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6.E. - Page 1 of 16 <br />/<�ik <br />Redwood <br />CitylCallifornia <br />Faunded 1867 <br />\:3aAW <br />DATE: February 11, 2019 <br />SUBJECT <br />STAFF REPORT <br />To the Honorable Mayor and City Council <br />From the City Manager <br />Direction to negotiate agreements to provide $6 million in future City affordable housing funds for the <br />100% affordable housing developments located at 353 Main Street (ROEM Development) and 612 <br />Jefferson (Habitat for Humanity) <br />RECOMMENDATION <br />By motion, authorize and direct the City Manager to (1) negotiate an affordable housing funding <br />agreement and propose a resolution for City Council consideration providing $3.5 million in affordable <br />housing funding for a 125 -unit apartment building located at 353 Main Street and (2) negotiate an <br />affordable housing funding agreement and propose a resolution for City Council consideration providing <br />$2.5 million in affordable housing funding for a 20 -unit affordable development located at 612 Jefferson <br />Avenue. Each resolution will be brought forward as affordable housing funds are received through <br />payment of affordable housing impact fees associated with other development projects and through <br />Transit Occupancy Tax received from AirBNB units in order of the motion above. If funds are not available <br />by June 2020, the City Manager may request further Council direction based on priorities at that time. <br />STRATEGIC INITIATIVE <br />Housing <br />BACKGROUND <br />Since 2015, residents, City staff and the City Council have discussed, considered and adopted a number of <br />policies related to housing in Redwood City. This comprehensive approach includes increasing overall <br />supply of housing, creating an affordable housing fund to support the production of below -market -rate <br />units, partnering with non-profit agencies to acquire existing apartment buildings, and funding a number <br />of non-profit agencies who provide housing and homelessness services. Furthermore, in 2017 and 2018 <br />the City hosted a series of "Home For All" meetings which included creation affordable housing funding <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.ore <br />110 <br />