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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 />EQUITY IMPACT STATEMENT <br />Equity and/or inclusion was considered in development or implementation of item through the <br />following: <br />The HPP is intended to prevent displacement of Redwood City residents living in rental housing by <br />providing an effective means to finance acquisition of rental properties to preserve them as affordable to <br />lower-income households (households at or below 80% of the Area Median Income, or AMI). In this way, <br />the program is specifically designed to mitigate the impacts of rising housing costs on residents and <br />neighborhoods most affected by them. <br />The ADS included extensive analysis of neighborhoods and properties at highest risk of displacement that <br />informed the recommendations, including the HPP. Specifically, the preservation section of the ADS <br />provides a housing stock overview (on pages 37-38) that identifies the types of rental buildings where <br />many of the City’s lowest-income households reside, and which may be the most appropriate for <br />preservation. Additionally, the ADS recommends prioritization of preservation projects in neighborhoods <br />where the displacement risk is highest. For this reason, the HPP gives priority to projects in Equity Priority <br />Communities, a designation by Metropolitan Transportation Commission/Association of Bay Area <br />Governments (ABAG/MTC). <br />FISCAL IMPACT <br />There is no fiscal impact related to the recommended amendments. <br />ENVIRONMENTAL REVIEW <br />This activity is not a project under California Environmental Quality Act (CEQA) as defined in CEQA <br />Guidelines, section 15378, because it has no potential for resulting in either a direct or reasonably <br />foreseeable indirect physical change in the environment. <br />PUBLIC NOTICE <br />Public notification was achieved by posting the agenda, with the agenda items being listed, at least 72 <br />hours prior to the meeting. <br />ALTERNATIVES <br />Alternatively, the City Council may choose to: <br />1. Not approve the recommended amendments to the HPP Guidelines. <br />2. Only approve some of the recommended amendments to the HPP Guidelines <br />3. Make other amendments to the HPP Guidelines <br />6.M. - Page 3 of 110 <br />459