Attachment_#7_-_Financial_Application_Workbook.xlsx

XLSX spreadsheet 100 KB Posted

Attached to
Request for Proposals for Development of 710 Hamilton St. Redwood City, CA
Solicitation number
2027-RFP-00078
Issued by
San Mateo County, California

About this file

This is a Financial Application Workbook prepared by the County of San Mateo Department of Housing for the Request for Proposals (RFP) issued on September 3, 2026, for the development of 710 Hamilton Street in Redwood City, California. The workbook is designed to accompany the RFP and requires applicants to complete a comprehensive financial submission detailing project specifics, unit mix, income targeting, development budget, operating projections, and 40-year cashflow analysis. Proposers must complete all yellow-highlighted input cells across multiple tabs including General Application, Unit Mix & Income, Sources & Uses, Operating Budget & Notes, and Cashflow sections. The application workbook does not replace other required RFP documents and must be submitted as a single Excel file (.xlsx) through the designated online application portal using the project's short name as the filename.

The workbook establishes the financial underwriting framework for evaluating affordable housing development proposals on the approximately 20,500-square-foot County-owned parcel. Applicants must detail unit counts and sizes, rental rates at specified AMI levels, utility allowances, rental subsidy structures, and any commercial component income. The Sources & Uses section requires itemization of all development costs including hard costs, soft costs, and reserves, along with identification of all funding sources such as County loan requests, developer equity, conventional debt, and other financing. The Operating Budget section projects annual expenses for administrative, maintenance, utilities, taxes, and insurance categories on a per-unit basis. The Cashflow tab calculates projected revenue, operating expenses, net operating income, debt service coverage ratios, and residual receipts over a 40-year period, with assumptions including 2.5 percent annual rental income growth and 3.5 percent operating expense escalation. An internal leverage ratio calculation serves as a tie-breaker scoring mechanism based on the ratio of non-Trust sources to County loan amounts.

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Other files

File Type Posted
GMT20260917-170115_Recording_1920x1080_(1).mp4 MP4 file
Request_for_Proposals_for_Development_of_710_Hamilton_St._Redwood_City,_CA.pdf PDF
RFP_710_Hamilton_St_final_09032026.pdf PDF
Exhibit_C_-_Condition_of_Title_Guarantee_Report.pdf PDF
Attachment_B_-_Statement_of_Compliance_&_Certifica.docx DOCX document
Attachment_A_-_Disclosure_Questions_Form.docx DOCX document
Exhibit_E_-_Preliminary_Geotechnical_Report.pdf PDF
Exhibit_F_-_SMC_Employee_Housing_Demand_Study_May_2026.pdf PDF
Exhibit_D_-_ALTA_Survey.pdf PDF
Exhibit_B_-_Phase_1_Environmental_Site_Assessment.pdf PDF
Exhibit_A_-_Appraisal.pdf PDF
Attachment_#6_Projected_Developer_Staffing_Workload_Form.xlsx XLSX spreadsheet
Attachment_#5_-_Financing_Terms_for_Developer's_Qualifying_Project.docx DOCX document
Attachment_#4c_-_Qualifying_Project_-_Property_Manager.docx DOCX document
Attachment_#4b_-_Qualifying_Project_-_Owner.docx DOCX document
Attachment_#4a_-_Qualifying_Project_-_Developer.docx DOCX document
Attachment_#3_-_Developer_Team_Description.docx DOCX document
Attachment_#2_-_Submittal_Checklist.xlsx XLSX spreadsheet
Attachment_#1_-_RFP_Registration_Form.docx DOCX document
Attachment_-_Keep_Informed_Request.docx DOCX document
Standard_Contract_Template_-_Over_$200K_DRAFT.docx DOCX document
Standard_Contract_Template_-_Under_$200K_DRAFT.docx DOCX document
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Instructions

