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1 Memorandum To: Diana O’Dell, Principal Planner Planning and Housing Division, City of Redwood City Redwood City, CA 94063 From: Joshua Abrams Baird + Driskell Community Planning 2635 Benvenue Ave Berkeley, CA 94704 Date: April 25, 2018 Subject: Inclusionary Housing Analysis Executive Summary: In March 2018, Baird + Driskell Community Planning, in partnership with Century Urban, reviewed construction data for Redwood City to make recommendations for a possible Inclusionary Housing Ordinance. Our analysis indicates that the market in Redwood City is healthy and can adjust to new requirements. Generally, if Redwood City switches to an inclusionary requirement, developers will be able to use the California Density Bonus Law, allowing them to build more units, which will mostly offset the new affordable housing requirements. If the particulars of their development make the bonus units unattractive, development may not be feasible with the higher requirements. Specifically, we make the following recommendations: Rental • 15% of the units affordable to Very Low Income households 1 or 20% of the units affordable to a mix of income levels (10% Moderate, 5% Low, 5% Very Low)2 • In lieu fee of $400,000 per affordable unit • Fractional units pay a percent of the in lieu fee • Retain the impact fee for developments under 20 units, and no fee for fewer than 5 units. 1 Very Low Income Units are available to households making up to 50% of the Area Median Income and priced based on 40% of the Area Median Income. In 2018, a 2 bedroom unit would rent for approximately $1,297. 2 Moderate Income Units are available to households making up to 120% of the Area Median Income and priced based on 110% of the Area Median Income. Low Income units are available to households making up 80% of the area median income and priced based on 70% of the Area Median Income. 7.A. - Page 49