Appendix 7G.

2 WOOD RIVER LAND TRUST EMPLOYEE HOUSING ASSISTANCE FUND ARTICLE I PURPOSE The Board of the Land Trust finds that housing in the Wood River Valley takes an unusually high percentage of the Land Trusts employees takehome pay. To provide a retention incentive, the Board establishes this Fund to assist the Eligible Employees in meeting this extraordinary housing cost. ARTICLE II DEFINITIONS LAND TRUST - The Wood River Land Trust Company, an Idaho nonprofit corporation. BOARD - The Board of Directors of the Land Trust. THE FUND - The Wood River Land Trust Employee Housing Assistance Fund. ELIGIBLE EMPLOYEE - Any employee of the Land Trust who is a full-time employee or a part-time employee whose scheduled work time is 20 hours or more per week. This includes seasonal employees such as summer interns, AmeriCorps volunteers and the like. An employee becomes an Eligible Employee immediately upon his/her employment by the Land Trust without having to serve any waiting period to become eligible to receive benefits from this Fund. ARTICLE III APPLICATION OF THE FUND The Fund will be used to purchase or construct housing units and will be invested to provide income that can be disbursed to Eligible Employees. In addition a portion of the Funds principal may be loaned to Eligible Employees as described more fully in subsection C below. A. Ownership of Housing Units by the Fund The Board may elect to invest some or all of the Fund in housing units that qualify as Community Housing in the Wood River Valley and may make such units available to Eligible Employees on a favorable rental basis. Rental arrangements with the Eligible Employee for any such unit will call for the employee to maintain the unit and its associated grounds in a proper manner and to vacate the unit promptly after termination of his/her employment with the Land Trust. B. Investments other than in Housing Units
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The Finance Committee of the Board will recommend to the Board an investment policy for money in the Fund that is not invested in housing units. This recommendation will be by way of an amendment to the Investment Policy initially adopted by the Board on September 26, 2006. C. Loans to Eligible Employees A portion of the principal of the Fund may be made available for loans to Eligible Employees to assist them in purchasing housing. For example loans may be made for assistance in down payment and closing costs or as secondary or gap financing if the Eligible Employee is not able to qualify for a loan of a sufficient amount to complete the purchase of the house. Any such loan must be secured by a second deed of trust on the property being purchased. D. Grants to assist in rental and loan payments Income from the Fund may be disbursed to or for the benefit of Eligible Employees to help them defray rental expense or for those who own their own homes for mortgage loan payments. Such Grants will be administered as provided in Article V below. ARTICLE IV THE NATURE OF THE FUND It is the Boards intention in creating the Fund that it be in the nature of an endowment fund, the principal of which may be used to purchase property or construct or improve affordable housing units; loaned to Eligible Employees in accordance with this Policy; or invested to produce income for disbursement in accordance with this Policy. Regular disbursements from the Fund to or for the benefit of Eligible Employees will be only from ordinary income generated by the Funds investments and will not be from the Funds principal. Long-term capital gains and losses, as those terms may be defined from time to time by the U.S. Internal Revenue Code (the Code) will be deemed to be additions to or reductions from the principal of the Fund. If the Code does not distinguish between long-term and short-term capital gains and losses, for purposes of the Fund, gains or losses from investments held more than twelve (12) months will be deemed to be long term. Any ordinary income generated by the Funds investments that is not disbursed to or for the benefit of Eligible Employees by the end of the fiscal year following the year in which the income is earned will be added to the Funds principal. ARTICLE V DISBURSEMENTS FROM THE FUND
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With regard to the disbursement from the income generated by Fund investments, the Board will establish a procedure for determining the amount of housing support, if any, each Eligible Employee may receive. Factors the Board will take into account in determining those amounts will include the Eligible Employees salary, size of family, current housing obligations, income from sources other than the Land Trust and the amount of income the Fund can generate. The Board will review the amounts of housing support at least semi-annually. Except in very unusual circumstances, disbursements from the Fund will be made for the Eligible Employees benefit to his/her landlord or mortgage lending institution.

Employee Housing Assistance Page 3 of 3 / Approved by the Board, November 27, 2007