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<br />6.2A <br />Page 18 <br /> <br />V. CONSIDERATION RECEIVED AND REASONS THEREFOR <br /> <br />Under the terms of the Agreement, it is not anticipated that the Agency will receive any <br />repayment of the Development Grant or Fee Subsidy or receive any other financial <br />consideration. This is consistent with the property's nominal fair reuse value. <br /> <br />VI. PROVISION OF VERY LOW-, LOW-, AND MODERATE-INCOME HOUSING <br /> <br />This project will provide fourteen (14) rental units, seven of which the Agreement will restrict to <br />Very Low income households earning up to 50% of AMI. The affordable units will carry 55-year <br />deed restrictions to maintain affordability. <br /> <br />VII. CONFORMANCE WITH FIVE-YEAR IMPLEMENTATION PLAN <br /> <br />The Cedar Street project is a key element of the Agency's affordable housing program, as <br />described in the Agency's Mid-Term Update of the Implementation Plan for the 2005-2009 <br />period. The project accomplishes a number of objectives, as follows: <br /> <br />. By providing seven (7) deed-restricted Very Low income rental units, the project will <br />significantly increase the City's supply of deed-restricted affordable housing; <br /> <br />· The project will enable the Agency to continue to meet its legal affordable housing <br />production requirements; <br /> <br />. With seven of the 15 units restricted to Very Low income households, as called for in the <br />Agreement, the project is consistent the Association of Bay Area Government's <br />affordability targets for Redwood City, which state that at least 23% of the City's total <br />housing need is for Very Low income units. <br /> <br />Keyser Marston Associates. Inc. <br />C:\Oocuments and Settings\djones-thomas\Local Settings\Temporary Internet Files\OLK133\OO5-001.doc <br /> <br />1213/2008 <br />Page 8 <br />