Document:

1221 Avenue of the Americas
                                                     New York, NY 10020

[Morgan Stanley Logo]

19 December 2003

Citigroup Global Markets Inc.
390 Greenwich Street, First Floor
New York, NY 10013

RE:  AFFORDABLE RESIDENTIAL COMMUNITIES LP $125 MILLION 3-YEAR SENIOR REVOLVING
     CREDIT FACILITY (THE "FACILITY")

Ladies and Gentlemen:

Morgan Stanley (the "Bank") is pleased to commit to Affordable Residential
Communities LP (the "Borrower" or the "Company") to provide a portion of the
above referenced Facility, for which Citigroup Global Markets Inc. and Merrill
Lynch & Co. will act as Joint Lead Arrangers and Joint Book Running Managers.
Citicorp North America will act as Administrative Agent and Merrill Lynch & Co.
as Syndication Agent, in the aggregate amount provided below and substantially
on the terms and conditions set forth in the Summary of Terms and Conditions
attached to the Confidential Information Memorandum dated November, 2003. Our
proposed offered commitment amount ("Offered Commitment Amount") is $15.0
million.

The Bank acknowledges that it has, independently and without reliance upon
Citigroup Global Markets Inc. and Merrill Lynch & Co. (together, the
"Arrangers") or any of their affiliates, or any other bank, and based on the
financial statements of Affordable Residential Communities LP, Affordable
Residential Communities, Inc. and their affiliates and such other documents and
information as it has deemed appropriate, made its own credit analysis and
decision to enter into this commitment.

The Bank also acknowledges that entering into the Facility is subject to
satisfactory documentation substantially on the terms and conditions set forth
in the Summary of Terms and conditions. The Arrangers, or any of their
affiliates, shall have no liability or responsibility to the Bank if such
Facility is not entered into.

The Bank understands and agrees that the proposed Offered Commitment Amount is
subject to acceptance by Affordable Residential Communities LP and the
Arrangers, that the Offered Commitment Amount may be reduced by Affordable
Residential Communities LP and the Arrangers, and that the Arrangers will notify
the Bank by January 12, 2004, or such other date as selected by Affordable
Residential Communities LP and the Arrangers, of the amount of the Bank's
accepted commitment ("Allocated Commitment").

Very truly yours,

/s/ Steven Stern
Steven Stern
Managing DirectorEx. 10.14

                              UBS Loan Finance LLC
                            677 Washington Boulevard
                          Stamford, Connecticut 06901

December 22, 2003

Citigroup Global Markets Inc.
390 Greenwich Street, First Floor
New York, New York 10013

Attention: John Dankel
Fax:       212-723-8539

Re: $125,000,000 Senior Secured Revolving Credit Facility for Affordable
Residential Communities LP

Ladies and Gentlemen:

We refer to the attached copy of the Summary of Terms and Conditions (the
"Summary") relating to the $125,000,000 senior secured revolving credit facility
(the "Facility") for Affordable Residential Communities LP (the "Company").
Subject to the terms and conditions contained in the Summary, and to the
additional conditions set forth below, we are pleased to commit $15,000,000 to
the Facility. Capitalized terms used herein but not defined herein have the
meanings given to such terms in the Summary.

Our commitment is subject to (i) the negotiation, execution and delivery of
definitive documentation relating to the Facility satisfactory to us, (ii) the
size of the Facility being no less than $125,000,000, and (iii) a fee in the
amount of 75 basis points on the amount of our final allocation of the Facility
payable to us concurrently with or prior to the execution of the credit
agreement relating to the Facility (the "Closing").

Our commitment may be terminated by us if the Closing does not occur on or prior
to January 30, 2004. In addition, our commitment may be terminated by us if,
prior to the Closing, (i) any change shall occur or any additional information
is disclosed to or discovered by us which in our judgment could reasonably be
expected to have a material adverse effect on the condition (financial or
otherwise), business, operations, assets, liabilities or prospects of the
Company or (ii) any information furnished to us by or on behalf of the Company
in connection with the Facility is determined by us to be inaccurate,
incomplete or misleading in any material respect.

This letter may not be amended or any provision hereof waived or modified
except by an instrument in writing signed by us. This letter may be executed in
any number of counterparts, each of which shall be an original and all of which,
when taken together, shall constitute one agreement. Delivery of an executed
counterpart of a signature page of this letter by facsimile transmission shall
be effective as delivery of a manually executed counterpart hereof. THIS LETTER
SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
NEW YORK WITHOUT GIVING EFFECT TO THE CONFLICT OF LAW PRINCIPLES THEREOF.

