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04/24/2017 <br />Affordability Covenants on the Property, which Affordability Covenants shall <br />provide that the Property will be City assisted and restrict income and rent of the <br />City assisted units such that the units remain continuously affordable to <br />extremely low income persons with special needs and very low income persons <br />for 55 years; and <br />WHEREAS, MidPen has agreed to set aside 50% of the total units <br />(approximately 28 units, rounding up) for persons with special needs at <br />extremely low income at or below 30% of the area median income (AMI), and the <br />balance of the units (approximately 27 units) will be affordable to very low <br />income households at or below 50% of the AMI; and <br />WHEREAS, the City's Housing Element goals include expanding the <br />supply of affordable housing and preservation of existing affordable housing; and <br />WHEREAS, on April 24, 2017, the City Council considered the request for <br />Affordable Housing Funds to repay a portion of MidPen's acquisition costs for <br />the Property. <br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF <br />THE CITY OF REDWOOD CITY, AS FOLLOWS: <br />1. A funding commitment to provide a loan in the amount of One <br />Million One Hundred Thousand and no/100 Dollars ($1,100,000.00) of Affordable <br />Housing Funds for MidPen's acquisition of the Property, contingent upon <br />preparation and Council approval of loan documents on or before February 1, <br />2018, and based upon the terms as specified in the staff report and this <br />Resolution, is hereby approved. <br />2. This Resolution shall be effective upon the date of its adoption. <br />ATTY/RESO.0040/CC RESO APPROVING MIDPEN ATHERTON COURT ACQUISITION RESO. NO. 15578 <br />REV: 04-20-17 PR MUFF NO. 301 <br />Page 2 of 2 <br />