />these affordable units going forward. We feel strongly that the proposed scope of work will <br />address these needs, represent good stewardship of public resources, and therefore request the <br />approval of the project as currently proposed. <br />We value our continued partnership with the City of Santa Ana and hope you are in agreement <br />that it has been positive relationship. If you have any questions, please do not hesitate to contact <br />either John Okura at 949-813-6923 (iokuraOiamboreehousina.com) or Tung Tran at 949-263- <br />8676 (ttrariftamboreehousina.com). <br />Sincerely, <br />Michael Massie <br />Senior Vice President <br />Jamboree Housing Corporation <br />25YEARS , <br />s`X.)PAMUNITIES <br />J AM G ORE E H o U s I N G C 0 R P 0 R A T 1 0 N REGIONAL OFFICES. SACRAMENTO AND SAN DIEGO <br />17701 COWAN AVENUE SUITE 200 IRVINE CA 92614 Pgg9.Z63§676 F 949 263 0647 www.jemboreehousing.com <br />