|
Lease Option Agreement, the project must serve households at or below low income households
<br />(80% AMI).
<br />B.) City Housing Impact fee. Based on the proposed $300,000/unit maximum subsidy limit, the City’s
<br />impact fee contribution ($5,000,000) would require approximately 17 units serving households at
<br />or below 80% AMI defined by Health and Safety Code Section 20053.
<br />C.) Extremely Low-Income NOFA Requirement - The City’s NOFA requires at least 15% or
<br />approximately 12 units serve households at or below 30% AMI. The project is providing
<br />approximately 56 units (or 72%) at 30% AMI or below and therefore meets the City’s NOFA criteria.
<br />Land Use Affordability Restrictions
<br />A.) SB 35. To qualify for SB 35, at least 50% of the total units or approximately 40 units to be
<br />affordable to households 80% AMI or below. The project has 100% of its units serving 40% AMI
<br />and below. The project exceeds this criteria.
<br />B.) State Density Bonus. To be determined once project is entitled.
<br />C.) City’s Affordable Housing Ordinance (AHO). AHO requires developments to have at least 5% of
<br />units for very low-income households, 5% of the units for low-income households, and 10% of
<br />units for moderate income households. The project exceeds this requirement as 100% of the
<br />affordable units are serving households earning between 20% AMI to up to 40% AMI.
<br />Unit designation of restrictions are subject to change.
<br />Finance & Underwriting:
<br />
<br />Funding Sources Status Acquisition/
<br />Construction
<br />Permanent
<br />County Affordable Housing Fund (AHF) Committed 15,154,688 15,154,688
<br />John Sobtrato Foundation Committed 5,000,000 5,000,000
<br />City of Redwood City Land Contribution Committed 5,140,000 5,140,000
<br />County Local Housing Trust Fund Committed 4,750,000 4,750,000
<br />Federal Home Loan Bank of San Francisco Uncommitted 2,000,000 2,000,000
<br />City of Redwood City Predevelopment Loan
<br />(Housing Impact Fees) Applied 500,000
<br />500,000
<br />City of Redwood City Loan (Housing Impact Fee) Applied 4,500,000 4,500,000
<br />Permanent Loan Uncommitted 0 5,098,325
<br />GP Equity Uncommitted 0 100
<br />Tax Credit Investor Proceeds Uncommitted 2,686,451 26,864,512
<br />Construction loan Uncommitted 25,023,054 0
<br />Total 64,754,193 69,007,625
<br />
<br />Project has committed funding from private philanthropy and the County of San Mateo’s Affordable
<br />Housing Fund and Local Housing Trust Fund (LHTF) programs. If awarded City funding under this NOFA,
<br />they will apply for the Federal Home Loan Bank of San Francisco’s Affordable Housing Program (AHP),
<br />County project-based vouchers, and 9% Tax Credits.
<br />
<br />Total Development Costs: $69,007,625
<br />9.A. - Page 34 of 37
<br />500
|