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development. The project carries the required contingencies to support the construction period. <br /> <br />Tenant Engagement– Low: the City supports the project. <br /> <br />Financing – Low: the project has secured 43% of its financing committed. The project has committed <br />$30,044,688 out of the total development cost of $69,007,625. <br /> <br />If awarded City funds, the Project will proceed with applying for Federal Home Loan Bank of San Francisco <br />Affordable Housing Program (AHP). Receiving City funding would aid with the progression of their <br />development drawings and entitlement. The project didn’t get PBV in December 2022 due to project <br />readiness. This funding would hopefully make the project more competitive when they apply for PBV in <br />2026, followed by a 9% tax credit application in Round 1 2027. <br /> <br />Underwriting Analysis – Medium: the project unsuccessfully applied for Project Based Vouchers through <br />the Housing Authority of the County of San Mateo in December 2022 due to project readiness. Although <br />the 40 projected PBVs have not been awarded, MidPen’s application states t hat the County indicated an <br />intent to allocate the 40 PBVs to the project. However, there is no documentation of this commitment <br />and therefore, we cannot assume they will obtain PBVs at this time. <br /> <br />9.A. - Page 37 of 37 <br />503