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Page 1 of 7 <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 />Notice of Funding Availability (NOFA) for new affordable housing construction – funding <br />recommendations <br />SUMMARY <br />On October 23, 2025, the City issued a $7.9 million Notice of Funding Availability (NOFA) for new <br />affordable housing construction. Additionally, the Elco Yards project (1601 El Camino Real) is expected to <br />pay approximately $5.8 million in housing impact fees in summer 2026, which are being included as <br />additional funds in this NOFA. Two applications were received and are recommended for funding as <br />follows: <br />1. Rise City Apartments at 1304 Middlefield Road, Sand Hill Property Company - $7,960,000 (including a <br />previously approved request of $4,366,460, for a total request of $12,326,460) <br />2. 1580 Maple Street, MidPen Housing Corporation - $5,000,000 <br />Approval of the recommended actions would help create up to 170 new affordable housing units in the <br />City of Redwood City. <br />RECOMMENDATION <br />1. Adopt a resolution conditionally awarding $12,326,460 in the form of a permanent loan(s) to Rise City <br />Apartments; <br />2. Conditionally awarding $5,000,000 in the form of a $500,000 predevelopment and a $4,500,000 <br />permanent loan to the 1580 Maple Street Project; and <br />3. Authorize the City Manager to execute loan documents and other necessary documents, any <br />subsequent amendments or modifications and take actions necessary to effectuate the loans for the <br />projects. <br />9.A. - Page 1 of 37 <br />467