Agenda packet — Clovis City Council, April 13, 2026 (part 2 of 2)

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d. Some suggested a new inclusionary program would render projects infeasible and were seeking to vest projects under existing requirements before a new policy is implemented. e. Some developers expressed a view that the market in Clovis may ultimately be able to adjust to a new requirement given its relative market strength. Some suggested offsetting subsidies, incentives, or streamlining to help offset the impact of a new requirement.

9. Several home builders indicated targeting gross margins in the range of 18% to 21% of sales prices

6. Gross margins represent the sum of overhead, general administrative costs, sales expenses, and profit as a percentage of sales price. Net profit is a portion of the gross margin, which builders indicate is typically approximately 6% to 10% for single family home builders, although one builder cited a higher net profit margin target of 12% and KB homes annual report shows a 11.5% profit for its West Coast operations in 2023.

10. Attached for-sale housing is difficult to make pencil in Clovis since sales prices are similar to single family homes of a similar size but construction costs are higher per square foot for attached units.

11. Construction costs for rental projects increased approximately 35-40% for rental projects during the initial two years of the pandemic. Cost increases have moderated since then.

12. One developer with a planned rental project indicated that the project is currently on hold as they were unable to make it pencil. Interest rates were cited as a main driver of feasibility challenges. Another developer was more optimistic about rental feasibility in Clovis over the long term but had not recently been in the market for construction pricing or financing.

Affordable Developer Themes

1. Availability of significant local gap financing is essential to development of affordable housing. A lack of substantial local City funding to contribute to affordable projects has been a constraint to development of affordable housing in Clovis. In addition to providing more affordable housing within projects, a proposed inclusionary program is viewed as a potential local source of funds to help make future affordable housing developments in Clovis more viable.

2. The affordable developers had a favorable view of building in Clovis and expressed interest in additional projects there, subject to site availability and financing. Clovis’s new impact fee deferral program was cited as helpful.

6 Publicly traded homebuilder Lennar’s annual report indicates a gross margin of 19.3% of sales for homebuilding operations in the Western U.S. for 2023 and a net profit of 13.8%. KB Homes 2023 annual report indicates a gross margin of 18.6% and net profit of 11.5% for the West Coast.

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3. Affordable developers were asked about the soft financing they require to make projects pencil.

Approximate figures cited by interviewees ranged from as low as $150,000 per unit to as high as $265,000 per unit. The affordable developers generally indicated that funding has become more competitive and that more soft financing is required to secure tax credits and tax exempt bond financing than had been the case in the past.

4. When asked about assumptions related to the gap financing analysis presented in Section 6.2, the following feedback was offered:
a. Expectations regarding the soft financing required should be based on projects that have been awarded tax credits, not applications, as many projects that apply will not be funded and will have to look for more funding to be competitive. b. It’s not safe to assume State tax credits.
c. 9% tax credits should not be assumed. There is essentially one award per round in the Central Valley. There used to be, maybe, five per round, but that is no longer the case.

Assuming 4% credits is safer, although they have become quite competitive in the last several years and use of 4% credits is less common in the Central Valley due to a lack of local subsidy sources.
d. Scoring drives the AMI levels that tax credit affordable projects are proposing. Deep affordability is required to be competitive for financing. An average AMI level of approximately 50% or lower likely makes sense as an assumption for the gap financing analysis.
e. It’s not realistic to assume project based vouchers will be available. f. State financing sources typically trigger prevailing wages and require the project to include a share of special needs housing for which on-site services may be needed, increasing operating costs.

5. One affordable developer initially suggested the in-lieu fee should reflect the full development cost of the unit, without any outside financing sources considered, with $300,000 to $450,000 per unit cited, yet also provided that other relevant metrics such as the cost to buy down rents, the resources needed to reach a competitive tiebreaker score in the tax credit application, and typical per unit cost for projects financed through the Home Key program as potential factors to consider.

6. Opinions on whether to incentivize in-lieu fees were mixed, with some suggesting that an in-lieu fee payment was acceptable as long as it reflects the actual cost of delivering the units and others indicating that fee payment should not be the default choice. The concept of providing a combination of land and in-lieu fees was also mentioned.

7. Increasing per unit development costs for affordable projects are driven in part by requirements around the award of State funding sources and criteria established for the award of tax credits.

Higher costs result in tax credits and permanent debt supporting a reduced share of the overall gap.

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8. Clovis is in a high opportunity area, which is a favorable consideration with respect to securing financing.

9. Typical terms an affordable developer may seek in partnering with a market rate developer on an affordable project that will satisfy an inclusionary requirement may include:
 Entitled site with infrastructure in place including sidewalks and all offsite costs addressed at no cost to the affordable project.
 Providing some level of gap financing to the affordable project  Or, in the case of for-sale affordable units, providing finished lots.

10. The most valuable things an inclusionary policy can do is provide land for affordable housing, as well as provide on-site production of affordable units.

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APPENDIX TABLE LIST
Appendix A. Summary Tables Appendix A Page
Feasibility Finding Summary, Absent Offsetting Adjustments to Land Costs, Prices/Rents, Incentives Table 1 44 Pro Forma Summary Charts Table 2A-2C 45
Estimated Cost Per Sq.Ft. to Comply with Potential Requirements Table 3 48 Estimated Increase in Market Price Sufficient to Offset Cost of Potential Requirements Table 4 49 Estimated Increase in Market Rents Sufficient to Offset Cost of Potential Requirements Table 5 50 Decrease in Land Cost Sufficient to Offset Cost of Potential Requirements Table 6 51 Table 2 Table 7 52
Estimated Impact on Total Fee Stack of potential In-lieu fee Table 8 53 Percentage of Total Development Costs Supported by Home Prices and Rents Table 9 54 Appendix B. For-Sale Pro Forma Tables Appendix B
For-Sale Pro Forma Tables, Scenarios 1 to 14 Tables 1 -14 56 Appendix C. Rental Pro Forma Tables Appendix C
Rental Pro Forma Tables, Scenarios 1 to 13 Tables 1 -13 85 Appendix D. Supporting Data and Analysis Appendix D
Estimated Fees and Permit Cost Detail Table 1 112
New Homes Currently Marketing: North of Herndon Table 2 113 New Homes Currently Marketing: South of Herndon Table 3 114 Existing Single Family Home Resales Sales, June 2023 to June 2024 Table 4 115 New Homes Currently Marketing Table 5 116
Median Home Price Trends, City of Clovis Table 6 119 Historical Rents and Vacancy Table 7 120
Asking Rents, Newer Apartments Built 2019-2024 Table 8 121 Asking Rents in Newer Apartment Buildings, June 2024 Table 9 122 Affordable Home Price Calculation Table 10 125
Affordable Rents Table 11 126
Residential Land Sales Table 12 127
Multifamily Building Sales Table 13 128
Published Cap Rate Surveys
Table 14 129
Appendix E. Prototype Definitions and Precedent Project Summaries Appendix E Market Rate Residential Prototypes Table 1 131
Recently Built / Under Development Residential Projects, East of Fowler Table 2 133 Recently Built / Under Development Residential Projects, North of Herndon Table 3 135 Market Rate Multifamily Projects in Fresno Table 4 137 Appendix F. Gap Financing Requirement Appendix F
Gap Financing Need: Based on 100% Affordable LIHTC Project Table 1 139 Gap Financing Need: Non-Tax Credit Affordable Rental with Welfare Exemption from Property Tax Table 2 140 Summary of Local Tax Credit Project Applications, 2024 New Construction Table 3 141 Tax Credit Projects - 2024 Round 1 Awards; New Construction; Central Valley / Sacramento Region; 4% Projects
Table 4 142
Tax Credit Project Summary; Statewide 2024 Round 1 Awards; New Construction; 9% Credits Table 5 143 Tax Credit Project Tie Breaker Score Range and Applications vs. Awards Table 6 144 Appendix G. Affordability of Existing Units Appendix G
Affordability of Existing Market Rate Homes Table 1 146 Affordability of Prototype New Market Rate Homes Table 2 147 Affordability of Existing and New Market Rate Apartments Table 3 148 Per Unit Affordability Gap: Existing vs. New For-Sale Units Table 4 149 Per Unit Gap: New vs. Existing Rentals Table 5 150
Charts: Characteristics of Existing Homes Sold June 2023 to May 2024 Table 6 151 Prepared by: Keyser Marston Associates
Filename:Clovis Feasibility 10-7-25; Table List

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APPENDIX A

SUMMARY TABLES

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Appendix A Table 1
Feasibility Finding Summary, Absent Offsetting Adjustments to Land Costs, Prices/Rents, Incentives Inclusionary Housing Analysis
City of Clovis
For-Sale Pro
ject Feasibility Findings
Scenario
Large Lot
Single
Family
Single
Family
Smaller
Single
Family
Single
Family
Smaller
Single
Family
Small Lot
Single
Family
Existing Baseline (no IH Requirement) FF F F F F
5% On-Site For-Sale Affordable Units IF F I I I
6% On-Site For-Sale Affordable Units IF F I I I
7% On-Site For-Sale Affordable Units II F I I I
8% On-Site For-Sale Affordable Units II F I I I
9% On-Site For-Sale Affordable Units II I I I I
10% On-Site For-Sale Affordable Units II I I I I
7% On-Site; affordable 1,500sf max size FF F F I I
In-Lieu Fee @5% affordable ($2.80/SF) FF F F I I
In-Lieu Fee @6% affordable ($3.40/SF) FF F F I I
In-Lieu Fee @7% affordable ($3.90/SF) FF F II I
In-Lieu Fee @8% affordable ($4.50/SF) FF F II I
In-Lieu Fee @9% affordable ($5.10/SF) FF F II I
In-Lieu Fee @10% affordable ($5.60/SF) FF F II I
Rental Project Feasibility Findings
Scenario
Lower
Density
Rental
Higher
Density
Rental
Lower
Density
Rental
Higher
Density
Rental
Lower
Density
Rental
Higher
Density
Rental
Existing Baseline (no IH Requirement) IIII I I
5% On-Site Rental Affordable Units IIII I I
6% On-Site Rental Affordable Units IIII I I
7% On-Site Rental Affordable Units IIII I I
8% On-Site Rental Affordable Units IIII I I
9% On-Site Rental Affordable Units IIII I I
10% On-Site Rental Affordable Units IIII I I
In-Lieu Fee @5% affordable ($2.80/SF) IIII I I
In-Lieu Fee @6% affordable ($3.40/SF) IIII I I
In-Lieu Fee @7% affordable ($3.90/SF) IIII I I
In-Lieu Fee @8% affordable ($4.50/SF) IIII I I
In-Lieu Fee @9% affordable ($5.10/SF) IIII I I
In-Lieu Fee @10% affordable ($5.60/SF) IIII I I
F= Feasible
I= Infeasible / Marginal
North of Herndon
East of Fowler /
South of Herndon
West of Fowler /
South of Herndon
Prepared by: Keyser Marston Associates
Filename:Clovis Feasibility 10-7-25; S1

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Appendix A Table 2A
For-Sale Pro Forma Summary Charts - Single Family, North of Herndon Inclusionary Housing Analysis
City of Clovis
Per Unit Revenues vs. Costs: For-Sale Project, North of Herndon, 2,400 sf avg home size Existing (no inclusionary)
With 10% on-site inclusionary
(sale price is a weighted average of 90% market and 10% inclusionary) With In-Lieu Fee @$2.80 psf With 5% on-site inclusionary (sale price is a weighted average of 95% market and 5% inclusionary) $620K
Land
Construction &
Indirects
Fees and
permits
Profit
$0
$100
$200
$300
$400
$500
$600
$700
Sale Price Cost/Unit
Thousands per unit
$612K
Total Cost
and profit
$598K
Land
Construction &
Indirects
Fees and
permits
Profit
$0
$100
$200
$300
$400
$500
$600
$700
Sale Price Cost/Unit
Thousands per unit
$609K
Total Cost
and profit
$620K
Land
Construction &
Indirects
Fees and
permits
Profit
$0
$100
$200
$300
$400
$500
$600
$700
Sale Price Cost/Unit
Thousands per unit
$619K
Total Cost
and Profit
$576K
Land
Construction &
Indirects
Fees and
permits
Profit
$0
$100
$200
$300
$400
$500
$600
$700
Sale Price Cost/Unit
Thousands per unit
$606K
Total Cost
and Profit
Prepared by: Keyser Marston Associates
Filename:Clovis Feasibility 10-7-25; S2a

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Appendix A Table 2B
For-Sale Pro Forma Summary Charts - Single Family, South of Herndon, East of Fowler Inclusionary Housing Analysis
City of Clovis
Per Unit Revenues vs. Costs: For-Sale Project, South of Herndon East of Fowler, 2,400 sf avg home size Existing (no inclusionary)
With 10% on-site inclusionary
(sale price is a weighted average of 90% market and 10% inclusionary) With In-Lieu Fee @$2.80 psf With 5% on-site inclusionary (sale price is a weighted average of 95% market and 5% inclusionary) $535K
Land
Construction &
Indirects
Fees and
permits
Profit
$0
$100
$200
$300
$400
$500
$600
Sale Price Cost/Unit
Thousands per unit
$542K
Total Cost
and profit
$517K
Land
Construction &
Indirects
Fees and
permits
Profit
$0
$100
$200
$300
$400
$500
$600
Sale Price Cost/Unit
Thousands per unit
$540K
Total Cost
and profit
$535K
Land
Construction &
Indirects
Fees and
permits
Profit
$0
$100
$200
$300
$400
$500
$600
$700
Sale Price Cost/Unit
Thousands per unit
$549K
Total Cost
and Profit
$500K
Land
Construction &
Indirects
Fees and
permits
Profit
$0
$100
$200
$300
$400
$500
$600
$700
Sale Price Cost/Unit
Thousands per unit
$537K
Total Cost
and Profit
Prepared by: Keyser Marston Associates
Filename:Clovis Feasibility 10-7-25; S2b

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Appendix A Table 2C
Rental Project Pro Forma Summary Charts - South of Herndon, East of Fowler Inclusionary Housing Analysis
City of Clovis
Per Unit Revenues vs. Costs: Rental Project, South of Herndon East of Fowler, 1,200 sf avg unit size Existing (no inclusionary)
With 10% on-site inclusionary
(supported investment based on weighted average of 90% market and 10% inclusionary) With In-Lieu Fee @$2.80 psf With 5% on-site inclusionary (supported investment based on weighted average of 95% market and 5% inclusionary) $239K
Land
Construction
Indirects,
Financing
Fees and
permits
$0
$50
$100
$150
$200
$250
$300
$350
$400
Investment Supported
by Rent
Cost/Unit
Thousands per unit
$354K
Total Cost
$230K
Land
Construction
Indirects,
Financing
Fees and
permits
$0
$50
$100
$150
$200
$250
$300
$350
$400
Investment Supported
by Rent
Cost/Unit
Thousands per unit
$354K
Total Cost
$220K
Land
Construction
Indirects,
Financing
Fees and
permits
$0
$50
$100
$150
$200
$250
$300
$350
$400
Investment Supported
by Rent
Cost/Unit
Thousands per unit
$354K
Total Cost
$239K
Land
Construction
Indirects,
Financing
Fees and
permits
$0
$50
$100
$150
$200
$250
$300
$350
$400
Investment Supported
by Rent
Cost/Unit
Thousands per unit
$358K
Total Cost
Prepared by: Keyser Marston Associates
Filename:Clovis Feasibility 10-7-25; S2c

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Appendix A Table 3
Estimated Cost Per Sq.Ft. to Comply with Potential Requirements Inclusionary Housing Analysis
City of Clovis
For-Sale Pro
jects
Average
Large Lot
Single
Family
Single
Family
Smaller
Single
Family
Single
Family
Smaller
Single
Family
Small Lot
Single
Family
Cost of On-Site Requirement ($/SF in entire project)
5% On-Site For-Sale Affordable $7.70/sf $8.80/sf $7.90/sf $8.80/sf $6.40/sf $7.40/sf $6.80/sf 6% On-Site For-Sale Affordable $9.20/sf $10.60/sf $9.50/sf $10.50/sf $7.70/sf $8.80/sf $8.10/sf 7% On-Site For-Sale Affordable $10.80/sf $12.40/sf $11.10/sf $12.30/sf $8.90/sf $10.30/sf $9.50/sf 8% On-Site For-Sale Affordable $12.30/sf $14.10/sf $12.70/sf $14.10/sf $10.20/sf $11.80/sf $10.80/sf 9% On-Site For-Sale Affordable $13.80/sf $15.90/sf $14.30/sf $15.80/sf $11.50/sf $13.20/sf $12.20/sf 10% On-Site For-Sale Affordable $15.40/sf $17.70/sf $15.90/sf $17.60/sf $12.80/sf $14.70/sf $13.50/sf Rental Projects
Lower
Density
Rental
Higher
Density
Rental
Lower
Density
Rental
Higher
Density
Rental
Lower
Density
Rental
Higher
Density
Rental
Cost of On-Site Requirement ($/SF in entire project)
5% On-Site Rental Affordable $13.70/sf $13.80/sf $14.50/sf $13.30/sf $14.00/sf $13.00/sf $13.60/sf 6% On-Site Rental Affordable $16.20/sf $16.30/sf $17.10/sf $15.80/sf $16.50/sf $15.40/sf $16.10/sf 7% On-Site Rental Affordable $18.70/sf $18.90/sf $19.70/sf $18.20/sf $19.10/sf $17.80/sf $18.60/sf 8% On-Site Rental Affordable $21.20/sf $21.40/sf $22.40/sf $20.70/sf $21.60/sf $20.20/sf $21.00/sf 9% On-Site Rental Affordable $23.70/sf $23.90/sf $25.00/sf $23.10/sf $24.10/sf $22.60/sf $23.50/sf 10% On-Site Rental Affordable $26.20/sf $26.50/sf $27.60/sf $25.60/sf $26.60/sf $25.00/sf $25.90/sf North of Herndon
East of Fowler /
South of Herndon
West of Fowler /
South of Herndon
Prepared by: Keyser Marston Associates
Filename:Clovis Feasibility 10-7-25; S3

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Appendix A Table 4
Estimated Increase in Market Price Sufficient to Offset Cost of Potential Requirements Inclusionary Housing Analysis
City of Clovis
For-Sale Pro
jects
Average
Excl.

Large Lot
Single
Family
Large Lot
Single
Family
Single
Family
Smaller
Single
Family
Single
Family
Smaller
Single
Family
Small Lot
Single
Family
Market Price that Provides Feasible Result
Existing Baseline (no IH Requirement) $1,004,000 $610,000 $470,000 $544,000 $445,000 $424,000 5% On-Site For-Sale Affordable $1,051,000 $634,000 $487,000 $564,000 $460,000 $438,000 6% On-Site For-Sale Affordable $1,061,000 $639,000 $491,000 $569,000 $464,000 $441,000 7% On-Site For-Sale Affordable $1,071,000 $645,000 $495,000 $573,000 $467,000 $444,000 8% On-Site For-Sale Affordable $1,082,000 $650,000 $498,000 $578,000 $471,000 $447,000 9% On-Site For-Sale Affordable $1,093,000 $656,000 $502,000 $583,000 $474,000 $451,000 10% On-Site For-Sale Affordable $1,104,000 $662,000 $506,000 $588,000 $478,000 $454,000 In-Lieu Fee @5% $1,019,000 $618,000 $476,000 $552,000 $450,000 $430,000 In-Lieu Fee @10% $1,033,000 $627,000 $481,000 $561,000 $456,000 $435,000 % Increase in Market Price Sufficient to Offset New Requirement 5% On-Site For-Sale Affordable 3.6% 4.7% 3.9% 3.6% 3.7% 3.4% 3.3% 6% On-Site For-Sale Affordable 4.4% 5.7% 4.8% 4.5% 4.6% 4.3% 4.0% 7% On-Site For-Sale Affordable 5.2% 6.7% 5.7% 5.3% 5.3% 4.9% 4.7% 8% On-Site For-Sale Affordable 6.0% 7.8% 6.6% 6.0% 6.3% 5.8% 5.4% 9% On-Site For-Sale Affordable 6.9% 8.9% 7.5% 6.8% 7.2% 6.5% 6.4% 10% On-Site For-Sale Affordable 7.8% 10.0% 8.5% 7.7% 8.1% 7.4% 7.1% In-Lieu Fee @5% 1.3% 1.5% 1.3% 1.3% 1.5% 1.1% 1.4%
In-Lieu Fee @10% 2.7% 2.9% 2.8% 2.3% 3.1% 2.5% 2.6%
Dollar Increase in Market Price Sufficient to Offset New Requirement 5% On-Site For-Sale Affordable $18,000 $47,000 $24,000 $17,000 $20,000 $15,000 $14,000 6% On-Site For-Sale Affordable $22,200 $57,000 $29,000 $21,000 $25,000 $19,000 $17,000 7% On-Site For-Sale Affordable $26,200 $67,000 $35,000 $25,000 $29,000 $22,000 $20,000 8% On-Site For-Sale Affordable $30,200 $78,000 $40,000 $28,000 $34,000 $26,000 $23,000 9% On-Site For-Sale Affordable $34,600 $89,000 $46,000 $32,000 $39,000 $29,000 $27,000 10% On-Site For-Sale Affordable $39,000 $100,000 $52,000 $36,000 $44,000 $33,000 $30,000 In-Lieu Fee @5% $6,600 $15,000 $8,000 $6,000 $8,000 $5,000 $6,000 In-Lieu Fee @10% $13,400 $29,000 $17,000 $11,000 $17,000 $11,000 $11,000 North of Herndon
East of Fowler /
South of Herndon
West of
Fowler /
South of
Herndon
Prepared by: Keyser Marston Associates
Filename:Clovis Feasibility 10-7-25; S4

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Appendix A Table 5
Decrease in Land Cost Sufficient to Offset Cost of Potential Requirements Inclusionary Housing Analysis
City of Clovis
For-Sale Pro
jects
Large Lot
Single
Family
Single
Family
Smaller
Single
Family
Single
Family
Smaller
Single
Family
Small Lot
Single
Family
Estimated Land Cost
Per Acre $390,000 $390,000 $390,000 $260,000 $260,000 $260,000 Per Unit $130,700 $56,000 $39,200 $37,300 $26,100 $20,100 Decrease in Land Cost Sufficient to Offset New Requirement Existing Baseline (no IH Requirement) 0% 0% 0% 0% 0% 0% 5% On-Site For-Sale Affordable Units -27% -34% -34% -41% -42% -50% 6% On-Site For-Sale Affordable Units -33% -41% -40% -49% -50% -61% 7% On-Site For-Sale Affordable Units -38% -48% -47% -57% -59% -71% 8% On-Site For-Sale Affordable Units -43% -54% -54% -66% -68% -81% 9% On-Site For-Sale Affordable Units -49% -61% -60% -74% -76% -91% 10% On-Site For-Sale Affordable Units -54% -68% -67% -82% -84% -100% In-Lieu Fee @5% affordable ($2.80/SF) -9% -13% -11% -19% -17% -22% In-Lieu Fee @6% affordable ($3.40/SF) -11% -15% -14% -23% -20% -26% In-Lieu Fee @7% affordable ($3.90/SF) -12% -17% -16% -26% -23% -30% In-Lieu Fee @8% affordable ($4.50/SF) -14% -20% -18% -30% -27% -35% In-Lieu Fee @9% affordable ($5.10/SF) -16% -23% -20% -34% -30% -40% In-Lieu Fee @10% affordable ($5.60/SF) -18% -25% -22% -38% -33% -43% Rental Projects
Lower
Density
Rental
Higher
Density
Rental
Lower
Density
Rental
Higher
Density
Rental
Lower
Density
Rental
Higher
Density
Rental
Estimated Land Cost
Per Acre $390,000 $390,000 $260,000 $260,000 $260,000 $260,000 Per Unit $19,600 $13,100 $13,100 $8,700 $13,100 $8,700
Decrease in Land Cost Sufficient to Offset New Requirement Existing Baseline (no IH Requirement) 0% 0% 0% 0% 0% 0% 5% On-Site Rental Affordable Units -48% -73% -73% -109% -73% -109% 6% On-Site Rental Affordable Units -57% -73% -97% -128% -85% -128% 7% On-Site Rental Affordable Units -65% -85% -110% -147% -110% -147% 8% On-Site Rental Affordable Units -73% -98% -122% -166% -122% -166% 9% On-Site Rental Affordable Units -82% -110% -134% -184% -135% -184% 10% On-Site Rental Affordable Units -90% -122% -147% -203% -147% -202% In-Lieu Fee @5% affordable ($2.80/SF) -18% -22% -27% -34% -27% -34% In-Lieu Fee @6% affordable ($3.40/SF) -22% -27% -33% -41% -33% -41% In-Lieu Fee @7% affordable ($3.90/SF) -25% -31% -37% -47% -37% -47% In-Lieu Fee @8% affordable ($4.50/SF) -29% -36% -43% -54% -43% -54% In-Lieu Fee @9% affordable ($5.10/SF) -33% -41% -49% -62% -49% -62% In-Lieu Fee @10% affordable ($5.60/SF) -36% -45% -54% -68% -54% -68% East of Fowler /
South of Herndon
West of Fowler /
South of HerndonNorth of Herndon
Prepared by: Keyser Marston Associates
Filename:Clovis Feasibility 10-7-25; S5

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Appendix A Table 6
Estimated Increase in Market Rents Sufficient to Offset Cost of Potential Requirements Inclusionary Housing Analysis
City of Clovis
Rental Pro
jects
Average
Lower
Density
Rental
Higher
Density
Rental
Lower
Density
Rental
Higher
Density
Rental
Lower
Density
Rental
Higher
Density
Rental
Market Rent that Provides Feasible Result
Existing Baseline (no IH Requirement) $3,073 $2,756 $3,005 $2,696 $2,961 $2,653 5% On-Site Rental Affordable Units $3,180 $2,850 $3,109 $2,787 $3,062 $2,741 6% On-Site Rental Affordable Units $3,201 $2,868 $3,129 $2,804 $3,082 $2,758 7% On-Site Rental Affordable Units $3,222 $2,886 $3,150 $2,822 $3,102 $2,776 8% On-Site Rental Affordable Units $3,244 $2,905 $3,171 $2,840 $3,122 $2,793 9% On-Site Rental Affordable Units $3,267 $2,925 $3,192 $2,859 $3,143 $2,812 10% On-Site Rental Affordable Units $3,290 $2,944 $3,214 $2,878 $3,165 $2,830 In-Lieu Fee @5% $3,095 $2,774 $3,027 $2,714 $2,982 $2,671 In-Lieu Fee @10% $3,116 $2,792 $3,048 $2,732 $3,004 $2,689 % Increase in Market Rent Sufficient to Offset New Requirement 5% On-Site Rental Affordable Units 3.4% 3.5% 3.4% 3.5% 3.4% 3.4% 3.3% 6% On-Site Rental Affordable Units 4.1% 4.2% 4.1% 4.1% 4.0% 4.1% 4.0% 7% On-Site Rental Affordable Units 4.7% 4.8% 4.7% 4.8% 4.7% 4.8% 4.6% 8% On-Site Rental Affordable Units 5.4% 5.6% 5.4% 5.5% 5.3% 5.4% 5.3% 9% On-Site Rental Affordable Units 6.1% 6.3% 6.1% 6.2% 6.0% 6.1% 6.0% 10% On-Site Rental Affordable Units 6.9% 7.1% 6.8% 7.0% 6.8% 6.9% 6.7% In-Lieu Fee @5% 0.7% 0.7% 0.7% 0.7% 0.7% 0.7% 0.7%
In-Lieu Fee @10% 1.4% 1.4% 1.3% 1.4% 1.3% 1.5% 1.4%
Dollar Increase in Monthl
y Market Rent Sufficient to Offset New Requirement
5% On-Site Rental Affordable Units $98 $107 $94 $104 $91 $101 $88 6% On-Site Rental Affordable Units $116 $128 $112 $124 $108 $121 $105 7% On-Site Rental Affordable Units $136 $149 $130 $145 $126 $141 $123 8% On-Site Rental Affordable Units $155 $171 $149 $166 $144 $161 $140 9% On-Site Rental Affordable Units $176 $194 $169 $187 $163 $182 $159 10% On-Site Rental Affordable Units $196 $217 $188 $209 $182 $204 $177 In-Lieu Fee @5% $20 $22 $18 $22 $18 $21 $18
In-Lieu Fee @10% $40 $43 $36 $43 $36 $43 $36
East of Fowler /
South of Herndon
West of Fowler /
South of HerndonNorth of Herndon
Prepared by: Keyser Marston Associates
Filename:Clovis Feasibility 10-7-25; S6

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Table 2
In-Lieu Fee Calculation
Inclusionary Housing Analysis
City of Clovis
Percent
Affordable
Gap Financing
Need
Average New
Market Rate Home
Size (1)
In-Lieu Fee Per Square
Foot of Market Rate
Development
5% x $146,400 / 2,600 sf = $2.80 /SF
6% x $146,400 / 2,600 sf = $3.40 /SF
7% x $146,400 / 2,600 sf = $3.90 /SF
8% x $146,400 / 2,600 sf = $4.50 /SF
9% x $146,400 / 2,600 sf = $5.10 /SF
10% x $146,400 / 2,600 sf = $5.60 /SF
Calculated In-Lieu Fee ($/SF)
(1) Reflects a weighted average unit size for the new home developments currently marketing units in Clovis. _________________________________________________________ Prepared by: Keyser Marston Associates
Filename: Clovis Feasibility 10-7-25; S7

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Appendix A Table 8
Estimated Impact on Total Fee Stack of potential In-lieu fee Inclusionary Housing Analysis
City of Clovis
For-Sale Pro
jects
Average
Large
Lot
Single
Family
Single
Family
Smaller
Single
Family
Single
Family
Smaller
Single
Family
Small
Lot
Single
Family
Unit Square Feet 4,000 2,400 1,500 2,400 1,500 1,500
Existing Fees Per Unit $96,100 $70,100 $56,400 $64,200 $49,900 $42,800 Existing Fees Per Sq.Ft. $24 $29 $38 $27 $33 $29
In-Lieu Fees
In-Lieu Fee @5% affordable ($2.80/SF) $6,200 $11,200 $6,700 $4,200 $6,700 $4,200 $4,200 In-Lieu Fee @6% affordable ($3.40/SF) $7,550 $13,600 $8,200 $5,100 $8,200 $5,100 $5,100 In-Lieu Fee @7% affordable ($3.90/SF) $8,683 $15,600 $9,400 $5,900 $9,400 $5,900 $5,900 In-Lieu Fee @8% affordable ($4.50/SF) $10,000 $18,000 $10,800 $6,800 $10,800 $6,800 $6,800 In-Lieu Fee @9% affordable ($5.10/SF) $11,317 $20,400 $12,200 $7,700 $12,200 $7,700 $7,700 In-Lieu Fee @10% affordable ($5.60/SF) $12,400 $22,400 $13,400 $8,400 $13,400 $8,400 $8,400 Percent Change in Total Fee Stack
In-Lieu Fee @5% affordable ($2.80/SF) 10% 12% 10% 7% 10% 8% 10% In-Lieu Fee @6% affordable ($3.40/SF) 12% 14% 12% 9% 13% 10% 12% In-Lieu Fee @7% affordable ($3.90/SF) 13% 16% 13% 10% 15% 12% 14% In-Lieu Fee @8% affordable ($4.50/SF) 15% 19% 15% 12% 17% 14% 16% In-Lieu Fee @9% affordable ($5.10/SF) 17% 21% 17% 14% 19% 15% 18% In-Lieu Fee @10% affordable ($5.60/SF) 19% 23% 19% 15% 21% 17% 20% Rental Projects
Lower
Density
Rental
Higher
Density
Rental
Lower
Density
Rental
Higher
Density
Rental
Lower
Density
Rental
Higher
Density
Rental
Unit Square Feet 1,200 1,000 1,200 1,000 1,200 1,000
Existing Fees Per Unit $47,900 $46,300 $43,900 $41,400 $37,000 $34,700 Existing Fees Per Sq.Ft. $40 $46 $37 $41 $31 $35
In-Lieu Fees
In-Lieu Fee @5% affordable ($2.80/SF) $3,100 $3,400 $2,800 $3,400 $2,800 $3,400 $2,800 In-Lieu Fee @6% affordable ($3.40/SF) $3,750 $4,100 $3,400 $4,100 $3,400 $4,100 $3,400 In-Lieu Fee @7% affordable ($3.90/SF) $4,300 $4,700 $3,900 $4,700 $3,900 $4,700 $3,900 In-Lieu Fee @8% affordable ($4.50/SF) $4,950 $5,400 $4,500 $5,400 $4,500 $5,400 $4,500 In-Lieu Fee @9% affordable ($5.10/SF) $5,600 $6,100 $5,100 $6,100 $5,100 $6,100 $5,100 In-Lieu Fee @10% affordable ($5.60/SF) $6,150 $6,700 $5,600 $6,700 $5,600 $6,700 $5,600 Percent Change in Total Fee Stack
In-Lieu Fee @5% affordable ($2.80/SF) 7% 7% 6% 8% 7% 9% 8% In-Lieu Fee @6% affordable ($3.40/SF) 9% 9% 7% 9% 8% 11% 10% In-Lieu Fee @7% affordable ($3.90/SF) 10% 10% 8% 11% 9% 13% 11% In-Lieu Fee @8% affordable ($4.50/SF) 12% 11% 10% 12% 11% 15% 13% In-Lieu Fee @9% affordable ($5.10/SF) 14% 13% 11% 14% 12% 16% 15% In-Lieu Fee @10% affordable ($5.60/SF) 15% 14% 12% 15% 14% 18% 16% North of Herndon
East of Fowler /
South of Herndon
West of Fowler /
South of Herndon
Prepared by: Keyser Marston Associates
Filename:Clovis Feasibility 10-7-25; S8

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Appendix A Table 9
Percentage of Total Development Costs Supported by Home Prices and Rents Inclusionary Housing Analysis
City of Clovis
West of Fowler / South

of Herndon
Scenario
Large Lot Single
Family
Single
Family
Smaller Single
Family
Single
Family
Smaller Single
Family
Small Lot Single
Family
Existing Baseline (no IH Requirement) 99.68% 101.37% 101.61% 98.73% 97.29% 97.34% 5% On-Site For-Sale Affordable Units 96.13% 98.26% 98.82% 95.87% 94.77% 94.91% 6% On-Site For-Sale Affordable Units 95.41% 97.62% 98.26% 95.31% 94.28% 94.43% 7% On-Site For-Sale Affordable Units 94.70% 96.99% 97.70% 94.74% 93.77% 93.94% 8% On-Site For-Sale Affordable Units 93.99% 96.36% 97.12% 94.17% 93.26% 93.45% 9% On-Site For-Sale Affordable Units 93.27% 95.74% 96.57% 93.57% 92.74% 92.96% 10% On-Site For-Sale Affordable Units 92.55% 95.09% 95.99% 92.99% 92.25% 92.49% In-Lieu Fee @5% affordable ($2.80/SF) 98.53% 100.22% 100.67% 97.46% 96.33% 96.33% In-Lieu Fee @6% affordable ($3.40/SF) 98.29% 99.97% 100.48% 97.19% 96.13% 96.13% In-Lieu Fee @7% affordable ($3.90/SF) 98.09% 99.78% 100.30% 96.98% 95.97% 95.96% In-Lieu Fee @8% affordable ($4.50/SF) 97.85% 99.53% 100.11% 96.71% 95.76% 95.74% In-Lieu Fee @9% affordable ($5.10/SF) 97.61% 99.30% 99.93% 96.44% 95.57% 95.54% In-Lieu Fee @10% affordable ($5.60/SF) 97.41% 99.10% 99.75% 96.23% 95.41% 95.37% Scenario
Lower Density
Rental
Higher
Density
Rental
Lower Density
Rental
Higher
Density
Rental
Lower Density
Rental Higher Density Rental
Existing Baseline (no IH Requirement) 62.0% 64.9% 67.6% 72.1% 68.1% 72.1% 5% On-Site Rental Affordable Units 59.4% 62.0% 64.9% 69.1% 65.3% 69.1% 6% On-Site Rental Affordable Units 58.9% 62.0% 64.0% 68.6% 64.8% 68.5% 7% On-Site Rental Affordable Units 58.5% 61.6% 63.5% 68.0% 63.9% 68.0% 8% On-Site Rental Affordable Units 58.0% 61.0% 63.1% 67.5% 63.4% 67.5% 9% On-Site Rental Affordable Units 57.6% 60.6% 62.6% 67.0% 63.0% 67.0% 10% On-Site Rental Affordable Units 57.2% 60.1% 62.1% 66.5% 62.5% 66.5% In-Lieu Fee @5% affordable ($2.80/SF) 61.4% 64.4% 66.9% 71.4% 67.4% 71.4% In-Lieu Fee @6% affordable ($3.40/SF) 61.3% 64.2% 66.8% 71.3% 67.2% 71.3% In-Lieu Fee @7% affordable ($3.90/SF) 61.1% 64.1% 66.6% 71.1% 67.1% 71.2% In-Lieu Fee @8% affordable ($4.50/SF) 61.0% 64.0% 66.5% 71.0% 67.0% 71.0% In-Lieu Fee @9% affordable ($5.10/SF) 60.9% 63.9% 66.4% 70.9% 66.8% 70.9% In-Lieu Fee @10% affordable ($5.60/SF) 60.8% 63.8% 66.2% 70.8% 66.7% 70.8% Feasible
Infeasible / Marginal
For-Sale Pro
jects, Sale Price as Percent of Total Development Cost and Threshold Profit Margin North of Herndon
East of Fowler / South of
Herndon
Rental Projects, Investment Supported by Rents as Percent of Total Development Cost North of Herndon
East of Fowler / South of
Herndon West of Fowler / South of Herndon
Prepared by: Keyser Marston Associates
Filename:Clovis Feasibility 10-7-25; S9

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APPENDIX B

FOR-SALE PRO FORMA TABLES

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Appendix B Table 1
For-Sale Pro Forma
Inclusionary Housing Analysis EXISTING (NO INCLUSIONARY REQUIREMENT) City of Clovis Page 1 of 2

Living Area Net SF 4,000 sf 2,400 sf 1,500 sf
Average Number of Bedrooms 4.50 bedrooms 4.0 bedrooms 3.3 bedrooms Density 3 du/acre 7 du/acre 10 du/acre
Avg Lot Size 10,000 sf 4,000 sf 2,600 sf
Revenue Per SF Per Unit % Sales Per SF Per Unit % Sales Per SF Per Unit % Sales Market Units 100% $250 $1,000,000 $258 $620,000 $320 $480,000 Low Income@80% AMI 0% $47 $186,400 $76 $181,600 $118 $177,120 Average Sales Price $250 $1,000,000 100% $258 $620,000 100% $320 $480,000 100% Land and Lot Development
Site Acquisition $33 $130,700 13.1% $23 $56,000 9.0% $26 $39,200 8.2% Site and Intracts $33 $131,000 13.1% $34 $81,000 13.1% $47 $70,000 14.6% Subtotal Lot Cost $65 $261,700 26.2% $57 $137,000 22.1% $73 $109,200 22.8% Home Construction
Direct Construction $95 $380,000 38.0% $100 $240,000 38.7% $120 $180,000 37.5% Fees & Permits $24 $96,100 9.6% $29 $70,100 11.3% $38 $56,400 11.8% Other Indirects

8.5% directs $8 $32,300 3.2% $9 $20,400 3.3% $10 $15,300 3.2% Financing $8 $33,100 3.3% $8 $20,100 3.2% $10 $15,500 3.2% Overhead/G&A
6% sales $15 $60,000 6.0% $16 $37,200 6.0% $19 $28,800 6.0% Warranty/Insurance 1% sales $3 $10,000 1.0% $3 $6,200 1.0% $3 $4,800 1.0% Sales, Marketing, Closing 5% sales $13 $50,000 5.0% $13 $31,000 5.0% $16 $24,000 5.0% Subtotal Home Construction $165 $661,500 66.2% $177 $425,000 68.5% $217 $324,800 67.7% Total Development Cost $231 $923,200 92.3% $234 $562,000 90.6% $289 $434,000 90.4% Sales Revenue $250 $1,000,000 100.0% $258 $620,000 100.0% $320 $480,000 100.0% <Less> Development Cost ($231) ($923,200) -92.3% ($234) ($562,000) -90.6% ($289) ($434,000) -90.4% <Less> Net Builder Profit 8% sales ($20) ($80,000) -8.0% ($21) ($49,600) -8.0% ($26) ($38,400) -8.0% Surplus / (Gap) ($1) ($3,200) -0.3% $3 $8,400 1.4% $5 $7,600 1.6% Feasibility Finding
North of Herndon
Single Family
Feasible FeasibleFeasible
Appendix D Table 1
Smaller Single Family Large Lot Single Family
Prepared by Keyser Marston Associates, Inc.

