Loading...
The URL can be used to link to this page
Your browser does not support the video tag.
Home
My WebLink
About
Staff Report 2409-3513
CITY OF PALO ALTO CITY COUNCIL Special Meeting Tuesday, January 21, 2025 Council Chambers & Hybrid 5:30 PM Agenda Item 9.Selection of Non-Profit Development Partner to Construct a 100% Affordable Housing Project on the City-Owned Parking Lot Located at the Corner of Kipling Street and Lytton Avenue and Direction for Staff to Prepare an Exclusive Negotiating Agreement with Alta Housing to Establish a Partnership Process and Parameters; CEQA status — Not a Project. Public Comment, Staff Presentation City Council Staff Report From: City Manager Report Type: ACTION ITEMS Lead Department: Planning and Development Services Meeting Date: January 21, 2025 Report #:2409-3513 TITLE Selection of Non-Profit Development Partner to Construct a 100% Affordable Housing Project on the City-Owned Parking Lot Located at the Corner of Kipling Street and Lytton Avenue and Direction for Staff to Prepare an Exclusive Negotiating Agreement with Alta Housing to Establish a Partnership Process and Parameters; CEQA status — Not a Project. RECOMMENDATION Staff recommends City Council: 1) Direct staff to enter into an exclusive negotiating agreement with Alta Housing. 2) Provide preliminary direction to staff on key project components that will guide partner design focus for future development on this site related to:: A. Parking scenarios; B. Unit count and bedroom mix; and, C. Building height. EXECUTIVE SUMMARY To advance Housing Element Implementation Programs and City Council Priorities, staff issued a Request for Information (RFI) and received detailed proposals from Alta Housing and MidPen Housing for a 100% affordable housing development on the City-owned surface parking lot at Kipling Street and Lytton Avenue (Lot T). Each developer studied three different parking scenarios: on-site parking for residents only (Scenario A), on-site parking for residents and the public (Scenario B), and no on-onsite parking (Scenario C). Staff seeks the City Council’s direction on which of these parking scenarios to pursue and in partnership with which of the two developers. Staff also seek guidance on various components of the project relating to unit counts and mix as well as building height. Staff’s review of the submitted materials and each developers’ breadth of experience concludes that either developer would be a qualified partner for the City in this project. Both developers have expressed a strong interest in working with the City and iterated the flexibility of their project designs at this early point in the development process. From staff’s perspective, Alta Housing demonstrated greater due diligence and attention to detail during the post-submittal discussion with staff and an overall focus on project feasibility, financing and success. Notably, the Alta Housing proposal has the added benefit of requiring less gap funding from the City; making this project more feasible for the City as well. BACKGROUND 1 Housing Element Implementation Program 1.4A includes the selection of a development partner by the end of 2024 to develop a portion of these units on one City owned parking lot and additional sites in subsequent years based on the results of the initial effort. 1 https://www.cityofpaloalto.org/files/assets/public/v/1/planning-amp-development-services/housing- element/housing-element_2023_2031/palo-alto-housing-element.pdf was 42 percent according to data collected in 2019 by the Office of Transportation.2 In December 2023, Council supported staff’s recommendation to pursue affordable housing development on Lot T and provided the following project direction: •Provide 100% affordable housing up to the 80% area median income (AMI) that qualifies for relevant tax credits. •Allow height and/or density equivalent up to two additional stories above the current 50-foot height limit with the additional stories being set back from the street face. •Evaluate parking on site that would be available for the affordable housing residents and potentially shared use for public purposes. •Pursue transit pass provisions for residents as well as other best practices in reducing single occupancy vehicle use. In early 2024, Council adopted Priority ED&T 8: “Pursue refined proposals for potential affordable housing development on the Lytton / Kipling Lot T at 450 Lytton Avenue, or elsewhere, with parking for residents and the public.”3 To implement this priority, the City issued a Request for Refined Proposals (RFRP) for affordable housing development on Lot T on September 24, 2024. Proposals were received from both respondents on October 29, 2024. Please see Attachments D and E for Alta Housing and MidPen Housing’s proposals respectively. After receiving these responses, staff invited Alta Housing and MidPen Housing to present their proposals and engage in a structured conversation about their housing concepts. Staff met with both the MidPen Housing and Alta Housing teams in November. A development agreement and Planned Housing Zone (Planned Community) permit are expected to allow the two parties to agree upon potential deviations from the standards set by Lot T’s existing Public Facilities Zoning to meet shared goals for significant affordable housing production. The City may also place some requirements on the development, such as parking requirements, beyond those required by State law in exchange for the land rights via a development agreement. Procedurally, once a firm is selected and given the anticipated entitlements needed, the applicant would return with a refined plan based on Council direction via a preliminary review (study session) application process before a formal application can be submitted. Development Partner Experience Both Alta Housing and MidPen Housing are experienced and respected affordable housing providers in the Bay Area. Alta Housing’s portfolio stands out for its numerous projects in Palo Alto while MidPen Housing’s portfolio stands out for its overall size and impact. Indeed, Alta Housing has 23 properties in Palo Alto with 1,000 units in their overall portfolio while MidPen Housing has two properties in Palo Alto (180 units) and over 10,000 units in their portfolio. 2 https://www.cityofpaloalto.org/files/assets/public/v/8/agendas-minutes-reports/agendas-minutes/city-council- agendas-minutes/2021/12-december/20211206/20211206pccsm-amended-linked.pdf 3 https://recordsportal.paloalto.gov/Weblink/DocView.aspx?id=6505 ANALYSIS The amount of parking included in the Lot T affordable housing development will be a primary driver of the overall project design, costs, and housing capacity. To help the City assess the tradeoffs of various parking solutions on the site, the Request for Refined Proposals asked each developer to study three potential parking scenarios: •Scenario A: Include only on-site parking for residents of the affordable housing development only; this scenarios assumes City will provide replacement public parking off-site). •Scenario B: On-site parking for residents of the affordable housing development and replacement of 52 public parking spaces. •Scenario C: No on-site parking for residential or public uses (assume use of Assembly Bill 2097 and City provision of replacement parking off-site); and to the extent needed to support the building residents, van-accessible parking or loading spaces, as appropriate. A summary of the partner’s responses to each of these scenarios is summarized in the table below and analyzed in the discussion that follows. For additional details on each of the potential partners’ proposals, see the tables in Attachments A, B, and C. Table 1: Partner Proposal Summaries Parking Scenario A4 In Scenario A, both Alta Housing and MidPen Housing were asked to present proposals for housing developments which included on-site parking for residents only. This scenario assumes 4 MidPen’s Scenario A2, which considered a parking ratio of 0.7 spaces per unit, was not evaluated in this report to provide a more consistent analysis among respondents. P D T A P T C C T T A H 5 7 2 5 $$$$ M H 7 7 3 7 $$S $ A H 5 7 5 7 $$$$ M H 6 7 6 7 $$$$ A H 4 7 0 4 $$$$ M H 7 7 5 7 $$$$ A B C that the City will provide replacement parking for the 52 existing public spaces elsewhere at its own cost. replacement parking ratio less than 1:1. The average total cost per unit is $954,000. The total gap funding requested from the City is $9.4 million ($155,000 per unit) in the form of a soft loan. associated with providing replacement public parking (as in Parking Scenario B) or the potential reliance on street parking to support projects with limited residential parking as in Scenarios B and C. Staff does not recommend providing off-site resident parking in any of the scenarios considered, as relying on off-site resident parking for this project may introduce both timeline and funding risks to the development. 5 However, the amount of on-site resident parking that will be necessary for a family-serving development in this location is likely to be lower than it would be in other parts of the City or County given the site’s proximity to jobs, shopping, schools, and transit. For reference, the current car ownership rate in Downtown Palo Alto is 0.8 cars per rental household.6 5 Data sourced from search for Santa Clara County housing projects with 50-100% affordable units on November 15, 2024 via the GreenTrip Database available at https://database.greentrip.org/. 6 Downtown Palo Alto Housing Master Plan: Mobility and Interconnectivity Analysis Presentation by WRT (August 24, 2024) and up to $160,000 respectively. •Families would benefit greatly from the site’s proximity to jobs, schools, transit and open space •There are significant tax credits available to help fund family-serving projects •Market-rate development favors smaller units, resulting in fewer housing options for families One potential downside of developing the site to serve families is that families tend to have higher parking needs than some other populations, such as seniors or those with diverse abilities. Both developers agreed that 0.5 spaces per unit was the minimum feasible parking ratio for family developments based on their experiences. This is slightly less than the current estimated downtown household car ownership rate of 0.8 vehicles per occupied rental housing unit7, it is still more than is strictly required. Census data also shows that 39.4% (E = +/- 11)of occupied rental housing units in the Downtown Palo Alto Census Tract do not have any car and would therefore not require any parking.8 State law would allow this site to be developed with no or limited parking and local law allows the Planning and Development Services Director to reduce parking as low as to 0 spaces per unit, before accounting for any accessible or EV- charging stalls. If Council wanted to limit the amount of parking on site below 0.5 spaces per unit, Council could direct the selected developer to serve a different population, such as seniors or those with diverse abilities. This would likely result in more units on site, as there would be less space dedicated to parking and more to housing. These populations also tend to occupy smaller units, which may also increase the unit count (though not necessarily the number of individuals housed) on site. If Council directs the selected developer to build a family-serving project, staff recommends Council direct the selected developer to build at least 25% two-bedroom and 25% three- bedroom units in order to ensure eligibility for tax credit opportunities for the project.9 Council could consider providing further direction to the selected developer on the breakdown of the 50% remaining studio and/or one-bedroom units, if desired. Including more studios would result in a higher overall unit count since each unit would require less square footage, however both developers noted that one-bedrooms tend to be more attractive to potential renters and easier to lease. 7 U.S. Census Bureau. "Physical Housing Characteristics for Occupied Housing Units." American Community Survey, ACS 5-Year Estimates Subject Tables, Table S2504, 2022, https://data.census.gov/table/ACSST5Y2022.S2504?g=1400000US06085511302_160XX00US0655282. Accessed on January 7, 2025. 8 U.S. Census Bureau. "Physical Housing Characteristics for Occupied Housing Units." American Community Survey, ACS 5-Year Estimates Subject Tables, Table S2504, 2022, https://data.census.gov/table/ACSST5Y2022.S2504?g=1400000US06085511302_160XX00US0655282. Accessed on January 7, 2025. 9 See page 69 for details: https://www.treasurer.ca.gov/ctcac/programreg/final.pdf Project Parameters: Maximum Building Height FISCAL/RESOURCE IMPACT NEXT STEPS STAKEHOLDER ENGAGEMENT property owners and occupants within 600 feet of the site will be part of the entitlement process for any future development of the site. ENVIRONMENTAL REVIEW ATTACHMENTS APPROVED BY: Scenario A: On‐Site Parking for Residents Only 0% Studios 42% 1‐Beds 28% 2‐Beds 30% 3‐Beds 18% Studios 29% 1‐Beds 29% 2‐Beds 24% 3‐Beds Large Families Formerly 3,900 (above only)$1.03 million thousand $77Alta Housing 44%54 790 202 27 5 60 43,000 $55.3 million $4.1 million million $10.1 million 2,700 (above & (at $889 $139MidPen Housing Large Families thousand thousand Notes: Percentages are rounded to the nearest whole number over 1,000 have been rounded to the hundreds over 10,000 have been rounded to the nearest thousands over 1,000,000 have been rounded to the nearest hundreds of thousands The preliminary average AMI level of each of the developer’s proposals are shown above; to receive a 9% Low Income Housing Tax Credit the project would be required to have a 50% AMI average across the for a 4% Low Income Housing Tax Credit the requirement is 59% AMI average across the project. Family projects are required to include at least 25% 2‐Bedroom and at least 25% 3‐Bedroom units to qualify for certain types of funding Staff assumed one person per studio unit, and two people per bedroom in each of the other unit types to estimate the total number of persons housed under the various scenarios studie Scenario B: On‐Site Parking for Residents and Replacement of Public Parking 7% Studios Large Families Formerly 32% 1‐Beds 35% 2‐Beds 26% 3‐Beds 6,000 (above‐ grade only) $1.23Alta Housing 44%57 716 210 52 7 75 41,000 $73,000 $70.1 million $4.2 millionmillion 18% Studios 1‐Beds 2‐Beds 3‐Beds 4,000 (above‐ grade only)MidPen Housing Large Families 47,000 $954,000 $155,000 $58.2 million $9.4 million Notes: Percentages are rounded to the nearest whole number over 1,000 have been rounded to the hundreds over 10,000 have been rounded to the nearest thousands over 1,000,000 have been rounded to the nearest hundreds of thousands preliminary average AMI level of each of the developer’s proposals are shown above; to receive a 9% Low Income Housing Tax Credit the project would be required to have a 50% AMI average across the for a 4% Low Income Housing Tax Credit the requirement is 59% AMI average across the project. Family projects are required to include at least 25% 2‐Bedroom and at least 25% 3‐Bedroom units to qualify for certain types of funding. Staff assumed one person per studio unit, and two people per bedroom in each of the other unit types to estimate the total number of persons housed under the various scenarios studied Scenario C: No On‐Site Parking for Residents or Replacement of Public Parking 0% StudiosLarge Families Formerly 42% 1‐Beds 30% 2‐Beds 28% 3‐Beds 17% Studios 27% 1‐Beds 31% 2‐Beds 25% 3‐Beds 3,500 (at‐ grade only)Alta Housing 44%47 716 174 0 4 50 37,000 $979,000 $88,000 $46.0 million $4.1 million $860,000 $132,000 $66.2 million $10.2 million5,000 (at‐ grade only)MidPen Housing Large Families Notes: Percentages are rounded to the nearest whole number over 1,000 have been rounded to the hundreds over 10,000 have been rounded to the nearest thousands over 1,000,000 have been rounded to the nearest hundreds of thousands preliminary average AMI level of each of the developer’s proposals are shown above; to receive a 9% Low Income Housing Tax Credit the project would be required to have a 50% AMI average across the for a 4% Low Income Housing Tax Credit the requirement is 59% AMI average across the project. Family projects are required to include at least 25% 2‐Bedroom and at least 25% 3‐Bedroom units to qualify for certain types of funding. Staff assumed one person per studio unit, and two people per bedroom in each of the other unit types to estimate the total number of persons housed under the various scenarios studied AL TAHOUSING LOT T REFINED PROPOSAL — CIT Y OF PALO ALTO OCTOBER 2024 Lot T Refined Proposal | Alta Housing | 10.29.24 COVER LETTER PAGE 03 OVERVIEW OF DEVELOPMENT OPTIONS PAGE 04 SCENARIO A ON-SITE PARKING FOR RESIDENTS ONLY PAGE 07 SCENARIO B ON-SITE RESIDENT & PUBLIC PARKING PAGE 16 SCENARIO C NO ON-SITE PARKING FOR RESIDENTS OR THE PUBLIC PAGE 26 TEAM & EXPERIENCE PAGE 35 TABLE OF CONTENTS 2 3 October 29, 2024 Julia Knight City of Palo Alto Planning and Development Services Department 250 Hamilton Avenue Palo Alto, CA 94301 Dear Ms. Knight: On behalf of Alta Housing and Pyatok Architects, we are pleased to submit our proposal in response to the City of Palo Alto’s RFP to redevelop Lot T. This site offers an exceptional opportunity to create much-needed affordable housing in a prime location in downtown Palo Alto. With its corner location and rectangular shape, we can design an efficient, light-filled building that provides ample open space for residents and is thoughtfully integrated into the surrounding mix of residential and commercial uses. Our team, in collaboration with Pyatok Architects, has conducted a thorough analysis of the three scenarios outlined in the City’s RFP. We are excited to present our development concepts, each with a distinct parking arrangement and unique financing considerations. In our proposal, we discuss how the inclusion of parking affects the construction type, costs, and financing, while also addressing the challenges associated with certain scenarios. Alta Housing is proud to call Palo Alto our home base, with 23 out of 28 properties in our portfolio located in the city. For over 50 years, we have been committed to serving this community, and our staff and Board members are deeply connected to the area. As a result, we are particularly invested in the success of projects that enhance the well-being of Palo Alto’s residents. Additionally, Alta Housing and Pyatok Architects have a proven track record of success, having collaborated on three other affordable housing developments in Palo Alto. Our past experience working together ensures a strong foundation for delivering another successful project to the City. Thank you for your consideration. We are excited about the opportunity to once again partner with the City of Palo Alto to develop Lot T. Sincerely, Randy Tsuda President & CEO, Alta Housing 3460 West Bayshore Road, Suite 104, Palo Alto, CA 94303 4 OVERVIEW OF DEVELOPMENT OPTIONS 4 5Lot T Refined Proposal | Alta Housing | 10.29.24 LOT T PROPOSED DEVELOPMENTS OVERVIEW OF DEVELOPMENT OPTIONS Lot T offers an ideal setting for affordable housing, located just one block from the vibrant downtown commercial area of Palo Alto and one block from Johnson Park, which is well-loved by the community for its community garden, playground area, and grassy field. The site is highly accessible, with Caltrain and multiple bus routes nearby, including a bus stop at the corner of Kipling Street and Lytton Avenue. The surrounding neighborhood is a mix of residential and commercial buildings, making it well-suited for a multifamily housing development. The lot is on a corner and rectangular in shape – ideal for designing a simple yet attractive building that maximizes natural light for residents. Based on data provided by the City, the 52-stall lot is currently only about half occupied at its peak time. Given its relatively low utilization rate, the redevelopment of Lot T would likely be less disruptive during construction than some of the more heavily used lots, and the potential loss of parking spaces would be less problematic. The Alta Housing and Pyatok teams were excited to explore the three development scenarios outlined in the City’s RFP. We analyzed the various scenarios with a focus on optimizing both the physical design and financial feasibility. From the analysis, we generated the following three development concepts that make the most of the site while offering varying amounts of parking as requested by the City. 1 As defined by the California Tax Credit Allocation Committee, where at least 25% of the units are two-bedroom units and 25% of the units are three-bedroom units. We note that in our response to the City’s RFI in 2023, we proposed a Large Family project for Lot T due to its location in a High Resource Opportunity Area, which made it more competitive for Low Income Housing Tax Credit (LIHTC) funding. However, in 2024, the downtown Palo Alto area between the Palo Alto/Menlo Park border and Forest Avenue was reclassified as a Moderate Resource Opportunity Area. Despite this change, we believe that continuing with a Large Family project is still a strong strategy for two reasons: 1) the designation could revert back to High Resource within the next three years, and 2) the City has expressed an interest in affordable housing for families. Therefore, we envisioned the development as a Large Family project for all three scenarios in our proposal, with equivalent amenities and service / back-of-house spaces. If selected as the developer of Lot T, we are open to revisiting this strategy and engaging in a dialogue with the City to determine the population that best aligns with the City’s housing goals and community needs. SCENARIO A ON-SITE PARKING FOR RESIDENTS SCENARIO B ON-SITE PARKING FOR RESIDENTS AND PUBLIC SCENARIO C NO ON-SITE PARKING Type of Project Large Family 1 Large Family 1 Large Family 1 Unit Mix 1-BR: 23 2-BR: 15 3-BR: 16 Total: 54 0-BR: 4 1-BR: 18 2-BR: 20 3-BR: 15 Total: 57 1-BR: 20 2-BR: 14 3-BR: 13 Total: 47 Number of Parking Stalls 27 52 0 Building Height 5 stories (4 residential stories above one level of parking) 7 stories (5 residential stories above two levels of parking) 4 stories (all residential) Total Development Cost $55.4 M ($1.03 M / unit) $70.1 M ($1.23 M / unit) $46.0 M ($979,210 / unit) 6Lot T Refined Proposal | Alta Housing | 10.29.24 In all of the scenarios, we are requesting a $4 million contribution (plus accrued and deferred construction interest) in soft financing from the City, and a nominal fee ground lease. We believe this request is reasonable, based on the City’s current Affordable Housing Funds NOFA and the annual availability of Local Housing Trust Fund (LHTF) financing from the state. We will present each development scenario in greater detail on the following pages. While we kept the unit mix and floor plans relatively consistent across the scenarios, each rendering features a different architectural style. This approach highlights how varying building heights naturally lend themselves to different styles. Additionally, we wanted to showcase the versatility of the Pyatok design team and their ability to work with a range of architectural aesthetics. If selected, we look forward to collaborating with the City and community to determine the style that best suits the site and responds to community input. All scenarios will meet or exceed Palo Alto’s Green Building Standards requirements, including meeting CalGreen Tier 2 with Reach goals. Similar to Alta and Pyatok’s Wilton Court project, 450 Lytton will meet these high sustainability standards by utilizing EV parking (in scenarios with parking), rooftop solar panels, low-flow plumbing fixtures, doubt-tolerant landscaping, and high-efficiency lighting. Additional strategies will include designing for durability (especially in high-use and high-touch areas), recycling stations throughout the building, and energy- efficient appliances. 