CENTURY

HOUSING CORPORATION

300 CORPORATE PO1NTE, SUITE 5OO CULVER CITY, CALIFORNIA 90230

PHONE 3IO . 258 . 0700 FAX 3Io · 258 · o7oi

May 7,1997

Long Beach Housing Development

333 W. Ocean Blvd., 2® Floor

Long Beach, California

To Whom This May Concern:

Vitco Properties, Inc., after a thorough screening process, became one of the top 2 approved management companies for the Century Freeway Housing Program. During our 12 year business relationship, Vitco Properties has managed 7 of our condominium complexes, totaling over 240 units.

I am pleased to report that all business with Vitco Properties has been conducted in a highly professional and efficient manner.

Ms. Torelli and her staff have always provided helpful information and advice regarding homeowners, tenants and problem solving. Vitco also provides monthly financial statements, recommended budgets and serves as a consultant for the Associations.

Vitco Properties, Inc. is a company I can recommend with complete confidence.

If you have any questions or require additional information, please feel free to contact me.

Sincerely,

Vice President Single Family Lending