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<br />8A <br />Page 3 <br /> <br />Rents from the project will be sufficient to payoff all costs of construction, financing, <br />maintenance, deferred maintenance and operations. The College District's only <br />contribution to the project is the land and project manager's time. <br /> <br />For purposes of fulfilling Redwood City's RHNA obligation, the project's density (18 <br />units/acre) does not qualify the units as very-low income rentals per State Housing <br />Element law.3 Consequently, staff will work with the College District to verify annual <br />rents so that the City can get credit for 100% of the units at lower income levels to <br />support our RHNA obligations. <br /> <br />ALTERNATIVES <br />00 not approve the Affordable Unit Covenant Deed Restriction for the Canada College <br />Housing Project. Without a regulatory agreement, the project would not support the <br />Redevelopment Agency's affordable housing requirements, nor guarantee that the units <br />remain affordable in the advent of a land transfer. <br /> <br />FISCAL IMPACT <br />Redwood City is not responsible for funding development of the affordable housing <br />project and does not receive property taxes from the project. The City is responsible for <br />providin City services to the project, which have been deemed to be minimal by the <br />Fire a Police De artments. <br /> <br /> <br />~ <br />Jil as. <br />nniog Manager <br /> <br />Ch Chang <br />Acting Community Development Director <br /> <br />Peter Ingram <br />City Manager <br /> <br /> <br /> <br />ATTACHMENTS <br />1. Affordable Unit Covenant Deed Restriction for Canada College Housing Project <br /> <br />2. San Mateo County Department of Housing - 2008 San Mateo County Income Limits, <br />Maximum Affordable Rent Payment <br /> <br />3 State Housing Element law considers 30 units/acre or greater as the density needed to qualify as lower <br />income housing units. <br />