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9.A. - Page 3 <br /> would provide low- income loans to apartment owners, in exchange for agreeing to <br /> stabilize rents over a certain period of time. Details regarding this program will be <br /> discussed with the Council and community in coming months, with implementation <br /> planned for summer of this year. <br /> The City is also exploring ways to allow residents additional flexibility, by allowing <br /> additional "Accessory Dwelling Units" (also known as in -law units, granny flats, etc.) to <br /> be created. The City has also been in the process of updating Accessory Dwelling Unit <br /> standards since mid -2014. Although not intended to be "deed restricted" affordable <br /> housing, these units do traditionally provide another lower cost housing option for <br /> Redwood City residents. These units also allow multi - generational families to live <br /> together on the same property. As outlined in the City's Housing Element, the revisions <br /> will make it easier to build these units, while still respecting the existing residential <br /> neighborhoods. <br /> Funding & Incentives <br /> Funding sources are the most critically needed area for the production of affordable <br /> housing. At a minimum, there is typically a gap of several hundred thousand dollars <br /> between the cost of a market rate housing unit and a below market rate unit. This gap <br /> must be made up by some funding source. Federal, State and Local sources to fund <br /> this gap have been dwindling for years. Redevelopment was the largest statewide <br /> funding loss, but other State and Federal programs were also reduced during the most <br /> recent recession. <br /> The City has therefore turned to several other programs to provide the subsidy or <br /> incentive structure necessary to construct affordable housing. Upcoming programs <br /> include: <br /> 1. The creation of a housing fund which can be used to leverage affordable <br /> housing opportunities. Projects that have contributed to this fund include the <br /> One Marina Project which generated approx. $1.425 million of affordable <br /> housing "in -lieu" fees paid to the City. Additionally, if the City is successful in <br /> its litigation with the State of California to retain the $10 million the former <br /> Redevelopment Agency had encumbered for affordable housing then that <br /> money could also be allocated to this fund. <br /> 2. The City is in the process of adopting the "Partnership Redwood City" <br /> program. The framework for this program will be reviewed by the Planning <br /> Commission in February and City Council in March. This program would <br /> require that developers of certain market rate and commercial developments <br /> provide "community benefits ". Community Benefits could include the provision <br /> of affordable housing and /or payments to an affordable housing fund. <br />