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ATTY/RESO.0020/CC RESO APPROVING AMENDMENTS TO HPP GUIDELINES – EXHIBIT A <br />REV: 05-04-26 LF <br />Page 8 of 21 <br />Soft cost contingency At least 5% of all costs except acquisition, <br />hard costs, reserves, and developer fees <br />Relocation Displacement or permanent relocation of <br />existing tenants is not allowed. Temporary <br />relocation during a renovation is allowed. All <br />relocation must follow applicable state and <br />federal relocation laws. <br />Local Preference Eligible households that live (or have ever <br />lived), work, or have been offered work in <br />Redwood City must be given preference for <br />City-restricted units, provided they meet other <br />Federal, State, and local guidelines. <br /> <br />See Chapter 3 of the City’s Affordable <br />Housing Program Guidelines for additional <br />information on how to comply and implement <br />the City’s local preference requirements. <br />Local preferences may be waived for Project- <br />Based Section 8 units and units filled through <br />Coordinated Entry. <br />Property Welfare Tax Budget must clearly show when the property <br />welfare tax exemption is expected to begin. <br /> <br />Schedule <br /> <br />The City has received approval from City Council to administratively approve and fund <br />projects. After City Housing staff has approved a project for funding, the project must <br />acquire the property and/or close on rehabilitation funding within six months. An <br />application requesting changes from these Guidelines or substantial amendments to the <br />City’s loan documents cannot be considered for expedited approval at the staff level. Staff <br />will determine whether an application seeking to deviate from the Guidelines and/or loan <br />documents may be brought to the City Council for approval. <br /> <br />The following schedule provides the timing for each segment of the Program application <br />process, from application submission to closing of awarded City funds. <br /> <br /> <br />Program Application Process TIMING <br />Application Submission Ongoing <br />Staff initial review of complete applications 10 business days from <br />application submission <br /> <br />Submittal of additional information, if requested by staff <br />5 business days after <br />request(s) for additional <br />information.