Loan Commitments
for Tamien Station, The Charles,
1860 Alum Rock & 777 West San
Carlos
June 21, 2022 Jacky Morales-Ferrand
Director of Housing
Kemit Mawakana
Division Manager
Banu San
Housing Planning & Policy
Administrator
BUILDING GREAT PLACES INVESTING IN PEOPLE PROVIDING HOUSING FOR ALL Approve funding to construct 448 apartments in
four developments of which 197 apartments will
be permanent supportive housing:
• Tamien Station – 135 apartments
• The Charles – 99 apartments
• 1860 Alum Rock – 60 apartments
• 777 West San Carlos – 154 apartments
Today’s Objectives
6/21/2022 2
BUILDING GREAT PLACES INVESTING IN PEOPLE PROVIDING HOUSING FOR ALL Tamien Station
134 affordable apartments
for extremely low-income
and low-income individuals
and families
67 permanent supportive
housing
52% of units are 2-bed and
3-bed apartments
Located in the Tamien
Station TOD Project at 1197
Lick Avenue
Developed by Core
Communities and Urban
Republic
36/21/2022
BUILDING GREAT PLACES INVESTING IN PEOPLE PROVIDING HOUSING FOR ALL Tamien Station – Funding
4 Approve LTV >100%
Approve “float up” language to allow rent increases in the event of foreclosure or loss of subsidy
Authorize Director of Housing to negotiate and execute loan documents, amendments and all other documents related to this development
$16.8 million
from Low and Moderate
Income Housing Asset Funds
Loan Request
Necessary Authorizations
Outside Funding
County is committing $25 million
HCD is committing $16 million
6/21/2022
BUILDING GREAT PLACES INVESTING IN PEOPLE PROVIDING HOUSING FOR ALL Tamien Station Rendering
56/21/2022
BUILDING GREAT PLACES INVESTING IN PEOPLE PROVIDING HOUSING FOR ALL The Charles
97 apartments for extremely low-
income and very low-income
individuals and families
49 permanent supportive housing
51% of units are 2-bed and 3-bed
apartments
Located in urban village at
551 Keyes Street
Site being developed by Charities
Housing
66/21/2022
BUILDING GREAT PLACES INVESTING IN PEOPLE PROVIDING HOUSING FOR ALL The Charles – Funding
7 Approve LTV >100%
Approve “float up” language to allow rent increases in event of foreclosure or loss of subsidy
Authorize Director of Housing to negotiate and execute loan documents, amendments and all other documents related to this development
$9.7 million
from Measure E Real
Property Transfer Tax Revenue
Loan Request
Necessary Authorizations
Outside Funding
County committing over $12.4 million
HTSV to commit $4.5 million
6/21/2022
BUILDING GREAT PLACES INVESTING IN PEOPLE PROVIDING HOUSING FOR ALL 1860 Alum Rock
59 apartments for extremely low-
income and very low-income
individuals and families
30 permanent supportive housing
50% of units are 2-bed and 3-bed
apartments
Located in urban village at 1860
Alum Rock Avenue
Site being developed by Charities
Housing
86/21/2022
BUILDING GREAT PLACES INVESTING IN PEOPLE PROVIDING HOUSING FOR ALL 1860 Alum Rock – Funding
9 Approve LTV >100%
Approve “float up” language to allow rent increases in event of foreclosure or loss of subsidy
Authorize Director of Housing to negotiate and execute loan documents, amendments and all other documents related to this development
$7.5 million
from Measure E Real Property
Transfer Tax Revenue
Loan Request
Necessary Authorizations
Outside Funding
County contributing over $8.5 million
6/21/2022
BUILDING GREAT PLACES INVESTING IN PEOPLE PROVIDING HOUSING FOR ALL 777 West San Carlos
153 affordable apartments for
extremely low-income, very-
low income and low-income
individuals and families
51 permanent supportive
housing
51% of units are 2-bed and 3-
bed apartments
3,000 SQFT childcare center
with 1,875 SQFT outdoor play
area
Located in urban village at 777
West San Carlos Street
Developed by Danco
Communities
106/21/2022
BUILDING GREAT PLACES INVESTING IN PEOPLE PROVIDING HOUSING FOR ALL 777 West San Carlos – Funding
11 Approve LTV >100%
Approve “float up” language to allow rent increases in event of foreclosure or loss of subsidy
Authorize Director of Housing to negotiate and execute loan documents, amendments and all other documents related to this development
$19.1 million
from Low and Moderate
Income Housing Asset Funds
Loan Request
Necessary Authorizations
Outside Funding
County committing over $29.7 million
State Tax Credits to generate over$22.4 million
6/21/2022
BUILDING GREAT PLACES INVESTING IN PEOPLE PROVIDING HOUSING FOR ALL Benefits
The City commitment of $53,050,885 enables outside funding totaling $329 million
Loan not a grant – funding will be repaid over time
• Housing Department operating cost supported by loan repayments No ongoing operating cost to the City
• Development supported by rents and operating grants provided by the County
55 year restriction – land will remain in the control of a public entity for future use
Community Benefits – two childcare centers and nonprofit space Approximately $5 million in impact fees and taxes
126/21/2022
Loan Commitments
for Tamien Station, The Charles,
1860 Alum Rock & 777 West San
Carlos
June 21, 2022 Jacky Morales-Ferrand
Director of Housing
Kemit Mawakana
Division Manager
Banu San
Housing Planning & Policy
Administrator