Laserfiche WebLink
Demolition Plan <br />The Land Donation Site will be donated to Eden with no occupants and with an existing structure. There <br />is an existing chapel structure on the site that is currently being used by a congregation. The <br />congregation's lease has expired, and they currently occupy the space on a month-to-month basis. The <br />seller of the site to Lane will deliver the site to Lane without occupants. Lane will in turn deliver the <br />unoccupied site to Eden. Eden will demolish the existing structure at the start of construction of the <br />affordable housing project. <br />Financing Plan Overview <br />The intent of the financing plan is to lay out the requirement to provide a level of affordability to satisfy <br />Lane Partners' inclusionary obligation and to balance the intent of Eden Housing's mutually shared goal <br />of providing more units at the deepest levels of affordability possible while maintaining fiscal feasibility <br />without the need for an operating subsidy. <br />The size of the proposed development (at 72 homes) now lends itself to a more flexible execution that <br />could result in an overall affordability level at or below 60% AMI. Should this project qualify and be <br />awarded 9% LIHTC, the average affordability level will be at or below 50% AMI. While the 9% LIHTC <br />program remains largely oversubscribed and relies heavily on tiebreaker scoring that rewards local <br />funding commitments, San Mateo County has historically fared very well in the application process. <br />Nevertheless, our focus is to ensure financing that allows for the quickest delivery of vital affordable <br />homes to the market. To this end, and to complement the donated land, the project's plan for competitive <br />financing includes: <br />• A 4% LIHTC execution <br />• CA HCD funds (MHP and 11G programs) <br />• Project -Based Vouchers (approximately 18— 22) <br />• Federal Home Loan Bank of SF AHP program <br />Eden has paired these programs on past projects and has a strong track record securing competitive funds <br />from CA HCD, as well as bonds through CDLAC in the current competitive environment. We have <br />structured the unit affordability mix with strong depth of affordability in order to be competitive for the <br />MHP and 11G programs administered under the SuperNOFA. Once entitled, we anticipate project will be <br />competitive and ready to attract financing. The order of financing would likely be: <br />1. First working closely with San Mateo County to allocate approximately 18 — 22 Project -Based <br />Vouchers to the project <br />2. Applying for the State of California SuperNOFA <br />3. Applying for the FHLB -SF program <br />4. Once obtaining all soft funding commitments, we would then apply for a CDLAC allocation and 4% <br />tax credits. <br />26 <br />ATTY/AGR/2024.193.1—AFFORDABLE HOUSING LAND DONATION AGREEMENT- EXHIBIT B - AFFORDABLE HOUSING PLAN <br />REV: 10-22-24 VR Page 44 of 43 <br />