Evelyn Station Affordable Housing Pro Forma Analysis
Valley Transportation Authority, Mountain View, CA
The Valley Transportation Authority (VTA) engaged BAE and Novin Development to undertake a housing development feasibility study for the development of VTA’s closed Evelyn Station site in Mountain View. The BAE Team’s work included a financial feasibility analysis for six different financing scenarios for affordable, market-rate, and mixed-income housing developments.
The scenarios evaluated include variations in project phasing and development program assumptions based on the population served, limitations of each funding source, and city zoning and development review policies. Scenarios included senior and family housing.
- The financing sources included (among other sources):
- Low-Income Housing Tax Credits (4 percent and 9 percent)
- Affordable Housing and Sustainable Communities Strategy funds
- Affordable Housing Program funds
The Team’s analysis estimates the potential ground lease payment to the property owner from each scenario, and the local gap funding needed to make each scenario feasible. The study evaluates tradeoffs based on shifts in affordability.