Clovis Feasibility 10-7-25

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Appendix B Table 1
For-Sale Pro Forma
Inclusionary Housing Analysis
City of Clovis
P

Living Area Net SF
Average Number of Bedrooms
Density
Avg Lot Size
Revenue
Market Units
100%
Low Income@80% AMI 0%
Average Sales Price
Land and Lot Development
Site Acquisition
Site and Intracts
Subtotal Lot Cost
Home Construction
Direct Construction
Fees & Permits
Other Indirects

8.5% directs
Financing
Overhead/G&A
6% sales
Warranty/Insurance 1% sales
Sales, Marketing, Closing 5% sales
Subtotal Home Construction
Total Development Cost
Sales Revenue
<Less> Development Cost
<Less> Net Builder Profit
8% sales
Surplus / (Gap)
Feasibility Finding
Appendix D Table 1

EXISTING (NO INCLUSIONARY REQUIREMENT)

Page 2 of 2 ends

2,400 sf 1,500 sf 1,500 sf

4.00 bedrooms 3.3 bedrooms 3.3 bedrooms
7 du/acre 10 du/acre 13 du/acre
4,000 sf 2,600 sf 2,000 sf
Per SF Per Unit % Sales Per SF Per Unit % Sales Per SF Per Unit % Sales $223 $535,000 $287 $430,000 $273 $410,000
$76 $181,600 $118 $177,120 $118 $177,120
$223 $535,000 100% $287 $430,000 100% $273 $410,000 100% $16 $37,300 7.0% $17 $26,100 6.1% $13 $20,100 4.9%
$34 $81,000 15.1% $47 $70,000 16.3% $45 $67,000 16.3%
$49 $118,300 22.1% $64 $96,100 22.3% $58 $87,100 21.2%
$90 $216,000 40.4% $120 $180,000 41.9% $120 $180,000 43.9% $27 $64,200 12.0% $33 $49,900 11.6% $29 $42,800 10.4%
$8 $18,400 3.4% $10 $15,300 3.6% $10 $15,300 3.7%
$7 $17,900 3.3% $10 $14,700 3.4% $9 $14,000 3.4%
$13 $32,100 6.0% $17 $25,800 6.0% $16 $24,600 6.0%
$2 $5,400 1.0% $3 $4,300 1.0% $3 $4,100 1.0%
$11
$26,800 5.0% $14 $21,500 5.0% $14 $20,500 5.0%
$159 $380,800 71.2% $208 $311,500 72.4% $201 $301,300 73.5% $208 $499,100 93.3% $272 $407,600 94.8% $259 $388,400 94.7% $223 $535,000 100.0% $287 $430,000 100.0% $273 $410,000 100.0% ($208) ($499,100) -93.3% ($272) ($407,600) -94.8% ($259) ($388,400) -94.7% ($18) ($42,800) -8.0% ($23) ($34,400) -8.0% ($22) ($32,800) -8.0% ($3) ($6,900) -1.3% ($8) ($12,000) -2.8% ($7) ($11,200) -2.7% Feasible Feasible Feasible
East of Fowler / South of Herndon West of Fowler / South of Herndon Smaller Single Family Small Lot Single FamilySingle Family Prepared by Keyser Marston Associates, Inc.

Clovis Feasibility 10-7-25

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Appendix B Table 2
For-Sale Pro Forma
Inclusionary Housing Analysis 5% INCLUSIONARY REQUIREMENT City of Clovis Page 1 of 2

Living Area Net SF 4,000 sf 2,400 sf 1,500 sf
Average Number of Bedrooms 4.50 bedrooms 4.0 bedrooms 3.3 bedrooms Density 3 du/acre 7 du/acre 10 du/acre
Avg Lot Size 10,000 sf 4,000 sf 2,600 sf
Revenue Per SF Per Unit % Sales Per SF Per Unit % Sales Per SF Per Unit % Sales Market Units 95% $250 $1,000,000 $258 $620,000 $320 $480,000 Low Income@80% AMI 5% $47 $186,400 $76 $181,600 $118 $177,120 Average Sales Price $240 $959,320 100% $249 $598,080 100% $310 $464,856 100% Land and Lot Development
Site Acquisition $33 $130,700 13.6% $23 $56,000 9.4% $26 $39,200 8.4% Site and Intracts $33 $131,000 13.7% $34 $81,000 13.5% $47 $70,000 15.1% Subtotal Lot Cost $65 $261,700 27.3% $57 $137,000 22.9% $73 $109,200 23.5% Home Construction
Direct Construction $95 $380,000 39.6% $100 $240,000 40.1% $120 $180,000 38.7% Fees & Permits $24 $96,100 10.0% $29 $70,100 11.7% $38 $56,400 12.1% Other Indirects

8.5% directs $8 $32,300 3.4% $9 $20,400 3.4% $10 $15,300 3.3% Financing $8 $33,100 3.5% $8 $20,100 3.4% $10 $15,500 3.3% Overhead/G&A
6% sales $15 $60,000 6.3% $16 $37,200 6.2% $19 $28,800 6.2% Warranty/Insurance 1% sales $3 $10,000 1.0% $3 $6,200 1.0% $3 $4,800 1.0% Sales, Marketing, Closing 5% sales $12 $48,000 5.0% $12 $29,900 5.0% $15 $23,200 5.0% Subtotal Home Construction $165 $659,500 68.7% $177 $423,900 70.9% $216 $324,000 69.7% Total Development Cost $230 $921,200 96.0% $234 $560,900 93.8% $289 $433,200 93.2% Sales Revenue $240 $959,320 100.0% $249 $598,080 100.0% $310 $464,856 100.0% <Less> Development Cost ($230) ($921,200) -96.0% ($234) ($560,900) -93.8% ($289) ($433,200) -93.2% <Less> Net Builder Profit 8% sales ($19) ($76,700) -8.0% ($20) ($47,800) -8.0% ($25) ($37,200) -8.0% Surplus / (Gap) ($10) ($38,580) -4.0% ($4) ($10,620) -1.8% ($4) ($5,544) -1.2% Feasibility Finding
Appendix D Table 1
Feasible FeasibleInfeasible / Marginal
North of Herndon
Large Lot Single Family Single Family Smaller Single Family Prepared by Keyser Marston Associates, Inc.

Clovis Feasibility 10-7-25

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Appendix B Table 2
For-Sale Pro Forma
Inclusionary Housing Analysis
City of Clovis
P

Living Area Net SF
Average Number of Bedrooms
Density
Avg Lot Size
Revenue
Market Units
95%
Low Income@80% AMI 5%
Average Sales Price
Land and Lot Development
Site Acquisition
Site and Intracts
Subtotal Lot Cost
Home Construction
Direct Construction
Fees & Permits
Other Indirects

Page 2 of 2 ends

2,400 sf 1,500 sf 1,500 sf

4.00 bedrooms 3.3 bedrooms 3.3 bedrooms
7 du/acre 10 du/acre 13 du/acre
4,000 sf 2,600 sf 2,000 sf
Per SF Per Unit % Sales Per SF Per Unit % Sales Per SF Per Unit % Sales $223 $535,000 $287 $430,000 $273 $410,000
$76 $181,600 $118 $177,120 $118 $177,120
$216 $517,330 100% $278 $417,356 100% $266 $398,356 100% $16 $37,300 7.2% $17 $26,100 6.3% $13 $20,100 5.0%
$34 $81,000 15.7% $47 $70,000 16.8% $45 $67,000 16.8%
$49 $118,300 22.9% $64 $96,100 23.0% $58 $87,100 21.9%
$90 $216,000 41.8% $120 $180,000 43.1% $120 $180,000 45.2% $27 $64,200 12.4% $33 $49,900 12.0% $29 $42,800 10.7%
$8 $18,400 3.6% $10 $15,300 3.7% $10 $15,300 3.8%
$7 $17,900 3.5% $10 $14,700 3.5% $9 $14,000 3.5%
$13 $32,100 6.2% $17 $25,800 6.2% $16 $24,600 6.2%
$2 $5,400 1.0% $3 $4,300 1.0% $3 $4,100 1.0%
$11
$25,900 5.0% $14 $20,900 5.0% $13 $19,900 5.0%
$158 $379,900 73.4% $207 $310,900 74.5% $200 $300,700 75.5% $208 $498,200 96.3% $271 $407,000 97.5% $259 $387,800 97.4% $216 $517,330 100.0% $278 $417,356 100.0% $266 $398,356 100.0% ($208) ($498,200) -96.3% ($271) ($407,000) -97.5% ($259) ($387,800) -97.4% ($17) ($41,400) -8.0% ($22) ($33,400) -8.0% ($21) ($31,900) -8.0% ($9) ($22,270) -4.3% ($15) ($23,044) -5.5% ($14) ($21,344) -5.4% Infeasible / MarginalInfeasible / Marginal Infeasible / Marginal East of Fowler / South of Herndon West of Fowler / South of Herndon Single Family Smaller Single Family Small Lot Single Family Prepared by Keyser Marston Associates, Inc.

Clovis Feasibility 10-7-25

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Appendix B Table 3
For-Sale Pro Forma
Inclusionary Housing Analysis 6% INCLUSIONARY REQUIREMENT City of Clovis Page 1 of 2

Living Area Net SF 4,000 sf 2,400 sf 1,500 sf
Average Number of Bedrooms 4.50 bedrooms 4.0 bedrooms 3.3 bedrooms Density 3 du/acre 7 du/acre 10 du/acre
Avg Lot Size 10,000 sf 4,000 sf 2,600 sf
Revenue Per SF Per Unit % Sales Per SF Per Unit % Sales Per SF Per Unit % Sales Market Units 94% $250 $1,000,000 $258 $620,000 $320 $480,000 Low Income@80% AMI 6% $47 $186,400 $76 $181,600 $118 $177,120 Average Sales Price $238 $951,184 100% $247 $593,696 100% $308 $461,827 100% Land and Lot Development
Site Acquisition $33 $130,700 13.7% $23 $56,000 9.4% $26 $39,200 8.5% Site and Intracts $33 $131,000 13.8% $34 $81,000 13.6% $47 $70,000 15.2% Subtotal Lot Cost $65 $261,700 27.5% $57 $137,000 23.1% $73 $109,200 23.6% Home Construction
Direct Construction $95 $380,000 40.0% $100 $240,000 40.4% $120 $180,000 39.0% Fees & Permits $24 $96,100 10.1% $29 $70,100 11.8% $38 $56,400 12.2% Other Indirects

8.5% directs $8 $32,300 3.4% $9 $20,400 3.4% $10 $15,300 3.3% Financing $8 $33,100 3.5% $8 $20,100 3.4% $10 $15,500 3.4% Overhead/G&A
6% sales $15 $60,000 6.3% $16 $37,200 6.3% $19 $28,800 6.2% Warranty/Insurance 1% sales $3 $10,000 1.1% $3 $6,200 1.0% $3 $4,800 1.0% Sales, Marketing, Closing 5% sales $12 $47,600 5.0% $12 $29,700 5.0% $15 $23,100 5.0% Subtotal Home Construction $165 $659,100 69.3% $177 $423,700 71.4% $216 $323,900 70.1% Total Development Cost $230 $920,800 96.8% $234 $560,700 94.4% $289 $433,100 93.8% Sales Revenue $238 $951,184 100.0% $247 $593,696 100.0% $308 $461,827 100.0% <Less> Development Cost ($230) ($920,800) -96.8% ($234) ($560,700) -94.4% ($289) ($433,100) -93.8% <Less> Net Builder Profit 8% sales ($19) ($76,100) -8.0% ($20) ($47,500) -8.0% ($25) ($36,900) -8.0% Surplus / (Gap) ($11) ($45,716) -4.8% ($6) ($14,504) -2.4% ($5) ($8,173) -1.8% Feasibility Finding
Appendix D Table 1
Feasible FeasibleInfeasible / Marginal
North of Herndon
Large Lot Single Family Single Family Smaller Single Family Prepared by Keyser Marston Associates, Inc.

Clovis Feasibility 10-7-25

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Appendix B Table 3
For-Sale Pro Forma
Inclusionary Housing Analysis
City of Clovis
P

Living Area Net SF
Average Number of Bedrooms
Density
Avg Lot Size
Revenue
Market Units
94%
Low Income@80% AMI 6%
Average Sales Price
Land and Lot Development
Site Acquisition
Site and Intracts
Subtotal Lot Cost
Home Construction
Direct Construction
Fees & Permits
Other Indirects

Page 2 of 2 ends

2,400 sf 1,500 sf 1,500 sf

4.00 bedrooms 3.3 bedrooms 3.3 bedrooms
7 du/acre 10 du/acre 13 du/acre
4,000 sf 2,600 sf 2,000 sf
Per SF Per Unit % Sales Per SF Per Unit % Sales Per SF Per Unit % Sales $223 $535,000 $287 $430,000 $273 $410,000
$76 $181,600 $118 $177,120 $118 $177,120
$214 $513,796 100% $277 $414,827 100% $264 $396,027 100% $16 $37,300 7.3% $17 $26,100 6.3% $13 $20,100 5.1%
$34 $81,000 15.8% $47 $70,000 16.9% $45 $67,000 16.9%
$49 $118,300 23.0% $64 $96,100 23.2% $58 $87,100 22.0%
$90 $216,000 42.0% $120 $180,000 43.4% $120 $180,000 45.5% $27 $64,200 12.5% $33 $49,900 12.0% $29 $42,800 10.8%
$8 $18,400 3.6% $10 $15,300 3.7% $10 $15,300 3.9%
$7 $17,900 3.5% $10 $14,700 3.5% $9 $14,000 3.5%
$13 $32,100 6.2% $17 $25,800 6.2% $16 $24,600 6.2%
$2 $5,400 1.1% $3 $4,300 1.0% $3 $4,100 1.0%
$11
$25,700 5.0% $14 $20,700 5.0% $13 $19,800 5.0%
$158 $379,700 73.9% $207 $310,700 74.9% $200 $300,600 75.9% $208 $498,000 96.9% $271 $406,800 98.1% $258 $387,700 97.9% $214 $513,796 100.0% $277 $414,827 100.0% $264 $396,027 100.0% ($208) ($498,000) -96.9% ($271) ($406,800) -98.1% ($258) ($387,700) -97.9% ($17) ($41,100) -8.0% ($22) ($33,200) -8.0% ($21) ($31,700) -8.0% ($11) ($25,304) -4.9% ($17) ($25,173) -6.1% ($16) ($23,373) -5.9% Infeasible / MarginalInfeasible / Marginal Infeasible / Marginal East of Fowler / South of Herndon West of Fowler / South of Herndon Single Family Smaller Single Family Small Lot Single Family Prepared by Keyser Marston Associates, Inc.

Clovis Feasibility 10-7-25

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Appendix B Table 4
For-Sale Pro Forma
Inclusionary Housing Analysis 7% INCLUSIONARY REQUIREMENT City of Clovis Page 1 of 2

Living Area Net SF 4,000 sf 2,400 sf 1,500 sf
Average Number of Bedrooms 4.50 bedrooms 4.0 bedrooms 3.3 bedrooms Density 3 du/acre 7 du/acre 10 du/acre
Avg Lot Size 10,000 sf 4,000 sf 2,600 sf
Revenue Per SF Per Unit % Sales Per SF Per Unit % Sales Per SF Per Unit % Sales Market Units 93.0% $250 $1,000,000 $258 $620,000 $320 $480,000 Low Income@80% AMI 7.0% $47 $186,400 $76 $181,600 $118 $177,120 Average Sales Price $236 $943,048 100% $246 $589,312 100% $306 $458,798 100% Land and Lot Development
Site Acquisition $33 $130,700 13.9% $23 $56,000 9.5% $26 $39,200 8.5% Site and Intracts $33 $131,000 13.9% $34 $81,000 13.7% $47 $70,000 15.3% Subtotal Lot Cost $65 $261,700 27.8% $57 $137,000 23.2% $73 $109,200 23.8% Home Construction
Direct Construction $95 $380,000 40.3% $100 $240,000 40.7% $120 $180,000 39.2% Fees & Permits $24 $96,100 10.2% $29 $70,100 11.9% $38 $56,400 12.3% Other Indirects

8.5% directs $8 $32,300 3.4% $9 $20,400 3.5% $10 $15,300 3.3% Financing $8 $33,100 3.5% $8 $20,100 3.4% $10 $15,500 3.4% Overhead/G&A
6% sales $15 $60,000 6.4% $16 $37,200 6.3% $19 $28,800 6.3% Warranty/Insurance 1% sales $3 $10,000 1.1% $3 $6,200 1.1% $3 $4,800 1.0% Sales, Marketing, Closing 5% sales $12 $47,200 5.0% $12 $29,500 5.0% $15 $22,900 5.0% Subtotal Home Construction $165 $658,700 69.8% $176 $423,500 71.9% $216 $323,700 70.6% Total Development Cost $230 $920,400 97.6% $234 $560,500 95.1% $289 $432,900 94.4% Sales Revenue $236 $943,048 100.0% $246 $589,312 100.0% $306 $458,798 100.0% <Less> Development Cost ($230) ($920,400) -97.6% ($234) ($560,500) -95.1% ($289) ($432,900) -94.4% <Less> Net Builder Profit 8% sales ($19) ($75,400) -8.0% ($20) ($47,100) -8.0% ($24) ($36,700) -8.0% Surplus / (Gap) ($13) ($52,752) -5.6% ($8) ($18,288) -3.1% ($7) ($10,802) -2.4% Feasibility Finding
Appendix D Table 1
Infeasible / Marginal FeasibleInfeasible / Marginal
North of Herndon
Large Lot Single Family Single Family Smaller Single Family Prepared by Keyser Marston Associates, Inc.

Clovis Feasibility 10-7-25

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Appendix B Table 4
For-Sale Pro Forma
Inclusionary Housing Analysis
City of Clovis
P

Living Area Net SF
Average Number of Bedrooms
Density
Avg Lot Size
Revenue
Market Units

93.0%
Low Income@80% AMI 7.0%
Average Sales Price
Land and Lot Development
Site Acquisition
Site and Intracts
Subtotal Lot Cost
Home Construction
Direct Construction
Fees & Permits
Other Indirects

Page 2 of 2 ends

2,400 sf 1,500 sf 1,500 sf

4.00 bedrooms 3.3 bedrooms 3.3 bedrooms
7 du/acre 10 du/acre 13 du/acre
4,000 sf 2,600 sf 2,000 sf
Per SF Per Unit % Sales Per SF Per Unit % Sales Per SF Per Unit % Sales $223 $535,000 $287 $430,000 $273 $410,000
$76 $181,600 $118 $177,120 $118 $177,120
$213 $510,262 100% $275 $412,298 100% $262 $393,698 100% $16 $37,300 7.3% $17 $26,100 6.3% $13 $20,100 5.1%
$34 $81,000 15.9% $47 $70,000 17.0% $45 $67,000 17.0%
$49 $118,300 23.2% $64 $96,100 23.3% $58 $87,100 22.1%
$90 $216,000 42.3% $120 $180,000 43.7% $120 $180,000 45.7% $27 $64,200 12.6% $33 $49,900 12.1% $29 $42,800 10.9%
$8 $18,400 3.6% $10 $15,300 3.7% $10 $15,300 3.9%
$7 $17,900 3.5% $10 $14,700 3.6% $9 $14,000 3.6%
$13 $32,100 6.3% $17 $25,800 6.3% $16 $24,600 6.2%
$2 $5,400 1.1% $3 $4,300 1.0% $3 $4,100 1.0%
$11
$25,500 5.0% $14 $20,600 5.0% $13 $19,700 5.0%
$158 $379,500 74.4% $207 $310,600 75.3% $200 $300,500 76.3% $207 $497,800 97.6% $271 $406,700 98.6% $258 $387,600 98.5% $213 $510,262 100.0% $275 $412,298 100.0% $262 $393,698 100.0% ($207) ($497,800) -97.6% ($271) ($406,700) -98.6% ($258) ($387,600) -98.5% ($17) ($40,800) -8.0% ($22) ($33,000) -8.0% ($21) ($31,500) -8.0% ($12) ($28,338) -5.6% ($18) ($27,402) -6.6% ($17) ($25,402) -6.5% Infeasible / MarginalInfeasible / Marginal Infeasible / Marginal East of Fowler / South of Herndon West of Fowler / South of Herndon Single Family Smaller Single Family Small Lot Single Family Prepared by Keyser Marston Associates, Inc.

Clovis Feasibility 10-7-25

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Appendix B Table 5
For-Sale Pro Forma
Inclusionary Housing Analysis 8% INCLUSIONARY REQUIREMENT City of Clovis Page 1 of 2

Living Area Net SF 4,000 sf 2,400 sf 1,500 sf
Average Number of Bedrooms 4.50 bedrooms 4.0 bedrooms 3.3 bedrooms Density 3 du/acre 7 du/acre 10 du/acre
Avg Lot Size 10,000 sf 4,000 sf 2,600 sf
Revenue Per SF Per Unit % Sales Per SF Per Unit % Sales Per SF Per Unit % Sales Market Units 92.0% $250 $1,000,000 $258 $620,000 $320 $480,000 Low Income@80% AMI 8.0% $47 $186,400 $76 $181,600 $118 $177,120 Average Sales Price $234 $934,912 100% $244 $584,928 100% $304 $455,770 100% Land and Lot Development
Site Acquisition $33 $130,700 14.0% $23 $56,000 9.6% $26 $39,200 8.6% Site and Intracts $33 $131,000 14.0% $34 $81,000 13.8% $47 $70,000 15.4% Subtotal Lot Cost $65 $261,700 28.0% $57 $137,000 23.4% $73 $109,200 24.0% Home Construction
Direct Construction $95 $380,000 40.6% $100 $240,000 41.0% $120 $180,000 39.5% Fees & Permits $24 $96,100 10.3% $29 $70,100 12.0% $38 $56,400 12.4% Other Indirects

8.5% directs $8 $32,300 3.5% $9 $20,400 3.5% $10 $15,300 3.4% Financing $8 $33,100 3.5% $8 $20,100 3.4% $10 $15,500 3.4% Overhead/G&A
6% sales $15 $60,000 6.4% $16 $37,200 6.4% $19 $28,800 6.3% Warranty/Insurance 1% sales $3 $10,000 1.1% $3 $6,200 1.1% $3 $4,800 1.1% Sales, Marketing, Closing 5% sales $12 $46,700 5.0% $12 $29,200 5.0% $15 $22,800 5.0% Subtotal Home Construction $165 $658,200 70.4% $176 $423,200 72.4% $216 $323,600 71.0% Total Development Cost $230 $919,900 98.4% $233 $560,200 95.8% $289 $432,800 95.0% Sales Revenue $234 $934,912 100.0% $244 $584,928 100.0% $304 $455,770 100.0% <Less> Development Cost ($230) ($919,900) -98.4% ($233) ($560,200) -95.8% ($289) ($432,800) -95.0% <Less> Net Builder Profit 8% sales ($19) ($74,800) -8.0% ($20) ($46,800) -8.0% ($24) ($36,500) -8.0% Surplus / (Gap) ($15) ($59,788) -6.4% ($9) ($22,072) -3.8% ($9) ($13,530) -3.0% Feasibility Finding
Appendix D Table 1
Infeasible / Marginal FeasibleInfeasible / Marginal
North of Herndon
Large Lot Single Family Single Family Smaller Single Family Prepared by Keyser Marston Associates, Inc.

Clovis Feasibility 10-7-25

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Appendix B Table 5
For-Sale Pro Forma
Inclusionary Housing Analysis
City of Clovis
P

Living Area Net SF
Average Number of Bedrooms
Density
Avg Lot Size
Revenue
Market Units

92.0%
Low Income@80% AMI 8.0%
Average Sales Price
Land and Lot Development
Site Acquisition
Site and Intracts
Subtotal Lot Cost
Home Construction
Direct Construction
Fees & Permits
Other Indirects

Page 2 of 2 ends

2,400 sf 1,500 sf 1,500 sf

4.00 bedrooms 3.3 bedrooms 3.3 bedrooms
7 du/acre 10 du/acre 13 du/acre
4,000 sf 2,600 sf 2,000 sf
Per SF Per Unit % Sales Per SF Per Unit % Sales Per SF Per Unit % Sales $223 $535,000 $287 $430,000 $273 $410,000
$76 $181,600 $118 $177,120 $118 $177,120
$211 $506,728 100% $273 $409,770 100% $261 $391,370 100% $16 $37,300 7.4% $17 $26,100 6.4% $13 $20,100 5.1%
$34 $81,000 16.0% $47 $70,000 17.1% $45 $67,000 17.1%
$49 $118,300 23.3% $64 $96,100 23.5% $58 $87,100 22.3%
$90 $216,000 42.6% $120 $180,000 43.9% $120 $180,000 46.0% $27 $64,200 12.7% $33 $49,900 12.2% $29 $42,800 10.9%
$8 $18,400 3.6% $10 $15,300 3.7% $10 $15,300 3.9%
$7 $17,900 3.5% $10 $14,700 3.6% $9 $14,000 3.6%
$13 $32,100 6.3% $17 $25,800 6.3% $16 $24,600 6.3%
$2 $5,400 1.1% $3 $4,300 1.0% $3 $4,100 1.0%
$11
$25,300 5.0% $14 $20,500 5.0% $13 $19,600 5.0%
$158 $379,300 74.9% $207 $310,500 75.8% $200 $300,400 76.8% $207 $497,600 98.2% $271 $406,600 99.2% $258 $387,500 99.0% $211 $506,728 100.0% $273 $409,770 100.0% $261 $391,370 100.0% ($207) ($497,600) -98.2% ($271) ($406,600) -99.2% ($258) ($387,500) -99.0% ($17) ($40,500) -8.0% ($22) ($32,800) -8.0% ($21) ($31,300) -8.0% ($13) ($31,372) -6.2% ($20) ($29,630) -7.2% ($18) ($27,430) -7.0% Infeasible / MarginalInfeasible / Marginal Infeasible / Marginal East of Fowler / South of Herndon West of Fowler / South of Herndon Single Family Smaller Single Family Small Lot Single Family Prepared by Keyser Marston Associates, Inc.

Clovis Feasibility 10-7-25

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Appendix B Table 6
For-Sale Pro Forma
Inclusionary Housing Analysis 9% INCLUSIONARY REQUIREMENT City of Clovis Page 1 of 2

Living Area Net SF 4,000 sf 2,400 sf 1,500 sf
Average Number of Bedrooms 4.50 bedrooms 4.0 bedrooms 3.3 bedrooms Density 3 du/acre 7 du/acre 10 du/acre
Avg Lot Size 10,000 sf 4,000 sf 2,600 sf
Revenue Per SF Per Unit % Sales Per SF Per Unit % Sales Per SF Per Unit % Sales Market Units 91.0% $250 $1,000,000 $258 $620,000 $320 $480,000 Low Income@80% AMI 9.0% $47 $186,400 $76 $181,600 $118 $177,120 Average Sales Price $232 $926,776 100% $242 $580,544 100% $302 $452,741 100% Land and Lot Development
Site Acquisition $33 $130,700 14.1% $23 $56,000 9.6% $26 $39,200 8.7% Site and Intracts $33 $131,000 14.1% $34 $81,000 14.0% $47 $70,000 15.5% Subtotal Lot Cost $65 $261,700 28.2% $57 $137,000 23.6% $73 $109,200 24.1% Home Construction
Direct Construction $95 $380,000 41.0% $100 $240,000 41.3% $120 $180,000 39.8% Fees & Permits $24 $96,100 10.4% $29 $70,100 12.1% $38 $56,400 12.5% Other Indirects

8.5% directs $8 $32,300 3.5% $9 $20,400 3.5% $10 $15,300 3.4% Financing $8 $33,100 3.6% $8 $20,100 3.5% $10 $15,500 3.4% Overhead/G&A
6% sales $15 $60,000 6.5% $16 $37,200 6.4% $19 $28,800 6.4% Warranty/Insurance 1% sales $3 $10,000 1.1% $3 $6,200 1.1% $3 $4,800 1.1% Sales, Marketing, Closing 5% sales $12 $46,300 5.0% $12 $29,000 5.0% $15 $22,600 5.0% Subtotal Home Construction $164 $657,800 71.0% $176 $423,000 72.9% $216 $323,400 71.4% Total Development Cost $230 $919,500 99.2% $233 $560,000 96.5% $288 $432,600 95.6% Sales Revenue $232 $926,776 100.0% $242 $580,544 100.0% $302 $452,741 100.0% <Less> Development Cost ($230) ($919,500) -99.2% ($233) ($560,000) -96.5% ($288) ($432,600) -95.6% <Less> Net Builder Profit 8% sales ($19) ($74,100) -8.0% ($19) ($46,400) -8.0% ($24) ($36,200) -8.0% Surplus / (Gap) ($17) ($66,824) -7.2% ($11) ($25,856) -4.5% ($11) ($16,059) -3.5% Feasibility Finding
Appendix D Table 1
Infeasible / Marginal Infeasible / MarginalInfeasible / Marginal North of Herndon
Large Lot Single Family Single Family Smaller Single Family Prepared by Keyser Marston Associates, Inc.

Clovis Feasibility 10-7-25

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Appendix B Table 6
For-Sale Pro Forma
Inclusionary Housing Analysis
City of Clovis
P

Living Area Net SF
Average Number of Bedrooms
Density
Avg Lot Size
Revenue
Market Units

91.0%
Low Income@80% AMI 9.0%
Average Sales Price
Land and Lot Development
Site Acquisition
Site and Intracts
Subtotal Lot Cost
Home Construction
Direct Construction
Fees & Permits
Other Indirects

Page 2 of 2 ends

2,400 sf 1,500 sf 1,500 sf

4.00 bedrooms 3.3 bedrooms 3.3 bedrooms
7 du/acre 10 du/acre 13 du/acre
4,000 sf 2,600 sf 2,000 sf
Per SF Per Unit % Sales Per SF Per Unit % Sales Per SF Per Unit % Sales $223 $535,000 $287 $430,000 $273 $410,000
$76 $181,600 $118 $177,120 $118 $177,120
$210 $503,194 100% $271 $407,241 100% $259 $389,041 100% $16 $37,300 7.4% $17 $26,100 6.4% $13 $20,100 5.2%
$34 $81,000 16.1% $47 $70,000 17.2% $45 $67,000 17.2%
$49 $118,300 23.5% $64 $96,100 23.6% $58 $87,100 22.4%
$90 $216,000 42.9% $120 $180,000 44.2% $120 $180,000 46.3% $27 $64,200 12.8% $33 $49,900 12.3% $29 $42,800 11.0%
$8 $18,400 3.7% $10 $15,300 3.8% $10 $15,300 3.9%
$7 $17,900 3.6% $10 $14,700 3.6% $9 $14,000 3.6%
$13 $32,100 6.4% $17 $25,800 6.3% $16 $24,600 6.3%
$2 $5,400 1.1% $3 $4,300 1.1% $3 $4,100 1.1%
$11
$25,200 5.0% $14 $20,400 5.0% $13 $19,500 5.0%
$158 $379,200 75.4% $207 $310,400 76.2% $200 $300,300 77.2% $207 $497,500 98.9% $271 $406,500 99.8% $258 $387,400 99.6% $210 $503,194 100.0% $271 $407,241 100.0% $259 $389,041 100.0% ($207) ($497,500) -98.9% ($271) ($406,500) -99.8% ($258) ($387,400) -99.6% ($17) ($40,300) -8.0% ($22) ($32,600) -8.0% ($21) ($31,100) -8.0% ($14) ($34,606) -6.9% ($21) ($31,859) -7.8% ($20) ($29,459) -7.6% Infeasible / MarginalInfeasible / Marginal Infeasible / Marginal East of Fowler / South of Herndon West of Fowler / South of Herndon Single Family Smaller Single Family Small Lot Single Family Prepared by Keyser Marston Associates, Inc.

