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ATTY/RESO.0020/CC RESO APPROVING AMENDMENTS TO HPP GUIDELINES – EXHIBIT A REV: 05-04-26 LF Page 3 of 21 OVERVIEW Program Description The City of Redwood City (City) Affordable Housing Preservation Program (Program) is an ongoing, over-the-counter Program designed to prevent displacement of lower-income households. Under this Program, the City will award funding to support 1) acquisition/rehabilitation of existing multi-family rental properties in incorporated Redwood City serving lower-income households for conversion to deed-restricted affordable housing; or 2) extending the affordability term of existing deed-restricted rental properties in incorporated Redwood City with regulatory requirements expiring within five (5) years. Eligible projects should mitigate the displacement of lower-income households, serve extremely low-income households to the greatest degree possible, and be in the best position to move forward with acquisition and/or rehabilitation. Applications will be reviewed by City staff against these objectives, as well as threshold requirements and project-specific criteria described in this document. Applicants are responsible for reviewing these Affordable Housing Preservation Program Guidelines (Guidelines) and any relevant exhibits, attachments and template loan documents to ensure their projects’ compatibility with this Program. Before applying, it is highly recommended that applicants share the template loan documents with existing or potential lenders for review. Equity Priority Communities Prioritization The Metropolitan Transportation Commission (MTC) has identified several areas in Redwood City known as Equity Priority Communities (previously known as Disadvantaged Communities) that have historically been underserved and face greater displacement pressures. Projects in Equity Priority Community areas will receive additional points on their application. Please refer to the map in Exhibit B. Eligible Costs Costs eligible for City funds include any costs of the project such as acquisition, hard costs, soft costs, developer fees, and reserves related to the rental housing. Program funds may be used to pay off a bridge/acquisition loan for projects acquired within six (6) months of application submission. The City’s funds cannot pay for commercial costs or luxury items. The City intends to use multiple funding sources to support preservation activities. Please see the current Available Funding document posted separately on the City’s website to learn more about eligible costs based on the current sources.