7 ON-SITE PARKING FOR RESIDENTS ONLY SCENARIO A 7 8Lot T Refined Proposal | Alta Housing | 10.29.24 Drawing inspiration from the historic charm of downtown Palo Alto’s classic multifamily and hotel buildings, Scenario A reimagines timeless architecture with modern flair. The stone veneer and smooth cement plaster facade seamlessly integrate into the urban landscape, while a striking cantilevered crown rises above, creating a bold silhouette against the sky. The building’s elegant design follows the classic architectural structure of base, middle, and top, adding depth and sophistication to the streetscape. Located within a half-mile of the Palo Alto Transit Center, with its Caltrain station and bus hub, Lot T is ideally positioned to benefit from the reduced parking requirements for affordable housing allowed under streamlining legislation SB35 / SB423. While the legislation permits a no-parking option, this design assumes a reduced parking count, providing parking at a ratio of approximately 0.5 spaces per unit. The development team would work with the city to promote alternate modes of transportation. On the ground level, resident and property management spaces, including a teen room, along with essential back- of-house services and utility spaces, gracefully wrap around and discreetly shield the residential parking garage. Above, the C-shaped residential floors embrace sunlight from the southwest, with a lively community room and shared laundry area opening up to the podium courtyard – a vibrant outdoor space with playground equipment and seating areas. The courtyard has direct egress to Kipling Street, enhancing safety and connectivity. As you ascend to the upper floors, additional laundry lounges provide more than just convenience – they offer views of the downtown skyline and the rolling hills to the south, elevating everyday moments into scenic experiences. This design balances history and modernity, functionality, and beauty. SCENARIO A ON-SITE PARKING FOR RESIDENTS ONLY Conceptual rendering for illustrative purposes only. 9Lot T Refined Proposal | Alta Housing | 10.29.24 Project Data Building Height: 60 ft. • 55 ft. to roof structure, with 5 ft. parapet, Stair / Elevator Penthouses to 65 ft. max. Construction Type: Four (4) stories wood or light-gauge metal frame (Type V-A) over one (1) story concrete (Type I-A) Gross Building Area: 70,629 gsf Gross Leasable Area: 42,710 gsf (residential units only) Number of Residential Units by Type/Size: • 23 (42%) 1 BR 1 BA (572 average, 450 sf min per TCAC) • 15 (28%) 2 BR 1 BA (806 average, 700 sf min per TCAC) • 16 (30%) 3 BR 2 BA (1,092 average, 900 sf min per TCAC) • 54 (100%) total units (790 average) On-Site Parking: 27 total spaces • 24 standard spaces (9 ft. x 18 ft.) • 3 accessible spaces (2 accessible, 1 van accessible) On-Site Services: Resident services coordination for all households and case management services for households in Rapid Rehousing units. Amenities: • Property Management and Service offices on the ground floor • Teen Room (+/- 450 GSF) for youth aged 13-17 years old located on the ground floor with views of the street • Community Room w/ Laundry on 2nd floor (+/- 1,380 gsf) with shared kitchen, seating areas, tables, computer area, table & chair storage. Laundry to have three sets of washers and dryers • Laundry / Lounges on upper floors (+/-250 gsf each) to have at least 1 set washers and dryers as well as folding area and seating • Podium Courtyard (+/-3,900 sf) will include landscape planting, seating areas, children’s play area for ages 2-12 (600 sf min) • Bike Parking on the ground floor Target Population: Large family project with 25% of units set aside for homeless individuals and households Affordability: Twenty-seven (27) units will be for extremely- low-income households (<30% AMI). Three (3) units will be for households earning up to 50% AMI. The remaining 23 affordable units will be for households earning up to 60% AMI. SCENARIO A ON-SITE PARKING FOR RESIDENTS ONLY Conceptual rendering for illustrative purposes only. UP UP 6' - 0 " 30 ' - 0 " 21 ' - 0 " 10 ' - 0 " 22 ' - 0 " 22 ' - 0 " 1' - 6 " 26' - 0"39' - 0"19' - 0"22' - 0"23' - 0"22' - 0"10' - 0"7' - 0" 168' - 0" WASTE COLLECTION BIKES STAIR STAIR 4' - 0" 1' - 6 " 62 ' - 0 " 23 ' - 0 " 21 ' - 0 " 5' - 0 " 11 2 ' - 6 " BOH LOBBY & MAIL PARKING(27 SPACES)+/-9,700 GSF MECH./ELEC. 24 ' - 0 " VAN ACC 167' - 0"1' - 0" OFFICES TRANSFORMER MECH. MAINTENANCEROOM & MAINT. OFFICE ACC SERVICE TEEN ROOM STORAGE 3' - 0 " LY T T O N A V E . KIPLING ST. ME C H . CO R R . LANDSCAPING AREAS 2BR2BR 3BR 2BR LAUNDRY/LOUNGE ST A I R STAIR WASTE 168' - 0" 26' - 0"6' - 0"26' - 0"58' - 0"42' - 0"10' - 0" 10 ' - 6 " 26 ' - 0 " 22 ' - 0 " 22 ' - 0 " 27 ' - 0 " 5' - 0 " 26 ' - 0 " 31 ' - 0 " 10 ' - 0 " 22 ' - 0 " 22 ' - 0 " 1' - 6 " 11 2 ' - 6 " MECH. 3BR 42' - 0"42' - 0"45' - 0"22' - 0"10' - 0"7' - 0" 1BR 2BR 31' - 0"22' - 0" 1 BR3BR 1BR 1 BR 3BR 1 BR 1BR 18 ' - 0 " 15' - 0" 2BR 2BR 3BR COMMUNITY ROOM / LAUNDRY ST A I R STAIR WASTE 168' - 0" 26' - 0"6' - 0"26' - 0"58' - 0"42' - 0"10' - 0" 10 ' - 6 " 26 ' - 0 " 22 ' - 0 " 22 ' - 0 " 27 ' - 0 " 5' - 0 " 26 ' - 0 " 31 ' - 0 " 10 ' - 0 " 22 ' - 0 " 22 ' - 0 " 1' - 6 " 11 2 ' - 6 " MECH. 15' - 0"53' - 0" PODIUM OPEN SPACE - LEVEL 2(+/- 3,390 Usable GSF)Landscape planting areas, seating areas, children's play space 3 BR 3BR 42' - 0"42' - 0"45' - 0"22' - 0"10' - 0"6' - 0"1' - 0" 1BR 2BR 1 BR3BR 1BR 1BR PODIUM EGRESS 1BR 18 ' - 0 " 10 / 2 8 / 2 0 2 4 1 0 : 3 9 : 4 5 A M SC E N A R I O A Alta Housing 0000 Author Checker xx/xx/xxxx Parcel T Site Study T0.01 45 0 L y t t o n A v e . ( P a r c e l T ) Pa l o A l t o , C A 9 4 3 0 1 Sobrato Center for NonProfits Palo Alto, CA Parcel T450 Lytton Avenue APN: 120-15-100Site Area: 19,236 sf Podium 4,478 GSFUsable Open Space (Courtyard):3,390 GSF(62 sf/unit) UNIT MIX:Total Units -54 (790 gsf average) 1 BR (572 GSF) 23 (42%)2 BR (806 GSF)15 (28%) 3 BR (1,092 GSF)16 (30%) GROSS BUILDING AREA (GSF) - BY FLOOR Name Floor Area LEVEL 1 Amenity 3,191 SF Circulation - Horiz.963 SF Circulation - Vertical 630 SF Service 12,822 SF 17,606 SF LEVEL 2 Circulation - Horiz.825 SF Circulation - Vertical 630 SF Residential 9,644 SF 11,099 SF LEVEL 3 Amenity 255 SF Circulation - Horiz.1,627 SF Circulation - Vertical 630 SF Residential 11,022 SF Service 231 SF 13,765 SF LEVEL 4 Amenity 255 SF Circulation - Horiz.1,627 SF Circulation - Vertical 630 SF Residential 11,022 SF Service 231 SF 13,765 SF LEVEL 5 Amenity 255 SF Circulation - Horiz.1,627 SF Circulation - Vertical 630 SF Residential 11,022 SF Service 231 SF 13,765 SF ROOF Circulation - Vertical 630 SF 630 SF Total Building Area:70,629 SF 1BR2BR3BR 534 644 231516 L2 L3 L4 L5 Total 12 14 14 14 54 64 4 64 4 PARKING MIX:Total Spaces: 27 (all EV installed or ready) = 0.5 space/unit24 Standard Spaces3 Accessible Spaces (2ACC, 1 Van ACC) LOT COVERAGE: 18,379 SF / 19,236 SF =95%FAR: Floor Area (70,189 SF) / Lot Area (19,236 SF) =3.65 Upper Levels (3-5) Podium Level (2) Ground Floor (1) UP UP 6' - 0 " 30 ' - 0 " 21 ' - 0 " 10 ' - 0 " 22 ' - 0 " 22 ' - 0 " 1' - 6 " 26' - 0"39' - 0"19' - 0"22' - 0"23' - 0"22' - 0"10' - 0"7' - 0" 168' - 0" WASTE COLLECTION BIKES STAIR STAIR 4' - 0" 1' - 6 " 62 ' - 0 " 23 ' - 0 " 21 ' - 0 " 5' - 0 " 11 2 ' - 6 " BOH LOBBY & MAIL PARKING(27 SPACES)+/-9,700 GSF MECH./ELEC. 24 ' - 0 " VAN ACC 167' - 0"1' - 0" OFFICES TRANSFORMER MECH. MAINTENANCEROOM & MAINT. OFFICE ACC SERVICE TEEN ROOM STORAGE 3' - 0 " LY T T O N A V E . KIPLING ST. ME C H . CO R R . LANDSCAPING AREAS 2BR2BR 3BR 2BR LAUNDRY/LOUNGE ST A I R STAIR WASTE 168' - 0" 26' - 0"6' - 0"26' - 0"58' - 0"42' - 0"10' - 0" 10 ' - 6 " 26 ' - 0 " 22 ' - 0 " 22 ' - 0 " 27 ' - 0 " 5' - 0 " 26 ' - 0 " 31 ' - 0 " 10 ' - 0 " 22 ' - 0 " 22 ' - 0 " 1' - 6 " 11 2 ' - 6 " MECH. 3BR 42' - 0"42' - 0"45' - 0"22' - 0"10' - 0"7' - 0" 1BR 2BR 31' - 0"22' - 0" 1 BR3BR 1BR 1 BR 3BR 1 BR 1BR 18 ' - 0 " 15' - 0" KIPLING ST. LYTTON AVE. LEVEL 1 +0' - 0" LEVEL 3+25' - 0" LEVEL 4+35' - 0" LEVEL 5+45' - 0" ROOF+55' - 0" T.O. PARAPET+60' - 0" LEVEL 2+13' - 0" 13 ' - 0 " 42 ' - 0 " 55 ' - 0 " ST A I R STAIR WASTE 168' - 0" 26' - 0"6' - 0"26' - 0"58' - 0"42' - 0"10' - 0" 10 ' - 6 " 26 ' - 0 " 22 ' - 0 " 22 ' - 0 " 27 ' - 0 " 5' - 0 " 26 ' - 0 " 31 ' - 0 " 10 ' - 0 " 22 ' - 0 " 22 ' - 0 " 1' - 6 " 11 2 ' - 6 " MECH. 15' - 0"53' - 0" PODIUM OPEN SPACE - LEVEL 2(+/- 3,390 Usable GSF)Landscape planting areas, seating areas, children's play space 3 BR 3BR 42' - 0"42' - 0"45' - 0"22' - 0"10' - 0"6' - 0"1' - 0" 1BR 2BR 1 BR3BR 1BR 1BR PODIUM EGRESS 1BR 18 ' - 0 " © 2019 PYATOK ARCHITECTURE & URBAN DESIGN REVISION SCHEDULE NO. ISSUE DATE STAMP: SHEET: DRAWN BY: CHECKED BY: ISSUE DATE: SCALE: TITLE: JOB NUMBER: PRELIMINARY - Not for Construction - 1611 TELEGRAPH AVE. SUITE 200OAKLAND, CA 94612T. 510.465.7010 | F. 510.465.8575www.pyatok.com 1/16" = 1'-0" 10 / 2 8 / 2 0 2 4 1 0 : 3 9 : 4 5 A M SC E N A R I O A Alta Housing 0000 Author Checker xx/xx/xxxx Parcel T Site Study T0.01 45 0 L y t t o n A v e . ( P a r c e l T ) Pa l o A l t o , C A 9 4 3 0 1 Sobrato Center for NonProfits Palo Alto, CA Parcel T 450 Lytton Avenue APN: 120-15-100 Site Area: 19,236 sf Podium 4,478 GSFUsable Open Space (Courtyard):3,390 GSF(62 sf/unit) UNIT MIX:Total Units -54 (790 gsf average) 1 BR (572 GSF) 23 (42%)2 BR (806 GSF)15 (28%) 3 BR (1,092 GSF)16 (30%) GROSS BUILDING AREA (GSF) - BY FLOOR Name Floor Area LEVEL 1 Amenity 3,191 SF Circulation - Horiz.963 SF Circulation - Vertical 630 SF Service 12,822 SF 17,606 SF LEVEL 2 Circulation - Horiz.825 SF Circulation - Vertical 630 SF Residential 9,644 SF 11,099 SF LEVEL 3 Amenity 255 SF Circulation - Horiz.1,627 SF Circulation - Vertical 630 SF Residential 11,022 SF Service 231 SF 13,765 SF LEVEL 4 Amenity 255 SF Circulation - Horiz.1,627 SF Circulation - Vertical 630 SF Residential 11,022 SF Service 231 SF 13,765 SF LEVEL 5 Amenity 255 SF Circulation - Horiz.1,627 SF Circulation - Vertical 630 SF Residential 11,022 SF Service 231 SF 13,765 SF ROOF Circulation - Vertical 630 SF 630 SF Total Building Area:70,629 SF 1BR2BR3BR 534 644 231516 L2 L3 L4 L5 Total 12 14 14 14 54 644 644 PARKING MIX:Total Spaces: 27 (all EV installed or ready) = 0.5 space/unit24 Standard Spaces3 Accessible Spaces (2ACC, 1 Van ACC) LOT COVERAGE: 18,379 SF / 19,236 SF =95%FAR: Floor Area (70,189 SF) / Lot Area (19,236 SF) =3.65 STAIR STAIR 4' - 0" 1' - 6 " 62 ' - 0 " 23 ' - 0 " 21 ' - 0 " 5' - 0 " 11 2 ' - 6 " BOH LOBBY & MAIL PARKING(27 SPACES)+/-9,700 GSF MECH./ELEC. 24 ' - 0 " VAN ACC 167' - 0"1' - 0" OFFICES TRANSFORMER MECH. MAINTENANCEROOM & MAINT. OFFICE ACC SERVICE TEEN ROOM STORAGE 3' - 0 " LY T T O N A V E . KIPLING ST. ME C H . CO R R . LANDSCAPING AREAS 2BR2BR 3BR 2BR LAUNDRY/LOUNGE ST A I R STAIR WASTE 168' - 0" 26' - 0"6' - 0"26' - 0"58' - 0"42' - 0"10' - 0" 10 ' - 6 " 26 ' - 0 " 22 ' - 0 " 22 ' - 0 " 27 ' - 0 " 5' - 0 " 26 ' - 0 " 31 ' - 0 " 10 ' - 0 " 22 ' - 0 " 1' - 6 " ST A I R STAIR WASTE 168' - 0" 26' - 0"6' - 0"26' - 0"58' - 0"42' - 0"10' - 0" 10 ' - 6 " 26 ' - 0 " 22 ' - 0 " 22 ' - 0 " 27 ' - 0 " 5' - 0 " 26 ' - 0 " 31 ' - 0 " 10 ' - 0 " 22 ' - 0 " 22 ' - 0 " 1' - 6 " 11 2 ' - 6 " 10 / 2 8 / 2 0 2 4 1 0 : 3 9 : 4 5 A M SC E N A R I O A Alta Housing 0000 Author Checker xx/xx/xxxx Parcel T Site Study T0.01 45 0 L y t t o n A v e . ( P a r c e l T ) Pa l o A l t o , C A 9 4 3 0 1 Sobrato Center for NonProfits Palo Alto, CA Parcel T 450 Lytton Avenue APN: 120-15-100 Site Area: 19,236 sf Podium 4,478 GSFUsable Open Space (Courtyard):3,390 GSF(62 sf/unit) UNIT MIX:Total Units -54 (790 gsf average) 1 BR (572 GSF) 23 (42%)2 BR (806 GSF)15 (28%) 3 BR (1,092 GSF)16 (30%) GROSS BUILDING AREA (GSF) - BY FLOOR Name Floor Area LEVEL 1 Amenity 3,191 SF Circulation - Horiz.963 SF Circulation - Vertical 630 SF Service 12,822 SF 17,606 SF LEVEL 2 Circulation - Horiz.825 SF Circulation - Vertical 630 SF Residential 9,644 SF 11,099 SF LEVEL 3 Amenity 255 SF Circulation - Horiz.1,627 SF Circulation - Vertical 630 SF Residential 11,022 SF Service 231 SF 13,765 SF LEVEL 4 Amenity 255 SF Circulation - Horiz.1,627 SF Circulation - Vertical 630 SF Residential 11,022 SF Service 231 SF 13,765 SF LEVEL 5 Amenity 255 SF Circulation - Horiz.1,627 SF Circulation - Vertical 630 SF Residential 11,022 SF Service 231 SF 13,765 SF ROOF Circulation - Vertical 630 SF 630 SF Total Building Area:70,629 SF 1BR2BR3BR 534 644 231516 L2 L3 L4 L5 Total 12 14 14 14 54 644 644 PARKING MIX:Total Spaces: 27 (all EV installed or ready) = 0.5 space/unit24 Standard Spaces3 Accessible Spaces (2ACC, 1 Van ACC) LOT COVERAGE: 18,379 SF / 19,236 SF =95%FAR: Floor Area (70,189 SF) / Lot Area (19,236 SF) =3.65 STAIR STAIR 4' - 0" 1' - 6 " 62 ' - 0 " 23 ' - 0 " 21 ' - 0 " 5' - 0 " 11 2 ' - 6 " BOH LOBBY & MAIL PARKING(27 SPACES)+/-9,700 GSF MECH./ELEC. 24 ' - 0 " VAN ACC 167' - 0"1' - 0" OFFICES TRANSFORMER MECH. MAINTENANCEROOM & MAINT. OFFICE ACC SERVICE TEEN ROOM STORAGE 3' - 0 " LY T T O N A V E . KIPLING ST. ME C H . CO R R . LANDSCAPING AREAS 2BR2BR 3BR 2BR LAUNDRY/LOUNGE ST A I R STAIR WASTE 168' - 0" 26' - 0"6' - 0"26' - 0"58' - 0"42' - 0"10' - 0" 10 ' - 6 " 26 ' - 0 " 22 ' - 0 " 22 ' - 0 " 27 ' - 0 " 5' - 0 " 26 ' - 0 " 31 ' - 0 " 10 ' - 0 " 22 ' - 0 " 22 ' - 0 " 1' - 6 " 11 2 ' - 6 " MECH. 3BR 42' - 0"42' - 0"45' - 0"22' - 0"10' - 0"7' - 0" 1BR 2BR 31' - 0"22' - 0" 1 BR3BR 1BR 1 BR 3BR 1 BR 1BR 18 ' - 0 " 15' - 0" KIPLING ST. LYTTON AVE. ST A I R STAIR WASTE 168' - 0" 26' - 0"6' - 0"26' - 0"58' - 0"42' - 0"10' - 0" 10 ' - 6 " 26 ' - 0 " 22 ' - 0 " 22 ' - 0 " 27 ' - 0 " 5' - 0 " 26 ' - 0 " 31 ' - 0 " 10 ' - 0 " 22 ' - 0 " 22 ' - 0 " 1' - 6 " 11 2 ' - 6 " MECH. 15' - 0"53' - 0" PODIUM OPEN SPACE - LEVEL 2(+/- 3,390 Usable GSF)Landscape planting areas, seating areas, children's play space 3 BR 3BR 42' - 0"42' - 0"45' - 0"22' - 0"10' - 0"6' - 0"1' - 0" 1BR 2BR 1 BR3BR 1BR 1BR PODIUM EGRESS 1BR 18 ' - 0 " © 2019 PYATOK ARCHITECTURE & URBAN DESIGN REVISION SCHEDULE NO. ISSUE DATE STAMP: SHEET: DRAWN BY: CHECKED BY: ISSUE DATE: SCALE: TITLE: JOB NUMBER: PRELIMINARY - Not for Construction - 1611 TELEGRAPH AVE. SUITE 200OAKLAND, CA 94612T. 510.465.7010 | F. 510.465.8575www.pyatok.com 1/16" = 1'-0" 10 / 2 8 / 2 0 2 4 1 0 : 3 9 : 4 5 A M SC E N A R I O A Alta Housing 0000 Author Checker xx/xx/xxxx Parcel T Site Study T0.01 45 0 L y t t o n A v e . ( P a r c e l T ) Pa l o A l t o , C A 9 4 3 0 1 Sobrato Center for NonProfits Palo Alto, CA Parcel T450 Lytton AvenueAPN: 120-15-100 Site Area: 19,236 sf Podium 4,478 GSFUsable Open Space (Courtyard):3,390 GSF(62 sf/unit) UNIT MIX:Total Units -54 (790 gsf average) 1 BR (572 GSF) 23 (42%)2 BR (806 GSF)15 (28%) 3 BR (1,092 GSF)16 (30%) GROSS BUILDING AREA (GSF) - BY FLOOR Name Floor Area LEVEL 1 Amenity 3,191 SF Circulation - Horiz.963 SF Circulation - Vertical 630 SF Service 12,822 SF 17,606 SF LEVEL 2 Circulation - Horiz.825 SF Circulation - Vertical 630 SF Residential 9,644 SF 11,099 SF LEVEL 3 Amenity 255 SF Circulation - Horiz.1,627 SF Circulation - Vertical 630 SF Residential 11,022 SF Service 231 SF 13,765 SF LEVEL 4 Amenity 255 SF Circulation - Horiz.1,627 SF Circulation - Vertical 630 SF Residential 11,022 SF Service 231 SF 13,765 SF LEVEL 5 Amenity 255 SF Circulation - Horiz.1,627 SF Circulation - Vertical 630 SF Residential 11,022 SF Service 231 SF 13,765 SF ROOF Circulation - Vertical 630 SF 630 SF Total Building Area:70,629 SF 1BR2BR3BR 534 644 231516 L2 L3 L4 L5 Total 12 14 14 14 54 644 644 PARKING MIX:Total Spaces: 27 (all EV installed or ready) = 0.5 space/unit24 Standard Spaces3 Accessible Spaces (2ACC, 1 Van ACC) LOT COVERAGE: 18,379 SF / 19,236 SF =95%FAR: Floor Area (70,189 SF) / Lot Area (19,236 SF) =3.65 Kipling Street (North) 3D Axon — Courtyard 3D Axon — Street 10Lot T Refined Proposal | Alta Housing | 10.29.24 SCENARIO A ON-SITE PARKING FOR RESIDENTS ONLY 11Lot T Refined Proposal | Alta Housing | 10.29.24 Unit Mix Schedule SCENARIO A FINANCIAL PROFORMA In Scenario A, we propose a unit mix that includes 14 Rapid Rehousing (RRH) units (25% of the total units), which are targeted towards the episodically homeless population. Additionally, we plan to assist 13 households at 30% AMI and 3 households at 50% AMI using Section 8 Project-Based Vouchers (PBVs). Although the typical maximum percentage of PBVs per project is 25%, this project qualifies for an exception due to its location in a census tract with a poverty rate below 20%. Our recommendation to include PBVs for a few 50% AMI units stems from a request made by the Santa Clara County Office of Supportive Housing at another Alta Housing project. They noted that some households with multiple wage earners were unable to qualify for 30% AMI units because their combined incomes slightly exceeded the threshold. As a result, they requested the availability of PBVs for households earning 50% AMI. Due to the $2,500,000 annual tax credit cap for 9% LIHTC projects, Scenario A is best suited for financing through 4% LIHTCs. In addition to LIHTC equity, we are considering funding sources such as the CA Department of Housing and Community Development (CA HCD), the City of Palo Alto, and State Tax Credits. Our proposed unit mix aligns with the Santa Clara County Office of Supportive Housing’s Project Types, making it eligible for County / BAHFA funding if that source becomes available in the coming years. This would allow us to potentially replace or supplement the other soft funding sources. The estimated total development cost of Scenario A is $55.4 million. UNIT SIZE NO. UNITS % AMI RRH UNITS FAMILY PBV BASE RENT SUBSIDY INCOME 1 BR 10 30%10 114,960 114,960 2 BR 8 30%2 6 109,248 135,936 245,184 3 BR 9 30%2 7 140,616 216,216 356,832 3 BR 3 50%3 81,396 58,140 139,536 1 BR 13 60%311,220 311,220 2 BR 6 60%171,504 171,504 3 BR 4 60%131,520 131,520 2 BR 1 Mgr Unit 0 TOTAL 54 44.2%14 16 1,060,464 410,292 1,470.756 12Lot T Refined Proposal | Alta Housing | 10.29.24 Permanent Sources of Financing Construction Sources Uses SCENARIO A SOURCE AMOUNT PER UNIT INTEREST TERM-YRS DCR Permanent Loan 7,286,678 134,938 7.25%35 1.15 CA HCD MHP 13,500,000 250,000 3%55 City of Palo Alto 4,140,000 76,667 3%55 Equity from LIHTC (Federal & State)30,461,526 564,102 Total Sources 55,388,204 1,025,707 SOURCE AMOUNT PER UNIT INTEREST TERM-MOS Tax Exempt Construction Loan 27,859,000 515,907 7.75%28 Taxable Construction Loan 17,774,809 329,163 8.00%28 City of Palo Alto 4,140,000 76,667 3%28 Costs Deferred until Perm Closing 2,568,241 47,560 Equity from LIHTC 3,046,154 56,410 Total Sources 55,388,204 1,025,707 USE AMOUNT PER UNIT Hard Costs 39,074,434 723,601 Design & Engineering 2,139,801 39,626 Development Impact & Permit Fees 986,205 18,263 Insurance During Construction 1,289,456 23,879 Developer Fee 2,500,000 46,296 Other Soft Costs 2,088,890 38,683 Financing Costs 7,309,417 135,360 Total Development Cost 55,388,204 1,205.707 13Lot T Refined Proposal | Alta Housing | 10.29.24 Cash Flow Analysis SCENARIO A YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YR 11 YR 12 YR 13 YR 14 YR 15 Gross Potential Income Gross TCAC Rent 1,060,464 1,086,976 1,114,150 1,142,004 1,170,554 1,199,818 1,229,813 1,260,558 1,292,072 1,324,374 1,357,484 1,391,421 1,426,206 1,461,861 1,498,408 Section 8 Incremental Income 410,292 420,549 431,063 441,840 452,886 464,208 475,813 487,708 499,901 512,398 525,208 538,339 551,797 565,592 579,732 Miscellaneous Income 6,750 6,919 7,092 7,269 7,451 7,637 7,828 8,024 8,224 8,430 8,641 8,857 9,078 9,305 9,538 Less Vacancy/Loss - TCAC Rents (53,023)(54,349)(55,707)(57,100)(58,528)(59,991)(61,491)(63,028)(64,604)(66,219)(67,874)(69,571)(71,310)(73,093)(74,920) Less Vacancy/Loss - Sec 8 Incr (20,515)(21,027)(21,553)(22,092)(22,644)(23,210)(23,791)(24,385)(24,995)(25,620)(26,260)(26,917)(27,590)(28,280)(28,987) Effective Gross Income 1,403,968 1,439,067 1,475,044 1,511,920 1,549,718 1,588,461 1,628,173 1,668,877 1,710,599 1,753,364 1,797,198 1,842,128 1,888,181 1,935,386 1,983,770 Less Operating Expenses (648,000)(670,680)(694,154)(718,449)(743,595)(769,621)(796,557)(824,437)(853,292)(883,157)(914,068)(946,060)(979,172)(1,013,444)(1,048,914) Less Replacement Reserve (27,000)(27,000)(27,000)(27,000)(27,000)(27,000)(27,000)(27,000)(27,000)(27,000)(27,000)(27,000)(27,000)(27,000)(27,000) Less HCD Annual Fee 0.42%(56,700)(56,700)(56,700)(56,700)(56,700)(56,700)(56,700)(56,700)(56,700)(56,700)(56,700)(56,700)(56,700)(56,700)(56,700) Less City Annual Fee 125 (12,150)(12,150)(12,150)(12,150)(12,150)(12,150)(12,150)(12,150)(12,150)(12,150)(12,150)(12,150)(12,150)(12,150)(12,150) Net Operating Income 660,118 672,537 685,040 697,621 710,273 722,990 735,765 748,590 761,457 774,356 787,280 800,218 813,159 826,092 839,006 Less Debt Service (574,016)(574,016)(574,016)(574,016)(574,016)(574,016)(574,016)(574,016)(574,016)(574,016)(574,016)(574,016)(574,016)(574,016)(574,016) Less Issuer Fee 4,000 (4,000)(4,000)(4,000)(4,000)(4,000)(4,000)(4,000)(4,000)(4,000)(4,000)(4,000)(4,000)(4,000)(4,000)(4,000) Net Cash Flow, First Cut 82,102 94,522 107,024 119,605 132,257 144,975 157,749 170,574 183,441 196,341 209,264 222,202 235,143 248,076 260,990 Debt Coverage Ratio 1.15 1.17 1.19 1.22 1.24 1.26 1.28 1.30 1.33 1.35 1.37 1.39 1.42 1.44 1.46 Less Ptrship Mgmt Fee - LP 7,500 (7,500)(7,725)(7,957)(8,195)(8,441)(8,695)(8,955)(9,224)(9,501)(9,786)(10,079)(10,382)(10,693)(11,014)(11,344) Less Ptrship Mgmt Fee - GP 19,500 (19,500)(20,085)(20,688)(21,308)(21,947)(22,606)(23,284)(23,983)(24,702)(25,443)(26,206)(26,993)(27,802)(28,636)(29,495) Net Cash Flow, 2nd Cut 55,102 66,712 78,380 90,102 101,869 113,674 125,510 137,368 149,238 161,112 172,978 184,827 196,647 208,426 220,151 Deferred Fee/Incentive Mgmt Fee 33%(18,349)(22,215)(26,101)(30,004)(33,922)(37,854)(41,795)(45,743)(49,696)(53,650)(57,602)(61,548)(65,484)(69,406)(73,310) Cash Distribution CA HCD 13,500,000 77.1%(28,353)(34,326)(40,330)(46,361)(52,416)(58,490)(64,580)(70,682)(76,789)(82,899)(89,005)(95,102)(101,183)(107,244)(113,277) City 4,000,000 22.9%(8,401)(10,171)(11,950)(13,737)(15,531)(17,330)(19,135)(20,943)(22,752)(24,563)(26,372)(28,178)(29,980)(31,776)(33,564) 17,500,000 100.0% Remaining Cash Flow (0)0 0 (0)(0)(0)(0)0 (0)(0)(0)(0)(0)0 (0) 14Lot T Refined Proposal | Alta Housing | 10.29.24 SCENARIO A EVALUATION OF SCENARIO & IMPACT OF ON-SITE PARKING To optimize cost efficiency while still providing parking on-site for residents, we limited parking to a single parking level at grade. Adding an underground or elevated parking level would significantly increase the cost of construction. We also opted not to use stackers, given both their high cost and concerns from our Property Management team about their reliability and long-term maintenance. Similarly, to maintain cost efficiency in the residential portion, we limited the building height to four (4) stories of residential over the parking and mixed-use level, the maximum allowed under Type V-A construction. Given the above constraints, we were able to accommodate 54 family units and 27 parking stalls on Lot T, achieving the 0.5 parking ratio. Under CA Tax Credit Allocation Committee (CTCAC) regulations, parking costs must be included in a resident’s rent and cannot be charged separately (i.e., decoupled). Scenario A follows a fairly typical LIHTC project structure, both in terms of physical design and financial sources. Compared to the other two scenarios, we consider it the second most feasible. The key risks include 1) assuming the maximum allocation of $250,000 per unit from CA HCD funding, and 2) relying on state tax credits, which are highly competitive. We can mitigate these risks by pursuing additional funding sources such as Federal Home Loan Bank AHP or Apple funding. CITY CONTRIBUTION In Scenario A, we are requesting a $4 million soft loan from the City of Palo Alto, to be made available during construction. We anticipate that the interest can accrue and be deferred over the 20-month construction period, and be rolled into the permanent loan at conversion. Additionally, we are requesting a ground lease at a nominal rate of $1 per year. This nominal ground lease would be considered a contribution by the City. Based on an appraisal conducted by Colliers, we estimate the land’s value to be $7 million. We will also take advantage of the City’s development impact fee exemptions for affordable housing, which include the Housing Impact Fee, Community Facilities Impact Fee, Parking and Transportation Impact Fees, Public Art Fee and Parkland Dedication. Fee waivers that are not mandated by federal or state law will be considered local contributions. These contributions from the City are considered “leveraged soft sources” and will be critical when we apply for tax credits since they increase the competitiveness of our application. 