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Page 2 of 7 <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.org <br />City’s above-moderate income RHNA goals, so to qualify for streamlined development review, a <br />developer would need to provide at least 50% of the project’s units as affordable to lower-income <br />households (80% of Area Mean Income [AMI]). The proposed project will provide 100% of the units to <br />low-income and very low-income households and therefore qualifies for streamlined development <br />review. <br />SB 423 updated SB 35 and went into effect on January 1, 2024. SB 423 requires these streamlined housing <br />projects to undergo an informational public meeting with the City Council prior to submittal of a <br />streamlined ministerial application if the site is located in a low or moderate resource area as defined by <br />California Tax Credit Allocation Committee (CTCAC). <br />Figure 1, below, shows the 20231 CTCAC opportunity map that is intended to inform State efforts to <br />advance the affirmatively furthering fair housing (AFFH) objective of increasing access to opportunity for <br />low-income families. Redwood Shores, not shown, is considered a high resource area. The project site is <br />located in a low resource area, highlighted in pink in Figure 1 below, due to area having lower than average <br />education scores, high school graduation rates, and degrees in higher learning compared to the Bay Area <br />region. The CTCAC opportunity map is also used by the State to inform affordable housing funding <br />programs and competitive funding infrastructure. <br />Figure 1 – 2023 CTCAC Opportunity Map <br />The purpose of the streamlining laws is to encourage housing development by fast tracking the permitting <br />process for housing developments that meet specific qualifications. A qualifying housing project is one <br />that conforms to objective development standards, agrees to pay prevailing wages, meets minimum <br />1 Staff are updating the map to reflect 2024 data and the updated map will be presented at the meeting. The 2024 <br />map update changed some moderate areas to low in the Central neighborhood and two census tracts along Farmhill <br />were changed to moderate. <br />7.A. - Page 2 of 10 <br />98