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Program H2-3: Preservation of At-Risk, Affordable Housingc) Proactively conduct outreach to owners with expiring affordability covenants annually, starting three years prior to the affordability expiration date. 12/31/20316th CycleContinuousc) City staff meets regularly with nonprofit developers interested in preserving affordable units. Staff met with HIP and with Kainos on properties with affordability restrictions expiring in the next few years. Both non profit owners have a mission of providing affordable housing to underserved populations and have expressed an interest in working with the City to extend the affordability regulatory agreements. See status of (a) and (b) above. The City has also received verbal commitments from Kainos, Casa de Redwood, and HIP Housing that they would like to extend their affordability covenant terms. Meetings3N/AProgram H2-3: Preservation of At-Risk, Affordable Housingd) For developments considering converting to market rate, work with the owners and property managers to discuss preservation options and present options to owners for rehabilitation assistance and/or mortgage refinancing in exchange for extending affordability restrictions.12/31/20316th CycleContinuousd) Starting in October 2023, staff contacted the five properties “at risk of conversion” and offered to meet with the owners to discuss options for maintaining affordability restrictions. Staff secured commitments from three of the five property owners to work with the City to extend the affordability restrictions. One of those properties expressed interest in applying to the City's Housing Preservation Program. Two of the five properties did not accept the City’s offer of assistance to rehabilitate units in exchange for longer affordability restrictions or show an interest in selling the properties to either the City or a partner to maintain affordability. However, in the case of Redwood Village Plaza, staff was able to clarify the correct date that the affordability covenants expire is March 2032 instead of March 2028. This increases the affordability period by 4 years for the property. Staff continues to explore state and local funding sources that could preserve the units. Meetings3N/AProgram H2-3: Preservation of At-Risk, Affordable Housinge) Hold public hearings upon receipt of any Notice of Intent to Sell or Notice of Intent to Convert to Market Rate Housing, pursuant to Section 65863.10 of the Government Code and provide tenant education on housing rights.12/31/20316th CycleContinuouse) Starting in October 2023, staff contacted the five properties “at risk of conversion” and offered to meet with the owners to discuss options for maintaining affordability restrictions. Staff secured commitments from three of the five property owners to work with the City to extend the affordability restrictions. Two of the five properties did not accept the City’s offer of assistance to rehabilitate units in exchange for longer affordability restrictions or show an interest in selling the properties to either the City or a partner to maintain affordability. In the case of Redwood Village Plaza, staff was able to clarify the correct date that the affordability covenants expire is March 2032 instead of March 2028. This increases the affordability period by 4 years for the property. One of the properties has notified tenants of the potential to convert to market rate within the next two years. If any property should elect to pursue conversion to market-rate rents, public hearings will be held in compliance with Section 65863.10 of the Government Code. As of January 2, 2026, only one property has notified its tenants that there is a potential to convert to market-rate rents. Staff continues to actively monitor all properties listed as at risk of conversion to market rate. MeetingsN/A7.A. - Page 27 of 6334