15Lot T Refined Proposal | Alta Housing | 10.29.24 PROJECT MILESTONE ESTIMATED DATE City selects development partner December 2024 Negotiate & enter into ENA & DDA December 2025 Community engagement - Listening sessions January 2026 Community engagement - Presentation of concept March 2026 Due diligence (Phase I/II, Geotech, Arborist, Surveys, etc.)Jan 2026 - Jun 2026 DESIGN Conceptual Design February 2026 Schematic Design Mar 2026 - Jul 2026 | (4 mo) Design Development Drawings Feb 2027 - Jul 2027 | (5 mo) Construction Drawings to 75% completion (permit set)Sep 2027 - Feb 2028 | (5 mo) Value engineering / 100% Construction Drawings February 2029 ENTITLEMENTS Submit SB423/SB330 Notice of Intent to City of Palo Alto March 2026 Submit SB423 application August 2026 City issues determination whether the project meets the City’s objective standards October 2026 (60 days) City grants ministerial approval Nov 2026 | (90 days) Submit building permit application March 2028 Receive building permit ready letter Jan 2029 | (10 months) FINANCING Apply for City of Palo Alto funding October 2026 Apply for CA HCD funding April 2027 (award Fall 2027) Apply for LIHTC/TEB August 2028 (award Dec 2028) Close on construction financing April 2029 CONSTRUCTION GC bids project Oct 2028 - Jan 2029 | (3 mo) Enter into construction contract March 2029 Start construction April 2029 Complete construction Dec 2030 | (20 mo) LEASE-UP/OCCUPANCY Begin marketing December 2029 Begin lease-up process June 2030 100% occupancy Feb 2031 | (3 mo) SCENARIO A PROJECT SCHEDULE The following project schedule is based on the timing outlined in the City’s RFP for developer selection and negotiation of the ENA and DDA. It also reflects the current list of financing sources. The project schedule may be affected if we need to add or replace funding sources. 16 ON-SITE RESIDENT & PUBLIC PARKING SCENARIO B 16 17Lot T Refined Proposal | Alta Housing | 10.29.24 SCENARIO B PARKING FOR RESIDENTS & REPLACEMENT OF PUBLIC PARKING SPACES Rising seven stories on the edge of Palo Alto’s vibrant downtown, this all-concrete building blends sustainability, community, and modern convenience into an inspiring, family-centered environment. Approaching the lobby entrance on Kipling Street, residents and visitors are greeted by a stylish entry canopy that shelters an inviting seating area, offering a place to rest or gather. The surrounding streetscape is further enhanced by sidewalk improvements and thoughtful landscaping, creating a pedestrian-friendly environment that ties the development into the community. Upon entering the two- story lobby, residents and visitors encounter a spacious and welcoming entrance that sets the tone for the thoughtfully designed spaces throughout the building. The ground floor features a public parking garage, entered from Lytton Avenue, with pedestrian-friendly access points on both Lytton and Kipling – an ideal setup for ease of movement through the neighborhood. The second floor offers additional parking with the garage accessed via a ramp from Lytton Avenue. The property management office on the ground floor provides peace of mind, offering responsive on-site support. The heart of the community begins on the third floor, where a communal space opens onto a beautifully landscaped podium courtyard. Here, families can relax in seating areas surrounded by lush greenery, while children aged 2-12 enjoy a dedicated play area designed for exploration and fun. The adjacent community room and laundry room serve as social hubs, promoting connection among residents, with every detail enhancing daily life. Teenagers have their own retreat on the second floor, giving them a space to relax, socialize, and grow. The residential floors offer a diverse mix of studio, one-, two-, and three-bedroom apartments, catering to a wide range of family sizes. With laundry and lounge rooms conveniently placed on each upper floor, residents can experience the comfort of modern living. Large windows offer city and hill views, while carefully curated design elements create warm, welcoming interiors. The building’s exterior is thoughtfully clad in panelized veneer brick or siding – a durable, low-maintenance, and economical material that ensures both beauty and long-term resilience. Its clean lines, combined with aluminum frame windows, give Scenario B a modern yet timeless appeal. The aluminum-framed windows not only maximize natural light in each unit but also contribute to a sleek, contemporary aesthetic. On the upper two floors, strategic setbacks reduce the perceived height of the building, creating a more human scale and blending harmoniously with the surrounding neighborhood. Additionally, bay window projections further enhance this relationship by echoing the architectural rhythm of nearby buildings, making Scenario B a natural extension of the urban fabric. Conceptual rendering for illustrative purposes only. 18Lot T Refined Proposal | Alta Housing | 10.29.24 SCENARIO B PARKING FOR RESIDENTS & REPLACEMENT OF PUBLIC PARKING SPACES Project Data Building Height: 75 ft. • 70 ft. to roof structure, plus 5 ft. parapet, Stair / Elevator Penthouses to 80 ft max. • Setback on the 6th & 7th floors, 3 feet on both Kipling and Lytton frontages Construction Type: Seven (7) stories concrete (Type I-A) Gross Building Area: 88,066 gsf Gross Leasable Area: 40,830 gsf (residential units only) Number of Residential Units by Type/Size: • 4 (7%) Studio / 1 BA (416 average, no min per TCAC) • 18 (32%) 1 BR 1 BA (572 average, 450 sf min per TCAC) • 20 (35%) 2 BR 1 BA (806 average, 700 sf min per TCAC) • 15 (26%) 3 BR 2 BA (1,092 average, 900 sf min per TCAC) • 57 (100%) total units (716 average) On-Site Parking: Two levels of parking with separate entrances, both entered from Lytton Ave. Level 1: Public Parking • 23 standard spaces (9 ft. x 18 ft.) • 3 accessible spaces • 26 total spaces Level 2: Public Parking or Residents-Only (0.45 spaces per unit) • 23 standard spaces (9 ft. x 18 ft.) • 3 accessible spaces (2 accessible, 1 van accessible) • 26 total spaces On-Site Services: Resident services coordination for all households and case management services for households in Rapid Rehousing units. Amenities: • Property Management offices and Resident Lobby with Mail on ground floor • Bike Storage on ground floor • Second Floor Teen Room (+/-525 gsf) for youth aged 13-17 • Service Coordinator offices on 2nd floor • Maintenance office and supplemental resident storage on the 2nd floor • Community Room w/ Laundry on 3rd floor (+/-1,850 gsf) with shared kitchen, seating areas, tables, computer area, and table and chair storage. Laundry to have three sets of washers and dryers • Laundry / Lounges on upper floors (+/-250 gsf each) to have at least one set washers and dryers as well as folding area and seating • Podium Courtyard will include landscape planting, seating areas, and children’s play area for ages 2-12 (600 sf min) Target Population: Large family project with 25% of units set aside for homeless individuals and households Affordability: Twenty-nine (29) units will be for extremely- low-income households (<30% AMI). Four (4) units will be for households earning up to 50% AMI. The remaining 23 affordable units will be for households earning up to 60% AMI. Conceptual rendering for illustrative purposes only. 6' - 0 " 20 ' - 0 " 10 ' - 0 " 8' - 6 " 24 ' - 0 " 8' - 6 " 10 ' - 0 " 24 ' - 0 " 1' - 6 " 20' - 0"40' - 0"24' - 0"22' - 0"25' - 0"20' - 0"10' - 0"7' - 0" 168' - 0" BIKES 168' - 0" STAIR ST A I R 11 2 ' - 6 " LOBBY & MAIL 11 2 ' - 6 " PARKING FOR PUBLIC(26 SPACES)+/-10,110 GSF MECH./ELEC.PROPERTY MANAGEMENT OFFICES TRANSFORMER MECH. SPEED RAMP WASTE VAN ACCACC 12.0%6.0% 24 ' - 0 " MECH./ELEC.STORAGE PUBLIC PARKING ENTRY RESIDENTPARKING ENTRY 3' - 0"74' - 0"30' - 0"59' - 0"2' - 0" LY T T O N A V E . KIPLING ST. ACC PEDESTRIAN EXIT FROM PUBLIC GARAGE 1' - 6 " 19 ' - 0 " 71 ' - 0 " 17 ' - 0 " 4' - 0 " PEDESTRIAN EXIT FROM PUBLIC GARAGE 2BR ST A I R STAIR WASTE 1' - 6 " 53 ' - 0 " 54 ' - 0 " 4' - 0 " 11 2 ' - 6 " 3BR 3BR CO M M U N I T Y R O O M PODIUM OPEN SPACE - LEVEL 3(+/- 6,000 gsf) 1 BR 1 BR 2 BR2 BR 2 BR 3BR 1' - 6 " 24 ' - 0 " 10 ' - 0 " 31 ' - 0 " 20 ' - 0 " 26 ' - 0 " 26' - 0"6' - 0"26' - 0"108' - 0"2' - 0" 168' - 0" 42' - 0"42' - 0"45' - 0"22' - 0"10' - 0"7' - 0" 10' - 0"31' - 0"31' - 0"31' - 0"5' - 0" LAUNDRY ME C H . 1 BR (L4-L7) STUDIO (L4-L7) LOBBY ST A I R STAIR 1' - 6 " 10 7 ' - 0 " 4' - 0 " 11 2 ' - 6 " 7' - 0" SERVICE COORDINATOR OFFICES PARKING FOR RESIDENTS(26 SPACES) VANACC ACC OPEN TO BELOW LOADING 20' - 0"0"34' - 0"30' - 0"67' - 0"10' - 0" 1' - 6 " 24 ' - 0 " 10 ' - 0 " 31 ' - 0 " 0" 10 ' - 0 " 30 ' - 0 " 6' - 0 " 94' - 0"59' - 0" 2' - 0" TEEN ROOM 3' - 0 " MOTORCYCLE PARKING 6' - 0" 7' - 0" 2' - 0" 12.0%6.0% MAINTENANCE OFFICE & RESIDENT STORAGE 24 ' - 0 " 26'-0" MIN. LOBBY 10 / 2 8 / 2 0 2 4 1 0 : 4 8 : 3 0 A M SC E N A R I O B Alta Housing 0000 Author Checker xx/xx/xxxx Parcel T Site Study T0.01 45 0 L y t t o n A v e . ( P a r c e l T ) Pa l o A l t o , C A 9 4 3 0 1 Sobrato Center for NonProfits Palo Alto, CA Parcel T450 Lytton Avenue APN: 120-15-100Site Area: 19,236 sf Open Space (Courtyard):6,000 GSF (103 sf/unit) UNIT MIX:Total Units -57 (716 gsf average) STUDIO (416 GSF)4 (7%)1 BR (572 GSF) 18 (32%)2 BR (806 GSF)20 (35%) 3 BR (1,092 GSF)15 (26%) GROSS BUILDING AREA (GSF) - BY FLOOR Name Floor Area LEVEL 1 Amenity 1,684 SF Circulation - Vertical 620 SF Service/Storage 13,253 SF 15,557 SF LEVEL 2 Amenity 992 SF Circulation - Horiz.1,426 SF Circulation - Vertical 620 SF Service/Storage 12,043 SF 15,081 SF LEVEL 3 Amenity 1,846 SF Circulation - Horiz.1,848 SF Circulation - Vertical 620 SF Residential 5,276 SF Service/Storage 214 SF 9,804 SF LEVEL 4 Amenity 364 SF Circulation - Horiz.1,718 SF Circulation - Vertical 620 SF Residential 9,306 SF Service/Storage 214 SF 12,222 SF LEVEL 5 Amenity 364 SF Circulation - Horiz.1,718 SF Circulation - Vertical 620 SF Residential 9,306 SF Service/Storage 214 SF 12,222 SF LEVEL 6 Amenity 364 SF Circulation - Horiz.1,718 SF Circulation - Vertical 620 SF Residential 8,471 SF Service/Storage 214 SF 11,387 SF LEVEL 7 Amenity 364 SF Circulation - Horiz.1,718 SF Circulation - Vertical 620 SF Residential 8,471 SF 11,173 SF ROOF Circulation - Vertical 620 SF 620 SF Total Building Area:88,066 SF STUDIO1BR2BR3BR 0243 1443 4182015 L3 L4 L5 L6 Total 9 12 12 12 57 PARKING MIX:Public Parking (at Grade): 26 Residents Parking (Level 2): 26 = 0.45 space/unit23 Standard Spaces3 Accessible Spaces (2ACC, 1 Van ACC)1 Loading NOTE:ALL PARKING (RESIDENT & PUBLIC) TO BE EV INSTALLED/READY PER PAMC CAL GREEN TIER 2 REACH. (20% CHARGERS, 80% PLUG/OUTLETS) L6 12 1443 1443 1443 LOT COVERAGE: 18,246 SF / 19,236 SF =95%FAR: Floor Area (87,418 SF) / Lot Area (19,236 SF) =4.54 Podium Level (3) Levels 4-7 similar Level 2 Ground Floor 6' - 0 " 20 ' - 0 " 10 ' - 0 " 8' - 6 " 24 ' - 0 " 8' - 6 " 10 ' - 0 " 24 ' - 0 " 1' - 6 " 20' - 0"40' - 0"24' - 0"22' - 0"25' - 0"20' - 0"10' - 0"7' - 0" 168' - 0" BIKES 168' - 0" STAIR ST A I R 11 2 ' - 6 " LOBBY & MAIL 11 2 ' - 6 " PARKING FOR PUBLIC(26 SPACES)+/-10,110 GSF MECH./ELEC.PROPERTY MANAGEMENT OFFICES TRANSFORMER MECH. SPEED RAMP WASTE VAN ACCACC 12.0%6.0% 24 ' - 0 " MECH./ELEC.STORAGE PUBLIC PARKING ENTRY RESIDENTPARKING ENTRY 3' - 0"74' - 0"30' - 0"59' - 0"2' - 0" LY T T O N A V E . KIPLING ST. ACC PEDESTRIAN EXIT FROM PUBLIC GARAGE 1' - 6 " 19 ' - 0 " 71 ' - 0 " 17 ' - 0 " 4' - 0 " PEDESTRIAN EXIT FROM PUBLIC GARAGE 2BR ST A I R STAIR WASTE 1' - 6 " 53 ' - 0 " 54 ' - 0 " 4' - 0 " 11 2 ' - 6 " 3BR 3BR CO M M U N I T Y R O O M PODIUM OPEN SPACE - LEVEL 3(+/- 6,000 gsf) 1 BR 1 BR 2 BR2 BR 2 BR 3BR 1' - 6 " 24 ' - 0 " 10 ' - 0 " 31 ' - 0 " 20 ' - 0 " 26 ' - 0 " 26' - 0"6' - 0"26' - 0"108' - 0"2' - 0" 168' - 0" 42' - 0"42' - 0"45' - 0"22' - 0"10' - 0"7' - 0" 10' - 0"31' - 0"31' - 0"31' - 0"5' - 0" LAUNDRY ME C H . 1 BR (L4-L7) STUDIO (L4-L7) LOBBY KIPLING ST. LYTTON AVE. PARKING ENTRYFOR RESIDENTS PUBLIC GARAGE ENTRY LEVEL 1+0' - 0" LEVEL 3+20' - 0" LEVEL 4 +30' - 0" LEVEL 5+40' - 0" LEVEL 6+50' - 0" ROOF+70' - 0" LEVEL 2+10' - 0" 50 ' - 0 " 70 ' - 0 " LEVEL 7+60' - 0"3' - 0" ST A I R STAIR 1' - 6 " 10 7 ' - 0 " 4' - 0 " 11 2 ' - 6 " 7' - 0" SERVICE COORDINATOR OFFICES PARKING FOR RESIDENTS(26 SPACES) VANACC ACC OPEN TO BELOW LOADING 20' - 0"0"34' - 0"30' - 0"67' - 0"10' - 0" 1' - 6 " 24 ' - 0 " 10 ' - 0 " 31 ' - 0 " 0" 10 ' - 0 " 30 ' - 0 " 6' - 0 " 94' - 0"59' - 0" 2' - 0" TEEN ROOM 3' - 0 " MOTORCYCLE PARKING 6' - 0" 7' - 0" 2' - 0" 12.0%6.0% MAINTENANCE OFFICE & RESIDENT STORAGE 24 ' - 0 " 26'-0" MIN. LOBBY © 2019 PYATOK ARCHITECTURE & URBAN DESIGN REVISION SCHEDULE NO.ISSUE DATE STAMP: SHEET: DRAWN BY: CHECKED BY: ISSUE DATE: SCALE: TITLE: JOB NUMBER: PRELIMINARY - Not for Construction - 1611 TELEGRAPH AVE. SUITE 200OAKLAND, CA 94612T. 510.465.7010 | F. 510.465.8575www.pyatok.com 1/16" = 1'-0" 10 / 2 8 / 2 0 2 4 1 0 : 4 8 : 3 0 A M SC E N A R I O B Alta Housing 0000 Author Checker xx/xx/xxxx Parcel T Site Study T0.01 45 0 L y t t o n A v e . ( P a r c e l T ) Pa l o A l t o , C A 9 4 3 0 1 Sobrato Center for NonProfits Palo Alto, CA Parcel T450 Lytton Avenue APN: 120-15-100 Site Area: 19,236 sf Open Space (Courtyard):6,000 GSF (103 sf/unit) UNIT MIX:Total Units -57 (716 gsf average) STUDIO (416 GSF)4 (7%)1 BR (572 GSF) 18 (32%)2 BR (806 GSF)20 (35%) 3 BR (1,092 GSF)15 (26%) GROSS BUILDING AREA (GSF) - BY FLOOR Name Floor Area LEVEL 1 Amenity 1,684 SF Circulation - Vertical 620 SF Service/Storage 13,253 SF 15,557 SF LEVEL 2 Amenity 992 SF Circulation - Horiz.1,426 SF Circulation - Vertical 620 SF Service/Storage 12,043 SF 15,081 SF LEVEL 3 Amenity 1,846 SF Circulation - Horiz.1,848 SF Circulation - Vertical 620 SF Residential 5,276 SF Service/Storage 214 SF 9,804 SF LEVEL 4 Amenity 364 SF Circulation - Horiz.1,718 SF Circulation - Vertical 620 SF Residential 9,306 SF Service/Storage 214 SF 12,222 SF LEVEL 5 Amenity 364 SF Circulation - Horiz.1,718 SF Circulation - Vertical 620 SF Residential 9,306 SF Service/Storage 214 SF 12,222 SF LEVEL 6 Amenity 364 SF Circulation - Horiz.1,718 SF Circulation - Vertical 620 SF Residential 8,471 SF Service/Storage 214 SF 11,387 SF LEVEL 7 Amenity 364 SF Circulation - Horiz.1,718 SF Circulation - Vertical 620 SF Residential 8,471 SF 11,173 SF ROOF Circulation - Vertical 620 SF 620 SF Total Building Area:88,066 SF STUDIO1BR2BR3BR 0243 1443 4182015 L3 L4 L5 L6 Total 9 12 12 12 57 PARKING MIX:Public Parking (at Grade): 26 Residents Parking (Level 2): 26 = 0.45 space/unit23 Standard Spaces3 Accessible Spaces (2ACC, 1 Van ACC)1 Loading NOTE:ALL PARKING (RESIDENT & PUBLIC) TO BE EV INSTALLED/READY PER PAMC CAL GREEN TIER 2 REACH. (20% CHARGERS, 80% PLUG/OUTLETS) L6 12 1443 1443 1443 LOT COVERAGE: 18,246 SF / 19,236 SF =95%FAR: Floor Area (87,418 SF) / Lot Area (19,236 SF) =4.54 STAIR ST A I R 11 2 ' - 6 " LOBBY & MAIL 11 2 ' - 6 " PARKING FOR PUBLIC(26 SPACES)+/-10,110 GSF MECH./ELEC.PROPERTY MANAGEMENT OFFICES TRANSFORMER MECH. SPEED RAMP WASTE VAN ACCACC 12.0%6.0% 24 ' - 0 " MECH./ELEC.STORAGE PUBLIC PARKING ENTRY RESIDENTPARKING ENTRY 3' - 0"74' - 0"30' - 0"59' - 0"2' - 0" LY T T O N A V E . KIPLING ST. ACC PEDESTRIAN EXIT FROM PUBLIC GARAGE 1' - 6 " 19 ' - 0 " 71 ' - 0 " 17 ' - 0 " 4' - 0 " PEDESTRIAN EXIT FROM PUBLIC GARAGE 2BR ST A I R STAIR WASTE 1' - 6 " 53 ' - 0 " 54 ' - 0 " 4' - 0 " LAUNDRY/LOUNGE COMMUNITY ROOM PODIUM COURTYARD ST A I R STAIR 1' - 6 " 10 7 ' - 0 " 4' - 0 " 11 2 ' - 6 " 24 ' - 0 " 10 ' - 0 " 31 ' - 0 " 0" 10 ' - 0 " 30 ' - 0 " 6' - 0 " 10 / 2 8 / 2 0 2 4 1 0 : 4 8 : 3 0 A M SC E N A R I O B Alta Housing 0000 Author Checker xx/xx/xxxx Parcel T Site Study T0.01 45 0 L y t t o n A v e . ( P a r c e l T ) Pa l o A l t o , C A 9 4 3 0 1 Sobrato Center for NonProfits Palo Alto, CA Parcel T450 Lytton Avenue APN: 120-15-100Site Area: 19,236 sf Open Space (Courtyard):6,000 GSF (103 sf/unit) UNIT MIX:Total Units -57 (716 gsf average) STUDIO (416 GSF)4 (7%)1 BR (572 GSF) 18 (32%)2 BR (806 GSF)20 (35%) 3 BR (1,092 GSF)15 (26%) GROSS BUILDING AREA (GSF) - BY FLOOR Name Floor Area LEVEL 1 Amenity 1,684 SF Circulation - Vertical 620 SF Service/Storage 13,253 SF 15,557 SF LEVEL 2 Amenity 992 SF Circulation - Horiz.1,426 SF Circulation - Vertical 620 SF Service/Storage 12,043 SF 15,081 SF LEVEL 3 Amenity 1,846 SF Circulation - Horiz.1,848 SF Circulation - Vertical 620 SF Residential 5,276 SF Service/Storage 214 SF 9,804 SF LEVEL 4 Amenity 364 SF Circulation - Horiz.1,718 SF Circulation - Vertical 620 SF Residential 9,306 SF Service/Storage 214 SF 12,222 SF LEVEL 5 Amenity 364 SF Circulation - Horiz.1,718 SF Circulation - Vertical 620 SF Residential 9,306 SF Service/Storage 214 SF 12,222 SF LEVEL 6 Amenity 364 SF Circulation - Horiz.1,718 SF Circulation - Vertical 620 SF Residential 8,471 SF Service/Storage 214 SF 11,387 SF LEVEL 7 Amenity 364 SF Circulation - Horiz.1,718 SF Circulation - Vertical 620 SF Residential 8,471 SF 11,173 SF ROOF Circulation - Vertical 620 SF 620 SF Total Building Area:88,066 SF STUDIO1BR2BR3BR 0243 1443 4182015 L3 L4 L5 L6 Total 9 12 12 12 57 PARKING MIX:Public Parking (at Grade): 26 Residents Parking (Level 2): 26 = 0.45 space/unit23 Standard Spaces3 Accessible Spaces (2ACC, 1 Van ACC)1 Loading NOTE:ALL PARKING (RESIDENT & PUBLIC) TO BE EV INSTALLED/READY PER PAMC CAL GREEN TIER 2 REACH. (20% CHARGERS, 80% PLUG/OUTLETS) L6 12 1443 1443 1443 LOT COVERAGE: 18,246 SF / 19,236 SF =95%FAR: Floor Area (87,418 SF) / Lot Area (19,236 SF) =4.54 STAIR ST A I R 11 2 ' - 6 " LOBBY & MAIL 11 2 ' - 6 " PARKING FOR PUBLIC(26 SPACES)+/-10,110 GSF MECH./ELEC.PROPERTY MANAGEMENT OFFICES TRANSFORMER MECH. SPEED RAMP WASTE VAN ACCACC 12.0%6.0% 24 ' - 0 " MECH./ELEC.STORAGE PUBLIC PARKING ENTRY RESIDENTPARKING ENTRY 3' - 0"74' - 0"30' - 0"59' - 0"2' - 0" LY T T O N A V E . KIPLING ST. ACC PEDESTRIAN EXIT FROM PUBLIC GARAGE 1' - 6 " 19 ' - 0 " 71 ' - 0 " 17 ' - 0 " 4' - 0 " PEDESTRIAN EXIT FROM PUBLIC GARAGE 2BR ST A I R STAIR WASTE 1' - 6 " 53 ' - 0 " 54 ' - 0 " 4' - 0 " 11 2 ' - 6 " 3BR 3BR CO M M U N I T Y R O O M PODIUM OPEN SPACE - LEVEL 3(+/- 6,000 gsf) 1 BR 1 BR 2 BR2 BR 2 BR 3BR 1' - 6 " 24 ' - 0 " 10 ' - 0 " 31 ' - 0 " 20 ' - 0 " 26 ' - 0 " 26' - 0"6' - 0"26' - 0"108' - 0"2' - 0" 168' - 0" 42' - 0"42' - 0"45' - 0"22' - 0"10' - 0"7' - 0" 10' - 0"31' - 0"31' - 0"31' - 0"5' - 0" LAUNDRY ME C H . 1 BR (L4-L7) STUDIO (L4-L7) LOBBY KIPLING ST. LYTTON AVE. ST A I R STAIR 1' - 6 " 10 7 ' - 0 " 4' - 0 " 11 2 ' - 6 " 7' - 0" SERVICE COORDINATOR OFFICES PARKING FOR RESIDENTS(26 SPACES) VANACC ACC OPEN TO BELOW LOADING 20' - 0"0"34' - 0"30' - 0"67' - 0"10' - 0" 1' - 6 " 24 ' - 0 " 10 ' - 0 " 31 ' - 0 " 0" 10 ' - 0 " 30 ' - 0 " 6' - 0 " 94' - 0"59' - 0" 2' - 0" TEEN ROOM 3' - 0 " MOTORCYCLE PARKING 6' - 0" 7' - 0" 2' - 0" 12.0%6.0% MAINTENANCE OFFICE & RESIDENT STORAGE 24 ' - 0 " 26'-0" MIN. LOBBY © 2019 PYATOK ARCHITECTURE & URBAN DESIGN REVISION SCHEDULE NO.ISSUE DATE STAMP: SHEET: DRAWN BY: CHECKED BY: ISSUE DATE: SCALE: TITLE: JOB NUMBER: PRELIMINARY - Not for Construction - 1611 TELEGRAPH AVE. SUITE 200OAKLAND, CA 94612T. 510.465.7010 | F. 510.465.8575www.pyatok.com 1/16" = 1'-0" 10 / 2 8 / 2 0 2 4 1 0 : 4 8 : 3 0 A M SC E N A R I O B Alta Housing 0000 Author Checker xx/xx/xxxx Parcel T Site Study T0.01 45 0 L y t t o n A v e . ( P a r c e l T ) Pa l o A l t o , C A 9 4 3 0 1 Sobrato Center for NonProfits Palo Alto, CA Parcel T450 Lytton AvenueAPN: 120-15-100 Site Area: 19,236 sf Open Space (Courtyard):6,000 GSF (103 sf/unit) UNIT MIX:Total Units -57 (716 gsf average) STUDIO (416 GSF)4 (7%)1 BR (572 GSF) 18 (32%)2 BR (806 GSF)20 (35%) 3 BR (1,092 GSF)15 (26%) GROSS BUILDING AREA (GSF) - BY FLOOR Name Floor Area LEVEL 1 Amenity 1,684 SF Circulation - Vertical 620 SF Service/Storage 13,253 SF 15,557 SF LEVEL 2 Amenity 992 SF Circulation - Horiz.1,426 SF Circulation - Vertical 620 SF Service/Storage 12,043 SF 15,081 SF LEVEL 3 Amenity 1,846 SF Circulation - Horiz.1,848 SF Circulation - Vertical 620 SF Residential 5,276 SF Service/Storage 214 SF 9,804 SF LEVEL 4 Amenity 364 SF Circulation - Horiz.1,718 SF Circulation - Vertical 620 SF Residential 9,306 SF Service/Storage 214 SF 12,222 SF LEVEL 5 Amenity 364 SF Circulation - Horiz.1,718 SF Circulation - Vertical 620 SF Residential 9,306 SF Service/Storage 214 SF 12,222 SF LEVEL 6 Amenity 364 SF Circulation - Horiz.1,718 SF Circulation - Vertical 620 SF Residential 8,471 SF Service/Storage 214 SF 11,387 SF LEVEL 7 Amenity 364 SF Circulation - Horiz.1,718 SF Circulation - Vertical 620 SF Residential 8,471 SF 11,173 SF ROOF Circulation - Vertical 620 SF 620 SF Total Building Area:88,066 SF STUDIO1BR2BR3BR 0243 1443 4182015 L3 L4 L5 L6 Total 9 12 12 12 57 PARKING MIX:Public Parking (at Grade): 26 Residents Parking (Level 2): 26 = 0.45 space/unit23 Standard Spaces3 Accessible Spaces (2ACC, 1 Van ACC)1 Loading NOTE:ALL PARKING (RESIDENT & PUBLIC) TO BE EV INSTALLED/READY PER PAMC CAL GREEN TIER 2 REACH. (20% CHARGERS, 80% PLUG/OUTLETS) L6 12 1443 1443 1443 LOT COVERAGE: 18,246 SF / 19,236 SF =95%FAR: Floor Area (87,418 SF) / Lot Area (19,236 SF) =4.54 Kipling Street (North) 3D Axon — Courtyard 3D Axon — Street 19Lot T Refined Proposal | Alta Housing | 10.29.24 SCENARIO B PARKING FOR RESIDENTS & REPLACEMENT OF PUBLIC PARKING SPACES 20Lot T Refined Proposal | Alta Housing | 10.29.24 Unit Mix Schedule SCENARIO B FINANCIAL PROFORMA In Scenario B, we propose a unit mix that includes 15 Rapid Rehousing (RRH) units (25% of total) targeted towards the episodically homeless population. Additionally, we plan to assist 14 households at 30% AMI and 4 households at 50% AMI using Section 8 Project-Based Vouchers (PBVs). Similar to Scenario A, Scenario B is best suited for financing through 4% LIHTCs. In addition to LIHTC equity, we are proposing financing from CA Housing & Community Development, the City of Palo Alto, Federal Home Loan Bank, and State Tax Credits. Our proposed unit mix aligns with the Santa Clara County Office of Supportive Housing’s Project Types, making it eligible for County/BAHFA funding if that source becomes available in the coming years. This would allow us to potentially replace or supplement the other soft funding sources. The estimated total development cost of Scenario B is $70.1 million. UNIT SIZE NO. UNITS % AMI RRH UNITS FAMILY PBV BASE RENT SUBSIDY INCOME 0 BR 4 30%4 43,248 43,248 1 BR 7 30%7 80,472 80,472 2 BR 9 30%2 7 122,904 158,592 281,496 3 BR 9 30%2 7 140,616 216,216 356,832 2 BR 2 50%2 47,208 25,416 72,624 3 BR 2 50%2 54,264 38,760 93,024 1 BR 11 60%263,340 263,340 2 BR 8 60%228,672 228,672 3 BR 4 60%131,520 131,520 2 BR 1 Mgr Unit 0 TOTAL 57 43.8%15 18 1,112,244 438,984 1,551,228 21Lot T Refined Proposal | Alta Housing | 10.29.24 Permanent Sources of Financing Construction Sources Uses SOURCE AMOUNT PER UNIT INTEREST TERM-YRS DCR Permanent Loan 7,678,525 134,711 7.25%35 1.15 CA HCD MHP 14,250,000 250,000 3%55 City of Palo Alto 4,160,000 72,982 3%55 FHLB AHP 570,000 10,000 Equity from LIHTC (Federal & State)43,490,338 762,988 Total Sources 70,148,863 1,230,682 SOURCE AMOUNT PER UNIT INTEREST TERM-MOS Tax Exempt Construction Loan 35,200,000 617,544 7.75%32 Taxable Construction Loan 23,278,391 408,393 8.00%32 City of Palo Alto 4,160,000 72,982 3%32 FHLB AHP 570,000 10,000 Costs Deferred until Perm Closing 2,591,438 45,464 Equity from LIHTC 4,349,034 