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6.J. - Page 4 of 5 ORDINANCE NO. AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF REDWOOD CITY ADDING SECTIONS 2.41.16 THROUGH 2.41.18 TO CHAPTER 2, ARTICLE IV, OF THE CITY CODE TO ESTABLISH SPECIAL REVENUE FUNDS KNOWN AS THE COMMUNITY DEVELOPMENT BLOCK GRANT (CDBG) FUND, THE HOME INVESTMENT PARTNERSHIPS PROGRAM (HOME) FUND, AND THE HOUSING SUPPORT FUND WHEREAS, the United States Department of Housing and Urban Development ("HUD") is authorized pursuant to Title I of the Housing and Community Development Act of 1974 (P.L. 93-383), as amended (the "Act"), to provide Redwood City ("City") with federal Community Development Block Grant Program ("CDBG") funds to finance a continuum of activities ranging from public services to economic development and the preservation and production of affordable housing; and WHEREAS, the City receives an annual allocation of CDBG funding, and it is necessary and desirable that a special revenue fund be established for the deposit of CDBG funds and for the accounting thereof; and WHEREAS, HUD is authorized pursuant to the HOME Investment Partnerships Program ("HOME"), contained in Title II of the Cranston -Gonzalez National Affordable Housing Act, to provide the City with federal HOME funds to support the preservation and production of affordable housing; and WHEREAS, the City receives an annual allocation of HOME funding, and it is necessary and desirable that a special revenue fund be established for the deposit of CDBG funds and for the accounting thereof; and WHEREAS, on June 22, 2015, the City Council adopted Resolution No. 15427 earmarking AB 1717 Prepaid Wireless Utility Tax funds ("AB 1717 Funds") for affordable housing purposes; and WHEREAS, on January 8, 2018, the City Council adopted Resolution No. 15637 committing Transient Occupancy Taxes ("TOT') collected from short-term rental uses to the Affordable Housing Fund; and WHEREAS, the City desires to account for ongoing revenue sources such as TOT and AB 1717 Funds for affordable housing separately from one-time funding sources; and WHEREAS, it is necessary and desirable that a special revenue fund be established for the deposit of TOT collected for such short-term rental uses and AB 1717 Funds and for the accounting thereof. ATTY/ORD.516/CC ORD ADDING SECTIONS 2.41.16 - 2.41.18 TO CHAPTER 2, ARTICLE IV, TO THE MUNICIPAL CODE REV: 05-07-2020 PR Page 1 of 2 151