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04/24/2017 <br />binding purchase agreement with the seller; and <br />WHEREAS, in consideration of receiving Redwood City Affordable <br />Housing Funds or the use of the proceeds thereof, HHDC has agreed to record <br />Affordability Covenants on the property, which Affordability Covenants shall <br />provide that the property will be City assisted and restricts income and rent of the <br />City assisted units such that the units remain continuously affordable to very low, <br />low and moderate income persons for 55 years; and <br />WHEREAS, HHDC has agreed to set aside five (5) units for low income <br />persons at or below 80% of the area median income (AMI), one (1) unit for <br />persons at or below 60% of the AMI (considered very low income under HUD <br />HOME program regulations), and one (1) unit for very low income persons at or <br />below 50% of the AMI with a preference for a Section 8 voucher holder; 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 for HHDC's acquisition of 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 Ninety Nine Thousand and no/100 Dollars ($1,099,000.00) of Affordable <br />Housing Funds for HHDC's acquisition of the Property, contingent upon <br />preparation and Council approval of loan documents on or before June 1, 2017, <br />and based upon the terms as specified in the staff report and this Resolution, is <br />hereby approved. <br />2. This Resolution shall be effective upon the date of its adoption. <br />Page 2 of 3 <br />ATTY/RES0.0039/CC RESO HHDC STAFFORD ACQUISITION RESO. NO. 15579 <br />REV: 04-18-17 PR MUFF NO. 301 <br />