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6.J. - Page 4 of 13 <br />The City, as housing successor the former redevelopment agency, is required to expend monies deposited <br />in its Low and Moderate Income Housing Asset Funds for development of extremely low, low and very <br />low affordable housing developments. <br />Staff is proposing to encumber up to $2,240,324.65 of Low and Moderate Income Housing Asset Funds <br />for the Project, to fund extremely low income units. The Low and Moderate Income Housing Asset Fund <br />deposits include $700,000 in Redevelopment Housing Successor CIP funds approved by the City Council <br />in 2015 for affordable housing projects and $170,000 remaining from Redevelopment Housing Successor <br />Legal Funds. The state requires the use of these funds for extremely low, low and very low income housing <br />within a five-year period (Health and Safety Code Section 34176.1). <br />The 125 rental units in the project are eligible for these funds because 63 units are designated for <br />extremely low income households and 61 units are designated for low income households (one of the <br />units is designated for a property manager). <br />In addition to the Low and Moderate Income Housing Asset Funds, staff recommends using $747,261.22 <br />of Housing in Lieu Funds and $512,414.13 of the City's Affordable Housing Funds (Impact fees, TOT from <br />Short Term Rentals and AB1717 Prepaid Cellular surcharge fees) to fund the loan for a total commitment <br />of $3.5 million. <br />FISCAL IMPACT <br />Table 2 provides a list of the sources of funds to be used for the $3.5 million loan commitment for the <br />project. <br />ENVIRONMENTAL REVIEW <br />This activity is not a project under California Environmental Quality Act (CEQA) as defined in CEQA <br />Guidelines, section 15378, because it has no potential for resulting in either a direct or reasonably <br />foreseeable indirect physical change in the environment. <br />PUBLIC NOTICE <br />Public Notification was achieved by posting the agenda, with the agenda items being listed, at least 72 <br />hours prior to the meeting <br />Page 4 of 5 <br />..A . <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.org <br />348 <br />