Advisory Board: Affordable Housing Finance Committee
Meeting Date: April 29, 2026
Subject: Approve Recapture Measure X Funds - TBV Villas at Renaissance, Richmond, CA
Contact: Kristin Sherk, Affordable Housing Program Manager (925) 655-2889
Recommendations:
1. APPROVE recapture of FY 2025/26 Measure X funding recommendation of $2,496,750 made to TBV Villas at Renaissance in Richmond, developed by a Joint Venture between Guiding Light, Inc. and Sandidge Urban Group, Inc. (GLI - SUG JV).
2. APPROVE allocation of the recaptured Measure X funds to other projects that are capable of expending the Measure X funds in a timely manner.
Background:
Measure X Recapture
Staff recommends recapturing the FY 2025/26 Measure X funds previously awarded to the TBV Villas at Renaissance project. Approval of this recommendation would allow the recaptured funds to be allocated to other projects that applied during the 2026/27 Request for Proposal process.
TBV Villas at Renaissance
On June 24, 2025, the Contra Costa County Board of Supervisors awarded Guiding Light, Inc. and Sandidge Urban Group, Inc. (GLI - SUG JV) $2,496,750 in FY 2025/26 Measure X funds for the TBV Villas at Renaissance project in the City of Richmond. The project is consistent with the County’s priority to promote the production of new affordable rental units and includes the construction of 105 permanent affordable rental apartment units (104 affordable units and one manager’s unit) for low-income households earning 30 percent to 80 percent of the area’s median income. The allocation of FY 2025/26 Measure X funds was contingent upon the following:
• All other financing commitments secured by November 1, 2025, and FY 2025/26 Measure X funds committed, as evidenced by an executed loan, by November 1, 2025, which aligns with the 4% tax credit deadline to close escrow and commence construction. Measure X funds will be recaptured by January 1, 2026, if the project does not meet the applicable tax credit deadline to close escrow and commence construction.
• An award of $2,496,750 in FY 2025/26 Measure X funds will require the following recommended unit mix. The table below includes previously approved County funds to summarize the overall unit mix:
0 Bedrooms
• 2 units - 21%-30% AMI - 0 MX-assisted
• 2 units - 31%-40% AMI - 0 MX-assisted
1 Bedroom
• 7 units - 21%-30% AMI - 0 MX-assisted
2 Bedrooms
• 12 units - 21%-30% AMI - 0 MX-assisted
• 12 units - 41%-50% AMI - 5 MX-assisted
• 3 units - 51%-60% AMI - 0 MX-assisted
• 12 units - 71%-80% AMI - 0 MX-assisted
3 Bedrooms
• 12 units - 21%-30% AMI - 2 MX-assisted
• 17 units - 41%-50% AMI - 2 MX-assisted
• 10 units - 51%-60% AMI - 0 MX-assisted
• 14 units - 71%-80% AMI - 0 MX-assisted
4 Bedrooms
• 1 unit - 21%-30% AMI - 0 MX-assisted
TOTAL - 9 MX-assisted units
• The timing of the funding award is recommended to be executed at the time of construction loan closing.
• Confirmation that the project’s financials are compliant with the County’s Affordable Housing Program Guidelines.
The County requires the timely commitment and expenditure of Measure X funds. Project milestones must be included in the executed development loan agreement. Typical milestones include but are not limited to building permit approval, bid package advertising, commencement of construction, completion of construction, and occupancy of the units.
Originally, TBV Villas at Renaissance had a tax credit deadline of October 6, 2025, to close escrow and commence construction. This deadline was extended to February 3, 2026, and subsequently extended again to May 4, 2026 by the California Debt Limit Allocation Committee (CDLAC). The applicant has indicated that they have not been successful in securing a tax credit investor and therefore will not be able to close escrow and commence construction by May 4, 2026. Staff has not received confirmation of whether the applicant was able to get another extension to their tax credit deadline.
It should also be noted that on April 15, 2026, the applicant indicated via email that they would be submitting a new application for State and Federal tax credits for the project. It is staff’s understanding that when you submit a new application for tax credits, you are required to withdraw your existing tax credit award/application. In addition, the applicant also indicated that “the project needed financial strengthening,” and is pursuing a new general partnership with UrbanCore Development.
Since the FY 2025/26 Measure X Funds awarded to the project were tied to and contingent upon the original tax credit award/application for the project, staff recommends recapturing the $2,496,750 FY 2025/26 Measure X Funding award.