COUNTY OF SAN MATEO, DEPARTMENT OF HOUSING
REQUEST FOR PROPOSALS — APPLICATION WORKBOOK
PROJECT NAME:
[Project Name Not Yet Entered]
This Application Workbook accompanies the September 3, 2026 County of San Mateo (County) Department of Housing (DOH) Request for Proposals (RFP) For Development of 710 Hamilton St Redwood City, CA. Please consult the RFP and its attachments for full eligibility criteria, underwriting standards, and program guidelines before completing this workbook.
Instructions
1. Complete every yellow-highlighted input cell on each tab. Gray cells calculate automatically.
2. Save this workbook using the project's short name as the file name (e.g., "ProjectName_Application_Workbook.xlsx").
3. This workbook does NOT replace the separate required documents, as outlined in the RFP.
4. Upload the completed workbook as a single Excel file (.xlsx) through the designated online application portal.
Workbook Contents
• General Application
• Unit Mix & Income
• Sources & Uses
• Operating Budget & Notes
• Cashflow

General Application

COUNTY OF SAN MATEO, DEPARTMENT OF HOUSING
GENERAL APPLICATION FORM
Project Information
Project Name:
County Loan Request$ - 0
Applicant Information
Applicant Name:
Mailing Address:
Primary Contact Name:Title:
Phone:Email:
Current or Prospective Partners:
Applicant and Project Description
Describe the applicant entity (type of organization and mission, status of formation, current or prospective partners) and include a brief narrative of the project, including: number of units, financing structure, AMI ranges, description of building and construction typologies, description of community spaces, description of non-residential spaces (if applicable)

Unit Mix & Income

COUNTY OF SAN MATEO, DEPARTMENT OF HOUSING
UNIT MIX, RENTS & INCOME TARGETING
Project Name:[Project Name Not Yet Entered]
Unit SizeUnit Square Footage# of
UnitsRent Level (AMI)Restricted Household AMIMonthly RentUtility
AllowanceNet Monthly Rent# of Units w/ Rental SubsidyPer Unit Payment Standard, if applicableNet Monthly Rental SubsidyTotal Monthly Income
--
--
--
---
---
---
---
---
---
---
---
---
---
---
---
---
---
---
---
---
TOTAL----
Manager's Units
Unit Size# of
UnitsMonthly RentTotal Monthly Rent (if applicable)
-
-
-
-
-
Total Units-Subtotal Rents-

Aggregate Monthly Rents for ALL Units -

Aggregate Annual Rents for ALL Units -

Rent Subsidy Premium

Total Annual Rental Subsidy -

Miscellaneous Income

Annual Income from Laundry Facilities
Annual Income from Vending Machines-
Annual Interest Income-
Other Annual Income (Specify)-
Total Misc. Income-
Commercial Component
Commercial Component Narrative:

If the project includes a commercial component, the applicant must provide a narrative that includes the following information:

- A description of the proposed commercial use(s) (e.g., retail, office, restaurant)

- The total square footage allocated to commercial space

- The anticipated tenant(s) or tenant type, if known

- How the commercial component will be financed

- How the commercial space will be operated and managed, including responsible party

- How the commercial use is compatible with, and will enhance the overall project (e.g., community benefit, activation of ground-floor space)

- Projected timeline for leasing or occupying the commercial space

Monthly Rent
Annual Rent-
Lease Term (in years)
Total Annual Commercial Rental Income-

Total Annual Commercial Expenses https://www.smcgov.org/housing/income-limits-and-rent-payments Sources & Uses

