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6.J. - Page 1 of 13 <br />/<�ik <br />Redwood <br />CitylCallifornia <br />Founded 1867 <br />Ago/ <br />DATE: December 16, 2019 <br />SUBJECT <br />STAFF REPORT <br />To the Honorable Mayor and City Council <br />From the City Manager <br />Loan funding commitment for a 125 Multi -family Unit Affordable Housing Project located at 353 Main <br />Street <br />RECOMMENDATION <br />By motion, approve a loan commitment in the amount not to exceed $3.5 million in specified affordable <br />housing funds to 353 Main Street Apartments, L.P., for the construction of a new 100% affordable, 125 - <br />unit apartment building located at 353 Main Street. <br />STRATEGIC INITIATIVE <br />Housing <br />BACKGROUND <br />Since 2015, the City Council has considered and adopted a number of policies related to housing in <br />Redwood City. This comprehensive approach includes: increasing the overall production and supply of <br />housing; creating an affordable housing fund to support the production of below -market -rate units; <br />partnering with non-profit agencies to preserve and acquire naturally affordable existing apartment <br />buildings; adopting tenant protections; and supporting non-profit agencies that provide housing and <br />homeless related services to the community. The City has sought and received federal funding <br />(Community Development Block Grants and HOME Investment Partnership Program funds), and allocated <br />City funds through the Human Services Financial Assistance (HSFA) program to support housing and <br />homeless related services. <br />While creating new housing is generally difficult for numerous reasons, below market rate or affordable <br />housing is even more challenging to create. Primarily due to the high price of land and the continually <br />Page 1 of 5 <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.org <br />345 <br />