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POLICY H1.2: Create a regulatory environment that enables the private market to build a variety of housing types at all income levels. POLICY H1.5: Continue to explore methods of increasing density in existing single-family neighborhoods in high resource opportunity areas Goal H2: Protect and increase the supplV of affordable housing, both deed -restricted and unsubsidized affordable units POLICY H-2.1: Support the construction, acquisition, rehabilitation, and maintenance of affordable housing, including exploring ways to extend affordability periods on deed -restricted units. POLICY H-2.3: Continue to require affordable housing to be constructed in conjunction with larger residential projects and encourage affordable housing construction associated with nonresidential construction. Program H2-4: Affordable Housing Development/Inclusionary Housing. The development of new affordable housing generally requires subsidies from federal, State, and local sources. The demand for affordable housing throughout the Bay Area is steadily increasing, as housing costs have accelerated beyond the capacity of many households. Land write-downs and financial incentives can be significant contributions to meet this demand and create new affordable housing. Redwood City has an active history of providing funding for the acquisition and disposition of housing sites and/or surplus properties for the construction or rehabilitation of affordable housing units. In addition, the City's Affordable Housing Ordinance (AHO) provides a new funding source through in -lieu fee payments and an Affordable Housing Impact fee, as well as requiring on-site affordable housing for larger residential projects. Objectives: • Continue to provide subsidies, as funds are available, to assist in the development of affordable housing units, acquisition of land for affordable housing construction, and preservation of existing affordable housing. • Continue implementing the Affordable Housing Ordinance including below -market -rate (BMR) requirements for rental and ownership development. • Conduct an initial revision to the Affordable Housing Ordinance to better support development of affordable housing, especially LIHTC financed housing. The initial revision process will include consultation with local affordable housing developers. • Update the Affordable Housing Impact Fee Nexus Study as required by Government Code Section 65940.1 and 66016.5, including a study of target affordability levels and considerations for incentivizing extremely low-income units as part of the affordable housing ordinance. The nexus study update will be conducted as part of the 21 Elements led 15 ATTY/AGR/2024.193.1 —AFFORDABLE HOUSING LAND DONATION AGREEMENT- EXHIBIT B -AFFORDABLE HOUS[NG PLAN REV: 10-22-24 VR Page 15 of 43