76,299 Total Sources 70,148,863 1,230,682 USE AMOUNT PER UNIT Hard Costs 49,706,900 872,051 Design & Engineering 2,598,491 45,588 Development Impact & Permit Fees 1,615,801 28,347 Insurance During Construction 1,441,500 25,289 Developer Fee 2,500,000 43,860 Other Soft Costs 2,188,598 38,396 Financing Costs 10,097,573 177,150 Total Development Cost 70,148,863 1,230,682 SCENARIO B 22Lot T Refined Proposal | Alta Housing | 10.29.24 YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YR 11 YR 12 YR 13 YR 14 YR 15 Gross Potential Income Gross TCAC Rent 1,112,244 1,140,050 1,168,551 1,197,765 1,227,709 1,258,402 1,289,862 1,322,109 1,355,161 1,389,040 1,423,766 1,459,361 1,495,845 1,533,241 1,571,572 Section 8 Incremental Income 438,984 449,959 461,208 472,738 484,556 496,670 509,087 521,814 534,859 548,231 561,937 575,985 590,385 605,144 620,273 Miscellaneous Income 7,125 7,303 7,486 7,673 7,865 8,061 8,263 8,469 8,681 8,898 9,121 9,349 9,582 9,822 10,067 Less Vacancy/Loss - TCAC Rents (55,612)(57,003)(58,428)(59,888)(61,385)(62,920)(64,493)(66,105)(67,758)(69,452)(71,188)(72,968)(74,792)(76,662)(78,579) Less Vacancy/Loss - Sec 8 Incr (21,949)(22,498)(23,060)(23,637)(24,228)(24,834)(25,454)(26,091)(26,743)(27,412)(28,097)(28,799)(29,519)(30,257)(31,014) Effective Gross Income 1,480,792 1,517,811 1,555,757 1,594,651 1,634,517 1,675,380 1,717,264 1,760,196 1,804,201 1,849,306 1,895,538 1,942,927 1,991,500 2,041,288 2,092,320 Less Operating Expenses (684,000)(707,940)(732,718)(758,363)(784,906)(812,377)(840,811)(870,239)(900,697)(932,222)(964,850)(998,619)(1,033,571)(1,069,746)(1,107,187) Less Replacement Reserve (28,500)(28,500)(28,500)(28,500)(28,500)(28,500)(28,500)(28,500)(28,500)(28,500)(28,500)(28,500)(28,500)(28,500)(28,500) Less HCD Annual Fee 0.42%(59,850)(59,850)(59,850)(59,850)(59,850)(59,850)(59,850)(59,850)(59,850)(59,850)(59,850)(59,850)(59,850)(59,850)(59,850) Less City Annual Fee 125 (12,825)(12,825)(12,825)(12,825)(12,825)(12,825)(12,825)(12,825)(12,825)(12,825)(12,825)(12,825)(12,825)(12,825)(12,825) Net Operating Income 695,617 708,696 721,864 735,113 748,436 761,827 775,279 788,782 802,328 815,909 829,514 843,133 856,754 870,367 883,958 Less Debt Service (604,884)(604,884)(604,884)(604,884)(604,884)(604,884)(604,884)(604,884)(604,884)(604,884)(604,884)(604,884)(604,884)(604,884)(604,884) Less Issuer Fee 4,000 (4,000)(4,000)(4,000)(4,000)(4,000)(4,000)(4,000)(4,000)(4,000)(4,000)(4,000)(4,000)(4,000)(4,000)(4,000) Net Cash Flow, First Cut 86,733 99,812 112,980 126,229 139,552 152,943 166,395 179,898 193,444 207,025 220,630 234,249 247,870 261,483 275,074 Debt Coverage Ratio 1.15 1.17 1.19 1.22 1.24 1.26 1.28 1.30 1.33 1.35 1.37 1.39 1.42 1.44 1.46 Less Ptrship Mgmt Fee - LP 7,500 (7,500)(7,725)(7,957)(8,195)(8,441)(8,695)(8,955)(9,224)(9,501)(9,786)(10,079)(10,382)(10,693)(11,014)(11,344) Less Ptrship Mgmt Fee - GP 19,500 (19,500)(20,085)(20,688)(21,308)(21,947)(22,606)(23,284)(23,983)(24,702)(25,443)(26,206)(26,993)(27,802)(28,636)(29,495) Net Cash Flow, 2nd Cut 59,733 72,002 84,335 96,725 109,163 121,643 134,155 146,691 159,242 171,796 184,344 196,874 209,375 221,832 234,234 Deferred Fee/Incentive Mgmt Fee 33%(19,891)(23,977)(28,084)(32,209)(36,351)(40,507)(44,674)(48,848)(53,027)(57,208)(61,387)(65,559)(69,722)(73,870)(78,000) Cash Distribution CA HCD 14,250,000 78.1%(31,109)(37,499)(43,923)(50,375)(56,853)(63,353)(69,869)(76,398)(82,934)(89,473)(96,008)(102,534)(109,044)(115,532)(121,991) City 4,000,000 21.9%(8,732)(10,526)(12,329)(14,140)(15,959)(17,783)(19,612)(21,445)(23,280)(25,115)(26,950)(28,781)(30,609)(32,430)(34,243) 18,250,000 100.0% Remaining Cash Flow (0)(0)(0)0 (0)0 0 (0)0 (0)(0)0 (0)0 0 Cash Flow Analysis SCENARIO B 23Lot T Refined Proposal | Alta Housing | 10.29.24 SCENARIO B EVALUATION OF SCENARIO & IMPACT OF ON-SITE + REPLACEMENT PARKING For Scenario B, our architectural team was tasked with determining two things: 1) how many parking spaces could fit within two levels of above-grade parking, and 2) how many residential units could fit in five stories above the parking in order to keep the building within the City’s height limit of two stories above the 50’ maximum. We limited the parking to two levels to maximize the number of spaces on each floor. This approach allowed us to incorporate separate entrances for each level, with a speed ramp to access the upper level parking. Adding additional levels would require an internal circulation ramp, which would reduce the number of spaces per floor to a point where it would no longer be worthwhile. To ensure an apples-to-apples comparison of the residential program across the different scenarios, the architect maintained a consistent proportional unit mix (25% 2-bedroom units and 25% 3-bedroom units) and kept unit sizes the same across all three scenarios. The Scenario B design accommodates 26 parking stalls on each level, for a total of 52 spaces – the number of spaces needed to replace the public parking spaces lost due to redevelopment – along with 57 residential units and a 5,900-square-foot podium courtyard. The inclusion of an additional podium level and another floor of housing – necessitating a shift from Type V-A to the more expensive Type III-A construction – resulted in an increase in the per unit cost from $1.03 M to $1.23 M. Given the assumption that the City will not be providing financial support for the parking, we treated the parking as a housing project cost and included it in eligible basis. Under IRS regulations, this strategy would be feasible only under specific conditions: • Both levels of the garage are owned and maintained by the City of Palo Alto for general public use, but built as a part of the housing project as a condition of approval to replace existing public parking (i.e., offsite cost). The residents’ access would need to be the same as any other member of the public. Or, • The second level of the garage is owned by the housing development owner and reserved for the residents’ use. The first level of the garage is owned and maintained by the City, intended for general public use, and is included as a part of the housing project as a condition of approval to replace existing public parking. In this instance, we would be replacing 26 of the existing 52 public parking spaces. Although this isn’t a 1:1 replacement, we would be providing resident parking at a 0.46:1 ratio while also providing close to the number of spaces typically used by the public during peak times. If we were to consider a shared parking arrangement, for example providing residents with exclusive use during evening hours, we could achieve this by removing the cost of the shared parking from eligible basis. To offset the resulting reduction in tax credit equity, we would need an additional funding source, such as a City contribution toward parking. Compared to Scenarios A and C, Scenario B presents the most challenges of the three proposed developments. In addition to assuming the maximum allocation of $250,000 per unit in CA HCD funding, we would be relying on a significant amount of state tax credits and/or an additional source of competitive funding to cover the higher construction cost. The elevated total development cost per unit could also affect the project’s competitiveness relative to other projects in an application cycle. Some of the risk could be mitigated by a city contribution greater than the requested $4M toward the affordable housing. Also, this scenario would necessitate an air rights or condominium structure to allow the City to own and maintain one or two levels of public parking, and, of course, the City would need to be willing to assume ownership and maintenance responsibilities for its portion of the parking structure. 24Lot T Refined Proposal | Alta Housing | 10.29.24 CITY CONTRIBUTION Similar to Scenario A, we are 1) requesting a $4 million soft loan from the City of Palo Alto, to be made available during construction with interest that is accrued and deferred over the 24-month construction period; 2) requesting a ground lease at a nominal rate of $1 per year; and 3) planning to take advantage of the City’s development impact fee exemptions for affordable housing. These contributions from the City are considered “leveraged soft sources” and will be critical when we apply for tax credits since they increase the competitiveness of our application. In addition to the soft source contributions, the City would need to own and maintain the public parking as described in the previous section. 25Lot T Refined Proposal | Alta Housing | 10.29.24 PROJECT MILESTONE ESTIMATED DATE City selects development partner December 2024 Negotiate & enter into ENA & DDA December 2025 Community engagement - Listening sessions January 2026 Community engagement - Presentation of concept March 2026 Due diligence (Phase I/II, Geotech, Arborist, Surveys, etc)Jan 2026 - Jun 2026 DESIGN Conceptual Design February 2026 Schematic Design Mar 2026 - Jul 2026 | (4 mo) Design Development Drawings Feb 2027 - Jul 2027 | (5 mo) Construction Drawings to 75% completion (permit set)Sep 2027 - Feb 2028 | (5 mo) Value engineering / 100% Construction Drawings February 2029 ENTITLEMENTS Submit SB423/SB330 Notice of Intent to City of Palo Alto March 2026 Submit SB423 application August 2026 City issues determination whether the project meets the City’s objective standards Oct 2026 | (60 days) City grants ministerial approval Nov 2026 | (90 days) Submit building permit application March 2028 Receive building permit ready letter Jan 2029 | (10 months) FINANCING Apply for City of Palo Alto funding October 2026 Apply for FHLB AHP funding March 2027 Apply for CA HCD funding April 2027 (award Fall 2027) Apply for LIHTC/TEB August 2028 (award Dec 2028) Close on construction financing April 2029 CONSTRUCTION GC bids project Oct 2028 - Jan 2029 | (3 mo) Enter into construction contract March 2029 Start construction April 2029 Complete construction Mar 2031 | (24 mo) LEASE-UP/OCCUPANCY Begin marketing March 2030 Begin lease-up process September 2030 100% occupancy Jun 2031 | (3 mo) SCENARIO B PROJECT SCHEDULE The following project schedule is based on the timing outlined in the City’s RFP for developer selection and negotiation of the ENA and DDA. It also reflects the current list of financing sources. The project schedule may be affected if we need to add or replace funding sources. 26 NO ON-SITE PARKING SCENARIO C 26 27Lot T Refined Proposal | Alta Housing | 10.29.24 Scenario C is a charming four-story, wood-framed affordable family housing development that brings together a sense of community, practicality, and timeless architectural beauty. Located in this thriving downtown neighborhood, this development is designed to foster family life, all while adding warmth and vitality to the streetscape. Upon arrival, residents and visitors are welcomed by a quaint trellis-covered entry porch on Lytton Street, complete with comfortable seating, perfect for relaxing or meeting neighbors. This feature sets the tone for Scenario C’s Victorian-inspired aesthetic, with its lap siding, durable cement plaster, and a pitched, shingled roof that gives the building a classic, home-like feel. The ground floor, with its glazed storefront, invites light and openness into the property management and service coordinator offices. Inside the welcoming lobby, residents can access their mail and enjoy the conveniences of a modern community- focused development. At the heart of the development lies an at-grade courtyard, a peaceful green oasis that beckons families outdoors. Trees provide shade over landscape plantings while seating areas offer a tranquil retreat. Children ages 2-12 can explore the children’s play area, while teens have their own dedicated space facing Kipling Street – a teen room designed just for them to unwind and socialize in privacy. The ground floor also features a bike room and maintenance office facing Lytton Street, encouraging eco-friendly transportation. The mix of studio, one-, two-, and three-bedroom apartments cater to families of all sizes, with some homes thoughtfully located on the ground floor for added convenience. The surrounding sidewalks are enhanced with landscaping, creating a pedestrian-friendly environment that integrates the building into the neighborhood seamlessly. Whether it’s the beauty of the architecture, the inviting courtyard, or the community spaces that bring people together, Scenario C stands as a family-centric development where charm and community meet modern living. SCENARIO C NO ON-SITE PARKING FOR RESIDENTS OR THE PUBLIC Conceptual rendering for illustrative purposes only. 28Lot T Refined Proposal | Alta Housing | 10.29.24 Project Data Building Height: 50 ft. • 43 ft. to roof structure, plus sloped roof, Stair / Elevator Penthouses to 53 ft. max. Construction Type: Four (4) stories wood framing Gross Building Area: 54,908 gsf Gross Leasable Area: 36,914 gsf (residential units only) Number of Residential Units by Type/Size: • 20 (42%) 1 BR 1 BA (572 average, 450 sf min per TCAC) • 14 (30%) 2 BR 1 BA (806 average, 700 sf min per TCAC) • 13 (28%) 3 BR 2 BA (1,092 average, 900 sf min per TCAC) • 47 (100%) total units (716 average) On-Site Parking: None On-Site Services: Resident services coordination for all households and case management services for households in Rapid Rehousing units. Amenities: • Property Management offices and Resident Lobby with Mail, Teen Room (+/- 572 gsf) for youth aged 13-17, Service Coordinator offices, maintenance office, and storage all on ground floor • Bike Storage on ground floor, facing Lytton • Community Room w/ Laundry on ground floor (+/- 1,325 gsf) with shared kitchen, seating areas, tables, computer area, and table and chair storage. Laundry to have two sets of washers and dryers • Laundry / Lounges on upper floors (+/- 250 gsf each) at least 1 set of washer / dryer with folding area and seating • At-grade courtyard will include trees, landscape planting, seating areas, and children’s play area for ages 2-12 (600 sf min) Target Population: Large family project with 25% of units set aside for homeless individuals and households Affordability: Twenty-four (24) units will be for households extremely low-income households (<30% AMI). Two (2) units will be for households earning 50% AMI. The remaining 20 affordable units will be for households earning 60% AMI. SCENARIO C NO ON-SITE PARKING FOR RESIDENTS OR THE PUBLIC Conceptual rendering for illustrative purposes only. 26 ' - 0 " 28 ' - 0 " 25 ' - 0 " 10 ' - 0 " 42' - 0"42' - 0"22' - 0"18' - 0"27' - 0"10' - 0"7' - 0" 168' - 0" SERVICE / BOH SERVICE / BOH BIKEROOM COMMUNITY ROOM/LAUNDRY STAIR ST A I R 1' - 6 " 31 ' - 0 " 3' - 0" 1' - 6 " 22 ' - 0 " 26' - 0"6' - 0"26' - 0"58' - 0"42' - 0" 10 ' - 6 " 70 ' - 0 " 6' - 0 " 20 ' - 0 " 6' - 0 " 11 1 ' - 0 " MECH. OFFICES WASTELOBBY / MAIL 1BR2BR 2BR 10' - 0" AT GRADE COURTYARD+/-3,500 GSF Usable AreaLandscape planting areas, seating areas, children's play space 3BR MAINTENANCE ROOM 1BR 15' - 0"53' - 0" 19 ' - 0 " TEEN ROOMOFFICE LY T T O N A V E . KIPLING ST. FENCE AT PERIMETER INTERIOR PROPERTY LINES GATE FOR COURTYARD EGRESS 3BR 1BR 1BR 2BR 3BR 3BR 2BR 1BR 2BR 1BRLAUNDRY/LOUNGE ST A I R STAIR WASTE 168' - 0" 26' - 0"6' - 0"26' - 0"58' - 0"42' - 0"10' - 0" 10 ' - 6 " 70 ' - 0 " 6' - 0 " 20 ' - 0 " 6' - 0 " 151' - 0"10' - 0"7' - 0" 26 ' - 0 " 31 ' - 0 " 22 ' - 0 " 10 ' - 0 " 22 ' - 0 " 1' - 6 " 11 1 ' - 0 " MECH. 1BR 3BR 42' - 0"42' - 0"22' - 0"45' - 0" 2BR 1BR 18 ' - 0 " 15' - 0" 10 / 2 8 / 2 0 2 4 1 0 : 5 5 : 1 8 A M SC E N A R I O C Alta Housing 0000 Author Checker xx/xx/xxxx Parcel T Site Study T0.01 45 0 L y t t o n A v e . ( P a r c e l T ) Pa l o A l t o , C A 9 4 3 0 1 Sobrato Center for NonProfits Palo Alto, CA UNIT MIX:Total Units -47 (734 gsf average) 1 BR (572 GSF) 20 (42%)2 BR (806 GSF)14 (30%) 3 BR (1,092 GSF)13 (28%) Parcel T450 Lytton Avenue APN: 120-15-100 Site Area: 19,236 sf Open Space (Courtyard):3,900 GSF (83 sf/unit) 1BR2BR3BR 221 644 201413 L2 L3 L4L1 Total 5 14 14 14 47 644 644 LOT COVERAGE: 13,217 SF / 19,236 SF =69%FAR: Floor Area (52,580 SF) / Lot Area (19,236 SF) =2.8 GROSS BUILDING AREA (GSF) - BY FLOOR Name Floor Area LEVEL 1 Amenity 5,052 SF Circulation - Horiz.1,960 SF Circulation - Vertical 600 SF Residential 3,848 SF Service 1,607 SF 13,067 SF LEVEL 2 Amenity 255 SF Circulation - Horiz.1,652 SF Circulation - Vertical 600 SF Residential 11,022 SF Service 218 SF 13,747 SF LEVEL 3 Amenity 255 SF Circulation - Horiz.1,652 SF Circulation - Vertical 600 SF Residential 11,022 SF Service 218 SF 13,747 SF LEVEL 4 Amenity 255 SF Circulation - Horiz.1,652 SF Circulation - Vertical 600 SF Residential 11,022 SF Service 218 SF 13,747 SF ROOF Circulation - Vertical 600 SF 600 SF Total Building Area:54,908 SF Lytton Avenue (West) Upper Levels (2-4) 26 ' - 0 " 28 ' - 0 " 25 ' - 0 " 10 ' - 0 " 42' - 0"42' - 0"22' - 0"18' - 0"27' - 0"10' - 0"7' - 0" 168' - 0" SERVICE / BOH SERVICE / BOH BIKEROOM COMMUNITY ROOM/LAUNDRY STAIR ST A I R 1' - 6 " 31 ' - 0 " 3' - 0" 1' - 6 " 22 ' - 0 " 26' - 0"6' - 0"26' - 0"58' - 0"42' - 0" 10 ' - 6 " 70 ' - 0 " 6' - 0 " 20 ' - 0 " 6' - 0 " 11 1 ' - 0 " MECH. OFFICES WASTELOBBY / MAIL 1BR2BR 2BR 10' - 0" AT GRADE COURTYARD+/-3,500 GSF Usable AreaLandscape planting areas, seating areas, children's play space 3BR MAINTENANCE ROOM 1BR 15' - 0"53' - 0" 19 ' - 0 " TEEN ROOMOFFICE LY T T O N A V E . KIPLING ST. FENCE AT PERIMETER INTERIOR PROPERTY LINES GATE FOR COURTYARD EGRESS 3BR 1BR 1BR 2BR 3BR 3BR 2BR 1BR 2BR 1BRLAUNDRY/LOUNGE ST A I R STAIR WASTE 168' - 0" 26' - 0"6' - 0"26' - 0"58' - 0"42' - 0"10' - 0" 10 ' - 6 " 70 ' - 0 " 6' - 0 " 20 ' - 0 " 6' - 0 " 151' - 0"10' - 0"7' - 0" 26 ' - 0 " 31 ' - 0 " 22 ' - 0 " 10 ' - 0 " 22 ' - 0 " 1' - 6 " 11 1 ' - 0 " MECH. 1BR 3BR 42' - 0"42' - 0"22' - 0"45' - 0" 2BR 1BR 18 ' - 0 " 15' - 0" KIPLING ST. LYTTON AVE. LEVEL 1+0' - 0" LEVEL 3+23' - 0" LEVEL 4+33' - 0" ROOF+43' - 0" T.O. PARAPET+50' - 0" LEVEL 2+13' - 0" 43 ' - 0 " 7' - 0 " 10 / 2 8 / 2 0 2 4 1 0 : 5 5 : 1 8 A M SC E N A R I O C Alta Housing 0000 Author Checker xx/xx/xxxx Parcel T Site Study T0.01 45 0 L y t t o n A v e . ( P a r c e l T ) Pa l o A l t o , C A 9 4 3 0 1 Sobrato Center for NonProfits Palo Alto, CA UNIT MIX:Total Units -47 (734 gsf average) 1 BR (572 GSF) 20 (42%)2 BR (806 GSF)14 (30%) 3 BR (1,092 GSF)13 (28%) Parcel T 450 Lytton Avenue APN: 120-15-100 Site Area: 19,236 sf Open Space (Courtyard):3,900 GSF (83 sf/unit) 1BR2BR3BR 221 644 201413 L2 L3 L4L1 Total 5 14 14 14 47 64 4 64 4 LOT COVERAGE: 13,217 SF / 19,236 SF =69%FAR: Floor Area (52,580 SF) / Lot Area (19,236 SF) =2.8 GROSS BUILDING AREA (GSF) - BY FLOOR Name Floor Area LEVEL 1 Amenity 5,052 SF Circulation - Horiz.1,960 SF Circulation - Vertical 600 SF Residential 3,848 SF Service 1,607 SF 13,067 SF LEVEL 2 Amenity 255 SF Circulation - Horiz.1,652 SF Circulation - Vertical 600 SF Residential 11,022 SF Service 218 SF 13,747 SF LEVEL 3 Amenity 255 SF Circulation - Horiz.1,652 SF Circulation - Vertical 600 SF Residential 11,022 SF Service 218 SF 13,747 SF LEVEL 4 Amenity 255 SF Circulation - Horiz.1,652 SF Circulation - Vertical 600 SF Residential 11,022 SF Service 218 SF 13,747 SF ROOF Circulation - Vertical 600 SF 600 SF Total Building Area:54,908 SF STAIR ST A I R 1' - 6 " 31 ' - 0 " 3' - 0" 1' - 6 " 22 ' - 0 " 26' - 0"6' - 0"26' - 0"58' - 0"42' - 0" 10 ' - 6 " 70 ' - 0 " 6' - 0 " 20 ' - 0 " 6' - 0 " 11 1 ' - 0 " MECH. OFFICES WASTELOBBY / MAIL 1BR2BR 2BR 10' - 0" AT GRADE COURTYARD+/-3,500 GSF Usable AreaLandscape planting areas, seating areas, children's play space 3BR MAINTENANCE ROOM 1BR 15' - 0"53' - 0" 19 ' - 0 " TEEN ROOMOFFICE LY T T O N A V E . KIPLING ST. FENCE AT PERIMETER INTERIOR PROPERTY LINES GATE FOR COURTYARD EGRESS 3BR 1BR 1BR 2BR 3BR 3BR 2BR 1BR 2BR 1BRLAUNDRY/LOUNGE ST A I R STAIR WASTE 168' - 0" 26' - 0"6' - 0"26' - 0"58' - 0"42' - 0"10' - 0" 10 ' - 6 " 70 ' - 0 " 6' - 0 " 20 ' - 0 " 6' - 0 " 151' - 0"10' - 0"7' - 0" 26 ' - 0 " 31 ' - 0 " 22 ' - 0 " 10 ' - 0 " 22 ' - 0 " 1' - 6 " 11 1 ' - 0 " KIPLING ST. LYTTON AVE. 10 / 2 8 / 2 0 2 4 1 0 : 5 5 : 1 8 A M SC E N A R I O C Alta Housing 0000 Author Checker xx/xx/xxxx Parcel T Site Study T0.01 45 0 L y t t o n A v e . ( P a r c e l T ) Pa l o A l t o , C A 9 4 3 0 1 Sobrato Center for NonProfits Palo Alto, CA UNIT MIX:Total Units -47 (734 gsf average) 1 BR (572 GSF) 20 (42%)2 BR (806 GSF)14 (30%) 3 BR (1,092 GSF)13 (28%) Parcel T 450 Lytton Avenue APN: 120-15-100 Site Area: 19,236 sf Open Space (Courtyard):3,900 GSF (83 sf/unit) 1BR2BR3BR 221 644 201413 L2 L3 L4L1 Total 5 14 14 14 47 64 4 64 4 LOT COVERAGE: 13,217 SF / 19,236 SF =69%FAR: Floor Area (52,580 SF) / Lot Area (19,236 SF) =2.8 GROSS BUILDING AREA (GSF) - BY FLOOR Name Floor Area LEVEL 1 Amenity 5,052 SF Circulation - Horiz.1,960 SF Circulation - Vertical 600 SF Residential 3,848 SF Service 1,607 SF 13,067 SF LEVEL 2 Amenity 255 SF Circulation - Horiz.1,652 SF Circulation - Vertical 600 SF Residential 11,022 SF Service 218 SF 13,747 SF LEVEL 3 Amenity 255 SF Circulation - Horiz.1,652 SF Circulation - Vertical 600 SF Residential 11,022 SF Service 218 SF 13,747 SF LEVEL 4 Amenity 255 SF Circulation - Horiz.1,652 SF Circulation - Vertical 600 SF Residential 11,022 SF Service 218 SF 13,747 SF ROOF Circulation - Vertical 600 SF 600 SF Total Building Area:54,908 SF STAIR ST A I R 1' - 6 " 31 ' - 0 " 3' - 0" 1' - 6 " 22 ' - 0 " 26' - 0"6' - 0"26' - 0"58' - 0"42' - 0" 10 ' - 6 " 70 ' - 0 " 6' - 0 " 20 ' - 0 " 6' - 0 " 11 1 ' - 0 " MECH. OFFICES WASTELOBBY / MAIL 1BR2BR 2BR 10' - 0" AT GRADE COURTYARD+/-3,500 GSF Usable AreaLandscape planting areas, seating areas, children's play space 3BR MAINTENANCE ROOM 1BR 15' - 0"53' - 0" 19 ' - 0 " TEEN ROOMOFFICE LY T T O N A V E . KIPLING ST. FENCE AT PERIMETER INTERIOR PROPERTY LINES GATE FOR COURTYARD EGRESS 3BR 1BR 1BR 2BR 3BR 3BR 2BR 1BR 2BR 1BRLAUNDRY/LOUNGE ST A I R STAIR WASTE 168' - 0" 26' - 0"6' - 0"26' - 0"58' - 0"42' - 0"10' - 0" 10 ' - 6 " 70 ' - 0 " 6' - 0 " 20 ' - 0 " 6' - 0 " 151' - 0"10' - 0"7' - 0" 26 ' - 0 " 31 ' - 0 " 22 ' - 0 " 10 ' - 0 " 22 ' - 0 " 1' - 6 " 11 1 ' - 0 " MECH. 1BR 3BR 42' - 0"42' - 0"22' - 0"45' - 0" 2BR 1BR 18 ' - 0 " 15' - 0" KIPLING ST. LYTTON AVE. LEVEL 1+0' - 0" LEVEL 3+23' - 0" LEVEL 4+33' - 0" ROOF+43' - 0" T.O. PARAPET+50' - 0" LEVEL 2+13' - 0" 43 ' - 0 " 7' - 0 " LEVEL 1+0' - 0" LEVEL 3+23' - 0" LEVEL 4+33' - 0" ROOF+43' - 0" T.O. PARAPET+50' - 0" LEVEL 2+13' - 0" LYTTON AVE. KIPLING STREET 10 / 2 8 / 2 0 2 4 1 0 : 5 5 : 1 8 A M SC E N A R I O C Alta Housing 0000 Author Checker xx/xx/xxxx Parcel T Site Study T0.01 45 0 L y t t o n A v e . ( P a r c e l T ) Pa l o A l t o , C A 9 4 3 0 1 Sobrato Center for NonProfits Palo Alto, CA UNIT MIX:Total Units -47 (734 gsf average) 1 BR (572 GSF) 20 (42%)2 BR (806 GSF)14 (30%) 3 BR (1,092 GSF)13 (28%) Parcel T450 Lytton Avenue APN: 120-15-100 Site Area: 19,236 sf Open Space (Courtyard):3,900 GSF (83 sf/unit) 1BR2BR3BR 221 644 201413 L2 L3 L4L1 Total 5 14 14 14 47 644 644 LOT COVERAGE: 13,217 SF / 19,236 SF =69%FAR: Floor Area (52,580 SF) / Lot Area (19,236 SF) =2.8 GROSS BUILDING AREA (GSF) - BY FLOOR Name Floor Area LEVEL 1 Amenity 5,052 SF Circulation - Horiz.1,960 SF Circulation - Vertical 600 SF Residential 3,848 SF Service 1,607 SF 13,067 SF LEVEL 2 Amenity 255 SF Circulation - Horiz.1,652 SF Circulation - Vertical 600 SF Residential 11,022 SF Service 218 SF 13,747 SF LEVEL 3 Amenity 255 SF Circulation - Horiz.1,652 SF Circulation - Vertical 600 SF Residential 11,022 SF Service 218 SF 13,747 SF LEVEL 4 Amenity 255 SF Circulation - Horiz.1,652 SF Circulation - Vertical 600 SF Residential 11,022 SF Service 218 SF 13,747 SF ROOF Circulation - Vertical 600 SF 600 SF Total Building Area:54,908 SF Kipling Street (North) 3D Axon — Courtyard 3D Axon — Street 26 ' - 0 " 28 ' - 0 " 25 ' - 0 " 10 ' - 0 " 42' - 0"42' - 0"22' - 0"18' - 0"27' - 0"10' - 0"7' - 0" 168' - 0" SERVICE / BOH SERVICE / BOH BIKEROOM COMMUNITY ROOM/LAUNDRY STAIR ST A I R 1' - 6 " 31 ' - 0 " 3' - 0" 1' - 6 " 22 ' - 0 " 26' - 0"6' - 0"26' - 0"58' - 0"42' - 0" 10 ' - 