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Page 4 of 5 <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.org <br />FISCAL IMPACT <br />The City will lose approximately $200,000-300,000 per year in HOME funds directly, but those funds will <br />be allocated to the County instead and will be available, along with the rest of the HOME Consortium <br />funds, to affordable housing developers seeking HOME funds for projects in Redwood City. Typically, the <br />direct HOME allocation includes about $25,000 per year for program administration to Redwood City. By <br />joining the HOME Consortium, the City will receive from the County approximately half of its original <br />administration allocation ($12,000) per year. The loss of program administration funding is offset by the <br />significant reduction of the program administration burden to the City staff. <br />ENVIRONMENTAL REVIEW <br />This activity is not a project under California Environmental Quality Act (CEQA) as defined in CEQA <br />Guidelines, section 15378, because it has no potential for resulting in either a direct or reasonably <br />foreseeable indirect physical change in the environment. <br />PUBLIC NOTICE <br />Public notification was achieved by posting the agenda, with the agenda items being listed, at least 72 <br />hours prior to the meeting. <br />ALTERNATIVES <br />The City could delay joining the HOME Consortium to a later date, beyond program year 2026 or decline <br />joining the HOME Consortium. <br />ATTACHMENTS <br />Attachment A – Resolution <br />Attachment B – San Mateo County HOME Consortium Cooperation Agreement and First Amendment <br />Attachment C – Second Amendment to San Mateo County HOME Consortium Cooperation Agreement <br />REPORT PREPARED BY: <br />Alin Lancaster, Housing Leadership Manager <br />alancaster@redwoodcity.org <br />(650) 780-7299 <br />6.D. - Page 4 of 30 <br />25