ATTACHMENT 2
COST ANALYSIS COMPARISONS FOR NOFA PROJECTS
Sponsor
Development Name No. of
Units
No. of
Bdrms.
Total
Development
Cost
Cost Per Unit Cost Per
Bedroom City Subsidy
Subsidy Subsidy
(Year Completed) Per Unit Per
Bedroom
Alta Housing Terra Bella
Apartments 108 193 110,049,976 $1,018,989 $570,207 $13,500,000 $125,000 $69,948 Charities Housing
Montecito
Apartments 85 150 $88,702,160 $1,043,555 $591,348 $16,000,000 $188,235 $106,666 1265 Montecito Avenue (Funding Reserved 6/22/21)
Eden Housing La Avenida
Apartments 100 119 $78,573,646 $785,736 $660,283 $15,000,000 $150,000 $126,050 (Funding Reserved 12/8/20)
Alta Housing
Luna Vista Apartments 71 72 $53,294,200 $750,623 $740,197 $22,772,844 $320,744 $316,290 (2021)
MidPen Housing Shorebreeze
Apartments Expansion 62 94 $38,096,381 $614,458 $405,281 $8,157,608 $131,574 $86,783 (2020)
ROEM Development Corp. Evelyn Family
Apartments 116 191 $66,416,378 $572,555 $347,730 $21,700,000 $187,069 $113,613 (2019)
Alta Housing Eagle Park
Apartments 67 68 $37,577,326 $560,856 $552,608 $8,000,000 $119,403 $117,647 (2019)
First Community Housing
1585 Studios 27 27 $10,468,465 $387,721 $387,721 $3,287,550 $121,761 $121,761 (2015)
ROEM/Eden Housing Studio 819
Apartments 49 49 $17,396,762 $355,036 $355,036 $8,952,623 $182,707 $182,707 (2015)
Total 685 963 $500,575,294 $6,089,529 $4,610,411 $117,370,625 $1,526,493 $1,241,465 Average 76 107 $55,619,477 $676,614 $512,268 $13,041,181 $169,610 $137,941 Median 71 94 $53,294,200 $614,458 $552,608 $13,500,000 $150,000 $117,647 Range—High 89 166 $99,581,511 $688,519 $392,467 $19,485,294 $201,341 $246,342