COUNTY OF SAN MATEO, DEPARTMENT OF HOUSING
DEVELOPMENT BUDGET — SOURCES & USES
Project Name:[Project Name Not Yet Entered]
USES OF FUNDS (RESIDENTIAL ONLY)SOURCES OF FUNDS (RESIDENTIAL ONLY)
Total CostPer Unit CostTotal SourcePer Unit Cost
Capitalized Land Payment (if applicable)ERROR:#DIV/0!County Requested Loan AmountERROR:#DIV/0!
Hard CostsERROR:#DIV/0!Developer / Proposer EquityERROR:#DIV/0!
Hard Cost ContingencyERROR:#DIV/0!Conventional / Private Permanent Debt (if applicable)ERROR:#DIV/0!
Architecture & EngineeringERROR:#DIV/0!Deferred Developer FeeERROR:#DIV/0!
Permits & FeesERROR:#DIV/0!Other Source (Specify):___________________________ERROR:#DIV/0!
Financing Costs (include construction financing costs)ERROR:#DIV/0!Other Source (Specify):___________________________ERROR:#DIV/0!
Legal FeesERROR:#DIV/0!Other Source (Specify):___________________________ERROR:#DIV/0!
Developer FeeERROR:#DIV/0!Other Source (Specify):___________________________ERROR:#DIV/0!
Marketing / Lease-Up CostsERROR:#DIV/0!Other Source (Specify):___________________________ERROR:#DIV/0!
Common Area FurnishingsERROR:#DIV/0!Other Source (Specify):___________________________ERROR:#DIV/0!
Capitalized ReservesERROR:#DIV/0!Other Source (Specify):___________________________ERROR:#DIV/0!
Other Soft CostsERROR:#DIV/0!Other Source (Specify):___________________________ERROR:#DIV/0!
Other Use (Specify)ERROR:#DIV/0!Other Source (Specify):___________________________ERROR:#DIV/0!
Other Use (Specify)ERROR:#DIV/0!Other Source (Specify):___________________________ERROR:#DIV/0!
TOTAL USES-Other Source (Specify):___________________________ERROR:#DIV/0!
Total Development Cost per UnitERROR:#DIV/0!TOTAL SOURCES-
County Loan as % of Total SourcesERROR:#DIV/0!
Sources & Uses Balance Check
Total Sources − Total Uses (should equal $0):-

Operating Budget + Notes

COUNTY OF SAN MATEO, DEPARTMENT OF HOUSING
OPERATING BUDGET AND NOTES
Project Name:[Project Name Not Yet Entered]

Proposed Budget (Residential Only) Per Unit Per Month Per Unit Per Year Operating Budget Notes

Administrative Expenses
Office SalariesERROR:#DIV/0!ERROR:#DIV/0!
Emp Benefits & InsuranceERROR:#DIV/0!ERROR:#DIV/0!
On-site ManagerERROR:#DIV/0!ERROR:#DIV/0!
Maintenance PersonnelERROR:#DIV/0!ERROR:#DIV/0!
Management FeeERROR:#DIV/0!ERROR:#DIV/0!
Office SuppliesERROR:#DIV/0!ERROR:#DIV/0!
AdvertisingERROR:#DIV/0!ERROR:#DIV/0!
LegalERROR:#DIV/0!ERROR:#DIV/0!
Audit expenseERROR:#DIV/0!ERROR:#DIV/0!
SecurityERROR:#DIV/0!ERROR:#DIV/0!
CommunicationERROR:#DIV/0!ERROR:#DIV/0!
Miscellaneous AdminERROR:#DIV/0!ERROR:#DIV/0!
Total Administrative Expenses$ - 0ERROR:#DIV/0!ERROR:#DIV/0!
Maintenance Expenses
Maintenance suppliesERROR:#DIV/0!ERROR:#DIV/0!
Pest ControlERROR:#DIV/0!ERROR:#DIV/0!
Repairs ContractERROR:#DIV/0!ERROR:#DIV/0!
HVAC repairs & maintenanceERROR:#DIV/0!ERROR:#DIV/0!
Landscape ContractERROR:#DIV/0!ERROR:#DIV/0!
Interior/exterior paintingERROR:#DIV/0!ERROR:#DIV/0!
Elevator maintenanceERROR:#DIV/0!ERROR:#DIV/0!
Interior cleaningERROR:#DIV/0!ERROR:#DIV/0!
Misc. Maintenance ExpenseERROR:#DIV/0!ERROR:#DIV/0!
Extra. Maintenance ExpenseERROR:#DIV/0!ERROR:#DIV/0!
TOTAL MAINTENANCE EXPENSES$ - 0ERROR:#DIV/0!ERROR:#DIV/0!
Utilities Expenses
Trash removalERROR:#DIV/0!ERROR:#DIV/0!
ElectricityERROR:#DIV/0!ERROR:#DIV/0!
Water/sewerERROR:#DIV/0!ERROR:#DIV/0!
GasERROR:#DIV/0!ERROR:#DIV/0!
Other (Specify)ERROR:#DIV/0!ERROR:#DIV/0!
Total Utilities Expense$ - 0ERROR:#DIV/0!ERROR:#DIV/0!
Tax & Insurance Expenses
Real estate taxes & assessmentsERROR:#DIV/0!ERROR:#DIV/0!Include explanation of (any) welfare tax exemption calculation
Licenses & FeesERROR:#DIV/0!ERROR:#DIV/0!
Property & liability insuranceERROR:#DIV/0!ERROR:#DIV/0!
Other (Specify)ERROR:#DIV/0!ERROR:#DIV/0!
Total Tax & Insurance$ - 0ERROR:#DIV/0!ERROR:#DIV/0!

