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o Acquisition and rehabilitation of rental housing (includes special needs <br />housing) <br /> <br />· “Ready to Go” – “Ready to Go” means that all funding has been secured, or will be <br />available short term (within 90 to 180 days) and the project will be underway. <br />Specific examples include: <br />o Design phase completed and ready to begin a bid process; <br />o Purchase offer has been accepted, or can be made as soon as funds can <br />awarded. <br /> <br />· Effectiveness of Funding to City Priorities - Consistency of proposed projects to City <br />priorities identified in the Housing Element and Consolidated Plan. <br /> <br />· Income targeting - High priority needs are identified as affordable housing production <br />and preservation with preferences for the following: <br />o Large Households <br />o Families with Children <br />o Elderly <br />o Persons with Disabilities <br />o Extremely low and very low income households <br /> <br />· Effective leveraging of City funds with non-City funds - Funding should not represent <br />100% of project costs. The City seeks to recapture all or part of financial assistance <br />provided in order to recycle funds to other affordable housing projects for Redwood <br />City residents. <br /> <br />· Per Unit Subsidy Limits (rental and ownership) <br /> <br />· 30-55 year period of affordability <br /> <br />· Financial Assistance – Typical loan terms range from 0 to 3% interest over terms of <br />30-55 years, or 0% interest until a senior mortgage is paid, then fully amortized. <br /> <br />· Funds will be used to support organizations who utilize partnerships and <br />collaborations to support the needs of low and very low income households <br /> <br />· Developer Experience <br /> <br />· Community Outreach - Projects involving acquisition of housing in residential areas <br />must have completed community outreach in the applicable neighborhoods prior to <br />applying for City funding. <br /> <br />8.A. - Page 9