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6.3G <br />Page 12 <br />Renovations to the buildings included the addition of a steel moment frame across the <br />front of the buildings, replacement of the plumbing and hydronic heating system, <br />installation of a fire sprinkler system, replacement of the existing elevator, and the <br />addition of a new stairway at the rear of the building. A total of 45 existing hotel rooms <br />were renovated and eleven new rooms were constructed over the First Watch <br />Restaurant. The renovated SRO units all have private or semi-private baths and <br />kitchenettes with microwave ovens and refrigerators. Anew laundry room was <br />constructed on the second floor as well. <br />Rents in the renovated units currently average 179 of the County's Area Median <br />Income at approximately $337 per month. Mid-Pen's nonprofit affiliate, Mid-Peninsula <br />Housing Management Corporation (Mid-Pen Management), manages the residential <br />space and the retail space. <br />Mid-Pen also worked with the City's Storefront Improvement Program to provide partial <br />funding for the rehabilitation of the commercial storefronts. <br />Services Team <br />An integrated services team has been created to provide individuals living at St. Matthew <br />Apartments with access to social services, case management, and stable housing, <br />allowing them to live independently. This team is collaboration between Mid-Pen, <br />owner and manager of the permanent affordable housing, San Mateo County Mental <br />Health Services, services coordinator, Mental Health Associates, a non-profit <br />community based service provider and the Corporation for Supportive Housing. <br />Develo ment Cost & Financing <br />The total cost of the acquisition and redevelopment of the residential units was <br />approximately $4.7 million. The City of San Mateo has provided $2 million in low <br />interest deferred loans using CDBG, HOME and redevelopment funds. Approximately <br />$2.7 million in equity was generated through the sale of Low Income Housing Tax <br />Credits to the California Equity Fund, a socially motivated investment corporation with <br />ties to the Local Initiatives Support Corporation. <br />The total redevelopment cost of the retail spaces is approximately $ ( million. <br />Approximately $830,000 in permanent financing came from Standard Mortgage <br />Investors, LLC, a subsidiary of Standard Insurance Company which was linked to the <br />project through the California Organized Investment Network (COIN}. COIN is an <br />6 <br />