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City of Redwood City <br />22-PIP-17871 <br />Page 2 of 4 <br />EXHIBIT E <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 /> <br />Project Timeline, Budget, and Statement of Work (Plan): <br />PROJECT TIMELINE AND BUDGET AND STATEMENT OF WORK <br />Objective <br />Responsible <br />Party Est. Cost Begin End Deliverable Notes <br />Objective <br />Deed restriction <br />of naturally <br />affordable <br />housing units <br />and/or units <br />with <br />affordability <br />restriction set <br />to expire within <br />5 years <br />City of <br />Redwood <br />City <br /> $890,000 September <br />1, 2023 <br />April 1, <br />2025 <br />Preservation of <br />minimum of 10 units <br />Programs will be <br />deployed through the <br />City’s new Affordable <br />Housing Preservation <br />Program (HPP). <br />Program includes other <br />sources (PLHA, City <br />Affordable Housing <br />Impact Fees, LMIHF) <br />totaling approximately <br />$6.5M. Minimum 10 <br />units preserved; all <br />units restricted to 80% <br />AMI or below for a <br />period of 55 years. <br />Eligible use category: <br />The predevelopment, <br />development, <br />acquisition, <br />rehabilitation, and <br />preservation of <br />multifamily, residential <br />live-work, rental <br />housing that is <br />Affordable to Extremely <br />low-,Very low-, Low-, or <br />Moderate-income <br />households, including <br />necessary Operating <br />subsidies. <br />Subtask <br />Launch Over- <br />the-Counter <br />Affordable <br />Housing <br />Preservation <br />Program (HPP) <br />City of <br />Redwood <br />City <br />$20,000 August 1, <br />2023 <br /> n/a Submit City Council <br />authorizing Resolution, <br />Program Guidelines, <br />Notice of Funding <br />Availability, and <br />template loan <br />documents to the <br />Department. <br />Subtask activities <br />include: draft Program <br />Guidelines and <br />template loan <br />documents; obtain City <br />Council approval of <br />Program via <br />Resolution(s); and <br />publish Program <br />Guidelines, Notice of <br />Funding Availability, <br />and template loan <br />documents on website. <br />Anticipated City Council