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1 <br /> <br /> HOUSING DEVELOPMENT <br />PROJECT APPROVAL AND COMMITMENT <br /> <br />Loan Closing: Final Approval X Revised ____ <br /> <br />Project: Rise City Apartments <br /> <br />Address: 1304 Middlefield Road Redwood City, CA 94063 <br /> <br />Equity Priority Area: Yes <br /> <br />Developer: Sand Hill Property Company (affiliated to SHP Foundation 501c3) <br /> <br />Application Submittal Date: October 6, 2023 and November 19, 2025 <br /> <br />City Loan Request: $12,326,460 (including a previously approved request of $4,366,460 and current <br />request of $7,960,000). See table below. <br /> <br />Project Summary: Rise City Apartments is a 100% affordable housing development comprised of 94 rental <br />units, including 42 studios, 33 one bedrooms, 18 two bedrooms, and one 2-bedroom manager’s unit. It <br />will serve extremely low to low-income residents (30% - 70% of area median income (AMI)) with an <br />average affordability of 50% AMI. Approximately 24 units are reserved as permanent supportive housing <br />units with 19 units for adults with intellectual and development disabilities and five (5) units for residents <br />who are both homeless and have intellectual and development disabilities. <br /> <br />9.A. - Page 19 of 37 <br />485