Yours sincerely,

UBS LOAN FINANCE LLC

By: /s/ Warren Jervez
    ---------------------
    Name: Warren Jervez
    Title: Director

By: /s/ John C. Crockett
    ---------------------
    Name: John C. Crockett
    Title: DirectorCREDIT   FIRST                    CREDIT SUISSE FIRST BOSTON
SUISSE   BOSTON
                                  Eleven Madison Avenue     Tel  1 212 325 2000
                                  New York, NY 10010-3629   www.csfb.com

December 29, 2003

Citigroup Global Markets Inc.
390 Greenwich Street, First Floor
New York, NY 10013
Attention: John Dankel
Fax: (212) 723-8539

Re: Affordable Residential Communities LP $125 million 3-year Senior Revolving
Credit Facility (the "Facility")

Ladies and Gentlemen:

Credit Suisse First Boston, acting through its Cayman Islands Branch ("CSFB"),
is pleased to commit to Affordable Residential Communities LP (the "Borrower"
or the "Company") to provide a portion of the above referenced Facility, for
which Citigroup Global Markets Inc. and Merrill Lynch & Co. will act as Joint
Lead Arrangers and Joint Book Running Managers. Citicorp North America will act
as Administrative Agent and Merrill Lynch & Co. as Syndication Agent, in the
aggregate amount provided below and substantially on the terms and conditions
set forth in the Summary of Terms and Conditions attached to the Confidential
Information Memorandum dated November, 2003. Our proposed offered commitment
amount ("Offered Commitment Amount") is $15,000,000.

CSFB acknowledges that it has, independently and without reliance upon
Citigroup Global Markets Inc. and Merrill Lynch & Co. (together, the
"Arrangers") or any of their affiliates, or any other bank, and based on the
financial statements of Affordable Residential Communities LP, Affordable
Residential Communities, Inc. and their affiliates and such other documents and
information as it has deemed appropriate, made its own credit analysis and
decision to enter into this commitment.

CSFB's commitment to the Facility is subject to satisfactory documentation
substantially on the terms and conditions set forth in the Summary of Terms and
Conditions (including, without limitation, receipt by us sufficiently in advance
of closing of all documentation and other information required by bank
regulatory authorities under applicable "know your customer" and anti-money
laundering rules and regulations, including without limitation the USA Patriot
Act). The Arrangers, or any of their affiliates, shall have no liability or
responsibility to CSFB if such Facility is not entered into. This commitment
will expire on 3/31/04.

CSFB understands and agrees that the proposed Offered Commitment Amount is
subject to acceptance by Affordable Residential Communities LP and the
Arrangers, that the Offered Commitment Amount may be reduced by Affordable
Residential Communities LP and the Arrangers, and that the Arrangers will
notify CSFB by January 12, 2004, or such other date as selected by Affordable
Residential Communities LP and the Arrangers, of the amount of the CSFB's
accepted commitment ("Allocated Commitment"). CSFB also understands that it
will receive an upfront fee equal to 75bps of our Allocated Commitment at
closing.

Very truly yours,

Credit Suisse First Boston
acting through its Cayman Islands Branch

/s/ William O'Daly                         /s/ Mark Gleason
--------------------------                 ---------------------------
William O'Daly                             Mark Gleason
Director                                   Director[BANK ONE LETTERHEAD]

January 5, 2004

Citigroup Global Markets Inc.
390 Greenwich Street, First Floor
New York, NY 10013
Attention: John Dankel
Fax: (212) 723-8539

     Re:   Affordable Residential Communities LP $125 million 3-year Senior
           Revolving Credit Facility (the "Facility")

Ladies and Gentlemen:

Bank One is pleased to commit to Affordable Residential Communities LP (the
"Borrower" or the "Company") to provide a portion of the above referenced
Facility, for which Citigroup Global Markets Inc. and Merrill Lynch & Co. will
act as Joint Lead Arrangers and Joint Book Running Managers. Citicorp North
America will act as Administrative Agent and Merrill Lynch & Co. as Syndication
Agent, in the aggregate amount provided below and substantially on the terms and
conditions set forth in the Summary of Terms and Conditions attached to the
Confidential Information Memorandum dated December 2003. Our proposed offered
commitment amount ("Offered Commitment Amount") is $15 million.

The Bank acknowledges that it has, independently and without reliance upon
Citigroup Global Markets Inc. and Merrill Lynch & Co. (together, the
"Arrangers") or any of their affiliates, or any other bank, and based on the
financial statements of Affordable Residential Communities LP, Affordable
Residential Communities, Inc. and their affiliates and such other documents and
information as it has deemed appropriate, made its own credit analysis and
decision to enter into this commitment.

The Bank also acknowledges that entering into the Facility is subject to (i)
upfront fee of 75 basis points, (ii) satisfactory documentation substantially on
the terms and conditions set forth in the Summary of Terms and Conditions, and
(iii) Bank One to serve as ARC's cash management service provider. The
Arrangers, or any of their affiliates, shall have no liability or responsibility
to the Bank if such Facility is not entered into.

The Bank understands and agrees that the proposed Offered Commitment Amount is
subject to acceptance by Affordable Residential Communities LP and the
Arrangers, that the Offered Commitment Amount may be reduced by Affordable
Residential Communities LP and the Arrangers, and that the Arrangers will notify
the Bank of the amount of the Bank's accepted commitment ("Allocated
Commitment").

Very truly yours,

/s/ Angela L. Kleiman
----------------------
Angela L. Kleiman

cc:  John Sprengle (via fax 303-294-9946)
     Charlie Moffett

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