6 " 70 ' - 0 " 6' - 0 " 20 ' - 0 " 6' - 0 " 11 1 ' - 0 " MECH. OFFICES WASTELOBBY / MAIL 1BR2BR 2BR 10' - 0" AT GRADE COURTYARD+/-3,500 GSF Usable AreaLandscape planting areas, seating areas, children's play space 3BR MAINTENANCE ROOM 1BR 15' - 0"53' - 0" 19 ' - 0 " TEEN ROOMOFFICE LY T T O N A V E . KIPLING ST. FENCE AT PERIMETER INTERIOR PROPERTY LINES GATE FOR COURTYARD EGRESS 3BR 1BR 1BR 2BR 3BR 3BR 2BR 1BR 2BR 1BRLAUNDRY/LOUNGE ST A I R STAIR WASTE 168' - 0" 26' - 0"6' - 0"26' - 0"58' - 0"42' - 0"10' - 0" 10 ' - 6 " 70 ' - 0 " 6' - 0 " 20 ' - 0 " 6' - 0 " 151' - 0"10' - 0"7' - 0" 26 ' - 0 " 31 ' - 0 " 22 ' - 0 " 10 ' - 0 " 22 ' - 0 " 1' - 6 " 11 1 ' - 0 " MECH. 1BR 3BR 42' - 0"42' - 0"22' - 0"45' - 0" 2BR 1BR 18 ' - 0 " 15' - 0" KIPLING ST. LYTTON AVE. LEVEL 1+0' - 0" LEVEL 3+23' - 0" LEVEL 4+33' - 0" ROOF+43' - 0" T.O. PARAPET+50' - 0" LEVEL 2+13' - 0" 43 ' - 0 " 7' - 0 " LEVEL 1+0' - 0" LEVEL 3+23' - 0" LEVEL 4+33' - 0" ROOF+43' - 0" T.O. PARAPET+50' - 0" LEVEL 2+13' - 0" 10 / 2 8 / 2 0 2 4 1 0 : 5 5 : 1 8 A M SC E N A R I O C Alta Housing 0000 Author Checker xx/xx/xxxx Parcel T Site Study T0.01 45 0 L y t t o n A v e . ( P a r c e l T ) Pa l o A l t o , C A 9 4 3 0 1 Sobrato Center for NonProfits Palo Alto, CA UNIT MIX:Total Units -47 (734 gsf average) 1 BR (572 GSF) 20 (42%)2 BR (806 GSF)14 (30%) 3 BR (1,092 GSF)13 (28%) Parcel T 450 Lytton Avenue APN: 120-15-100 Site Area: 19,236 sf Open Space (Courtyard):3,900 GSF (83 sf/unit) 1BR2BR3BR 221 644 201413 L2 L3 L4L1 Total 5 14 14 14 47 644 644 LOT COVERAGE: 13,217 SF / 19,236 SF =69%FAR: Floor Area (52,580 SF) / Lot Area (19,236 SF) =2.8 GROSS BUILDING AREA (GSF) - BY FLOOR Name Floor Area LEVEL 1 Amenity 5,052 SF Circulation - Horiz.1,960 SF Circulation - Vertical 600 SF Residential 3,848 SF Service 1,607 SF 13,067 SF LEVEL 2 Amenity 255 SF Circulation - Horiz.1,652 SF Circulation - Vertical 600 SF Residential 11,022 SF Service 218 SF 13,747 SF LEVEL 3 Amenity 255 SF Circulation - Horiz.1,652 SF Circulation - Vertical 600 SF Residential 11,022 SF Service 218 SF 13,747 SF LEVEL 4 Amenity 255 SF Circulation - Horiz.1,652 SF Circulation - Vertical 600 SF Residential 11,022 SF Service 218 SF 13,747 SF ROOF Circulation - Vertical 600 SF 600 SF Total Building Area:54,908 SF 26 ' - 0 " 28 ' - 0 " 25 ' - 0 " 10 ' - 0 " 42' - 0"42' - 0"22' - 0"18' - 0"27' - 0"10' - 0"7' - 0" 168' - 0" SERVICE / BOH SERVICE / BOH BIKEROOM COMMUNITY ROOM/LAUNDRY STAIR ST A I R 1' - 6 " 31 ' - 0 " 3' - 0" 1' - 6 " 22 ' - 0 " 26' - 0"6' - 0"26' - 0"58' - 0"42' - 0" 10 ' - 6 " 70 ' - 0 " 6' - 0 " 20 ' - 0 " 6' - 0 " 11 1 ' - 0 " MECH. OFFICES WASTELOBBY / MAIL 1BR2BR 2BR 10' - 0" AT GRADE COURTYARD+/-3,500 GSF Usable AreaLandscape planting areas, seating areas, children's play space 3BR MAINTENANCE ROOM 1BR 15' - 0"53' - 0" 19 ' - 0 " TEEN ROOMOFFICE LY T T O N A V E . FENCE AT PERIMETER INTERIOR PROPERTY LINES GATE FOR COURTYARD EGRESS ST A I R STAIR WASTE 168' - 0" 26' - 0"6' - 0"26' - 0"58' - 0"42' - 0"10' - 0" 10 ' - 6 " 70 ' - 0 " 6' - 0 " 20 ' - 0 " 6' - 0 " 151' - 0"10' - 0"7' - 0" 26 ' - 0 " 31 ' - 0 " 22 ' - 0 " 10 ' - 0 " 22 ' - 0 " 1' - 6 " 11 1 ' - 0 " MECH. 1BR 3BR 42' - 0"42' - 0"22' - 0"45' - 0" 2BR 1BR 18 ' - 0 " 15' - 0" KIPLING ST. LYTTON AVE. LEVEL 1+0' - 0" LEVEL 3+23' - 0" LEVEL 4+33' - 0" ROOF+43' - 0" T.O. PARAPET+50' - 0" LEVEL 2+13' - 0" 43 ' - 0 " 7' - 0 " LEVEL 1+0' - 0" LEVEL 3+23' - 0" LEVEL 4+33' - 0" ROOF+43' - 0" T.O. PARAPET+50' - 0" LEVEL 2+13' - 0" LYTTON AVE. KIPLING STREET © 2019 PYATOK ARCHITECTURE & URBAN DESIGN REVISION SCHEDULE NO.ISSUE DATE STAMP: SHEET: DRAWN BY: CHECKED BY: ISSUE DATE: SCALE: TITLE: JOB NUMBER: PRELIMINARY - Not for Construction - 1611 TELEGRAPH AVE. SUITE 200OAKLAND, CA 94612T. 510.465.7010 | F. 510.465.8575www.pyatok.com 1/16" = 1'-0" 10 / 2 8 / 2 0 2 4 1 0 : 5 5 : 1 8 A M SC E N A R I O C Alta Housing 0000 Author Checker xx/xx/xxxx Parcel T Site Study T0.01 45 0 L y t t o n A v e . ( P a r c e l T ) Pa l o A l t o , C A 9 4 3 0 1 Sobrato Center for NonProfits Palo Alto, CA UNIT MIX:Total Units -47 (734 gsf average) 1 BR (572 GSF) 20 (42%)2 BR (806 GSF)14 (30%) 3 BR (1,092 GSF)13 (28%) Parcel T450 Lytton AvenueAPN: 120-15-100 Site Area: 19,236 sf Open Space (Courtyard):3,900 GSF (83 sf/unit) 1BR2BR3BR 221 644 201413 L2 L3 L4L1 Total 5 14 14 14 47 644 644 LOT COVERAGE: 13,217 SF / 19,236 SF =69%FAR: Floor Area (52,580 SF) / Lot Area (19,236 SF) =2.8 GROSS BUILDING AREA (GSF) - BY FLOOR Name Floor Area LEVEL 1 Amenity 5,052 SF Circulation - Horiz.1,960 SF Circulation - Vertical 600 SF Residential 3,848 SF Service 1,607 SF 13,067 SF LEVEL 2 Amenity 255 SF Circulation - Horiz.1,652 SF Circulation - Vertical 600 SF Residential 11,022 SF Service 218 SF 13,747 SF LEVEL 3 Amenity 255 SF Circulation - Horiz.1,652 SF Circulation - Vertical 600 SF Residential 11,022 SF Service 218 SF 13,747 SF LEVEL 4 Amenity 255 SF Circulation - Horiz.1,652 SF Circulation - Vertical 600 SF Residential 11,022 SF Service 218 SF 13,747 SF ROOF Circulation - Vertical 600 SF 600 SF Total Building Area:54,908 SF Ground Floor (1) UP UP 6' - 0 " 30 ' - 0 " 21 ' - 0 " 10 ' - 0 " 22 ' - 0 " 22 ' - 0 " 1' - 6 " 26' - 0"39' - 0"19' - 0"22' - 0"23' - 0"22' - 0"10' - 0"7' - 0" 168' - 0" WASTE COLLECTION BIKES STAIR STAIR 4' - 0" 1' - 6 " 62 ' - 0 " 23 ' - 0 " 21 ' - 0 " 5' - 0 " 11 2 ' - 6 " BOH LOBBY & MAIL PARKING(27 SPACES)+/-9,700 GSF MECH./ELEC. 24 ' - 0 " VAN ACC 167' - 0"1' - 0" OFFICES TRANSFORMER MECH. MAINTENANCEROOM & MAINT. OFFICE ACC SERVICE TEEN ROOM STORAGE 3' - 0 " LY T T O N A V E . KIPLING ST. ME C H . CO R R . LANDSCAPING AREAS 2BR2BR 3BR 2BR LAUNDRY/LOUNGE ST A I R STAIR WASTE 168' - 0" 26' - 0"6' - 0"26' - 0"58' - 0"42' - 0"10' - 0" 10 ' - 6 " 26 ' - 0 " 22 ' - 0 " 22 ' - 0 " 27 ' - 0 " 5' - 0 " 26 ' - 0 " 31 ' - 0 " 10 ' - 0 " 22 ' - 0 " 22 ' - 0 " 1' - 6 " 11 2 ' - 6 " MECH. 3BR 42' - 0"42' - 0"45' - 0"22' - 0"10' - 0"7' - 0" 1BR 2BR 31' - 0"22' - 0" 1 BR3BR 1BR 1 BR 3BR 1 BR 1BR 18 ' - 0 " 15' - 0" KIPLING ST. LYTTON AVE. LEVEL 1+0' - 0" LEVEL 3+25' - 0" LEVEL 4+35' - 0" LEVEL 5+45' - 0" ROOF+55' - 0" T.O. PARAPET+60' - 0" LEVEL 2+13' - 0" 13 ' - 0 " 42 ' - 0 " 55 ' - 0 " 2BR 2BR 3BR COMMUNITY ROOM / LAUNDRY ST A I R STAIR WASTE 168' - 0" 26' - 0"6' - 0"26' - 0"58' - 0"42' - 0"10' - 0" 10 ' - 6 " 26 ' - 0 " 22 ' - 0 " 22 ' - 0 " 27 ' - 0 " 5' - 0 " 26 ' - 0 " 31 ' - 0 " 10 ' - 0 " 22 ' - 0 " 22 ' - 0 " 1' - 6 " 11 2 ' - 6 " MECH. 15' - 0"53' - 0" PODIUM OPEN SPACE - LEVEL 2(+/- 3,390 Usable GSF)Landscape planting areas, seating areas, children's play space 3 BR 3BR 42' - 0"42' - 0"45' - 0"22' - 0"10' - 0"6' - 0"1' - 0" 1BR 2BR 1 BR3BR 1BR 1BR PODIUM EGRESS 1BR 18 ' - 0 " © 2019 PYATOK ARCHITECTURE & URBAN DESIGN REVISION SCHEDULE NO. ISSUE DATE STAMP: SHEET: DRAWN BY: CHECKED BY: ISSUE DATE: SCALE: TITLE: JOB NUMBER: PRELIMINARY - Not for Construction - 1611 TELEGRAPH AVE. SUITE 200OAKLAND, CA 94612T. 510.465.7010 | F. 510.465.8575www.pyatok.com 1/16" = 1'-0" 10 / 2 8 / 2 0 2 4 1 0 : 3 9 : 4 5 A M SC E N A R I O A Alta Housing 0000 Author Checker xx/xx/xxxx Parcel T Site Study T0.01 45 0 L y t t o n A v e . ( P a r c e l T ) Pa l o A l t o , C A 9 4 3 0 1 Sobrato Center for NonProfits Palo Alto, CA Parcel T450 Lytton Avenue APN: 120-15-100 Site Area: 19,236 sf Podium 4,478 GSFUsable Open Space (Courtyard):3,390 GSF(62 sf/unit) UNIT MIX:Total Units -54 (790 gsf average) 1 BR (572 GSF) 23 (42%)2 BR (806 GSF)15 (28%) 3 BR (1,092 GSF)16 (30%) GROSS BUILDING AREA (GSF) - BY FLOOR Name Floor Area LEVEL 1 Amenity 3,191 SF Circulation - Horiz.963 SF Circulation - Vertical 630 SF Service 12,822 SF 17,606 SF LEVEL 2 Circulation - Horiz.825 SF Circulation - Vertical 630 SF Residential 9,644 SF 11,099 SF LEVEL 3 Amenity 255 SF Circulation - Horiz.1,627 SF Circulation - Vertical 630 SF Residential 11,022 SF Service 231 SF 13,765 SF LEVEL 4 Amenity 255 SF Circulation - Horiz.1,627 SF Circulation - Vertical 630 SF Residential 11,022 SF Service 231 SF 13,765 SF LEVEL 5 Amenity 255 SF Circulation - Horiz.1,627 SF Circulation - Vertical 630 SF Residential 11,022 SF Service 231 SF 13,765 SF ROOF Circulation - Vertical 630 SF 630 SF Total Building Area:70,629 SF 1BR2BR3BR 534 644 231516 L2 L3 L4 L5 Total 12 14 14 14 54 644 644 PARKING MIX:Total Spaces: 27 (all EV installed or ready) = 0.5 space/unit24 Standard Spaces3 Accessible Spaces (2ACC, 1 Van ACC) LOT COVERAGE: 18,379 SF / 19,236 SF =95%FAR: Floor Area (70,189 SF) / Lot Area (19,236 SF) =3.65 UP UP 6' - 0 " 30 ' - 0 " 21 ' - 0 " 10 ' - 0 " 22 ' - 0 " 22 ' - 0 " 1' - 6 " 26' - 0"39' - 0"19' - 0"22' - 0"23' - 0"22' - 0"10' - 0"7' - 0" 168' - 0" WASTE COLLECTION BIKES STAIR STAIR 4' - 0" 1' - 6 " 62 ' - 0 " 23 ' - 0 " 21 ' - 0 " 5' - 0 " 11 2 ' - 6 " BOH LOBBY & MAIL PARKING(27 SPACES)+/-9,700 GSF MECH./ELEC. 24 ' - 0 " VAN ACC 167' - 0"1' - 0" OFFICES TRANSFORMER MECH. MAINTENANCEROOM & MAINT. OFFICE ACC SERVICE TEEN ROOM STORAGE 3' - 0 " LY T T O N A V E . KIPLING ST. ME C H . CO R R . LANDSCAPING AREAS 2BR2BR 3BR 2BR LAUNDRY/LOUNGE ST A I R STAIR WASTE 168' - 0" 26' - 0"6' - 0"26' - 0"58' - 0"42' - 0"10' - 0" 10 ' - 6 " 26 ' - 0 " 22 ' - 0 " 22 ' - 0 " 27 ' - 0 " 5' - 0 " 26 ' - 0 " 31 ' - 0 " 10 ' - 0 " 22 ' - 0 " 22 ' - 0 " 1' - 6 " 11 2 ' - 6 " MECH. 3BR 42' - 0"42' - 0"45' - 0"22' - 0"10' - 0"7' - 0" 1BR 2BR 31' - 0"22' - 0" 1 BR3BR 1BR 1 BR 3BR 1 BR 1BR 18 ' - 0 " 15' - 0" KIPLING ST. LYTTON AVE. LEVEL 1+0' - 0" LEVEL 3+25' - 0" LEVEL 4+35' - 0" LEVEL 5+45' - 0" ROOF+55' - 0" T.O. PARAPET+60' - 0" LEVEL 2+13' - 0" 13 ' - 0 " 42 ' - 0 " 55 ' - 0 " 2BR 2BR 3BR COMMUNITY ROOM / LAUNDRY ST A I R STAIR WASTE 168' - 0" 26' - 0"6' - 0"26' - 0"58' - 0"42' - 0"10' - 0" 10 ' - 6 " 26 ' - 0 " 22 ' - 0 " 22 ' - 0 " 27 ' - 0 " 5' - 0 " 26 ' - 0 " 31 ' - 0 " 10 ' - 0 " 22 ' - 0 " 22 ' - 0 " 1' - 6 " 11 2 ' - 6 " MECH. 15' - 0"53' - 0" PODIUM OPEN SPACE - LEVEL 2(+/- 3,390 Usable GSF)Landscape planting areas, seating areas, children's play space 3 BR 3BR 42' - 0"42' - 0"45' - 0"22' - 0"10' - 0"6' - 0"1' - 0" 1BR 2BR 1 BR3BR 1BR 1BR PODIUM EGRESS 1BR 18 ' - 0 " © 2019 PYATOK ARCHITECTURE & URBAN DESIGN REVISION SCHEDULE NO. ISSUE DATE STAMP: SHEET: DRAWN BY: CHECKED BY: ISSUE DATE: SCALE: TITLE: JOB NUMBER: PRELIMINARY - Not for Construction - 1611 TELEGRAPH AVE. SUITE 200OAKLAND, CA 94612T. 510.465.7010 | F. 510.465.8575www.pyatok.com 1/16" = 1'-0" 10 / 2 8 / 2 0 2 4 1 0 : 3 9 : 4 5 A M SC E N A R I O A Alta Housing 0000 Author Checker xx/xx/xxxx Parcel T Site Study T0.01 45 0 L y t t o n A v e . ( P a r c e l T ) Pa l o A l t o , C A 9 4 3 0 1 Sobrato Center for NonProfits Palo Alto, CA Parcel T450 Lytton AvenueAPN: 120-15-100 Site Area: 19,236 sf Podium 4,478 GSFUsable Open Space (Courtyard):3,390 GSF(62 sf/unit) UNIT MIX:Total Units -54 (790 gsf average) 1 BR (572 GSF) 23 (42%)2 BR (806 GSF)15 (28%) 3 BR (1,092 GSF)16 (30%) GROSS BUILDING AREA (GSF) - BY FLOOR Name Floor Area LEVEL 1 Amenity 3,191 SF Circulation - Horiz.963 SF Circulation - Vertical 630 SF Service 12,822 SF 17,606 SF LEVEL 2 Circulation - Horiz.825 SF Circulation - Vertical 630 SF Residential 9,644 SF 11,099 SF LEVEL 3 Amenity 255 SF Circulation - Horiz.1,627 SF Circulation - Vertical 630 SF Residential 11,022 SF Service 231 SF 13,765 SF LEVEL 4 Amenity 255 SF Circulation - Horiz.1,627 SF Circulation - Vertical 630 SF Residential 11,022 SF Service 231 SF 13,765 SF LEVEL 5 Amenity 255 SF Circulation - Horiz.1,627 SF Circulation - Vertical 630 SF Residential 11,022 SF Service 231 SF 13,765 SF ROOF Circulation - Vertical 630 SF 630 SF Total Building Area:70,629 SF 1BR2BR3BR 534 644 231516 L2 L3 L4 L5 Total 12 14 14 14 54 644 644 PARKING MIX:Total Spaces: 27 (all EV installed or ready) = 0.5 space/unit24 Standard Spaces3 Accessible Spaces (2ACC, 1 Van ACC) LOT COVERAGE: 18,379 SF / 19,236 SF =95%FAR: Floor Area (70,189 SF) / Lot Area (19,236 SF) =3.65 29Lot T Refined Proposal | Alta Housing | 10.29.24 SCENARIO C NO ON-SITE PARKING FOR RESIDENTS OR THE PUBLIC 30Lot T Refined Proposal | Alta Housing | 10.29.24 SCENARIO C FINANCIAL PROFORMA In Scenario C, we propose a unit mix that includes 12 Rapid Rehousing (RRH) units (25% of total) targeted towards the episodically homeless population. Additionally, we plan to assist 12 households at 30% AMI and 2 households at 50% AMI using Section 8 Project-Based Vouchers (PBVs). Due to the $2,500,000 annual tax credit cap for 9% LIHTC projects, the 9% LIHTCs are best suited to smaller projects. The key advantage of 9% LIHTCs is the higher proportion of LIHTC equity relative to the total development cost, along with lower financing costs since bond financing expenses are not required. At 47 units, Scenario C is a good candidate for financing through 9% LIHTC. In addition to LIHTC equity, we are proposing financing from CA Housing & Community Development and the City of Palo Alto. Our proposed unit mix aligns with the Santa Clara County Office of Supportive Housing’s Project Types, making it eligible for County/BAHFA funding if that source becomes available in the coming years. This would allow us to potentially replace or supplement the other soft funding sources. The estimated total development cost of Scenario C is $46.0 million. Unit Mix Schedule UNIT SIZE NO. UNITS % AMI RRH UNITS FAMILY PBV BASE RENT SUBSIDY INCOME 1 BR 8 30%8 91,968 91,968 2 BR 8 30%2 6 109,248 135,936 245,184 3 BR 8 30%2 6 124,992 185,328 310,320 3 BR 2 50%2 54,264 38,760 93,024 1 BR 12 60%287,280 287,280 2 BR 5 60%142,920 142,920 3 BR 3 60%98,640 98,640 2 BR 1 Mgr Unit 0 TOTAL 47 43.9%12 14 909,312 360,024 1,269,336 31Lot T Refined Proposal | Alta Housing | 10.29.24 SCENARIO C Permanent Sources of Financing Construction Sources Uses SOURCE AMOUNT PER UNIT INTEREST TERM-YRS DCR Permanent Loan 6,245,070 132,874 7.25%35 1.15 CA HCD MHP 11,407,821 242,720 3%55 City of Palo Alto 4,120,000 87,660 3%55 Equity from LIHTC (Federal)24,249,998 515,957 Total Sources 46,022,889 979,210 SOURCE AMOUNT PER UNIT INTEREST TERM-MOS Taxable Construction Loan 36,968,824 786,571 8.00%24 City of Palo Alto 4,120,000 87,660 3%24 Costs Deferred until Perm Closing 2,508,976 53,382 Equity from LIHTC 2,425,089 51,598 Total Sources 46,022,889 979,210 USE AMOUNT PER UNIT Hard Costs 32,956,074 701,193 Design & Engineering 1,811,257 38,537 Development Impact & Permit Fees 861,438 18,328 Insurance During Construction 1,087,550 23,139 Developer Fee 2,500,000 53,191 Other Soft Costs 1,866,653 39,716 Financing Costs 4,939,917 105,105 Total Development Cost 46,022,889 979,210 32Lot T Refined Proposal | Alta Housing | 10.29.24 Cash Flow Analysis SCENARIO C YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YR 11 YR 12 YR 13 YR 14 YR 15 Gross Potential Income Gross TCAC Rent 909,312 932,045 955,346 979,230 1,003,710 1,028,803 1,054,523 1,080,886 1,107,908 1,135,606 1,163,996 1,193,096 1,222,924 1,253,497 1,284,834 Section 8 Incremental Income 360,024 369,025 378,250 387,706 397,399 407,334 417,517 427,955 438,654 449,621 460,861 472,383 484,192 496,297 508,704 Miscellaneous Income 5,875 6,022 6,172 6,327 6,485 6,647 6,813 6,984 7,158 7,337 7,520 7,709 7,901 8,099 8,301 Less Vacancy/Loss - TCAC Rents (45,466)(46,602)(47,767)(48,961)(50,186)(51,440)(52,726)(54,044)(55,395)(56,780)(58,200)(59,655)(61,146)(62,675)(64,242) Less Vacancy/Loss - Sec 8 Incr (18,001)(18,451)(18,913)(19,385)(19,870)(20,367)(20,876)(21,398)(21,933)(22,481)(23,043)(23,619)(24,210)(24,815)(25,435) Effective Gross Income 1,211,744 1,242,038 1,273,089 1,304,916 1,337,539 1,370,977 1,405,252 1,440,383 1,476,393 1,513,302 1,551,135 1,589,913 1,629,661 1,670,403 1,712,163 Less Operating Expenses (564,000)(583,740)(604,171)(625,317)(647,203)(669,855)(693,300)(717,566)(742,680)(768,674)(795,578)(823,423)(852,243)(882,071)(912,944) Less Replacement Reserve (23,500)(23,500)(23,500)(23,500)(23,500)(23,500)(23,500)(23,500)(23,500)(23,500)(23,500)(23,500)(23,500)(23,500)(23,500) Less HCD Annual Fee 0.42%(47,913)(47,913)(47,913)(47,913)(47,913)(47,913)(47,913)(47,913)(47,913)(47,913)(47,913)(47,913)(47,913)(47,913)(47,913) Less City Annual Fee 125 (10,575)(10,575)(10,575)(10,575)(10,575)(10,575)(10,575)(10,575)(10,575)(10,575)(10,575)(10,575)(10,575)(10,575)(10,575) Net Operating Income 565,756 576,310 586,930 597,611 608,348 619,134 629,964 640,830 651,724 662,641 673,569 684,503 695,431 706,344 717,231 Less Debt Service (491,962)(491,962)(491,962)(491,962)(491,962)(491,962)(491,962)(491,962)(491,962)(491,962)(491,962)(491,962)(491,962)(491,962)(491,962) Net Cash Flow, First Cut 73,794 84,348 94,968 105,649 116,386 127,172 138,002 148,868 159,762 170,678 181,607 192,541 203,469 214,382 225,269 Debt Coverage Ratio 1.15 1.17 1.19 1.21 1.24 1.26 1.28 1.30 1.32 1.35 1.37 1.39 1.41 1.44 1.46 Less Ptrship Mgmt Fee - LP 7,500 (7,500)(7,725)(7,957)(8,195)(8,441)(8,695)(8,955)(9,224)(9,501)(9,786)(10,079)(10,382)(10,693)(11,014)(11,344) Less Ptrship Mgmt Fee - GP 19,500 (19,500)(20,085)(20,688)(21,308)(21,947)(22,606)(23,284)(23,983)(24,702)(25,443)(26,206)(26,993)(27,802)(28,636)(29,495) Net Cash Flow, 2nd Cut 46,794 56,538 66,324 76,146 85,997 95,872 105,762 115,661 125,560 135,450 145,322 155,166 164,973 174,731 184,429 Deferred Fee/Incentive Mgmt Fee 33%(15,583)(18,827)(22,086)(25,356)(28,637)(31,925)(35,219)(38,515)(41,811)(45,105)(48,392)(51,670)(54,936)(58,186)(61,415) Cash Distribution CA HCD 11,407,821 74.0%(23,109)(27,921)(32,753)(37,604)(42,469)(47,346)(52,230)(57,118)(62,007)(66,891)(71,766)(76,627)(81,470)(86,289)(91,079) City 4,000,000 26.0%(8,103)(9,790)(11,485)(13,185)(14,891)(16,601)(18,314)(20,028)(21,742)(23,454)(25,164)(26,868)(28,567)(30,256)(31,936) 15,407,821 100.0% Remaining Cash Flow (0)0 0 (0)(0)0 (0)0 (0)(0)(0)(0)(0)(0)(0) 33Lot T Refined Proposal | Alta Housing | 10.29.24 SCENARIO C EVALUATION OF SCENARIO & IMPACT OF NO ON-SITE PARKING Our team saw Scenario C as an opportunity to be as cost-efficient as possible, given the absence of parking. To do this, we kept the entire building as Type V-A construction, which limited the building height to four stories. We were able to accommodate 47 units and a 3,900-square-foot ground-level courtyard. Eliminating the concrete podium reduced the per unit cost from $1.03 M in Scenario A to $979 K in Scenario C. We believe Scenario C is the most feasible of the three options for several reasons: • Cost Efficiency: The building’s simplicity, with no concrete podium and uniform Type V-A construction, makes it the most economical of the three scenarios. • Simpler Planning Approvals: Unlike Scenario B, there’s no need to undergo the condominium process. • Financing Competitiveness: The project will be more competitive for financing since we won’t need to request the maximum loan amount per unit in CA HCD funding nor apply for state tax credits. • Shortest Timeline: The structure in Scenario C is the simplest to build and has the shortest construction timeline, which allows us to deliver affordable housing to the community sooner. The primary drawback of Scenario C is the lack of parking for residents. However, this location is ideal for households without cars due to its proximity to high-quality public transportation. Residents can easily access multiple bus routes, including the SamTrans 280, 281, 2960, and 397 Buses right outside the building at the corner of Kipling and Lytton Ave. A few short blocks away, they can also catch the VTA 21 Bus or Dumbarton Express. Additionally, the site is just 0.4 miles from the Palo Alto Caltrain station, providing access to the Caltrain, VTA 522 Bus Rapid Transit (BRT), and the local VTA 22 Bus. To encourage and facilitate non-vehicular modes of transportation, the building will include secure bike storage facilities. For households that require the use of a car, we could collaborate with the City to offer residents reduced- rate permits for parking in nearby garages. CITY CONTRIBUTION Similar to Scenarios A and B, we are 1) requesting a $4 million soft loan from the City of Palo Alto, to be made available during construction with interest that is accrued and deferred over the 16-month construction period; 2) requesting a ground lease at a nominal rate of $1 per year; and 3) planning to take advantage of the City’s development impact fee exemptions for affordable housing. These contributions from the City are considered “leveraged soft sources” and will be critical when we apply for tax credits since they increase the competitiveness of our application. 34Lot T Refined Proposal | Alta Housing | 10.29.24 PROJECT MILESTONE ESTIMATED DATE City selects development partner December 2024 Negotiate & enter into ENA & DDA December 2025 Community engagement - Listening sessions January 2026 Community engagement - Presentation of concept March 2026 Due diligence (Phase I/II, Geotech, Arborist, Surveys, etc.)Jan 2026 - Jun 2026 DESIGN Conceptual Design February 2026 Schematic Design Mar 2026 - Jul 2026 | (4 mo) Design Development Drawings Feb 2027 - Jul 2027 | (5 mo) Construction Drawings to 75% completion (permit set)Sep 2027 - Feb 2028 | (5 mo) Value engineering / 100% Construction Drawings February 2029 ENTITLEMENTS Submit SB423/SB330 Notice of Intent to City of Palo Alto March 2026 Submit SB423 application August 2026 City issues determination whether the project meets the City’s objective standards Oct 2026 | (60 days) City grants ministerial approval Nov 2026 | (90 days) Submit building permit application March 2028 Receive building permit ready letter Jan 2029 | (10 months) FINANCING Apply for City of Palo Alto funding October 2026 Apply for CA HCD funding April 2027 (award Fall 2027) Apply for LIHTC/TEB August 2028 (award Dec 2028) Close on construction financing April 2029 CONSTRUCTION GC bids project Oct 2028 - Jan 2029 | (3 mo) Enter into construction contract March 2029 Start construction April 2029 Complete construction Jul 2030 | (16 mo) LEASE-UP/OCCUPANCY Begin marketing July 2029 Begin lease-up process January 2030 100% occupancy Oct 2030 | (3 mo) SCENARIO C PROJECT SCHEDULE The following project schedule is based on the timing outlined in the City’s RFP for developer selection and negotiation of the ENA and DDA. It also reflects the current list of financing sources. The project schedule may be affected if we need to add or replace funding sources. 35 TEAM & EXPERIENCE 35 36Lot T Refined Proposal | Alta Housing | 10.29.24 TEAM MEMBERS & ROLES RANDY TSUDA Randy has been the CEO and President of Alta Housing since 2018. Prior to joining Alta, he was Mountain View’s Director of Community Development. His career includes experience in the nonprofit, private, and public sectors, and spans real estate, city planning, affordable housing, and economic development. He has worked on projects that received awards from the American Planning Association, American Society of Landscape Architects, and in May 2018 received the “Bringing It Home” award from SV@Home, a policy and advocacy organization focused on increasing affordable housing in Silicon Valley. Under Randy’s leadership, Alta Housing has grown its development pipeline by over 500 units and staff headcount by 20%. CARLOS CASTELLANOS As Vice President of Real Estate Development, Carlos is responsible for acquisitions and new development. He has over 25 years of experience in real estate development and affordable housing. Before joining Alta Housing, he led development in the East Bay for MidPen Housing Corporation. He enjoys working with the diverse populations of the Bay Area to build healthy, vibrant and safe neighborhoods and making stable, affordable housing the cornerstone to achieving his vision. ALTA HOUSING Alta Housing (formerly Palo Alto Housing) is a community-based nonprofit 501(c)(3) focused on providing affordable housing and resident services in Santa Clara and San Mateo Counties – the heart of Silicon Valley. Our mission is to create stronger, more diverse communities by providing and maintaining high-quality, affordable housing where individuals and families thrive. For over 50 years, Alta Housing (AH) has built award-winning housing while assisting individuals and families in reaching their goals through our robust resident services program. Across our portfolio, more than 80% of our properties are geared towards families but also include housing for seniors and special needs populations. With our committed staff of 69, AH develops, owns, self-manages, and provides resident services for all of its properties. As a long-term owner and developer of affordable properties on the mid-peninsula, AH brings significant financial security and the ability to leverage creative funding sources to any new development project. AH is run by a dedicated team of leaders and staff members who bring extensive experience and commitment to our mission. Our Board and staff members live in the areas we serve and have deep roots in the communities we operate. These relationships help us leverage local resources and ensure they are accessible to our residents. AVA KUO Ava Kuo is a Senior Project Manager at Alta Housing and will be providing support to the Project Manager for the development outlined in this proposal. Ava joined Alta Housing in 2022. She has considerable experience managing new construction projects in Santa Clara County and led the development team at First Community Housing before joining Alta Housing. Currently, Ava continues to manage projects while also assisting the VP of Real Estate Development in new business development and mentoring other project managers. 