Laserfiche WebLink
Page 1 of 4 <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.org <br />STAFF REPORT <br />To the Honorable Mayor and City Council <br />From the City Manager <br />DATE: August 26, 2024 <br />SUBJECT <br />Streamline implementation of the Affordable Housing Preservation Program (Program) by amending <br />Program Guidelines to enable staff to modify insurance requirements, subject to the approval of the City <br />Attorney, and revising template loan documents to update and clarify implementation provisions <br />RECOMMENDATION <br />Adopt a resolution amending the Affordable Housing Preservation Program Guidelines and revising the <br />template loan documents for the Program. <br />STRATEGIC PLAN GUIDING PRINCIPLE <br />Housing <br />BACKGROUND <br />On June 27, 2022, the City Council adopted the Anti-Displacement Strategy (ADS). A key recommendation <br />of the ADS is establishment of a dedicated, local housing preservation fund to preserve at-risk units in <br />Redwood City. On July 24, 2023, the City Council adopted the Affordable Housing Preservation Program <br />(HPP), approved the HPP guidelines and authorized the City Manager to approve funding affordable <br />housing preservation loans that meet all HPP guidelines. The HPP is intended to be a streamlined, over- <br />the-counter process and provide “gap funding” to developers of projects that either convert market-rate <br />units to deed-restricted affordable units or preserve the affordability of units with existing regulatory <br />requirements expiring in the next five years. <br />On June 10, 2024, the City received its first HPP application from HEART-SV, which is an affiliate of the <br />Housing Endowment and Regional Trust (HEART) of San Mateo County, for the preservation of an 8-unit <br />apartment building located at 417 Stambaugh Street. As part of their application, HEART-SV is requesting <br />6.M. - Page 1 of 110 <br />457