AgdaPkt 2014-10-20 Closed and Special Joint with SA_Revised_10_17_2014

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8.A. - Page 117 • Above moderate income (120% AMI +) — 1,316 of 772 or 171% The City's share of housing growth for the period between 2014 and 2022 is as follows: • Very low income (0 -50% AMI) — 706 homes • Low income (51 -80% AMI) — 429 homes • Moderate (81 -120% AMI) — 502 homes • Above moderate income (120% AMI +) — 1,152 homes Because of the existing deficit of homes available to the 50% of the City's households that earn less than 80% of the area median income, the shortage of available land, and the continued employment growth in the coming decades, Redwood City must incentivize and prioritize the preservation and production of housing affordable to all income segments, especially within precise plans and along major transit corridors. To demonstrate commitment to achieving its affordable housing goals and to comply with state law, NPH strongly suggests the city include the following programs in future iterations of the draft housing element: • Include a program to complete a yearly Annual Progress Report (APR) and a public meeting to discuss progress to date prior to submitting report to the California Department of Housing and Community Development. C. Housing Resources Low Income Housing Tax Credits (LIHTC) Scoring Prior to their dissolution in 2011, cities relied on Redevelopment Agencies (RDA) to provide funds for affordable housing production. Since the dissolution of RDA, non- profit housing developers have had to rely on very competitive federal tax credits, namely the Low Income Housing Tax Credit (LIHTC), to finance a housing project affordable to those making less than 80% AMI. In order to qualify to apply for LIHTC, projects must be consistent with site and amenity criteria for public transportation and services /amenities. The City has a very low and low- income allocation totaling 1,135 homes and has identified a combination of downtown (Table H -56) and mixed -use (Table H -57) opportunity sites. 5 Plan Bay Area projects that the number of jobs in Redwood City will grow by as much as 33% between 2010 and 2040.