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homelessness, earning between 30-50% of Area Median Income. This project was financed using a <br />patchwork of funding sources including City of Menlo Park BMR loan, County of San Mateo AHF loan, <br />California Housing and Community Development’s (HCD) Veteran Housing and Homelessness Prevention <br />(VHHP) program, Affordable Housing Program financing, 9% tax credits, and a traditional construction <br />bank loan. <br /> <br />Staff Capacity of Project Manager: <br />MidPen’s development team consists of 35+ individuals led by their Senior Vice President Co- <br />Heads of Housing Development. Each project is assigned to a cohesive team consisting of a <br />Director, Project Manager and either an Associate Project Manager or Project Associate. The staff <br />below will be assigned to this project. <br /> <br />Michelle Kim is the Senior Project Manager and will manage the day-to-day project tasks and <br />responsibilities at all phases of development. <br /> <br />Mollie Naber, Director of Housing Development, will provide overall strategic direction, co -lead <br />community engagement, and manage risk mitigation in all phases of development. <br /> <br />Abby Goldware Potluri, Senior Vice President and Co-Head of Housing Development will have the <br />executive oversight of MidPen’s team of more than 35 development professionals who are <br />advancing a robust pipeline of 4,000 affordable homes. <br /> <br />Consultants on Development Team: N/A <br /> <br />Other Development Team Members: N/A <br /> <br />Developer’s Fiscal Capacity: MidPen has a steady growth in their audited financials. From 2023 to 2024, <br />their restricted cash increased by 11%. Restricted cash includes reserves for the following but not limited <br />to replacement and operations, affordability reserve in the event they lose Section 8 project -based <br />vouchers, residual receipts, and resident services. MidPen has an affordability reserve where certain <br />properties are required to maintain an affordability reserve as a source of operating subsidy when <br />programs like Section 8 subsidy programs are terminated. The reserves would enable the property to <br />continue charging the tenant rents at affordable rates. Even with an increase in program services expenses <br />of 18% between 2022 and 2023, the organization was able to keep a positive financial record. Starting <br />from 2024 to 2031, MidPen is projected to have 4,206 new units under construction which demonstrates <br />their strong financial footing for continued growth in their portfolio. There are no concerns in their audited <br />financials. <br /> <br />Assessment of Property Management Capacity: <br />MidPen Property Management currently manages over 10,000 affordable rental homes for working and <br />low-income families, seniors, and special needs households throughout Northern California. MidPen owns <br />and manages 35 communities in San Mateo County, including five (5) communities in Redwood City. They <br />are listed below. Redwood Court and City Center Plaza are family developments, Mosaic Gardens is a <br />permanent supportive affordable housing while the rest are senior, supportive developments. <br />- Arroyo Green Apartments (707 Bradford) <br />- City Center Plaza (950 Main Street) <br />- Mosaic Gardens (3752 Rolison Road) <br />- Redwood Court (635 Spruce Ave) <br />9.A. - Page 32 of 37 <br />498