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Page 3 of 5 <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.org <br />The Cooperation Agreement provides for an automatic renewal every 3 years unless the member <br />decides not to continue participation at renewal. If the member decides not to participate, the <br />Agreement will terminate after the HOME funds from each of the Federal fiscal years are expended <br />on eligible activities and closed out pursuant to Federal regulation 24 CFR 92.507. <br />Process for Joining the HOME Consortium <br />To begin the process, the City, the County and cities of San Mateo and South San Francisco must approve <br />and execute a second amendment to the existing HOME Consortium Cooperation Agreement (Second <br />Amendment) to add Redwood City to the HOME Consortium for the Program Years 2026, 2027 and 2028. <br />Attachment C includes the Second Amendment. The Cooperation Agreement establishes that the County <br />is the lead agency in administering the program and that the cities agree to uphold and follow the HUD <br />regulations. It does not include any specific commitment to award funds for projects located within the <br />boundaries of the member cities. However, Redwood City will be offered a seat on the County Housing <br />and Community Development Committee, which advises County staff on the distribution of HOME funds <br />as well as other County funds such as the Affordable Housing Fund (including Measure K funds) and CDBG. <br />Consolidating the administration of these funds centrally with the County will greatly reduce Redwood <br />City staff time associated with receiving these funds, especially in the preparation of annual plans and <br />reports. The pooled funding from the Consortium members creates a more usable and flexible financing <br />source for projects throughout the County and places the responsibility to award funds in a timely <br />manner, including CHDO funds, on the County. Staff from the Consortium member cities have indicated <br />the process runs smoothly, and eventually each city does get HOME funds for a deserving project when it <br />is ready. <br />The City will continue to be responsible for all grant funds and projects up until the point it joins the HOME <br />Consortium. This means the City will continue to monitor its existing portfolio and will be responsible for <br />identifying and carrying out a HOME project for its FY 24-25 and FY 25-26 funding. <br />In order to join the HOME Consortium by program year 2026, the Second Amendment to the Cooperation <br />Agreement needs to be approved by the City Council by March 1, 2025, as that is the deadline for the <br />County to notify HUD that a new member is joining the Consortium, and the fully executed amendment <br />must be submitted to HUD by June 30, 2025 for approval. The County and the other partner jurisdictions <br />also need to approve and execute the Second Amendment to the Cooperation Agreement. <br />EQUITY IMPACT STATEMENT <br />Equity and/or inclusion was considered in development or implementation of item through the <br />following: <br />HOME funds must be used exclusively to create or preserve affordable housing for low-income <br />households. No residents are expected to be burdened by the activities proposed. <br />6.D. - Page 3 of 30 <br />24