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6.E. - Page 7 of 16 Attachment 1 7.A. - Page 1 REPORT To the Honorable Mayor and City Council From the City Manager June 25, 2018 SUBJECT Affordable Housing Fund Allocation Guidelines RECOMMENDATION Adopt a Resolution Approving Affordable Housing Fund Allocation Guidelines BACKGROUND Housing is a high priority issue for the City of Redwood City and in 2015 the Redwood City Council set three primary goals for affordable housing: 1. Support programs and new policies aimed to ensure housing stability for community members. These efforts focus on renter protections including minimum lease terms and relocation assistance, preventing homelessness and other ways to support housing stability. 2. Create new funding sources, regulations and incentives to produce new affordable housing. These efforts include establishing new funding sources through developer fees to create new affordable housing, and charging fees on short term housing rentals to support affordable housing. 3. Increase the overall supply of housing, particularly the production of affordable housing units. These efforts include requiring affordable housing with new housing developments, buying land for new construction, preserving existing affordable housing in the community and encouraging the building of small units like accessory dwelling units/granny units. Housing Impact Fee / Affordable Housing Fund In December 2015, the City Council adopted the Affordable Housing Impact Fee Ordinance as a mechanism to increase the supply of affordable housing and preserve existing affordable housing pursuant to the City's Housing Element. This ordinance is generally applicable to residential and nonresidential development projects deemed complete after September 21, 2015, and as noted below is scheduled to be incorporated into a new Zoning Ordinance Article. 116