Sponsor
(Year Completed) Development Name No. of Units No. of Bedrooms Total Development Cost Cost Per Unit Cost Per Bedroom City Subsidy City Subsidy Per Unit
City Subsidy
Per Bedroom
Charities Housing
(Under Consideration) 57-67 Evelyn Avenue 143 255 $136,900,500 $957,346 $536,865 $11,300,000 $79,021 $44,314 Affirmed Housing
(Under Consideration) 87 E Evelyn Avenue 268 479 $224,307,566 $836,969 $468,283 $21,000,000 $78,358 $43,841 Danco Communities
(Funding Reserved 2023)
West El Camino Family
Apartments 79 142 $78,715,705 $996,401 $554,336 $8,000,000 $101,266 $56,338 Alta Housing
(Funding Reserved 2023) Linda Vista Apartments 70 128 $86,063,906 $1,229,484 $672,374 $10,000,000 $142,857 $78,125 Alta Housing
(Funding Reserved 2022) Terra Bella Apartments 108 193 110,049,976 $1,018,981 $570,207 $13,500,000 $125,000 $69,948 Charities Housing
(Funding Reserved 2021) Montecito Apartments 85 150 $88,702,160 $1,043,555 $591,348 $16,000,000 $188,235 $106,667 Jamboree Housing
(Funding Reserved 2021, 2022,
2023)
The Heartwood Apartments 49 61 $17,312,354 $353,313 $283,809 $9,050,732 $184,709 $148,373 Alta Housing
(Funding Reserved 2021) Lot 12 120 211 $121,612,389 $1,013,437 $576,362 $17,250,000 $143,750 $81,754 Eden Housing
(Funding Reserved 2020) La Avenida Apartments 100 119 $78,573,646 $785,736 $660,283 $15,000,000 $150,000 $126,050 Alta Housing
(2021) Luna Vista Apartments 71 72 $53,294,200 $750,623 $740,197 $22,772,844 $320,744 $316,290 MidPen Housing
(2020)
Shorebreeze Apartments
Expansion 62 94 $38,096,381 $614,458 $405,281 $8,157,608 $131,574 $86,783 ROEM Development Corp.
(2019) Evelyn Family Apartments 116 191 $66,416,378 $572,555 $347,730 $21,700,000 $187,069 $113,613 Alta Housing
(2019) Eagle Park Apartments 67 68 $37,577,326 $560,856 $552,608 $8,000,000 $119,403 $117,647 Total 1338 2163 $1,137,622,487 $10,733,714 $6,959,682 $181,731,184 $1,951,987 $1,389,742 Average 103 166 $87,509,422 $825,670 $535,360 $13,979,322 $150,153 $106,903 Median 85 142 $78,715,705 $836,969 $554,336 $13,500,000 $142,857 $86,783 NOTE: The 87 E Evelyn Ave project will be developed on City owned land. The City subsidy includes the amount paid by the City to acquire the site.
COST ANALYSIS COMPARISONS FOR NOFA AND CITY-OWNED PROJECTS Attachment 1