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ATTY/RESO.0020/CC RESO APPROVING AMENDMENTS TO HPP GUIDELINES – EXHIBIT A <br />REV: 05-04-26 LF <br />Page 6 of 21 <br />11) Requested funds must fill a financing gap or pay off short-term financing, such as <br />a bridge loan or acquisition loan. The project must not already be fully funded with <br />permanent financing, and the City funds cannot replace other permanent funding <br />on the project. Exceptions to this rule will be made only when a permanent funding <br />source is no longer financially viable. <br /> <br />12) Projects must include services that are appropriate for the population served. If <br />the proposed project targets a special needs population (e.g., people <br />experiencing or transitioning out of homelessness, people with developmental <br />disabilities or mental illness, or transition-age youth), a plan to provide supportive <br />services is required and must be submitted as part of the application. This may <br />include services provided directly by the applicant and/or memorandums of <br />understanding (MOUs) with other organizations. <br />City Underwriting Guidelines <br /> <br /> <br />Housing Preservation Program Loan Underwriting Guidelines <br />Item Requirement <br />Loan term 55 years <br />Interest 3% simple <br />Repayment terms Loan will be paid from the City’s pro-rata share <br />of residual receipts calculated based upon the <br />principal balance of all residual receipt loans. <br />Regulatory term 55 years from when building reaches 80% <br />occupancy of deed-restricted units with <br />households at targeted incomes <br />Developer must notify City when occupancy <br />level is reached. <br />Income limits <br />Please refer to the separate Available <br />Funding document for income limits <br />specific to the current funding sources, <br />which may target lower income levels. <br />Refer to the Redwood City website for the <br />current income limits: Redwood City Income <br />Limits