AgdaPkt 2020-08-24 Joint SA PFA - Laserfiche WebLink

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6.H. - Page 2 of 5 • City Sources - $1,672,039 o $543,000 —Transient Occupancy Tax (TOT) from short-term rentals and General Fund o $321,000 — FY 2019-20 CDBG o $448,039 — CDBG-CV1 o $360,000 — FY 20-21 CDBG • Other Sources - $1,001,275 o $350,000 - Redwood City Education Foundation (RCEF) o $446,582 —San Mateo County (SMC) Strong Fund o $59,731- SMC Strong Fund, Core Agency Support o $144,962 - Private funding • Total - $ 2,673,314 As of August 7, 2020, the City had received 1,437 applications and had provided rent assistance to 900 households. The status of the applications received is as follows: • 900 — Applications approved for first time assistance • 473 — Applications closed • 32 — Currently being reviewed • 32 — Awaiting review Below is additional demographic information about the 900 households that have received assistance 3: • 75% are Redwood City residents • 25% are Unincorporated North Fair Oaks residents • 100% experienced a loss of income due to the impact of COVID-19 o Loss of income includes loss of employment, reduction in work hours, inability to work due to shelter in place order, unable to work due to childcare needs, unable to work due to contracting COVID-19, and unable to secure small business loan for impacted self - owned business • 75% are not eligible for unemployment benefits • As of July 2020: 0 49% had not returned to work 0 40% had returned to work at reduced hours 0 11% had returned to work full-time 1 On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was enacted which made available $5 billion in CDBG Coronavirus (CDBG-CV) funding. The CDBG-CV funding is intended to immediately address COVID-19 impacts in the community. The federal Department of Housing and Urban Development (HUD) allocated $2 billion of the CDBG-CV funding to existing CDBG grantees, of which the City received an allocation of $448,039, and $1 billion to states and insular areas. The remaining $2 billion in funding will be allocated based on a formula to be developed by HUD. At this time, the City does not know if or when it will receive an additional allocation of CDBG-CV funding. z Applications closed includes ineligible, non-responsive, withdrawn, application combined with another applicant in same household, and duplicate applications. 3 Information based on available data from assisted households. Page 2 of 5 City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.org .A