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Who We Are Mid Peninsula Housing is a non-pm fit housing developer and property management company. We are one of the largest non-profit developer and property manager in California. We've won many local and national awards for the quality of our housing. Our main office is located in Redwood City. For the past 32 years, we've made significant contribution to providing affordable housing. We've acquired, designed, built, and rehabilitated more than 5,100 units throughout the Bay Area and Monterey regions. Our portfolio includes 73 properties, which house over 124,000 residents. In Redwood City, we have built and managed two projects - Redwood Court and City Center. City Center received a Golden Nugget Award for its architecture and the San Marco County Sustainability award for its energy efficient design. Redwood Court History and Profile Redwood Court is a 27-unit multifamily ap~u~nent constructed in 1982 with HAP Contract and CHFA fa'st mortgage. The project was completed and initial occupancy took place in July 1983. Redwood Court is located at e35 Spruce Street and 622 Chestnut Street. There are 21 units at Spruce Street and 6 units at Chestnut Street. The properties contain two and three bedrooms. They serve medium to large size families whose households annual earnings are less than 30% of the Area Median I~come. There a quite a number of children on site (XX children). Current Status As a Section 8 Project Based, Redwood's HAP contract is due to expire in July 2003. Mid Peninsula is in the process of refinancing Redwood Court to buyout our Limited Panners and to rehabilitate the property. We hope to close the loan with CI-IFA within 45 days. Both the buyout and the rehabilitation are necessary to continue long-term affordability and to maintain building standards. Why should Housing and Human Concern Committee be concerned that Redwood Court Section 8 contract is expiring? · Redwood Court is a Housing Authority Program (F_&P) project in which all residents receive Section 8 rent subsidy. When the contract expire% rent subsidy will not longer be available for residents. Currently the average rents are as follows: ',Data Source: Rent Roils I I 2 Bedroom 3 Bedroom I Number of units 27 201 7! Ave. Tenant Contribution/Mo. $~ $! 41~ 55?[ Ave. Subsidy Contribution/Mo. $; I 815 927 Total Unit $i $i Rent/Mo. 1,2251 1,4791 If we do not renew the section 8 contract, the tenants will have to pay the market rents. As oWner, Mid Peninsula will be impacted as the project's financial viability including mortgage payments and operating costs, are based upon the Section 8 as the main source of revenue.