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6.B. - Page 2 of 177 <br />requested and received a $3.5 million soft commitment from the City Council on February 11, 2019 along <br />with approximately $7.0 million from the San Mateo County Department of Housing. At that time, the City <br />did not have sufficient funds available in February 2019 to make a firm commitment of funds to the <br />project. The City's $3.5 million soft commitment was covered by a five-year bridge loan from the Housing <br />Endowment and Regional Trust (HEART) using San Mateo County housing funds. <br />ANALYSIS <br />Affordable Housing Loan Agreement <br />On December 16, 2019 the City Council approved a loan funding commitment in the amount of $3.5 <br />million using the funding sources identified in Table 1. <br />Table 1 <br />SOURCE OF CITY <br />ACCOUNT <br />CURRENT <br />AMOUNT NEEDED <br />BALANCE <br />FUNDS <br />AMOUNT IN <br />FOR ROEM FUNDING <br />REMAINING IN <br />FUND <br />COMMITMENT <br />FUND <br />Housing In Lieu <br />Account <br />$2,020,947 <br />$577,261 <br />$1,443,6862 <br />Fund' (in -lieu fees <br />296 <br />and AB 1717 <br />prepaid wireless tax <br />revenue) <br />Affordable Housing <br />Account <br />$2,584,629 <br />$512,414 <br />$2,072,206 3 <br />Fund' (Impact fees, <br />299 <br />transient occupancy <br />tax from short-term <br />rentals) <br />Redevelopment <br />Account <br />$2,650,262 <br />$2,410,325 <br />$239,938 <br />Low and Moderate <br />292 <br />Income Housing <br />Asset Fund <br />TOTAL AMOUNT <br />$3,500,000 <br />FUNDED <br />'A Housing Support Fund was established by Ordinance on June 8, 2020 and went into effect on July 8, 2020. The AB <br />1717 prepaid wireless tax revenue and Transient Occupancy Tax (TOT) from short-term rentals will be placed into <br />the Housing Support Fund. This action will not impact the City's ability to fund this $3.5 million loan. <br />2$1,425,00 in housing in -lieu funds is committed as a grant to Habitat for Humanity's 20 unit for sale project at 612 <br />Jefferson. <br />3$360,000 in impact fees is committed as a grant to the Habitat for Humanity project. <br />The Low and Moderate Income Housing Asset Fund, established in connection with the dissolution of the <br />Redevelopment Agency, currently has deposits totaling $2,650,262. The loan will consist of $2,410,325 <br />Page 2 of 4 <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.org <br />31 <br />