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REPORT <br />To the Honorable Mayor and City Council <br />From the City Manager <br /> <br />January 25, 2016 <br /> <br />SUBJECT <br />Use of One-time General Funds towards the Payment of Membership Dues with the <br />Housing Endowment Regional Trust (HEART) <br /> <br />RECOMMENDATION <br />Adopt a resolution approving an appropriation amendment transferring $25,268 from the <br />unassigned portion of the City’s General Fund to the Community Development <br />Administration for membership dues for the purpose of providing funding for affordable <br />housing opportunities and authorizing a one-time commitment of $25,268 to the <br />Housing Endowment and Regional Trust of San Mateo County (HEART). <br /> <br />BACKGROUND <br />HEART was created in 2003 to work on behalf of member agencies (cities) to provide <br />charitable support for affordable housing in San Mateo County. This allows cities to <br />act together and avoid providing overlapping services. To assist with affordable <br />housing efforts, HEART provides two loan programs: <br />- Long- and short-term loans to developers to fund the construction or <br />preservation of affordable rental housing, and <br />- Down payment assistance loans to well-qualified families (as defined by <br />HEART) who live or work in a member city to purchase their first home in a <br />member city. <br /> <br />In Redwood City, HEART recently contributed a loan to Habitat for Humanity in the <br />amount of $500,000 for land acquisition of 612 Jefferson Avenue for 20 units of <br />affordable housing. Since, 2011, HEART has assisted five families to each buy a <br />home in Redwood City. <br />Additionally, HEART has contributed $700,000 to the Mental Health Association for <br />land acquisition in the North Fair Oaks area of San Mateo County to develop 16 units <br />for individuals with special needs. While outside of the City limits, the North Fair Oaks <br />project is situationally located to also benefit Redwood City residents. <br />ANALYSIS <br />HEART has requested that the City’s support continue for another year in the <br />6.3.C. - Page 1