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7 <br />22206 920 Shasta <br />Affordable Housing Plan and Density Bonus Request <br />November 5, 2024 <br />Permanent Uses Total Per Unit <br />Acquisition 10,025,000 100,250 <br />Hard Costs 55,075,907 550,759 <br />Architecture & Engineering 2,115,934 21,159 <br />Permits & Fees 1,171,758 11,718 <br />Financing Costs 8,857,545 88,575 <br />Relocation 432,900 4,329 <br />Legal 110,000 1,100 <br />Reserves 525,381 5,254 <br />Reports / Studies 233,737 2,337 <br />Related Development Costs 10,316,245 103,162 <br />Total 88,864,407 888,644 <br />Project Timeline <br />Milestones Dates <br />Sign PSA and Open Escrow 6/1/2022 <br />Submit Entitlements Application 1/1/2023 <br />Secure Entitlements 12/1/2024 <br />Apply for HCD AHSC 3/1/2025 <br />Secure HCD AHSC 8/1/2025 <br />Apply for Tax Credits & Bond Financing 8/1/2025 <br />Secure Tax Credits & Bond Financing 11/1/2025 <br />Secure Investor 11/1/2025 <br />Construction Loan Close 5/1/2026 <br />Begin Construction 5/1/2026 <br />Complete Construction 2/1/2028 <br />100% Occupancy 6/1/2028 <br />Permanent Loan Conversion 7/1/2028 <br />The funding plan includes funding from HCD I AHSC funding in addition to a Seller Gap Loan and Land <br />Donation. The project will be funded by 4% federal tax credits and bonds. Assuming this funding path, <br />the project would begin construction by June 2026 and complete by February 2028. See enclosed <br />Proforma in Exhibit B, for further details on the financing plan. <br />As an alternative, the project would replace the HCD AHSC funds with City of Redwood and San Mateo <br />County Affordable Housing Funds which are typically available annually. <br />ATTY/RESO.0029/CC RESO APPROVING ARCHITECTUAL PERMIT, TENTATIVE PARCEL MAP (920 SHASTA) – EXHIBIT B <br />REV: 04-22-25 VR <br /> <br />Page 7 of 29