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ATTY/RESO.0020/CC RESO APPROVING AMENDMENTS TO HPP GUIDELINES <br />REV: 05-04-26 LF <br />Page 1 of 1 <br />RESOLUTION NO. ______ <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDWOOD <br />CITY APPROVING AMENDMENTS TO THE AFFORDABLE HOUSING <br />PRESERVATION PROGRAM GUIDELINES AND REVISED TEMPLATE <br />LOAN DOCUMENTS FOR THE PROGRAM AND AUTHORIZING THE <br />CITY MANAGER OR THEIR DESIGNEE TO AWARD FUNDING TO <br />ELIGIBLE PROJECTS CONSISTENT WITH THE GUIDELINES <br /> <br />WHEREAS, on June 27, 2022, the City Council adopted the Anti-Displacement <br />Strategy to address the needs of residents at highest risk of displacement in the City of <br />Redwood City; and <br /> <br />WHEREAS, one of the programs under the Anti-Displacement Strategy was <br />creation of an Affordable Housing Preservation Program, an over-the-counter, local fund <br />accessible to developers to help finance preservation of affordable housing in the City <br />(Program); and <br /> <br />WHEREAS, on July 24, 2023, the City Council adopted the Program and the <br />Affordable Housing Preservation Program Guidelines (Guidelines) and approved the <br />template loan documents that assist in administering the Program; and <br /> <br />WHEREAS, on August 26, 2024, the City Council approved amendments to the <br />Guidelines and revisions to the template loan documents to clarify and streamline the <br />implementation and administration of the Program; and <br /> <br />WHEREAS, on January 29, 2026, the City Manager administratively approved <br />minor amendments to the Guidelines; and <br /> <br />WHEREAS, additional amendments to the Guidelines and revisions to the <br />template loan documents are needed to clarify and modify loan terms under the Program. <br /> <br />NOW, THEREFORE, BE IT RESOLVED, BY THE CITY COUNCIL OF THE CITY <br />OF REDWOOD CITY AS FOLLOWS: <br /> <br />1. The City Council hereby approves the amendments to the Housing <br />Preservation Program Guidelines, attached hereto as Exhibit A, and the revised template <br />loan documents, attached hereto as Exhibit B, required to implement the Program. <br /> <br />2. The City Council authorizes the City Manager or their designee to award <br />funding to eligible projects consistent with the Guidelines and execute the revised <br />template loan documents subject to any minor, clarifying and conforming changes <br />approved by the City Attorney. <br /> <br />3. The Resolution shall be effective immediately upon adoption. <br />* * * <br />7.F. - Page 5 of 112 <br />126