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6.B. - Page 3 of 113 <br />• Units must be sold to low-income households at an affordable housing cost <br />• Resale restrictions and owner -occupancy requirements will be placed on the units <br />• The City will be entitled to a pro -rata share of any excess sales proceeds should the unit be sold <br />in violation of the resale restrictions or due to foreclosure <br />Despite these existing funding commitments, Habitat still faced an approximately $1.5 million funding gap <br />due to construction cost increases. Habitat applied for and received State CalHOME funding to fill most of <br />the gap. However, in order to close the gap, Habitat requested $200,000 in CDBG funding to pay for <br />disposition costs for when the units are sold, which is a CDBG eligible activity. The City Council approved <br />the $200,000 as part of the approval of the Annual Action Plan on June 8, 2020. <br />Table 1 <br />SOURCE OF CITY <br />FUND <br />CURRENT AMOUNT <br />HABITAT FUNDING <br />BALANCE <br />FUNDS <br /># <br />AVAILABLE IN FUND <br />COMMITMENT <br />REMAINING <br />(as of 12/31/20) <br />IN FUND <br />Housing In Lieu <br />296 <br />$1,452,883 <br />$1,450,000 <br />$2,883 <br />Fund <br />Affordable <br />Housing Fund <br />299 <br />$1,954,766 <br />$1,936,497 <br />$18,269 <br />(impact fees) <br />TOTAL FUNDED <br />$3,386,497 <br />FISCAL IMPACT <br />There is no fiscal impact to the General Fund as a result of this action. The $3,386,497 grant would consist <br />of $1,450,000 from affordable housing in -lieu fees and $1,936,497 from affordable housing impact fees. <br />ENVIRONMENTAL REVIEW <br />This activity is not a project under California Environmental Quality Act (CEQA) as defined in CEQA <br />Guidelines, section 15378, because it has no potential for resulting in either a direct or reasonably <br />foreseeable indirect physical change in the environment. On May 22, 2017, the City Council determined <br />that an Initial Study Checklist demonstrated that the project was consistent with the Downtown Precise <br />Plan (DTPP) Program environmental impact report (EIR), and that the mitigation measures and Statement <br />of Overriding Considerations associated with certification of the DTPP Program EIR addressed the <br />environmental effects of the project. <br />PUBLIC NOTICE <br />Public notification was achieved by posting the agenda, with the agenda items being listed, at least 72 <br />hours prior to the meeting. <br />Page 3 of 4 <br />X110 <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.org <br />16 <br />