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ATTY/RESO.0053/CC RESO AMENDING AFFORDABLE HOUSING PRESERVATION PROGRAM – EXHIBIT A <br />REV: 08-19-24 LF <br />Page 6 of 19 <br /> <br />11) Requested funds must fill a financing gap or pay off short-term financing, such as <br />a bridge loan or acquisition loan. The project must not already be fully funded with <br />permanent financing, and the City funds cannot replace other permanent funding <br />on the project. Exceptions to this rule will be made only when a permanent funding <br />source is no longer financially viable. <br /> <br />12) Projects must include services that are appropriate for the population served. If <br />the proposed project targets a special needs population (e.g., people <br />experiencing or transitioning out of homelessness, people with developmental <br />disabilities or mental illness, or transition-age youth), a plan to provide supportive <br />services is required and must be submitted as part of the application. This may <br />include services provided directly by the applicant and/or memorandums of <br />understanding (MOUs) with other organizations. <br /> <br />City Underwriting Guidelines <br /> <br /> <br />Housing Preservation Program Loan Underwriting Guidelines <br /> <br />Item Requirement <br />Loan term 55 years <br />Interest 3% simple paid from 50% of residual receipts <br />Regulatory term 55 years from when building reaches 80% <br />occupancy of deed-restricted units with <br />households at targeted incomes <br /> <br />Developer must notify City when occupancy <br />level is reached. <br />Income limits <br />Please refer to the separate Available <br />Funding document for income limits <br />specific to the current funding sources, <br />which may target lower income levels. <br /> <br />Refer to the Redwood City website for the <br />current income limits: Redwood City Income <br />Limits <br />Maximum rents <br />Please refer to the separate Available <br />Funding document for maximum rents <br />specific to the current funding sources, <br />which may target lower income levels. <br /> <br />Refer to the Redwood City website for current <br />rents: Redwood City Rent Limits <br />Rent increases Maximum 5% annually <br />Redwood City Monitoring Fee See current monitoring fee rates in the <br />Housing section of the Master Fee Schedule <br />6.M. - Page 11 of 110 <br />467