REVISED* OFFICIAL RULES AND REGULATIONS

Century Housing, a nonprofit California corporation, is a tax-exempt organization under federal and state laws. Century Housing supports affordable and workforce housing throughout the greater Los Angeles area, with an emphasis on More Than Shelter supportive services for the residents. Such services include early childhood development programs, after-school tutoring services for at-risk youth, construction employment development and placement services for community residents, a public charter school for middle school children, a wellness program for seniors living in affordable apartment communities, and an extensive array of supportive services for formerly homeless veterans.

In cooperation with More Than Shelter, a California nonprofit corporation, Century Housing is conducting this raffle pursuant to California Penal Code Section 320.5, et seq., as a way to raise funds to cover a portion of the cost of providing More Than Shelter services to community members. The official rules and regulations of the Century Housing raffle are set forth below. By purchasing a raffle ticket, you agree to be bound by these rules and regulations. Century Housing’s interpretation and application of the rules and regulations shall be final.

Tickets:

Raffle tickets are $180 each, payable to “Century Housing Corporation.” No more than 22,000 tickets will be sold. Raffle tickets must be purchased by 5:00 p.m. on February 28 May 29, 2005. Tickets may sell out prior to such time. If fewer than 22,000 tickets have been sold by 5:00 p.m. on February 28, then ticket sales may continue, at Century Housing’s discretion, for an additional period of time, not to exceed 90 30 days (the “Extended Deadline”). Any extension of the ticket sale period will cause all other dates listed in these Rules and Regulations to be extended by a like period of time. All sales transactions are final. Only ticket holders with validly paid tickets are eligible to participate in the raffle. Any purchase requests received with payment after 22,000 tickets have been sold or after 5:00 p.m. on February 28 May 29, 2005 (or if utilized, the Extended Deadline) will be returned. No other refunds are available. Only one eligible person may be entered in the raffle per ticket sold. Century Housing will record the name and contact information of that person as the holder of record of that particular ticket. Prizes will be awarded only to the holder of record of a winning ticket. If the name of more than one person is submitted with a ticket purchase, and that ticket is selected as a winning ticket, then the person named first will be deemed the holder of record of that ticket and declared the winner. Division of a prize by a group purchasing a ticket in common shall be the sole responsibility of the person named as the holder of record of that ticket, should that ticket be selected as a winner. Century Housing assumes no responsibility for lost, late, misdirected or non-delivered mail or other failure to deliver tickets prior to any deadline. Purchases of raffle tickets are not tax-deductible contributions.

How to Purchase:

Tickets may be purchased from an employee or agent of Century Housing, and paid for by check, credit card or check by phone. Purchases may be made by phone, toll free, at (866) WIN-HOME ((866) 946-4663); by fax either at (310) 258-9426 or, toll free, at (800) 590-2544; or by mail to More Than Shelter Dream Home Raffle, P.O. Box 2746, Culver City, California 90231-2746. An entry form is available on Century Housing’s web site, www.centuryhousing.org/windreamhome.htm; or may be requested by phone, toll free, at (866) WIN-HOME ((866) 946-4663); or by mail to More Than Shelter Dream Home Raffle, P.O. Box 2746, Culver City, California 90231-2746. You may buy as many available tickets as you want.

Selection of Winners:

Winning tickets will be drawn at random on or about March 4 June 29, 2005, (or within thirty (30) days of the sale of all tickets, if earlier) from all eligible raffle tickets received. Century Housing will conduct the drawing. Ticket holders do not need to be present to win. Winners will be notified by phone, U.S. mail or email, according to the contact information provided to Century Housing at the time of ticket purchase. The odds of winning a prize will depend on number of raffle tickets sold. If all 22,000 tickets are sold, the odds of winning the Grand Prize are 1 in 22,000, and, for those who purchase a ticket prior to the Early Bird deadline of December 15, 2004, the odds of at least doubling their purchase price are 1 in 100. Your odds will improve if fewer tickets are sold. The certified public accounting firm of Novogradac & Company LLP has been engaged to apply agreed-upon procedures to determine that the raffle was administered properly in accordance with attestation standards established by the American Institute of Certified Public Accountants.

Eligible purchasers who purchase tickets before December 15, 2004, will be entered into a special Early Bird raffle in addition to the Grand Prize raffle. The Early Bird raffle will be held on or about December 31, 2004. Winners of the Early Bird raffle will also be entered into the Grand Prize raffle.

Eligibility:

You must be 18 years of age or older and a resident of the United States to purchase tickets or win a prize. Employees of Century Housing, any affiliated corporation thereof, The Strategics Group, Tier3, Inc., Wollborg and Michelson, any temporary employment agency used by Century Housing, or Novogradac & Company LLP, and persons living in the same household as those employees, are not eligible to win a prize. All federal, state, and local laws and regulations apply. The raffle is void where prohibited or restricted by law.


PRIZES


Grand Prize:

Grand Prize: The Grand Prize is a home located in the Beverly Hills area of Los Angeles, California. Alternatively, the Grand Prize winner may elect to receive a cash prize of $1,000,000. The Grand Prize winner must make this election in writing within fourteen (14) days after notice of the award. If the Grand Prize winner does not make an election by that date, he or she will be deemed to have elected to take the cash prize. If fewer than 15,000 tickets have been sold on or before 5:00 p.m. on February 28, 2005 (or if utilized, the Extended Deadline), Century Housing reserves the right to modify the Grand Prize. In that case, neither the home nor the alternative one million dollar Grand Prize would be available as the Grand Prize. The only Grand Prize would be a cash prize equal to 50% of the net raffle proceeds. Net raffle proceeds equal the amount of total ticket sales less all expenses incurred in connection with the operation of the raffle, the carrying costs of the home identified as the Grand Prize, and the cost of the other cash prizes. All other prizes will be awarded as described.