TOTAL OPERATING EXPENSES $ - 0 ERROR:#DIV/0! ERROR:#DIV/0!

Project Reserves
Operating ReservesERROR:#DIV/0!ERROR:#DIV/0!
Replacement ReserveERROR:#DIV/0!ERROR:#DIV/0!
Other (Specify)ERROR:#DIV/0!ERROR:#DIV/0!

TOTAL EXPENSES $ - 0 ERROR:#DIV/0! ERROR:#DIV/0!

Los Angeles County Development Authority Page &P NOFA 29

Cashflow

COUNTY OF SAN MATEO, DEPARTMENT OF HOUSING
CASHFLOW
Project Name:[Project Name Not Yet Entered]
OPTIONAL, as needed to demonstrate County Return
Project Year12345678910111213141516171819202122232425262728293031323334353637383940
REVENUE
Gross Potential Rental Income - Residential2.50%----------------------------------------
Gross Potential Income - Rent Subsidy2.50%----------------------------------------
Other / Miscellaneous Income2.50%----------------------------------------
Vacancy Loss - Residential----------------------------------------
Vacancy Loss - Rent Subsidy10%----------------------------------------
Vacancy Loss - Misc Income0%----------------------------------------
Effective Gross Income (EGI)----------------------------------------
OPTIONAL, as needed to demonstrate County Return
OPERATING EXPENSES & RESERVES
Operating Expenses - Residential3.50%----------------------------------------
Real Estate Taxes & Assessments - Residential2.00%----------------------------------------
Replacement Reserve - Residential0.00%----------------------------------------
Operating Reserve0.00%----------------------------------------
Other (Specify)0.00%----------------------------------------
Total Expenses & Reserves----------------------------------------
OPTIONAL, as needed to demonstrate County Return
NET OPERATING INCOME
Net Operating Income (NOI)----------------------------------------
OPTIONAL, as needed to demonstrate County Return
DEBT SERVICE/GROUND LEASE PAYMENT
County Loan Repayment0000000000000000000000000000000000000000
Ground Lease Payment, if applicable0.00%0000000000000000000000000000000000000000
Conventional / Private Permanent Debt (if applicable)0000000000000000000000000000000000000000
Other Mandatory Debt Service (Specify)0000000000000000000000000000000000000000
OPTIONAL, as needed to demonstrate County Return
ANNUAL DEBT SERVICE RESIDENTIAL0000000000000000000000000000000000000000
Debt Service Coverage Ratio (Residential NOI)ERROR:#VALUE!ERROR:#VALUE!ERROR:#VALUE!ERROR:#VALUE!ERROR:#VALUE!ERROR:#VALUE!ERROR:#VALUE!ERROR:#VALUE!ERROR:#VALUE!ERROR:#VALUE!ERROR:#VALUE!ERROR:#VALUE!ERROR:#VALUE!ERROR:#VALUE!ERROR:#VALUE!ERROR:#VALUE!ERROR:#VALUE!ERROR:#VALUE!ERROR:#VALUE!ERROR:#VALUE!ERROR:#VALUE!ERROR:#VALUE!ERROR:#VALUE!ERROR:#VALUE!ERROR:#VALUE!ERROR:#VALUE!ERROR:#VALUE!ERROR:#VALUE!ERROR:#VALUE!ERROR:#VALUE!ERROR:#VALUE!ERROR:#VALUE!ERROR:#VALUE!ERROR:#VALUE!ERROR:#VALUE!ERROR:#VALUE!ERROR:#VALUE!ERROR:#VALUE!ERROR:#VALUE!ERROR:#VALUE!
OPTIONAL, as needed to demonstrate County Return
NET CASH FLOW0000000000000000000000000000000000000000
OPTIONAL, as needed to demonstrate County Return
Deferred Developer Fee0000000000000000000000000000000000000000
Deferred Developer Fee Balance00000000000000000000000000000000000000000
CASH FLOW after Def Developer Fee Pmt0000000000000000000000000000000000000000
OPTIONAL, as needed to demonstrate County Return
RESIDUAL RECEIPTS (RR)
Residual Cash Flow Available for Distribution0000000000000000000000000000000000000000
RR County Loan Repayment0%0000000000000000000000000000000000000000
RR Ground Lease Payment, if applicable0%0000000000000000000000000000000000000000
Other Residual Receipts (Specify)0%0000000000000000000000000000000000000000
Other Residual Receipts (Specify)0%0000000000000000000000000000000000000000
0%

