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City of Redwood City <br />22-PIP-17871 <br />Page 4 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 />4. Special Terms and Conditions <br /> <br />The following Special Conditions are applicable to this Standard Agreement: <br /> <br /> <br />Pursuant to Exhibit D of this Agreement, PIP Program loan and any interest <br />thereon shall be reused consistent with the Eligible Activities specified in Exhibit <br />A(4). Payments of principal and interest on Affordable Housing Preservation <br />Program (HPP) loans will be deposited into an account and used solely for <br />Eligible Uses as specified in of the PIP NOFA and Guidelines (Section 601). <br />Specifically, it is anticipated that all program income from the HPP will be used <br />for affordable housing preservation activities (Section 601(A)(1)(i)) in future <br />rounds of HPP funding. If the City’s affordable housing goals and priorities <br />change over time, this reuse plan will be updated to reflect other eligible uses of <br />program income. <br /> <br /> <br />