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<br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.org <br />ATTY/RESO.0022/CC RESO APPROVING CONDITIONAL FUNDING COMMITMENTS FOR RISE CITY APARTMENTS AND 1580 MAPLE STREET - EXHIBIT A <br />REV: 05-05-26 LF <br />Page 2 of 3 <br /> <br />EXHIBIT A <br />1199\06\4215889.1 <br />The Loans shall be awarded to the Project subject to the following conditions: <br /> <br />1. Completion of National Environmental Protection Act (NEPA) project review, as required by the <br />United States Department of Housing and Urban Development (HUD). <br />2. Commitment of sufficient additional public (County, state, and federal) funds to proceed with <br />construction of the Project <br />3. Fulfillment of all requirements of the HOME Program including the following: <br />a. HUD requires that HUD-assisted activities report performance based on measurable <br />objectives. <br />b. The City uses HOME funds to assist rental units occupied by households whose incomes do <br />not exceed the HOME Income Limit of 60% of area median income (AMI). The City will <br />restrict units in the property as HOME-assisted units and will review tenant eligibility for <br />occupancy verifications and monitor family income, size and composition to assure the units <br />meet Housing Quality Standards on an annual basis. <br />c. HOME has four main eligible activities. By constructing new affordable housing, the Rise <br />City Apartments, this project falls under the following activity: <br /> Homeowner (owner-occupied) rehabilitation <br /> Rental housing acquisition, new construction, or rehabilitation <br /> Homebuyer housing acquisition, new construction, or rehabilitation, <br />including direct assistance to eligible homebuyers to purchase the housing <br /> Tenant-based rental assistance (rental subsidy) <br />d. The associated income verification method for this program is: <br /> In accordance with 24 CFR Part 5 Subpart F <br /> Self-certification (only with prior City approval) <br />e. All projects receiving federal funding are required to adhere to all applicable rules and <br />notices under the HOME Program, including but not limited to 24 CFR Part 92; 2 CFR Part <br />200; National Environmental Policy Act (NEPA) and 24 CFR Part 58; the Violence Against <br />Women Act; the Build America, Buy America Act; and Federal Labor Standards such as <br />Section 3 and Davis-Bacon. <br />Funding from the loan(s) will not be available until the above conditions have been met and the loan <br />agreements and all associated documents (Loan Documents) between 1304 Middlefield LP and the City <br />have been executed. The City may consider withdrawing this conditional commitment if these conditions <br />are not met within eighteen (18) months of the date of this letter. <br /> <br />After execution of the Loan Documents, the following timing requirements shall apply: <br /> <br />1. Construction must commence within ninety (90) days of the date of execution of the Loan <br />Documents. <br />2. The Project must be completed within four (4) years of the date of execution of the Loan <br />Documents. <br />3. The HOME funds that have been conditionally committed to the Project span multiple HOME <br />program years (PY 2020- 2023), each of which are subject to specific period of performance