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Conclusion <br />This Affordable Housing Plan proposes to directly contribute the over 1.6 times the amount of the <br />Impact Fee owed by purchasing and donating a site to Eden, a respected non-profit, that will in turn <br />leverage and entitle the site to develop 71 units of affordable housing (plus a manager's unit) that would <br />be restricted to qualifying low-income households for a term of 55 years. Upon completion, Eden, a <br />demonstrated leader in the creation and operation of such projects, would continue to operate and <br />manage the affordable units to ensure compliance with Affordable Housing Ordinance. These units <br />would directly contribute to meeting the City's RHNA obligation to provide for 429 low-income units <br />using financial support from Lane that far surpasses the otherwise applicable Impact Fee for Lane's <br />Office Project. We hope that this creative private, public and social sector solution will be welcomed and <br />supported by the City as an exciting opportunity to help address the affordability challenges facing the <br />City of Redwood City and our region. <br />5 <br />ATTY/AGR/2024.193.1—AFFORDABLE HOUSING LAND DONATION AGREEMENT- EXHIBIT B- AFFORDABLE HOUSING PLAN <br />REV: 10-22-24 VR Page 5 of 48 <br />25 <br />Public Transit <br />The Land Donation Site is served by quality public transit. The <br />property is conveniently served by SamTrans bus route 278, with <br />regular headways throughout the day. The transit route provides <br />a short ride to the hub at Redwood City Transit Center and <br />meets the requirements for full transit access points per the Tax <br />Credit Allocation Committee's regulations. See Attachment 3 for <br />map and schedules. <br />26 <br />Financing Plan <br />See Attachment 8. <br />27 <br />Relocation <br />Not applicable <br />28 <br />Phasing Plan <br />See Attachment 8 for timing of the Land Donation Site transfer <br />to Eden and anticipated timeline fpr the entitlement and <br />development of the affordable units. <br />Conclusion <br />This Affordable Housing Plan proposes to directly contribute the over 1.6 times the amount of the <br />Impact Fee owed by purchasing and donating a site to Eden, a respected non-profit, that will in turn <br />leverage and entitle the site to develop 71 units of affordable housing (plus a manager's unit) that would <br />be restricted to qualifying low-income households for a term of 55 years. Upon completion, Eden, a <br />demonstrated leader in the creation and operation of such projects, would continue to operate and <br />manage the affordable units to ensure compliance with Affordable Housing Ordinance. These units <br />would directly contribute to meeting the City's RHNA obligation to provide for 429 low-income units <br />using financial support from Lane that far surpasses the otherwise applicable Impact Fee for Lane's <br />Office Project. We hope that this creative private, public and social sector solution will be welcomed and <br />supported by the City as an exciting opportunity to help address the affordability challenges facing the <br />City of Redwood City and our region. <br />5 <br />ATTY/AGR/2024.193.1—AFFORDABLE HOUSING LAND DONATION AGREEMENT- EXHIBIT B- AFFORDABLE HOUSING PLAN <br />REV: 10-22-24 VR Page 5 of 48 <br />