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- Shores Landing (1000 Twin Dolphin Drive) <br /> <br />MidPen Property Management works in close partnership with MidPen Services Corporation to deliver <br />resident centered services in affordable housing developments. MidPen Services staff works with multiple <br />service partners to deliver onsite services and programs that address the needs of our supportive services <br />residents, both in group and individual formats. MidPen Property Management has a dedicated leasing <br />team with 18 staff who provide marketing and lease-up services for each development. <br /> <br />MidPen Property Management Corporation’s 18-person asset management team manages the property <br />budgets, revenue collection, Housing Authority Project-Based Section 8 Contracts, and investor and lender <br />reporting requirements and relationships. MidPen has a strong financial track record and has never <br />defaulted on a long before. <br /> <br />Other Organizations Involved in the Project: MidPen Resident Services Corporation, MidPen Property <br />Management Corporation <br /> <br />Rent Analysis and Unit Mix: <br />This is a new construction development. <br /> <br />Proposed Approximate Unit Type and Affordability Level in the Development: <br /> <br />Area Median Income Studio 1BR 2BR 3BR Total <br />20% 9 13 6 0 28 <br />30% 9 12 6 1 28 <br />40% 0 12 6 3 21 <br />Manager's Unit 0 0 2 0 2 <br />Total 18 37 20 4 79 <br /> <br />Summary of affordability restrictions: <br /> <br />City Funding Restrictions <br />Minimum Affordability Restrictions per Funding Sources <br />AMI <br />City Land <br />Contribution <br />Housing <br />Impact Fees Total <br />30% 0 12* 12 <br />80% 17 5 22 <br />Total 17 17 34 <br /> <br />* As noted in item C below, the NOFA requires at least 12 units serve extremely low-income (ELI) <br />households to receive City funds. <br /> <br />A.) City Land Contribution. Based on the proposed $300,000/unit maximum subsidy limit, the City’s <br />land contribution ($5,140,000) would require approximately 17 City-funded units. Per the Ground <br />9.A. - Page 33 of 37 <br />499