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CALIFORNIA HOUSING FINANCE AGENCY <br />Mortgage Commitment Request <br />(Initial /Final) <br />This commitment request is a final loan commitment for a first <br />mortgage loan in the amount of $9,360,000 and $1,000,000 from the <br />Agency's State /Local Program to assist in the development of 200 <br />units of elderly housing in the City of Pleasanton. Ridgeview <br />Commons, (previously known as Willow Glen), was included in the 1988 <br />Series A bond issue, which was sold in July, 1988; and, has a <br />reservation of funds under this issue. <br />PROJECT - SITE <br />LOCAL CONTRIBUTION <br />Ridgeview Commons <br />(Willow Glen) <br />CHFA #87-007-N <br />The 9.66 acre site is located at 5200 Case Avenue in a developing <br />residential section of the City of Pleasanton. It has close access <br />to Interstate 680 and is near a major artery, Sunol Road. Downtown <br />is 1/2 a mile from the subject site. The site is served by public <br />transportation, which runs along Sunol Road. Major shopping is <br />located approximately 3/4 of a mile away along Hopyard Road and West <br />Las Positas Blvd. The city is proposing a new senior center to be <br />located adjacent to the subject site. This center will be available <br />for use by the Ridgeview Commons residents. The Civic Center of <br />Pleasanton is located within walking distance from the site. <br />The project amenities will include a community building with central <br />dining facilities, barbecue and outdoor patio. Units will be air <br />conditioned, and buildings will be one, two and three stories in <br />height. The building will be serviced by four elevators. There <br />will be a total of 226 parking spaces of which 88 will be covered. <br />The sponsor has obtained financial contributions from the city in <br />the form of a Housing Development (HODAG) Grant from the Department <br />of Housing and Urban Development (HUD). The financial assistance <br />received for this project takes the form of a $4 million grant. The <br />Housing Development Grant from the Department of Housing and Urban <br />Development will carry a 3% interest rate with a term of 30 years. <br />The City of Pleasanton will pledge $2 million of its housing fund to <br />the project to ensure the affordability of the units for low income <br />senior citizens. This housing fund will cover negative cash flow on <br />the project, ensure all required reserves; i.e., replacement <br />reserve, taxes, insurance, used as security during construction and <br />any other reserve accounts required by the Agency. <br />Page 2 of 11 <br />