Review of Proposals
To Fund Affordable Housing
Development
Hercules Housing Successor Agency
July 28, 2026
NOFA and Responses
07/28/2026 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
07/28/2026 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
07/28/2026 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.
07/28/2026 Hercules Housing Successor Agency 5
Proposals Key Differences
Developer/Project CHW
Bayline Apts
SAHA
Sycamore Crossing
EDEN
Victoria Green
Affordable Units 82 99 65 new 196 new + rehab
Deeply Affordable
(30% AMI) units 29 25 20 34
Weighted Avg
Affordability Level 49.9% AMI 49.9% AMI 48.0% AMI 52.3% AMI # of Residents Served
(per BR count) 223 261 92 508
Units for Special
Needs Populations
Persons with
intellectual and
development
disabilities (21)
TBD Seniors (33)
Potential RHNA credit 82 99 65 110*
City Funding per unit $60,241 $50,000 $75,758 $25,253
07/28/2026 Hercules Housing Successor Agency 6
Detailed 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 (61)
Persons with
intellectual and
development
disabilities (21)
Individuals and
families (99)
New Units:
Seniors (65)
Existing Units:
Individuals and
families (131)
Unit Type 1, 2, and 3 BR Studio, 1, 2, and 3 BR Studio and 1 BR Studio, 1, 2, and 3 BR
07/28/2026 Hercules Housing Successor Agency 7
Detailed Proposal Comparison Summary
07/28/2026 Hercules Housing Successor Agency
Developer CHW SAHA EDEN
Number of Units by Income Level: New Units New + Rehab
30% AMI 29 25 20 34
50% AMI 16 25 18 58
60% AMI 27 49 27 81
80% AMI 10 0 0 23
Manager 1 1 1 2
# of Units 83 100 66 198
Target Income Levels as % of Total Units:
30% AMI 35% 25% 30% 17%
50% AMI 19% 25% 27% 29%
60% AMI 33% 49% 20% 41%
80% AMI 12% 0% 0% 12%
Manager 1% 1% 1% 1%
Weighted Avg Affordability 49.9% AMI 49.9% AMI 48.0% AMI 52.3% AMI Weighted Avg Bedroom Size 1.72 1.70 0.71 1.69
Est. Resident Count 223 261 92 508
8 Developer Proposal Comparison Summary
07/28/2026 Hercules Housing Successor Agency
Developer CHW SAHA EDEN
Total New Building Sq Ft 95,980 102,660 46,681
Number of Stories 4 5 3
New Units New + Rehab
Total Development Cost
(net of land) $60,161,999 $78,620,509 $44,778,036 $53,307,186 Cost per Unit (net of land) $724,843 $786,205 $678,455 $269,228 Include Prevailing Wage Yes Yes Yes
Developer Fee $2,800,000 $10,515,813 $7,547,677
Developer Fee per unit $33,735 $105,158 $38,120
City Funding Requested $5,000,000 $5,000,000 $5,000,000 City Funding per Unit $60,241 $50,000 $75,758 $25,253
Cash Flow Projections:
Long Term NOI:
Debt Service Coverage:
Potential Soft Loan
Repayment:
Positive;
Maintains 1.15x
coverage;
May begin in Year 11
Positive;
Maintains 1.15 coverage
thru Yr 15;
Not until Year 31
Positive;
Maintains 1.15 coverage thru Yr
25;
May begin in Year 11
9 Developer Proposal Comparison Summary
07/28/2026 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 25 20 34
Housing Asset Fund Subsidy
Per 30% AMI Unit $172,414 $200,000 $250,000 $147,059
Can Allocate Full Request to
30% AMI Yes Yes Yes Yes
Percent Senior Units 0% 0% 50% 17%
SB 341 Compliance by Age Yes Yes Yes
10 Developer Proposal Comparison Summary
07/28/2026 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
11 Mark Sawicki
Director
[email protected]
Suzy Kim
Director
[email protected]