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EXHIBIT E HOUSING PROGRAM RELATING TO THE ISSUANCE OF CITY OF ELK RIVER REVENUE BONDS UNDER MINNESOTA STATUES, CHAPTER 462C, IN PART FOR THE FINANCING AND REFINANCING OF ELDERLY HOUSING DEVELOPMENTS, ON BEHALF OF EVANS PARK, INC. 1. Local Housing Policy. The City's housing policies are currently set forth in the City's Comprehensive Plan and in related plans and documents. This Housing Program has been developed pursuant thereto, all in accordance with and as contemplated by Minnesota Statutes, Chapter 462C, as amended (sometimes referred to herein as the "Act:'). 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, or a combination health care and elderly housing development, as described in Section 462C.05, subd. 7, is to adopt a program setting forth the information required by the Act,. including but not limited to Section 462C.05, Subd. 6, of the Act. This Program advances the City's stated housing goals by enhancing and increasing the City's supply of affordable rental housing facilities for elderly persons at reasonable rental rates, and through the renovation, upgrading and improvemen._t of the City's existing housing facilities, ail as authorized, contemplated and prescribed by th6 AcL '~ ~'- ' 2. Program. This Housing Program comprises an effort by the City to advance its housing and related health care goals by providing financing and refinancing for the elderly housing developments described in paragraph 4 below (sometimes referred to herein generally in the aggregate as the "Facilities"). The proposed refinancing of a portion of the Facilities is anticipated to produce debt service savings that will permit the maintenance of rates and charges at the most reasonably affordable levels. The proposed construction, rehabilitation and improvement of the Facilities is expected to increase the City's supply of affordable rental housing facilities for elderly persons and to maintain and 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 (the "Bonds") by the City, on behalf of the jurisdictions listed in Exhibit 1 hereto (the "Participating Jurisdictions"), pursuant to the provisions of the Act and a joint powers agreement to be entered into between the Issuer and the Participating Jurisdictions under the provisions of Minnesota Statutes, Section 471.59, as amended (the "Joint Powers Agreement"). The proceeds of the Bonds will be loaned to the entities named in Exhibit 2 hereto (the "Borrowers") pursuant to individual loan agreements with the City to provide for the repayment of each Borrower's loan. A portion of the proceeds of the Bonds (the "Evans Park Loan") shall be loaned to Evans Park, Inc., a Minnesota nonprofit corporation (referred to herein as "Evans Park"), to provide permanent financing and refinancing for the Facilities, E-1