AgdaPkt 2020-10-12 Joint SA PFA - Laserfiche WebLink

Browse Search

6.N. - Page 2 of 19 provides transit -oriented housing options for those commuting to either the main or Redwood City campuses. ANALYSIS The Property received entitlement approvals prior to adoption of the City's Affordable Housing Ordinance, therefore the Property does not include any affordable units. Stanford has voluntarily proposed to set aside twenty-one percent or 37 of the units to be deed -restricted as affordable units for very low and low- income households; meaning the units are only available to households earning up to 50 and 80 percent of the Area Median Income (AMI), respectively. More specifically, five of the units will be deed -restricted as very -low income and 32 units will be deed -restricted as low income for a period of 55 years. Table 1 below provides a breakdown of the affordable units based on size. Table 1— Affordable Units by Size The affordable units will be available to all income eligible households; however, the following preferences will be applied to the units: 1. Eligible households (based on income) with at least one adult member who is employed or has been offered employment by Stanford at the Redwood City campus; 2. Eligible households (based on income) with at least one adult member who is employed or has been offered employment by Stanford at the main campus; 3. Eligible households (based on income) with at least one adult member who lives, is employed, or has been offered employment, within the city limits of Redwood City; and 4. All other eligible households. This regulatory agreement will increase affordable housing opportunities for income -eligible households, provides workforce housing and positively affects the City's jobs/housing balance. Additionally, this agreement will provide income -eligible Stanford employees an opportunity to reside in high quality affordable housing within the vicinity of the Stanford Redwood City campus, which will encourage the reduction of vehicle miles traveled, trips generated and greenhouse gas emissions. Lastly, staff has consulted with the State Department of Housing and Community Development (HCD) and has confirmed that the City will be allowed to count these thirty-seven units towards the City's very low-income and low- income Regional Housing Needs Allocation (RHNA) targets for the 2015-2022 Housing Element Cycle. Page 2 of 3 City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.org 118 Very -Low Income Units (50% AMI) Low Income Units (80% AMI) Studio 1 4 1 -Bedroom 3 20 2 -Bedroom 1 8 Total 5 32 The affordable units will be available to all income eligible households; however, the following preferences will be applied to the units: 1. Eligible households (based on income) with at least one adult member who is employed or has been offered employment by Stanford at the Redwood City campus; 2. Eligible households (based on income) with at least one adult member who is employed or has been offered employment by Stanford at the main campus; 3. Eligible households (based on income) with at least one adult member who lives, is employed, or has been offered employment, within the city limits of Redwood City; and 4. All other eligible households. This regulatory agreement will increase affordable housing opportunities for income -eligible households, provides workforce housing and positively affects the City's jobs/housing balance. Additionally, this agreement will provide income -eligible Stanford employees an opportunity to reside in high quality affordable housing within the vicinity of the Stanford Redwood City campus, which will encourage the reduction of vehicle miles traveled, trips generated and greenhouse gas emissions. Lastly, staff has consulted with the State Department of Housing and Community Development (HCD) and has confirmed that the City will be allowed to count these thirty-seven units towards the City's very low-income and low- income Regional Housing Needs Allocation (RHNA) targets for the 2015-2022 Housing Element Cycle. Page 2 of 3 City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.org 118