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78 ATTACHMENT 4 Page 43 inability of local employers to attract and retain a well educated workforce which, in turn, could have negative ramifications to the overall health of the economy). The Canada College housing project is an innovative approach to combating the Bay Area's affordable housing crisis. The proposed housing offers College faculty/staff a first step towards home ownership in San Mateo County, which is one of the costliest housing markets in the country. Faculty/staff will be allowed to live in the apartment units for a limited period of time (up to five years) and will be encouraged, through voluntary savings plans, to save for a down payment on a home. The District and a number of cities currently offer first-time homebuyer second loan programs that the College District employees can access when they have accumulated a down payment and are qualified for a first mortgage. The College District is able to offer rents significantly below market because 1) it owns the land; 2) it has access to tax-exempt financing and 3) it does not have a profit motive. Rents from the project will be sufficient to pay all costs of construction, financing, maintenance, deferred maintenance and operations. The College District's only contribution to the project is the land and project manager's time. E. The establishment, maintenance and operation .of the proposed use should not be detrimental or injurious to property or improvements in the neighborhood as the project would incorporate high quality Arts and Crafts style architecture, quality building materials and extensive open space and landscape screening. The project would also provide community benefits by locating the recreation building and small, natural outdoor amphitheater along the site's hillside ridge (vs. privatizing hilltop access and views) for community outdoor enjoyment and increased project setbacks in this area. The College District aiso has a proven track record, through its College Vista housing project in San Mateo, of building attractive, quality, affordable housing that fits within the fabric of the surrounding residential neighborhood. On April 2, 2008, the College Vista project won a "Pillars of the Community" award from the National Association of Home Builders, the third national award for the project. The San Mateo College District would also be responsible for managing the project to ensure that it does not cause negative maintenance or operational impacts to the surrounding neighborhood /community. F. The proposed project should not be detrimental or injurious to the general welfare of the City since it is consistent with Redwood City community goals and objectives referenced above and supported by Redwood City community members and agencies as outlined below. G. The project has garnered support from: Fox Hollow Homeowners Association, Farmhill Estates resident, Greenbelt Alliance, Committee for Green Foothills, Ralph Nobles of Friends of Redwood City, Bay Area Council, Housing Leadership Council