TUC North Campus

Market Statement

The Southern California housing market has changed dramatically in the last several months and remains highly volatile. Concurrently, California must deal with a significant budget gap and economists speculate about recession. The situation is constantly evolving.

The North Campus Development Corporation (NCDC) and the Devonshire Downs project team continuously evaluate these developments – and their potential impact on Devonshire Downs – in order to respond appropriately. The Devonshire Downs project continues to move cautiously forward toward anticipated ground breaking in 2009.

To ensure an exceptional value to home buyers, Phase 1A is being planned to include 48 homes. While this number of homes likely will not meet the full demand of homes initially, the size of Phase 1A will enable the NCDC to meet the design, amenity and affordability goals established for Devonshire Downs. The 48 homes in Phase 1A will be constructed at the corner of Lindley and Lassen. Phase 1B will be started at a future date, to be determined by demand and the ability to deliver the homes at recognizable values to the current housing market.

For current information on the real estate market, please visit the website of the Office of Federal Housing Enterprise Oversight at: http://www.fhfa.gov/HPI.aspx.