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FIRST AMENDMENT TO AFFORDABLE HOUSING DEVELOPMENT AGREEMENT THIS FIRST AMENDMENT TO AFFORDABLE HOUSING DEVELOPMENT AGREEMENT ("Amendment") is entered into this 1st day of July, 2004, by and among the CITY OF RIVERSIDE, a municipal corporation ("City"), the REDEVELOPMENT AGENCY OF THE CITY OF RIVERSIDE, a public body, corporate and politic ("Agency"), and RIVERSIDE HOUSING P/LRTNERS, L.P., a California limited partnership ("Developer"). RECITALS WHEREAS, City, Agency, Developer entered into that certain Affordable Housing Development Agreement dated as of May 28, 2003 ("Agreement") whereby the City and/or the Agency agreed to provide financial assistance to Developer in connection with the acquisition and rehabilitation of certain parcels of real property located at the northwest comer of the intersection of Massachusetts Avenue and Turquoise Street in the University Neighborhood within thc City of Riverside as depicted on thc Site Plan (Attachment No. 1 to the Agreement) and described in the Site Legal Description (Attachment No. 2 to the Agreement) and referred to herein as the "Site". WHEREAS, Agency, City and Developer are exercising best efforts to implement the Agreement and related project documents and have successfully (i) acquired title to or possession of the 18 parcels comprising the Site, (ii) completed relocation activities related thereto, (iii) obtained construction and permanent financing, and (iii) intend to immediately commence construction of the Project pursuant thereto; WHEREAS, City, Agency and Developer desire to refine the mix of two- and three- bedroom Units reserved for occupancy by Very Low and Qualified Low Income Households in the Project; WHEREAS, Project Costs haw: increased in excess of the costs identified in the Project Budget as of the Efl'ective Date of the Agreement and City has agreed to provide additional financial assistance to the Develope~ in the mnount of Two Hundred Thousand Dollars ($200,000) to fund such additional costs; WHEREAS, City, Agency and Developer desire to enter into this Amendment in order to clarify various provisions of the Agrsement in light of changed circumstances and avoid any ambiguity m the implementation of the Agreement and completion of the Project. NOW, THEREFORE, the foregoing recitals are a substantive part of this Amendment and in consideration of their mutual covenants and conditions, the Parties hereto agree as follows: 1. Investor. The term "Investor" defined in Section 1.i of the Agreement is amended and restated in its entirety as follows: Housing Development Agrcement 08/02/04