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ATTACHMENT A <br /> <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.org <br />ATTY/RESO.0022/CC RESO APPROVING CONDITIONAL FUNDING COMMITMENTS FOR RISE CITY APARTMENTS AND 1580 MAPLE STREET – ATTACHMENT A <br />REV: 05-05-26 LF <br />Page 1 of 3 <br /> <br /> <br />1199\06\4215889.1 <br />City of Redwood City <br />Predevelopment Loan Term Sheet <br /> <br /> <br /> <br /> <br /> <br /> <br />The City reserves the right to modify or adjust the terms below. <br /> <br />Project Description 1580 Maple is a 100% affordable development with approximately 77 <br />affordable units plus two managers units, for households earning 20% - 40% <br />of Area Median Income (AMI). Approximately twenty- three (23) units are <br />designated to serve people with disabilities and/or other special needs <br />populations including Coordinated Entry System (CES) referred homeless <br />households. The site is City-owned and is being contributed to the project <br />through a ground lease. The County of San Mateo currently has an option <br />to ground lease the site from the City and the County has selected MidPen <br />Housing Corporation as the developer. <br /> <br />Loan Description The predevelopment loan is made available to qualified applicants to help <br />fund multifamily affordable housing in the City. <br />The pre-development loan consists of two components: 1) Developer <br />component for third party costs and 2) City component used to fund City <br />costs related to predevelopment activities. <br />Loan Amount The project is requesting $5,000,000 including $500,000 in <br />predevelopment funds, $4,500,000 in permanent funds. <br /> <br /> <br /> <br /> <br /> <br />Housing Impact <br />Fee <br />(Predevelopment) <br />Housing <br />Impact Fee <br />(Permanent) Total <br />$500,000 $4,500,000 $5,000,000 <br />Eligible Borrowers The applicant must be a nonprofit organization, for-profit, local <br />government agency, joint powers agency, or a joint venture that includes a <br />qualified nonprofit organization with a proven track record of developing <br />affordable housing. <br />Borrower - MP 1580 Maple Street Associates, L.P. is the applicant/borrower. <br />MP 1580 Maple Street Associates, L.P. is a limited partnership whose sole <br />member is Mid- Peninsula Half Moon Bay, Inc., a wholly controlled affiliate <br />of MidPen Housing Corporation, a 501(c)(3) organization. <br />Income <br />Requirements <br />All units supported through this predevelopment loan must serve <br />households at or below 80% of Area Median Income (AMI) defined by <br />Health and Safety Code Section 50053. Mixed-income projects (i.e., projects <br />that include some units over 80% Area Median Income/AMI) may be <br />eligible, but City funds may only be used for the predevelopment costs on <br />units at or below 80% AMI. The final affordability levels of the project will <br />be more clearly defined once the project is entitled and has secured all <br />funding sources.