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ATTY/RESO.0030/CC RESO SUPPORTING THE VETERANS HOUSING BOND <br />REV: 04-25-18 VR <br />Page 2 of 3 <br />RESOLUTION NO. <br /> <br />RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDWOOD CITY <br />SUPPORTING THE VETERANS HOUSING BOND INITIATIVE <br /> <br /> <br />WHEREAS, housing affordability is an issue facing many communities in California <br />where a majority of renters pay more than 30 percent of their income toward rent and nearly <br />one-third spend more than 50 percent of their income on rent; and <br />WHEREAS, California’s homeownership rates are at the lowest point since the <br />1940’s; and <br />WHEREAS, even though federal funding for affordable housing comprises a <br />significant portion of California’s resources to support affordable housing, federal spending <br />has been on the decline in recent years; and <br />WHEREAS, between 2003 and 2015, Community Development Block Grant and <br />HOME funds allocated to California by the U.S. Department of Housing and Urban <br />Development to produce affordable housing units have declined by 51 percent and 66 <br />percent respectively; and <br />WHEREAS, the State Legislature proposed and Governor Jerry Brown approved on <br />September 29, 2017 to place the Veterans and Affordable Housing Bond Act on the <br />November 6, 2018 general election ballot for voters to decide; and <br />WHEREAS, the Veterans and Affordable Housing Bond Act seeks to provide <br />funding to support the construction of multi-family housing, first-time home buyer <br />assistance, and veteran home loans; and <br />WHEREAS, the City Council of the City of Redwood City supports fostering a <br />range of housing options affordable to all income levels through policies, programs, <br />partnerships and projects that support the creation and preservation of affordable housing <br />8.A. - Page 4