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City of Redwood City <br />22-PIP-17871 <br />Page 2 of 13 <br />EXHIBIT D <br /> <br />Prohousing Incentive Pilot (PIP) Program <br />NOFA Date: 12/15/2022 <br />Approved Date: 06/12/2023 <br />Preparation Date: 08/24/2023 <br />a) A description of each proposed Activity and the percentage <br />of funding allocated to it. <br /> <br />b) A description of major steps/actions and a proposed <br />schedule required for the implementation and completion of <br />the Activity. <br /> <br />c) Where applicable, the period of affordability and level of <br />affordability for each Activity. Rental Projects are required to <br />have affordability periods of at least fifty-five years. <br /> <br />C. If funds are used for the acquisition, construction, or rehabilitation of for- <br />sale housing projects or units within for-sale housing projects, the grantee <br />shall record a deed restriction against the property that will ensure <br />compliance with one of the following requirements if the property is no <br />longer the primary residence of the homeowner due to sale, transfer or <br />lease, unless it is in conflict with the requirements of another public <br />funding source or law: <br /> <br />1) PIP Program loan and any interest thereon shall be reused <br />consistent with the Eligible Activities specified in Exhibit A(4); or, <br /> <br />2) The initial owner and any subsequent owner shall sell the home at <br />an Affordable housing cost to a qualified Lower-Income or <br />Moderate-Income household; or, <br /> <br />3) The homeowner and the Local government shall share the equity <br />in the unit pursuant to an equity-sharing agreement. The grantee <br />shall reuse the proceeds of the equity-sharing agreement <br />consistent with the Eligible Activities specified in Exhibit A(4). <br /> <br />D. If funds are used for the development of an affordable rental housing <br />project, and the Local government makes the PIP assistance in the form <br />of a loan to the Sponsor of the project, the loan shall be evidenced <br />through a Promissory Note secured by a Deed of Trust. <br /> <br />E. A program income reuse plan describing how repaid loans shall be reused <br />for Eligible Activities specified in Exhibit A(4). <br /> <br />5. Scope of Work Revisions and Terms/Amendments <br /> <br />A. Adjustments to the terms within this Agreement must be completed as a <br />contract amendment. Contract amendments must be approved by the