37Lot T Refined Proposal | Alta Housing | 10.29.24 JUSTINE TSAI Justine Tsai is a Project Manager at Alta Housing and will oversee the development of the affordable housing project outlined in this proposal. After working on projects in Alameda County, Justine joined Alta Housing in 2022, where she has managed projects in Santa Clara County and San Mateo County. Under the supervision of the VP of Real Estate Development, Justine leads projects from acquisition through lease-up. She is responsible for keeping projects on schedule and within budget throughout the development process. SHERYL KLEIN Sheryl Klein will lead Alta’s community engagement and outreach. Sheryl was responsible for the successful community support for Wilton Court Apartments. She is an active member of the Palo Alto community and her community involvement includes co-chairing the PA Housing Element Working Group and serving on the Board of Directors of the Palo Alto Community Fund and Downtown Farmers’ Market. The Alta Housing Development Team ready to get to work. STEPHANIE SHIPE As the Vice President of Property Management, Stephanie Shipe oversees the management of Alta Housing’s 28 properties. She brings over 15 years of progressive experience in multi- family property management with expertise in landlord/tenant law, fair housing, and issues related to affordable and subsidized housing. Prior to joining Alta, Shipe served as the Director of Portfolio Management for the Housing Authority of the City of Alameda, California. LENITA WHEELER Lenita Wheeler joined Alta Housing in 2024. She has over 20 years of experience in community organizing, advocacy, and social services. She believes that everyone deserves the opportunity to live well in safe, affordable homes and communities where they can thrive. Lenita’s journey includes impactful director roles at the Oakland Housing Authority and Destination: Home. Additionally, she has consulted with social impact agencies on board development, fundraising, and process improvement. Lenita holds a Bachelor’s degree from Stanford University and serves as a Commissioner on the City of Hayward’s Community Services Commission.. 38Lot T Refined Proposal | Alta Housing | 10.29.24 ADRIANNE STEICHEN, AIA, NCARB, LEED AP Adrianne brings 20 years of experience and leadership to multifamily residential developments throughout the San Francisco Bay Area; Adrianne believes that good design is for everyone and chose a path in housing as an opportunity to improve lives, delivering good design at all income levels. As Principal at PYATOK, Adrianne inspires teams to design and deliver housing for all people across the San Francisco Bay Area region, passionately writes and presents about the design of dignified housing in walkable urban communities to professionals and communities all over the United States, and tirelessly cultivates leadership in equity – within the office, through her direction of firm policies and procedures as well as her mission-focused design approach within projects – and in the community, through her activism in professional and neighborhood organizations. Adrianne is a licensed architect in California and Oregon, a LEED Accredited Professional in BD+C and Homes, and holds a Master of Architecture from Tulane University with a minor in Film Studies. In 2015, the American Institute of Architects nationally recognized Adrianne as one of its Young Architects of the Year. Adrianne previously worked with Alta Housing on Wilton Court and Tree House affordable housing projects in Palo Alto. TEAM MEMBERS & ROLES PYATOK ARCHITECTURE + URBAN DESIGN PYATOK architecture + urban design is a mission-driven, full-service architectural firm with a focus on community and stakeholder engagement. We specialize in the master planning and design of multifamily residential projects, including affordable housing of all types as well as market-rate, workforce, and student housing. Our staff includes 50 professionals who are dedicated to the belief that the best urban communities come about through a partnership between project sponsor, community, city staff, and an open-minded design team. Garnering local and national design awards, our projects have always been built to conform to the critical demands of local context, program, schedule, and budget. Over our nearly 40 years of service across the Bay Area and West Coast, PYATOK has built a culture of collaborative leadership and expert project management. We design to maximize the efficiencies of construction typologies including wood frame, prefab, and modular systems, delivering complex projects on accelerated schedules. We collaborate closely with the owner, builder, local authorities, and project stakeholders. Leveraging the latest green building technologies, cutting-edge modeling processes, and participatory design methods, we create attractive, healthy, energy-efficient living spaces and communities that contribute to their neighborhoods’ vitality. THERESA BALLARD, AIA, LEED AP PYATOK principal Theresa Ballard has over 20 years of experience designing and delivering residential communities at all sizes, densities, and user groups, with a primary focus on affordable multifamily, student, and permanent supportive housing. She has managed both new construction and renovations, balancing technical knowledge with creative solutions for creating community among distinctive resident groups, and tailoring living spaces to their community’s specific needs, priorities, and settings. Theresa is a former Planning Commissioner for the city of Newark, California, and a former Board Member and President for Abode Services, a San Francisco Bay Area nonprofit housing developer. She has recently participated in conference panels for Co-locating Permanent Supportive Housing with Homelessness Services (Non-Profit Housing Association of Northern California, 2022) and Gold Nugget Awards: Winners and Trends (Pacific Coast Builders Conference, 2022). Theresa has a Bachelor in Architecture from Cal Poly San Luis Obispo. Theresa previously worked with Alta Housing on Oak Court affordable family housing in Palo Alto’s Professorville neighborhood. 39Lot T Refined Proposal | Alta Housing | 10.29.24 PYATOK after an annual retreat at the Crucible CHRIS ARD, AIA Associate Chris Ard, AIA, joined PYATOK in 2016 and earned his licensure in 2023. With experience in residential design and construction, Chris is committed to developing high quality, universally accessible housing. He appreciates working in multifamily housing as an opportunity to positively impact individuals and communities through thoughtful design. At PYATOK, Chris has contributed to market-rate campuses, affordable multifamily communities and supportive senior housing projects across the Bay Area, while leading the office in the development of REVIT standards. After earning a B.S. in Architecture from Texas Tech University, Chris moved east to pursue an M.Arch at Virginia Tech’s Washington Alexandria Architecture Center. A talented graphic designer, Chris enjoys the varied scales of design, from diagrams to master plans. In addition to project work Chris has supported PYATOK’s pro bono efforts for local schools and artist nonprofits. 40Lot T Refined Proposal | Alta Housing | 10.29.24 Wilton Court is an all-electric, new construction, 100% affordable housing community located in the Ventura neighborhood of Palo Alto. Twenty-one apartments are set aside for adults with intellectual or developmental disabilities who are seeking an independent living environment. Alta Housing has partnered with the Housing Choices Coalition and San Andreas Regional Center to better serve this community. Wilton Court is a GreenPoint Rated Gold project featuring rooftop photovoltaics, solar hot water panels, on-site EV charging, drought- tolerant landscaping, bioretention stormwater management, recycled water for landscape irrigation, low flow plumbing fixtures, energy efficient appliances, low-VOC paints and finishes, and a secure bicycle room with space for 70 bicycles. Wilton Court received a Citation Award in Architecture from AIA Silicon Valley Design Awards in 2023. WILTON COURT APARTMENTS 3705 El Camino Real, Palo Alto, CA 94303 Affordable, Supportive Housing for Individuals & Families at 30%-60% AMI 59 FLATS .69 PARKING RATIO 55,500 BUILDING S.F. .46 ACRES 128 D.U.A. $46.3M TOTAL DEVT. COST 2022 COMPLETION CALGREEN TIER 2 CONSTRUCTION TYPE • V-A over I-A UNIT MIX • 55 Studios (93%) • 4 1BRs (7%) PERMANENT FUNDING • 4% LIHTC w/Enterprise Neighborhood Partners • City of Palo Alto • County of Santa Clara • CA Community Reinvestment Corporation NET OPERATING INCOME • 2023 Projected – $347,248 • 2023 Actual – $478,395 41Lot T Refined Proposal | Alta Housing | 10.29.24 Carefully designed to blend into a highly sensitive Palo Alto neighborhood, this compact community of 35 studio units serves single adults, ranging from seniors to youth recently released from foster care. Indoor and outdoor common areas are thoughtfully arranged to encourage interaction among the residents and to support the long-term goal of helping residents transition to economic independence. Amenities include on-site resident support services, a community room, central laundry facilities, a computer room, a community room with a kitchen and outdoor deck, and secure bicycle parking. The building’s careful placement allowed for the preservation of 12 out of the 13 existing heritage trees, creating a shaded refuge and providing a natural visual buffer from neighboring homes. Tree House Apartments received the Grand Boulevard Initiative Award in 2013 and the Growing Smarter Together Award from the Association of Bay Area Governments in 2012. TREE HOUSE 488 W Charleston Rd, Palo Alto, CA 94306 Affordable Senior & Special Needs Housing for Individuals & families at 20% - 50% AMI 35 FLATS .90 PARKING RATIO 21,000 BUILDING S.F. .70 ACRES 50 D.U.A. $14.7M TOTAL DEVT. COST 2011 COMPLETION GPR PLATINUM (193 POINTS) CONSTRUCTION TYPE • Type V-A UNIT MIX • 33 Studios (93%) • 2 1BRs (7%) PERMANENT FUNDING • LIHTC w/Enterprise Neighborhood Partners • City of Palo Alto • County of Santa Clara • Bank of America • Opportunity Fund NET OPERATING INCOME • 2023 Projected – $52,545 • 2023 Actual – $138,491 42Lot T Refined Proposal | Alta Housing | 10.29.24 Oak Court Apartments is located at the edge of downtown Palo Alto in Professorville, a neighborhood known for its charming tree-lined streets and well-preserved Craftsman, Colonial Revival, and Shingle-style homes. The project consists of 53 apartments for low-income families in townhomes over flats, with a partial subterranean garage beneath. PYATOK facilitated several community meetings to gather input, resulting in buildings that were well received by local homeowners. A historic boarding house was relocated to the corner of the site and now serves as the manager’s office and a community center. All the units feature patios or balconies, and several have private porches that blend seamlessly into the streetscape. Amenities include a playground, computer learning center, garden labyrinth, secure bicycle storage, and laundry facilities. Oak Court Apartments received the Golden Nugget Grand Award from the Pacific Coast Builders Conference in 2005 and Builder Magazine’s Merit Award in 2005. OAK COURT APARTMENTS 845 Ramona St., Palo Alto, CA 94301 Affordable Housing for Families at 40% - 60% AMI 53 FLATS & TOWNHOMES 2:1 PARKING RATIO 67,000 BUILDING S.F. 1.2 ACRES 44 D.U.A. $15M TOTAL DEVT. COST 2005 COMPLETION CONSTRUCTION TYPE • V-A over I-A UNIT MIX • 9 1BRs (17%) • 19 2BRs (34%) • 26 3BRs (49%) PERMANENT FUNDING • LIHTC Equity • City of Palo Alto • FHLB Affordable Housing Program • Housing Trust of Santa Clara County • California Federal Bank NET OPERATING INCOME • 2023 Projected – n/a • 2023 Actual – $231,245 43Lot T Refined Proposal | Alta Housing | 10.29.24 DEVELOPMENT EXPERIENCE Alta Housing (AH) has been developing affordable housing in the heart of Silicon Valley for over 50 years. We take pride in building well-designed and attractive projects that minimize their environmental impact. Today, our portfolio has over 1,000 units at 28 properties that provide housing to extremely low- and low-income individuals, families, seniors, veterans, formerly homeless, and adults with intellectual and developmental disabilities. Palo Alto has served as Alta Housing’s home base for the past 50 years – out of the 28 properties in its portfolio, 23 are located in Palo Alto. Alta Housing has a strong balance sheet and extensive experience obtaining public funding and grants for our development projects. Not only are we familiar with working with local cities and counties to apply for local funding, we are also knowledgeable about state funding programs offered through the CA Department of Housing & Community Development (HCD). We have extensive experience in securing both 4% and 9% Low Income Housing Tax Credits (LIHTC) and tax-exempt bonds. Alta Housing’s expansive portfolio demonstrates its ability to develop financially secure, vibrant projects. We are proud of the high-quality, well-maintained, and safe housing that we create and the support that we provide to our residents in reaching their goals. Alta Housing and PYATOK have been partnering to create high-quality housing communities for the past 20 years. The two firms first worked together twenty years ago on Oak Court Apartments, a 53-unit family apartment community at the edge of downtown Palo Alto, on the former Palo Alto Medical Foundation site. Alta Housing and PYATOK continued to work together on two subsequent projects, Tree House Apartments and Wilton Court. These three award-winning projects are excellent examples of projects similar in size, target population, and/or construction type to the projects in this proposal. Oak Court 44Lot T Refined Proposal | Alta Housing | 10.29.24 PROPERTY MANAGEMENT PAHC Management & Services Corporation (PAHCMSC) is Alta Housing’s property management division. Its objectives are to provide decent, safe, and sanitary housing to very low- and low-income seniors and families. Since we built our first development in 1972, we have been leasing up and managing properties so they remain highly attractive, safe, and inviting for our residents. Our 1000+ unit portfolio includes SROs, developments for senior and disabled residents, and permanent supportive housing for veterans and previously homeless residents. Our properties are designed and consistently and professionally managed to be aesthetically pleasing and blend into their surrounding neighborhoods. In addition to managing Alta Housing-owned and developed properties, PAHCMSC also serves as the property manager for three non-Alta Housing-owned properties. Our property management team has decades of experience managing all aspects of a property life cycle. Managers are experienced in affirmatively marketing our properties in compliance with local, state, and Federal fair housing laws and regulatory agreements; recruiting residents; and maintaining waiting lists. We are familiar with administering both city and county preferences for tenant selection. In addition, our multicultural staff is sensitive to working with residents and applicants from diverse backgrounds. PAHCMSC effectively and efficiently manages properties and works closely with our Resident Services team to encourage and promote independent living so that our residents are able to remain in their homes. 45Lot T Refined Proposal | Alta Housing | 10.29.24 RESIDENT SERVICES PROVIDER EXPERIENCE Alta Housing is committed to developing communities where residents not only live, but thrive. The Alta Housing Resident Services Division has provided on-site services at our current housing developments for over 20 years as part of that commitment. Throughout our portfolio of family, senior, and SRO housing units, our mission has been to partner with residents to provide services that are resident-driven, strength-based, impactful, and empowering. We provide support in the following three service areas: Our team of Service Coordinators is well-versed in local resources and can refer residents for specialized services to any number of community partners. Services work best when the residents are part of the service design process – at move-in, residents have the opportunity to express their needs through needs assessments, surveys, and focus groups. Each household has different goals, and we customize services to meet the needs of each individual property. The portfolio of services may include, but is not limited to: • Weekly office hours for support counseling and housing retention – helping to mitigate any personal needs that may impact housing stability. This includes information and referral to local community agencies to assist with specific household needs such as counseling, childcare, transportation, public benefits, etc.; • Financial empowerment workshops and coaching – financial literacy concepts discussed in a group setting and individually including budgeting, credit repair, debt reduction, savings plan, etc.; • Referrals for job coaching services through a partnership with the local adult school helping residents to work on and advance their career goals; • English as a Second Language and computer literacy classes taught by community volunteers or partner organizations; • Health and wellness programs that bring in information on living with chronic health conditions; • Food security programs through partnerships with local food banks to assist residents in extending their budgets through food savings; • Annual scholarship for adults returning to school to advance their careers, the Opportunity Scholarship; • Annual community-building events such as barbecues and holiday parties. Supporting Counseling & Housing Retention 1-on-1 individualized confidential assessments of needs and support with problem-solving around goals and housing stability needs. Community Building & Resident Leadership Events that strengthen the bonds between neighbors and provide opportunities for residents to get involved in their community. Educational Programs & Social Services Providing specialized classes, workshops, and programs for adults, seniors, parents, and children based on identified needs and interests, often through partnerships with community agencies. Examples include afterschool & summer youth programs; parenting classes; financial literacy workshops; job coaching; health & wellness initiatives 46Lot T Refined Proposal | Alta Housing | 10.29.24 In 2024, Alta Housing received a $750,000 grant from the Silicon Valley Community Foundation (SVCF) to launch its groundbreaking Wellness Navigation Pilot Program, a two-year initiative designed to provide comprehensive wellness services to low-income residents in Palo Alto. This initiative addresses several key challenges faced by the community, including rising mental health issues exacerbated by the COVID-19 pandemic, limited access to holistic wellness services for low-income residents, and complex public benefits systems that create barriers to accessing support. These factors underscore the need for integrated services that address resident needs. The Wellness Navigation Program will support residents by increasing their access to health services and public or community-based benefits, and helping them navigate complex systems to obtain essential resources. It will enhance mental health services by offering individual and group therapy sessions, while also promoting holistic wellness through mindfulness, nutrition, and fitness programs. Oak Court Thank You LEARN MORE AT ALTAHOUSING.ORG 3460 West Bayshore Road, Suite 104, Palo Alto, CA 94303 October 29, 2024 Offer for: Downtown affordable housing, lot t city of palo alto planning and development services department Rendering of Scheme A2, Lot T Primary Contact: Felix AuYeung, Vice president of Business Development TABLE OF CONTENTS Section Page Cover Letter 1 Project Description 1 Plans Evaluation of Parking Options and Impacts 24 26 Proforma – Option A1 Proforma – Option C City Contribution5 30 35 36 52 56 Project Schedule Team and Experience 1. Project Description Lot T is a landmark development opportunity for the City of Palo Alto, creating optimally Our proposed development will include a minimum of 61 homes and up to 77 homes Our affordability targeting is informed by Palo Alto’s Regional Housing Needs Allocation, 1 Per the City’s Housing Element, the current job to resident ratio is over 3:1, reflecting the Median Average Income Needed to Afford Income for Unit Type % of Median 74%Studio $2,395 $95,800 $129,000 1 $2,750 $110,000 80% 87% 103% Per the City’s RFRP, we provided the three options requested with differing approaches to In all the scenarios provided, we incorporated key design principles informed by the City’s 2 We took a sensitive approach that community room, after school program for school-aged children, and secure bike parking. Unit Type Studio Unit Sq Ft 416 TCAC Minimum SF 300 1 Bedroom 585 858 1,118 The chart below outlines the Project Options studied. Site Plans and additional details are 3 Option A1 –Option A2 – Single Level of Two Levels of Option B – Option C – (No) Residential Residential Residential + Public Parking Minimal Families and Families and Families and Families and Target Population Studios 73 13 21 21 18 73 13 21 21 18 61 11 17 18 15 77 13 21 24 19 1 Bedrooms 2 Bedrooms 3 Bedrooms Affordability 30-60% AMI 30-60% AMI 30-60% AMI 30-60% AMI Parking Spaces 36 51 52 5 Residential 36 51 30 0 Parking Ratio 0.5 0.7 0.5 0 Building Stories 7 7 7 7 72’75’74’72’ Gross Building 93,500 sf 104,500 sf 98,600 sf 89,200 sf Rentable Area Construction (Wood and Concrete) 2 Levels Type IA 3 Levels Type IA 2 Levels Type IA 2 Levels Type IA IIIA IIIA IIIA IIIA 4 2. Plans Celebrating the In-between Palo Alto’s downtown is distinctive and vital, known as a regional job center and retail The design solution comprises two clear building forms organized around central outdoor This design was developed specifically with Lot T in mind and driven by the concept of In-between: Urban Scale On an urban scale, Lot T finds itself ‘in-between’ 5 In-between: Building Scale Along those lines, a fundamental creating a welcoming frontage for engaging streetscape, with space for a courtyards). 6 In-between: Form & Celebration Finally, these affordable housing units provide much needed opportunities for a *** Together, the strategies outlined above culminate in a design that is both specific to place, Please see the following pages for neighborhood context and design options proposed. 