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8.A. - Page 3 <br /> current Building Code standards that require the installation of fire sprinklers. This <br /> program would require that these older buildings be brought "up to code" by <br /> installing a sprinkler system within a prescribed timeframe. In order to encourage <br /> this, the program would provide low- income loans to apartment owners, in exchange <br /> for agreeing to stabilize rents over a certain period of time. Given this program was <br /> only recently announced, the details are not yet set, but will be discussed with the <br /> Council and community in coming months. <br /> Funding <br /> As noted above, Redevelopment was a significant source of affordable housing <br /> funds. With this fund no longer available, the City has turned to several other <br /> programs to provide the subsidy needed to construct affordable housing. For <br /> example, the City is building up an "affordable housing fund" which can be used for <br /> future projects. Projects that will contribute to this fund include the One Marina <br /> Project, the sale of Downtown "Block 2" and the sale of a parcel near the intersection <br /> of Jefferson and Middlefield. Furthermore, the City is in the process of adopting a <br /> "Partnership Redwood City" program. This program would require that developers <br /> provide "community benefits" which could include the provision of affordable housing <br /> or payments to an affordable housing fund. Finally, the City is participating in the <br /> Countywide Nexus Study, which could potentially allow for a housing impact fee to <br /> be collected in conjunction with a development. Other revenue -side measures can <br /> also be considered for adoption in the future. The City is still pursuing a lawsuit <br /> against the State of California's Department of Finance for their taking of $10 million <br /> of affordable housing funds that had been had set aside for projects in Redwood <br /> City. The City has determined though that in addition to the lawsuit, these other <br /> funding mechanisms and opportunities should be acted on now. <br /> The section above is just a brief overview of the City's approach to providing housing at <br /> all income levels. This serves as the backdrop for the remainder of this report that <br /> provides a summary of the issues and policies that have been identified as well as <br /> policies and programs that are proposed for this Housing Element cycle <br /> Background: Housing Element <br /> The State of California requires that every city make its regional fair share of land <br /> available for residential development. By state law, cities must identify how and when <br /> the housing needs will be met by completing a document known as a Housing Element. <br /> This Housing Element is also one of the required elements of the General Plan. <br /> Redwood City has an adopted Housing Element for the planning period of 2007 -2014. <br /> The proposed Housing Element would replace that document, and cover the planning <br /> period from 2015 through 2023. Currently, all jurisdictions in San Mateo County are <br /> preparing their 2015 -2023 Housing Elements. <br /> The City has held public workshops and hearings on the Housing Element to receive <br /> feedback on key issues and respond to the public review draft. The City has also <br /> participated in panels hosted by 21 Elements (San Mateo County's regional housing <br />