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9.B. - Page 1 <br /> REPORT <br /> To the Honorable Mayor and City Council <br /> From the City Manager <br /> May 18, 2015 <br /> SUBJECT <br /> Consideration of Funding Options for the Habitat for Humanity Project at 612 Jefferson <br /> Avenue <br /> RECOMMENDATION <br /> Provide input on the preferred funding option for the production of affordable housing <br /> units associated with a potiential Habitat for Humanity project at 612 Jefferson Avenue. <br /> BACKGROUND <br /> Redwood City (and the Bay Area in general) continues to be one of the most desirable <br /> and expensive residential real estate markets in the country. Rents have continued to <br /> rise throughout the region as the economy rapidly ascends out of the Great Recession. <br /> Furthermore, housing sale prices have regained losses associated with this recession, <br /> and most Bay Area homes continue to be too expensive for families with average <br /> household incomes to afford. <br /> As part of the City's efforts to address the communities long-term needs for affordable <br /> housing and housing-related services for Redwood City's residents, the City Council <br /> adopted the 2015-2023 Housing Element (Housing Element) as an element of the <br /> General Plan. The State of California certified the City's Housing Element in October <br /> 2014. The Housing Element outlines the City's strategy for the production of housing <br /> for all income levels. The adoption of the Housing Element comes at a critically <br /> important time for our region, which has been struggling to produce the necessary <br /> amount of housing to meet demand. The recent economic recovery has amplified this <br /> need for housing, as the number of jobs created in the region has far outpaced the <br /> number of housing units created. Those with lower incomes have been the most <br /> affected by the housing shortage, as the regional demand for housing has rapidly <br /> increased housing costs. Although Redwood City has generated more housing than the <br /> majority of Cities in the Bay Area the last few years, the entire region is challenged to <br /> generate enough inventory at all income levels for the local population. <br />