7 LEGEND LEGENDTIMOTHY HOPKINS CREEKSIDE PARK PARK / PLAZA BIKE LANE SCHOOL BIKE FRIENDLY GROCERY STORE TRAIN ROUTE JOHNSON PROJECT PROJECT EL PALO COGSWELL USPS ADDISON ELEMENTARY SCHOOL EL CAMINO PARK KING PLAZA CITY HALL HERITAGE SCOTTDOWNTOWN PALO ALTO STANFORD WHOLE FOODS C O M M U N I T Y F O C U S T R A N S I T F O C U S LEGEND COMMERICAL APT BUILDINGS APT BUILDINGSDOWNTOWN BUILDINGS 4 PROJECTPROJECT P R O G R A M F O C U S D E N S I T Y F O C U S C O N T E X T M A P S | PA L O A LT O N E I G H B O R H O O D L O T T PA L O A LT O | MIDPEN HOUSING October 28, 2024 108Palo Alto, California L E G E N D R E S I D E N T I A L PA R K I N G S C H E M E A 1 S C H E M E A 2 S C H E M E B S C H E M E C 6725,(66725,(66725,(66725,(6 %8,/',1*+(,*+7WR WRSRIURRI %8,/',1*+(,*+7WR WRSRIURRI %8,/',1*+(,*+7WR WRSRIURRI %8,/',1*+(,*+7WR WRSRIURRI )7 )7 )7 )7 &216758&7,21 7<3( /(9(/7<3(,$/(9(/67<3( ,,,$ &216758&7,21 7<3( /(9(/7<3(,$/(9(/67<3( ,,,$ &216758&7,21 7<3( /(9(/7<3(,$/(9(/67<3( ,,,$ &216758&7,21 7<3( /(9(/67<3(,$/(9(/67<3( ,,,$*5266%8,/',1* $5($LQFOXGLQJ JDUDJH *5266%8,/',1* $5($LQFOXGLQJ JDUDJH *5266%8,/',1* $5($LQFOXGLQJ JDUDJH *5266%8,/',1* $5($LQFOXGLQJ JDUDJH *6)*67 *6)*6) *5266/($6$%/( $5($ *5266/($6$%/( $5($ *5266/($6$%/( $5($ *5266/($6$%/( $5($ *6)*6)6)*6) 180%(52)180%(52)180%(52)180%(52)81,766((0$75,;21 %8,/',1*3/$16 81,766((0$75,;21 %8,/',1*3/$16 81,766((0$75,;21 %8,/',1*3/$16 81,766((0$75,;21 %8,/',1*3/$16 5(6,'(17,$/81,76 %<81,77<3(6,=( 5(6,'(17,$/81,76 %<81,77<3(6,=( 5(6,'(17,$/81,76 %<81,77<3(6,=( 5(6,'(17,$/81,76 %<81,77<3(6,=(180%(5$1'7<3( 5(6,'(17,$/67$//6727$/180%(5$1'7<3( 5(6,'(17,$/67$//6180%(5$1'7<3( 5(6,'(17,$/67$//6727$/180%(5$1'7<3( 5(6,'(17,$/67$//6727$/2)3$5.,1*67$//6 1238%/,&3$5.,1* 2)3$5.,1*67$//6 38%/,&67$//6 2)3$5.,1*67$//6 1238%/,&3$5.,1* 2)3$5.,1*67$//6 1238%/,&3$5.,1*67$//681,7/2$',1*81/2$',1*)25 5(6,'(176$1'67$)) $&&(66,%/( 67$//681,767$//681,7 $&&(66,%/( $&&(66,%/(5(6,'(17,$/ $&&(66,%/(38%/,& $&&(66,%/( (95(6,'(17,$//(9(/(9 &+$5*(56/(9(/(9 &+$5*(5($'< (95(6,'(17,$//(9(/(9 &+$5*(56/(9(/(9 &+$5*(5($'< (95(6,'(17,$//(9(/(9 &+$5*(56/(9(/(9 &+$5*(5($'< (95(6,'(17,$//(9(/(9 &+$5*(56(938%/,&(9&$3$%/(:,7+ (96((9(&$3$%/( /(9(/(9&+$5*(5($'<%,.(3$5.,1* $0(1,7,(6 3(581,7 %,.(3$5.,1* $0(1,7,(6 3(581,7 %,.(3$5.,1* $0(1,7,(6 3(581,7 %,.(3$5.,1* $0(1,7,(6 3(581,7 5(6,'(17,$/&20081,7<63$&( 6) 5(6,'(17,$/&20081,7<63$&( 6) 5(6,'(17,$/&20081,7<63$&( 6) 5(6,'(17,$/&20081,7<63$&( 6)256)/$81'5<52206)/$81'5<52206)/$81'5<52206)/$81'5<52206)5(6,'(17,$/5(6,'(17,$/6)6)5(6,'(17,$//($51,1*&(17(56) 6) 287'22563$&(287'22563$&(6)287'22563$&(6)*5281'/(9(/ 287'22563$&( 5(6,'(17,$/6)*5281'/(9(/ 287'22563$&( &20081,7<%(1(),7&20081,7<%(1(),76)*5281'/(9(/ 287'22563$&( 287'22563$&(&20081,7<%(1(),7 PA R K I N G A N A LY S I S & P R O J E C T D ATA L O T T PA L O A LT O | MIDPEN HOUSING October 28, 2024 119Palo Alto, California KIPLING ST OPEN COURTYARD S C H E M E A 1 | S I T E P L A N - L E V E L 1 L O T T PA L O A LT O | MIDPEN HOUSING October 28, 2024 1/32” = 1’ - 0” 120Palo Alto, California 35(/,0,1$5<81,70,;237,21$UHVLGHQWLDOSDUNLQJ RQO\678',2 81,7678',2 %5 %5 %5 727$/%'7 /(9(/678',2 Z[ G Z[ G [ [ *6)W\ S *6)W\S *6)W\S *6)W \S/ 678',2 %' %' OREE\SDUNL QJ %'%' 68%727$/ / %' 727$/%'%'%'5HVLGHQWLDO1HW5HQW DEOH*6) T O P L E V E L R E S I D E N T I A L 1RWHWKDWXQLW*6)LQFOXGHVH[WHULRUFRUUL GRUDQGSDUW\ZDOOV %'678',2 %' %'7 LAUNDRY %' %' RESIDENTIAL%' AMENITY %' %'%' P O D I U M L E V E L M A S S I N G D I A G R A M S C H E M E A 1 | F L O O R P L A N S L O T T PA L O A LT O | MIDPEN HOUSING October 28, 2024 1/32” = 1’ - 0” 131Palo Alto, California S C H E M E A 1 | R E N D E R I N G L O T T PA L O A LT O | MIDPEN HOUSING October 28, 2024 142Palo Alto, California KIPLING ST LOBBY OPEN COURTYARD OFFICE S C H E M E A 2 | S I T E P L A N - L E V E L 1 L O T T PA L O A LT O | MIDPEN HOUSING October 28, 2024 1/32” = 1’ - 0” 153Palo Alto, California 35(/,0,1$5<81,70,;237,21$OHYHOUHVLGHQWLDOSDUNL QJRQO\ %'678',2 81,7678',2 %5 %5 %5%'727$/ %'7 /(9(/ Z[ G Z[ G [ [ *6)W\S *6)W\S *6)W \S/LAUNDRY / /%'/ /%'/ OREE\SDUL QJ SDUNLQJ RESIDENTIAL /%'% 68%727$/ %'/ 727$/%'%'5HVLGHQWLDO1HW5HQW DEOH*6) P O D I U M L E V E L 1RWHWKDWXQLW*6)LQFOXGHVH[WHULRUFRUUL GRUDQGSDUW\ZDOOV LOBBY 83 3$5.,1**$5$*( 67$//6 L E V E L 2 PA R K I N G M A S S I N G D I A G R A M S C H E M E A 2 | F L O O R P L A N S L O T T PA L O A LT O | MIDPEN HOUSING October 28, 2024 FEET 0 5 10 25 50 100 164Palo Alto, California S C H E M E A 2 | R E N D E R I N G L O T T PA L O A LT O | MIDPEN HOUSING October 28, 2024 175Palo Alto, California KIPLING ST BIKE S C H E M E B | S I T E P L A N - L E V E L 1 L O T T PA L O A LT O | MIDPEN HOUSING October 28, 2024 1/32” = 1’ - 0” 186Palo Alto, California 35(/,0,1$5<81,70,;237,21%UHVLGHQWLDOSXEOLFSD UNLQJ %'RESIDENTIAL 678',2 81,7%'678',2 %5 %5 %5 727$/%'7 /(9(/ Z[ G Z[ G [ [ *6)W\ S *6)W\S *6)W\S *6)W \S/LAUNDRY %' %'RESIDENTIAL SDUNLQJ%' 68%727$/ / %'%'%'727$/%'5HVLGHQWLDO1HW5HQW DEOH*6) P O D I U M L E V E L 1RWHWKDWXQLW*6)LQFOXGHVH[WHULRUFRUUL GRUDQGSDUW\ZDOOV 3$5.,1**$5$*(67$//6 23(172 %(/2: 7 %2+ AMENITY '1 L E V E L 2 PA R K I N G M A S S I N G D I A G R A M S C H E M E B | F L O O R P L A N S L O T T PA L O A LT O | MIDPEN HOUSING October 28, 2024 1/32” = 1’ - 0” 197Palo Alto, California S C H E M E B | R E N D E R I N G L O T T PA L O A LT O | MIDPEN HOUSING October 28, 2024 2108Palo Alto, California KIPLING ST OPEN COURTYARD AMENITY RESIDENTIAL BIKE S C H E M E C | S I T E P L A N - L E V E L 1 L O T T PA L O A LT O | MIDPEN HOUSING October 28, 2024 1/32” = 1’ - 0” 2119Palo Alto, California 35(/,0,1$5<81,70,;237,21&OLPLWHGSDUNLQJ 81,7678',2 %5 %5 %5 727$/%'7 /(9(/678',2 Z[ G Z[ G [ [ *6)W\ S *6)W\S *6)W\S *6)W \S 678',2 %' %' %'%' 68%727$/ %'/ 727$/%'%'%'5HVLGHQWLDO1HW5HQW DEOH*6) 1RWHWKDWXQLW*6)LQFOXGHVH[WHULRUFRUUL GRUDQGSDUW\ZDOOV T O P R E S I D E N T I A L L E V E L %'678',2 %' %'7 LAUNDRY %' %' %'%' %'BOH %'%' L E V E L 2 M A S S I N G D I A G R A M S C H E M E C | F L O O R P L A N S L O T T PA L O A LT O | MIDPEN HOUSING October 28, 2024 1/32” = 1’ - 0” 220Palo Alto, California S C H E M E C | R E N D E R I N G L O T T PA L O A LT O | MIDPEN HOUSING October 28, 2024 231Palo Alto, California ENERGY EFFICIENCY & The project will rely on these passive strategies to reduce energy use and operational carbon: •Reduce cooling loads from direct solar exposure on south/west •High performance glazing and windows to reduce heat gain.COOL ROOF/ HEALTH & WELLNESS Design that supports health and well-being of residents and the •Daylight will be maximized within the units. Ventilation and Indoor Air Quality with high efficiency filtration. Materials - mindful to avoid red-list free materials based on their •Entry court and podium courtyards connect with Nature , natural WATER CONSERVATION & REUSE Water Conservation strategies that will be explored: • • Irrigation water collection via cisterns and podium bio-retention planters. Bioswales along the sidewalk to further slow and filter water runoff. Use of ultra low-flow and dual flush fixtures to go above and ECOLOGY The urban ecology will be based on concepts of resilience, harnessing • • • • Biodiversity through native plants. Bay Friendly landscape principles will be followed. Podium outdoor space residential restorative garden EDUCATION AND DISCOVERY Telling the stories and lessons-learned of the sustainability visions, •The design can actively engage and educate occupants . S U S TA I N A B I L I T Y | F E AT U R E S & O P P O R T U N I T I E S L O T T PA L O A LT O | MIDPEN HOUSING October 28, 2024 242Palo Alto, California KIKU CROSSING KIKU CROSSING SHIRLEY CHISHOLM VILLAGE SHIRLEY CHISHOLM VILLAGE A C T I V E C O U R T YA R D H O U S I N G R E F E R E N C E S C R A F T S M A N N E I G H B O R S P R E C E D E N T I M A G E R Y | L O O K & F E E L L O T T PA L O A LT O | MIDPEN HOUSING October 28, 2024 253Palo Alto, California 3. Evaluation of parking options and impacts Lot T is a fantastic opportunity that also presents challenges because of the relatively small Option A: Residential Parking Only A1: Single level of residential parking at the ground level, accessed off Lytton, which can A2: Two levels of residential parking (partial basement and ground level), which can Option B: Residential Parking and Replacement Public Parking Ground level public parking garage with 32 spaces reflective of the parking utilization data Option C: (No) Minimum Parking This option features no dedicated residential or public parking on site. However, we 24 Options Summary Table A1 73 36 A2 73 51 B C 77 5 Affordable Units 61 Total Parking Spaces Podium Spaces 36 26 30 5 Cost/Stall $55,000 $55,000 $55,000 $60,000 Partial Submerged Spaces 0 25 0 0 Public Cost/Stall $80,000 Parking Cost $1,980,000 $3,430,000 $1,650,000 $300,000 Total $1,980,000 $3,430,000 $300,000 TDC w/Net Developer Fee $64,882,237 $67,038,185 $58,167,019 $66,199,386 TDC/Unit $888,798 $10,142,863 $10,536,469 $9,434,434 $10,188,781 $138,943 $144,335 $154,663 $132,322 $918,331 $953,558 $859,732 City Gap Funds MidPen is an expert in tackling the redevelopment of publicly owned land with ambitious 25 4. financial information Financing Approach MidPen gets the job done! While the financing approach varies from project to project, year •Ensure long-term financial sustainability Maximize leverage of local funding sources Maximize competitiveness and viability of financing structure Ensure flexibility and responsiveness in the financing approach to enable us to be In line with the City’s stated desire to achieve maximum density and yield, we are Our team is highly experienced and successful in securing public sources of funding. Since The scenarios provided in this response assume 4% LIHTC, a conventional mortgage 26 Our team has shown great success in accessing traditional affordable housing sources and Our proforma is a realistic projection of current gap funding needs in that it is based on We thoughtfully implement cost controls at every step of the development process (design, Additionally, the Lifecycle Milestone Process is a series of check-ins at critical points in 27 Financial Strength MidPen’s commitment to serving low-income residents is supported by our operational and Additionally, MidPen maintains $72 million in unrestricted cash and liquid investments, Another MidPen advantage is our deep knowledge of and critical influence on funding 28 Prevailing Wage Experience We understand that this project will be subject to prevailing wage requirements, which are An example of our solid foundation with GCs is our work with Nibbi Brothers on four Land Value The parcel is currently zoned Public Facilities, which allows for multi-family use on housing 29 5. city contribution In addition to the land contribution, gap financing from the City is required in order to A1 A2 B C Affordable Units 73 73 61 77 $64,882,237 $67,038,185 $58,167,019 $66,199,386 City Gap Funds 30 Palo Alto Lot T - Opt A1 PROJECT SUMMARY SITE, BUILDING AND UNIT DETAILS LAND SOURCES CASH FLOW CONSTRUCTION SOURCES total per unit 563,229Acreage0.44 acres Construction Loan $41,115,699 $Yr 1 Yr 5 Yr 10 Yr 15 Yr 30 Tax Credit Investor Proceeds $5,050,336 6,135,376 10,142,863 62,444,275 $ $ 69,183 84,046 138,943 855,401 2020 2024 2029 2034 2049 # of Stories Effective Gross Income $ $ $ $ $ $ 1,616,485 (837,692) (149,178) $ $ $ 1,828,904 (994,915) (177,177) $ $ $ 2,069,237 (1,181,647) (210,430) (36,500) 636,660 (490,396) 97,852 $ $ $ 2,996,872 (1,979,671) (352,544) (36,500) 624,157 (490,396) 118,413 1.27 (730,000) (36,500) 563,955 (490,396) 41,059 BUILDING total $ Residential (Leasable) Circulation & Common Garage 55,835 sf 15,367 sf 13,680 sf PERMANENT SOURCES Amortizing Permanent Loan Tax Credit Investor Proceeds GP Equity Deferred Developer Fee City of Palo Alto total per unit Net Operating Income $ $ 5,856,169 33,668,909 6,135,376 362,845 10,142,863 15,214,295 71,380,458 $ $ 80,221 461,218 84,046 Net Cash Flow PARKING 1.15 1.20 1.26 1.30 # of parking spaces UNIT MIX 36 36 0.5 0 4,970 138,943 977,814 SCHEDULE ASSUMPTIONS HCD/Other total Start month 0 Unit Type # Units Average Rent USES Construction mos.22 Studio 1-Bedroom 2-Bedroom 13 $ACQUISITION Acquisition Hard Cost Architecture and Engineering Construction Financing Permanent Financing Legal total per unit per SF $1,620 $ $ $ $ 4,051 696,978 30,182 73,115 1,432 2,747 4,545 42,986 121,779 977,814 888,798 $3 599 26 63 1 2 4 37 $ 3-Bedroom 18 OPERATING & SERVICES EXPENSE Manager's Units Total Unit Count 1 73 Operating Expenses $10,000 per unit Average Affordability AMI 49%$1,750 200,500 Reserves $1,781 per unit FINANCING ASSUMPTIONS 3,137,968 8,889,872 71,380,458 Developer Fee TOTAL DEVELOPMENT COSTS TDC Net Developer Fee $ $ 105 841Debt Coverage Ratio 1.15 Construction Rate 6.83%$64,882,237 Perm Loan Amortization DEVELOPER FEE TAX CREDIT ASSUMPTIONS 15% of TDC Total Fee GP Equity $9,732,336 Credit & Equity $33,668,909 6,135,376 Deferred Developer Fee $ Basis Boost Yes Net Developer Fee $2,391,651 Tax Credit Eligible 100% 31 Palo Alto Lot T - Opt A2 PROJECT SUMMARY SITE, BUILDING AND UNIT DETAILS LAND SOURCES CASH FLOW CONSTRUCTION SOURCES total per unit 580,544Acreage0.44 acres Construction Loan $42,379,679 $Yr 1 Yr 5 Yr 10 Yr 15 Yr 30 Tax Credit Investor Proceeds $5,231,234 6,485,021 10,536,469 64,632,403 $ $ 71,661 88,836 144,335 885,375 2020 2024 2029 2034 2049 # of Stories Effective Gross Income $ $ $ $ $ $ 1,616,485 (837,692) (149,178) $ $ $ 1,828,904 (994,915) (177,177) $ $ $ 2,069,237 (1,181,647) (210,430) (36,500) 636,660 (490,396) 97,852 $ $ $ 2,996,872 (1,979,671) (352,544) (36,500) 624,157 (490,396) 118,413 1.27 (730,000) (36,500) 563,955 (490,396) 41,059 BUILDING total $ Residential (Leasable) Circulation & Common Garage 55,835 sf 15,367 sf 19,630 sf PERMANENT SOURCES Amortizing Permanent Loan Tax Credit Investor Proceeds GP Equity Deferred Developer Fee City of Palo Alto total per unit Net Operating Income $ $ 5,822,121 34,874,891 6,485,021 362,845 10,536,469 15,804,704 73,886,050 $ $ 79,755 477,738 88,836 Net Cash Flow PARKING 1.15 1.20 1.26 1.30 # of parking spaces UNIT MIX 51 51 0.7 0 4,970 144,335 216,503 1,012,138 SCHEDULE ASSUMPTIONS HCD/Other total Start month 0 Unit Type # Units Average Rent USES Construction mos.23 Studio 1-Bedroom 2-Bedroom 13 $ACQUISITION Acquisition Hard Cost Architecture and Engineering Construction Financing Permanent Financing Legal total per unit 4,051 722,994 30,182 77,038 1,428 2,747 4,536 43,021 126,141 918,331 per SF $1,620 $$ $ $3 581 24 62 1 2 4 35 $ 3-Bedroom 18 OPERATING & SERVICES EXPENSE Manager's Units Total Unit Count 1 73 Operating Expenses $10,000 per unit Average Affordability AMI 49%$1,750 200,500 331,129 3,140,539 9,208,297 Reserves $1,781 per unit FINANCING ASSUMPTIONS Developer Fee TOTAL DEVELOPMENT COSTS TDC Net Developer Fee $ $ 101 813Debt Coverage Ratio 1.15 6.83% $ $ 73,886,050 67,038,185 Permanent Rate 6.54% DEVELOPER FEE TAX CREDIT ASSUMPTIONS 15% of TDC Total Fee GP Equity $10,055,728 Credit & Equity $34,874,891 6,485,021 Deferred Developer Fee $ Basis Boost Yes Net Developer Fee $2,360,432 Tax Credit Eligible 100% 32 Palo Alto Lot T - Opt B PROJECT SUMMARY SITE, BUILDING AND UNIT DETAILS SOURCES CASH FLOW LAND CONSTRUCTION SOURCES total per unit 598,945Acreage0.44 acres Construction Loan $36,535,625 $Yr 1 Yr 5 Yr 10 Yr 15 Yr 30 Tax Credit Investor Proceeds $4,509,317 5,385,097 9,434,434 55,864,473 $ $ 73,923 88,280 154,663 915,811 2020 2024 2029 2034 2049 # of Stories Effective Gross Income $ $ $ 1,221,316 $ $ $ 1,348,105 (699,989) (149,178) $ $ $ 1,525,257 (831,367) (177,177) $ $ $ 1,725,688 (987,404) (210,430) $ $ $ 2,499,311 (1,654,246) (352,544) (30,500) 458,021 (388,536) 54,137 (610,000) (30,500) 446,816 (388,536) 25,780 BUILDING total $ Residential (Leasable) Circulation & Common Garage 46,735 sf 13,547 sf 11,400 sf PERMANENT SOURCES Amortizing Permanent Loan Tax Credit Investor Proceeds GP Equity Deferred Developer Fee City of Palo Alto total per unit Net Operating Income $ $ 4,518,821 30,062,113 5,385,097 226,985 9,434,434 14,151,651 63,779,101 $ $ 74,079 492,822 88,280 Net Cash Flow PARKING 1.15 1.20 1.24 1.27 1.18 # of parking spaces UNIT MIX 62 3,721 154,663 231,994 1,045,559 SCHEDULE ASSUMPTIONS 0.5 HCD/Other total Start month 0 Unit Type # Units Average Rent USES Construction mos.22 Studio 1-Bedroom 2-Bedroom 11 $1,383 ACQUISITION Acquisition Hard Cost Architecture and Engineering Construction Financing Permanent Financing Legal total per unit 4,848 741,318 36,119 78,032 1,495 3,287 4,523 45,814 130,124 953,558 per SF $ $ $ $ $ $4 631 31 66 1 3 4 39 $ 3-Bedroom 15 OPERATING & SERVICES EXPENSE Manager's Units Total Unit Count 1 61 Operating Expenses $10,000 per unit Average Affordability AMI 49%$1,746 200,500 Reserves $2,131 per unit FINANCING ASSUMPTIONS 2,794,627 7,937,541 63,779,101 58,167,019 Developer Fee TOTAL DEVELOPMENT COSTS TDC Net Developer Fee $ $ 111 890Debt Coverage Ratio 1.15 6.83% Perm Loan Amortization DEVELOPER FEE TAX CREDIT ASSUMPTIONS 15% of TDC Total Fee GP Equity $8,725,053 Credit & Equity $30,062,113 5,385,097 Deferred Developer Fee $ Basis Boost Yes Net Developer Fee $2,325,459 Tax Credit Eligible 100% 33 Palo Alto Lot T - Opt C PROJECT SUMMARY SITE, BUILDING AND UNIT DETAILS SOURCES CASH FLOW LAND CONSTRUCTION SOURCES total per unit 547,161Acreage0.44 acres Construction Loan $42,131,401 $Yr 1 Yr 5 Yr 10 Yr 15 Yr 30 Tax Credit Investor Proceeds $5,152,745 6,228,680 10,188,781 63,701,607 $ $ 66,919 80,892 132,322 827,294 2020 2024 2029 2034 2049 # of Stories Effective Gross Income $ $ $ 1,550,309 $ $ $ 1,711,251 (883,593) (149,178) $ $ $ 1,936,123 (1,049,431) (177,177) (38,500) 667,016 (528,529) 96,500 $ $ $ 2,190,546 (1,246,395) (210,430) (38,500) 691,221 (528,529) 114,279 1.31 $ $ $ 3,172,563 (2,088,146) (352,544) (38,500) 689,373 (528,529) 145,496 1.30 (770,000) (38,500) 607,809 (528,529) 46,779 BUILDING total $ Residential (Leasable) Circulation & Common Garage 59,527 sf 16,105 sf 1,900 sf PERMANENT SOURCES Amortizing Permanent Loan Tax Credit Investor Proceeds GP Equity Deferred Developer Fee City of Palo Alto total per unit Net Operating Income $ $ 6,375,803 34,351,632 6,228,680 415,145 10,188,781 15,283,171 72,843,212 $ $ 82,803 446,125 80,892 Net Cash Flow PARKING 1.15 1.20 1.26 # of parking spaces UNIT MIX 5 5,391 132,322 946,016 SCHEDULE ASSUMPTIONS 0.1 HCD/Other total Start month 0 Unit Type # Units Average Rent USES Construction mos.22 Studio 1-Bedroom 2-Bedroom 13 $1,326 ACQUISITION Acquisition Hard Cost Architecture and Engineering Construction Financing Permanent Financing Legal total per unit per SF $ $ $ $ $ 3,841 674,031 28,614 70,881 1,425 2,604 4,568 42,258 117,794 946,016 859,732 $4 669 28 70 1 3 5 42 $ 3-Bedroom 19 OPERATING & SERVICES EXPENSE Manager's Units Total Unit Count 1 77 Operating Expenses $10,000 per unit Average Affordability AMI 49%$1,756 200,500 Reserves $1,688 per unit FINANCING ASSUMPTIONS 3,253,856 9,070,137 72,843,212 66,199,386 Developer Fee TOTAL DEVELOPMENT COSTS TDC Net Developer Fee $ $ 117 940Debt Coverage Ratio 1.15 6.83% Perm Loan Amortization DEVELOPER FEE TAX CREDIT ASSUMPTIONS 15% of TDC Total Fee GP Equity $9,929,908 Credit & Equity $34,351,632 6,228,680 Deferred Developer Fee $ Basis Boost Yes Net Developer Fee $2,426,312 Tax Credit Eligible 100% 34 6. project schedule The following schedule outlines key internal resources to invest predevelopment Risks: The most significant risks to meeting Time saving opportunities: If selected, experience to the table in the hopes of Milestone RFP Submission Duration 8 days Start End 29-Oct-24 21-Nov-24Interviews12-Nov-24 Developer Selection 16-Dec-24 Exclusive Negotiating Agreement (ENA) Design, Community Outreach, Entitlements 3 months Dec-24 Mar-25 3 months Mar-25 June-25 Submit Entitlement Application 12 months Aug-25 Sept-26 Aug-26 Dec-26 50% CDs Jan-27 March-27 85% CDs March-28 Financing HCD Application Due 2 months May-27 July-27 HCD Award Tax Credit Application Submission April-28 3 months August-28 Construction Loan Closing Construction Start of Construction Feb-29 Construction Completion 22 months Feb-29 April-32 35 7. team and experience MidPen Housing Corporation In 1970, Stanford University students and Silicon Valley businesspeople, aware of the Our Mission is to provide safe, affordable housing of high quality to those in need; to MidPen Housing Corporation drives all development efforts including property MidPen Property Management Corporation provides extensive experience in all MidPen Resident Services Corporation provides and coordinates onsite support 36 MidPen’s Housing Development Team MidPen’s dedicated Development ‐up. Our pipeline is characterized by innovative residential infill projects Groundbreaking at Paseo Estero, Oakland the limits of what is possible in the affordable housing industry by proving new concepts in Given our deep roots on the Peninsula and Silicon Valley, the majority of MidPen’s Our talented and experienced team has experience maximizing the potential of key infill 37 from the Urban Land Institute, Green Building Award from Sustainable San Mateo MidPen is committed to our role as an affordable housing developer and long term owner of MidPen Property Management MidPen’s approach to property management is based on four core values: 1. Be Good Neighbors: MidPen Property Management strives to ensure that every 2. Enhance Residents’ Lives: Management staff responds to individual and community 3. Implement Sustainable Operations and Maintenance: MidPen Property 4. Serve Diverse Populations: MidPen Property Management strives to employ and It is essential to our team that we set new communities up for success, both for the 38 Management staff is 6 years. Stable staffing ensures the long-term sustainability of the Below are some highlights of our property management approach: Tenant Retention: It is essential to our team that we set new communities up for success, Low Barrier Tenant Selection: MidPen practices Inclusive Tenant Screening and makes Long-Term Sustainability: We are committed to sustainable operations and maintenance. Cost-Efficiencies in Operations: There has been a focus on energy savings, notably using 39 MidPen Resident Services MidPen Resident Services Corporation (MidPen Resident Services) brings high-quality MidPen Resident Services aims to help individuals and families meet needs that extend •378 households receiving over $900K in tax refunds, by 76% of summer youth program participants maintaining 41% of our 2,000+ seniors participate in monthly We deliver services onsite in partnership with an extensive With an annual investment of $10 million, an in-house staff of 40 MidPen Services ensures equitable access to our economic, educational, and health We are excited about the opportunity to bring our proven service model to the needs of this Robust and Impactful Service Offerings For Adults: •Financial capabilities: Use innovation to meet the challenges of residents by Vocational development: Career counseling, English as a Second Language (ESL) For Youth: Afterschool and Summer Programs: Our rigorous, research-based afterschool and• summer programs equip youth to stay in school and perform at grade level or 41 •Leadership skills: Youths in our afterschool program can assume leadership Thanks to MidPen Resident Services, thousands of residents perform better in school, learn Community Event at Oroysom Village in Fremont Community Event at Timberwood in San Jose Second Harvest Food at Moonridge Summer Youth Program Tutoring Program at Open 42 Transportation Demand Management (TDM) and Reducing Reliance on MidPen is committed to implementing measures to ensure our residents have multiple Other TDM tools MidPen frequently implements include constructing well-equipped bike Based on preliminary review of Palo Alto’s existing TDM programs, we propose to explore a 1. Transit pass program tied to existing Palo Alto TMA programs administered on-site 43 Design Team Experience BAR Architects MidPen is partnering with our longtime collaborator BAR Architects & Interiors on