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22206 920 Shasta <br />Affordable Housing Plan and Density Bonus Request <br />November 5, 2024 <br />ATTY/AGR/2025.084/920 SHASTA AFFORDABLE HOUSING LAND DONATION AGREEMENT <br />REV: 10-16-25 VR <br />Exhibit B-1 - 8 <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 <br />Loan and Land Donation. The project will be funded by 4% federal tax credits and bonds. <br />Assuming this funding path, the project would begin construction by June 2026 and <br />complete by February 2028. See enclosed Proforma in Exhibit B, for further details on the <br />financing plan. <br />As an alternative, the project would replace the HCD AHSC funds with City of Redwood <br />and San Mateo County Affordable Housing Funds which are typically available annually. <br />2.The location, structure (attached or detached), proposed tenure (for-sale or rental), <br />and size of the proposed market- <br /> <br />Rental units as shown in the table above, and on the entitlements plans. All proposed units <br />3. r <br />4. <br /> <br />Not Applicable. Land donation option is being requested. <br />5. -site units, or other alternatives are proposed under Section 29.8 (Alternatives), <br />approval of such alternatives; and