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Res18 15644
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Res18 15644
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Last modified
10/11/2019 7:58:05 AM
Creation date
10/11/2019 7:57:54 AM
Metadata
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Template:
CC Index
CC Index - Document Type
Resolution
Meeting Type
Joint
Agency Type
City Council and Successor Agency and Public Financing Authority
Date
2/12/2018
Description
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDWOOD CITY APPROVING A LOAN IN THE AMOUNT OF $1, 100, 000 FROM THE AFFORDABLE HOUSING FUND IN CONNECTION WITH THE REFINANCING OF PROPERTY LOCATED AT 3752-3770 ROLISON ROAD FOR AFFORDABLE HOUSING PRESERVATION; APPROVING AND AUTHORIZING THE CITY MANAGER TO EXECUTE RELATED LOAN DOCUMENTS; AND AUTHORIZING THE CITY MANAGER TO TAKE ALL OTHER NECESSARY ACTIONS
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annually by the City for each household size, based on HUD and HCD income limits for <br />San Mateo County. <br />f. "Maximum Rent for Low Income Households" means the total monthly rent that <br />does not exceed any of (a) the current rent limits for low income households, adjusted for <br />unit size, specified by Section 50053 of the California Health and Safety Code and <br />California Code of Regulations Title 25, Sections 6910-6924; or (b) "affordable rent" for <br />low income households as defined in Section 18.268 of the Redwood City Code. <br />g. "Maximum Rent for Very Low Income Households" means a total monthly rent <br />that does not exceed any of (a) the current rent limits for very low income households, <br />adjusted for unit size, specified by Section 50053 of the California Health and Safety Code <br />and California Code of Regulations Title 25, Sections 6910-6924; or (b) "affordable rent" <br />for very low income households as defined in Section 18.268 of the Redwood City Code. <br />h. "Maximum Rent for Extremely Low Income Households" means a total monthly <br />rent that does not exceed either of (a) the current rent limits for extremely low income <br />households, adjusted for unit size, specified by Section 50053 of the California Health <br />and Safety Code and California Code of Regulations Title 25, Sections 6910-6924 or <br />(b) "affordable rent" for extremely low income households as defined in Section 18.268 of <br />the Redwood City Code. <br />L City hereby acknowledges that (i) Contractor purchased the Project with existing <br />tenants, some of which have received Section 8 Tenant Based rent vouchers (the "TB <br />Vouchers") and (ii) Contractor has obtained an award for Section 8 Project Based <br />Vouchers for the Project and that prior to the Project's placed in service date, Contractor <br />will enter into a Housing Assistance Payment contract with the Housing Authority of the <br />ATTY/AGR/2018.027/MID PEN MOSIAC GARDENTS (ATHERTON COURT) <br />REV: 02-06-18 1S <br />Page 4 of 41 <br />
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