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the affordability levels set forth above. The loan and any amendments could be <br />subordinated to loan documents necessary for the tax credit financing. <br /> <br />The commitment of funding for this loan would further the City’s goals to protect and <br />preserve existing affordable housing, and provide special needs housing, and produce <br />additional affordable housing units for extremely low and very low income households. It <br />would improve the condition of affordable housing and prevent displacement of 55 <br />existing Redwood City households. <br /> <br />ALTERNATIVES <br />The City could recommend a different amount of funding or deny the funding request. <br /> <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 half of that amount should be received within the next six months. If the <br />affordable housing funds are not received prior to the loan being given to this project, <br />other funds will be used temporarily and then repaid by affordable housing funds when <br />received. This project will utilize $1,100,000 from the City’s Affordable Housing Fund. <br />This amount would be a loan, and repaid to the Affordable Housing Fund over a 55-year <br />period. <br /> <br />ENVIRONMENTAL REVIEW <br />An environmental review is currently underway for this project, however it is anticipated <br />that this project will be determined to be exempt or categorically excluded under the <br />National Environmental Protection Act. The funding commitment to provide a loan of <br />Affordable Housing Funds as specified above is not a project under CEQA Guidelines <br />Section 15378 in that it has no potential for any direct or indirect physical change in the <br />environment. <br /> <br />RHONDA COFFMAN <br />HOUSING & GRANTS MANAGER <br /> <br /> <br />6.3.A. - Page 7