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3. Establish a timeline for HAND to invoice for these additional funds by June 20, <br /> 2002. Currently the agreement contains no deadlines for invoicing. <br /> <br /> 4. Extend the term of affordability from 15 to 30 years over the life of the loan. <br /> <br /> 5. Strengthen the requirement for 11 HOME units to be available to Redwood <br /> City residents. HAND will be required to submit a marketing plan to actively <br /> market these 11 units to local Iow-income residents, including those of City <br /> homeless shelters. The City will assist in this affirmative marketing to assure <br /> the 11 units will be occupied by Redwood City residents during the life of this <br /> agreement. <br /> <br /> 6. Agree to Subordinate to financing that will be provided by CHFA and the Low <br /> Income Housing Fund as appropriate. <br /> <br /> 7. Agree to allow HAND to transfer the project to its limited partnership, <br /> Redwood Oak Associates. <br /> <br />We recommend these changes to you for the following reasons: <br /> <br /> · Approval of these modifications will facilitate HAND to receive preferred interest <br /> rates that will subsidize the long-term affordability of 36 housing units in Redwood <br /> City. <br /> · 11 of the units will be reserved for Redwood City residents. <br /> · HAND is the only approved CHDO in San Mateo County, and so the additional <br /> funds that will be allocated to this cannot be used for other projects. <br /> <br />Fiscal Impact <br /> <br />No impact to City funds. The Modified Funding Agreement proposes an additional <br />$60,000 of funding that would come from the HOME Program. These funds are <br />reserved for CHDO's and will be returned to the federal treasury if not used. <br /> <br />Alternatives <br />Do not approve the modified funding agreement. <br /> <br />Attachment <br />1, Resolution <br />2, Modified funding agreement <br /> <br /> <br />