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8.A. - Page 2 <br /> Since 2012 (when Redevelopment was abolished), the City of Redwood City has <br /> continued to support housing at all income levels through existing programs and newly <br /> created programs. A three - pronged approach to housing policy includes: (1) increasing <br /> the overall supply of housing, (2) adoption of low- income loan programs for existing <br /> Redwood City residents and (3) the creation of new funding sources. <br /> Increases in Overall Supply <br /> Bay Area housing affordability issues are primarily caused by supply and demand <br /> factors. Simply put, there are too many people competing for each housing unit. <br /> This is caused by several factors, including: 1) a strong regional economy, <br /> particularly in the Peninsula. 2) People living longer than they did in past <br /> generations. Single- family neighborhoods that had previously (and almost <br /> exclusively) housed growing families when first constructed, are now multi - <br /> generational neighborhoods. 3) In general, the United States is becoming city- centric <br /> with people moving out of rural areas into urbanized areas where jobs are located <br /> (see point 1 With over 2,500 units recently completed, under construction or in the <br /> planning pipeline, the City of Redwood City has met the intent of Housing Element <br /> law, and has relieved some stress to the existing housing stock via new supply. <br /> The supply -side accomplishments have been accommodated through the vision of <br /> the General Plan (2010), and the adoption of detailed planning documents. For <br /> example, the Downtown Precise Plan was adopted in 2011, and has already <br /> resulted 1239 units that are under construction or recently completed.. An additional <br /> 175 units were recently approved by the Planning Commission.. The success of the <br /> DTPP is largely due to the upfront visioning process, and a detailed plan that allows <br /> for a streamlined entitlement process. The City will now be looking to take a similar <br /> approach to planning on the El Camino Real where staff has begun work with the <br /> general plan subcommittee of Councilmembers Aguirre and Pierce to develop a <br /> precise plan for the El Camino of Redwood City. <br /> Low - Income Loan Programs <br /> In addition to the creation of housing for new residents, the City continues to <br /> implement programs that allow existing Redwood City residents to remain in their <br /> homes. For example, the City of Redwood City has a well - utilized low- income loan <br /> program that allows residents (that meet certain income requirements) to make <br /> improvements to their homes. This program is financed through Community <br /> Development Block Grant (CDBG) funds. While CDBG funds can be used on a <br /> number of programs at the City's discretion, the City has chosen to spend a majority <br /> of funds on housing programs. This focus has resulted in the completion of over <br /> 2,500 home improvement loans over the life of the program. <br /> The City is developing a proposed program that will make the existing rental housing <br /> stock safer and potentially allow for rents to become more stable. This program is <br /> known as the "Fire Safety First Program." The City is home to hundreds of multi- <br /> family buildings and thousands of units, many of which were constructed prior to <br />