Clovis Feasibility 10-7-25

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Appendix B Table 7
For-Sale Pro Forma
Inclusionary Housing Analysis 10% INCLUSIONARY REQUIREMENT City of Clovis Page 1 of 2

Living Area Net SF 4,000 sf 2,400 sf 1,500 sf
Average Number of Bedrooms 4.50 bedrooms 4.0 bedrooms 3.3 bedrooms Density 3 du/acre 7 du/acre 10 du/acre
Avg Lot Size 10,000 sf 4,000 sf 2,600 sf
Revenue Per SF Per Unit % Sales Per SF Per Unit % Sales Per SF Per Unit % Sales Market Units 90.0% $250 $1,000,000 $258 $620,000 $320 $480,000 Low Income@80% AMI 10.0% $47 $186,400 $76 $181,600 $118 $177,120 Average Sales Price $230 $918,640 100% $240 $576,160 100% $300 $449,712 100% Land and Lot Development
Site Acquisition $33 $130,700 14.2% $23 $56,000 9.7% $26 $39,200 8.7% Site and Intracts $33 $131,000 14.3% $34 $81,000 14.1% $47 $70,000 15.6% Subtotal Lot Cost $65 $261,700 28.5% $57 $137,000 23.8% $73 $109,200 24.3% Home Construction
Direct Construction $95 $380,000 41.4% $100 $240,000 41.7% $120 $180,000 40.0% Fees & Permits $24 $96,100 10.5% $29 $70,100 12.2% $38 $56,400 12.5% Other Indirects

8.5% directs $8 $32,300 3.5% $9 $20,400 3.5% $10 $15,300 3.4% Financing $8 $33,100 3.6% $8 $20,100 3.5% $10 $15,500 3.4% Overhead/G&A
6% sales $15 $60,000 6.5% $16 $37,200 6.5% $19 $28,800 6.4% Warranty/Insurance 1% sales $3 $10,000 1.1% $3 $6,200 1.1% $3 $4,800 1.1% Sales, Marketing, Closing 5% sales $11 $45,900 5.0% $12 $28,800 5.0% $15 $22,500 5.0% Subtotal Home Construction $164 $657,400 71.6% $176 $422,800 73.4% $216 $323,300 71.9% Total Development Cost $230 $919,100 100.1% $233 $559,800 97.2% $288 $432,500 96.2% Sales Revenue $230 $918,640 100.0% $240 $576,160 100.0% $300 $449,712 100.0% <Less> Development Cost ($230) ($919,100) -100.1% ($233) ($559,800) -97.2% ($288) ($432,500) -96.2% <Less> Net Builder Profit 8% sales ($18) ($73,500) -8.0% ($19) ($46,100) -8.0% ($24) ($36,000) -8.0% Surplus / (Gap) ($18) ($73,960) -8.1% ($12) ($29,740) -5.2% ($13) ($18,788) -4.2% Feasibility Finding
Appendix D Table 1
Infeasible / Marginal Infeasible / MarginalInfeasible / Marginal North of Herndon
Large Lot Single Family Single Family Smaller Single Family Prepared by Keyser Marston Associates, Inc.

Clovis Feasibility 10-7-25

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Appendix B Table 7
For-Sale Pro Forma
Inclusionary Housing Analysis
City of Clovis
P

Living Area Net SF
Average Number of Bedrooms
Density
Avg Lot Size
Revenue
Market Units

90.0%
Low Income@80% AMI 10.0%
Average Sales Price
Land and Lot Development
Site Acquisition
Site and Intracts
Subtotal Lot Cost
Home Construction
Direct Construction
Fees & Permits
Other Indirects

Page 2 of 2 ends

2,400 sf 1,500 sf 1,500 sf

4.00 bedrooms 3.3 bedrooms 3.3 bedrooms
7 du/acre 10 du/acre 13 du/acre
4,000 sf 2,600 sf 2,000 sf
Per SF Per Unit % Sales Per SF Per Unit % Sales Per SF Per Unit % Sales $223 $535,000 $287 $430,000 $273 $410,000
$76 $181,600 $118 $177,120 $118 $177,120
$208 $499,660 100% $270 $404,712 100% $258 $386,712 100% $16 $37,300 7.5% $17 $26,100 6.4% $13 $20,100 5.2%
$34 $81,000 16.2% $47 $70,000 17.3% $45 $67,000 17.3%
$49 $118,300 23.7% $64 $96,100 23.7% $58 $87,100 22.5%
$90 $216,000 43.2% $120 $180,000 44.5% $120 $180,000 46.5% $27 $64,200 12.8% $33 $49,900 12.3% $29 $42,800 11.1%
$8 $18,400 3.7% $10 $15,300 3.8% $10 $15,300 4.0%
$7 $17,900 3.6% $10 $14,700 3.6% $9 $14,000 3.6%
$13 $32,100 6.4% $17 $25,800 6.4% $16 $24,600 6.4%
$2 $5,400 1.1% $3 $4,300 1.1% $3 $4,100 1.1%
$10
$25,000 5.0% $13 $20,200 5.0% $13 $19,300 5.0%
$158 $379,000 75.9% $207 $310,200 76.6% $200 $300,100 77.6% $207 $497,300 99.5% $271 $406,300 100.4% $258 $387,200 100.1% $208 $499,660 100.0% $270 $404,712 100.0% $258 $386,712 100.0% ($207) ($497,300) -99.5% ($271) ($406,300) -100.4% ($258) ($387,200) -100.1% ($17) ($40,000) -8.0% ($22) ($32,400) -8.0% ($21) ($30,900) -8.0% ($16) ($37,640) -7.5% ($23) ($33,988) -8.4% ($21) ($31,388) -8.1% Infeasible / MarginalInfeasible / Marginal Infeasible / Marginal East of Fowler / South of Herndon West of Fowler / South of Herndon Single Family Smaller Single Family Small Lot Single Family Prepared by Keyser Marston Associates, Inc.

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Appendix B Table 8
For-Sale Pro Forma
Inclusionary Housing Analysis IN-LIEU FEE PAYMENT @5%
City of Clovis Page 1 of 2

8.5% directs $8 $32,300 3.2% $9 $20,400 3.3% $10 $15,300 3.2% Financing $8 $33,600 3.4% $9 $20,400 3.3% $10 $15,700 3.3% Overhead/G&A
6% sales $15 $60,000 6.0% $16 $37,200 6.0% $19 $28,800 6.0% Warranty/Insurance 1% sales $3 $10,000 1.0% $3 $6,200 1.0% $3 $4,800 1.0% Sales, Marketing, Closing 5% sales $13 $50,000 5.0% $13 $31,000 5.0% $16 $24,000 5.0% Subtotal Home Construction $168 $673,200 67.3% $180 $432,020 69.7% $219 $329,200 68.6% Total Development Cost $234 $934,900 93.5% $237 $569,020 91.8% $292 $438,400 91.3% Sales Revenue $250 $1,000,000 100.0% $258 $620,000 100.0% $320 $480,000 100.0% <Less> Development Cost ($234) ($934,900) -93.5% ($237) ($569,020) -91.8% ($292) ($438,400) -91.3% <Less> Net Builder Profit 8% sales ($20) ($80,000) -8.0% ($21) ($49,600) -8.0% ($26) ($38,400) -8.0% Surplus / (Gap) ($4) ($14,900) -1.5% $1 $1,380 0.2% $2 $3,200 0.7% Feasibility Finding
North of Herndon
Large Lot Single Family Single Family Smaller Single Family Appendix D Table 1
Feasible FeasibleFeasible
Prepared by Keyser Marston Associates, Inc.

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Appendix B Table 8
For-Sale Pro Forma
Inclusionary Housing Analysis
City of Clovis
P

Page 2 of 2 ends

2,400 sf 1,500 sf 1,500 sf

4.00 bedrooms 3.3 bedrooms 3.3 bedrooms
7 du/acre 10 du/acre 13 du/acre
4,000 sf 2,600 sf 2,000 sf
Per SF Per Unit % Sales Per SF Per Unit % Sales Per SF Per Unit % Sales $223 $535,000 $287 $430,000 $273 $410,000
$76 $181,600 $118 $177,120 $118 $177,120
$223 $535,000 100% $287 $430,000 100% $273 $410,000 100% $16 $37,300 7.0% $17 $26,100 6.1% $13 $20,100 4.9%
$34 $81,000 15.1% $47 $70,000 16.3% $45 $67,000 16.3%
$49 $118,300 22.1% $64 $96,100 22.3% $58 $87,100 21.2%
$90 $216,000 40.4% $120 $180,000 41.9% $120 $180,000 43.9% $27 $64,200 12.0% $33 $49,900 11.6% $29 $42,800 10.4%
$2.80 $6,720 1.3% $2.80 $4,200 1.0% $2.80 $4,200 1.0%
$8 $18,400 3.4% $10 $15,300 3.6% $10 $15,300 3.7%
$8 $18,200 3.4% $10 $14,900 3.5% $9 $14,200 3.5%
$13 $32,100 6.0% $17 $25,800 6.0% $16 $24,600 6.0%
$2 $5,400 1.0% $3 $4,300 1.0% $3 $4,100 1.0%
$11
$26,800 5.0% $14 $21,500 5.0% $14 $20,500 5.0%
$162 $387,820 72.5% $211 $315,900 73.5% $204 $305,700 74.6% $211 $506,120 94.6% $275 $412,000 95.8% $262 $392,800 95.8% $223 $535,000 100.0% $287 $430,000 100.0% $273 $410,000 100.0% ($211) ($506,120) -94.6% ($275) ($412,000) -95.8% ($262) ($392,800) -95.8% ($18) ($42,800) -8.0% ($23) ($34,400) -8.0% ($22) ($32,800) -8.0% ($6) ($13,920) -2.6% ($11) ($16,400) -3.8% ($10) ($15,600) -3.8% East of Fowler / South of Herndon West of Fowler / South of Herndon Single Family Smaller Single Family Small Lot Single Family Infeasible / MarginalFeasible Infeasible / Marginal
Prepared by Keyser Marston Associates, Inc.

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Appendix B Table 9
For-Sale Pro Forma
Inclusionary Housing Analysis IN-LIEU FEE PAYMENT @6%
City of Clovis Page 1 of 2

8.5% directs $8 $32,300 3.2% $9 $20,400 3.3% $10 $15,300 3.2% Financing $8 $33,700 3.4% $9 $20,500 3.3% $10 $15,700 3.3% Overhead/G&A
6% sales $15 $60,000 6.0% $16 $37,200 6.0% $19 $28,800 6.0% Warranty/Insurance 1% sales $3 $10,000 1.0% $3 $6,200 1.0% $3 $4,800 1.0% Sales, Marketing, Closing 5% sales $13 $50,000 5.0% $13 $31,000 5.0% $16 $24,000 5.0% Subtotal Home Construction $169 $675,700 67.6% $181 $433,560 69.9% $220 $330,100 68.8% Total Development Cost $234 $937,400 93.7% $238 $570,560 92.0% $293 $439,300 91.5% Sales Revenue $250 $1,000,000 100.0% $258 $620,000 100.0% $320 $480,000 100.0% <Less> Development Cost ($234) ($937,400) -93.7% ($238) ($570,560) -92.0% ($293) ($439,300) -91.5% <Less> Net Builder Profit 8% sales ($20) ($80,000) -8.0% ($21) ($49,600) -8.0% ($26) ($38,400) -8.0% Surplus / (Gap) ($4) ($17,400) -1.7% ($0) ($160) 0.0% $2 $2,300 0.5% Feasibility Finding
Appendix D Table 1
Feasible FeasibleFeasible
North of Herndon
Large Lot Single Family Single Family Smaller Single Family Prepared by Keyser Marston Associates, Inc.

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Appendix B Table 9
For-Sale Pro Forma
Inclusionary Housing Analysis
City of Clovis
P

Page 2 of 2 ends

2,400 sf 1,500 sf 1,500 sf

4.00 bedrooms 3.3 bedrooms 3.3 bedrooms
7 du/acre 10 du/acre 13 du/acre
4,000 sf 2,600 sf 2,000 sf
Per SF Per Unit % Sales Per SF Per Unit % Sales Per SF Per Unit % Sales $223 $535,000 $287 $430,000 $273 $410,000
$76 $181,600 $118 $177,120 $118 $177,120
$223 $535,000 100% $287 $430,000 100% $273 $410,000 100% $16 $37,300 7.0% $17 $26,100 6.1% $13 $20,100 4.9%
$34 $81,000 15.1% $47 $70,000 16.3% $45 $67,000 16.3%
$49 $118,300 22.1% $64 $96,100 22.3% $58 $87,100 21.2%
$90 $216,000 40.4% $120 $180,000 41.9% $120 $180,000 43.9% $27 $64,200 12.0% $33 $49,900 11.6% $29 $42,800 10.4%
$3.40 $8,160 1.5% $3.40 $5,100 1.2% $3.40 $5,100 1.2%
$8 $18,400 3.4% $10 $15,300 3.6% $10 $15,300 3.7%
$8 $18,300 3.4% $10 $14,900 3.5% $9 $14,200 3.5%
$13 $32,100 6.0% $17 $25,800 6.0% $16 $24,600 6.0%
$2 $5,400 1.0% $3 $4,300 1.0% $3 $4,100 1.0%
$11
$26,800 5.0% $14 $21,500 5.0% $14 $20,500 5.0%
$162 $389,360 72.8% $211 $316,800 73.7% $204 $306,600 74.8% $212 $507,660 94.9% $275 $412,900 96.0% $262 $393,700 96.0% $223 $535,000 100.0% $287 $430,000 100.0% $273 $410,000 100.0% ($212) ($507,660) -94.9% ($275) ($412,900) -96.0% ($262) ($393,700) -96.0% ($18) ($42,800) -8.0% ($23) ($34,400) -8.0% ($22) ($32,800) -8.0% ($6) ($15,460) -2.9% ($12) ($17,300) -4.0% ($11) ($16,500) -4.0% Infeasible / MarginalFeasible Infeasible / Marginal
East of Fowler / South of Herndon West of Fowler / South of Herndon Single Family Smaller Single Family Small Lot Single Family Prepared by Keyser Marston Associates, Inc.

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Appendix B Table 10
For-Sale Pro Forma
Inclusionary Housing Analysis IN-LIEU FEE PAYMENT @7%
City of Clovis Page 1 of 2

8.5% directs $8 $32,300 3.2% $9 $20,400 3.3% $10 $15,300 3.2% Financing $8 $33,800 3.4% $9 $20,500 3.3% $11 $15,800 3.3% Overhead/G&A
6% sales $15 $60,000 6.0% $16 $37,200 6.0% $19 $28,800 6.0% Warranty/Insurance 1% sales $3 $10,000 1.0% $3 $6,200 1.0% $3 $4,800 1.0% Sales, Marketing, Closing 5% sales $13 $50,000 5.0% $13 $31,000 5.0% $16 $24,000 5.0% Subtotal Home Construction $169 $677,800 67.8% $181 $434,760 70.1% $221 $330,950 68.9% Total Development Cost $235 $939,500 94.0% $238 $571,760 92.2% $293 $440,150 91.7% Sales Revenue $250 $1,000,000 100.0% $258 $620,000 100.0% $320 $480,000 100.0% <Less> Development Cost ($235) ($939,500) -94.0% ($238) ($571,760) -92.2% ($293) ($440,150) -91.7% <Less> Net Builder Profit 8% sales ($20) ($80,000) -8.0% ($21) ($49,600) -8.0% ($26) ($38,400) -8.0% Surplus / (Gap) ($5) ($19,500) -2.0% ($1) ($1,360) -0.2% $1 $1,450 0.3% Feasibility Finding
Appendix D Table 1
Feasible FeasibleFeasible
North of Herndon
Large Lot Single Family Single Family Smaller Single Family Prepared by Keyser Marston Associates, Inc.

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Appendix B Table 10
For-Sale Pro Forma
Inclusionary Housing Analysis
City of Clovis
P

Page 2 of 2 ends

2,400 sf 1,500 sf 1,500 sf

4.00 bedrooms 3.3 bedrooms 3.3 bedrooms
7 du/acre 10 du/acre 13 du/acre
4,000 sf 2,600 sf 2,000 sf
Per SF Per Unit % Sales Per SF Per Unit % Sales Per SF Per Unit % Sales $223 $535,000 $287 $430,000 $273 $410,000
$76 $181,600 $118 $177,120 $118 $177,120
$223 $535,000 100% $287 $430,000 100% $273 $410,000 100% $16 $37,300 7.0% $17 $26,100 6.1% $13 $20,100 4.9%
$34 $81,000 15.1% $47 $70,000 16.3% $45 $67,000 16.3%
$49 $118,300 22.1% $64 $96,100 22.3% $58 $87,100 21.2%
$90 $216,000 40.4% $120 $180,000 41.9% $120 $180,000 43.9% $27 $64,200 12.0% $33 $49,900 11.6% $29 $42,800 10.4%
$3.90 $9,360 1.7% $3.90 $5,850 1.4% $3.90 $5,850 1.4%
$8 $18,400 3.4% $10 $15,300 3.6% $10 $15,300 3.7%
$8 $18,300 3.4% $10 $14,900 3.5% $9 $14,200 3.5%
$13 $32,100 6.0% $17 $25,800 6.0% $16 $24,600 6.0%
$2 $5,400 1.0% $3 $4,300 1.0% $3 $4,100 1.0%
$11
$26,800 5.0% $14 $21,500 5.0% $14 $20,500 5.0%
$163 $390,560 73.0% $212 $317,550 73.8% $205 $307,350 75.0% $212 $508,860 95.1% $276 $413,650 96.2% $263 $394,450 96.2% $223 $535,000 100.0% $287 $430,000 100.0% $273 $410,000 100.0% ($212) ($508,860) -95.1% ($276) ($413,650) -96.2% ($263) ($394,450) -96.2% ($18) ($42,800) -8.0% ($23) ($34,400) -8.0% ($22) ($32,800) -8.0% ($7) ($16,660) -3.1% ($12) ($18,050) -4.2% ($12) ($17,250) -4.2% Infeasible / MarginalInfeasible / Marginal Infeasible / Marginal East of Fowler / South of Herndon West of Fowler / South of Herndon Single Family Smaller Single Family Small Lot Single Family Prepared by Keyser Marston Associates, Inc.

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Appendix B Table 11
For-Sale Pro Forma
Inclusionary Housing Analysis IN-LIEU FEE PAYMENT @8%
City of Clovis Page 1 of 2

8.5% directs $8 $32,300 3.2% $9 $20,400 3.3% $10 $15,300 3.2% Financing $8 $33,900 3.4% $9 $20,600 3.3% $11 $15,800 3.3% Overhead/G&A
6% sales $15 $60,000 6.0% $16 $37,200 6.0% $19 $28,800 6.0% Warranty/Insurance 1% sales $3 $10,000 1.0% $3 $6,200 1.0% $3 $4,800 1.0% Sales, Marketing, Closing 5% sales $13 $50,000 5.0% $13 $31,000 5.0% $16 $24,000 5.0% Subtotal Home Construction $170 $680,300 68.0% $182 $436,300 70.4% $221 $331,850 69.1% Total Development Cost $236 $942,000 94.2% $239 $573,300 92.5% $294 $441,050 91.9% Sales Revenue $250 $1,000,000 100.0% $258 $620,000 100.0% $320 $480,000 100.0% <Less> Development Cost ($236) ($942,000) -94.2% ($239) ($573,300) -92.5% ($294) ($441,050) -91.9% <Less> Net Builder Profit 8% sales ($20) ($80,000) -8.0% ($21) ($49,600) -8.0% ($26) ($38,400) -8.0% Surplus / (Gap) ($6) ($22,000) -2.2% ($1) ($2,900) -0.5% $0 $550 0.1% Feasibility Finding
Appendix D Table 1
Feasible FeasibleFeasible
North of Herndon
Large Lot Single Family Single Family Smaller Single Family Prepared by Keyser Marston Associates, Inc.

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Appendix B Table 11
For-Sale Pro Forma
Inclusionary Housing Analysis
City of Clovis
P

Page 2 of 2 ends

2,400 sf 1,500 sf 1,500 sf

4.00 bedrooms 3.3 bedrooms 3.3 bedrooms
7 du/acre 10 du/acre 13 du/acre
4,000 sf 2,600 sf 2,000 sf
Per SF Per Unit % Sales Per SF Per Unit % Sales Per SF Per Unit % Sales $223 $535,000 $287 $430,000 $273 $410,000
$76 $181,600 $118 $177,120 $118 $177,120
$223 $535,000 100% $287 $430,000 100% $273 $410,000 100% $16 $37,300 7.0% $17 $26,100 6.1% $13 $20,100 4.9%
$34 $81,000 15.1% $47 $70,000 16.3% $45 $67,000 16.3%
$49 $118,300 22.1% $64 $96,100 22.3% $58 $87,100 21.2%
$90 $216,000 40.4% $120 $180,000 41.9% $120 $180,000 43.9% $27 $64,200 12.0% $33 $49,900 11.6% $29 $42,800 10.4%
$4.50 $10,800 2.0% $4.50 $6,750 1.6% $4.50 $6,750 1.6%
$8 $18,400 3.4% $10 $15,300 3.6% $10 $15,300 3.7%
$8 $18,400 3.4% $10 $15,000 3.5% $10 $14,300 3.5%
$13 $32,100 6.0% $17 $25,800 6.0% $16 $24,600 6.0%
$2 $5,400 1.0% $3 $4,300 1.0% $3 $4,100 1.0%
$11
$26,800 5.0% $14 $21,500 5.0% $14 $20,500 5.0%
$163 $392,100 73.3% $212 $318,550 74.1% $206 $308,350 75.2% $213 $510,400 95.4% $276 $414,650 96.4% $264 $395,450 96.5% $223 $535,000 100.0% $287 $430,000 100.0% $273 $410,000 100.0% ($213) ($510,400) -95.4% ($276) ($414,650) -96.4% ($264) ($395,450) -96.5% ($18) ($42,800) -8.0% ($23) ($34,400) -8.0% ($22) ($32,800) -8.0% ($8) ($18,200) -3.4% ($13) ($19,050) -4.4% ($12) ($18,250) -4.5% Infeasible / MarginalInfeasible / Marginal Infeasible / Marginal East of Fowler / South of Herndon West of Fowler / South of Herndon Single Family Smaller Single Family Small Lot Single Family Prepared by Keyser Marston Associates, Inc.

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Appendix B Table 12
For-Sale Pro Forma
Inclusionary Housing Analysis IN-LIEU FEE PAYMENT @9%
City of Clovis Page 1 of 2

8.5% directs $8 $32,300 3.2% $9 $20,400 3.3% $10 $15,300 3.2% Financing $9 $34,000 3.4% $9 $20,600 3.3% $11 $15,800 3.3% Overhead/G&A
6% sales $15 $60,000 6.0% $16 $37,200 6.0% $19 $28,800 6.0% Warranty/Insurance 1% sales $3 $10,000 1.0% $3 $6,200 1.0% $3 $4,800 1.0% Sales, Marketing, Closing 5% sales $13 $50,000 5.0% $13 $31,000 5.0% $16 $24,000 5.0% Subtotal Home Construction $171 $682,800 68.3% $182 $437,740 70.6% $222 $332,750 69.3% Total Development Cost $236 $944,500 94.5% $239 $574,740 92.7% $295 $441,950 92.1% Sales Revenue $250 $1,000,000 100.0% $258 $620,000 100.0% $320 $480,000 100.0% <Less> Development Cost ($236) ($944,500) -94.5% ($239) ($574,740) -92.7% ($295) ($441,950) -92.1% <Less> Net Builder Profit 8% sales ($20) ($80,000) -8.0% ($21) ($49,600) -8.0% ($26) ($38,400) -8.0% Surplus / (Gap) ($6) ($24,500) -2.5% ($2) ($4,340) -0.7% ($0) ($350) -0.1% Feasibility Finding
Appendix D Table 1
Feasible FeasibleFeasible
North of Herndon
Large Lot Single Family Single Family Smaller Single Family Prepared by Keyser Marston Associates, Inc.

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Appendix B Table 12
For-Sale Pro Forma
Inclusionary Housing Analysis
City of Clovis
P

Page 2 of 2 ends

2,400 sf 1,500 sf 1,500 sf

4.00 bedrooms 3.3 bedrooms 3.3 bedrooms
7 du/acre 10 du/acre 13 du/acre
4,000 sf 2,600 sf 2,000 sf
Per SF Per Unit % Sales Per SF Per Unit % Sales Per SF Per Unit % Sales $223 $535,000 $287 $430,000 $273 $410,000
$76 $181,600 $118 $177,120 $118 $177,120
$223 $535,000 100% $287 $430,000 100% $273 $410,000 100% $16 $37,300 7.0% $17 $26,100 6.1% $13 $20,100 4.9%
$34 $81,000 15.1% $47 $70,000 16.3% $45 $67,000 16.3%
$49 $118,300 22.1% $64 $96,100 22.3% $58 $87,100 21.2%
$90 $216,000 40.4% $120 $180,000 41.9% $120 $180,000 43.9% $27 $64,200 12.0% $33 $49,900 11.6% $29 $42,800 10.4%
$5.10 $12,240 2.3% $5.10 $7,650 1.8% $5.10 $7,650 1.9%
$8 $18,400 3.4% $10 $15,300 3.6% $10 $15,300 3.7%
$8 $18,500 3.5% $10 $15,000 3.5% $10 $14,300 3.5%
$13 $32,100 6.0% $17 $25,800 6.0% $16 $24,600 6.0%
$2 $5,400 1.0% $3 $4,300 1.0% $3 $4,100 1.0%
$11
$26,800 5.0% $14 $21,500 5.0% $14 $20,500 5.0%
$164 $393,640 73.6% $213 $319,450 74.3% $206 $309,250 75.4% $213 $511,940 95.7% $277 $415,550 96.6% $264 $396,350 96.7% $223 $535,000 100.0% $287 $430,000 100.0% $273 $410,000 100.0% ($213) ($511,940) -95.7% ($277) ($415,550) -96.6% ($264) ($396,350) -96.7% ($18) ($42,800) -8.0% ($23) ($34,400) -8.0% ($22) ($32,800) -8.0% ($8) ($19,740) -3.7% ($13) ($19,950) -4.6% ($13) ($19,150) -4.7% Infeasible / MarginalInfeasible / Marginal Infeasible / Marginal East of Fowler / South of Herndon West of Fowler / South of Herndon Single Family Smaller Single Family Small Lot Single Family Prepared by Keyser Marston Associates, Inc.

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Appendix B Table 13
For-Sale Pro Forma
Inclusionary Housing Analysis IN-LIEU FEE PAYMENT @10%
City of Clovis Page 1 of 2

8.5% directs $8 $32,300 3.2% $9 $20,400 3.3% $10 $15,300 3.2% Financing $9 $34,100 3.4% $9 $20,700 3.3% $11 $15,900 3.3% Overhead/G&A
6% sales $15 $60,000 6.0% $16 $37,200 6.0% $19 $28,800 6.0% Warranty/Insurance 1% sales $3 $10,000 1.0% $3 $6,200 1.0% $3 $4,800 1.0% Sales, Marketing, Closing 5% sales $13 $50,000 5.0% $13 $31,000 5.0% $16 $24,000 5.0% Subtotal Home Construction $171 $684,900 68.5% $183 $439,040 70.8% $222 $333,600 69.5% Total Development Cost $237 $946,600 94.7% $240 $576,040 92.9% $295 $442,800 92.3% Sales Revenue $250 $1,000,000 100.0% $258 $620,000 100.0% $320 $480,000 100.0% <Less> Development Cost ($237) ($946,600) -94.7% ($240) ($576,040) -92.9% ($295) ($442,800) -92.3% <Less> Net Builder Profit 8% sales ($20) ($80,000) -8.0% ($21) ($49,600) -8.0% ($26) ($38,400) -8.0% Surplus / (Gap) ($7) ($26,600) -2.7% ($2) ($5,640) -0.9% ($1) ($1,200) -0.3% Feasibility Finding
Appendix D Table 1
Feasible FeasibleFeasible
North of Herndon
Large Lot Single Family Single Family Smaller Single Family Prepared by Keyser Marston Associates, Inc.

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Appendix B Table 13
For-Sale Pro Forma
Inclusionary Housing Analysis
City of Clovis
P

Page 2 of 2 ends

2,400 sf 1,500 sf 1,500 sf

4.00 bedrooms 3.3 bedrooms 3.3 bedrooms
7 du/acre 10 du/acre 13 du/acre
4,000 sf 2,600 sf 2,000 sf
Per SF Per Unit % Sales Per SF Per Unit % Sales Per SF Per Unit % Sales $223 $535,000 $287 $430,000 $273 $410,000
$76 $181,600 $118 $177,120 $118 $177,120
$223 $535,000 100% $287 $430,000 100% $273 $410,000 100% $16 $37,300 7.0% $17 $26,100 6.1% $13 $20,100 4.9%
$34 $81,000 15.1% $47 $70,000 16.3% $45 $67,000 16.3%
$49 $118,300 22.1% $64 $96,100 22.3% $58 $87,100 21.2%
$90 $216,000 40.4% $120 $180,000 41.9% $120 $180,000 43.9% $27 $64,200 12.0% $33 $49,900 11.6% $29 $42,800 10.4%
$5.60 $13,440 2.5% $5.60 $8,400 2.0% $5.60 $8,400 2.0%
$8 $18,400 3.4% $10 $15,300 3.6% $10 $15,300 3.7%
$8 $18,500 3.5% $10 $15,000 3.5% $10 $14,300 3.5%
$13 $32,100 6.0% $17 $25,800 6.0% $16 $24,600 6.0%
$2 $5,400 1.0% $3 $4,300 1.0% $3 $4,100 1.0%
$11
$26,800 5.0% $14 $21,500 5.0% $14 $20,500 5.0%
$165 $394,840 73.8% $213 $320,200 74.5% $207 $310,000 75.6% $214 $513,140 95.9% $278 $416,300 96.8% $265 $397,100 96.9% $223 $535,000 100.0% $287 $430,000 100.0% $273 $410,000 100.0% ($214) ($513,140) -95.9% ($278) ($416,300) -96.8% ($265) ($397,100) -96.9% ($18) ($42,800) -8.0% ($23) ($34,400) -8.0% ($22) ($32,800) -8.0% ($9) ($20,940) -3.9% ($14) ($20,700) -4.8% ($13) ($19,900) -4.9% Infeasible / MarginalInfeasible / Marginal Infeasible / Marginal East of Fowler / South of Herndon West of Fowler / South of Herndon Single Family Smaller Single Family Small Lot Single Family Prepared by Keyser Marston Associates, Inc.

Clovis Feasibility 10-7-25

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Appendix B Table 14
For-Sale Pro Forma
Inclusionary Housing Analysis 7% INCLUSIONARY REQUIREMENT; AFFORDABLE UNITS @ 1,500 SF MAX City of Clovis

Page 1 of 2 ends

Living Area Net SF 4,000 sf 2,400 sf 1,500 sf
Average Number of Bedrooms 4.50 bedrooms 4.0 bedrooms 3.3 bedrooms Density 3 du/acre 7 du/acre 10 du/acre
Avg Lot Size 10,000 sf 4,000 sf 2,600 sf
Stories/ Construction Type 1 to 2 stories/ wood 1 to 2 stories/ wood 1 to 2 stories/ wood Affordable Unit living area 1,500 sf 1,500 sf 1,500 sf
Revenue Per SF Per Unit % Sales Per SF Per Unit % Sales Per SF Per Unit % Sales Market Units 93% $250 $1,000,000 $258 $620,000 $320 $480,000 Low Income@80% AMI 7% $47 $186,400 $76 $181,600 $118 $177,120 Average Sales Price $236 $943,048 100% $246 $589,312 100% $306 $458,798 100% Land and Lot Development
Site Acquisition $32 $124,295 13.2% $23 $54,691 9.3% $26 $39,200 8.5% Site and Intracts $33 $126,730 13.4% $35 $81,000 13.7% $47 $70,000 15.3% Subtotal Lot Cost $63 $251,025 26.6% $57 $135,691 23.0% $73 $109,200 23.8% Home Construction
Direct Construction $96 $366,000 38.8% $102 $238,320 40.4% $120 $180,000 39.2% Fees & Permits $24 $93,321 9.9% $30 $69,687 11.8% $38 $56,400 12.3% Other Indirects

8.5% directs $8 $31,100 3.3% $8 $20,300 3.4% $10 $15,300 3.3% Financing $8 $31,900 3.4% $8 $20,000 3.4% $10 $15,500 3.4% Overhead/G&A
6% sales $15 $60,000 6.4% $16 $37,200 6.3% $19 $28,800 6.3% Warranty/Insurance 1% sales $3 $10,000 1.1% $3 $6,200 1.1% $3 $4,800 1.0% Sales, Marketing, Closing 5% sales $12 $47,200 5.0% $12 $29,500 5.0% $15 $22,900 5.0% Subtotal Home Construction $160 $639,521 67.8% $176 $421,207 71.5% $216 $323,700 70.6% Total Development Cost $223 $890,546 94.4% $232 $556,898 94.5% $289 $432,900 94.4% Sales Revenue $236 $943,048 100.0% $246 $589,312 100.0% $306 $458,798 100.0% <Less> Development Cost ($223) ($890,546) -94.4% ($232) ($556,898) -94.5% ($289) ($432,900) -94.4% <Less> Net Builder Profit 8% sales ($19) ($75,400) -8.0% ($20) ($47,100) -8.0% ($24) ($36,700) -8.0% Surplus / (Gap) ($6) ($22,898) -2.4% ($6) ($14,686) -2.5% ($7) ($10,802) -2.4% Feasibility Finding
North of Herndon
Large Lot Single Family Single Family Smaller Single Family Appendix D Table 1
Feasible Feasible Feasible
Prepared by Keyser Marston Associates, Inc.

Clovis Feasibility 10-7-25

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Appendix B Table 14
For-Sale Pro Forma
Inclusionary Housing Analysis
City of Clovis
P

Living Area Net SF
Average Number of Bedrooms
Density
Avg Lot Size
Stories/ Construction Type
Affordable Unit living area
Revenue
Market Units
93%
Low Income@80% AMI 7%
Average Sales Price
Land and Lot Development
Site Acquisition
Site and Intracts
Subtotal Lot Cost
Home Construction
Direct Construction
Fees & Permits
Other Indirects

Page 2 of 2 ends

2,400 sf 1,500 sf 1,500 sf

4.00 bedrooms 3.3 bedrooms 3.3 bedrooms
7 du/acre 10 du/acre 13 du/acre
4,000 sf 2,600 sf 2,000 sf
1 to 2 stories/ wood 1 to 2 stories/ wood 2 stories/ wood 1,500 sf 1,500 sf 1,500 sf
Per SF Per Unit % Sales Per SF Per Unit % Sales Per SF Per Unit % Sales $223 $535,000 $287 $430,000 $273 $410,000
$76 $181,600 $118 $177,120 $118 $177,120
$213 $510,262 100% $275 $412,298 100% $262 $393,698 100% $15 $34,690 6.8% $17 $26,100 6.3% $13 $20,100 5.1%
$32 $75,333 14.8% $47 $70,000 17.0% $45 $67,000 17.0%
$46 $110,023 21.6% $64 $96,100 23.3% $58 $87,100 22.1%
$86 $200,888 39.4% $120 $180,000 43.7% $120 $180,000 45.7% $26 $59,708 11.7% $33 $49,900 12.1% $29 $42,800 10.9%
$7 $17,100 3.4% $10 $15,300 3.7% $10 $15,300 3.9%
$7 $16,700 3.3% $10 $14,700 3.6% $9 $14,000 3.6%
$13 $32,100 6.3% $17 $25,800 6.3% $16 $24,600 6.2%
$2 $5,400 1.1% $3 $4,300 1.0% $3 $4,100 1.0%
$11
$25,500 5.0% $14 $20,600 5.0% $13 $19,700 5.0%
$149 $357,396 70.0% $207 $310,600 75.3% $200 $300,500 76.3% $195 $467,419 91.6% $271 $406,700 98.6% $258 $387,600 98.5% $213 $510,262 100.0% $275 $412,298 100.0% $262 $393,698 100.0% ($195) ($467,419) -91.6% ($271) ($406,700) -98.6% ($258) ($387,600) -98.5% ($17) ($40,800) -8.0% ($22) ($33,000) -8.0% ($21) ($31,500) -8.0% $1 $2,043 0.4% ($18) ($27,402) -6.6% ($17) ($25,402) -6.5% East of Fowler / South of Herndon West of Fowler / South of Herndon Single Family Smaller Single Family Small Lot Single Family Infeasible / MarginalFeasible Infeasible / Marginal
Prepared by Keyser Marston Associates, Inc.

