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Attachment 8 Eden Housing Project Summary 847 Woodside Road The Affordable Housing Project — 847 Woodside Road The affordable housing project that will be made possible by Lane's land donation at 847 Woodside Road ("Land Donation Site") is contemplated to be a 72 -unit Large Family project (including 1 manager's unit), which will include a range of unit sizes from studio, one, two and three-bedroom units (collectively, the "Eden Housing Project"). These homes will be targeted to households earning between 30 and 60 percent of San Mateo County Area Median Income, as adjusted for family size. The project will include amenities common to Eden's high-quality projects — a community room, a computer learning center, and well-appointed outdoor spaces such as playgrounds and picnic areas. Eden will also have its service coordination staff provide programming that helps build community and support the residents, including technology programs for youth and financial management and homebuyer training for adults. The Land Donation Site is well -located on Woodside Road in an amenity -rich, walkable location. Key needs such as groceries, pharmacy, parks and transit are immediately adjacent to the Land Donation Site, which helps the project score competitively for state -level funding such as the Multifamily Housing Program. With density bonus, the site already is zoned for the proposed project (MUN), and an apartment use is contextual for the area. Following is a summary of the anticipated and approximate unit breakdown, demolition plan, and financing plan, including an initial unit affordability matrix. Please note that the affordability matrix is subject to change based on the final funding sources secured at the time of the project's construction closing. None of the funding sources listed below have been applied for or committed and this finance plan is in Eden's professional opinion one of many options to ensure successful funding. All affordable funding programs require land entitlements to be in place; therefore, application for funding would likely occur at the first opportunity upon entitlement completion according to the NOFA published schedules. 25 ATTY/AGR/2024.193.1—AFFORDABLE HOUSING LAND DONATION AGREEMENT- EXHIBIT B - AFFORDABLE HOUSING PLAN REV: 10-22-24 VR Page 42 of 48 r■■iir■■r�an�s rrwlra■ra• ■■■{err rniee The affordable housing project that will be made possible by Lane's land donation at 847 Woodside Road ("Land Donation Site") is contemplated to be a 72 -unit Large Family project (including 1 manager's unit), which will include a range of unit sizes from studio, one, two and three-bedroom units (collectively, the "Eden Housing Project"). These homes will be targeted to households earning between 30 and 60 percent of San Mateo County Area Median Income, as adjusted for family size. The project will include amenities common to Eden's high-quality projects — a community room, a computer learning center, and well-appointed outdoor spaces such as playgrounds and picnic areas. Eden will also have its service coordination staff provide programming that helps build community and support the residents, including technology programs for youth and financial management and homebuyer training for adults. The Land Donation Site is well -located on Woodside Road in an amenity -rich, walkable location. Key needs such as groceries, pharmacy, parks and transit are immediately adjacent to the Land Donation Site, which helps the project score competitively for state -level funding such as the Multifamily Housing Program. With density bonus, the site already is zoned for the proposed project (MUN), and an apartment use is contextual for the area. Following is a summary of the anticipated and approximate unit breakdown, demolition plan, and financing plan, including an initial unit affordability matrix. Please note that the affordability matrix is subject to change based on the final funding sources secured at the time of the project's construction closing. None of the funding sources listed below have been applied for or committed and this finance plan is in Eden's professional opinion one of many options to ensure successful funding. All affordable funding programs require land entitlements to be in place; therefore, application for funding would likely occur at the first opportunity upon entitlement completion according to the NOFA published schedules. 25 ATTY/AGR/2024.193.1—AFFORDABLE HOUSING LAND DONATION AGREEMENT- EXHIBIT B - AFFORDABLE HOUSING PLAN REV: 10-22-24 VR Page 42 of 48