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 deadli...
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