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6.3.A. - Page 156 <br />HOME Investment Partnership Program (HOME) <br />Reference 24 CFR 91.220(1)(2) <br />A description of other forms of investment being used beyond those identified in Section 92.205 is <br />as follows: <br />Redwood City does not use HOME funds beyond those identified in Section 92.205. <br />2. A description of the guidelines that will be used for resale or recapture of HOME funds when used <br />for homebuyer activities as required in 92.254, is as follows: <br />The City does not have a HOME funded homebuyer program. <br />3. A description of the guidelines for resale or recapture that ensures the affordability of units acquired <br />with HOME funds? See 24 CFR 92.254(a)(4) are as follows: <br />The City's HOME funds are secured by deeds of trust recorded on the title of the properties <br />that benefit from the funds. Affordability covenants are also recorded and include all HOME <br />requirements including but not limited to the period of affordability, number of units, rent and <br />income limits. <br />4. Plans for using HOME funds to refinance existing debt secured by multifamily housing that is <br />rehabilitated with HOME funds along with a description of the refinancing guidelines required that <br />will be used under 24 CFR 92.206(b), are as follows: <br />The City does not have any planned activities to refinance existing debt secured by multifamily <br />housing properties that are rehabilitated with HOME funds. HOME funds are usually used for site <br />acquisition for special needs housing or for multifamily rehabilitation activities. <br />Consolidated Plan REDWOOD CITY 153 <br />OMB Control No: 2506-0117 (exp. 07/31/2015) <br />