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Page 3 of 3 <br />2.Revised State Density Bonus Request <br />3.Revised Affordable Housing Plan <br />As indicated, HSR intends to utilize the City’s Affordable Housing Incentive Program to reduce the Project's Affordable <br />Housing Obligation (“AHO”) requirement. HSR expects to pull building permits for both Parcels A and D in the first half <br />of 2026, prior to the incentive program sunset date of June 30, 2027. The anticipated 25% reduction in the AHO will be <br />approved administratively for each building upon the issuance of their respective building permits. <br />To summarize the proposed changes, the table below outlines the progression of affordable units from 1) the original <br />entitlement, through the 2) interim program incorporating the proposed modifications detailed above, and finally, to the <br />3)anticipated final affordable unit count, which incorporates the AHO incentive program reductions. Importantly, all <br />scenarios meet the requirements of the City’s Affordable Housing Ordinance while fully complying with State Density <br />Bonus Law. <br />These modifications are essential to allow the Project to move forward and commence construction in the first half of <br />2026. We thank you for your time, consideration, and continued support in ensuring the timely delivery of much-needed <br />housing in the City of Redwood City. <br />Sincerely, <br />Justine Nielsen <br />Senior Vice President, IQHQ <br />Adam Voelker <br />Principal, Northern California Market Leader <br />8.B. - Page 24 of 120 <br />187