Clovis Feasibility 10-7-25

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APPENDIX C

RENTAL PRO FORMA TABLES

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Appendix C Table 1
Rental Pro Forma
Inclusionary Housing Analysis EXISTING (NO INCLUSIONARY REQUIREMENT) City of Clovis

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Average Unit Size 1,200 sf/unit 1,000 sf/unit 1,200 sf/unit 1,000 sf/unit Average No. of Bedrooms 1.7 br/unit 1.2 br/unit 1.7 br/unit 1.2 br/unit Residential Density 20 units/acre 30 units/acre 20 units/acre 30 units/acre Parking Type
Building type
Rents $/Unit $/NSF %Units $/Unit $/NSF %Units $/Unit $/NSF %Units $/Unit $/NSF %Units Market Rate $2,220 $1.85 100% $2,050 $2.05 100% $2,300 $1.92 100% $2,150 $2.15 100% Low Income (80% AMI) $1,511 $1.26 0.0% $1,432 $1.43 0.0% $1,511 $1.26 0.0% $1,432 $1.43 0.0% Very Low Inc. (50% AMI) $900 $0.75 0.0% $855 $0.86 0.0% $900 $0.75 0.0% $855 $0.86 0.0% Weighted Average $2,220 $1.85 100% $2,050 $2.05 100% $2,300 $1.92 100% $2,150 $2.15 100% Operating Income $/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross Gross Rent $26,640 $22 96% $24,600 $25 95% $27,600 $23 96% $25,800 $26 96% Other Income, reimbursmts $1,200 $1 4% $1,200 $1 5% $1,200 $1 4% $1,200 $1 4% (Less) Vacancy/Bad Debt ($1,392) ($1) -5% ($1,290) ($1) -5% ($1,440) ($1) -5% ($1,350) ($1) -5% Effective Gross Income $26,448 $22 95% $24,510 $25 95% $27,360 $23 95% $25,650 $26 95% (Less) OPEX ($6,200) ($5) -22% ($5,700) ($6) -22% ($6,200) ($5) -22% ($5,700) ($6) -21% (Less) Property Tax ($4,400) ($4) -16% ($3,900) ($4) -15% ($4,400) ($4) -15% ($3,900) ($4) -14% Net Operating Income (NOI) $15,848 $13 57% $14,910 $15 58% $16,760 $14 58% $16,050 $16 59% Threshold Return on Cost 7% 7% 7% 7%
Supported Investment $226,400 $189 $213,000 $213 $239,400 $200 $229,300 $229 Development Costs
$/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct Site Acquisition $19,600 $16 8% $13,100 $13 6% $13,100 $11 6% $8,700 $9 4% Directs incl. sitework $237,800 $198 100% $214,500 $215 100% $237,800 $198 100% $214,500 $215 100% Contingency $11,900 $10 5% $10,700 $11 5% $11,900 $10 5% $10,700 $11 5% Fees & Permits $47,900 $40 20% $46,300 $46 22% $43,900 $37 18% $41,400 $41 19% A&E/Taxes/Ins./other indirects $21,400 $18 9% $19,300 $19 9% $21,400 $18 9% $19,300 $19 9% Overhead/Admin $9,500 $8 4% $8,600 $9 4% $9,500 $8 4% $8,600 $9 4% Financing $17,231
$14 7% $15,469 $15 7% $16,711 $14 7% $15,008 $15 7%
Total Costs $365,331 $304 154% $327,969 $328 153% $354,311 $295 149% $318,208 $318 148% %TDC %TDC %TDC %TDC
($138,931) ($116) -38% ($114,969) ($115) -35% ($114,911) ($96) -32% ($88,908) ($89) -28% Feasibility Finding
Surplus / (Gap)
Infeasible / Marginal Infeasible / Marginal Infeasible / Marginal Infeasible / Marginal Higher Density Rental
East of Fowler / South of Herndon
2 sp/unit, 1 in garage. 2 sp/unit, 1 in garage. 2 sp/unit, 1 covered 2 sp/unit, 1 in garage.

North of Herndon
Lower Density Rental Higher Density Rental Lower Density Rental 2-story wood frame 3-story wood frame 2-story wood frame 3-story wood frame Prepared by: Keyser Marston Associates
Filename:Clovis Feasibility 10-7-25; R1

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Appendix C Table 1
Rental Pro Forma
Inclusionary Housing Analysis
City of Clovis
Average Unit Size
Average No. of Bedrooms
Residential Density
Parking Type
Building type
Rents
Market Rate
Low Income (80% AMI)
Very Low Inc. (50% AMI)
Weighted Average
Operating Income
Gross Rent
Other Income, reimbursmts
(Less) Vacancy/Bad Debt
Effective Gross Income
(Less) OPEX
(Less) Property Tax
Net Operating Income (NOI)
Threshold Return on Cost
Supported Investment
Development Costs
Site Acquisition
Directs incl. sitework
Contingenc
y
Fees & Permits
A&E/Taxes/Ins./other indirects
Overhead/Admin
Financing
Total Costs
Feasibility Finding
Surplus / (Gap)

EXISTING (NO INCLUSIONARY REQUIREMENT)

Page 2 of 2 ends

1,200 sf/unit 1,000 sf/unit

1.7 br/unit 1.2 br/unit
20 units/acre 30 units/acre
$/Unit $/NSF %Units $/Unit $/NSF %Units
$2,280 $1.90 100% $2,120 $2.12 100%
$1,511 $1.26 0.0% $1,432 $1.43 0.0%
$900 $0.75 0.0% $855 $0.86 0.0%
$2,280 $1.90 100% $2,120 $2.12 100%
$/Unit $/NSF %Gross $/Unit $/NSF %Gross
$27,360 $23 96% $25,440 $25 95%
$1,200 $1 4% $1,200 $1 5%
($1,428) ($1) -5% ($1,332) ($1) -5%
$27,132 $23 95% $25,308 $25 95%
($6,200) ($5) -22% ($5,700) ($6) -21%
($4,400)
($4) -15% ($3,900) ($4) -15%
$16,532 $14 58% $15,708 $16 59%
7% 7%
$236,200 $197 $224,400 $224
$/Unit $/NSF %Direct $/Unit $/NSF %Direct
$13,100 $11 6% $8,700 $9 4%
$237,800 $198 100% $214,500 $215 100%
$11,900 $10 5% $10,700 $11 5%
$37,000 $31 16% $34,700 $35 16%
$21,400 $18 9% $19,300 $19 9%
$9,500 $8 4% $8,600 $9 4%
$16,370 $14 7% $14,677 $15 7%
$347,070 $289 146% $311,177 $311 145%
%TDC %TDC
($110,870) ($92) -32% ($86,777) ($87) -28%
Infeasible / MarginalInfeasible / Marginal
Lower Density Rental
West of Fowler / South of Herndon
2 sp/unit, 1 covered 2 sp/unit, 1 in garage.

Higher Density Rental
3-story wood frame2-story wood frame
Prepared by: Keyser Marston Associates
Filename:Clovis Feasibility 10-7-25; R1

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Appendix C Table 2
Rental Pro Forma
Inclusionary Housing Analysis 5% INCLUSIONARY REQUIREMENT City of Clovis

Page 1 of 2 ends

Average Unit Size 1,200 sf/unit 1,000 sf/unit 1,200 sf/unit 1,000 sf/unit Average No. of Bedrooms 1.7 br/unit 1.2 br/unit 1.7 br/unit 1.2 br/unit Residential Density 20 units/acre 30 units/acre 20 units/acre 30 units/acre Parking Type
Building type
Rents $/Unit $/NSF %Units $/Unit $/NSF %Units $/Unit $/NSF %Units $/Unit $/NSF %Units Market Rate $2,220 $1.85 95% $2,050 $2.05 95% $2,300 $1.92 95% $2,150 $2.15 95% Low Income (80% AMI) $1,511 $1.26 2.5% $1,432 $1.43 2.5% $1,511 $1.26 2.5% $1,432 $1.43 2.5% Very Low Inc. (50% AMI) $900 $0.75 2.5% $855 $0.86 2.5% $900 $0.75 2.5% $855 $0.86 2.5% Weighted Average $2,170 $1.81 100% $2,000 $2.00 100% $2,250 $1.88 100% $2,100 $2.10 100% Operating Income $/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross Gross Rent $26,040 $22 96% $24,000 $24 96% $27,000 $23 96% $25,200 $25 96% Other Income, reimbursmts $1,100 $1 4% $1,100 $1 4% $1,100 $1 4% $1,100 $1 4% (Less) Vacancy/Bad Debt ($1,357) ($1) -5% ($1,255) ($1) -5% ($1,405) ($1) -5% ($1,315) ($1) -5% Effective Gross Income $25,783 $21 95% $23,845 $24 95% $26,695 $22 95% $24,985 $25 95% (Less) OPEX ($6,200) ($5) -23% ($5,700) ($6) -23% ($6,200) ($5) -22% ($5,700) ($6) -22% (Less) Property Tax ($4,400) ($4) -16% ($3,900) ($4) -16% ($4,400) ($4) -16% ($3,900) ($4) -15% Net Operating Income (NOI) $15,183 $13 56% $14,245 $14 57% $16,095 $13 57% $15,385 $15 58% Threshold Return on Cost 7% 7% 7% 7%
Supported Investment $216,900 $181 $203,500 $204 $229,900 $192 $219,800 $220 Development Costs
$/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct Site Acquisition $19,600 $16 8% $13,100 $13 6% $13,100 $11 6% $8,700 $9 4% Directs incl. sitework $237,800 $198 100% $214,500 $215 100% $237,800 $198 100% $214,500 $215 100% Contingency $11,900 $10 5% $10,700 $11 5% $11,900 $10 5% $10,700 $11 5% Fees & Permits $47,900 $40 20% $46,300 $46 22% $43,900 $37 18% $41,400 $41 19% A&E/Taxes/Ins./other indirects $21,400 $18 9% $19,300 $19 9% $21,400 $18 9% $19,300 $19 9% Overhead/Admin $9,500 $8 4% $8,600 $9 4% $9,500 $8 4% $8,600 $9 4% Financing $17,231
$14 7% $15,469 $15 7% $16,711 $14 7% $15,008 $15 7%
Total Costs $365,331 $304 154% $327,969 $328 153% $354,311 $295 149% $318,208 $318 148% %TDC %TDC %TDC %TDC
($148,431) ($124) -41% ($124,469) ($124) -38% ($124,411) ($104) -35% ($98,408) ($98) -31% Feasibility Finding
Surplus / (Gap)
Infeasible / Marginal Infeasible / Marginal Infeasible / Marginal Infeasible / Marginal 2 sp/unit, 1 in garage. 2 sp/unit, 1 in garage. 2 sp/unit, 1 covered 2 sp/unit, 1 in garage. 2-story wood frame 3-story wood frame 2-story wood frame 3-story wood frame North of Herndon East of Fowler / South of Herndon
Lower Density Rental Higher Density Rental Lower Density Rental Higher Density Rental Prepared by: Keyser Marston Associates
Filename:Clovis Feasibility 10-7-25; R2

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Appendix C Table 2
Rental Pro Forma
Inclusionary Housing Analysis
City of Clovis
Average Unit Size
Average No. of Bedrooms
Residential Density
Parking Type
Building type
Rents
Market Rate
Low Income (80% AMI)
Very Low Inc. (50% AMI)
Weighted Average
Operating Income
Gross Rent
Other Income, reimbursmts
(Less) Vacancy/Bad Debt
Effective Gross Income
(Less) OPEX
(Less) Property Tax
Net Operating Income (NOI)
Threshold Return on Cost
Supported Investment
Development Costs
Site Acquisition
Directs incl. sitework
Contingenc
y
Fees & Permits
A&E/Taxes/Ins./other indirects
Overhead/Admin
Financing
Total Costs
Feasibility Finding
Surplus / (Gap)
5% INCLUSIONARY REQUIREMENT

Page 2 of 2 ends

1,200 sf/unit 1,000 sf/unit

1.7 br/unit 1.2 br/unit
20 units/acre 30 units/acre
$/Unit $/NSF %Units $/Unit $/NSF %Units
$2,280 $1.90 95% $2,120 $2.12 95%
$1,511 $1.26 2.5% $1,432 $1.43 2.5%
$900 $0.75 2.5% $855 $0.86 2.5%
$2,230 $1.86 100% $2,070 $2.07 100%
$/Unit $/NSF %Gross $/Unit $/NSF %Gross
$26,760 $22 96% $24,840 $25 96%
$1,100 $1 4% $1,100 $1 4%
($1,393) ($1) -5% ($1,297) ($1) -5%
$26,467 $22 95% $24,643 $25 95%
($6,200) ($5) -22% ($5,700) ($6) -22%
($4,400)
($4) -16% ($3,900) ($4) -15%
$15,867 $13 57% $15,043 $15 58%
7% 7%
$226,700 $189 $214,900 $215
$/Unit $/NSF %Direct $/Unit $/NSF %Direct
$13,100 $11 6% $8,700 $9 4%
$237,800 $198 100% $214,500 $215 100%
$11,900 $10 5% $10,700 $11 5%
$37,000 $31 16% $34,700 $35 16%
$21,400 $18 9% $19,300 $19 9%
$9,500 $8 4% $8,600 $9 4%
$16,370 $14 7% $14,677 $15 7%
$347,070 $289 146% $311,177 $311 145%
%TDC %TDC
($120,370) ($100) -35% ($96,277) ($96) -31%
Infeasible / MarginalInfeasible / Marginal
3-story wood frame
2 sp/unit, 1 covered 2 sp/unit, 1 in garage.
2-story wood frame
West of Fowler / South of Herndon
Lower Density Rental Higher Density Rental
Prepared by: Keyser Marston Associates
Filename:Clovis Feasibility 10-7-25; R2

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Appendix C Table 3
Rental Pro Forma
Inclusionary Housing Analysis 6% INCLUSIONARY REQUIREMENT City of Clovis

Page 1 of 2 ends

Average Unit Size 1,200 sf/unit 1,000 sf/unit 1,200 sf/unit 1,000 sf/unit Average No. of Bedrooms 1.7 br/unit 1.2 br/unit 1.7 br/unit 1.2 br/unit Residential Density 20 units/acre 30 units/acre 20 units/acre 30 units/acre Parking Type
Building type
Rents $/Unit $/NSF %Units $/Unit $/NSF %Units $/Unit $/NSF %Units $/Unit $/NSF %Units Market Rate $2,220 $1.85 94% $2,050 $2.05 94% $2,300 $1.92 94% $2,150 $2.15 94% Low Income (80% AMI) $1,511 $1.26 3.0% $1,432 $1.43 3.0% $1,511 $1.26 3.0% $1,432 $1.43 3.0% Very Low Inc. (50% AMI) $900 $0.75 3.0% $855 $0.86 3.0% $900 $0.75 3.0% $855 $0.86 3.0% Weighted Average $2,160 $1.80 100% $2,000 $2.00 100% $2,230 $1.86 100% $2,090 $2.09 100% Operating Income $/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross Gross Rent $25,920 $22 96% $24,000 $24 96% $26,760 $22 96% $25,080 $25 96% Other Income, reimbursmts $1,100 $1 4% $1,100 $1 4% $1,100 $1 4% $1,100 $1 4% (Less) Vacancy/Bad Debt ($1,351) ($1) -5% ($1,255) ($1) -5% ($1,393) ($1) -5% ($1,309) ($1) -5% Effective Gross Income $25,669 $21 95% $23,845 $24 95% $26,467 $22 95% $24,871 $25 95% (Less) OPEX ($6,200) ($5) -23% ($5,700) ($6) -23% ($6,200) ($5) -22% ($5,700) ($6) -22% (Less) Property Tax ($4,400) ($4) -16% ($3,900) ($4) -16% ($4,400) ($4) -16% ($3,900) ($4) -15% Net Operating Income (NOI) $15,069 $13 56% $14,245 $14 57% $15,867 $13 57% $15,271 $15 58% Threshold Return on Cost 7% 7% 7% 7%
Supported Investment $215,300 $179 $203,500 $204 $226,700 $189 $218,200 $218 Development Costs
$/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct Site Acquisition $19,600 $16 8% $13,100 $13 6% $13,100 $11 6% $8,700 $9 4% Directs incl. sitework $237,800 $198 100% $214,500 $215 100% $237,800 $198 100% $214,500 $215 100% Contingency $11,900 $10 5% $10,700 $11 5% $11,900 $10 5% $10,700 $11 5% Fees & Permits $47,900 $40 20% $46,300 $46 22% $43,900 $37 18% $41,400 $41 19% A&E/Taxes/Ins./other indirects $21,400 $18 9% $19,300 $19 9% $21,400 $18 9% $19,300 $19 9% Overhead/Admin $9,500 $8 4% $8,600 $9 4% $9,500 $8 4% $8,600 $9 4% Financing $17,231
$14 7% $15,469 $15 7% $16,711 $14 7% $15,008 $15 7%
Total Costs $365,331 $304 154% $327,969 $328 153% $354,311 $295 149% $318,208 $318 148% %TDC %TDC %TDC %TDC
($150,031) ($125) -41% ($124,469) ($124) -38% ($127,611) ($106) -36% ($100,008) ($100) -31% Feasibility Finding
Surplus / (Gap)
Infeasible / Marginal Infeasible / Marginal Infeasible / Marginal Infeasible / Marginal 2 sp/unit, 1 in garage. 2 sp/unit, 1 in garage. 2 sp/unit, 1 covered 2 sp/unit, 1 in garage. 2-story wood frame 3-story wood frame 2-story wood frame 3-story wood frame North of Herndon East of Fowler / South of Herndon
Lower Density Rental Higher Density Rental Lower Density Rental Higher Density Rental Prepared by: Keyser Marston Associates
Filename:Clovis Feasibility 10-7-25; R3

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Appendix C Table 3
Rental Pro Forma
Inclusionary Housing Analysis
City of Clovis
Average Unit Size
Average No. of Bedrooms
Residential Density
Parking Type
Building type
Rents
Market Rate
Low Income (80% AMI)
Very Low Inc. (50% AMI)
Weighted Average
Operating Income
Gross Rent
Other Income, reimbursmts
(Less) Vacancy/Bad Debt
Effective Gross Income
(Less) OPEX
(Less) Property Tax
Net Operating Income (NOI)
Threshold Return on Cost
Supported Investment
Development Costs
Site Acquisition
Directs incl. sitework
Contingenc
y
Fees & Permits
A&E/Taxes/Ins./other indirects
Overhead/Admin
Financing
Total Costs
Feasibility Finding
Surplus / (Gap)
6% INCLUSIONARY REQUIREMENT

Page 2 of 2 ends

1,200 sf/unit 1,000 sf/unit

1.7 br/unit 1.2 br/unit
20 units/acre 30 units/acre
$/Unit $/NSF %Units $/Unit $/NSF %Units
$2,280 $1.90 94% $2,120 $2.12 94%
$1,511 $1.26 3.0% $1,432 $1.43 3.0%
$900 $0.75 3.0% $855 $0.86 3.0%
$2,220 $1.85 100% $2,060 $2.06 100%
$/Unit $/NSF %Gross $/Unit $/NSF %Gross
$26,640 $22 96% $24,720 $25 96%
$1,100 $1 4% $1,100 $1 4%
($1,387) ($1) -5% ($1,291) ($1) -5%
$26,353 $22 95% $24,529 $25 95%
($6,200) ($5) -22% ($5,700) ($6) -22%
($4,400)
($4) -16% ($3,900) ($4) -15%
$15,753 $13 57% $14,929 $15 58%
7% 7%
$225,000 $188 $213,300 $213
$/Unit $/NSF %Direct $/Unit $/NSF %Direct
$13,100 $11 6% $8,700 $9 4%
$237,800 $198 100% $214,500 $215 100%
$11,900 $10 5% $10,700 $11 5%
$37,000 $31 16% $34,700 $35 16%
$21,400 $18 9% $19,300 $19 9%
$9,500 $8 4% $8,600 $9 4%
$16,370 $14 7% $14,677 $15 7%
$347,070 $289 146% $311,177 $311 145%
%TDC %TDC
($122,070) ($102) -35% ($97,877) ($98) -31%
Infeasible / MarginalInfeasible / Marginal
3-story wood frame
2 sp/unit, 1 covered 2 sp/unit, 1 in garage.
2-story wood frame
West of Fowler / South of Herndon
Lower Density Rental Higher Density Rental
Prepared by: Keyser Marston Associates
Filename:Clovis Feasibility 10-7-25; R3

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Appendix C Table 4
Rental Pro Forma
Inclusionary Housing Analysis 7% INCLUSIONARY REQUIREMENT City of Clovis

Page 1 of 2 ends

Average Unit Size 1,200 sf/unit 1,000 sf/unit 1,200 sf/unit 1,000 sf/unit Average No. of Bedrooms 1.7 br/unit 1.2 br/unit 1.7 br/unit 1.2 br/unit Residential Density 20 units/acre 30 units/acre 20 units/acre 30 units/acre Parking Type
Building type
Rents $/Unit $/NSF %Units $/Unit $/NSF %Units $/Unit $/NSF %Units $/Unit $/NSF %Units Market Rate $2,220 $1.85 93% $2,050 $2.05 93% $2,300 $1.92 93% $2,150 $2.15 93% Low Income (80% AMI) $1,511 $1.26 3.5% $1,432 $1.43 3.5% $1,511 $1.26 3.5% $1,432 $1.43 3.5% Very Low Inc. (50% AMI) $900 $0.75 3.5% $855 $0.86 3.5% $900 $0.75 3.5% $855 $0.86 3.5% Weighted Average $2,150 $1.79 100% $1,990 $1.99 100% $2,220 $1.85 100% $2,080 $2.08 100% Operating Income $/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross Gross Rent $25,800 $22 96% $23,880 $24 96% $26,640 $22 96% $24,960 $25 96% Other Income, reimbursmts $1,100 $1 4% $1,100 $1 4% $1,100 $1 4% $1,100 $1 4% (Less) Vacancy/Bad Debt ($1,345) ($1) -5% ($1,249) ($1) -5% ($1,387) ($1) -5% ($1,303) ($1) -5% Effective Gross Income $25,555 $21 95% $23,731 $24 95% $26,353 $22 95% $24,757 $25 95% (Less) OPEX ($6,200) ($5) -23% ($5,700) ($6) -23% ($6,200) ($5) -22% ($5,700) ($6) -22% (Less) Property Tax ($4,400) ($4) -16% ($3,900) ($4) -16% ($4,400) ($4) -16% ($3,900) ($4) -15% Net Operating Income (NOI) $14,955 $12 56% $14,131 $14 57% $15,753 $13 57% $15,157 $15 58% Threshold Return on Cost 7% 7% 7% 7%
Supported Investment $213,600 $178 $201,900 $202 $225,000 $188 $216,500 $217 Development Costs
$/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct Site Acquisition $19,600 $16 8% $13,100 $13 6% $13,100 $11 6% $8,700 $9 4% Directs incl. sitework $237,800 $198 100% $214,500 $215 100% $237,800 $198 100% $214,500 $215 100% Contingency $11,900 $10 5% $10,700 $11 5% $11,900 $10 5% $10,700 $11 5% Fees & Permits $47,900 $40 20% $46,300 $46 22% $43,900 $37 18% $41,400 $41 19% A&E/Taxes/Ins./other indirects $21,400 $18 9% $19,300 $19 9% $21,400 $18 9% $19,300 $19 9% Overhead/Admin $9,500 $8 4% $8,600 $9 4% $9,500 $8 4% $8,600 $9 4% Financing $17,231
$14 7% $15,469 $15 7% $16,711 $14 7% $15,008 $15 7%
Total Costs $365,331 $304 154% $327,969 $328 153% $354,311 $295 149% $318,208 $318 148% %TDC %TDC %TDC %TDC
($151,731) ($126) -42% ($126,069) ($126) -38% ($129,311) ($108) -36% ($101,708) ($102) -32% Feasibility Finding
Surplus / (Gap)
Infeasible / Marginal Infeasible / Marginal Infeasible / Marginal Infeasible / Marginal 2 sp/unit, 1 in garage. 2 sp/unit, 1 in garage. 2 sp/unit, 1 covered 2 sp/unit, 1 in garage. 2-story wood frame 3-story wood frame 2-story wood frame 3-story wood frame North of Herndon East of Fowler / South of Herndon
Lower Density Rental Higher Density Rental Lower Density Rental Higher Density Rental Prepared by: Keyser Marston Associates
Filename:Clovis Feasibility 10-7-25; R4

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Appendix C Table 4
Rental Pro Forma
Inclusionary Housing Analysis
City of Clovis
Average Unit Size
Average No. of Bedrooms
Residential Density
Parking Type
Building type
Rents
Market Rate
Low Income (80% AMI)
Very Low Inc. (50% AMI)
Weighted Average
Operating Income
Gross Rent
Other Income, reimbursmts
(Less) Vacancy/Bad Debt
Effective Gross Income
(Less) OPEX
(Less) Property Tax
Net Operating Income (NOI)
Threshold Return on Cost
Supported Investment
Development Costs
Site Acquisition
Directs incl. sitework
Contingenc
y
Fees & Permits
A&E/Taxes/Ins./other indirects
Overhead/Admin
Financing
Total Costs
Feasibility Finding
Surplus / (Gap)
7% INCLUSIONARY REQUIREMENT

Page 2 of 2 ends

1,200 sf/unit 1,000 sf/unit

1.7 br/unit 1.2 br/unit
20 units/acre 30 units/acre
$/Unit $/NSF %Units $/Unit $/NSF %Units
$2,280 $1.90 93% $2,120 $2.12 93%
$1,511 $1.26 3.5% $1,432 $1.43 3.5%
$900 $0.75 3.5% $855 $0.86 3.5%
$2,200 $1.83 100% $2,050 $2.05 100%
$/Unit $/NSF %Gross $/Unit $/NSF %Gross
$26,400 $22 96% $24,600 $25 96%
$1,100 $1 4% $1,100 $1 4%
($1,375) ($1) -5% ($1,285) ($1) -5%
$26,125 $22 95% $24,415 $24 95%
($6,200) ($5) -23% ($5,700) ($6) -22%
($4,400)
($4) -16% ($3,900) ($4) -15%
$15,525 $13 56% $14,815 $15 58%
7% 7%
$221,800 $185 $211,600 $212
$/Unit $/NSF %Direct $/Unit $/NSF %Direct
$13,100 $11 6% $8,700 $9 4%
$237,800 $198 100% $214,500 $215 100%
$11,900 $10 5% $10,700 $11 5%
$37,000 $31 16% $34,700 $35 16%
$21,400 $18 9% $19,300 $19 9%
$9,500 $8 4% $8,600 $9 4%
$16,370 $14 7% $14,677 $15 7%
$347,070 $289 146% $311,177 $311 145%
%TDC %TDC
($125,270) ($104) -36% ($99,577) ($100) -32%
Infeasible / MarginalInfeasible / Marginal
3-story wood frame
2 sp/unit, 1 covered 2 sp/unit, 1 in garage.
2-story wood frame
West of Fowler / South of Herndon
Lower Density Rental Higher Density Rental
Prepared by: Keyser Marston Associates
Filename:Clovis Feasibility 10-7-25; R4

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Appendix C Table 5
Rental Pro Forma
Inclusionary Housing Analysis 8% INCLUSIONARY REQUIREMENT City of Clovis

Page 1 of 2 ends

Average Unit Size 1,200 sf/unit 1,000 sf/unit 1,200 sf/unit 1,000 sf/unit Average No. of Bedrooms 1.7 br/unit 1.2 br/unit 1.7 br/unit 1.2 br/unit Residential Density 20 units/acre 30 units/acre 20 units/acre 30 units/acre Parking Type
Building type
Rents $/Unit $/NSF %Units $/Unit $/NSF %Units $/Unit $/NSF %Units $/Unit $/NSF %Units Market Rate $2,220 $1.85 92% $2,050 $2.05 92% $2,300 $1.92 92% $2,150 $2.15 92% Low Income (80% AMI) $1,511 $1.26 4.0% $1,432 $1.43 4.0% $1,511 $1.26 4.0% $1,432 $1.43 4.0% Very Low Inc. (50% AMI) $900 $0.75 4.0% $855 $0.86 4.0% $900 $0.75 4.0% $855 $0.86 4.0% Weighted Average $2,140 $1.78 100% $1,980 $1.98 100% $2,210 $1.84 100% $2,070 $2.07 100% Operating Income $/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross Gross Rent $25,680 $21 96% $23,760 $24 96% $26,520 $22 96% $24,840 $25 96% Other Income, reimbursmts $1,100 $1 4% $1,100 $1 4% $1,100 $1 4% $1,100 $1 4% (Less) Vacancy/Bad Debt ($1,339) ($1) -5% ($1,243) ($1) -5% ($1,381) ($1) -5% ($1,297) ($1) -5% Effective Gross Income $25,441 $21 95% $23,617 $24 95% $26,239 $22 95% $24,643 $25 95% (Less) OPEX ($6,200) ($5) -23% ($5,700) ($6) -23% ($6,200) ($5) -22% ($5,700) ($6) -22% (Less) Property Tax ($4,400) ($4) -16% ($3,900) ($4) -16% ($4,400) ($4) -16% ($3,900) ($4) -15% Net Operating Income (NOI) $14,841 $12 55% $14,017 $14 56% $15,639 $13 57% $15,043 $15 58% Threshold Return on Cost 7% 7% 7% 7%
Supported Investment $212,000 $177 $200,200 $200 $223,400 $186 $214,900 $215 Development Costs
$/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct Site Acquisition $19,600 $16 8% $13,100 $13 6% $13,100 $11 6% $8,700 $9 4% Directs incl. sitework $237,800 $198 100% $214,500 $215 100% $237,800 $198 100% $214,500 $215 100% Contingency $11,900 $10 5% $10,700 $11 5% $11,900 $10 5% $10,700 $11 5% Fees & Permits $47,900 $40 20% $46,300 $46 22% $43,900 $37 18% $41,400 $41 19% A&E/Taxes/Ins./other indirects $21,400 $18 9% $19,300 $19 9% $21,400 $18 9% $19,300 $19 9% Overhead/Admin $9,500 $8 4% $8,600 $9 4% $9,500 $8 4% $8,600 $9 4% Financing $17,231
$14 7% $15,469 $15 7% $16,711 $14 7% $15,008 $15 7%
Total Costs $365,331 $304 154% $327,969 $328 153% $354,311 $295 149% $318,208 $318 148% %TDC %TDC %TDC %TDC
($153,331) ($128) -42% ($127,769) ($128) -39% ($130,911) ($109) -37% ($103,308) ($103) -32% Feasibility Finding
Surplus / (Gap)
Infeasible / Marginal Infeasible / Marginal Infeasible / Marginal Infeasible / Marginal 2 sp/unit, 1 in garage. 2 sp/unit, 1 in garage. 2 sp/unit, 1 covered 2 sp/unit, 1 in garage. 2-story wood frame 3-story wood frame 2-story wood frame 3-story wood frame North of Herndon East of Fowler / South of Herndon
Lower Density Rental Higher Density Rental Lower Density Rental Higher Density Rental Prepared by: Keyser Marston Associates
Filename:Clovis Feasibility 10-7-25; R5

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Appendix C Table 5
Rental Pro Forma
Inclusionary Housing Analysis
City of Clovis
Average Unit Size
Average No. of Bedrooms
Residential Density
Parking Type
Building type
Rents
Market Rate
Low Income (80% AMI)
Very Low Inc. (50% AMI)
Weighted Average
Operating Income
Gross Rent
Other Income, reimbursmts
(Less) Vacancy/Bad Debt
Effective Gross Income
(Less) OPEX
(Less) Property Tax
Net Operating Income (NOI)
Threshold Return on Cost
Supported Investment
Development Costs
Site Acquisition
Directs incl. sitework
Contingenc
y
Fees & Permits
A&E/Taxes/Ins./other indirects
Overhead/Admin
Financing
Total Costs
Feasibility Finding
Surplus / (Gap)
8% INCLUSIONARY REQUIREMENT

Page 2 of 2 ends

1,200 sf/unit 1,000 sf/unit

1.7 br/unit 1.2 br/unit
20 units/acre 30 units/acre
$/Unit $/NSF %Units $/Unit $/NSF %Units
$2,280 $1.90 92% $2,120 $2.12 92%
$1,511 $1.26 4.0% $1,432 $1.43 4.0%
$900 $0.75 4.0% $855 $0.86 4.0%
$2,190 $1.83 100% $2,040 $2.04 100%
$/Unit $/NSF %Gross $/Unit $/NSF %Gross
$26,280 $22 96% $24,480 $24 96%
$1,100 $1 4% $1,100 $1 4%
($1,369) ($1) -5% ($1,279) ($1) -5%
$26,011 $22 95% $24,301 $24 95%
($6,200) ($5) -23% ($5,700) ($6) -22%
($4,400)
($4) -16% ($3,900) ($4) -15%
$15,411 $13 56% $14,701 $15 57%
7% 7%
$220,200 $184 $210,000 $210
$/Unit $/NSF %Direct $/Unit $/NSF %Direct
$13,100 $11 6% $8,700 $9 4%
$237,800 $198 100% $214,500 $215 100%
$11,900 $10 5% $10,700 $11 5%
$37,000 $31 16% $34,700 $35 16%
$21,400 $18 9% $19,300 $19 9%
$9,500 $8 4% $8,600 $9 4%
$16,370 $14 7% $14,677 $15 7%
$347,070 $289 146% $311,177 $311 145%
%TDC %TDC
($126,870) ($106) -37% ($101,177) ($101) -33%
Infeasible / MarginalInfeasible / Marginal
3-story wood frame
2 sp/unit, 1 covered 2 sp/unit, 1 in garage.
2-story wood frame
West of Fowler / South of Herndon
Lower Density Rental Higher Density Rental
Prepared by: Keyser Marston Associates
Filename:Clovis Feasibility 10-7-25; R5

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Appendix C Table 6
Rental Pro Forma
Inclusionary Housing Analysis 9% INCLUSIONARY REQUIREMENT City of Clovis

Page 1 of 2 ends

Average Unit Size 1,200 sf/unit 1,000 sf/unit 1,200 sf/unit 1,000 sf/unit Average No. of Bedrooms 1.7 br/unit 1.2 br/unit 1.7 br/unit 1.2 br/unit Residential Density 20 units/acre 30 units/acre 20 units/acre 30 units/acre Parking Type
Building type
Rents $/Unit $/NSF %Units $/Unit $/NSF %Units $/Unit $/NSF %Units $/Unit $/NSF %Units Market Rate $2,220 $1.85 91% $2,050 $2.05 91% $2,300 $1.92 91% $2,150 $2.15 91% Low Income (80% AMI) $1,511 $1.26 4.5% $1,432 $1.43 4.5% $1,511 $1.26 4.5% $1,432 $1.43 4.5% Very Low Inc. (50% AMI) $900 $0.75 4.5% $855 $0.86 4.5% $900 $0.75 4.5% $855 $0.86 4.5% Weighted Average $2,130 $1.78 100% $1,970 $1.97 100% $2,200 $1.83 100% $2,060 $2.06 100% Operating Income $/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross Gross Rent $25,560 $21 96% $23,640 $24 96% $26,400 $22 96% $24,720 $25 96% Other Income, reimbursmts $1,100 $1 4% $1,100 $1 4% $1,100 $1 4% $1,100 $1 4% (Less) Vacancy/Bad Debt ($1,333) ($1) -5% ($1,237) ($1) -5% ($1,375) ($1) -5% ($1,291) ($1) -5% Effective Gross Income $25,327 $21 95% $23,503 $24 95% $26,125 $22 95% $24,529 $25 95% (Less) OPEX ($6,200) ($5) -23% ($5,700) ($6) -23% ($6,200) ($5) -23% ($5,700) ($6) -22% (Less) Property Tax ($4,400) ($4) -17% ($3,900) ($4) -16% ($4,400) ($4) -16% ($3,900) ($4) -15% Net Operating Income (NOI) $14,727 $12 55% $13,903 $14 56% $15,525 $13 56% $14,929 $15 58% Threshold Return on Cost 7% 7% 7% 7%
Supported Investment $210,400 $175 $198,600 $199 $221,800 $185 $213,300 $213 Development Costs
$/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct Site Acquisition $19,600 $16 8% $13,100 $13 6% $13,100 $11 6% $8,700 $9 4% Directs incl. sitework $237,800 $198 100% $214,500 $215 100% $237,800 $198 100% $214,500 $215 100% Contingency $11,900 $10 5% $10,700 $11 5% $11,900 $10 5% $10,700 $11 5% Fees & Permits $47,900 $40 20% $46,300 $46 22% $43,900 $37 18% $41,400 $41 19% A&E/Taxes/Ins./other indirects $21,400 $18 9% $19,300 $19 9% $21,400 $18 9% $19,300 $19 9% Overhead/Admin $9,500 $8 4% $8,600 $9 4% $9,500 $8 4% $8,600 $9 4% Financing $17,231
$14 7% $15,469 $15 7% $16,711 $14 7% $15,008 $15 7%
Total Costs $365,331 $304 154% $327,969 $328 153% $354,311 $295 149% $318,208 $318 148% %TDC %TDC %TDC %TDC
($154,931) ($129) -42% ($129,369) ($129) -39% ($132,511) ($110) -37% ($104,908) ($105) -33% Feasibility Finding
Surplus / (Gap)
Infeasible / Marginal Infeasible / Marginal Infeasible / Marginal Infeasible / Marginal 2 sp/unit, 1 in garage. 2 sp/unit, 1 in garage. 2 sp/unit, 1 covered 2 sp/unit, 1 in garage. 2-story wood frame 3-story wood frame 2-story wood frame 3-story wood frame North of Herndon East of Fowler / South of Herndon
Lower Density Rental Higher Density Rental Lower Density Rental Higher Density Rental Prepared by: Keyser Marston Associates
Filename:Clovis Feasibility 10-7-25; R6

