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Selection Process: City staff reviewed the project’s application submittal, verified that it met threshold, <br />scored it, and evaluated per the NOFA guidelines. <br /> <br />Is this project feasible with these loan terms: Yes <br /> <br />Relocation: Not applicable. <br /> <br />Davis Bacon: Not applicable. <br /> <br />State Prevailing Wages: Yes, project is subjected to state prevailing wage. If the project receives <br />ministerial approval under SB 35 project, it will also require skilled and trained workforce. <br /> <br />Subsidy Limit: The project meets the proposed $300,000 per unit maximum su bsidy limit. The <br />development will need to have approximately 34 City-funded units which is $298,000 subsidy/ per unit. <br /> <br />Layering Review: Not applicable, project does not require layering review at this point. <br /> <br />HOME 234 Limits: Not applicable, project does not have HOME funding. <br /> <br />NEPA Environmental Review: NEPA review started in 2023 but was paused in 2024 due to the uncertain <br />timeline of the Blomquist Extension. <br /> <br />Approved Changes from the Guidelines: Increase per unit subsidy limit to $300,000. <br /> <br />Schedule: <br /> <br /> Start Finish <br />Acquisition N/A Pending <br />Relocation N/A N/A <br />Entitlement approvals Pending Pending <br />Building Permits Submission Pending 9/19/2026 <br />Funding Commitments 10/28/2024 5/3/2027 <br />Construction 9/15/2027 4/08/2029 <br />Placed in Service (TCAC PIS <br />deadline) <br />3/6/2030 3/6/2030 <br /> <br />Risks: <br />Developer – Low: the developer has developed affordable housing of this similar scope in San Mateo <br />County. <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 />New Construction – Low: project has reduced their number of units from previous iterations of the <br />9.A. - Page 36 of 37 <br />502