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8.A. - Page 8 05/04/2015 <br /> Redwood ! <br /> CityQSffoa <br /> Feuded NB7 <br /> Air <br /> City of Redwood City <br /> Draft 2015-2020 Consolidated Plan <br /> Executive Summary <br /> ES-05 Executive Summary - 24 CFR 91.200(c), 91.220(b) <br /> Incorporated in 1868, Redwood City is a growing and diversifying jobs center and residential <br /> community with many assets, including diverse geography, frontage on the San Francisco Bay, a <br /> pleasant year-round climate, a deep-water port, a well-rounded economic base, an exciting <br /> Downtown, and a strategic location midway between San Francisco and San Jose. These <br /> features and a diverse local economy make Redwood City an attractive place to live and work. <br /> This Consolidated Plan continues the City's commitment to ensuring community development <br /> opportunities as well as for preserving and enhancing our existing neighborhoods. <br /> Redwood City (and the Bay Area in general) continues to be one of the most desirable and <br /> expensive residential real estate markets in the country. Despite the mortgage crisis that began <br /> in 2008 and an increasing number of foreclosures, rents generally continued to rise throughout <br /> the region. Furthermore, housing sale prices have regained losses associated with the 2008 <br /> recession, and most Bay Area homes continue to be too expensive for families with average <br /> household incomes to afford. <br /> In addition to housing affordability, land use development patterns throughout California over <br /> the past half century have contributed to the loss of open space, traffic congestion, and <br /> greenhouse gas emissions. Recent economic reports show that an increasing number of Bay <br /> Area workers are trading longer commutes for more affordable housing options in outlying <br /> areas. How and where housing is developed will continue to have both regional and statewide <br /> impacts, and so must be carefully planned . <br /> Redwood City seeks to create community development opportunities throughout the <br /> community. This Consolidated Plan and Fiscal Year (FY) 2015-2016 Annual Action Plan for <br /> Redwood City serves as the City's official application to HUD for Community Development Block <br /> Grant (CDBG) funds, as well as HOME Partnership funds (HOME). The Plan identifies the <br /> housing and community development needs in the City and sets forth a strategic plan for <br /> addressing the identified needs. It also satisfies the minimum statutory requirements of the <br /> CDBG and HOME programs. The Plan covers from July 1, 2015 through June 30, 2020. <br /> Page 1 of 6 <br /> 1 RESO. 15407 <br /> MUFF # 304 <br />