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�;z,�{_ 9 <br /> E%FiIBTT 2 <br /> 9,B- / <br /> TA <br /> I �f <br /> F PoR r €�N �� N��1 3 4� 4. �� <br /> R -I 1 4 M 4 � I <br /> k � <br /> To the Honorable Mayor and Cifiy Council <br /> October 24, 2005 <br /> Subject <br /> Housing Endowment and Regional Trust of San Mateo County (HEART) <br /> Recommendation <br /> Recommend that the City join the Housing Endowment and Regional Trust of San Mateo <br /> County (HEART, formerly known as HEAT) and pursue modifications in the JPA bylaws after <br /> joining <br /> Background <br /> HEART is a collaborative, public/private venture, structured as a joint powers authority to <br /> raise and distribute funds from public and private sources to meet critical housing needs. It <br /> envisions a county where housing is attainable for all. HEART members include 13 cities and <br /> the County with a board of directors of 11 public-sector representatives and 10 at-large <br /> members representing the private sector. <br /> HEART's mission is to raise and distribute funds from public and private sources to help <br /> meet the critical housing needs in San Mateo County. HEART's goal is to raise up to <br /> $10,000,000 annually. In its first year (2004), HEART raised a total of $5,000,000-San <br /> Mateo County provided $3,000,000 as seed funding. This initial investment attracted a <br /> matching grant of $2,000,000 from the State through Proposition 46 housing bond funds. <br /> In June of 2003, HEART presented to the City Council and invited Redwood City to join the <br /> collaborative to develop a housing trust fund for San Mateo County. The Council requested <br /> that this come back after budget deliberations and after further evaluation of Council <br /> concerns. <br /> An ad hoc subcommittee of Councilmember Howard, Vice Mayor Pierce, Planning Director <br /> Michael Church and Assistant City Attorney Damien Brower met to address the Council <br /> concerns. Specific concerns included: JPA language and the potential benefits - implications <br /> for the Redwood City community. As a result of these discussions potential modifications <br /> were created for the JPA language to support the intent of HEART to "raise and distribute <br /> funds to meet critical housing needs." These modifications would need to be discussed and <br /> accepted by the JPA members. <br /> Currently HEART has approached the remaining non-member cities to finalize their <br /> membership process. It is reasonable at this time for Redwood City to become a member of <br /> the JPA, to engage in the discussion of the JPA language modification and to app(y for funds <br /> that are currently available for housing efforts. Redwood City has always had an interest in <br /> providing housing that benefits the community, has projects that would be appropriate, and <br />