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Appendix C Table 6
Rental Pro Forma
Inclusionary Housing Analysis
City of Clovis
Average Unit Size
Average No. of Bedrooms
Residential Density
Parking Type
Building type
Rents
Market Rate
Low Income (80% AMI)
Very Low Inc. (50% AMI)
Weighted Average
Operating Income
Gross Rent
Other Income, reimbursmts
(Less) Vacancy/Bad Debt
Effective Gross Income
(Less) OPEX
(Less) Property Tax
Net Operating Income (NOI)
Threshold Return on Cost
Supported Investment
Development Costs
Site Acquisition
Directs incl. sitework
Contingenc
y
Fees & Permits
A&E/Taxes/Ins./other indirects
Overhead/Admin
Financing
Total Costs
Feasibility Finding
Surplus / (Gap)
9% INCLUSIONARY REQUIREMENT

Page 2 of 2 ends

1,200 sf/unit 1,000 sf/unit

1.7 br/unit 1.2 br/unit
20 units/acre 30 units/acre
$/Unit $/NSF %Units $/Unit $/NSF %Units
$2,280 $1.90 91% $2,120 $2.12 91%
$1,511 $1.26 4.5% $1,432 $1.43 4.5%
$900 $0.75 4.5% $855 $0.86 4.5%
$2,180 $1.82 100% $2,030 $2.03 100%
$/Unit $/NSF %Gross $/Unit $/NSF %Gross
$26,160 $22 96% $24,360 $24 96%
$1,100 $1 4% $1,100 $1 4%
($1,363) ($1) -5% ($1,273) ($1) -5%
$25,897 $22 95% $24,187 $24 95%
($6,200) ($5) -23% ($5,700) ($6) -22%
($4,400)
($4) -16% ($3,900) ($4) -15%
$15,297 $13 56% $14,587 $15 57%
7% 7%
$218,500 $182 $208,400 $208
$/Unit $/NSF %Direct $/Unit $/NSF %Direct
$13,100 $11 6% $8,700 $9 4%
$237,800 $198 100% $214,500 $215 100%
$11,900 $10 5% $10,700 $11 5%
$37,000 $31 16% $34,700 $35 16%
$21,400 $18 9% $19,300 $19 9%
$9,500 $8 4% $8,600 $9 4%
$16,370 $14 7% $14,677 $15 7%
$347,070 $289 146% $311,177 $311 145%
%TDC %TDC
($128,570) ($107) -37% ($102,777) ($103) -33%
Infeasible / MarginalInfeasible / Marginal
3-story wood frame
2 sp/unit, 1 covered 2 sp/unit, 1 in garage.
2-story wood frame
West of Fowler / South of Herndon
Lower Density Rental Higher Density Rental
Prepared by: Keyser Marston Associates
Filename:Clovis Feasibility 10-7-25; R6

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Appendix C Table 7
Rental Pro Forma
Inclusionary Housing Analysis 10% INCLUSIONARY REQUIREMENT City of Clovis

Page 1 of 2 ends

Average Unit Size 1,200 sf/unit 1,000 sf/unit 1,200 sf/unit 1,000 sf/unit Average No. of Bedrooms 1.7 br/unit 1.2 br/unit 1.7 br/unit 1.2 br/unit Residential Density 20 units/acre 30 units/acre 20 units/acre 30 units/acre Parking Type
Building type
Rents $/Unit $/NSF %Units $/Unit $/NSF %Units $/Unit $/NSF %Units $/Unit $/NSF %Units Market Rate $2,220 $1.85 90% $2,050 $2.05 90% $2,300 $1.92 90% $2,150 $2.15 90% Low Income (80% AMI) $1,511 $1.26 5.0% $1,432 $1.43 5.0% $1,511 $1.26 5.0% $1,432 $1.43 5.0% Very Low Inc. (50% AMI) $900 $0.75 5.0% $855 $0.86 5.0% $900 $0.75 5.0% $855 $0.86 5.0% Weighted Average $2,120 $1.77 100% $1,960 $1.96 100% $2,190 $1.83 100% $2,050 $2.05 100% Operating Income $/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross Gross Rent $25,440 $21 96% $23,520 $24 96% $26,280 $22 96% $24,600 $25 96% Other Income, reimbursmts $1,100 $1 4% $1,100 $1 4% $1,100 $1 4% $1,100 $1 4% (Less) Vacancy/Bad Debt ($1,327) ($1) -5% ($1,231) ($1) -5% ($1,369) ($1) -5% ($1,285) ($1) -5% Effective Gross Income $25,213 $21 95% $23,389 $23 95% $26,011 $22 95% $24,415 $24 95% (Less) OPEX ($6,200) ($5) -23% ($5,700) ($6) -23% ($6,200) ($5) -23% ($5,700) ($6) -22% (Less) Property Tax ($4,400) ($4) -17% ($3,900) ($4) -16% ($4,400) ($4) -16% ($3,900) ($4) -15% Net Operating Income (NOI) $14,613 $12 55% $13,789 $14 56% $15,411 $13 56% $14,815 $15 58% Threshold Return on Cost 7% 7% 7% 7%
Supported Investment $208,800 $174 $197,000 $197 $220,200 $184 $211,600 $212 Development Costs
$/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct Site Acquisition $19,600 $16 8% $13,100 $13 6% $13,100 $11 6% $8,700 $9 4% Directs incl. sitework $237,800 $198 100% $214,500 $215 100% $237,800 $198 100% $214,500 $215 100% Contingency $11,900 $10 5% $10,700 $11 5% $11,900 $10 5% $10,700 $11 5% Fees & Permits $47,900 $40 20% $46,300 $46 22% $43,900 $37 18% $41,400 $41 19% A&E/Taxes/Ins./other indirects $21,400 $18 9% $19,300 $19 9% $21,400 $18 9% $19,300 $19 9% Overhead/Admin $9,500 $8 4% $8,600 $9 4% $9,500 $8 4% $8,600 $9 4% Financing $17,231
$14 7% $15,469 $15 7% $16,711 $14 7% $15,008 $15 7%
Total Costs $365,331 $304 154% $327,969 $328 153% $354,311 $295 149% $318,208 $318 148% %TDC %TDC %TDC %TDC
($156,531) ($130) -43% ($130,969) ($131) -40% ($134,111) ($112) -38% ($106,608) ($107) -34% Feasibility Finding
Surplus / (Gap)
Infeasible / Marginal Infeasible / Marginal Infeasible / Marginal Infeasible / Marginal 2 sp/unit, 1 in garage. 2 sp/unit, 1 in garage. 2 sp/unit, 1 covered 2 sp/unit, 1 in garage. 2-story wood frame 3-story wood frame 2-story wood frame 3-story wood frame North of Herndon East of Fowler / South of Herndon
Lower Density Rental Higher Density Rental Lower Density Rental Higher Density Rental Prepared by: Keyser Marston Associates
Filename:Clovis Feasibility 10-7-25; R7

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Appendix C Table 7
Rental Pro Forma
Inclusionary Housing Analysis
City of Clovis
Average Unit Size
Average No. of Bedrooms
Residential Density
Parking Type
Building type
Rents
Market Rate
Low Income (80% AMI)
Very Low Inc. (50% AMI)
Weighted Average
Operating Income
Gross Rent
Other Income, reimbursmts
(Less) Vacancy/Bad Debt
Effective Gross Income
(Less) OPEX
(Less) Property Tax
Net Operating Income (NOI)
Threshold Return on Cost
Supported Investment
Development Costs
Site Acquisition
Directs incl. sitework
Contingenc
y
Fees & Permits
A&E/Taxes/Ins./other indirects
Overhead/Admin
Financing
Total Costs
Feasibility Finding
Surplus / (Gap)
10% INCLUSIONARY REQUIREMENT

Page 2 of 2 ends

1,200 sf/unit 1,000 sf/unit

1.7 br/unit 1.2 br/unit
20 units/acre 30 units/acre
$/Unit $/NSF %Units $/Unit $/NSF %Units
$2,280 $1.90 90% $2,120 $2.12 90%
$1,511 $1.26 5.0% $1,432 $1.43 5.0%
$900 $0.75 5.0% $855 $0.86 5.0%
$2,170 $1.81 100% $2,020 $2.02 100%
$/Unit $/NSF %Gross $/Unit $/NSF %Gross
$26,040 $22 96% $24,240 $24 96%
$1,100 $1 4% $1,100 $1 4%
($1,357) ($1) -5% ($1,267) ($1) -5%
$25,783 $21 95% $24,073 $24 95%
($6,200) ($5) -23% ($5,700) ($6) -22%
($4,400)
($4) -16% ($3,900) ($4) -15%
$15,183 $13 56% $14,473 $14 57%
7% 7%
$216,900 $181 $206,800 $207
$/Unit $/NSF %Direct $/Unit $/NSF %Direct
$13,100 $11 6% $8,700 $9 4%
$237,800 $198 100% $214,500 $215 100%
$11,900 $10 5% $10,700 $11 5%
$37,000 $31 16% $34,700 $35 16%
$21,400 $18 9% $19,300 $19 9%
$9,500 $8 4% $8,600 $9 4%
$16,370 $14 7% $14,677 $15 7%
$347,070 $289 146% $311,177 $311 145%
%TDC %TDC
($130,170) ($108) -38% ($104,377) ($104) -34%
Infeasible / MarginalInfeasible / Marginal
3-story wood frame
2 sp/unit, 1 covered 2 sp/unit, 1 in garage.
2-story wood frame
West of Fowler / South of Herndon
Lower Density Rental Higher Density Rental
Prepared by: Keyser Marston Associates
Filename:Clovis Feasibility 10-7-25; R7

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Appendix C Table 8
Rental Pro Forma
Inclusionary Housing Analysis IN-LIEU FEE PAYMENT @5%
City of Clovis

Page 1 of 2 ends

Average Unit Size 1,200 sf/unit 1,000 sf/unit 1,200 sf/unit 1,000 sf/unit Average No. of Bedrooms 1.7 br/unit 1.2 br/unit 1.7 br/unit 1.2 br/unit Residential Density 20 units/acre 30 units/acre 20 units/acre 30 units/acre Parking Type
Building type
Rents $/Unit $/NSF %Units $/Unit $/NSF %Units $/Unit $/NSF %Units $/Unit $/NSF %Units Market Rate $2,220 $1.85 100% $2,050 $2.05 100% $2,300 $1.92 100% $2,150 $2.15 100% Low Income (80% AMI) $1,511 $1.26 0.0% $1,432 $1.43 0.0% $1,511 $1.26 0.0% $1,432 $1.43 0.0% Very Low Inc. (50% AMI) $900 $0.75 0.0% $855 $0.86 0.0% $900 $0.75 0.0% $855 $0.86 0.0% Weighted Average $2,220 $1.85 100% $2,050 $2.05 100% $2,300 $1.92 100% $2,150 $2.15 100% Operating Income $/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross Gross Rent $26,640 $22 96% $24,600 $25 95% $27,600 $23 96% $25,800 $26 96% Other Income, reimbursmts $1,200 $1 4% $1,200 $1 5% $1,200 $1 4% $1,200 $1 4% (Less) Vacancy/Bad Debt ($1,392) ($1) -5% ($1,290) ($1) -5% ($1,440) ($1) -5% ($1,350) ($1) -5% Effective Gross Income $26,448 $22 95% $24,510 $25 95% $27,360 $23 95% $25,650 $26 95% (Less) OPEX ($6,200) ($5) -22% ($5,700) ($6) -22% ($6,200) ($5) -22% ($5,700) ($6) -21% (Less) Property Tax ($4,400) ($4) -16% ($3,900) ($4) -15% ($4,400) ($4) -15% ($3,900) ($4) -14% Net Operating Income (NOI) $15,848 $13 57% $14,910 $15 58% $16,760 $14 58% $16,050 $16 59% Threshold Return on Cost 7% 7% 7% 7%
Supported Investment $226,400 $189 $213,000 $213 $239,400 $200 $229,300 $229 Development Costs
$/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct Site Acquisition $19,600 $16 8% $13,100 $13 6% $13,100 $11 6% $8,700 $9 4% Directs incl. sitework $237,800 $198 100% $214,500 $215 100% $237,800 $198 100% $214,500 $215 100% Contingency $11,900 $10 5% $10,700 $11 5% $11,900 $10 5% $10,700 $11 5% Fees & Permits $47,900 $40 20% $46,300 $46 22% $43,900 $37 18% $41,400 $41 19% In-Lieu Fee @5% $3,360 $2.80 1% $2,800 $2.80 1% $3,360 $2.80 1% $2,800 $2.80 1% A&E/Taxes/Ins./other indirects $21,400 $18 9% $19,300 $19 9% $21,400 $18 9% $19,300 $19 9% Overhead/Admin $9,500 $8 4% $8,600 $9 4% $9,500 $8 4% $8,600 $9 4% Financing $17,397
$14 7% $15,607 $16 7% $16,878 $14 7% $15,147 $15 7%
Total Costs $368,857 $307 155% $330,907 $331 154% $357,838 $298 150% $321,147 $321 150% %TDC %TDC %TDC %TDC
($142,457) ($119) -39% ($117,907) ($118) -36% ($118,438) ($99) -33% ($91,847) ($92) -29% Feasibility Finding
Surplus / (Gap)
Infeasible / Marginal Infeasible / Marginal Infeasible / Marginal Infeasible / Marginal 2 sp/unit, 1 in garage. 2 sp/unit, 1 in garage. 2 sp/unit, 1 covered 2 sp/unit, 1 in garage. 2-story wood frame 3-story wood frame 2-story wood frame 3-story wood frame North of Herndon East of Fowler / South of Herndon
Lower Density Rental Higher Density Rental Lower Density Rental Higher Density Rental Prepared by: Keyser Marston Associates
Filename:Clovis Feasibility 10-7-25; R8

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Appendix C Table 8
Rental Pro Forma
Inclusionary Housing Analysis
City of Clovis
Average Unit Size
Average No. of Bedrooms
Residential Density
Parking Type
Building type
Rents
Market Rate
Low Income (80% AMI)
Very Low Inc. (50% AMI)
Weighted Average
Operating Income
Gross Rent
Other Income, reimbursmts
(Less) Vacancy/Bad Debt
Effective Gross Income
(Less) OPEX
(Less) Property Tax
Net Operating Income (NOI)
Threshold Return on Cost
Supported Investment
Development Costs
Site Acquisition
Directs incl. sitework
Contingenc
y
Fees & Permits
In-Lieu Fee @5%
A&E/Taxes/Ins./other indirects
Overhead/Admin
Financing
Total Costs
Feasibility Finding
Surplus / (Gap)
IN-LIEU FEE PAYMENT @5%

Page 2 of 2 ends

1,200 sf/unit 1,000 sf/unit

1.7 br/unit 1.2 br/unit
20 units/acre 30 units/acre
$/Unit $/NSF %Units $/Unit $/NSF %Units
$2,280 $1.90 100% $2,120 $2.12 100%
$1,511 $1.26 0.0% $1,432 $1.43 0.0%
$900 $0.75 0.0% $855 $0.86 0.0%
$2,280 $1.90 100% $2,120 $2.12 100%
$/Unit $/NSF %Gross $/Unit $/NSF %Gross
$27,360 $23 96% $25,440 $25 95%
$1,200 $1 4% $1,200 $1 5%
($1,428) ($1) -5% ($1,332) ($1) -5%
$27,132 $23 95% $25,308 $25 95%
($6,200) ($5) -22% ($5,700) ($6) -21%
($4,400)
($4) -15% ($3,900) ($4) -15%
$16,532 $14 58% $15,708 $16 59%
7% 7%
$236,200 $197 $224,400 $224
$/Unit $/NSF %Direct $/Unit $/NSF %Direct
$13,100 $11 6% $8,700 $9 4%
$237,800 $198 100% $214,500 $215 100%
$11,900 $10 5% $10,700 $11 5%
$37,000 $31 16% $34,700 $35 16%
$3,360 $2.80 1% $2,800 $2.80 1%
$21,400 $18 9% $19,300 $19 9%
$9,500 $8 4% $8,600 $9 4%
$16,536
$14 7% $14,815 $15 7%
$350,596 $292 147% $314,115 $314 146%
%TDC %TDC
($114,396) ($95) -33% ($89,715) ($90) -29%
Infeasible / MarginalInfeasible / Marginal
3-story wood frame
2 sp/unit, 1 covered 2 sp/unit, 1 in garage.
2-story wood frame
West of Fowler / South of Herndon
Lower Density Rental Higher Density Rental
Prepared by: Keyser Marston Associates
Filename:Clovis Feasibility 10-7-25; R8

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Appendix C Table 9
Rental Pro Forma
Inclusionary Housing Analysis IN-LIEU FEE PAYMENT @6%
City of Clovis

Page 1 of 2 ends

Average Unit Size 1,200 sf/unit 1,000 sf/unit 1,200 sf/unit 1,000 sf/unit Average No. of Bedrooms 1.7 br/unit 1.2 br/unit 1.7 br/unit 1.2 br/unit Residential Density 20 units/acre 30 units/acre 20 units/acre 30 units/acre Parking Type
Building type
Rents $/Unit $/NSF %Units $/Unit $/NSF %Units $/Unit $/NSF %Units $/Unit $/NSF %Units Market Rate $2,220 $1.85 100% $2,050 $2.05 100% $2,300 $1.92 100% $2,150 $2.15 100% Low Income (80% AMI) $1,511 $1.26 0.0% $1,432 $1.43 0.0% $1,511 $1.26 0.0% $1,432 $1.43 0.0% Very Low Inc. (50% AMI) $900 $0.75 0.0% $855 $0.86 0.0% $900 $0.75 0.0% $855 $0.86 0.0% Weighted Average $2,220 $1.85 100% $2,050 $2.05 100% $2,300 $1.92 100% $2,150 $2.15 100% Operating Income $/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross Gross Rent $26,640 $22 96% $24,600 $25 95% $27,600 $23 96% $25,800 $26 96% Other Income, reimbursmts $1,200 $1 4% $1,200 $1 5% $1,200 $1 4% $1,200 $1 4% (Less) Vacancy/Bad Debt ($1,392) ($1) -5% ($1,290) ($1) -5% ($1,440) ($1) -5% ($1,350) ($1) -5% Effective Gross Income $26,448 $22 95% $24,510 $25 95% $27,360 $23 95% $25,650 $26 95% (Less) OPEX ($6,200) ($5) -22% ($5,700) ($6) -22% ($6,200) ($5) -22% ($5,700) ($6) -21% (Less) Property Tax ($4,400) ($4) -16% ($3,900) ($4) -15% ($4,400) ($4) -15% ($3,900) ($4) -14% Net Operating Income (NOI) $15,848 $13 57% $14,910 $15 58% $16,760 $14 58% $16,050 $16 59% Threshold Return on Cost 7% 7% 7% 7%
Supported Investment $226,400 $189 $213,000 $213 $239,400 $200 $229,300 $229 Development Costs
$/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct Site Acquisition $19,600 $16 8% $13,100 $13 6% $13,100 $11 6% $8,700 $9 4% Directs incl. sitework $237,800 $198 100% $214,500 $215 100% $237,800 $198 100% $214,500 $215 100% Contingency $11,900 $10 5% $10,700 $11 5% $11,900 $10 5% $10,700 $11 5% Fees & Permits $47,900 $40 20% $46,300 $46 22% $43,900 $37 18% $41,400 $41 19% In-Lieu Fee @6% $4,080 $3.40 2% $3,400 $3.40 2% $4,080 $3.40 2% $3,400 $3.40 2% A&E/Taxes/Ins./other indirects $21,400 $18 9% $19,300 $19 9% $21,400 $18 9% $19,300 $19 9% Overhead/Admin $9,500 $8 4% $8,600 $9 4% $9,500 $8 4% $8,600 $9 4% Financing $17,433
$15 7% $15,637 $16 7% $16,913 $14 7% $15,177 $15 7%
Total Costs $369,613 $308 155% $331,537 $332 155% $358,593 $299 151% $321,777 $322 150% %TDC %TDC %TDC %TDC
($143,213) ($119) -39% ($118,537) ($119) -36% ($119,193) ($99) -33% ($92,477) ($92) -29% Feasibility Finding
Surplus / (Gap)
Infeasible / Marginal Infeasible / Marginal Infeasible / Marginal Infeasible / Marginal 2 sp/unit, 1 in garage. 2 sp/unit, 1 in garage. 2 sp/unit, 1 covered 2 sp/unit, 1 in garage. 2-story wood frame 3-story wood frame 2-story wood frame 3-story wood frame North of Herndon East of Fowler / South of Herndon
Lower Density Rental Higher Density Rental Lower Density Rental Higher Density Rental Prepared by: Keyser Marston Associates
Filename:Clovis Feasibility 10-7-25; R9

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Appendix C Table 9
Rental Pro Forma
Inclusionary Housing Analysis
City of Clovis
Average Unit Size
Average No. of Bedrooms
Residential Density
Parking Type
Building type
Rents
Market Rate
Low Income (80% AMI)
Very Low Inc. (50% AMI)
Weighted Average
Operating Income
Gross Rent
Other Income, reimbursmts
(Less) Vacancy/Bad Debt
Effective Gross Income
(Less) OPEX
(Less) Property Tax
Net Operating Income (NOI)
Threshold Return on Cost
Supported Investment
Development Costs
Site Acquisition
Directs incl. sitework
Contingenc
y
Fees & Permits
In-Lieu Fee @6%
A&E/Taxes/Ins./other indirects
Overhead/Admin
Financing
Total Costs
Feasibility Finding
Surplus / (Gap)
IN-LIEU FEE PAYMENT @6%

Page 2 of 2 ends

1,200 sf/unit 1,000 sf/unit

1.7 br/unit 1.2 br/unit
20 units/acre 30 units/acre
$/Unit $/NSF %Units $/Unit $/NSF %Units
$2,280 $1.90 100% $2,120 $2.12 100%
$1,511 $1.26 0.0% $1,432 $1.43 0.0%
$900 $0.75 0.0% $855 $0.86 0.0%
$2,280 $1.90 100% $2,120 $2.12 100%
$/Unit $/NSF %Gross $/Unit $/NSF %Gross
$27,360 $23 96% $25,440 $25 95%
$1,200 $1 4% $1,200 $1 5%
($1,428) ($1) -5% ($1,332) ($1) -5%
$27,132 $23 95% $25,308 $25 95%
($6,200) ($5) -22% ($5,700) ($6) -21%
($4,400)
($4) -15% ($3,900) ($4) -15%
$16,532 $14 58% $15,708 $16 59%
7% 7%
$236,200 $197 $224,400 $224
$/Unit $/NSF %Direct $/Unit $/NSF %Direct
$13,100 $11 6% $8,700 $9 4%
$237,800 $198 100% $214,500 $215 100%
$11,900 $10 5% $10,700 $11 5%
$37,000 $31 16% $34,700 $35 16%
$4,080 $3.40 2% $3,400 $3.40 2%
$21,400 $18 9% $19,300 $19 9%
$9,500 $8 4% $8,600 $9 4%
$16,572
$14 7% $14,845 $15 7%
$351,352 $293 148% $314,745 $315 147%
%TDC %TDC
($115,152) ($96) -33% ($90,345) ($90) -29%
Infeasible / MarginalInfeasible / Marginal
3-story wood frame
2 sp/unit, 1 covered 2 sp/unit, 1 in garage.
2-story wood frame
West of Fowler / South of Herndon
Lower Density Rental Higher Density Rental
Prepared by: Keyser Marston Associates
Filename:Clovis Feasibility 10-7-25; R9

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Appendix C Table 10
Rental Pro Forma
Inclusionary Housing Analysis IN-LIEU FEE PAYMENT @7%
City of Clovis

Page 1 of 2 ends

Average Unit Size 1,200 sf/unit 1,000 sf/unit 1,200 sf/unit 1,000 sf/unit Average No. of Bedrooms 1.7 br/unit 1.2 br/unit 1.7 br/unit 1.2 br/unit Residential Density 20 units/acre 30 units/acre 20 units/acre 30 units/acre Parking Type
Building type
Rents $/Unit $/NSF %Units $/Unit $/NSF %Units $/Unit $/NSF %Units $/Unit $/NSF %Units Market Rate $2,220 $1.85 100% $2,050 $2.05 100% $2,300 $1.92 100% $2,150 $2.15 100% Low Income (80% AMI) $1,511 $1.26 0.0% $1,432 $1.43 0.0% $1,511 $1.26 0.0% $1,432 $1.43 0.0% Very Low Inc. (50% AMI) $900 $0.75 0.0% $855 $0.86 0.0% $900 $0.75 0.0% $855 $0.86 0.0% Weighted Average $2,220 $1.85 100% $2,050 $2.05 100% $2,300 $1.92 100% $2,150 $2.15 100% Operating Income $/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross Gross Rent $26,640 $22 96% $24,600 $25 95% $27,600 $23 96% $25,800 $26 96% Other Income, reimbursmts $1,200 $1 4% $1,200 $1 5% $1,200 $1 4% $1,200 $1 4% (Less) Vacancy/Bad Debt ($1,392) ($1) -5% ($1,290) ($1) -5% ($1,440) ($1) -5% ($1,350) ($1) -5% Effective Gross Income $26,448 $22 95% $24,510 $25 95% $27,360 $23 95% $25,650 $26 95% (Less) OPEX ($6,200) ($5) -22% ($5,700) ($6) -22% ($6,200) ($5) -22% ($5,700) ($6) -21% (Less) Property Tax ($4,400) ($4) -16% ($3,900) ($4) -15% ($4,400) ($4) -15% ($3,900) ($4) -14% Net Operating Income (NOI) $15,848 $13 57% $14,910 $15 58% $16,760 $14 58% $16,050 $16 59% Threshold Return on Cost 7% 7% 7% 7%
Supported Investment $226,400 $189 $213,000 $213 $239,400 $200 $229,300 $229 Development Costs
$/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct Site Acquisition $19,600 $16 8% $13,100 $13 6% $13,100 $11 6% $8,700 $9 4% Directs incl. sitework $237,800 $198 100% $214,500 $215 100% $237,800 $198 100% $214,500 $215 100% Contingency $11,900 $10 5% $10,700 $11 5% $11,900 $10 5% $10,700 $11 5% Fees & Permits $47,900 $40 20% $46,300 $46 22% $43,900 $37 18% $41,400 $41 19% In-Lieu Fee @7% $4,680 $3.90 2% $3,900 $3.90 2% $4,680 $3.90 2% $3,900 $3.90 2% A&E/Taxes/Ins./other indirects $21,400 $18 9% $19,300 $19 9% $21,400 $18 9% $19,300 $19 9% Overhead/Admin $9,500 $8 4% $8,600 $9 4% $9,500 $8 4% $8,600 $9 4% Financing $17,463
$15 7% $15,662 $16 7% $16,943 $14 7% $15,201 $15 7%
Total Costs $370,243 $309 156% $332,062 $332 155% $359,223 $299 151% $322,301 $322 150% %TDC %TDC %TDC %TDC
($143,843) ($120) -39% ($119,062) ($119) -36% ($119,823) ($100) -33% ($93,001) ($93) -29% Feasibility Finding
Surplus / (Gap)
Infeasible / Marginal Infeasible / Marginal Infeasible / Marginal Infeasible / Marginal 2 sp/unit, 1 in garage. 2 sp/unit, 1 in garage. 2 sp/unit, 1 covered 2 sp/unit, 1 in garage. 2-story wood frame 3-story wood frame 2-story wood frame 3-story wood frame North of Herndon East of Fowler / South of Herndon
Lower Density Rental Higher Density Rental Lower Density Rental Higher Density Rental Prepared by: Keyser Marston Associates
Filename:Clovis Feasibility 10-7-25; R10

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Appendix C Table 10
Rental Pro Forma
Inclusionary Housing Analysis
City of Clovis
Average Unit Size
Average No. of Bedrooms
Residential Density
Parking Type
Building type
Rents
Market Rate
Low Income (80% AMI)
Very Low Inc. (50% AMI)
Weighted Average
Operating Income
Gross Rent
Other Income, reimbursmts
(Less) Vacancy/Bad Debt
Effective Gross Income
(Less) OPEX
(Less) Property Tax
Net Operating Income (NOI)
Threshold Return on Cost
Supported Investment
Development Costs
Site Acquisition
Directs incl. sitework
Contingenc
y
Fees & Permits
In-Lieu Fee @7%
A&E/Taxes/Ins./other indirects
Overhead/Admin
Financing
Total Costs
Feasibility Finding
Surplus / (Gap)
IN-LIEU FEE PAYMENT @7%

Page 2 of 2 ends

1,200 sf/unit 1,000 sf/unit

1.7 br/unit 1.2 br/unit
20 units/acre 30 units/acre
$/Unit $/NSF %Units $/Unit $/NSF %Units
$2,280 $1.90 100% $2,120 $2.12 100%
$1,511 $1.26 0.0% $1,432 $1.43 0.0%
$900 $0.75 0.0% $855 $0.86 0.0%
$2,280 $1.90 100% $2,120 $2.12 100%
$/Unit $/NSF %Gross $/Unit $/NSF %Gross
$27,360 $23 96% $25,440 $25 95%
$1,200 $1 4% $1,200 $1 5%
($1,428) ($1) -5% ($1,332) ($1) -5%
$27,132 $23 95% $25,308 $25 95%
($6,200) ($5) -22% ($5,700) ($6) -21%
($4,400)
($4) -15% ($3,900) ($4) -15%
$16,532 $14 58% $15,708 $16 59%
7% 7%
$236,200 $197 $224,400 $224
$/Unit $/NSF %Direct $/Unit $/NSF %Direct
$13,100 $11 6% $8,700 $9 4%
$237,800 $198 100% $214,500 $215 100%
$11,900 $10 5% $10,700 $11 5%
$37,000 $31 16% $34,700 $35 16%
$4,680 $3.90 2% $3,900 $3.90 2%
$21,400 $18 9% $19,300 $19 9%
$9,500 $8 4% $8,600 $9 4%
$16,601
$14 7% $14,870 $15 7%
$351,981 $293 148% $315,270 $315 147%
%TDC %TDC
($115,781) ($96) -33% ($90,870) ($91) -29%
Infeasible / MarginalInfeasible / Marginal
3-story wood frame
2 sp/unit, 1 covered 2 sp/unit, 1 in garage.
2-story wood frame
West of Fowler / South of Herndon
Lower Density Rental Higher Density Rental
Prepared by: Keyser Marston Associates
Filename:Clovis Feasibility 10-7-25; R10

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Appendix C Table 11
Rental Pro Forma
Inclusionary Housing Analysis IN-LIEU FEE PAYMENT @8%
City of Clovis

Page 1 of 2 ends

Average Unit Size 1,200 sf/unit 1,000 sf/unit 1,200 sf/unit 1,000 sf/unit Average No. of Bedrooms 1.7 br/unit 1.2 br/unit 1.7 br/unit 1.2 br/unit Residential Density 20 units/acre 30 units/acre 20 units/acre 30 units/acre Parking Type
Building type
Rents $/Unit $/NSF %Units $/Unit $/NSF %Units $/Unit $/NSF %Units $/Unit $/NSF %Units Market Rate $2,220 $1.85 100% $2,050 $2.05 100% $2,300 $1.92 100% $2,150 $2.15 100% Low Income (80% AMI) $1,511 $1.26 0.0% $1,432 $1.43 0.0% $1,511 $1.26 0.0% $1,432 $1.43 0.0% Very Low Inc. (50% AMI) $900 $0.75 0.0% $855 $0.86 0.0% $900 $0.75 0.0% $855 $0.86 0.0% Weighted Average $2,220 $1.85 100% $2,050 $2.05 100% $2,300 $1.92 100% $2,150 $2.15 100% Operating Income $/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross Gross Rent $26,640 $22 96% $24,600 $25 95% $27,600 $23 96% $25,800 $26 96% Other Income, reimbursmts $1,200 $1 4% $1,200 $1 5% $1,200 $1 4% $1,200 $1 4% (Less) Vacancy/Bad Debt ($1,392) ($1) -5% ($1,290) ($1) -5% ($1,440) ($1) -5% ($1,350) ($1) -5% Effective Gross Income $26,448 $22 95% $24,510 $25 95% $27,360 $23 95% $25,650 $26 95% (Less) OPEX ($6,200) ($5) -22% ($5,700) ($6) -22% ($6,200) ($5) -22% ($5,700) ($6) -21% (Less) Property Tax ($4,400) ($4) -16% ($3,900) ($4) -15% ($4,400) ($4) -15% ($3,900) ($4) -14% Net Operating Income (NOI) $15,848 $13 57% $14,910 $15 58% $16,760 $14 58% $16,050 $16 59% Threshold Return on Cost 7% 7% 7% 7%
Supported Investment $226,400 $189 $213,000 $213 $239,400 $200 $229,300 $229 Development Costs
$/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct Site Acquisition $19,600 $16 8% $13,100 $13 6% $13,100 $11 6% $8,700 $9 4% Directs incl. sitework $237,800 $198 100% $214,500 $215 100% $237,800 $198 100% $214,500 $215 100% Contingency $11,900 $10 5% $10,700 $11 5% $11,900 $10 5% $10,700 $11 5% Fees & Permits $47,900 $40 20% $46,300 $46 22% $43,900 $37 18% $41,400 $41 19% In-Lieu Fee @8% $5,400 $4.50 2% $4,500 $4.50 2% $5,400 $4.50 2% $4,500 $4.50 2% A&E/Taxes/Ins./other indirects $21,400 $18 9% $19,300 $19 9% $21,400 $18 9% $19,300 $19 9% Overhead/Admin $9,500 $8 4% $8,600 $9 4% $9,500 $8 4% $8,600 $9 4% Financing $17,498
$15 7% $15,692 $16 7% $16,979 $14 7% $15,231 $15 7%
Total Costs $370,998 $309 156% $332,692 $333 155% $359,979 $300 151% $322,931 $323 151% %TDC %TDC %TDC %TDC
($144,598) ($120) -39% ($119,692) ($120) -36% ($120,579) ($100) -33% ($93,631) ($94) -29% Feasibility Finding
Surplus / (Gap)
Infeasible / Marginal Infeasible / Marginal Infeasible / Marginal Infeasible / Marginal 2 sp/unit, 1 in garage. 2 sp/unit, 1 in garage. 2 sp/unit, 1 covered 2 sp/unit, 1 in garage. 2-story wood frame 3-story wood frame 2-story wood frame 3-story wood frame North of Herndon East of Fowler / South of Herndon
Lower Density Rental Higher Density Rental Lower Density Rental Higher Density Rental Prepared by: Keyser Marston Associates
Filename:Clovis Feasibility 10-7-25; R11

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Appendix C Table 11
Rental Pro Forma
Inclusionary Housing Analysis
City of Clovis
Average Unit Size
Average No. of Bedrooms
Residential Density
Parking Type
Building type
Rents
Market Rate
Low Income (80% AMI)
Very Low Inc. (50% AMI)
Weighted Average
Operating Income
Gross Rent
Other Income, reimbursmts
(Less) Vacancy/Bad Debt
Effective Gross Income
(Less) OPEX
(Less) Property Tax
Net Operating Income (NOI)
Threshold Return on Cost
Supported Investment
Development Costs
Site Acquisition
Directs incl. sitework
Contingenc
y
Fees & Permits
In-Lieu Fee @8%
A&E/Taxes/Ins./other indirects
Overhead/Admin
Financing
Total Costs
Feasibility Finding
Surplus / (Gap)
IN-LIEU FEE PAYMENT @8%

