Laserfiche WebLink
City of Redwood City <br />22-PIP-17871 <br />Page 3 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 />approval at July 24, <br />2023 meeting, with <br />target launch date of <br />August 1. <br />Subtask <br />Review <br />applications <br />and award HPP <br />Program funds <br />to preservation <br />project(s) <br />City of <br />Redwood <br />City <br />$24,500 Open- <br />ended/est. <br />start <br />October <br />2023 <br />April 1, <br />2025 <br />Submit copies of <br />applications and award <br />letters for all awarded <br />projects to the <br />Department. <br />Subtask consists of <br />approval of <br />preservation and/or <br />rehabilitation projects at <br />staff level and loan <br />closing. Exact start date <br />dependent on submittal <br />of applications. Review <br />timelines are outlined in <br />Program Guidelines. <br />Programs will be <br />awarded on ongoing <br />basis. Program <br />Guidelines require City <br />and recipient to close <br />on HPP loan within 60 <br />days of award <br />issuance. <br />Subtask <br />Preservation <br />and/or <br />rehabilitation of <br />affordable <br />housing units <br />TBD – <br />Affordable <br />Housing <br />Preservation <br />Program <br />award <br />recipient <br />$845,500 Open- <br />ended/est. <br />start <br />November <br />2023 <br />June <br />30, <br />2025 <br />Submit proof of <br />completion (of <br />rehabilitation, if <br />applicable) and all <br />executed loan <br />documents to the <br />Department. <br />Exact start date <br />dependent on submittal <br />of applications. Exact <br />amount awarded <br />dependent on each <br />project – subsidy <br />maximum is $300,000. <br />Loan recipient expected <br />to close on <br />acquisition/rehabilitation <br />financing within six <br />months of awarded <br />HPP funds. <br /> <br />Total <br />Estimated <br />Cost: $890,000 <br /> <br /> <br /> <br />