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Page 3 of 7 <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.org <br />ANALYSIS <br />Evaluation of Applications <br />Projects were scored by Housing staff using the points system shown in the NOFA evaluation criteria. <br />These included the following categories, with points assigned to each criterion: <br />Readiness to Proceed - prioritizes projects that have received entitlements (or ministerial <br />approval) and that are well-positioned to close on the project’s construction loan <br />Physical Design and Location - prioritizes projects that include robust amenities and services on- <br />site and that are located near amenities such as parks and public transit <br />Affordability - prioritizes projects that include more extremely low income units than the baseline <br />requirement (15% of total units) <br />Budget - prioritizes projects that meet City underwriting guidelines, meeting the reserve <br />requirements, and demonstrating positive cash flow <br />Based on these criteria, Rise City Apartments scored 0.33 points higher. The project applications ranked <br />as follows: <br />1. Rise City Apartments (1304 Middlefield) <br />2. 1580 Maple Street <br />NOFA prioritizes projects that are in the best position to move forward to construction, as demonstrated <br />by projects which have completed entitlements or obtained necessary Planning approvals <br />and financing commitments. Of the two projects, Rise City Apartments at 1304 Middlefield is the only <br />entitled project. It was approved via the Senate Bill 35 (SB 35) streamlined ministerial review process on <br />May 16, 2023. The project submitted for building permits in October 2025. The project was previously <br />awarded City funding on February 12, 2024 for a total of $4,366,460, comprised of $2,502,136 in HOME <br />Investment Partnerships Program (HOME) funds and $1,864,324 in Affordable Housing Funds. The <br />developer applied for an additional $7,960,000 in City funding through this NOFA. The project has a total <br />City funding request of $12,326,460. See Attachment B for the Project Approval and Commitment (PAC) <br />summary for Rise City Apartments. <br />1580 Maple Street is requesting a total of $5,000,000, including a predevelopment loan of $500,000 and <br />$4,500,000 in permanent financing. The City owns the site and is contributing it to the project through a <br />ground lease. The current appraised value of the land is $5,140,000, based on a <br />November 2025 appraisal. In 2021, the City and the County of San Mateo entered into a Real Property <br />Exchange Agreement to facilitate the extension of Blomquist Street and the development of a new County <br />navigation center. Under that agreement, the City acquired the property at 1580 Maple Street, while the <br />County received a separate parcel on which it has since constructed and is now operating the navigation <br />center. With that project complete, attention has shifted back to 1580 Maple Street. While the City retains <br />fee ownership of the property, the agreement grants the County an option to enter into a long-term <br />ground lease for the portion of the site not needed for the extension of Blomquist Street. The County may <br />exercise this option, currently anticipated to expire in early 2027, and, if exercised, may assign its <br />leasehold interest to a qualified affordable housing developer, subject to City approval, for the <br />development of an affordable housing project on the site. Following execution of the Real Property <br />Exchange Agreement, the County undertook a competitive developer selection process and identified <br />MidPen Housing as its preferred development partner for the site. <br />9.A. - Page 3 of 37 <br />469