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7.B. - Page 69 of 79 <br />HOME Investment Partnership Program (HOME) <br />Reference 24 CFR 91.220(1)(2) <br />1. A description of other forms of investment being used beyond those identified in Section 92.205 is as <br />follows: <br />Redwood City does not use HOME funds beyond those identified in Section 92.205. <br />2. A description of the guidelines that will be used for resale or recapture of HOME funds when used for <br />homebuyer activities as required in 92.254, is as follows: <br />The City does not have a HOME funded homebuyer program. <br />3. A description of the guidelines for resale or recapture that ensures the affordability of units acquired with <br />HOME funds? See 24 CFR 92.254(a) (4) are as follows: <br />The City of Redwood City Resale / Recapture Policies have been included as part of the grantee specific <br />appendices. All subrecipients, grantees and CHDO's must follow the approved City policies regarding <br />Resale / Recapture. <br />The City's HOME funds are secured by deeds of trust recorded on the title of the properties that benefit <br />from the funds. Affordability covenants are also recorded and include all HOME requirements including <br />but not limited to the period of affordability, number of units, rent and income limits. <br />The City of Redwood City requires all housing developed to be modest housing, as described in 24 CFR <br />Part 92.254 (a). The City utilizes the HUD affordable Homeownership Limit for new construction and <br />existing housing. All CHDOs, recipients and subrecipients must follow these same limits for the sale of <br />affordable housing units. <br />4. Plans for using HOME funds to refinance existing debt secured by multifamily housing that is <br />rehabilitated with HOME funds along with a description of the refinancing guidelines required that will <br />be used under 24 CFR 92.206(b), are as follows: <br />The City does not have any planned activities to refinance existing debt secured by multifamily housing <br />properties that are rehabilitated with HOME funds. HOME funds are usually used for site acquisition for <br />special needs housing or for multifamily rehabilitation activities. <br />Annual Action Plan <br />2020 <br />OMB Control No: 2506-0117 (exp. 06/30/2018) <br />.c <br />530 <br />