AgdaPkt 2016-12-12 Closed and Joint SA PFA

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The City receives direct entitlement grants for Federal CDBG and HOME Program funds that are used to address identified needs. The City manages a variety of programs and provides developer loans for new construction or acquisition/rehabilitation projects. Program income from w y this portfolio augments the CDBG and HOME grants as well as now defunct programs such as Redevelopment, HUD's Rental Rehabilitation program and former CalHOME owner rehab loan program. A small portion of the former tax increment funds come back to local jurisdictions — these have been referred to as "Boomerang Funds." Boomerang funds include two streams of revenue: (1) one-time swept funds that were cD available in Low and Moderate Income Housing Fund accounts unencumbered at the time of Redevelopment dissolution and (2) the ongoing 20 CD percent of property tax revenue that used to be set aside for affordable homes. The City received $200,000 in one-time boomerang funds and has pledged that money to affordable housing. The City is participating in a countywide nexus study to evaluate adoption of a commercial linkage fee that may provide a future source of funds to assist affordable housing production. The study and subsequent review by City Council is scheduled to begin in 2015. The City has sufficient carryover of HOME matching funds from prior year HOME projects to satisfy all HOME match requirements during this planning period. Section 8 funds are provided to San Mateo residents through the San Mateo County Housing Authority. McKinney-Vento Homeless Assistance Act funds are managed by the San Mateo County Human Services Agency as part of the Continuum of Care, in which San Mateo participates. The County of San Mateo also supports housing projects countywide with its HOME and CDBG funds which often are used to leverage City resources.. The Housing Endowment and Regional Trust (HEART) of San Mateo County is a public/private partnership whose goal is to raise funds to create affordable housing opportunities in San Mateo County. Low -Income Housing Tax Credits are offered through the State on a competitive process and with the dissolution of Redevelopment, applications for these funds are expected to become even more in demand and competitive. The City will support developer applications for tax credits and other State Housing programs as they become available for appropriate and eligible projects. The City also tracks and supports legislation that promotes and increases resources for affordable housing. If appropriate, describe publically owned land or property located within the jurisdiction that may be used to address the needs identified in the plan The City's former Redevelopment Agency, now the Redwood City Successor Agency owns two sites partially acquired with low mod set aside funds. These two currently sites are planned to include affordable housing. One site named Bradford is located in downtown Redwood City and Consolidated Plan REDWOOD CITY 105 OMB Control No: 2506-0117 (exp. 07/31/2015)