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While not committed at this juncture, it is likely that the additional funding secured by Eden will also <br />ultimately require even deeper levels of affordability (with units targeted to Extremely Low-Income <br />populations and likely also some smaller set aside for homeless/formerly homeless households) than will <br />be required by the City’s recorded affordable agreements. This further supports Redwood City’s stated <br />housing goals and objectives. <br />Example Funding Schedule <br />The schedule below is an example of how long it could take to line up each source of financing. This <br />tentative schedule has been provided for example purposes only and could change based on factors such <br />as: <br />•Funder release schedule <br />•Funding availability for each program <br />•The need to apply multiple times for each source if not successful on the first try <br />•Availability of and success with alternative funding programs (such as San Mateo County <br />Affordable Housing Fund) <br />The sequence below indicates that if project entitlements for the Eden Housing Project are received on <br />schedule and each funding application is successful, it could be as little as 3 years between land transfer <br />and construction start. <br />Beginning in 2026, the State of California is streamlining the entire affordable housing finance structure <br />under a “One Stop Shop” agency. The exact months of implementation is not yet known, but the outline <br />of the procedure includes: <br />New flow <br />1.Submit single application to Housing Development and Finance Committee (“HDFC”) <br />2.HDFC underwrites full deal <br />3.If selected: <br />o Soft funding (MHP, etc.) awarded <br />o Bonds + 4% LIHTC automatically attached <br />4.Proceed directly to closing <br />Our best estimate at this time would produce a milestone chart, which coincides with the lease burn off <br />of all commercial tenants as illustrated below. <br />Milestone Date <br />Project Entitlement Approvals July 2026 <br />*Land Transfer from Lane to Eden*December 2026 <br />Submit Application to San Mateo County May 2027 <br />Submit Application to HDFC for funding and tax credits July 2028 <br />ATTY/RESO.0052/ CC RESO APPROVING SUBSTITUTE SITE AS AFFORDABLE HOUSING SITE (705 VETERANS)(1900 BROADWAY DA) - EXHIBIT 1 <br />REV: 07-21-26 MI <br /> <br /> <br />Page 32 of 53