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ATTY/RESO.0020/CC RESO APPROVING AMENDMENTS TO HPP GUIDELINES – EXHIBIT A REV: 05-04-26 LF Page 5 of 21 a) units occupied by lower-income tenants and/or that offer lower-income rents1,as demonstrated by the applicant; or b) affordability restrictions set to expire within five (5) years of the application. Projects proposed to comply with the City’s Affordable Housing Ordinance (Article 29 of the Redwood City Zoning Code) or to meet any other affordable housing obligation as part of a project approval process (e.g., inclusionary requirements or community benefits) are not eligible for Program funding. However, affordable units provided in excess of that obligation may be considered for Program funding. 6) All units supported through this Program must serve households at or below 80% of Area Median Income (AMI). The City publishes annual income and rent limits on its website (Redwood City Income Limits). Please note that some Program funding sources will require deeper affordability and may use alternative income and rent limits than what is posted on the City’s website. Please refer to the Available Funding document for more information. Mixed-income projects (i.e., projects that include some units over 80% AMI) may be eligible, but City funds may only be used to subsidize the units at or below 80% AMI. Projects with all units restricted to 80% AMI households or below will be considered first. 7) Applicants must meet the following capacity and experience requirements: • The developer must have completed at least two (2) projects similar to what is proposed in terms of scope, size, budget, financing structure, ability to obtain financing, and schedule, and that have been in service for at least three (3) years. • The developer, or the property manager, must have managed at least two (2) completed projects similar to what is proposed in terms of scope, size, operating budget, and services. Applicants may use key principals to qualify for experience. 8) The applicant must maintain direct and continuing control of the project throughout the regulatory period. 9) Applicants with existing City loans must be in good standing with the City's annual monitoring requirements. 10) Applicants must have site control. A purchase and sale agreement, option, disposition and development agreement, exclusive negotiating agreement, or grant deed are acceptable forms of evidence of site control. 1 Refer to Health & Safety Code Sec. 50079.5 and Sec. 50053(b)(2-4).