INTERNAL REVIEW

SAN BERNARDINO REGIONAL HOUSING TRUST

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Comment:

@Hilary Carter do we need to ‘lock’ this tab for ‘internal review’?

Reply:

@Daniel Serrano yes. It also needs to be a hidden tab

FOR INTERNAL REVIEW

Project Name:[Project Name Not Yet Entered]
Leverage Ratio (Tie-Breaker — §4.05)
Total Sources (from Tab 8):-
SBRHT Loan (from Tab 8):-
Non-Trust Sources:-
Leverage Ratio (Non-Trust Sources : SBRHT Loan)N/A
Tie-Breaker Points (per §4.05 scale)N/A
Tie-breaker scale: ≥10:1 = 10 pts; 7:1–9.99:1 = 7 pts; 4:1–6.99:1 = 4 pts; 2:1–3.99:1 = 2 pts; <2:1 = 0 pts (§4.05).
Sources and Uses
SBRHT Loan vs. Maximum Project Loan Amount:Within Limit
Hard Cost Contingency CheckERROR:#REF!

@Hilary Carter do we need to ‘lock’ this tab for ‘internal review’?

@Daniel Serrano yes. It also needs to be a hidden tab

Underwriting Guidelines

SAN BERNARDINO REGIONAL HOUSING TRUST
ATTACHMENT B UNDERWRITING GUIDELINES
These figures default to Attachment B of the 2026 NOFA and drive formulas on the Pro Forma and Reserves tabs.
Program Limits
Maximum Project Loan Amount$1,850,000
Maximum Marketing Cost (per unit)$1,500
Maximum Common Area Furnishing Cost (per unit)$1,000
Maximum Contractor Overhead, Profit & Gen. Req.14.0%
Maximum Partnership Management Fee (all partners, per year)$15,000
Operating & Escalation Assumptions
Vacancy Rate Assumption - General Affordable5.0%
Vacancy Rate Assumption - Special Needs10.0%
Rent Inflation Rate (annual)2.5%
Miscellaneous Income Inflation Rate (annual)3.0%
Expense Inflation Rate (annual)3.5%
Debt Coverage & Reserves
Minimum Debt Coverage Ratio (DCR)1.15
Maximum Debt Coverage Ratio (DCR)1.20
Replacement Reserve — Non-PSH Units ($/unit/year, no escalation)$350
Replacement Reserve — PSH Units ($/unit/year, no escalation)$500
Capitalized Operating Subsidy Reserve (COSR) — Years of Support (Min)3
Capitalized Operating Subsidy Reserve (COSR) — Years of Support (Max)5
Construction Contingency — New Construction (Min % of Const. Costs)5.0%
Construction Contingency — Rehab/Conversion (Min % of Const. Costs)7.5%
Compliance & Fees
Annual Compliance Monitoring Fee ($/unit/year, base)$65
Escalates annually per the Consumer Price Index for the Riverside-San Bernardino-Ontario metropolitan area (All Urban Consumers – All Items). CPI escalation is not modeled automatically in this workbook.
Affordability & Income
Maximum Income Limit (% of AMI)80%
Minimum Affordability Term (years)55

