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Goals and 8.A. - Page 29 <br /> Policies 2 0 1 5 - 2 0 2 3 H O U S I <br /> housing opportunities, including CDBG and HOME funds. <br /> Prioritize resources toward affordable residential <br /> development in Downtown and along major corridors. <br /> • Seek opportunities to assist in the acquisition of land for the <br /> construction of new affordable rental and ownership <br /> housing. <br /> • Consider dedicating future "boomerang" redevelopment <br /> funds for affordable housing. <br /> • Update the City's tax point map, which scores various <br /> opportunity areas in the City for Low Income Housing Tax <br /> Credit (LIHTC) eligibility, with the new sites identified in the <br /> Housing Element. Make the map available on the City's <br /> online Community GIS. <br /> Timeframe: Ongoing <br /> Responsible Party: Community Development; City Manager <br /> Office <br /> Funding Sources: CDBG, HOME, HEART <br /> Program H -17: First -Time Homebuyer Program. The City is committed to <br /> expanding homeownership opportunities for lower- and <br /> moderate - income households to increase the percentage of <br /> homeowners in the community and assist with the stabilization <br /> of residential neighborhoods. As funds are available, Redwood <br /> City currently assists with homeownership opportunities <br /> through a Resale Program. The City's Resale Program provides <br /> secondary financing and down payment assistance to eligible <br /> homebuyers who purchase resale units at Wyndham Place. The <br /> program also sets forth terms and conditions for resale of <br /> ownership units developed by the City or (now dissolved) <br /> Redevelopment Agency. This program ensures that the City has <br /> first right of refusal for resale units, that turnover units are <br /> made available to eligible qualified buyers, and that the resale <br /> units remain affordable for the longest period of time (30 to 40 <br /> years). <br /> The City Council has expressed an interest in seeing a <br /> continuum of programs that encourage residents to "move up" <br /> from one level of housing to another. Program elements that <br /> encourage and assist homebuyers to move from rental housing <br /> to affordable ownership housing to conventional market rate <br /> housing, including individual deposit accounts, could help many <br /> residents to achieve this goal. The "homebuyer ready" concept <br /> promotes homeownership and consumer counseling to increase <br /> the success of first -time homebuyers. Additionally, unit <br /> lagr a Redwood City General Plan <br />