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Page 3 of 4 <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.org <br />time, especially in the preparation of annual plans and reports. The pooled funding from the Consortium <br />members creates a more usable and flexible financing source for projects throughout the County and <br />places the responsibility to award funds in a timely manner, including CHDO funds, on the County. Staff <br />from the Consortium cities have indicated the process runs smoothly, and eventually each city does get <br />HOME funds for a deserving affordable housing project when it is ready. <br />The City will continue to be responsible for all HOME funds and projects up until the point it joins the <br />HOME Consortium. This means the City will continue to monitor its existing portfolio and will be <br />responsible for identifying and carrying out a HOME project for its Program Years 2024 and 2025 funding. <br />Timeline <br />In order to join the Consortium by Program Year 2026 (July 1, 2026 – June 30, 2027), the Agreement needs <br />to be approved by the City Council, the other Consortium member jurisdictions, and submitted to HUD by <br />June 30, 2025. Below are the steps that need to be completed. <br />1. City informs the County of its intent to join the Consortium in writing (See Attachment A); this is the <br />action being requested through this staff report. <br />2. County will respond in writing to the City and begin preparing the Agreement Amendment. HUD <br />will approve the draft Agreement Amendment prior to execution. <br />3. City Council will need to adopt a resolution approving the Agreement Amendment prior to June 30, <br />2025. <br />If steps one and two identified above are achieved, staff will return later this fiscal year to seek the City <br />Council’s consideration on item three. <br />EQUITY IMPACT STATEMENT <br />Equity and/or inclusion was considered in development or implementation of item through the following: <br />HOME funds must be used exclusively to create or preserve affordable housing for low-income <br />households. No residents are expected to be burdened by the activities proposed. <br />FISCAL IMPACT <br />The City will lose approximately $200,000-300,000 per year in HOME funds directly, but those funds will <br />roll over to the County and will be available, along with the rest of the Consortium HOME funds, to <br />affordable housing developers seeking HOME funds for projects in Redwood City. Typically, the direct <br />HOME allocation includes about $25,000 per year for program administration to Redwood City. By joining <br />the Consortium, the City will receive from the County approximately half of its original administration <br />allocation ($12,000) per year. The loss of program administration funding is offset by the significant <br />reduction of the program administration burden to the City staff. <br />6.L. - Page 3 of 5 <br />454