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9 <br /> <br /> <br />Layering Review: No applicable. Funding does not require layering review at this point. <br /> <br />HOME 234 Limits: See above. <br /> <br />NEPA Environmental Review: An Environmental Analysis is completed. The project received the <br />Authority to Use Grant Funds on July 15, 2025. <br /> <br />Approved Changes from the Guidelines : Increase per unit subsidy limit to $300,000 for non-HOME funds. <br /> <br />Schedule: <br /> <br /> Start Finish <br />SB 35 Approval/ Project Entitlements 5/16/2023 5/16/2023 <br />City of Redwood City 2023 NOFA Awarded 2/14/2024 2/14/2024 <br />City of Redwood City 2025 NOFA 10/23/2025 5/11/2026 <br />San Mateo County NOFA 14.0 4/20/2026 5/20/2026 <br />Pull permits 10/2/2025 6/19/2026 <br />Apply for TCAC 9/8/2026 12/9/2026 <br />Construction 3/5/2027 3/14/2029 <br />100% Lease up 3/14/2029 6/5/2029 <br />Perm Conversion Closing 6/5/2029 11/30/2029 <br /> <br />Risks: <br />Developer – Low: the developer has developed affordable housing of this similar scope. <br /> <br />Market – Low: The City of Redwood City is projecting a population growth of 20% by 2045 and with the <br />City’s Regional Housing Needs Allocation (RHNA) goal for 2023-2031 planning period of 4,588 housing <br />units including 1,115 units for extremely low and very low-income households. There is a need and <br />demand for the project. <br /> <br />Rehabilitation –Not applicable: project is a new construction development and is currently in building <br />permit review. It is an SB 35 project and the developer has site control. <br /> <br />Tenant Engagement– Low: the City supports the project and has already committed <br /> $4,366,460 funds on February 12, 2024. <br />9.A. - Page 27 of 37 <br />493