Review of Proposals
To Fund Affordable Housing
Development
Hercules Housing Successor Agency
May 12, 2026
NOFA and Responses
05/12/2026 Hercules Housing Successor Agency
Notice of Funding Availability (NOFA) issued in October 2025 $5 Million available from the Low- and Moderate-Income Housing Asset Fund of the Housing Successor to the former Hercules Redevelopment Agency
Three (3) Developers responded:
- Community Housing Works (CHW)
- Satellite Affordable Housing Associates (SAHA)
- Eden Housing (EDEN)
2 Proposal Evaluation Criteria
☑ Developer qualifications and experience
☑ Financial capacity
☑ Alignment with Housing Element and community goals
☑ Project readiness and economic viability
☑ Project eligibility and affordability
☑ Reasonable cost assumptions
☑ Compliance with California and Federal funding requirements and rent limits
05/12/2026 Hercules Housing Successor Agency 3
Additional Review Factors
✩ Number of affordable units at deepest levels of affordability ✩ Number of new residents based on bedroom count
✩ Progress towards Regional Housing Needs Allocation (RHNA) ✩ Progress towards Housing Element goals
✩ Income and age limit restrictions on local Housing Fund source ✩ Positive cash flow projections to cover expenses and debt service ✩ Development timeline elements: site control, funding
commitments, development application status
05/12/2026 Hercules Housing Successor Agency 4
RSG Findings:
All of the projects and developers are worthy of support. All developers have considerable experience and reputations. All of the projects provide additional needed housing at varying levels of affordability.
All of the projects are projected to be completed at a reasonable development cost.
It is better to fund one project than split the $5 million available to multiple projects.
The funded project will be more competitive for other funding sources. The funded project will have a higher chance of successful and timely development.
05/12/2026 Hercules Housing Successor Agency 5
Developer Proposal Comparison Summary
Developer CHW SAHA EDEN
Project Name Bayline Apartments Sycamore Crossing Victoria Green Location Bayfront Boulevard Sycamore & San
Pablo Ave.
Paradise Drive (near Victoria
Crescent W)
Population Served
(units)
Individuals and
families (62)
Persons with
intellectual and
development
disabilities (21)
Individuals and
families (100)
New Units:
Seniors (66)
Existing Units:
Individuals and
families (132)
Unit Type 1, 2, and 3 bed Studio, 1, 2, and 3 bed Studio and 1 bed
Studio, 1, 2, and
3 bed
05/12/2026 Hercules Housing Successor Agency 6
Developer Proposal Comparison Summary
05/12/2026 Hercules Housing Successor Agency
Developer CHW SAHA EDEN
Number of Units by Income Level:
New Units New + Rehab
30% AMI 29 11 7 21
50% AMI 16 30 45 85
60% AMI 27 58 13 67
80% AMI 10 23
Manager 1 1 1 2
# of Units 83 100 66 198
Weighted Avg Bedroom Size 1.74 1.69 0.71 1.69
Est. Resident Count 269 260 92 508
Target Income Levels as % of Total Units:
30% AMI 35% 11% 11% 11%
50% AMI 19% 30% 69% 43%
60% AMI 33% 59% 20% 34%
80% AMI 12% 0% 0% 12%
Manager 1% 1% 1% 1%
Weighted Avg Affordability 49% AMI 54% AMI 50% AMI 53% AMI 7 Developer Proposal Comparison Summary
05/12/2026 Hercules Housing Successor Agency
Developer CHW SAHA EDEN
Total Building Sq Ft 95,980 102,660 46,681
Number of Stories 4 5 3
New Units New + Rehab
City Funding Requested $5,000,000 $5,000,000 $5,000,000 City Funding per Unit $60,241 $50,000 $75,758 $25,253
Total Development Cost
(net of land) $60,430,339 $77,897,924 $34,427,523 $40,427,523 Cost per Unit (net of land) $728,076 $778,979 $521,629 $204,179 Net Developer Fee $2,800,000 $3,842,078 $5,919,086
Include Prevailing Wage Yes Yes No
Site Control Yes, owns site
Yes, with execution of
Purchase & Sale
Agreement
Yes, owns site
Cash Flow Positive NOI,
Maintains 1.15 debt
service coverage,
Soft loan repayments
begin in Year 11
Positive NOI,
Maintains 1.15 debt
service coverage,
Soft loan repayments
begin in Year 7
Negative NOI after 24 Years,
Debt service coverage declines
after Year 12,
No soft loan repayments
8 Developer Proposal Comparison Summary
05/12/2026 Hercules Housing Successor Agency
Developer CHW SAHA EDEN
Housing Successor Compliance: Minimum 30% @ 30% AMI, Maximum 20% @ 60-80% AMI New Units New + Rehab
Number of 30% AMI Units 29 11 7 21
Housing Asset Fund Subsidy
Per 30% AMI Unit $172,414 $454,545 $714,286 $238,095
Total Development Cost Per
Unit (net of land) $728,076 $778,979 $521,629 $204,179
Can Allocate Full Request to
30% AMI (Per Unit Funding Less
than Total Dev Cost)
Yes Yes No No
SB 341 Compliance by Income
Level
Complies, can
allocate all funding to
30% AMI
Complies, can
allocate all funding
to 30% AMI
Subsidy per
30% AMI unit
exceeds
development
cost
Subsidy per
30% AMI unit
exceeds
development
cost
Percent Senior Units 0% 0% 100% 33%
SB 341 Compliance by Age Yes Yes Exceeds 50% maximum for seniors
9 Developer Proposal Comparison Summary
05/12/2026 Hercules Housing Successor Agency
Developer CHW SAHA EDEN
Alignment with Community Goals / Housing Element Needs:
Housing Choice Vouchers (Program H1-3) no no no
Senior Housing Project (Program H2-3) no no yes
Alternative Housing Model (Program H2-5) no no no
Housing for Persons with Special Needs (Program H4-1) yes no yes Policy 1.5 Encourage development of new special needs
housing for seniors, single parents, families, large
families, the disabled, including those with developmental disabilities, and extremely low-income households
yes yes yes
Policy 1.6. Use density bonuses and other incentives to facilitate the development of new housing for extremely low, very low- and low-income households in conformity
with State law
yes yes yes
Policy H4.5 Encourage housing serving special needs
such as elderly and disabled
yes no yes
10 Mark Sawicki
Director
[email protected]
Suzy Kim
Director
[email protected]