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<br />The Project is located at 1304 Middlefield Road, at the intersection of Middlefield Road and Cassia Street.
<br />It is one block from downtown Redwood City, less than ½ mile from Caltrain, and a few steps from active
<br />bus stops. The site is in a transit rich area with easy access to many services and amenities, including
<br />walking distance to major transit, grocery stores, medical care (e.g., Kaiser), pharmacies, parks, schools,
<br />jobs, etc. It sits on an approximately 30,415 square feet or 0.70-acre site comprised of three vacant sites
<br />(APN: 053-145-260, 053-145-230, and 053-145-240).
<br />
<br />Entitlements were ministerially approved on May 16, 2023, under SB 35. Pursuant to Government Code
<br />65913.4(g)(1) entitlement approval shall not expire. Additionally, building permit review started on
<br />October 2025. Project is consistent with SB 35, State Density Bonus Law, and the City’s Affordable Housing
<br />Ordinance.
<br />
<br />New Construction Scope of Work:
<br />
<br />The current total development cost is $74,715,290 or $794,844 per unit.
<br />
<br />On February 12, 2024, City Council conditionally committed $4,366,460 to the project, comprised of
<br />$2,502,136 in HOME Investment Partnerships Program (HOME) funds and $1,864,324 in City Affordable
<br />Housing Funds. The $1.8M in City Affordable Housing Funds is being changed to Former Redevelopment
<br />Agency (RDA) Low and Moderate Income Housing Funds (LMIHF). The City is changing this funding source
<br />to ensure compliance with funding requirements and implementation flexibility for all the City’s housing
<br />initiatives and projects. This funding change was approved the City Council as part of the FY 25 -26 mid-
<br />year budget amendments.
<br />
<br />The total amount requested from the City is $12,326,460. This includes their current City loan request of
<br />$7,960,000, comprised of $4,650,000 in RDA LMIHF and $3,310,000 Housing Impact Fees and the previous
<br />City funding request of $4,366,460 . The project is targeting to apply for 4% tax credits and County of San
<br />Mateo funds to bridge their financing gap.
<br />
<br />Requests HOME RDA LMIHF Housing
<br />Impact Fee
<br />Total
<br />Request #1:
<br />February 12, 2024
<br />$2,502,136 $1,864,324 $0 $4,366,460
<br />Request #2:
<br />May 11, 2026
<br /> $0 $4,650,000 $3,310,000 $7,960,000
<br />Total $2,502,136 $6,514,324 $3,310,000 $12,326,460
<br />
<br />The total City funding, excluding the HOME funds, is $9,824,324. The proposed maximum subsidy limit is
<br />$300,000 per unit. Under this requirement, the project will need 33 City restricted units at approximately
<br />$298,000 subsidy/ per unit. Under the HOME requirements, 12 units will need to be HOME-assisted units.
<br />For a total of 45 City restricted units. Note, HOME funds have different subsidy limit criteria. See the
<br />summary of affordability restrictions below for more information.
<br />
<br />Supportive Services:
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