Page 2 of 2 ends

1,200 sf/unit 1,000 sf/unit

1.7 br/unit 1.2 br/unit
20 units/acre 30 units/acre
$/Unit $/NSF %Units $/Unit $/NSF %Units
$2,280 $1.90 100% $2,120 $2.12 100%
$1,511 $1.26 0.0% $1,432 $1.43 0.0%
$900 $0.75 0.0% $855 $0.86 0.0%
$2,280 $1.90 100% $2,120 $2.12 100%
$/Unit $/NSF %Gross $/Unit $/NSF %Gross
$27,360 $23 96% $25,440 $25 95%
$1,200 $1 4% $1,200 $1 5%
($1,428) ($1) -5% ($1,332) ($1) -5%
$27,132 $23 95% $25,308 $25 95%
($6,200) ($5) -22% ($5,700) ($6) -21%
($4,400)
($4) -15% ($3,900) ($4) -15%
$16,532 $14 58% $15,708 $16 59%
7% 7%
$236,200 $197 $224,400 $224
$/Unit $/NSF %Direct $/Unit $/NSF %Direct
$13,100 $11 6% $8,700 $9 4%
$237,800 $198 100% $214,500 $215 100%
$11,900 $10 5% $10,700 $11 5%
$37,000 $31 16% $34,700 $35 16%
$5,400 $4.50 2% $4,500 $4.50 2%
$21,400 $18 9% $19,300 $19 9%
$9,500 $8 4% $8,600 $9 4%
$16,637
$14 7% $14,900 $15 7%
$352,737 $294 148% $315,900 $316 147%
%TDC %TDC
($116,537) ($97) -33% ($91,500) ($92) -29%
Infeasible / MarginalInfeasible / Marginal
3-story wood frame
2 sp/unit, 1 covered 2 sp/unit, 1 in garage.
2-story wood frame
West of Fowler / South of Herndon
Lower Density Rental Higher Density Rental
Prepared by: Keyser Marston Associates
Filename:Clovis Feasibility 10-7-25; R11

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Appendix C Table 12
Rental Pro Forma
Inclusionary Housing Analysis IN-LIEU FEE PAYMENT @9%
City of Clovis

Page 1 of 2 ends

Average Unit Size 1,200 sf/unit 1,000 sf/unit 1,200 sf/unit 1,000 sf/unit Average No. of Bedrooms 1.7 br/unit 1.2 br/unit 1.7 br/unit 1.2 br/unit Residential Density 20 units/acre 30 units/acre 20 units/acre 30 units/acre Parking Type
Building type
Rents $/Unit $/NSF %Units $/Unit $/NSF %Units $/Unit $/NSF %Units $/Unit $/NSF %Units Market Rate $2,220 $1.85 100% $2,050 $2.05 100% $2,300 $1.92 100% $2,150 $2.15 100% Low Income (80% AMI) $1,511 $1.26 0.0% $1,432 $1.43 0.0% $1,511 $1.26 0.0% $1,432 $1.43 0.0% Very Low Inc. (50% AMI) $900 $0.75 0.0% $855 $0.86 0.0% $900 $0.75 0.0% $855 $0.86 0.0% Weighted Average $2,220 $1.85 100% $2,050 $2.05 100% $2,300 $1.92 100% $2,150 $2.15 100% Operating Income $/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross Gross Rent $26,640 $22 96% $24,600 $25 95% $27,600 $23 96% $25,800 $26 96% Other Income, reimbursmts $1,200 $1 4% $1,200 $1 5% $1,200 $1 4% $1,200 $1 4% (Less) Vacancy/Bad Debt ($1,392) ($1) -5% ($1,290) ($1) -5% ($1,440) ($1) -5% ($1,350) ($1) -5% Effective Gross Income $26,448 $22 95% $24,510 $25 95% $27,360 $23 95% $25,650 $26 95% (Less) OPEX ($6,200) ($5) -22% ($5,700) ($6) -22% ($6,200) ($5) -22% ($5,700) ($6) -21% (Less) Property Tax ($4,400) ($4) -16% ($3,900) ($4) -15% ($4,400) ($4) -15% ($3,900) ($4) -14% Net Operating Income (NOI) $15,848 $13 57% $14,910 $15 58% $16,760 $14 58% $16,050 $16 59% Threshold Return on Cost 7% 7% 7% 7%
Supported Investment $226,400 $189 $213,000 $213 $239,400 $200 $229,300 $229 Development Costs
$/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct Site Acquisition $19,600 $16 8% $13,100 $13 6% $13,100 $11 6% $8,700 $9 4% Directs incl. sitework $237,800 $198 100% $214,500 $215 100% $237,800 $198 100% $214,500 $215 100% Contingency $11,900 $10 5% $10,700 $11 5% $11,900 $10 5% $10,700 $11 5% Fees & Permits $47,900 $40 20% $46,300 $46 22% $43,900 $37 18% $41,400 $41 19% In-Lieu Fee @9% $6,120 $5.10 3% $5,100 $5.10 2% $6,120 $5.10 3% $5,100 $5.10 2% A&E/Taxes/Ins./other indirects $21,400 $18 9% $19,300 $19 9% $21,400 $18 9% $19,300 $19 9% Overhead/Admin $9,500 $8 4% $8,600 $9 4% $9,500 $8 4% $8,600 $9 4% Financing $17,534
$15 7% $15,721 $16 7% $17,014 $14 7% $15,261 $15 7%
Total Costs $371,754 $310 156% $333,321 $333 155% $360,734 $301 152% $323,561 $324 151% %TDC %TDC %TDC %TDC
($145,354) ($121) -39% ($120,321) ($120) -36% ($121,334) ($101) -34% ($94,261) ($94) -29% Feasibility Finding
Surplus / (Gap)
Infeasible / Marginal Infeasible / Marginal Infeasible / Marginal Infeasible / Marginal 2 sp/unit, 1 in garage. 2 sp/unit, 1 in garage. 2 sp/unit, 1 covered 2 sp/unit, 1 in garage. 2-story wood frame 3-story wood frame 2-story wood frame 3-story wood frame North of Herndon East of Fowler / South of Herndon
Lower Density Rental Higher Density Rental Lower Density Rental Higher Density Rental Prepared by: Keyser Marston Associates
Filename:Clovis Feasibility 10-7-25; R12

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Appendix C Table 12
Rental Pro Forma
Inclusionary Housing Analysis
City of Clovis
Average Unit Size
Average No. of Bedrooms
Residential Density
Parking Type
Building type
Rents
Market Rate
Low Income (80% AMI)
Very Low Inc. (50% AMI)
Weighted Average
Operating Income
Gross Rent
Other Income, reimbursmts
(Less) Vacancy/Bad Debt
Effective Gross Income
(Less) OPEX
(Less) Property Tax
Net Operating Income (NOI)
Threshold Return on Cost
Supported Investment
Development Costs
Site Acquisition
Directs incl. sitework
Contingenc
y
Fees & Permits
In-Lieu Fee @9%
A&E/Taxes/Ins./other indirects
Overhead/Admin
Financing
Total Costs
Feasibility Finding
Surplus / (Gap)
IN-LIEU FEE PAYMENT @9%

Page 2 of 2 ends

1,200 sf/unit 1,000 sf/unit

1.7 br/unit 1.2 br/unit
20 units/acre 30 units/acre
$/Unit $/NSF %Units $/Unit $/NSF %Units
$2,280 $1.90 100% $2,120 $2.12 100%
$1,511 $1.26 0.0% $1,432 $1.43 0.0%
$900 $0.75 0.0% $855 $0.86 0.0%
$2,280 $1.90 100% $2,120 $2.12 100%
$/Unit $/NSF %Gross $/Unit $/NSF %Gross
$27,360 $23 96% $25,440 $25 95%
$1,200 $1 4% $1,200 $1 5%
($1,428) ($1) -5% ($1,332) ($1) -5%
$27,132 $23 95% $25,308 $25 95%
($6,200) ($5) -22% ($5,700) ($6) -21%
($4,400)
($4) -15% ($3,900) ($4) -15%
$16,532 $14 58% $15,708 $16 59%
7% 7%
$236,200 $197 $224,400 $224
$/Unit $/NSF %Direct $/Unit $/NSF %Direct
$13,100 $11 6% $8,700 $9 4%
$237,800 $198 100% $214,500 $215 100%
$11,900 $10 5% $10,700 $11 5%
$37,000 $31 16% $34,700 $35 16%
$6,120 $5.10 3% $5,100 $5.10 2%
$21,400 $18 9% $19,300 $19 9%
$9,500 $8 4% $8,600 $9 4%
$16,673
$14 7% $14,929 $15 7%
$353,493 $295 149% $316,529 $317 148%
%TDC %TDC
($117,293) ($98) -33% ($92,129) ($92) -29%
Infeasible / MarginalInfeasible / Marginal
3-story wood frame
2 sp/unit, 1 covered 2 sp/unit, 1 in garage.
2-story wood frame
West of Fowler / South of Herndon
Lower Density Rental Higher Density Rental
Prepared by: Keyser Marston Associates
Filename:Clovis Feasibility 10-7-25; R12

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Appendix C Table 13
Rental Pro Forma
Inclusionary Housing Analysis IN-LIEU FEE PAYMENT @10%
City of Clovis

Page 1 of 2 ends

Average Unit Size 1,200 sf/unit 1,000 sf/unit 1,200 sf/unit 1,000 sf/unit Average No. of Bedrooms 1.7 br/unit 1.2 br/unit 1.7 br/unit 1.2 br/unit Residential Density 20 units/acre 30 units/acre 20 units/acre 30 units/acre Parking Type
Building type
Rents $/Unit $/NSF %Units $/Unit $/NSF %Units $/Unit $/NSF %Units $/Unit $/NSF %Units Market Rate $2,220 $1.85 100% $2,050 $2.05 100% $2,300 $1.92 100% $2,150 $2.15 100% Low Income (80% AMI) $1,511 $1.26 0.0% $1,432 $1.43 0.0% $1,511 $1.26 0.0% $1,432 $1.43 0.0% Very Low Inc. (50% AMI) $900 $0.75 0.0% $855 $0.86 0.0% $900 $0.75 0.0% $855 $0.86 0.0% Weighted Average $2,220 $1.85 100% $2,050 $2.05 100% $2,300 $1.92 100% $2,150 $2.15 100% Operating Income $/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross $/Unit $/NSF %Gross Gross Rent $26,640 $22 96% $24,600 $25 95% $27,600 $23 96% $25,800 $26 96% Other Income, reimbursmts $1,200 $1 4% $1,200 $1 5% $1,200 $1 4% $1,200 $1 4% (Less) Vacancy/Bad Debt ($1,392) ($1) -5% ($1,290) ($1) -5% ($1,440) ($1) -5% ($1,350) ($1) -5% Effective Gross Income $26,448 $22 95% $24,510 $25 95% $27,360 $23 95% $25,650 $26 95% (Less) OPEX ($6,200) ($5) -22% ($5,700) ($6) -22% ($6,200) ($5) -22% ($5,700) ($6) -21% (Less) Property Tax ($4,400) ($4) -16% ($3,900) ($4) -15% ($4,400) ($4) -15% ($3,900) ($4) -14% Net Operating Income (NOI) $15,848 $13 57% $14,910 $15 58% $16,760 $14 58% $16,050 $16 59% Threshold Return on Cost 7% 7% 7% 7%
Supported Investment $226,400 $189 $213,000 $213 $239,400 $200 $229,300 $229 Development Costs
$/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct $/Unit $/NSF %Direct Site Acquisition $19,600 $16 8% $13,100 $13 6% $13,100 $11 6% $8,700 $9 4% Directs incl. sitework $237,800 $198 100% $214,500 $215 100% $237,800 $198 100% $214,500 $215 100% Contingency $11,900 $10 5% $10,700 $11 5% $11,900 $10 5% $10,700 $11 5% Fees & Permits $47,900 $40 20% $46,300 $46 22% $43,900 $37 18% $41,400 $41 19% In-Lieu Fee @10% $6,720 $5.60 3% $5,600 $5.60 3% $6,720 $5.60 3% $5,600 $5.60 3% A&E/Taxes/Ins./other indirects $21,400 $18 9% $19,300 $19 9% $21,400 $18 9% $19,300 $19 9% Overhead/Admin $9,500 $8 4% $8,600 $9 4% $9,500 $8 4% $8,600 $9 4% Financing $17,564
$15 7% $15,746 $16 7% $17,044 $14 7% $15,286 $15 7%
Total Costs $372,384 $310 157% $333,846 $334 156% $361,364 $301 152% $324,086 $324 151% %TDC %TDC %TDC %TDC
($145,984) ($122) -39% ($120,846) ($121) -36% ($121,964) ($102) -34% ($94,786) ($95) -29% Feasibility Finding
Surplus / (Gap)
Infeasible / Marginal Infeasible / Marginal Infeasible / Marginal Infeasible / Marginal 2 sp/unit, 1 in garage. 2 sp/unit, 1 in garage. 2 sp/unit, 1 covered 2 sp/unit, 1 in garage. 2-story wood frame 3-story wood frame 2-story wood frame 3-story wood frame North of Herndon East of Fowler / South of Herndon
Lower Density Rental Higher Density Rental Lower Density Rental Higher Density Rental Prepared by: Keyser Marston Associates
Filename:Clovis Feasibility 10-7-25; R13

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Appendix C Table 13
Rental Pro Forma
Inclusionary Housing Analysis
City of Clovis
Average Unit Size
Average No. of Bedrooms
Residential Density
Parking Type
Building type
Rents
Market Rate
Low Income (80% AMI)
Very Low Inc. (50% AMI)
Weighted Average
Operating Income
Gross Rent
Other Income, reimbursmts
(Less) Vacancy/Bad Debt
Effective Gross Income
(Less) OPEX
(Less) Property Tax
Net Operating Income (NOI)
Threshold Return on Cost
Supported Investment
Development Costs
Site Acquisition
Directs incl. sitework
Contingenc
y
Fees & Permits
In-Lieu Fee @10%
A&E/Taxes/Ins./other indirects
Overhead/Admin
Financing
Total Costs
Feasibility Finding
Surplus / (Gap)
IN-LIEU FEE PAYMENT @10%

Page 2 of 2 ends

1,200 sf/unit 1,000 sf/unit

1.7 br/unit 1.2 br/unit
20 units/acre 30 units/acre
$/Unit $/NSF %Units $/Unit $/NSF %Units
$2,280 $1.90 100% $2,120 $2.12 100%
$1,511 $1.26 0.0% $1,432 $1.43 0.0%
$900 $0.75 0.0% $855 $0.86 0.0%
$2,280 $1.90 100% $2,120 $2.12 100%
$/Unit $/NSF %Gross $/Unit $/NSF %Gross
$27,360 $23 96% $25,440 $25 95%
$1,200 $1 4% $1,200 $1 5%
($1,428) ($1) -5% ($1,332) ($1) -5%
$27,132 $23 95% $25,308 $25 95%
($6,200) ($5) -22% ($5,700) ($6) -21%
($4,400)
($4) -15% ($3,900) ($4) -15%
$16,532 $14 58% $15,708 $16 59%
7% 7%
$236,200 $197 $224,400 $224
$/Unit $/NSF %Direct $/Unit $/NSF %Direct
$13,100 $11 6% $8,700 $9 4%
$237,800 $198 100% $214,500 $215 100%
$11,900 $10 5% $10,700 $11 5%
$37,000 $31 16% $34,700 $35 16%
$6,720 $5.60 3% $5,600 $5.60 3%
$21,400 $18 9% $19,300 $19 9%
$9,500 $8 4% $8,600 $9 4%
$16,702
$14 7% $14,954 $15 7%
$354,122 $295 149% $317,054 $317 148%
%TDC %TDC
($117,922) ($98) -33% ($92,654) ($93) -29%
Infeasible / MarginalInfeasible / Marginal
3-story wood frame
2 sp/unit, 1 covered 2 sp/unit, 1 in garage.
2-story wood frame
West of Fowler / South of Herndon
Lower Density Rental Higher Density Rental
Prepared by: Keyser Marston Associates
Filename:Clovis Feasibility 10-7-25; R13

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APPENDIX D

SUPPORTING DATA AND ANALYSES

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Appendix D Table 1
Estimated Fees and Permit Cost Detail
Inclusionar
y Housing Analysis
City of Clovis
West of Fowler /
South of
Herndon
Large Lot
Single Family
Single
Family
Smaller
Single
Family
Single
Family
Smaller
Single
Family
Small Lot Single
Family
Lower
Density
Rental
Higher
Density
Rental
Lower
Density
Rental
Higher
Density
Rental
Lower
Density
Rental
Higher
Density
Rental
Density (dwelling units/acre) 3 dua 7 dua 10 dua 7 dua 10 dua 13 dua 20 dua 30 dua 20 dua 30 dua 20 dua 30 dua Average Unit Size 4,000 sf 2,400 sf 1,500 sf 2,400 sf 1,500 sf 1,500 sf 1,200 sf 1,000 sf 1,200 sf 1,000 sf 1,200 sf 1,000 sf Gross Square Footage 4,000 sf 2,400 sf 1,500 sf 2,400 sf 1,500 sf 1,500 sf 1,200 sf 1,111 sf 1,333 sf 1,111 sf 1,333 sf 1,111 sf Average No. of Bedrooms 4.5 BR 4.0 BR 3.3 BR 4.0 BR 3.3 BR 3.3 BR 1.7 BR 1.2 BR 1.7 BR 1.2 BR 1.7 BR 1.2 BR Street Area Assumed area 3 area 3 area 3
Fee Estimate Per Unit
Permit, plan check, inspection $11,700 $7,020 $4,414 $7,020 $4,414 $4,564 $4,279 $3,598 $4,279 $3,598 $4,320 $3,598 Water Major Facilities $17,568 $11,419 $9,745 $11,419 $9,745 $8,748 $7,416 $7,201 $7,416 $7,201 $7,201 $7,201 Water, non-potable, frontage $1,924 $825 $577 $825 $577 $610 $374 $264 $374 $264 $397 $264 Water Mete
r $560 $560 $560 $560 $560 $561 $40 $40 $40 $40 $60 $40 Sewer major facilities $10,322 $10,322 $10,322 $10,322 $10,322 $10,322 $8,361 $8,361 $8,361 $8,361 $8,361 $8,361 Sewer frontage, oversize $851 $365 $255 $365 $255 $349 $200 $151 $200 $151 $227 $151 Parks $6,098 $6,098 $6,098 $3,049 $3,049 $0 $6,098 $6,098 $3,049 $3,049 $0 $0 Refuse $548 $548 $548 $548 $548 $548 $444 $444 $444 $444 $444 $444 Street admin $134 $134 $80 $91 $30 $1 $80 $80 $55 $55 $1 $1 Admin $666 $525 $500 $479 $455 $391 $426 $423 $380 $377 $331 $331 Fire Dept $2,235 $2,235 $2,235 $2,235 $2,235 $2,235 $2,235 $2,235 $2,235 $2,235 $2,235 $2,235 Fire Transition $416 $178 $125 $178 $125 $0 $0 $0 $0 $0 $0 $0 Police Dept $1,569 $1,569 $1,569 $1,569 $1,569 $1,569 $1,569 $1,569 $1,569 $1,569 $1,569 $1,569 Library $819 $819 $819 $819 $819 $819 $669 $669 $669 $669 $669 $669 Street Fees $8,934 $8,933 $5,361 $6,068 $1,972 $70 $5,361 $5,361 $3,641 $3,641 $70 $70 Water Supply $3,134 $1,098 $1,399 $1,098 $1,399 $1,146 $1,208 $1,310 $1,208 $1,310 $1,172 $1,310 Underground overhead utilities $3,054 $1,309 $916 $1,323 $926 $0 $502 $325 $508 $329 $505 $337 Fresno COG RTMF $2,118 $2,118 $2,118 $2,118 $2,118 $2,118 $1,642 $1,642 $1,642 $1,642 $1,642 $1,642 School District $23,440 $14,064 $8,790 $14,064 $8,790 $8,790 $7,032 $6,511 $7,813 $6,511 $7,813 $6,511 Total Per Unit (Rounded) $96,100 $70,100 $56,400 $64,200 $49,900 $42,800 $47,900 $46,300 $43,900 $41,400 $37,000 $34,700 avg of areas 1&5 avg of areas 2&4 avg of areas 1&5 avg of areas 2&4 For-Sale Rental
North of Herndon
East of Fowler / South
of Herndon North of Herndon
East of Fowler /
South of Herndon
West of Fowler / South of
Herndon
Note: City fees based on estimate provided by City of Clovis. Other fees based on FY 24-25 rate schedules. Fees for undergrounding of overhead utility lines reflect an average of multiple fee zones for some prototypes.

Prepared by Keyser Marston Associates, Inc.

File Name: Clovis Feasibility 10-7-25; 10/7/2025; dd

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Appendix D Table 2
New Homes Currently Marketing: North of Herndon
Inclusionary Housing Analysis
City of Clovis
Source: The Gregory Group August 2024 (June 2024 for Legacy at Highlands, Red Porch at Farmstead and Belterra). Sales prices shown net of incentives. $300,000
$400,000
$500,000
$600,000
$700,000
$800,000
$900,000
$1,000,000
$1,100,000
$1,200,000
$1,300,000
1,200 1,700 2,200 2,700 3,200 3,700 4,200 4,700
Unit Size (square feet)
Prototype: N. Herndon Deauville East Heritage Grove -- Choral Heritage Grove -- Orchard Heritage Grove -- Skye Legacy at Highlands Ivy Gate at Farmstead Red Porch at Farmstead Linear (Deauville East) Linear (Heritage Grove -- Choral) Linear (Heritage Grove -- Orchard) Linear (Heritage Grove -- Skye) Linear (Legacy at Highlands) Linear (Ivy Gate at Farmstead) Linear (Red Porch at Farmstead) Prepared by Keyser Marston Associates, Inc.

File Name: Clovis Feasibility 10-7-25; 10/7/2025; hgr

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Appendix D Table 3
New Homes Currently Marketing: South of Herndon
Inclusionary Housing Analysis
City of Clovis
Source: The Gregory Group August 2024 (June 2024 for Legacy at Highlands, Red Porch at Farmstead and Belterra). Sales prices shown net of incentives. $300,000
$350,000
$400,000
$450,000
$500,000
$550,000
$600,000
$650,000
$700,000
1,200 1,700 2,200 2,700 3,200
Unit Size (square feet)
Prototype: East of Fowler Prototype: City Center Belterra (SE Fresno) Cielo Ranch 5000s Cielo Ranch 6000s Corinthalyn -- Orchard Corinthalyn -- Surf Ellingworth -- Choral Corinthalyn -- Treasures Linear (Belterra (SE Fresno)) Linear (Cielo Ranch 5000s) Linear (Cielo Ranch 6000s) Linear (Corinthalyn -- Surf) Linear (Ellingworth -- Choral) Linear (Corinthalyn -- Treasures) Prepared by Keyser Marston Associates, Inc.

File Name: Clovis Feasibility 10-7-25; 10/7/2025; hgr

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Appendix D Table 4
Existing Single Family Home Resales Sales, June 2023 to June 2024 Inclusionary Housing Analysis
City of Clovis
Source: Corelogic ListSource, June 2024.
$0
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
$1,400,000
0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 Unit Size (Square Feet)
City Center North of Herndon
East of Fowler
Prototypes Linear (City Center) Linear (North of Herndon) Linear (East of Fowler)
Prepared by Keyser Marston Associates, Inc.

File Name: Clovis Feasibility 10-7-25; 10/7/2025; hgr

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Appendix D Table 5
New Homes Currently Marketing
Inclusionary Housing Analysis
City of Clovis
Square Feet
Lot Size Sales Price Price / SF
(net incentives)
East of Fowler Ave
Belterra (SE Fresno) Detached.

Three Bedroom 1,641 $435,950 $266
Three Bedroom 2,007 $523,950 $261
Four Bedroom 2,032 $543,900 $268
Four Bedroom 2,165 $592,675 $274
Four Bedroom 2,600 $694,410 $267
Four Bedroom + Loft 2,757 $671,175 $243
Four Bedroom + Loft & Bonus 3,104 $600,950 $194
Weighted Average 2,329 $590,430 $254
Cielo Ranch 5000s Detached.

Three Bedroom 1,384 $420,440 $304
Three Bedroom 1,586 $437,424 $276
Three Bedroom + Den 1,769 $454,918 $257
Three Bedroom + Den 1,925 $466,025 $242
Three Bedroom + Den, Loft 2,376 $505,861 $213
Weighted Average 1,808 5,000 $461,934 $255
Cielo Ranch 6000s Detached.

Four Bedroom + Den 1,779 $460,098 $259
Three Bedroom + Den 1,996 $474,530 $238
Three Bedroom + Den 2,148 $489,755 $228
Four Bedroom + Flex 2,321 $539,024 $232
Three Bedroom + Den, Loft 2,544 $535,846 $211
Four Bedroom + Den, Loft 3,016 $572,206 $190
Five Bedroom + Flex, Den, Bonus 3,132 $567,707 $181
Weighted Average 2,419 6,000 $529,262 $219
Corinthalyn -- Orchard Detached.

Three Bedroom 1,635 $418,000 $256
Four Bedroom + Flex 2,240 $465,500 $208
Five Bedroom + Loft 2,985 $513,500 $172
Weighted Average 2,286 5,000 $480,667 $210
Corinthalyn -- Surf Detached.

Four Bedroom 2,103 $448,000 $213
Six Bedroom 2,617 $483,000 $185
Five Bedroom 3,383 $534,000 $158
Weighted Average 2,701 6,000 $503,333 $186
Prepared by Keyser Marston Associates, Inc.

File Name: Clovis Feasibility 10-7-25; 10/7/2025; hgr

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Appendix D Table 5
New Homes Currently Marketing
Inclusionary Housing Analysis
City of Clovis
Square Feet
Lot Size Sales Price Price / SF
(net incentives)
Ellingworth -- Choral Detached.

Three Bedroom 1,856 $450,490 $243
Four Bedroom 2,085 $468,490 $225
Five Bedroom + Den 2,578 $509,490 $198
Four Bedroom + NextGen, Loft 3,156 $563,490 $179
Five Bedroom + Loft 3,278 $562,490 $172
Weighted Average 2,590 6,000 $525,890 $203
Corinthalyn -- Treasures Detached. Small lot.

Three Bedroom 1,341 $360,000 $268
Three Bedroom 1,564 $374,000 $239
Four Bedroom 1,755 $394,000 $225
Weighted Average 1,553 3,600 $391,000 $252
North of Herndon Ave
Deauville East Detached.

Three Bedroom 2,007 $560,950 $279
Four Bedroom 2,032 $562,950 $277
Three Bedroom + Den 2,278 $574,950 $252
Three Bedroom + Den, Loft 2,366 $641,853 $271
Three Bedroom + Den 2,550 $639,950 $251
Four Bedroom + Den 2,600 $729,097 $280
Four Bedroom + Loft 2,757 $623,950 $226
Five Bedroom 2,900 $883,200 $305
Five Bedroom + Loft 3,104 $884,480 $285
Five Bedroom + Den, Loft 3,934 $754,950 $192
Weighted Average 2,652 5,500 $700,633 $264
Heritage Grove -- Choral Detached. Small lot.

Three Bedroom 1,856 $549,290 $296
Four Bedroom 2,085 $570,290 $274
Five Bedroom + Den 2,578 $605,790 $235
Four Bedroom + Loft 3,156 $659,290 $209
Four Bedroom + Loft 3,278 $666,290 $203
Weighted Average 2,590 3,500 $625,190 $241
Prepared by Keyser Marston Associates, Inc.

File Name: Clovis Feasibility 10-7-25; 10/7/2025; hgr

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Appendix D Table 5
New Homes Currently Marketing
Inclusionary Housing Analysis
City of Clovis
Square Feet
Lot Size Sales Price Price / SF
(net incentives)
Heritage Grove -- Orchard Detached.

Three Bedroom 1,635 $508,790 $311
Three Bedroom + Flex 2,240 $560,290 $250
Three Bedroom + Loft 2,985 $604,790 $203
Weighted Average 2,286 6,000 $572,957 $251
Heritage Grove -- Skye Detached.

Four Bedroom 2,271 $633,790 $279
Four Bedroom + Den 2,430 $638,790 $263
Four Bedroom 2,508 $656,790 $262
Four Bedroom + NextGen 2,609 $659,790 $253
Weighted Average 2,454 6,600 $662,290 $270
Legacy at Highland
s Detached.

Three Bedroom + Den 2,148 $486,555 $227
Three Bedroom + Den, Loft 2,544 $531,963 $209
Four Bedroom + Den, Loft 3,016 $554,558 $184
Five Bedroom + Flex, Bonus 3,132 $589,728 $188
Wei
ghted Average 2,710 $545,701 $201
Ivy Gate at Farmstead Detached.

Three Bedroom + Bonus 2,979 $840,490 $282
Three Bedroom + Bonus 3,164 $867,490 $274
Four Bedroom + Den 3,466 $934,490 $270
Four Bedroom + Bonus 3,588 $921,490 $257
Four Bedroom + Den, Bonus 4,002 $997,490 $249
Five Bedroom + Loft 4,223 $971,490 $230
Four Bedroom + Bonus 4,943 $999,490 $202
Weighted Average 3,766 11,200 $943,204 $250
Red Porch at Farmstead Detached.

Three Bedroom 3,542 $1,066,490 $301
Three Bedroom + Bonus 3,857 $1,113,490 $289
Four Bedroom + Den, Lounge 4,838 $1,231,490 $255
Four Bedroom + Loft, Study 4,938 $1,181,490 $239
Four Bedroom + Loft, Study, Bonus 5,481 $1,271,490 $232 Weighted Average 4,531 $1,182,890 $261
2,608
Source: The Gregory Group August 2024 (June 2024 for Legacy at Highlands, Red Porch at Farmstead and Belterra).

Sales prices shown net of incentives.

Average Square Footage: projects
currently marketing
Prepared by Keyser Marston Associates, Inc.

File Name: Clovis Feasibility 10-7-25; 10/7/2025; hgr

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Appendix D Table 6
Median Home Price Trends, City of Clovis
Inclusionary Housing Analysis
City of Clovis
Source: Redfin
$0
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
Aug-15
Dec-15
Apr-16
Aug-16
Dec-16
Apr-17
Aug-17
Dec-17
Apr-18
Aug-18
Dec-18
Apr-19
Aug-19
Dec-19
Apr-20
Aug-20
Dec-20
Apr-21
Aug-21
Dec-21
Apr-22
Aug-22
Dec-22
Apr-23
Aug-23
Dec-23
Apr-24
Aug-24
Dec-24
Apr-25
Aug-25
Prepared by Keyser Marston Associates, Inc.

File name: Clovis Feasibility 10-7-25;sp trend;10/7/2025;CAR

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Appendix D Table 7
Historical Rents and Vacancy
Inclusionary Housing Analysis
City of Clovis
Year
Effective
Rent, All
Units
Effective
Rent Per
SF
Effective
Rent %
Growth/Yr
Overall
Vacancy
Effective
Rent, Units
Built Since
2000
Effective
Rent Per
SF
Effective Rent
% Growth/Yr
Vacancy
Newer
Units
2015 $1,007 $1.13 3.4% 3.8% $1,486 $1.40 2.1% 5.7%
2016 $1,056 $1.18 4.9% 3.0% $1,549 $1.46 4.2% 5.6%
2017 $1,105 $1.24 4.6% 2.5% $1,599 $1.51 3.2% 4.3%
2018 $1,149 $1.29 4.0% 2.3% $1,651 $1.55 3.2% 2.6%
2019 $1,201 $1.35 4.6% 3.0% $1,689 $1.59 2.3% 5.9%
2020 $1,266 $1.42 5.4% 1.3% $1,762 $1.66 4.3% 2.3%
2021 $1,417 $1.59 11.9% 2.4% $1,975 $1.86 12.1% 4.6%
2022 $1,482 $1.66 4.6% 3.5% $1,988 $1.87 0.6% 4.9%
2023 $1,535 $1.72 3.6% 5.2% $2,034 $1.92 2.3% 10.6%
2024 $1,547 $1.73 0.8% 3.5% $2,045 $1.93 0.5% 4.7%
2025 YTD $1,566 $1.75 1.6% 3.7% $2,078 $1.96 2.7% 3.8%
Source: CoStar
All Units Units Built Since 2000

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%
$500
$700
$900
$1,100
$1,300
$1,500
$1,700
$1,900
$2,100
$2,300
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
YTD
Historical Rents and Vacancy Rates, City of Clovis
Effective Rent, All Units Effective Rent, Units Built Since 2000 Overall Vacancy Vacancy Newer Units
Prepared by Keyser Marston Associates, Inc.

File name: Clovis Feasibility 10-7-25;rent tnd;10/7/2025;CAR

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Appendix D Table 8
Asking Rents, Newer Apartments Built 2019-2024
Inclusionary Housing Analysis
City of Clovis
Source: CoStar as of June 2024.
$1,000
$1,200
$1,400
$1,600
$1,800
$2,000
$2,200
$2,400
$2,600
$2,800
$3,000
600 800 1,000 1,200 1,400 1,600 1,800
Unit Size (square feet)
North of Herndon East of Fowler City Center
Prototypes: E Fowler Prototypes: N Herndon Prototype: City Center Log. (North of Herndon) Log. (East of Fowler) Log. (City Center) Prepared by Keyser Marston Associates, Inc.

File Name: Clovis Feasibility 10-7-25; 10/7/2025; hgr

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Appendix D Table 9
Asking Rents in Newer Apartment Buildings, June 2024
Inclusionary Housing Analysis
City of Clovis
Units Square Feet
Asking
Rent/Mo Rent / SF
City Center
Dartmouth Tower Built in 2002. One to two-story wood frame. 112 pkg spaces. 14 dua. 1900 Dartmouth Ave
One Bedroom 22 725 $1,644 $2.27
Two Bedroom 60 1,030 $1,903 $1.85
Weighted Average 82 948 $1,834 $1.96
Tollhouse Crossing Built in 2014. One-story wood frame. Density: 10 dua. 102 Fowler Ave
One Bedroom 50 750 $1,800 $2.40
Two Bedroom 27 1,042 $2,000 $1.92
Three Bedroom 10 1,210 $2,295 $1.90
Weighted Average 87 893 $1,919 $2.19
Trailside Apartment Homes Built in 2004. Two-story wood frame. 60 pkg spaces. 13 dua. 175 N Pollasky Ave
Two Bedroom 24 1,110 $1,340 $1.21
Weighted Average 24 1,110 $1,340 $1.21
The Emerson Built in 2020. Two-story buildings. Density: 18 dua. 1170 Santa Ana Ave
One Bedroom 87 840 $1,693 $2.02
Two Bedroom 81 1,180 $2,164 $1.83
Three Bedroom 48 1,315 $2,211 $1.68
Weighted Average 216 1,073 $1,985 $1.87
700 Sunnyside Av
e Built in 2000. One-story wood frame. 24 pkg spaces. 10 dua. 700 Sunnyside Ave Sold in 2017 for $138,000 per unit.

Two Bedroom 12 1,000 $1,179 $1.18
Weighted Average 12 1,000 $1,179 $1.18
The 700s Luxury Townhomes Built in 2014. Two-story garden apartments. Density: 14 dua. 700 Bush Ave
Two Bedroom 20 1,255 $1,945 $1.55
Weighted Average 20 1,255 $1,945 $1.55
Prepared by Keyser Marston Associates, Inc.

File Name: Clovis Feasibility 10-7-25; 10/7/2025; hgr

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Appendix D Table 9
Asking Rents in Newer Apartment Buildings, June 2024
Inclusionary Housing Analysis
City of Clovis
Units Square Feet
Asking
Rent/Mo Rent / SF
East of Fowler Ave
Parador Townhome Apartments Built in 2020. Two-story townhome apartments. Density: 8 dua. 310 N Amedeo Ln Sold May, 2021 for $375,000 per unit.

Two Bedroom 50 1,168 $2,376 $2.03
Three Bedroom 118 1,635 $2,890 $1.77
Weighted Average 168 1,496 $2,737 $1.85
Harbor Pointe Built 2016. Two-story wood frame. 68 pkg spaces. 15 dua. 2627-2667 Ashlan Ave Sold in 2016 for $190,000 per unit.

Two Bedroom 48 1,214 $2,331 $1.92
Weighted Average 48 1,214 $2,331 $1.92
Creekside Village Built in 2024. Three-story garden apartments. Density: 13 dua. 3798 Ashlan Ave
One Bedroom 50 759 $1,745 $2.30
Two Bedroom 116 1,169 $2,154 $1.84
Three Bedroom 50 1,326 $2,375 $1.79
Weighted Average 216 1,110 $2,110 $1.94
Marbella Apartments Built 2007. Two-story wood frame. 187 pkg spaces. 16 dua. 2500 Herndon Ave Sold in 2008 for $140,000 per unit.

