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6.J. - Page 12 of 13 <br />AirBNB rentals continue, another $200,000 could be generated by the end of calendar year 2019. This <br />would bring the total projected affordable housing funds in 2019 to approximately $6.3 million. <br />Next Steps <br />If directed by Council, City staff will bring back affordable housing funding agreements and funding <br />resolutions for the ROEM project and Habitat Project later this year when affordable housing funding is <br />available. Based on the number of units, and the fact that ROEM has not yet received City funding for this <br />project, City staff would first bring the ROEM resolution to Council for consideration, followed by the <br />Habitat resolution. It is anticipated that funds will be available, and therefore Council will consider these <br />resolutions, in summer 2019. <br />FISCAL IMPACT <br />As noted above, the City adopted an affordable housing impact fee ordinance in 2015. In addition, the <br />City started collecting TOT from AirBNB units in 2018. Both of these funding sources can be used to <br />support the subject projects. Table 1 above provides the status of these affordable housing funding <br />sources. It is anticipated the City will have over $6 million in funding available by summer 2019. <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 />ALTERNATIVES <br />The City Council may choose not to direct staff to move forward with either or both affordable housing <br />funding agreements or funding resolutions, or fund the projects at different levels. Alternatively, the <br />Council may wish to borrow against other City funds to provide funding at an earlier date. There is some <br />risk with this path, however: while all the projects in Table 1 are expected to come to fruition in 2019, <br />projects can always be delayed or withdrawn. <br />ATTACHMENTS <br />ATACHMENT 1: Home for All Staff Report (June 2018) <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.ore <br />356 <br />