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The commitment of funding for this loan would further the City’s goals to preserve <br />existing affordable housing including workforce housing, produce additional affordable <br />housing units for extremely low and very low income households, improve the condition <br />of affordable housing and prevent displacement of seven existing Redwood City <br />households and a small business. <br /> <br />ALTERNATIVES <br />The City could recommend a different amount of funding or deny the funding request. <br /> <br />FISCAL IMPACT <br />Based on approved projects, the City expects to receive approximately $4 million in <br />contributions into the City’s affordable housing fund over the coming year. <br />Approximately $2 million should be received within the next six months. If the affordable <br />housing funds are not received prior to the loan being given to this project, other funds <br />will be used temporarily and then repaid by affordable housing funds when received. <br />This project will utilize $1,099,000 from the City’s Affordable Housing Fund. This <br />amount would be a loan, and repaid to the Affordable Housing Fund over a 55-year <br />period. <br /> <br />ENVIRONMENTAL REVIEW <br />A National Environmental Protection Act (“NEPA”) review was completed for this project <br />and it was determined to be categorically excluded. The funding commitment to provide <br />a loan of Affordable Housing Funds as specified above is not a project under CEQA <br />Guidelines Section 15378 in that it has no potential for any direct or indirect physical <br />change in the environment. <br /> <br /> <br />RHONDA COFFMAN <br />HOUSING & GRANTS MANAGER <br /> <br /> <br /> <br />AARON AKNIN <br />ASSISTANT CITY MANAGER / COMMUNITY DEVELOPMENT DIRECTOR <br /> <br /> <br /> <br />6.3.E. - Page 7