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<br />HOUSING DEVELOPMENT <br />PROJECT APPROVAL AND COMMITMENT <br /> <br />Loan Closing: Final Approval X Revised ________ <br /> <br />Project: 1580 Maple Street <br /> <br />Address: 1580 Maple Street Redwood City, CA 94063 <br /> <br />Equity Priority Area: No <br /> <br />Developer: MP 1580 Maple Street Associates, L.P. <br /> <br />Application Submittal Date: November 19, 2025 <br /> <br />City Loan Request: $5,000,000 ($500,000 in predevelopment funds and $4,500,000 in permanent funds). <br />Both the predevelopment and permanent loans are funded with Housing Impact Fees. Additionally, the <br />site is City-owned and being contributed to the project, the land is valued at $5,140,000. Total City <br />contribution of $10,140,000. <br /> <br />Project Summary: <br />MidPen Housing is proposing to develop 1580 Maple Street as a 100% affordable housing rental housing <br />consisting of approximately 79 units, including two exempt managers’ units, for households earning 20% <br />- 40% of Area Median Income (AMI). Approximately twenty-three (23) units are designated to serve <br />people with disabilities and/or other special needs populations including Coordinated Entry System (CES) <br />referred homeless households. All 79 units are adaptable units including approximately 12 mobility units <br />and 8 units for visual/ hearing impaired. The final affordability levels of the project will be more clearly <br />defined once project is entitled and has secured all funding sources. <br /> <br /> <br />9.A. - Page 29 of 37 <br />495