One Bedroom 19 931 $1,932 $2.08
Two Bedroom 81 1,134 $1,955 $1.72
Three Bedroom 22 1,375 $2,315 $1.68
Weighted Average 122 1,146 $2,016 $1.77
Portola Plaza Built in 2023. Two and three-story garden apartments. 3700 Loma Vista Pky
Studio 2 378 $1,475 $3.90
One Bedroom 30 844 $1,895 $2.25
Two Bedroom 81 1,162 $2,159 $1.86
Three Bedroom 16 1,611 $2,612 $1.62
Weighted Average 129 1,132 $2,143 $1.95
Dolce Vita Luxury Apartment
s Built 2021. Three-story wood frame. 24 dua.
382 N McKelvy Ave
One Bedroom 42 769 $1,775 $2.31
Two Bedroom 84 1,204 $1,950 $1.62
Three Bedroom 32 1,474 $2,300 $1.56
Weighted Average 158 1,143 $1,974 $1.79
Sunnyhills Apartment
s Built in 2019. Two-story garden apartments. Density: 14 dua. 540 Park Ave
One Bedroom 10 922 $1,939 $2.10
Two Bedroom 60 1,286 $2,489 $1.94
Three Bedroom 10 1,575 $2,380 $1.51
Weighted Average 80 1,277 $2,407 $1.90
Prepared by Keyser Marston Associates, Inc.

File Name: Clovis Feasibility 10-7-25; 10/7/2025; hgr

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Appendix D Table 9
Asking Rents in Newer Apartment Buildings, June 2024
Inclusionary Housing Analysis
City of Clovis
Units Square Feet
Asking
Rent/Mo Rent / SF
North of Herndon Ave
Granite Ridge Built 2007. Two-story wood frame. 124 pkg spaces. Density: 13 dua. 765 N Fowler Ave
One Bedroom 32 759 $1,600 $2.11
Two Bedroom 40 1,079 $1,825 $1.69
Three Bedroom 32 1,327 $2,075 $1.56
Weighted Average 104 1,057 $1,833 $1.78
The Row at Heritage Grove
Project is in Fresno (Clovis schools). Across street from proposed Avenue at Heritage Grove.

One Bedroom 884 $2,130 $2.41
Two Bedroom 1,051 $2,267 $2.16
Two Bedroom 1,198 $2,346 $1.96
Three Bedroom 1,472 $2,386 $1.62
Townhouse A (2 BR) 1,566 $2,815 $1.80
Townhouse B (3 BR) 1,679 $2,951 $1.76
Tempranillo Apartment Homes Built in 2019. Two-story wood frame. Density: 15 dua. 2445 E Copper Ave (Fresno, Clovis schools) Sold in 2021 for $309,000 per unit.

One Bedroom 16 931 $1,957 $2.10
Two Bedroom 24 1,188 $2,163 $1.82
Three Bedroom 24 1,376 $2,369 $1.72
Weighted Average 64 1,194 $2,189 $1.85
Source: CoStar.

Prepared by Keyser Marston Associates, Inc.

File Name: Clovis Feasibility 10-7-25; 10/7/2025; hgr

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Appendix D Table 10
Affordable Home Price Calculation
Inclusionary Housing Analysis
City of Clovis
Unit Size 2-Bedroom Unit 3-Bedroom Unit 4-Bedroom Unit 5-Bedroom Unit Household Size 3-person HH 4-person HH 5-person HH 6-person HH Income Limit, Low Income, 2025 $67,600 $75,100 $81,150 $87,150 % Available for Housing Costs 30% 30% 30% 30%
Income Available for Housing Costs $20,280 $22,530 $24,345 $26,145 (Less) Property Taxes & Assessments ($2,033) ($2,213) ($2,292) ($2,416) (Less) HOA ($600) ($720) ($840) ($840)
(Less) Utilities (1) ($3,972) ($4,728) ($5,556) ($6,384) (Less) Insurance (2) ($1,300) ($1,400) ($1,700) ($1,800) (Less) Mortgage Insurance ($1,159) ($1,261) ($1,307) ($1,377) Income Available for Mortgage $11,216 $12,208 $12,650 $13,328 Mortgage Amount $144,800 $157,700 $163,400 $172,100
Down Payment (homebuyer cash) $16,100 $17,500 $18,200 $19,100 Affordable Home Price $160,900 $175,200 $181,600 $191,200 Assumptions
- Mortgage Interest Rate (3) 6.70%
- Down Payment 10.0%
- Property Taxes (% of sales price) (4) 1.26%
- Mortgage Insurance (% loan Amt)(5) 0.80%
2BR 3BR 4BR 4BR
- HOA (per month) (6) $50 $60 $70 $70
- Utilities (per month) (1) $331 $394 $463 $532
Notes:
(1) Calculated using County utility allowance schedule. (2) Based on quote from Progressive.com
(4) Average effective property tax rates for recently sold homes. (5) Based on Mortgage Insurance Premium rate schedule for FHA loans over 15 years.

Affordable Price Calculation
(3) Based on average of Freddie Mac Primary Mortgage Market Survey weekly 30-year fixed rate mortgage rates October 10, 2024 to October 2, 2025. (6) Clovis has seen a mix of developments with and without HOAs. Estimate is less than HOA dues for projects that are subject to them but is intended as a blend inclusive of some projects that do not have an HOA.
_________________________________________________________ Prepared by: Keyser Marston Associates
Filename: Clovis Feasibility 10-7-25; Aff Prices

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Appendix D Table 11
Affordable Rents
Inclusionary Housing Analysis
City of Clovis
Unit Size Studio 1-Bedroom Unit 2-Bedroom Unit 3-Bedroom Unit Household Size 1-person HH 2-person HH 3-person HH 4-person HH Income Limits, 2025 (1)
Very Low Income (50% AMI) $32,900 $37,600 $42,300 $46,950 Low Income (80% AMI) $52,600 $60,100 $67,600 $75,100
Gross Rents @30% of income limit
Very Low Income (50% AMI) $823 $940 $1,058 $1,174
Low Income (80% AMI) $1,315 $1,503 $1,690 $1,878
- Utilities (per month) (2) $81 $96 $134 $169
Rents after Utility Allowance
Very Low Income (50% AMI) $742 $844 $924 $1,005
Low Income (80% AMI) $1,234 $1,407 $1,556 $1,709
Notes:
(1) California Department of Housing and Community Development 2025 Income Limits for Fresno County (2) Calculated using Fresno County HA utility allowance schedule. _________________________________________________________ Prepared by: Keyser Marston Associates
Filename: Clovis Feasibility 10-7-25; Aff Rents

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Appendix D Table 12
Residential Land Sales
Inclusionary Housing Analysis
City of Clovis
Sales in Clovis or adjacent unincorporated areas except as noted Property Address
Land Area
(acres)
Sale
Year Price
Price Per AC
Land
Price Per
SF Land Zoning Area Proposed Use / Note s
Multi-Family Land Sales
8136 E Shaw Ave 4.6 2019 $799,000 $173,319 $3.98 R-3 East of Fowler Hold for future apartment development 1703 N. DeWolf Ave 2.6 2021 $750,000 $288,462 $6.62 R-3 East of Fowler multifamily zoning 3798 Ashlan Ave 17.2 2021 $3,250,000 $189,173 $4.34 R-2 East of Fowler Multifamily Armstrong Ave 9.0 2021 $2,247,500 $249,237 $5.72 R1 East of Fowler zoned SF but MF is highest & best per appraisal W Of Leonard Ave 5.8 2019 $950,000 $165,217 $3.79 R-4 East of Fowler multi-family, purchase by Summa Dv Group 8441 N Marion Ave 8.7 2021 $1,575,000 $180,619 $4.15 RR N of Herndon Multifamily / SF site purchase W Spruce Ave W Of N Peach Ave 12.5 2019 $4,800,000 $384,308 $8.82 R-2 N of Herndon Multifamily site purchase by Lennar Overall Weighted Average $238,067 $5.47
S of Herndon: $204,213 $4.69
N of Herndon: $300,566 $6.90
Single Family Land Sales
Ashlan/Highland 43.1 2022 $6,988,500 $162,297 $3.73 R-1-PRD East of Fowler single family development site, assemblage 3754 N Thompson Avenue 29.3 2021 $6,326,000 $216,274 $4.96 R-1-MD East of Fowler homebuilder purchase for single family dev.

Ashlan/Thompson 20.0 2021 $3,604,500 $180,135 $4.14 R-1-PRD East of Fowler purchased by single-family builder Ashlan & Highland Ave 58.3 2020 $6,675,000 $114,474 $2.63 R-1 PRD East of Fowler Sale by Wilson Homes to Lennar 8800 E Shaw Ave 37.2 2021 $7,368,000 $198,118 $4.55 AE-20 East of Fowler Raw land to Wisteria Creek homes (Bonadelle) NEC Ashlan & Locan Ave 5.8 2019 $1,747,500 $302,335 $6.94 SFR East of Fowler Wilson homes 8503 E Bullard / 5880 N Leonard 35.43 2020 $6,555,000 $185,013 $4.25 AE20 East of Fowler Wathen Castanos Homes 4655 E Shepherd Ave 21.5 2019 $8,000,000 $371,747 $8.53 R1-PRD N of Herndon utilities available at property line E Copper & N Friant Rd 17.1 2019 $8,420,000 $491,823 $11.29 R-2 N of Herndon Purchase by Granville Homes 7810 E Nees Ave 38.8 2022 $4,370,000 $112,629 $2.59 AE20 N of Herndon proposed for single family dev. 2797 E Copper Ave 15.0 2019 $4,862,000 $325,000 $7.46 AL20 N of Herndon Lennar Overall Weighted Average $201,962 $4.64
S of Herndon: $171,438 $3.94
N of Herndon: $277,619 $6.37
Single Family Land Listing
6374 E. Shepherd Avenue 43.3 listing $12,993,000 $300,069 $6.89 Res / MU N of Herndon listing Single Family: Large Acreage
E Shepherd Ave 151.2 2019 $12,572,500 $83,151 $1.91 AE20 N of Herndon Heritage Grove, Lennar (589 units); rough graded Rural Residential or AG zoning
8490 E Bullard Ave 20.0 2023 $1,161,500 $58,017 $1.33 AE-20 East of Fowler purchase by ministorage business 9646 N Fowler Ave 9.9 2020 $750,000 $76,142 $1.75 AL-20 N of Herndon Hold for Development 26535 Auberry Rd 20.4 2021 $359,000 $17,615 $0.40 AE40 beyond SOI Horse Stables E. of Sample Rd. & 168 Intersection 23.0 2023 $495,000 $21,550 $0.49 AE-20 beyond SOI Quail Oaks Homesite Shepherd & Lark Ln 20.0 2020 $170,000 $8,500 $0.20 AL40 beyond SOI Lot 3 Shaw Ave 107.4 2020 $1,720,000 $16,012 $0.37 RR or RES beyond SOI five parcels 9 Summit View 20.0 2023 $290,000 $14,507 $0.33 RR beyond SOI Weighted average: $22,415 $0.51
Prepared by Keyser Marston Associates, Inc.

U:\ddoezema\My Documents\Projects\Clovis\Clovis Feasibility 10-7-25;land sales;car

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Appendix D Table 13
Multifamily Building Sales
Inclusionary Housing Analysis
City of Clovis
Multifamily property sales with reported cap rates (January 2023-June 2024) Property Address Property Name
No.

Units
Year
Built Density Sale Price
Price Per
Unit
SF per
Unit
Price
Per
SF
Sale
Date Cap Rate Transaction Notes
Clovis Pro
perties
3140 Peach Ave Monte Vista 68 1978 19 dua $10,000,000 $147,059 1,010 $146 Feb-23 4.76 1- and 2BR units, garden style, avg rents $1,095-
$1,395.
865 W Gettysburg Ave The Willows 77 2005 15 dua $11,125,00 0 $144,481 1,075 $134 n/a 5.37 LIHTC project. 310 N Amedeo Ln Parador Townhome A pts 168 2020 8 dua $63,018,00 0 $375,107 1,496 $251 Ma y-21 n/a 2445 E Copper Ave Tempranillo Apartments 64 2019 15 dua $19,750,00 0 $308,594 1,217 $254 A pr-21 n/a 1504 Pierce Dr 6 1979 15 dua $1,450,000 $241,667 1,250 $193 Ma y-23 6.87 Fresno Properties (20 units and above)
4550-4554 E Sierra Madre College 40 1957 111 dua $4,695,000 $117,37 5 680 $173 Dec-23 7.80 1362 N Hughes Ave Fresno Mobile Home Park 64 1960 17 dua $4,000,000 $62,500 n/a n/a Se p-23 6.40 1733 S Willow Ave Willow Court 62 1994 16 dua $7,875,000 $127,016 760 $167 Au g-23 4.40 584 E Bullard Ave The Northbrook 92 1972 17 dua $11,400,00 0 $123,913 1,016 $122 A pr-23 5.51 1850 E Birch Ave Birch Commons 49 2005 10 dua $14,750,000 $301,020 1,549 $194 Mar-23 4.23 18-building garden style multifamily complex with
rents $1,910-$2,235.
4611-4641 E Andrews Ave 23 1960-7 29 dua $2,250,000 $77,509 730 n/a A pr-24 5.29
4781 E Ashlan Ave Ashlan Lagoon 24 1980 13 dua $3,300,000 $137,500 824 $167 Jan-24 6.05 2330 E Ashlan Ave Alpine 37 1971 24 dua $5,425,000 $146,622 847 $173 Jun-23 6.59 2025 E Pontiac Way Peppertree 24 1979 26 dua $3,175,000 $132,292 869 $152 Jan-23 7.00 Recent renovations including new HVAC,
windows, paint, flooring,
bathrooms and kitchens.
avera
ge: 5.96
Prepared by Keyser Marston Associates, Inc.

File name: Clovis Feasibility 10-7-25;MF bldg sales;CAR

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Appendix D Table 14
Published Cap Rate Surveys
Inclusionary Housing Analysis
City of Clovis
Published Cap Rate Surveys
Source: Cap Rate Type or Descriptor
CoStar overall, 2024 YTD 6.40% East Fresno Submarket (includes Clovis) CoStar 4&5 star, 2024 YTD 5.90% East Fresno Submarket (includes Clovis) Pwc, Q1 2024 5.04% Pacific Region
RERC 5.60% Western US
IRR ViewPoint 2024 6.5% Sacramento Suburban Multifamily Clovis Feasibility 10-7-25

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APPENDIX E

PROTOTYPE DEFINITIONS AND PRECEDENT PROJECT SUMMARIES

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Appendix E Table 1
Market Rate Residential Prototypes
Inclusionary Housing Analysis
City of Clovis
Large Lot Single
Family Single Family Sm aller Single Family
Lower Density
Rental
Higher Density
Rental
Example Projects The Enclave Deauville East Corinthalyn -- Treasures Palms 2 at Alluvial Ivy Gate at Farmstead Heritage Grove - Orchard Wilson - Elev8ions C
Red Porch at Farmstead Heritage Grove - Sky
Legacy at Highlands
Wilson: Regent
Density (dwelling units/acre) 3 dua 7 dua 10 dua 20 dua 30 dua Number of Stories 1 to 2 1 to 2 1 to 2 2 3
Average Unit Size 4,000 sf 2,400 sf 1,500 sf 1,200 sf 1,000 sf Bedroom Mix 50% 4BR
50% 5BR
20% 3BR
60% 4BR
20% 5BR
70% 3BR
30% 4BR
40% 1 BR
50% 2 BR
10% 3BR
20% studios
40% 1 BR
40% 2 BR
Average No. of Bedrooms 4.5 BR 4.0 BR 3.3 BR 1.70 BR 1.2 BR Parking Type Attached Garage Attached Garage Attached Garage Carports, surface Tuck under garages, Surface
Average Parking Spaces 2 and 3 car garages 2-car garages 2-car garages 2 sp/unit, 1 in garage. 2 sp/unit, 1 in garage.

Sales Price/Rent $1,000,000 $620,000 $480,000 $2,220 $2,050 per square foot $250 $258 $320 $1.85 $2.05
North of Herndon
Jensen Landing,
FresnoThe Row - Heritage
Grove Herndon & Prospect,
Fresno
Prepared by Keyser Marston Associates, Inc.

File Name: Clovis Feasibility 10-7-25; 10/7/2025; hgr

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Appendix E Table 1
Market Rate Residential Prot
Inclusionary Housing Analys
City of Clovis
Example Projects
Density (dwelling units/acre)
Number of Stories
Average Unit Size
Bedroom Mix
Average No. of Bedrooms
Parking Type
Average Parking Spaces
Sales Price/Rent
per square foot
Single Family Sma ller Single Family
Lower Density
Rental
Higher Density
Rental
Small Lot
Single Family
Lower Density
Rental
Higher Density
Rental
Cielo Ranch Corinthalyn -- Treasures Creekside Village The Emerson Corinthalyn: Surf & Orchard Wilson - Elev8ions Wicks Apartments Upper Legacy Square Home Place - MF Site
2000 - 2169 Desconso Shaw and DeWolf
Home Place Portola Plaza
Ellingworth Dolce Vita
7 dua 10 dua 20 dua 30 dua 13 dua 20 dua 30 dua
1 to 2 1 to 2 2 3 2 2 3
2,400 sf 1,500 sf 1,200 sf 1,000 sf 1,500 sf 1,200 sf 1,000 sf 20% 3BR
60% 4BR
20% 5BR
70% 3BR
30% 4BR
40% 1 BR
50% 2 BR
10% 3BR
20% studios
40% 1 BR
40% 2 BR
70% 3 BR
30% 4 BR
40% 1 BR
50% 2 BR
10% 3BR
20% studios
40% 1 BR
40% 2 BR

4.0 BR 3.3 BR 1.70 BR 1.2 BR 3.3 BR 1.70 BR 1.2 BR
Attached Garage Attached Garage Carports, surface Tuck under garages, Surface
Attached
Gara
ge
Carports, surface Tuck under
garages, Surface
2-car garage 2-car garages 2 sp/unit, 1 covered 2 sp/unit, 1 in garage.
2-car garages 2 sp/unit, 1 covered 2 sp/unit, 1 in
garage.
$535,000 $430,000 $2,300 $2,150 $410,000 $2,280 $2,120
$223 $287 $1.92 $2.15 $273 $1.90 $2.12
East of Fowler / South of Herndon West of Fowler / South of Herndon Jensen Landing,
Fresno
Herndon &
Prospect, Fresno
Prepared by Keyser Marston Associates, Inc.

File Name: Clovis Feasibility 10-7-25; 10/7/2025; hgr

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Appendix E Table 2
Recently Built / Under Development Residential Projects, East of Fowler Inclusionary Housing Analysis
City of Clovis
Unit Type Single-Family Single-Family Single-Family Single-Family Project Name Armstrong &
Gettysburg (TM6403)
Home Place - Low Density
Residential
Upper Legacy
Square / Keats
Avenue
(TM6349)
2000 - 2169 Desconso
Ave
Location Southeast corner of
Armstrong and
Gettysburg Avenues
Located within the
Southeast Urban Center.

East of Leonard Ave, west
of Thompson ave, north of
Ashlan Ave, south of
Gettysburg Ave.

Northeast corner of
Shaw and Locan
South of Shaw Ave,
between Leonard and
Agua Dulce
Developer GlenEagles Homes /
Gary McDonald Homes
Wathen Castanos Homes De Young Properties DeYoung Properties Status Planned Development
Approved in 2022.

Master Plan adopted 2022. Sold Out. Under construction.

Site Size 4.45 acres 3.54 acres 3.48 acres
No. of Units (du) 15 du 1,174 du 17 du 18 du
Density (du/ac) 3.4 dua 5 - 10 dua 4.8 dua 5.2 dua
Unit Size Range 2,726 SF - 4,446 SF
2-4 BRs with guest suites
and options for additional
bedrooms, bonus rooms,
pantries, etc.

Lot sizes range from 3,100
SF - 13,000 SF
Lots between 6,000
SF and 11,109 SF.

Average lot size is
7,245 SF.

Lots between 5,516 and
9,140 sf. Average 6,860
sf.

Units range from 1505 -
2303 sf.

Average Unit Size n/a 2,549 sf 1,665 sf
Bedroom Mix
Studio
1-Bedrooms
2-Bedrooms
3-Bedrooms 3 and 4 BR homes
4-Bedrooms 4 and 5 BR homes
5-Bedrooms
Av
g No. Bedrooms 4.1 BRs 3.1 BRs
Building Type 1 and 2-story homes. 1 and 2-story homes
w/garages.

Single-family homes. 1 and 2-story homes
w/garages.

Parking 2-car garages. Homes over 1,200 SF must
have 2+-car garage. Limited
number of homes less than
1,200 SF may have 1-car
garage and 1 stall outside of
garage.
2-car garages. Ample
space for parking on
both sides of the
street.
2-car garages.
2-4 BRs w/5 and 6 BR
options
Prepared by Keyser Marston Associates, Inc.

File Name: Clovis Feasibility 10-7-25; 10/7/2025; hgr

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Appendix E Table 2
Recently Built / Under D
Inclusionary Housing A
City of Clovis
Unit Type
Project Name
Location
Developer
Status
Site Size
No. of Units (du)
Density (du/ac)
Unit Size Range
Average Unit Size
Bedroom Mix
Studio
1-Bedrooms
2-Bedrooms
3-Bedrooms
4-Bedrooms
5-Bedrooms
Av
g No. Bedrooms
Building Type
Parking
Apartments Apartments Apartments Apartments Townhome
Apartments
Home Place -
Multifamily Site
Creekside Village Wi cks Apartments Shaw and De Wolf Multi- Family Development
Matharu
Apartments /
Portola Plaza
Located within the
Southeast Urban
Center. East of
Leonard Ave, west of
Thompson ave, north
of Ashlan Ave, south
of Gettysburg Ave.
3798 Ashlan Avenue South side of San
Jose Avenue,
between DeWolf and
Leonard
1703 N. De Wolf Avenue Southwest Corner of
Leonard Avenue and
Loma Vista Parkway
Spencer Enterprises
Inc.

Wathen Castanos
Homes
Bottom Line Group LLC Wilson Homes
Master Plan adopted
2022.

Renting Approved in 2022. Per
housing element,
expecting final
approvals in
upcoming months.

For sale for $1.6 mil as
Approved Project. Shovel
ready.

Phase 1 Renting

15.48 acres 6.98 acres 2.60 acres 11.67 acres
132 du 216 du 145 du 60 du 315 du

18.0 dua 14.0 dua 20.8 dua 23.1 dua 27.0 dua
1 BR: 759 SF
2 BR: 1,079-1,232
SF
3 BR: 1,326 SF
2 Bedrooms: 771-820 SF
3 Bedrooms: 1045 SF
Studio: 378 sf
1 BR: 710 - 939 sf
2 BR: 957 - 1511 sf
3 BR: 1604 - 1654 sf
n/a n/a n/a 845 sf 1,132 sf
2%
1 and 2 BR units 41% 41% 23%
44% 59% 80% 63%
15% 20% 12%

1.5 BRs 1.7 BRs 1.6 BRs 2.2 BRs 1.9 BRs
2-story 6-plexes. 2-story buildings. 3-story buildings (first floor garages)
5 3-story buildings. 19 2-story
townhome buildings,
25 3-story
townhome buildings.
464 spaces
required, 568
spaces proposed.

Carports and
uncovered.
(Req - 1&2BR: 2
sp/unit, 1 covered;
3BR: 3 sp/unit, 1
290 spaces required,
312 spaces proposed.

One garage
space/unit, plus
surface parking.
132 spaces required. 2
spaces required for 2-
bedroom units, 3 spaces
required for 3-bedroom
units.

Carports (1/unit) and
surface parking.
482 stalls required,
494 stalls provided.

Garage spaces
(334), covered
spaces (106), and
uncovered spaces
(51).

Prepared by Keyser Marston Associates, Inc.

File Name: Clovis Feasibility 10-7-25; 10/7/2025; hgr

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Appendix E Table 3
Recently Built / Under Development Residential Projects, North of Herndon Inclusionary Housing Analysis
City of Clovis
Unit Type Single-Family Single-Family Single-Family Single-Family Project Name The Enclave Heritage Grove (TM
6343)
Shepherd North (TM
6204)
Wilson: Citrea
Location W. Kenosha / N.

Cindy. Northeast
corner of North
Timmy and West
Nees Avenues.

BEHYMER AVENUE

AND THE

SUNNYSIDE
AVENUE
North side of
Shepherd Ave,
between N.

Sunnyside and N.

Fowler Avenues.

North side of
Shepherd Ave,
between N.

Sunnyside and N.

Fowler Avenues.

Developer Gary McDonald
Homes
Wilson Homes Wilson Homes Wilson Homes
Status Under cxn. Approved 2024 Approved 2024 Approved 2024 Site Size 3.55 acres 71.54 acres 77.00 acres n/a
No. of Dwelling Units
( 10 du 590 du 605 du 66 du
Density (du/ac) 2.8 dua 8.2 dua 7.9 dua
Unit Size Range Lot sizes range 8,601
sf - 19,186 sf with
avg lot size of
±12,879 sf
Lots range 2,041 to
9,676 sf, avg 3259
sf. 376 Elev8ions
(lots avg 2135 sf)
and 214 Regent
(5236 sf avg).

Lot sizes range from
1,980 to 15,943 sq ft.

Avg lot size: 3,363 sq
ft.
2 BR: 1,334 SF
3 BR: 1,334-1,482 SF
4 BR: 1,612-1,782 SF
5 BR: 2,741 SF
Average Unit Size 4,363 sf 1,790 sf 1,711 sf 1,800 sf
Bedroom Mix
Studio
1-Bedrooms
2-Bedrooms
3-Bedrooms
4-Bedrooms 4 and 5 BR homes
5-Bedrooms
Avg No. Bedrooms
Building Type 2 stories homes. 4 1-story models and
1 2-story model.

Parking 2- and 3-car garages. 2-car garages
Prepared by Keyser Marston Associates, Inc.

File Name: Clovis Feasibility 10-7-25; 10/7/2025; hgr

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Appendix E Table 3
Recently Built / Under
Inclusionary Housing A
City of Clovis
Unit Type
Project Name
Location
Developer
Status
Site Size
No. of Dwelling Units
(
Density (du/ac)
Unit Size Range
Average Unit Size
Bedroom Mix
Studio
1-Bedrooms
2-Bedrooms
3-Bedrooms
4-Bedrooms
5-Bedrooms
Avg No. Bedrooms
Building Type
Parking
Single-Family Single-Family Apartments Apartments
Wilson: Elev8ions Wilson: Regent Palms 2 at Alluvial The Avenue at Heritage Grove
North side of
Shepherd Ave,
between N.

Sunnyside and N.

Fowler Avenues.

North side of
Shepherd Ave,
between N.

Sunnyside and N.

Fowler Avenues.
1491 Alluvial 8948 N. Willow Ave
Wilson Homes Wilson Homes Nicholas Crawford Heritage Development Company
Approved 2024 Approved 2024 Approved 2023 Under Cxn
n/a n/a 1.04 acres 14.29 acres
407 du 133 du 12 du 258 du
11- 13 dua 11.5 dua 18.1 dua
3 BR: 1,212-1,648 SF
4 BR: 1660 SF
3-5 BR: 1,595-3,030
SF
Approximately 3-5
BRs. Options for in-
law units, dining
rooms, dens, etc.
1140-1429 SF 1 BR: 718 - 967 sf
2 BR: 999 - 1,616 (most in
1100-1300 range)
3 BR: 1515 - 1762 sf
4 BR: 2021-2166 sf
1,500 sf 2,300 sf 1,187 sf 1,247 sf
28%
83% 55%
17% 9%
8%

2.2 BRs 2.0 BRs
2 stories. 4 2-story
models.
3 1-story models and
2 2-story models.
2-story 32 2-story duplexes, 17 TH
units 2- to 3-story, 3-story
stacked flat bldgs, and
garage-carriage units.
2-car and 1-car
garages
2 and 3-car garages 26 spaces required, 29
spaces proposed.
17 garage spaces.
560 spaces required, 552
proposed with 8 additional
spaces elsewhere onsite.
308 tuck-under garage
spaces.

Prepared by Keyser Marston Associates, Inc.

File Name: Clovis Feasibility 10-7-25; 10/7/2025; hgr

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Appendix E Table 4
Market Rate Multifamily Projects in Fresno
Inclusionary Housing Analysis
City of Clovis
Unit Type Multi-Family Residential
Complex
Multi-Family Residential
Complex
Multi-Family
Residential Complex
Project Name Herndon & Prospect Audubon Court
Apartments (expansion)
Jensen Landing
Location 7056 North Prospect
Avenue, Fresno
555 W. Audubon Drive,
Fresno
4645 East Jensen
Avenue, Fresno
Developer Land Value Management RL Davidson, Inc. BDM Builders Status Approved 2024. Approved in 2020. Expected construction fall 2024.

Site Size 3.70 acres 2.64 acres 3.40 acres
No. of Dwelling Units
(du)
82 du 63 du 151 du
Density (du/ac) 22.2 dua 23.9 dua 44.4 dua
Unit Size Range 1,049-1,180 SF 741-1,386 SF
Average Unit Size 1,155 sf 0 sf
Bedroom Mix
Studio 3% 22%
1-Bedrooms 63% 35%
2-Bedrooms 100% 33% 43%
3-Bedrooms
4-Bedrooms
5-Bedrooms
Avg No. Bedrooms 2.0 BRs 1.3 BRs 1.2 BRs
Building Type 3 3-story multifamily
residential buildings and one
4-story building.
3-story apartment building. 4-story multi-family
residential building.

Housing Element
indicates 100% market
rate.

Parking 154 parking spaces. 27
single-car garages, 72
covered carport spaces, 55
uncovered spaces.

Underground parking
garage.
222 spaces provided.
152 covered spaces.

Prepared by Keyser Marston Associates, Inc.

File Name: Clovis Feasibility 10-7-25; 10/7/2025; hgr

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APPENDIX F

GAP FINANCING REQUIREMENT

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Appendix F Table 1
Gap Financing Need: Based on 100% Affordable LIHTC Project Inclusionary Housing Analysis
City of Clovis
I. Affordable Prototype
Tenure Rental
Average No. of Bedrooms 1.81 bedrooms
Average Affordability Level 50% AMI
II. Development Costs [1] Per Unit
Land [2] $15,000
Direct Construction $340,000
Indirect Costs $70,000
Developer Fees $45,000
Financing $50,000
Total Development Costs $520,000
III. Supported Financing Per Unit
Net Operating Income (NOI)
Maximum TCAC Rent [3] $1,023
(Less) Utility Allowance [4] ($96)
Maximum Monthly Rent $927
Maximum Annual Rent $11,123
Other Income $89
(Less) Vacancy 5.0% ($561)
Effective Gross Income (EGI) $10,651
(Less) Operating Expenses ($6,900)
Net Operating Income (NOI) $3,751
Permanent Financing
Permanent Loan [5] 6.5% $45,000
City Fee Deferral Program $8,000
Deferred Developer Fee [6] $39,000
Tax Credit Equity [4% Federal Credits] [7] $225,000
Total Sources $317,000
IV. Gap Financing Need Per Unit
Total Development Costs $520,000
Permanent Financing $317,000
Gap Financing Need $203,000
[1]
[2]
[3]
[4]
[5] Based on 6.5% interest rate, 1.15 debt coverage, 35 year amortization based on recent tax credit applications in Fresno County. [6]
[7]
Maximum rents per Tax Credit Allocation Committee (TCAC) for projects utilizing Low Income Housing Tax Credits.

Estimated based on land sales data. Assumes per unit land cost similar to market rate rentals.

Development costs estimated by KMA based on recent projects summarized in Appendix F Table 3.

Estimated at 43% of cost based on Central Valley/Sacramento 4% tax credit awards in 2024, R1.

Based on average of Central Valley/Sacramento region 4% tax credits awards in 2024, R1.

Based on average utility allowance for recent tax credit applications in Fresno County.

Prepared by Keyser Marston Associates, Inc.

Clovis Feasibility 10-7-25;10/7/2025

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Appendix F Table 2
Gap Financing Need: Non-Tax Credit Affordable Unit Receiving Welfare Exemption Inclusionary Housing Analysis
City of Clovis DRAFT
Average Unit Size 650 sf/unit 650 sf/unit
Average No. of Bedrooms 1.8 br/unit 1.8 br/unit
Building type
Operating Income
$/Unit $/NSF %Gross $/Unit $/NSF %Gross
Monthly Affordable Rent $1,526 $2 8% $908 $1 8%
Gross Annual Rent $18,312 $28 100% $10,896 $17 100%
(Less) Vacancy/Bad Debt ($916) ($1) -5% ($545) ($1) -5% Effective Gross Income $17,396 $27 95% $10,351 $16 95%
(Less) OPEX ($5,000) ($8) -27% ($5,000) ($8) -46%
(Less) Prop Tax (welfare exemption) $0 $0 0% $0 $0 0%
Total NOI $12,396 $19 68% $5,351 $8 49%
Threshold Return on Cost 7% 7%
Supported Investment $177,000 $272 $76,000 $117
Development Costs $/Unit $/NSF %Direct $/Unit $/NSF %Direct Site Acquisition $10,000 $15 6% $10,000 $15 6%
Directs incl. sitework $180,000 $277 100% $180,000 $277 100% Contingency $9,000 $14 5% $9,000 $14 5%
Fees & Permits $46,300 $71 26% $46,300 $71 26%
Less: Fee Deferral Program ($6,000) ($9) -3% ($8,000) ($12) -4% A&E/Taxes/Ins./other indirects $16,200 $25 9% $16,200 $25 9% Overhead/Admin $5,800 $9 3% $5,800 $9 3%
Financing $12,600
$19 7% $12,600 $19 7%
Total Costs $273,900 $421 152% $271,900 $418 151%
Gap Financing Need ($96,900) ($195,900)
Gap Financing Need with 50% Very Low and 50% Low
Low Income Units Very Low Income Units
3-story wood frame 3-story wood frame
($146,400)
Prepared by: Keyser Marston Associates
Filename:Clovis Feasibility 10-7-25; RGAP (rev)

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Appendix F Table 3
Summary of Local Tax Credit Project Applications, 2024 New Construction Inclusionary Housing Analysis
City of Clovis
Dakota West Creek Village
Avalon Commons
Phase II
Blackstone Senior
Apartments
Parlier Family
Apartments
Sarah's Court Apartments -
phase II Average
Type of Tax Credit 4% 4% 9% 9% 9% 9%
Tax Credit Application Year 2024 2024 2024 2024 2024 2024 Address 3787 N. Blackstone
Ave
571 E Jensen Ave 7521 N. Chestnut
Avenue
4323 N. Blackstone
Avenue
13750 Tuolumne
Street
200 N Salma Avenue
City Fresno Fresno Fresno Fresno Parlier Fresno
Developer Up Holdings/Housing
on Merit
Blue Ocean America
Community
Development
Fresno Housing Corporation for Better
Housing
Danco Communities Dominus Consortium
Number of Units 114 121 45 76 55 120 89
Density (Units/Acre) 84 25 19 60 16 63 44
Building Type 4-story building. 3-stor y buildings. 2-stor y buildings. 4-stor y building. 2-stor y buildings. 3-stor y buildings.

Parking Spaces 11 uncovered spaces. 94 covered spaces, 36 uncovered spaces.
45 covered spaces, 20
uncovered spaces.
23 covered spaces. 81 uncovered spaces. 120 uncovered spaces.

Avg No. Bedrooms 1.79 1.95 2.18 1.11 2.05 1.76 1.81
Avg. Unit Size (SF) 761 876 888 577 909 847 810
Avg. Affordability Level 49% 48% 50% 50% 49% 49% 49%
Tax Credit Award Status Not awarded Round 1,
TBD Round 2
Not awarded in round 1 Waitlisted in Round 2 not awarded round 1, waitlisted Round 2
not awarded round 1,
not recommended for
R2 award
not awarded round 1, not
recommended for R2 award
Sources
Tax Credit Equity $268,519 $389,697 $463,008 $171,511 $372,846 $207,777 $312,000 Permanent Loan $0 $57,835 $79,489 $34,491 $63,229 $42,484 $46,000 Deferred Developer Fee $11,404 $57,577 $0 $4,350 $17,608 $0 $15,000 Other Sources $334,978 $48,333 $163,600 $222,924 $90,981 $45,000 $151,000 Total $614,900 $553,441 $706,097 $433,276 $544,665 $295,260 $524,000 Uses
Land
(incl. Off-sites) $6,662 $18,264 $35,933 $24,737 $90,909 $20,000 $33,000 Direct Construction $435,198 $350,000 $488,299 $284,301 $290,998 $187,355 $339,000 Indirect Costs $80,854 $56,073 $72,261 $54,414 $65,069 $47,928 $63,000 Developer Fees $30,702 $86,585 $55,556 $26,316 $45,455 $20,833 $44,000 Financin
g $61,485 $42,519 $54,048 $43,509 $52,234 $19,143 $45,000 Total Cost $614,900 $553,441 $706,097 $433,276 $544,665 $295,260 $524,000 Prepared by Keyser Marston Associates, Inc.

