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ATTY/RESO.0053/CC RESO AMENDING AFFORDABLE HOUSING PRESERVATION PROGRAM – EXHIBIT A <br />REV: 08-19-24 LF <br />Page 5 of 19 <br />a) units occupied by lower-income tenants and/or that offer lower-income <br />rents 1,as demonstrated by the applicant; or <br /> <br />b) affordability restrictions set to expire within five (5) years of the application. <br /> <br />Projects proposed to comply with the City’s Affordable Housing Ordinance (Article <br />29 of the Redwood City Zoning Code) or to meet any other affordable housing <br />obligation as part of a project approval process (e.g., inclusionary requirements or <br />community benefits) are not eligible for Program funding. However, affordable units <br />provided in excess of that obligation may be considered for Program funding. <br /> <br />6) All units supported through this Program must serve households at or below 80% <br />of Area Median Income (AMI). The City publishes annual income and rent limits <br />on its website (Redwood City Income Limits). Please note that some Program <br />funding sources will require deeper affordability and may use alternative income <br />and rent limits than what is posted on the City’s website. Please refer to the <br />Available Funding document for more information. <br /> <br />Mixed-income projects (i.e., projects that include some units over 80% AMI) may <br />be eligible, but City funds may only be used to subsidize the units at or below 80% <br />AMI. Projects with all units restricted to 80% AMI households or below will be <br />considered first. <br /> <br />7) Applicants must meet the following capacity and experience requirements: <br /> <br /> The developer must have completed at least two (2) projects similar to what <br />is proposed in terms of scope, size, budget, financing structure, ability to <br />obtain financing, and schedule, and that have been in service for at least <br />three (3) years. <br /> <br /> The developer, or the property manager, must have managed at least two <br />(2) completed projects similar to what is proposed in terms of scope, size, <br />operating budget, and services. Applicants may use key principals to qualify <br />for experience. <br /> <br />8) The applicant must maintain direct and continuing control of the project throughout <br />the regulatory period. <br /> <br />9) Applicants with existing City loans must be in good standing with the City's annual <br />monitoring requirements. <br /> <br />10) Applicants must have site control. A purchase and sale agreement, option, <br />disposition and development agreement, exclusive negotiating agreement, or <br />grant deed are acceptable forms of evidence of site control. <br /> <br />1 Refer to Health & Safety Code Sec. 50079.5 and Sec. 50053(b)(2-4). <br /> <br />6.M. - Page 10 of 110 <br />466