Agda Pkt 2026.05.11 Joint SA PFA

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Page 2 of 7 City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.org STRATEGIC PLAN GUIDING PRINCIPLE Housing BACKGROUND In its 2023-2031 Housing Element, the City made a long-term commitment to support the production and preservation of affordable housing. Housing Element Program H2-4 requires the City to continue to provide subsidies, as funds are available, to assist in the development of affordable housing units, acquisition of land for affordable housing construction, and preservation of existing affordable housing. Further, in the 2024-2025 Fiscal Year budget, one of the Housing Division’s goals was to release a Notice of Funding Availability (NOFA) for new affordable housing production. The NOFA was published on October 23, 2025, for $7,960,000, including $4,650,000 in Former Redevelopment Agency (RDA) Low Moderate Income Housing Funds (LMIHF) and $3,310,000 in Affordable Housing Impact Fees. Additionally, housing impact fees from the Elco Yards development, at 1601 El Camino Real, are estimated to be received by summer 2026 and are being added to this NOFA. In November 24, 2025, the City Council approved payment of a partial housing impact fee of approximately $5.8 million for the office portion of the Elco Yards project. The housing impact fee payment is required to obtain the Certificate of Occupancy of the final office building (Parcel C), which is nearing construction completion. The NOFA funding was made available for new construction of affordable, multi-family rental projects with at least five units. All units funded through this NOFA must be affordable to low-income households, defined as households earning at or below 80% of the Area Median Income (AMI), and a minimum of 15% of units in the project must be affordable to extremely low-income households, defined as households earning 30% of AMI or below. The City received two applications, which are summarized in Table 1 below: Table 1. Summary of NOFA Applications Received Units Applicant Project Total Requested Amount 20% AMI 30% AMI 40% AMI 50% AMI 60% AMI 70% AMI Manager Total Sand Hill Property Company Rise City Apartments (1304 Middlefield Road) $7,960,000 24 0 0 16 34 19 1 94* MidPen Housing Corporation 1580 Maple Street $5,000,000 28 28 21 0 0 0 2 79* * The final affordability levels of the projects are subject to change and will be more clearly defined once the projects have secured all funding sources. 9.A. - Page 2 of 37 468