this Specialist in Affordable Housing Established in 1966, BAR brings close to 60 years communities throughout the United States and MidPen and BAR have worked together on six Crossing in San Mateo, Shirley Chisholm Village in Top: Exterior of Chestnut Square City. In addition to expert design and planning services, BAR provides sophisticated 44 Sustainability & Equity Signatories to the 2030 Commitment to create net zero buildings, sustainable design Community & Recognition BAR assists in neighborhood revitalization, is active in USGBC, and AIA’s Committee on However, more impressive than BAR’s award-winning portfolio is the firm’s continued Specialists in Urban Infill Sites BAR has extensive experience specializing in urban infill projects, turning underutilized or Recent urban infill projects on tight sites include 38 Dolores with 81 units and a Whole 45 tight site in Presidio Heights in San Francisco; 830 Eddy, a high-density, 137-unit, 13-story 46 Kiku Crossing, San Mateo, County of San Mateo Project Description In 2018, MidPen Housing was selected by The City of San Mateo to Exterior Photo of Kiku Crossing Project Size Housing Units: 225 (replacing 235 spaces on surface lots for 289 net new public stalls) Public Parking Spaces Available for Resident Overnight Use: 86 Interior Courtyard at Kiku Crossing Construction Timeline Construction Start: January 2022 Project Team Project Owner: MidPen Housing Corporation Architect: BAR Architects Contractor: Devcon Construction, Inc.Community Room at Kiku Crossing Project Financing PERMANENT SOURCES Amortizing Perm Loan, Tranche A Amortizing Perm Loan, Tranche B Tax Credit Investor Proceeds (4%) City Housing Funds PER UNIT $31,127,500 $101,414,953 $189,802 $618,384 County AHF Infill Infrastructure Grant Lease Payment Proceeds Total Development Cost 47 Turk, San Francisco, County of San Francisco Project Description In May 2021 MidPen was selected by the Department of General Services (DGS) Rendering of Street Level Massing Project Size Housing Units: 92 Residential Parking Spaces: 0 Construction Type: 8-story, Type I Construction Timeline Estimated Construction Start: December 2024 Project Team Rendering of Exterior MassingProject Owner: MidPen Housing Corporation Property Management: MidPen Property Management Corporation Architect: David Baker Architects Project Financing PERMANENT SOURCES Amortizing Perm Loan, Tranche A Tax Credit Investor Proceeds (4%) GP Equity PER UNIT $60,028 $474,123 $1 $5,522,606 Deferred Developer Fee $9,256,854 $94,476,611 $100,618 $1,026,920 LGMG AHSC Infill Infrastructure Grant Total Development Cost 48 Foon Lok East, Oakland, County of Alameda Project Description In June 2015, MidPen was selected by Signature Development to be its Exterior Photo of Foon Lok East Project Size Construction Timeline Construction Start (Phase IV): June 2022 (Phase IV): February 2024 Common Room at Foon Lok East Project Team Project Owner: MidPen Housing Corporation Architect: HKIT Architects Project Financing Brooklyn Basin, Foon Lok East, Phase IV Courtyard at Foon Lok East PERMANENT SOURCES Amortizing Perm Loan, Tranche B City of Oakland CA Housing Accelerator Total Development Cost PER UNIT $98,888 $145,100 $531.798 $12,262,000 $87,688,912 49 Midway Village I, Daly City, County of San Mateo Project Description In 2017 MidPen was selected by the Housing Authority of San redevelopment of Midway Village. Midway Village Phase 1 marks Project Size Housing Units (Phase I): 147 Courtyard at Midway Village I Construction Timeline Construction Start (Phase I): September 2021 (Phase I): December 2023 Project Team Project Owner: MidPen Housing Corporation Resident Services: MidPen Services Corporation Architect: David Baker Architects Project Financing Midway Village, Phase I PERMANENT SOURCES PER UNIT $335,312 $408,757 $6,250 Amortizing Perm Loan, Tranche A $49,291,000 Sponsor Loan $3,575,000 $24,319 Bridge Loan Deferred Developer Fee Total Development Cost $132,344,349 $900,301 50 Shirley Chisholm Village, San Francisco, County of San Francisco Project Description In 2018 MidPen was selected by the City and County of San Renderings of Shirley Chisholm Village Project Size Housing Units: 135 (35 LIHTC, 100 Moderate) Construction Timeline Construction Start: August 2022 Project Team Project Owner: MidPen Housing Corporation Architect: BAR Architects Project Financing Shirley Chisholm Village (LIHTC)Shirley Chisholm Village (Moderate) PERMANENT SOURCES PER PERMANENT SOURCES PER UNIT $247,560 $455,437 $18,801 SVB Perm Loan $24,756,000 Tax Credit Investor $24,747,525 $707,072 MOHCD Gap Loan $45,543,792 MOHCD Deferred $1,880,173SVB Perm Loan $751,000 $21,457 MOHCD Deferred Tranche C Loan $4,700,000 $47,000 Tranche C Total GP Capital $100 $2 Total Development $28,248,722 $807,106 Cost $77,430,115 $774,301 Development Cost 51 8. Additional Information Community Engagement Plan MidPen prides itself in taking a collaborative, authentic, and holistic approach to MidPen has extensive experience partnering with a multitude of local jurisdictions and we Outreach Plan: MidPen will create a community outreach strategy in consultation with the One-on-One Conversations: MidPen begins every community engagement effort with a 52 Neighborhood Open House and Input Gathering: Following the one-on-one meetings, we In subsequent workshops, we further refine the development’s priorities with the Communication List: MidPen will use its 3-pronged community outreach strategy of direct MidPen will also ensure that resources are available to prospective residents. As such, 53 MidPen understands that an inclusive and collaborative community engagement process More examples of MidPen’s community engagement can be found in the Appendix. Public Art MidPen has successfully integrated public art connection between residents and their Foon Lok East, Oakland connection by engaging community-based arts organizations in the public art process. At this site, we would propose to work in More information about MidPen’s art component to our properties can be found in the Sustainable Materials and Practices Green building is integral to our planning and Edwina Benner Plaza, Sunnyvaleresulting in cost-neutrality or cost-savings for the 54 We propose to incorporate the following design elements that have the benefit of enhancing •The buildings will be all-electric, using heat pumps for domestic hot water •Green spaces will provide access to outdoor recreation and cleaner air; To reduce water consumption, we will use low-flow water fixtures, drought • 55 Appendix I Kiku Crossing Transportation Menu II Art @ MidPen III MidPen Community Engagement IV BAR Project Examples 56 APPENDIX I: Kiku Crossing Transportation Menu KIKU CROSSING TRANSPORTATION MENU480 E. 4th Ave., San Mateo, CA 94401 How to get around while living at Kiku Crossing? Kiku Crossing is proud to be a Transit-Oriented Development and provide affordable housing in the heart of Downtown San Mateo. Here is a preview of some of the transportation options available to residents: Kiku Garage Resident Parking Kiku Garage Overnight Parking Gated Access - Floors 4-5 LIMITED Spaces Eligible if you do NOT receive a Resident Space 6PM - 8AM Everyday Register Vehicle with Community Manager PARKING SPOT NOT GUARANTEED LONG-TERM PARKING SPOT NOT GUARANTEED Kiku Garage Daytime Permit Mon - Sat from 8AM - 6PM No Overnight Parking Kiku Garage Hourly Parking Mon - Sat from 8AM - 6PM $0.75 per Hour DAILY PARKING $40/Month Low-Income Up to 3 Hours Free Transit Passes Way2Go Pass = SamTrans BayPass = Bus/Rail/Ferry throughout the Bay Area Register with Services Coordinator Caltrain 6 Minute Walk to San Mateo Caltrain Station Trains from San Francisco to Gilroy Every Hour TRANSIT Biking Walking 268 Secure Bike Parking 7 Minute Walk to Central Park 12 Minute Walk to Main Library 2 Minute Walk to Bus Stop ***Sign Up for City Low-Income Monthly Permit Program HERE APPENDIX II: Art @ MidPen ART @ MIDPEN Public and Participatory Artwork El Camino by Mona Caron | Peninsula Station, San Mateo Intentional Placement of Art in Our Communities MidPen values public art for its ability to build a connection between Process Overview MidPen seeks out local artists who create original works that reflect the Step 1: Research and context analysis Step 2: Outreach to potential local artists and craftspersons, including studio visits Step 3: Interview and select artists or works, often through a jury that includes the City and local art organization(s) Step 4: Where possible, involve residents in creating the artwork The Juggler by Aaron Kerkhove Diverse Art Types: Historic & Cultural Exhibits Murals & Mosaics Sculptures Artful Playset Equipment Art for Interior Corridors Symbolic Window Art Architectural Elements Delaware Pacific, San Mateo ACTIVATED HALLWAYS Activated Hallways grew out community an interesting home instead displays the work of Spanish Bay | Sandie Srigley MidPen is piloting this Intent and Goals innovative method for sourcing MidPen aims to engage local artists with affordable housing, support the local Unnamed | Emma Foster Finding the Art MidPen hosts a contest seek- The artwork must in some Repose | Denese Sanders APPENDIX III: MidPen Community Engagement COMMUNITY OUTREACH overview Collaboration to build communities Authentic community outreach is foundational to MidPen’s development . Communication WITH THE CITY MidPen works with our local partners to arrive at a shared strategy for community outreach. TARGETED STAKEHOLDER OUTREACH MidPen conducts broad outreach Town hall neighborhood meetings MidPen often conducts initial Design charrettes Rather than arriving with a questions and concerns to inform COMMUNITY OUTREACH Case studies Collaboration to build communities (alameda, ca) MidPen Housing is working with Alameda Point Collaborative, Building Futures for Women and Children, and Operation the Development Plan is (half moon b ay, ca) San Mateo County Housing Authority selected MidPen to redevelop the Housing Authority’s existing 60-unit senior housing complex, known as Half Moon Village, into a new integrated Senior “Campus” in Half Moon Bay that would include the existing 64-unit Lesley Gardens senior apartments, a new Senior Center and Adult Day Health Center with 40 units of affordable senior apartments recently completed by Lesley Senior Communities and Mercy Housing, and the 6 acre site that MidPen was selected to redevelop. In 2011, MidPen worked on outreaching to three groups of partners. One group was the campus partners, which was made up of developers and service providers. MidPen worked with the group to hold quarterly meetings where they would discuss and coordinate the sites’ design, circulation and safety. The second group was the existing Half Moon Village residents who were living on the site when MidPen acquired the land. The MidPen project team held community meetings (where translation was provided), tenant question & answer sessions and individual interviews to best understand the needs of the residents that would be living in the new community. Lastly, MidPen reached out to the neighbors that were near the site through individual and community meetings. All feedback collected was used to inform the site layout and buildings’ design and shared with local partners. The outreach approach is reflected in the recognition Half Moon Village has received since being completed in the summer of 2015. APPENDIX VI: BAR Project Examples AFFORDABLE EDUCATOR HOUSING Created collaboratively with MidPen Housing and the San Francisco Unified CLIENT: MIDPEN HOUSING • 159,200 SF • 1.37 ACRE SITE • 135 UNITS SHIRLEY CHISHOLM VILLAGE UCONNDESRTRUCTION SAN FRANCISCO, CA CREATING AN INCLUSIVE COMMUNITY Through the thoughtful location of uses and design of the elevations, the new CLIENT: MERCY HOUSING • 293,460 SF • 3.2 ACRE SITE • 179 UNITS MIDDLEFIELD JUNCTION REDWOOD CITY, CA UNDER DOWNTOWN WITH A MODERN CHARACTER Re-imagining two city-owned downtown sites, Kiku Crossing has been CLIENT: MIDPEN HOUSING • 218,860 SF RESIDENTIAL; 223,180 SF GARAGE KIKU CROSSING SAN MATEO, CA From:Palo Alto Forward To:Council, City Subject:Item #9 - Housing on Parking Lots Date:Monday, January 20, 2025 6:28:24 PM Attachments:Item 9 - Housing Dntn Pkng Lots (01.20.25).pdf CAUTION: This email originated from outside of the organization. Be cautiousof opening attachments and clicking on links. Honorable City Council, Please find our attached letter in support of Item #9 on the January 21st Council agenda. Thank you, -- Amie Ashton Executive Director Palo Alto Forward 650-793-1585 January 20, 2025 SUBJECT: Item #9 - Affordable Housing on City-Owned Parking Lots Dear Mayor Lauing and Council Members, We are excited to see affordable housing on city parking lots moving forward into reality. Ensuring this was a pivotal and accountable part of the Housing Element was a key goal of our advocacy work. The city’s commitment to approve at least 290 affordable and/or workforce housing units over the next (less than) six years in our downtown is noteworthy and admirable. Our housing shortage is acute, as we all know. We urge you to move forward more quickly with affordable housing on more than one city parking lot. There is a benefit to moving forward with more than one site. There are significant economies of scale to be obtained in terms of staff effort, expertise, and time; shared parking garage efficiencies; and housing amenities and services that can also be shared. Further, there are important cost savings to be realized if a more holistic approach can be taken involving more than one site. Achieving a consensus vision in our two- to three-year Downtown Housing Master Plan need not delay smaller below market rate projects on city parking lots. Both are needed to reach our Housing Element commitments. And as we know, more housing downtown would provide much-needed workers for retail, hotels, and restaurants; as well as new customers who can walk to shop locally. Reaching our housing goals (especially with regard to below market rate housing) to create a more vibrant downtown will take strong action, courage, and creativity. We know Palo Alto can accomplish great things with bold leadership. Our residents, businesses, workers, and our environment will benefit as we strengthen our urban core with more housing. As always, thank you for your service to our community. Amie Ashton Executive Director, and on behalf of the Board of Palo Alto Forward From:Steve Levy To:Council, City Cc:Lait, Jonathan Subject:Agenda item 9 Date:Sunday, January 19, 2025 8:25:21 AM Dear Mayor Lauing and council members. Thank you for proceeding on housing at the Kipling/Lytton parking lot and thank you for the collegial tenor of the Jan 6 council meeting. I leave the recommendations on item 9 to your judgment BUT do urge you to move forward on discussing a second site with the non-profit developer not selected for this first site. These sites provide walkable options to shop, eat and have access to public transit and the Stanford shuttles and bring multiple benefits to residents, businesses and the environment besides the housing for low income residents. We have a tight timeline to meet the Housing Element goal for 100% affordable housing on city owned parking lots. My reading of HCD correspondence is that they are treating this as a critical commitment from the city so I hope we can begin to plan for the other identified sites. Stephen Levy Sent from my iPad From:Adam Schwartz To:Council, City Subject:New Downtown Homes on City-Owned Parking Lots Date:Friday, January 17, 2025 10:37:12 AM CAUTION: This email originated from outside of the organization. Be cautiousof opening attachments and clicking on links. To the Palo Alto City Council: I write to urge you to support the development of new affordable homes on city-owned parking lots in downtown Palo Alto. This is agenda item #9 at the upcoming meeting on January 21. The local policy issues that matters the very most to me is building new homes at all price points. A very good step in the right direction is to transform city-owned downtown parking lots into new multi-family homes at affordable prices for lower-income families. This is a great location: near transit, amenities, and jobs. It will be good for our downtown businesses, who will get new customers. Please approve a plan to move this forward!! Sincerely, Adam Schwartz 523 Channing Ave JANUARY 21, 2025 www.cityofpaloalto.org Lot T Affordable Housing Development Partner Selection Julia Knight Principal Planner 1 ▪ Context & Process Overview ▪Preliminary Development Partner Proposals ▪Parking Scenarios & Key Considerations ▪Staff Recommendation ▪Potential Development Partner Introductions OVERVIEW 2 STAFF RECOMMENDATION Staff recommends City Council: 1)Direct staff to enter into an exclusive negotiating agreement with Alta Housing. 2)Provide preliminary direction to staff on key project components that will guide partner design focus for future development on this site related to: A.Parking scenarios; B.Unit count and bedroom mix; and C.Building height. 3 LOT T DETAILS Size ▪Approximately 20,000 SF ▪52 total parking spaces Occupancy ▪2023 Peak Occupancy: 40% ▪2019 Peak Occupancy: 42% Location ▪0.1 – 0.3 miles Public Parks ▪0.3 miles to City Hall ▪0.4 miles to Train Station Value •Estimated $3-7 million Lot T University Ave. Post Office City Hall Train Station Heritage Park Johnson Park 4 Lot T Kipling Street Lytton Ave. University Ave. 5 POLICY & PROCESS OVERVIEW Housing Element / Regional Housing Needs Assessment (RHNA) ▪290 affordable/workforce units on City-owned land in phases by 2031 ▪Select development partner for first phase (50+ units) 2022/2023 Request For Information (RFI) Process ▪Responses received from both Alta Housing and MidPen Housing 2024/2025 Request For Refined Proposals (RFRP) & Partner Selection ▪2024 Council priority to seek refined proposals and select partner ▪Responses received from both Alta Housing and MidPen ▪Select developer partner in early 2025 (tonight) Next Steps ▪Enter into exclusive negotiating agreement ▪Partner to develop project application for City review and entitlement 6 PRELIMINARY DEVELOPMENT PARTNER PROPOSALS 7 Proposals Received: October 2024 Post-Submission Discussions with Staff: November 2024 Council Selection of Development Partner: January 2025 Note: Each proposal studies three unique parking scenarios. REQUEST FOR REFINED PROPOSALS PARKING SCENARIOS B On-Site Resident & Public Parking C No (or very low) On-Site Parking A On-Site Resident Parking Only Recognizes residents’ parking needs; opportunities for replacement public parking elsewhere such as Lot D Prioritizes replacement of public parking on-site; results in no or limited resident parking, highest per unit costs & requires risk management Lowest per unit costs but may impact neighborhood parking depending on population served and availability of downtown garage permits 8 KEY CONSIDERATIONS Metric Respondent Proposal Ranges Total Housing Units 47 - 77 Average Unit 716 – 790 SF Unit Mix Studios, 1-, 2- & 3-Beds Population served Large family (seniors, diverse abilities) On-Site Resident Parking 0 – 36 Stalls On-Site Public Parking 0 – 52 Stalls Total Construction Cost $46.0 M – 70.1M Per Unit Construction Cost $860,000 - $1.23M Total City Gap Funding $4.1M - $10.2M Per Unit City Gap Funding $73,000 - $155,000 Building Height 4 – 7 Stories Note: Architectural designs shown in proposals are preliminary and adaptable. 9 SCENARIO SUMMARIES Parking Scenario Developer Total Units Average Unit Size (SF) Parking Stalls Total Stories Cost per Unit City Gap per Unit Total Development Cost Total City Gap A Alta Housing 54 790 27 5 $1.03 million $77,000 $55.3 million $4.1 million MidPen Housing 73 765 36 7 $889,000 $139,000 S64.8 million $10.1 million 10 SCENARIO SUMMARIES Parking Scenario Developer Total Units Average Unit Size (SF) Parking Stalls Total Stories Cost per Unit City Gap per Unit Total Development Cost Total City Gap A Alta Housing 54 790 27 5 $1.03 million $77,000 $55.3 million $4.1 million MidPen Housing 73 765 36 7 $889,000 $139,000 S64.8 million $10.1 million B Alta Housing 57 716 52 7 $1.23 million $73,000 $70.1 million $4.2 million MidPen Housing 61 766 62 7 $954,000 $155,000 $58.2 million $9.4 million 11 SCENARIO SUMMARIES Parking Scenario Developer Total Units Average Unit Size (SF) Parking Stalls Total Stories Cost per Unit City Gap per Unit Total Development Cost Total City Gap A Alta Housing 54 790 27 5 $1.03 million $77,000 $55.3 million $4.1 million MidPen Housing 73 765 36 7 $889,000 $139,000 S64.8 million $10.1 million B Alta Housing 57 716 52 7 $1.23 million $73,000 $70.1 million $4.2 million MidPen Housing 61 766 62 7 $954,000 $155,000 $58.2 million $9.4 million C Alta Housing 47 716 0 4 $979,000 $88,000 $46.0 million $4.1 million MidPen Housing 77 773 5 7 $860,000 $132,000 $66.2 million $10.2 million Note: Please see staff report for further details and analysis.12 STAFF RECOMMENDATION Alta Housing ▪Minimal City gap funding requested ▪Massing meets City target for ~50 units while respecting neighborhood scale ▪Strong focus on feasibility (tax credit analysis, open space calculations & more) Further Council Direction Needed ▪Parking Scenario: A, B, or C ▪Unit Count and Bedroom Mix: consider target population needs ▪Building Height: 4 – 7 Stories 13 STAFF RECOMMENDATION Staff recommends City Council: 1)Direct staff to enter into an exclusive negotiating agreement with Alta Housing. 2)Provide preliminary direction to staff on key project components that will guide partner design focus for future development on this site related to: A.Parking scenarios; B.Unit count and bedroom mix; and C.Building height. 14 Julia Knight Principal Planner Julia.Knight@CityOfPaloAlto.org (650)838-2839 Potential Development Partners (in alphabetical order) 16 Alta Housing 17 Lot T Discussion - Jan 21, 2025 We’re Alta Housing Our mission: To create stronger, more diverse communities by providing and maintaining high -quality affordable housing where individuals and families thrive. What we do: ●Develop and build affordable homes ●Manage properties ●Provide resident & supportive services ●Manage BMR housing programs for Palo Alto & Stanford Our Team Randy Tsuda, CEO Carlos Castellanos, VP Real Estate Marc Garcia, CFO Stephanie Shipe, VP Property Management Sheryl Klein, COO Ava Kuo, Senior Project Manager Adrianne Steichen, Principal – PYATOKLenita Wheeler, VP Resident Services Wilton Court ●Pyatok/Alta have worked together for 20+ years ●Most recent project together Wilton Court ●Fits nicely into the neighborhood ●Robust outreach to the community Four Alta Communities Within Walking Distance Barker Hotel (SROs) Alma Place (SROs) Webster Wood (family apts) Oak Court (family apts) Robust Resident Services Programs Wellness Navigation Pilot Program $750,000 grant from Silicon Valley Community Foundation Funding will provide trained counselors to help Alta’s Palo Alto residents access medical, dental and other community resources Thank You. MidPen Housing 26 Building Communities. Changing Lives. Creating New Homes Through Partnership Alma Point, Foster City Kiku Crossing, Downtown San Mateo Shirley Chisholm Village, San Francisco's Sunset District Proven Track Record Securing State, Regional, and Private Resources 31 SCENARIO SUMMARY Parking Scenario Developer Total Units Average Unit Size (SF) Parking Stalls Total Stories Cost per Unit City Gap per Unit Total Development Cost Total City Gap A Alta Housing 54 790 27 5 $1.03 million $77,000 $55.3 million $4.1 million MidPen Housing 73 765 36 7 $889,000 $139,000 S64.8 million $10.1 million B Alta Housing 57 716 52 7 $1.23 million $73,000 $70.1 million $4.2 million MidPen Housing 61 766 62 7 $954,000 $155,000 $58.2 million $9.4 million C Alta Housing 47 716 0 4 $979,000 $88,000 $46.0 million $4.1 million MidPen Housing 77 773 5 7 $860,000 $132,000 $66.2 million $10.2 million Note: Please see staff report for further details and analysis.32