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<br /> Annual Action Plan <br /> <br />80 <br />OMB Control No: 2506-0117 (exp. 09/30/2021) <br />HOME Investment Partnership Program (HOME) <br />Reference 24 CFR 91.220(l)(2) <br /> <br />1. A description of other forms of investment being used beyond those identified in Section <br />92.205 is as follows: <br />Redwood City does not use HOME funds beyond those identified in Section 92.205. <br /> <br />2. A description of the guidelines that will be used for resale or recapture of HOME funds <br />when used for homebuyer activities as required in 92.254, is as follows: <br />The City does not have a HOME funded homebuyer program. <br /> <br />3. A description of the guidelines for resale or recapture that ensures the affordability of units <br />acquired with HOME funds? See 24 CFR 92.254(a)(4) are as follows: <br />The City of Redwood City Resale / Recapture Policies have been included as part of <br />Appendix D. All subrecipients, grantees and CHDO’s must follow the approved City policies <br />regarding Resale / Recapture. <br /> <br />The City’s HOME funds are secured by deeds of trust recorded on the title of the properties <br />that benefit from the funds. Affordability covenants are also recorded and include all HOME <br />requirements including but not limited to the period of affordability, number of units, rent <br />and income limits.  <br /> <br />The City requires all housing developed to be modest housing, as described in 24 CFR Part <br />92.254 (a). The City utilizes the HUD affordable Homeownership Limit for new construction <br />and existing housing. All CHDOs, recipients and subrecipients must follow these same limits <br />for the sale of affordable housing units. <br /> <br />4. Plans for using HOME funds to refinance existing debt secured by multifamily housing that <br />is rehabilitated with HOME funds along with a description of the refinancing guidelines <br />required that will be used under 24 CFR 92.206(b), are as follows: <br />The City does not have any planned activities to refinance existing debt secured by <br />multifamily housing properties that are rehabilitated with HOME funds. HOME funds are <br />usually used for site acquisition for special needs housing or for multifamily rehabilitation <br />activities. <br /> <br />The City will fund projects in program year 2025 that address the needs outlined in the <br />Consolidated Plan. After taking out administrative costs and the required CHDO set aside, <br />100 percent of the funds allocated in program year 2025 will help low and moderate- <br />7.A. - Page 88 of 189 <br />292