Other Prizes:

1st Prize: One (1) cash prize of $50,000.00
2nd Prize: One (1) cash prize of $25,000.00
3rd Prize: One (1) cash prize of $10,000.00
4th through 10th Prize: Seven (7) cash prizes of $1,000.00 each
11th through 20th Prize: Ten (10) cash prizes of $500.00 each
21st through 180th Prize: One hundred sixty (160) cash prizes of $360.00 each

Early Bird Prizes:

1st Prize: One (1) cash prize of $30,000.00
2nd through 6th Prizes: Five (5) cash prizes of $1,000.00 each
7th through 40th Prizes: Thirty four (34) cash prizes of $360.00 each

Restrictions:

No substitutes for prizes will be made. Winners assume all local, state and federal taxes, fees, closing costs, title insurance charges, transfer taxes, and incident expenses not mentioned herein. Payment of tax withholding will be required at the time of transfer of the prize to the winner. In the case of a cash prize, Century Housing shall withhold income taxes in accordance with law, and shall remit the balance of the cash prize to the winner. In the event the Grand Prize winner elects to receive the house, an agreement of sale between the winner and Century Housing must be executed within thirty (30) days after the notice of the award. No warranties or guaranties, expressed or implied, are made or offered by Century Housing, and the home will be transferred in an “as is” condition without furnishings. Century Housing does not guarantee that the Grand Prize winner will be able to sell the home for its estimated value of $1,500,000.00. Tax authorities may place a different value on the home for the purpose of determining any income, property, transfer or other taxes that may be due from the Grand Prize winner. If any winner cannot be located by 5:00 p.m., March 18 July 15, 2005, after making reasonable attempts to do so, or if the winner is deemed to be ineligible, such winner will be deemed to have forfeited his or her prize, and another winner will not be selected for such prize. Winners must claim their prizes within fourteen (14) days after notice of the award. If a winner does not claim the prize within such fourteen (14) day period, such winner will be deemed to have forfeited his or her prize and another winner will not be selected for such prize. A list of winners may be obtained by requesting a list, in writing, to Century Housing, together with a self-addressed, stamped envelope, not later than April 29 July 29, 2005.

General Terms and Conditions:

By purchasing a raffle ticket, you agree to be bound by these Official Rules and Regulations and the decisions of Century Housing, which shall be final. Winners will be required to execute an affidavit of eligibility and a publicity release permitting Century Housing to use their name, photograph, likeness and voice for promotional purposes in any media. Century Housing is not responsible for any injuries, losses or damages of any kind arising in connection with or as a result of the winner’s acceptance or use of any prize. By entering the raffle, each participant releases Century Housing, its directors, officers, employees, and agents from any and all liability for injuries, losses or damages of any kind caused by any prize or resulting from acceptance, possession, use or misuse of any prize, and each winner agrees to indemnify and hold Century Housing harmless from any and all losses, damages, rights, claims and actions of any kind arising in connection with or as a result of the winner’s acceptance or use of any prize.

Disclaimer of All Other Representations and Warranties:

THERE ARE NO REPRESENTATIONS OR WARRANTIES OTHER THAN AS SET FORTH IN THESE OFFICIAL RULES AND REGULATIONS. CENTURY HOUSING DISCLAIMS ALL OTHER REPRESENTATIONS AND WARRANTIES, EXPRESS OR IMPLIED, REGARDING THE RAFFLE, INCLUDING, BUT NOT LIMITED TO, ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. A RAFFLE PARTICIPANT’S SOLE AND EXCLUSIVE REMEDY FOR CENTURY HOUSING’S BREACH SHALL BE LIMITED TO THE RETURN OF THE PURCHASE PRICE PAID FOR HIS OR HER RAFFLE TICKET(S).

IN NO EVENT SHALL CENTURY HOUSING BE LIABLE TO ANY PARTY FOR ANY LOSS OR INJURIES TO EARNINGS, PROFITS OR GOODWILL, OR FOR ANY INCIDENTAL, SPECIAL, PUNITIVE OR CONSEQUENTIAL DAMAGES OF ANY PERSON OR ENTITY WHETHER ARISING IN CONTRACT, TORT OR OTHERWISE, EVEN IF CENTURY HOUSING HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

ANY CLAIM OR DISPUTE AGAINST CENTURY HOUSING WITH RESPECT TO THE RAFFLE MUST BE BROUGHT WITHIN ONE YEAR AFTER THE CAUSE OF ACTION ARISES.

Sponsored by Century Housing Corporation, 1000 Corporate Pointe, Suite 200, Culver City, California 90230. Century Housing is a tax-exempt organization under Section 501(c)(3) of the Internal Revenue Code. Net proceeds will be used to benefit Century Housing’s More Than Shelter social support programs for children, youths, community residents, seniors and veterans. For more information, please visit Century Housing’s website at www.centuryhousing.org. California Raffle Registration Number: R-02477.

* Revised as of April 18, 2005. Revisions are shown by strike-throughs and red-colored text.

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