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04/24/2017 RESOLUTION NO. 15579 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDWOOD CITY APPROVING A FUNDING COMMITMENT TO PROVIDE A LOAN OF AFFORDABLE HOUSING FUNDS IN CONNECTION WITH THE ACQUISITION OF PROPERTY LOCATED AT 1512 STAFFORD STREET FOR AFFORDABLE HOUSING PRESERVATION CONTINGENT UPON THE PREPARATION OF LOAN DOCUMENTS (HIP HOUSING DEVELOPMENT CORPORATION) WHEREAS, the City Council adopted the Affordable Housing Impact Fee Ordinance ("Ordinance") on December 7, 2015 as a mechanism to increase the supply of affordable housing pursuant to the City's Housing Element. The Ordinance is applicable to residential and nonresidential development projects for which applications have not been deemed complete prior to September 21, 2015. The Ordinance requires that all fees collected be deposited into the City's Affordable Housing Fund to be used to increase and preserve the supply of housing affordable to households with extremely low, very low, low and moderate incomes; and WHEREAS, HIP Housing Development Corporation ("HHDC") has submitted a request to the City for funding assistance in the amount of One Million Ninety Nine Thousand and no/100 Dollars ($1,099,000.00) from its Affordable Housing Fund to acquire property located at 1512 Stafford Street in Redwood City (the "Property") to be used to provide affordable rental housing for very low, low and moderate income households; and WHEREAS, the Property includes 7 units consisting of one 2 -bedroom, five 1 -bedroom, one studio apartment and one 1,500 square foot commercial space; and WHEREAS, the current owners of the Property are interested in selling the property to a buyer who will maintain the property's affordability for both the existing residents and the commercial tenant and HHDC has entered into a Page 1 of 3 ATTY/RESO.0039/CC RESO HHDC STAFFORD ACQUISITION RESO. NO. 15579 REV: 04-18-17 PR MUFF NO. 301