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Public Comments ATTACHMENT 7 -4 Mall 2:48 PM Fri Feb 11 - %r t 100%_03_ D mercurynews.com Ale g 0 0 4) Sews Nonprofit developer MidPen Housing of Foster City will receive $14 million in city funds to help buy a 2.74 -acre site at 41965 and 42021 Osgood Road, along with paying for pre -development work, including community outreach and technical studies. The plot of land is currently under the control of a court-appointed receiver that took over properties that had been owned by developer SiliconSage Builders of Sunnyvale. SiliconSage Builders is in bankruptcy proceedings following a federal fraud investigation into the company and its owner, Sanjeev Acharya. Jan Lindenthal, chief real estate development officer for MidPen, said the city's early funding commitment for a project that could still be about five years from completion will help jump-start the process. "It's huge;" she said of the backing. "A lot of the way that the financing works For affordable housing is you're layering pieces in, so this early city piece is crucial to getting that momentum," she said. The MidPen project could include anywhere from 191 below -market -rate apartments to as many as 271, built out in multiple phases, according to city reports. Roughly 20% of the apartments would be reserved for people earning 30% of the area median income or less, which for a couple would be an annual income of no more than about $33,000. The rest of the apartments would be reserved for people earning 50% to 60% of the area median income level, city reports said, which for a couple would be up to about $55,000 to $66,000 annually. Eventually, the City Council could be asked to approve up to $11.5 million more in funding for the project's construction. Another project receiving funding from the city is a 100 -apartment complex next door at 41911 Osgood Road, proposed by Idaho developer The Pacific Companies and Maracor Development of San Francisco. The city will chip in $6 million to help support the project, which will include apartments for pe Fput colds to bed, r. ore bedtime. rr l care for kids. anytime. -WIL_ 5