Clovis Feasibility 10-7-25;10/7/2025

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Appendix F Table 4
Tax Credit Projects - 2024 Round 1 Awards; New Construction; Central Valley / Sacramento Region; 4% Projects Inclusionary Housing Analysis
City of Clovis
Project City Units
Total
Development
Cost (TDC)
Federal Tax
Credit Equity
State Tax
Credit Equity
Deferred
Developer
Fee Hard Debt
Other Sources /
Soft Financing
Federal
Credits
State
Credits
Deferred
Fee
Hard
Debt
Other
Sources
1241 North Main Manteca 100 $74,564,494 $31,574,537 $0 $5,174,961 $0 $37,814,996 42% 0% 7% 0% 51% Terracina at Wildhawk Sacramento 145 $67,522,388 $29,126,782 $0 $0 $30,175,000 $8,220,606 43% 0% 0% 45% 12% The Pardes 2 Elk Grove 140 $73,815,142 $32,108,046 $19,143,250 $6,366,461 $16,197,385 $19,143,250 43% 26% 9% 22% 26% 69th Street Apartments Sacramento 130 $96,964,274 $37,753,267 $15,130,113 $8,774,798 $9,005,229 $41,430,980 39% 16% 9% 9% 43% La Passeggiata Stockton 94 $70,479,035 $29,821,116 $0 $6,243,276 $1,000,000 $33,414,643 42% 0% 9% 1% 47% Bella Vista Apartments Merced 108 $70,703,476 $29,100,210 $0 $6,033,873 $5,213,000 $30,356,393 41% 0% 9% 7% 43% Monarch Sacramento 241 $110,662,180 $48,949,987 $7,732,622 $4,421,980 $22,089,000 $35,201,213 44% 7% 4% 20% 32% Pacific Street Apts Four Rocklin 50 $22,012,425 $9,624,400 $0 $980,109 $5,176,000 $6,231,916 44% 0% 4% 24% 28% per unit median $591,000 $249,000 $0 $49,000 $80,000 $214,000 median 43% 0% 8% 15% 37% per unit average $582,000 $246,000 $42,000 $38,000 $88,000 $210,000 average 42% 6% 6% 16% 35% Source: California Tax Credit Allocation Committee
Permanent Sources
Permanent Sources:
% of Total Development Cost
Prepared by Keyser Marston Associates, Inc.

Clovis Feasibility 10-7-25;10/7/2025

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Appendix F Table 5
Tax Credit Project Summary; Statewide 2024 Round 1 Awards; New Construction; 9% Credits Inclusionary Housing Analysis
City of Clovis
City Units
Total
Development
Cost
Tax Credit
Equity
Deferred
Developer Fee Hard Debt
Other Sources
/ Soft
Financing
Tax Credits
as % of
TDC
Deferred
Fee as% of
TDC
Hard Debt as
% of TDC
Other
Sources
Central Valley / Sacramento Area
Smith Avenue Apartments Lemoore 108 $40,613,538 $18,713,538 $0 $5,900,000 $16,000,000 46% 0% 15% 39% El Dorado Haven El Dorado 65 $43,902,870 $29,131,356 $0 $4,054,800 $10,716,714 66% 0% 9% 24% Auburn Street Bakersfield 60 $26,383,437 $14,311,500 $792,198 $1,830,000 $9,449,739 54% 3% 7% 36% per unit median $440,000 $239,000 $0 $55,000 $157,000 54% 0% 9% 36% per unit average $476,000 $267,000 $3,000 $51,000 $155,000 56% 1% 10% 33% Other Areas
Oak Gardens - NPHA Menlo Park 62 $56,405,344 $26,522,867 $0 $0 $29,882,477 47% 0% 0% 53% Alma - NPHA Los Angeles 47 $35,085,672 $21,421,408 $0 $0 $13,664,264 61% 0% 0% 39% Willowbrook 3 - NPHA Compton 51 $40,744,982 $26,866,876 $0 $5,389,000 $8,489,106 66% 0% 13% 21% Eastern Ridge Apartments Brawley 51 $27,546,461 $10,996,461 $600,000 $2,950,000 $13,000,000 40% 2% 11% 47% Alvarado Senior Village - HOME Fallbrook 54 $36,251,599 $17,601,533 $9,576,000 $9,074,066 49% 0% 26% 25% Elders' Place - Native American Hoopa 25 $19,033,987 $11,867,240 $7,166,747 62% 0% 0% 38% Arroyo Terrace Arroyo Grande 63 $36,598,716 $20,114,960 $10,131,000 $6,352,756 55% 0% 28% 17% 18722 Sherman Way Los Angeles 64 $47,599,587 $28,637,359 $8,127,000 $10,835,228 60% 0% 17% 23% 3300 Mission Street San Francisco 35 $38,617,878 $22,800,325 $15,817,553 59% 0% 0% 41% Center of Hope Apartments II Redding 49 $21,145,629 $9,852,296 $1,093,190 $4,340,000 $5,860,143 47% 5% 21% 28% Monterey Senior San Luis Obispo 55 $37,575,544 $22,721,923 $500,000 $6,034,000 $8,319,621 60% 1% 16% 22% Beech Hill Apartments Orangevale 29 $14,305,594 $9,613,089 $469,338 $4,223,167 67% 3% 0% 30% Hawthorn Senior Apartments San Jose 103 $88,954,411 $20,246,958 $68,707,453 23% 0% 0% 77% Legacy Court Richmond 43 $41,456,323 $22,174,065 $4,576,000 $14,706,258 53% 0% 11% 35% Terrasini San Diego 95 $45,686,382 $18,478,130 $724,818 $8,400,000 $18,083,434 40% 2% 18% 40% Fox Point Farms Encinitas 40 $31,367,096 $19,357,163 $659,933 $2,030,000 $9,320,000 62% 2% 6% 30% 300 Alamitos Long Beach 82 $54,659,467 $31,545,702 $4,487,000 $18,626,765 58% 0% 8% 34% The Rigby Los Angeles 64 $57,457,888 $36,245,008 $300,000 $20,912,880 63% 1% 0% 36% Jordan Downs Phase S5 Los Angeles 75 $66,002,049 $32,952,049 $12,250,000 $20,800,000 50% 0% 19% 32% per unit median $747,000 $428,000 $0 $58,000 $233,000 median 58% 0% 11% 34% per unit average $733,000 $377,000 $4,000 $72,000 $280,000 average 54% 1% 10% 35% Source: California Tax Credit Allocation Committee
Permanent Financing Sources Permanent Sources % of Total Prepared by Keyser Marston Associates, Inc.

Clovis Feasibility 10-7-25;10/7/2025

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Appendix F Table 6
Tax Credit Project Tie Breaker Score Range and Applications vs. Awards Inclusionary Housing Analysis
City of Clovis
Low High Median Applicants Awards % Awarded
2024 4% Credits, Round 1 54% 179% 95% 143 52 36%
2024 9% Credits, Round 1 43% 123% 67% 58 22 38%
201 74 37%
4% awards as % of Total 70%
9% awards as % of Total 30%
100%
Source: TCAC Summary of Statewide tax credit applications and awards.

Summary of Tax Credit Awards, Statewide, New Construction Only Tie Breaker Score for projects
awarded credits Applications vs. Awards
Prepared by Keyser Marston Associates, Inc.

Clovis Feasibility 10-7-25;10/7/2025

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APPENDIX G

AFFORDABILITY OF EXISTING UNITS

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Appendix G Table 1
Affordability of Existing Market Rate Homes
Inclusionary Housing Analysis
City of Clovis
Pricing Quartile
Price
Quartile 4
Price
Quartile 3
Price
Quartile 2
Price
Quartile 1
Average Price(1) $334,000 $430,000 $545,000 $841,000
Average No. of Bedrooms 2.8 br 3.1 br 3.6 br 3.9 br
Avg. Size 1,321 sf 1,585 sf 2,156 sf 2,843 sf
Avg. Price Per Square Foot $253/sf $271/sf $253/sf $296/sf Avg. Year Built 1978 1997 1994 1978
Household Income Required to Afford Home (2)
With 20% Down $90,000 $110,000 $135,000 $199,000
With 10% Down $104,000 $129,000 $158,000 $234,000
Percent of AMI Required to Afford
With 20% Down 97% 116% 138% 198%
With 10% Down 113% 136% 161% 233%
Notes:
(1) Calculated based on 1,060 CoreLogic sales data for attached and detached homes sold in Clovis June 2023 - June 2024. (2) Estimated using the following assumptions.

Mortgage Interest Rate 6.70% Average 30-year rates for 10/10/24 to 10/2/25 from Freddie Mac. % of Income Spent on Housing 35%
Property Taxes (% of sales price) 1.26% Average effective property tax rates for recently sold homes.

Mortgage Insurance (% loan Amt) 0.80% based on FHA schedule, if downpayment <20% HOA Dues per Month $50 assumes mix of homes with and without HOA. $380 $405 $435 $455Utility cost per month estimated based on housing authority schedule.
_________________________________________________________ Prepared by: Keyser Marston Associates
Filename: Clovis Feasibility 10-7-25; Income Req existing

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Appendix G Table 2
Affordability of Prototype New Market Rate Homes
Inclusionary Housing Analysis
City of Clovis
West of Fowler / South of
Herndon
Large Lot
Single Family Single Family
Smaller Single
Family Single Family
Smaller Single
Family Small Lot Single Family
Estimated Price $1,000,000 $620,000 $480,000 $535,000 $430,000 $410,000 No. of Bedrooms 4.5 br 4.0 br 3.3 br 4.0 br 3.3 br 3.3 br Avg. Size 4,000 sf 2,400 sf 1,500 sf 2,400 sf 1,500 sf 1,500 sf Avg. Price Per Square Foot $250/sf $258/sf $320/sf $223/sf $287/sf $273/sf Household Income Required to Afford Home (1)
With 20% Down $235,000 $155,000 $126,000 $137,000 $115,000 $111,000 With 10% Down $278,000 $181,000 $146,000 $160,000 $133,000 $128,000 Percent of AMI Required to Afford
Median Income (weighted by no. BRs) $105,150 $101,400 $96,150 $101,400 $96,150 $96,150 With 20% Down 223% 153% 131% 135% 120% 115%
With 10% Down 264% 179% 152% 158% 139% 133%
Notes:
(1) Estimated using the following assumptions.

Mortgage Insurance (% loan Amt) 0.80% based on FHA schedule, if downpayment <20% HOA Dues per Month $50 assumes mix of homes with and without HOA. $500 $465 $415 $465 $415 $415Utility cost per month estimated based on housing authority schedule.

North of Herndon
East of Fowler / South of
Herndon
_________________________________________________________ Prepared by: Keyser Marston Associates
Filename: Clovis Feasibility 10-7-25; Income Req new

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Appendix G Table 3
Affordability of Existing and New Market Rate Apartments Inclusionary Housing Analysis
City of Clovis
Studio
One
Bedroom
Two
Bedroom
Three
Bedroom
Lower
Density
Rental
Higher
Density
Rental
Lower
Density
Rental
Higher
Density
Rental
Lower
Density
Rental
Higher
Density
Rental
Average Rents per Month (1) $1,298 $1,416 $1,565 $2,147 $2,220 $2,050 $2,300 $2,150 $2,280 $2,120 Number of Bedrooms 0.0 br 1.0 br 2.0 br 3.0 br 1.7 br 1.2 br 1.7 br 1.2 br 1.7 br 1.2 br Annual rent + utility cost $16,550 $18,140 $20,390 $27,790 $28,110 $25,840 $29,070 $27,040 $28,830 $26,680 Household Income Required to Afford (2) $55,200 $60,500 $68,000 $92,600 $93,700 $86,100 $96,900 $90,100 $96,100 $88,900 Median Income for the Bedroom Size $65,750 $75,100 $84,500 $93,900 $81,680 $76,980 $81,680 $76,980 $81,680 $76,980 Percent of AMI Required to Afford 84% 81% 80% 99% 115% 112% 119% 117% 118% 115% Notes:
(1) For existing units, reflects average asking rents reported by CoStar, August 2024. For new units, reflects rents estimated by KMA for a new unit. $81 $96 $134 $169 $123 $104 $123 $104 $123 $104
(3) Estimated assuming 30% of income is spent on housing costs.

New Rentals
Existing Rentals
(2) Utility cost per month estimated based on housing
authority schedule.

East of Fowler / South
of HerndonNorth of Herndon
West of Fowler / South
of Herndon
_________________________________________________________ Prepared by: Keyser Marston Associates
Filename: Clovis Feasibility 10-7-25; Income Req RENTALS

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Appendix G Table 4
Per Unit Affordability Gap: Existing vs. New For-Sale Units Inclusionary Housing Analysis
City of Clovis DRAFT
Existing Units New Units
Assumption Average of two lower pricing
quartiles
Smaller Single Family, avg
for three market areas
Average Bedroom Size
(1) 3.0 br 3.3 br
Market Unit Value (1) $382,000 $440,000
Upgrades and Repairs (2) $25,000 n/a
Total Investment $407,000 $440,000
Affordable Sales Price, Deed-Restricted Low Income Unit (3) $175,000 $177,000 Gap (4) (5) $232,000 $263,000
Notes:
(2) Illustration assumes limited repair/upgrades to existing units such as paint, appliances, carpet except for units in the top quartile of pricing. (3) Weighted average affordable pricing based on indicated bedroom size. (4) Calculated as difference between market and affordable price. (1) Based on data in Appendix G Table 1 for lower two pricing quartiles. If projects were permitted to acquire and deed restrict existing units, units in the lower 50% of pricing would likely be selected.

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Appendix G Table 5
Per Unit Gap: New vs. Existing Rentals
Inclusionary Housing Analysis
City of Clovis DRAFT
New Rentals
One
Bedroom
Two
Bedroom
Weighted
Avg: 1.7 BRs
Assumption Lower Density Rental Prototype
Number of Bedrooms 1.0 br 2.0 br 1.7 br 1.7 br
Market Rent per Month (1) $1,416 $1,565 $1,520 $2,300
Affordable Rent, net of utilities
Very Low Income $844 $924 $900 $900
Low Income $1,407 $1,556 $1,511 $1,511
Average $1,125 $1,240 $1,205 $1,205
Market vs. Affordable Rent Difference
Per Month $315 $1,095
Per Year $3,779 $13,135
Estimated Property Tax / year: Market $2,500 $4,400
Estimated Property Tax / year: Affordable $2,000 $2,000 Net Property Tax Savings with affordability restriction $500 $2,400 Repair/Replacement Cost (2) $20,000 $0
Estimated Gap (3) $75,000 $179,000
(capitalized value of rent difference @6%)
Capitalized value of potential property tax exemption @6% $33,300 $33,300 $41,700 $145,700
Notes:
(1) For existing units, reflects average asking rents reported by CoStar, August 2024. For new units, reflects rents estimated by KMA for a new unit. (2) Illustrative minor renovation and repair cost such as paint, carpet, appliances.

Existing Rentals
Averages for existing rentals per Costar
Estimated gap if welfare exemption from property tax
(requires non-profit owner)
(3) Based on capitalized value of rent difference as adjusted for property tax savings; plus assumed repair / replacement cost. Gap would be higher for new units if rents required for feasibility were used. Since higher rents for new units would likely correspond to higher rents for existing units, an adjustment to feasible rents was not made to allow an apples to apples comparison. _________________________________________________________ Prepared by: Keyser Marston Associates
Filename: Clovis Feasibility 10-7-25; Ex v new gap Rent

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Appendix G Table 6
Charts: Characteristics of Existing Homes Sold June 2023 to May 2024 Inclusionary Housing Analysis
City of Clovis
Square Footage of Existing Homes Sold June 2023 to May 2024 Existing Homes Sold June 2023 to May 2024 by Year Built Existing Homes Sold June 2023 to May 2024 by Price
Source: KMA analysis of 1,060 home sales reported by CoreLogic between June 1, 2023 and May 23, 2024. 0%
5%
10%
15%
20%
25%
30%
<1950 1950s 1960s 1970s 1980s 1990s 2000s 2010s 2020s
Percent of Homes Sold
Year Built
0%
5%
10%
15%
20%
25%
30%
<1,000 1,000 to
1,499
1,500 to
1,999
2,000 to
2,499
2,500 to
2,999
3,000 to
3,499
3,500 to
3,999
4,000 or
more
Percent of Homes Sold
Square Footage Size Range
0%
5%
10%
15%
20%
25%
30%
under
$300k
$300 -
399k
$400 -
499k
$500 -
599k
$600 -
699k
$700 -
799k
$800 -
899K
$900 -
999K
$1M and
above.

Percent of Homes Sold
Sale Price
Prepared by Keyser Marston Associates, Inc.

Clovis Feasibility 10-7-25;10/7/2025

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Report to the City Council

To: City Council
From: Planning and Development Services Department
Date: April 13, 2026
Staff: Thad Avery, City Engineer
Subject: Provide Direction - Timing of Off-Site Infrastructure Improvements for Entitlements to Maintain Public Safety.

Recommendation: Provide Direction
Attachments:

1. Offsite Improvement Update ATT 1 BIA Letter

2. Offsite Improvement Update ATT 2 Lennar Letter

Recommendation:

For the City Council to provide direction to staff to return to Council with a proposed policy on the timing of off-site infrastructure improvements for entitlements or to continue implementing the current City policy to maintain public safety.

Executive Summary:

In recent years, the topic of the timing of improvements related to development has become a concern based on comments received from residents of the City of Clovis, the County of Fresno, and City Council regarding maintaining public safety. The current process of timing improvements is linked to the acceptance of a development project, which typically means improvements are complete at the end when the project is fully built out. Staff has worked with the industry to provide City Council with options on how to modify the city process to address the concerns that have been raised.

To provide a systematic and consistent process to appropriately time the major offsite improvements required for a development starts with providing a nexus for improvement timing. The nexus for street improvement timing is proposed to be included in a phasing component added to the traffic study for the development. The phasing would be tied to the number of units that trigger each specific need.

The main options that have been discussed with the industry to condition a development based on the traffic study are the following:

1. Limit the number of permits allowed by a development prior to specific improvements being completed as outlined as needed in the studies.

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2. Limit the number of permits but correlate units that trigger improvements to the completion of a full phase (final map). With the intention of not including permit limitations mid-map completion and instead not allowing the approval of the next phase until improvements are completed.

3. Establish a separate offsite improvement development agreement near the tentative map approval. Have the agreement operate independently of subsequent developer agreements.

The agreement would identify timing and how many units would be supported by each improvement.

4. Establish a schedule for improvements with a developer prior to a project and if the developer is not meeting the schedule in good faith, then the city can halt permit issuance.

5. Maintain the current city policy of requiring the completion of off-site infrastructure prior to full tract final acceptance.

While options 1 through 4 as listed above provide various timing mechanisms for identified improvements, as required by a project-specific traffic study, staff recommends options 2 or 3. Staff further recommends the Council direct staff to return with a formal policy on the timing of off-site infrastructure improvements.

Background:

As developments continue along the urban / rural fringes of Clovis, there has been a growing need to revisit and address the timing of off-site infrastructure improvements to maintain public safety. In December 2024, the City of Clovis conducted a workshop with the County of Fresno to address how the city and county can collaborate on planning, development, and street improvements as Clovis grows outward. The goal of the workshop was to frame and explore innovative ways to imagine how Clovis ensures safer roads as the city expands into county areas.

Over the past few months, City staff has sought feedback from the industry on the subject of how to time off-site improvements for development. Two industry-wide meetings were held on January 13, 2026, and February 5, 2026, where feedback was gathered along with feedback sent to staff in email correspondence. There were two letters sent to staff on the subject, from the Building Industry Association and Lennar Homes, which have been attached to this report. Staff has worked with the industry to provide City Council with options on how to modify the city process to address the concerns that have been raised.

The main options that have been discussed with the industry to condition a development based on the traffic study are the following:

1. Limit the number of permits allowed by a development prior to specific improvements being completed as outlined as needed in the studies.

3. Establish a separate offsite improvement development agreement near the tentative map approval. Have the agreement operate independently of subsequent developer agreements.

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The agreement would identify timing and how many units would be supported by each improvement.

4. Establish a schedule for improvements with a developer prior to a project and if the developer is not meeting the schedule in good faith, then the city can halt permit issuance.

5. Maintain the current city policy of requiring the completion of off-site infrastructure prior to full tract final acceptance.

Fiscal Impact:

Unknown at this time.

Reason for Recommendation:

To provide a systematic and consistent process to appropriately time off-site infrastructure for entitlements to maintain public safety.

Actions Following Approval:

Return to City Council with a formal policy on the timing of off-site infrastructure improvements to maintain public safety.

Conflict of Interest:

None.

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March 11, 2026

Andrew Haussler, City Manager
City of Clovis
1033 Fifth Street
Clovis, CA 93612

VIA EMAIL

RE: Feedback Regarding Proposed Offsite Improvement Policy and Development Climate

Dear Mr. Haussler,

The Building Industry Association of Fresno and Madera Counties is writing to provide feedback regarding the potential policy of conditioning building permits or occupancies on the completion of off-site road work. While we share the City’s goal of ensuring infrastructure is completed in a safe and timely manner, the proposed policy creates uncertainties that threaten the pace of development and the availability of housing in Clovis.

Financial and Operational Impacts

The requirement to complete off-site work prior to permit issuance introduces "double redundancy" into the system. At the time of the final map, developers already provide bonds to financially secure street improvements, ensuring the city is protected if a project is not completed. Adding a permit cap on top of these bonds creates several critical issues:

Attachment 1

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● Financing Instability: Banks may refuse to finance projects without certainty regarding permits and occupancy timelines.
● Reduced Investment (IRR): Builders evaluate projects based on Internal Rate of Return (IRR), which is driven by capital turnover timing. Longer project durations lead to lower IRRs, making Clovis less competitive compared to surrounding municipalities.
● Increased Housing Costs: Extended lead times and higher interest carry costs will directly increase job costs, which must ultimately be passed on to homebuyers.

Technical and Third-Party Constraints

Off-site street improvements involve numerous variables outside a developer's direct control. These projects often require securing land rights from third parties and coordinating with agencies like PG&E, FID, FMFCD, and Fresno County, all of which operate on independent timeframes. Furthermore, City plan checks for off-site portions can currently take nine months or longer. Forcing these complex, third party-dependent tasks to be finished before permits are issued is an unrealistic standard that could halt projects entirely.

The Competitive Landscape and City Revenue

Most builders in Clovis also operate in neighboring cities. Compared to Bakersfield and Fresno—where builders report more collaborative environments and reasonable permit conditions—Clovis is increasingly viewed as a high-risk jurisdiction due to rigid enforcement and staff capacity constraints.

If developers refrain from initiating projects due to these risks, the city will likely see a decrease in permit volume. Given that Clovis relies heavily on impact fee generation from 600–800 permits per year, this policy could negatively impact the City’s fee revenue and its ability to service bonds.

Conclusion

We urge the city to maintain a pragmatic approach to changing off-site requirements, like the collaborative models seen in neighboring municipalities. We believe a policy of flexibility—rather than rigid permit-conditioning—is essential to maintaining Clovis’s reputation as a premier location for housing investment.

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We look forward to discussing how we can work together to ensure infrastructure is completed without compromising the economic viability of new housing.

Sincerely,
Darren C. Rose
Darren C. Rose
President and CEO
Building Industry Association of Fresno and Madera Counties

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DATE: February 25, 2026

TO: City of Clovis

RE: Offsite Improvement Timing and Process Reform

City of Clovis Staff:

Lennar appreciates the opportunity to provide input regarding the City’s proposed framework for timing of offsite improvements and related infrastructure obligations. We support the City’s goal of protecting public safety and maintaining traffic operations as the community grows.

However, before adopting additional permit -based timing restrictions, we believe the City should first address the underlying issue: the absence of a clear and consistently applied process governing offsite improvement obligations.

Currently, offsite improvement requirements are handled differently from project to project.

The scope of work, cost allocation, timing triggers, and reimbursement terms are often discussed and negotiated separately for each development. While this approac h allows flexibility, it has resulted in inconsistency and uncertainty. Developers do not always know in advance what their obligations will be, and similar projects are sometimes treated differently.

This inconsistency also creates fairness concerns. Larger projects are often required to construct or advance major regional improvements that benefit a wide area, while smaller builders may not be required to contribute proportionately to those same impro vements, even though their projects benefit from them. A clear and consistently applied policy should ensure that all developers contribute their proportionate share of regional infrastructure costs.

Rather than simply adding permit caps or timing triggers to the existing system, Lennar believes the City should establish a standardized Offsite Improvement Development Agreement process that applies to all development projects.

Under this approach, a separate Offsite Improvement Development Agreement would be approved at or near Tentative Map approval. This agreement would operate independently from the later Subdivision Agreement. It would clearly identify the offsite improvemen ts associated with a particular area, determine whether the developer is responsible for constructing improvements or paying a defined fair -share amount, and establish how many residential units are supported by the infrastructure.

The agreement would also define when those units may be permitted. In other words, permit timing would be tied directly to the infrastructure obligations set forth in the agreement. This structure provides certainty at the beginning of the project rather t han leaving key issues to later negotiation.

Attachment 2

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Offsite improvements would still be referenced in the Tentative Map and included in the Conditions of Approval. However, the detailed obligations, including improvement plans, cost estimates, reimbursement rights, fee credits, and timing thresholds, would be governed by the separate Offsite Improvement Development Agreement.

It is essential that these obligations vest at the time the Tentative Map and Offsite Improvement Development Agreement are approved. Once established, the developer’s obligations, cost allocations, and permit thresholds should remain fixed unless modified by mutual agreement.

Developers must be able to rely on the terms approved at entitlement without concern that requirements will change midstream.

The City should also adopt, by formal resolution, a clear and objective fair -share calculation methodology. Doing so will promote transparency, predictability, and public confidence in how regional infrastructure costs are allocated. The formula for allocating regional improvement costs should be transparent and consistently applied to all developers. It should be based on measurable criteria, such as traffic generation or geographic benefit areas, and should not vary from project to p roject. A published me thodology will allow all builders to understand their responsibilities in advance and ensure that everyone contributes fairly.

If a developer is required to construct regional improvements ahead of broader participation, the agreement must clearly define reimbursement and fee credit rights. The amount eligible for reimbursement, the funding source, and the timing of repayment shou ld be established at approval. The City should also provide transparency regarding fee collection and reimbursement status.

Where reimbursement is delayed, there should be protection against cost escalation. If a developer advances infrastructure and repayment occurs years later, the reimbursement amount should adjust based on a recognized construction cost index so that inflat ion does not erode the value of the repayment.

Right-of-way acquisition is another critical issue. Offsite improvements often depend on acquiring property interests from third parties, and such delays are frequently outside the developer’s control. The agreement should include clear language requiring City assistance with right -of-way acquisition, including the use of eminent domain when appropriate.

Developers should not face permit restrictions due to delays caused by third -party property owners.

In addition, the City should establish defined timelines for plan review, inspection, and acceptance of offsite improvements. Once plans are submitted, the City should commit to review within specified timeframes, and once improvements are constructed, acc eptance should occur within a predictable period. Administrative certainty is essential if permit issuance is tied to improvement completion.

The City may also consider financing tools, such as Community Facilities Districts, to help fund regional improvements in a manner that spreads costs more equitably over time. If earlier

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construction of infrastructure is required, financing mechanisms should be available to support that objective.

Under this proposed structure, the Subdivision Agreement would continue to address tract - level improvements and bonding requirements. However, the substantive offsite obligations, unit allocation thresholds, reimbursement terms, vesting provisions, and rig ht-of-way responsibilities would be established upfront through the separate Offsite Improvement Development Agreement.

This approach promotes clarity, fairness, and consistency. It ensures that all developers, regardless of project size, are treated under the same rules and contribute their proportionate share of regional improvements. It provides certainty to the developm ent community while giving the City a structured and predictable framework for infrastructure planning.

Lennar stands ready to work collaboratively with the City to develop and implement a standardized, transparent process that benefits both the development community and the residents of Clovis.

Respectfully submitted,

LENNAR HOMES OF CALIFORNIA, LLC,
a California limited liability company

By:_______________________________
Rhonda Hill, Vice President

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Report to the City Council

To: City Council
From: Administration
Date: April 13, 2026
Staff: Paul Armendariz, Assistant City Manager
Subject: Consider Approval — Res. 26-___, A Resolution of the City Council for the City of Clovis Confirming Assessment for Costs for Abatement of Nuisance, 2075 Swift Avenue, Clovis, CA 93611, APN No.: 552-200-47S.

Recommendation: Approve
Attachments:

1. 2075 Swift Property Lien ATT 1 Res. 26-___

Recommendation:

For the City Council to adopt a Resolution of the City Council for the City of Clovis Confirming Assessment for Costs for Abatement of Nuisance, 2075 Swift Avenue, Clovis, CA 93611, APN No.:
552-200-47S.

Executive Summary:

The City has assessed administrative citations and incurred related property nuisance abatement costs in the combined amount of Fifteen Thousand Eight Hundred and Thirty-One Dollars and Zero Cents ($15,831.00) related to the general condition of the property to mitigate property nuisance conditions, located at 2075 Swift Avenue (“Property”). The Property owner has ignored these citations and demands to repair the Property for well over one year.

At this time, the City is entitled to recover its abatement costs and administrative penalties from the Property. This Resolution will confirm these costs and penalties as an assessment and regular lien against the Property if not paid within 15 days of the passage of the Resolution.

Background:

The Property has been maintained in a manner that has resulted in various nuisances and Municipal Code violations that have been ignored by the Property owner for many years. The specific cited nuisance violations for the Property are collectively contained in Attachment A of Attachment 1.

Accordingly, the combined administrative fines and abatement costs to be assessed against the Property total Fifteen Thousand Eight Hundred and Thirty-One Dollars and Zero Cents ($15,831.00).

PROPOSAL AND ANALYSIS

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Pursuant to the City’s Cost Recovery Ordinance (Chapter 5.29 of the CMC), upon the City Council’s confirmation of the amount of the assessment, after notice is given to the owner and holders of any mortgage or deed of trust, the City may record a notice of lien in the office of the County Recorder, creating a lien on the Property which may be enforced either by collection with the County property taxes, or by foreclosure.

Notice was provided to the owner by letter on March 5, 2026. This Notice and the proposed notice of lien are attached as attachments to the Draft Resolution. The City will collect Fifteen Thousand Eight Hundred and Thirty-One Dollars and Zero Cents ($15,831.00) either upon sale of the Property or as part of the taxes collected from the Property.

Fiscal Impact:

None.

Reason for Recommendation:

The Property Owner has ignored all City efforts to compel abatement of the nuisance conditions existing at the Property to bring the Property into safe and compliant condition. The City has additionally incurred abatement costs of its own addressing the nuisance conditions of the Property.

The City is entitled to recover these administrative penalties and abatement costs from the Property Owner, or as an assessment and regular lien against the Property.

Actions Following Approval:

If after 15 days following the passage of the resolution, the Property Owner has not paid the amount owed, the City will record the Notice of Lien with the County Recorder.

Conflict of Interest:

None.

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ATTACHMENT 1
RESOLUTION 26-__

RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CLOVIS CONFIRMING

ASSESSMENTS FOR NUISANCE ABATEMENT COSTS AND ADMINISTRATIVE

PENALTIES FOR VIOLATIONS FOR PROPERTY RELATED NUISANCES

WHEREAS, the City found numerous violations of Clovis Municipal Code (CMC) Chapters

5.27, 5.28, and 5.29, at 2075 Swift Avenue, Clovis, CA, 93611 (“Property”); and

WHEREAS, the Property owner failed to take any measures to abate the nuisances after being served with multiple Notices to Abate, and numerous administrative citations; and

WHEREAS, the City was eventually forced to abate certain nuisance conditions on the Property by inspecting and repairing the substandard conditions and code violations, through use of its own agents; and

WHEREAS, the City has imposed abatement and enforcement costs and administrative penalties for property maintenance related nuisances and other violations for a total amount of $15,831.00; and

WHEREAS, on March 5, 2026, the City provided notice by Letter (“Notice”) to the Property owner regarding their responsibility for payment of the City’s abatement costs, and of their right to appeal these costs (a copy of the Notice is attached hereto as Attachment A); and

WHEREAS, the Property’s owner(s) have filed no appeals of the administrative penalties or abatement costs, nor paid any of these outstanding penalties or costs; and

WHEREAS, the City scheduled April 13, 2026, as the time for the City Council to consider and confirm the amount of the abatement costs as assessments (“Assessment”); and

WHEREAS, the City provided notice by letter to the owners of the Property at least 15 days before the date of the Council’s consideration of the Assessment (see Attachment A); and

WHEREAS, the Notice informed the owner (s) and lien holders that the Council would be considering the Assessment during the City’s April 13, 2026, Council meeting.

NOW, THEREFORE, BE IT RESOLVED, that the City of Clovis proceeds as follows:

1. Confirms the amount of the administrative penalties and abatement costs ($15,831.00).

2. Authorizes the filing of Notice of Lien on the Properties in the Fresno County Recorder’s Office which shall become a special assessment against the Property and may be added to the next regular tax bills levied against the Propert y, and collected

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at the same time and in the same manner as the County collects property taxes. The Notice of Lien shall be in substantially the form attached hereto as Attachment B.

3. Authorizes the City Manager and his designee(s) to take whatever actions are necessary and appropriate to perfect the recording of the Notice of Lien and collect the amounts due under the Assessment, which may include, but are not limited to ensuring that the Costs are added to the next regular tax bills and collected with property taxes, or by judicial foreclosure or other sale, or any other means provided by law.

4. Nothing in this Resolution or in the filing of the Notice of Lien shall preclude the City from collecting the Costs in any other lawful manner, including collecting the Assessment as a debt against the responsible owner(s).

* * * * *

The foregoing resolution was introduced and adopted at a regular meeting of the City Council of the City of Clovis held on April 13, 2026, by the following vote, to wit.

AYES:

NOES:

ABSENT:

ABSTAIN:

DATED: April 13, 2026

______________________________ ______________________________ Mayor City Clerk

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Attachment A

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Recorded by and on behalf of the City of
Clovis
WHE
N RECORDED MAIL TO:

LOZ

ANO SMITH
Attn: Wiley R. Driskill
7404 N. Spalding Avenue
Fresno, CA 93720
Government Code § 38773.5(e) (Space above this line for Recorder’s Use Only)
Notice Of Lien
APN # 55
2-200-47S
2075 Swift Avenue, CLOVIS, CALIFORNIA
Property Owner: James Samarin IV
(Claim of the City of Clovis)
Under
the authority vested by the provisions of Chapter 5.29 of Title 5 of the Clovis Municipal Code, the City Council of the City of Clovis did on the 13 th day of April, 2026, confirm the administrative penalties and costs of abatement on the real property hereinafter described; and the same has not been paid nor any part thereof and the City of Clovis does hereby claim a lien for such costs, to wit: the sum of $15,831.00 dollars.

The same shall be a lien upon said real property until it has been paid in f ull and discharged of record.

The r
eal property hereinabove mentioned, and upon which a lien is claimed, is the certain parcel of land lying and being in the City of Clovis, County of Fresno, State of California, and more particularly described as follows:
2075 S
wift Ave., Clovis, CA 93611
APN: 552-200-47S
DA
TED: ___________, 2026

PAUL ARMENDARIZ

ASSISTANT CITY MANAGER

CITY OF CLOVIS
1033 FIFTH STREET, CLOVIS, CA 93612
(559) 324-2060
Attachment B

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ACKNOWLEDGMENT

State of California
County of _____________________________)

On _________________________ before me, _________________________________________ (insert name and title of the officer)

personally appeared ______________________________________________________________, who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.

I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct.

WITNESS my hand and official seal.

Signature ______________________________ (Seal)

A notary public or other officer completing this
certificate verifies only the identity of the individual who signed the document to which this certificate is
attached, and not the truthfulness, accuracy, or
validity of that document.

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Clovis City CouncilApril 13, 2026

Clovis City Council
April 13, 2026