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7.A. - Page 70 of 101 HOME Investment Partnership Program (HOME) Reference 24 CFR 91.220(1)(2) A description of other forms of investment being used beyond those identified in Section 92.205 is as follows: Redwood City does not use HOME funds beyond those identified in Section 92.205. 2. A description of the guidelines that will be used for resale or recapture of HOME funds when used for homebuyer activities as required in 92.254, is as follows: The City does not have a HOME funded homebuyer program. 3. A description of the guidelines for resale or recapture that ensures the affordability of units acquired with HOME funds? See 24 CFR 92.254(a)(4) are as follows: The City of Redwood City Resale / Recapture Policies have been included as part of the grantee specific appendices. All subrecipients, grantees and CHDO's must follow the approved City policies regarding Resale / Recapture. The City's HOME funds are secured by deeds of trust recorded on the title of the properties that benefit from the funds. Affordability covenants are also recorded and include all HOME requirements including but not limited to the period of affordability, number of units, rent and income limits. The City of Redwood City requires all housing developed to be modest housing, as described in 24 CFR Part 92.254 (a). The City utilizes the HUD affordable Homeownership Limit for new construction and existing housing. All CHDOs, recipients and subrecipients must follow these same limits for the sale of affordable housing units. 4. Plans for using HOME funds to refinance existing debt secured by multifamily housing that is rehabilitated with HOME funds along with a description of the refinancing guidelines required that will be used under 24 CFR 92.206(b), are as follows: The City does not have any planned activities to refinance existing debt secured by multifamily housing properties that are rehabilitated with HOME funds. HOME funds are usually used for site acquisition for special needs housing or for multifamily rehabilitation activities. The City of Redwood City will fund projects in fiscal year 2021 that address the needs outlined in the Consolidated Plan. After taking out administrative costs and fair housing, 100 percent of the funds allocated in fiscal year 2021 will help low and moderate -income households directly or indirectly from neighborhood infrastructure improvements. The 100 percent listed above in #2 Overall Annual Action Plan 60 2021 OMB Control No: 2506-0117 (exp. 06/30/2018) 477