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4918-5821-5178.6 011249.016 <br />CalHFA Standstill Agreement (Density Bonus – Locality) <br />______________– CalHFA No. ______________ <br />12/05/2024.OGC.ogc.HFMF-478357159-19 <br />REV: 05-28-25 LF <br />FREE RECORDING REQUESTED ) <br />PURSUANT TO GOVERNMENT CODE ) <br />SECTION 27383 ) <br /> ) <br />Recording requested by and ) <br />when recorded return to: ) <br /> ) <br />CALIFORNIA HOUSING FINANCE ) <br />AGENCY ) <br />Office of General Counsel ) <br />500 Capitol Mall, Suite 1400 (MS 1440) ) <br />Sacramento, California 95814 ) <br />________________________________________________________________________________ <br />(space above this line for Recorder's use) <br /> <br />STANDSTILL AGREEMENT <br />(CITY DENSITY BONUS AGREEMENT) <br /> <br /> <br />THIS AGREEMENT, dated as of _______________, 202_ for informational purposes, is <br />entered into by and among the City of Redwood City, a California charter city and municipal <br />corporation (the “Locality”), ______________, a California limited partnership (“Borrower”), <br />and the California Housing Finance Agency, a public instrumentality and political subdivision of <br />the State of California (“CalHFA”), in connection with a loan by CalHFA to Borrower to finance <br />a multifamily residential rental housing project (“Improvements”) on real property located in the <br />City of Redwood City, County of San Mateo, California and more particularly described on <br />Exhibit A attached hereto and incorporated herein by this reference (“Property”). The <br />Improvements and the Property are collectively referred to herein as the “Development.” Unless <br />otherwise noted, references to instruments recorded in “Official Records” refer to instruments <br />recorded in the Office of the County Recorder of the County of San Mateo. <br /> <br />R E C I T A L S <br /> <br />A. WHEREAS, as a part of the entitlements that were approved by the Locality in <br />connection with the Improvements, the Locality approved concessions, incentives, and/or waivers <br />pursuant to and in accordance with the regulations for density bonuses and other concessions, <br />incentives and waivers set forth in California Government Code Section 65915 et seq. and Article <br />32 of the Redwood City Zoning Code (collectively, the “Density Bonus Laws”). As required by <br />such Locality approvals, applicable Density Bonus Laws, Section 29. 3 of the Redwood City <br />Zoning Code, and Government Code 65913.4 pursuant to which the entitlements were approved, <br />to ensure the continued specified affordable housing restrictions, the Locality and Borrower have <br />entered into that certain Regulatory Agreement and Declaration of Restrictive Covenants, dated as <br />of ___________, 202__, and recorded against the Development in the Official Records on <br />_________________, 202__ as Instrument No. __________ (“Density Bonus Agreement”). The <br />Density Bonus Agreement requires that the Development comply with certain affordable housing <br />ATTY/AGR.2025.127/California Housing Finance Agency (CalHFA) (Page 1 of 11) <br />6.K. - Page 5 of 15 <br />87