Riverbend Housing Note against policy v3

The result right now for Pinal Health Legacy Fund: policy version 3 checked against evidence version 1. It is worked out again each time this page opens and is kept only when a reviewer attests. Edit the policy to see the result change.

Result

Overall: does not fit

Why: One required criterion is not met: Themes.

Themes: Themes affordable housing are outside the policy's community health, health facilities, behavioral health.

How the overall result is worked out

These are rule checks against this policy version, not a judgment of the investment; the funder decides. Hard exclusions are checked first: one that fails gives the result “excluded”, and one that cannot be checked from the evidence gives “needs information”. A required criterion that fails gives “does not fit”, which means only that a required rule check failed. Optional criteria do not change the overall result.

Hard exclusions

Wide table: scroll sideways to see every column.

Check	Result	Reason	Evidence
Geography	pass	Project is in Pima County, AZ; within the policy's counties.	project-description/pd-1
Instrument	pass	Instrument is note; allowed.	term-sheet/ts-1
Counterparty type	pass	Counterparty is a nonprofit; allowed.	term-sheet/ts-1
Excluded sectors	pass	Sector affordable housing is not on the excluded list.	borrower-profile/bp-1
Check size	pass	Amount $750,000 is within $250,000 to $2,000,000.	term-sheet/ts-2
Share of endowment	pass	Amount is 1.56% of the endowment; within the 5% maximum.	term-sheet/ts-2

Criteria

Wide table: scroll sideways to see every column.

Check	Result	Reason	Evidence
Themes	fail	Themes affordable housing are outside the policy's community health, health facilities, behavioral health.	borrower-profile/bp-1
Return expectation	pass	Rate 3% meets the policy minimum of 2%.	term-sheet/ts-2
Term	pass	Term of 5 years is within the 7-year maximum.	term-sheet/ts-2
Required evidence	pass	Each document kind this policy version requires is present: term sheet, financial statements. This checks that the kinds are present, not that the documents are adequate.	term-sheet/ts-1 financials-fy2025/fs-1

Catalytic test (gate on)

Wide table: scroll sideways to see every column.

Check	Result	Reason	Evidence
Additionality Would this money be available without the funder? The check: does the evidence record a lender declining the request.	needs information	No written lender decline in this evidence version. The evidence describes other lenders approached (two regional banks; no commitment or decline issued), which is not a lender's written decline.	sponsor-letter/sl-2
Affordability statement	pass	The evidence states an affordability measure: 42 homes to be rented to households at or below 60 percent of area median income under a 30-year affordability covenant. This checks that the statement is present, not whether it is adequate or achieved.	project-description/pd-2
Mobilization Does the funder's money bring in other capital? The check: does the evidence record a co-investor's commitment.	needs information	No written co-investor commitment in this evidence version. The evidence describes other capital sought (statewide housing fund, up to $250,000, uncommitted), which is not a written commitment.	sponsor-letter/sl-3

Open items under policy v3

Additionality: No written lender decline in this evidence version. The evidence describes other lenders approached (two regional banks; no commitment or decline issued), which is not a lender's written decline.
Mobilization: No written co-investor commitment in this evidence version. The evidence describes other capital sought (statewide housing fund, up to $250,000, uncommitted), which is not a written commitment.

Technical details

Evidence version id: ev_riverbend_1
Engine version: 2026.10.10-2
Stored: Computed from the stored policy and evidence on each request; saved only inside an attestation.