AgdaPkt 2018-02-12 Joint SA PFA - Laserfiche WebLink

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MidPen Funding Request The City received a request of $1,100,000 of City Affordable Housing Funds from MidPen Housing to assist with the acquisition of Atherton Court. Atherton Court is a 55- unit apartment complex located at 3752, 3762, and 3770 Rolison Road in Redwood City. Atherton Court is situated on an approximately 0.74 acre site and includes three two-story garden style apartment buildings constructed in 1961 and 1962. The buildings consist of 53 studios and two one-bedroom units, largely serving low-income tenants who receive rental subsidies from Abode Services and other service agencies from San Mateo and Santa Clara Counties. Many tenants are also Section 8 housing voucher holders. The property currently includes a rental office, laundry rooms, covered and uncovered parking and outdoor courtyard space. MidPen Housing MidPen Housing Corporation has extensive experience in the development of affordable housing. Since it was founded in 1970, MidPen has achieved recognition as a leading non-profit sponsor and developer of affordable housing. MidPen has constructed or rehabilitated more than 7,500 residential units for low-income families, seniors, farm workers, and physically, mentally or developmentally disabled people throughout Northern California with developments in Alameda, Contra Costa, Monterey, Napa, San Benito, San Mateo, Santa Clara, Santa Cruz, Solano, Sonoma, and Yuba Counties. Of the total number of units, 1,500 units are located in San Mateo County. ANALYSIS In December 2016, MidPen acquired the subject property from its previous market rate owners, who were originally interested in selling the property to market rate buyers. All of the market rate offers were predicated upon the condition that the property be vacant at close of escrow. In acquiring this property, MidPen sought to prevent the displacement of existing tenants, hold the existing naturally affordable rents, and ultimately refinance the property under the tax credit program to create permanent affordable housing. Prior to closing escrow on the property in December 2016, MidPen identified a scope of limited rehabilitation to address critical life-safety issues at the property. The immediate repairs needed include the removal of trip hazards, roof patching, replacement of degrading stair treads, replacement of various electrical equipment and plumbing and sewer line repairs. This property has significant deferred maintenance so MidPen has set aside a substantial amount of replacement reserves to address any repairs that will be necessary to hold it in adequate operating condition. 6.3.A. - Page 5