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Page 1 of 4 <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.org <br />STAFF REPORT <br />To the Honorable Mayor and City Council <br />From the City Manager <br />DATE: May 11, 2026 <br />SUBJECT <br />Amendments to the Affordable Housing Preservation Program Guidelines and Template Loan Documents <br />SUMMARY <br />Amendments to the Housing Preservation Program (HPP) guidelines and template loan documents to <br />further clarify and modify certain loan terms and assist in the continued effective administration of the <br />HPP for future applicants. <br />RECOMMENDATION <br />Adopt a resolution approving amendments to the Affordable Housing Preservation Program Guidelines <br />and revised template loan documents for the Program and authorizing the City Manager or their designee <br />to award funding to eligible projects consistent with the Guidelines. <br />STRATEGIC PLAN GUIDING PRINCIPLE <br />Housing <br />BACKGROUND <br />On June 27, 2022, the City Council adopted the Anti-Displacement Strategy (ADS) and one of the key <br />recommendation of the ADS was to establish a local housing preservation fund to preserve at-risk units in <br />Redwood City. On July 24, 2023, the City Council adopted the Affordable Housing Preservation Program <br />(HPP) guidelines and approved the template loan documents, and authorized the City Manager to approve <br />issuing loans to affordable housing preservation projects that meet all HPP guidelines. The HPP is intended <br />to be a streamlined, over-the-counter process and provide “gap funding” to developers of projects that <br />7.F. - Page 1 of 112 <br />122