drop down menus

2026 San Bernardino TCAC Rent Limits Hilary Carter: This table must be updated annually

Studio1-br2-br3-br4-br5-br
20% AMI$ 430$ 461$ 553$ 639$ 713$ 787
30% AMI$ 645$ 691$ 830$ 959$ 1,070$ 1,181
35% AMI$ 753$ 807$ 968$ 1,119$ 1,248$ 1,378
40% AMI$ 861$ 922$ 1,107$ 1,279$ 1,427$ 1,575
50% AMI$ 1,076$ 1,153$ 1,383$ 1,599$ 1,783$ 1,968
55% AMI$ 1,183$ 1,268$ 1,522$ 1,759$ 1,962$ 2,165
60% AMI$ 1,291$ 1,383$ 1,660$ 1,919$ 2,140$ 2,362
70% AMI$ 1,506$ 1,614$ 1,937$ 2,239$ 2,497$ 2,756
80% AMI$ 1,722$ 1,845$ 2,214$ 2,559$ 2,854$ 3,150
100% AMI$ 2,152$ 2,306$ 2,766$ 3,198$ 3,566$ 3,936
Transposed TCAC Rent Limits (auto updates based on above table, do not adjust)
Unit Size20%30%35%40%50%55%60%70%80%
Studio43064575386110761183129115061722
1-br46169180792211531268138316141845
2-br553830968110713831522166019372214
3-br6399591119127915991759191922392559
4-br71310701248142717831962214024972854
5-br78711811378157519682165236227563150
DO NOT ADJUST THIS TABLE
HelperUnit SizeAMIRent Limit
Studio0.2Studio20%430
Studio0.3Studio30%645
Studio0.35Studio35%753
Studio0.4Studio40%861
Studio0.5Studio50%1076
Studio0.55Studio55%1183
Studio0.6Studio60%1291
Studio0.7Studio70%1506
Studio0.8Studio80%1722
1-Bedroom0.21-Bedroom20%461
1-Bedroom0.31-Bedroom30%691
1-Bedroom0.351-Bedroom35%807
1-Bedroom0.41-Bedroom40%922
1-Bedroom0.51-Bedroom50%1153
1-Bedroom0.551-Bedroom55%1268
1-Bedroom0.61-Bedroom60%1383
1-Bedroom0.71-Bedroom70%1614
1-Bedroom0.81-Bedroom80%1845
2-Bedroom0.22-Bedroom20%553
2-Bedroom0.32-Bedroom30%830
2-Bedroom0.352-Bedroom35%968
2-Bedroom0.42-Bedroom40%1107
2-Bedroom0.52-Bedroom50%1383
2-Bedroom0.552-Bedroom55%1522
2-Bedroom0.62-Bedroom60%1660
2-Bedroom0.72-Bedroom70%1937
2-Bedroom0.82-Bedroom80%2214
3-Bedroom0.23-Bedroom20%639
3-Bedroom0.33-Bedroom30%959
3-Bedroom0.353-Bedroom35%1119
3-Bedroom0.43-Bedroom40%1279
3-Bedroom0.53-Bedroom50%1599
3-Bedroom0.553-Bedroom55%1759
3-Bedroom0.63-Bedroom60%1919
3-Bedroom0.73-Bedroom70%2239
3-Bedroom0.83-Bedroom80%2559
4-Bedroom0.24-Bedroom20%713
4-Bedroom0.34-Bedroom30%1070
4-Bedroom0.354-Bedroom35%1248
4-Bedroom0.44-Bedroom40%1427
4-Bedroom0.54-Bedroom50%1783
4-Bedroom0.554-Bedroom55%1962
4-Bedroom0.64-Bedroom60%2140
4-Bedroom0.74-Bedroom70%2497
4-Bedroom0.84-Bedroom80%2854
5-Bedroom0.25-Bedroom20%787
5-Bedroom0.35-Bedroom30%1181
5-Bedroom0.355-Bedroom35%1378
5-Bedroom0.45-Bedroom40%1575
5-Bedroom0.55-Bedroom50%1968
5-Bedroom0.555-Bedroom55%2165
5-Bedroom0.65-Bedroom60%2362
5-Bedroom0.75-Bedroom70%2756
5-Bedroom0.85-Bedroom80%3150
(Select)
Yes
No

https://www.treasurer.ca.gov/sites/default/files/2025-10/income_040125_0.pdfhttps://www.treasurer.ca.gov/sites/default/files/ctcac/2026%20Rent%20Limits%205-1-26%2B%20-%20ADA_0.pdf

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