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ATTY/RESO.0052/ CC RESO APPROVING SUBSTITUTE SITE AS AFFORDABLE HOUSING SITE (705 VETERANS)(1900 BROADWAY DA) REV: 07-21-26 MI Page 5 of 11 (a) The transfer of the Affordable Site (847 Woodside) to the Affordable Housing Partner as contemplated by the 1900 Broadway DA is no longer economically feasible due to the instability in financing and investment markets, and the increased costs incurred due to a change in tax credit priority for that location which makes financing for the affordable housing development more difficult. (b) The Substitute Site (705 Veterans Blvd) meets all of the following requirements of the Affordable Housing Ordinance for land donation, as set forth below: 1. Amended and Restated Affordable Housing Plan. The Amended and Restated Affordable Housing Plan (Exhibit 1) was prepared in a manner consistent with the requirements in Section 29.7 of the Affordable Housing Ordinance because: i. The proposed land donation of the Substitute Site meets the applicable standards in Article 29 including the land donation requirements at Section 29.8 (H), as described in subsection (b)(3) below. ii. The proposed land donation of the Substitute Site for affordable housing will mitigate the impact of the 1900 Broadway Project on the need for affordable housing as the value of the Substitute Site is Nine Million Eight Hundred and Eighty-Eight Thousand Dollars ($9,880,000), which is greater than the appraised value of 847 Woodside, which value was Nine Million, Three Hundred and Twenty Thousand ($9,320,000), and is Four Million, One Hundred Six Thousand Five Hundred and Sixty Three Dollars ($4,106,563) greater than the Affordable Housing Impact Fee required to be paid for the 1900 Broadway Project. iii. The Developer and Affordable Housing Partner, as part of the Amended and Restated Affordable Housing Plan, have submitted to the City evidence that a viable financing plan is in place evidencing the financial feasibility for the construction of the affordable units on the Substitute Site. iv. The Substitute Site was evaluated as part of its entitlement application and found to be consistent with the Housing Element, General Plan, and Zoning and will not cause residential segregation. 2. Qualified Designee. The Affordable Housing Partner is a City- approved qualified designee as defined in the Guidelines because: i. The Affordable Housing Partner is a non-profit organization,