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REDWOOD CITY FAIR AND AFFORDABLE HOUSING ORDINANCE <br /> <br />Economic & Planning Systems, Inc. 32 Affordable Housing Impacts <br />Table 14. Composition of Redwood City’s Affordable Housing Stock <br /> <br />Table 14 also highlights other important differences between older and newer <br />properties. Pre-1995 buildings are smaller and older on average, with about 27 <br />units per building compared to about 116 units per building for post-1995 <br />properties, and an average age of roughly 61 years (compared to 15 years for <br />post-1995). These characteristics limit the ability of older properties to absorb <br />additional costs, as expenses must be spread across fewer units. At the same time <br />these older buildings typically have greater maintenance needs, further <br />exacerbating their financial challenges. <br />As a result, new requirements may have a disproportionate impact on these <br />smaller, older affordable properties. Costs associated with compliance—such as <br />legal and administrative matters, relocation payments, and tenant safety plans— <br />can represent a significant share of available operating funds. From a feasibility <br />standpoint, smaller properties and operators typically have fewer administrative <br />resources and financial reserves to manage additional obligations. At the same <br />time, because these buildings are not protected by Costa Hawkins, they will have <br />limited ability to absorb costs by increasing rents. <br />Item Pre 1995 Post 1995 Total <br /># of Buildings <br />Mixed-income / Inclusionary1 2 9 11 18% <br />100% Deed Restricted 27 10 37 73% <br /> 29 19 48 60% <br />Below Market Rate Units (BMR) <br />Inclusionary Units1 19 178 197 10% <br />100% Deed Restricted2 657 652 1,309 50% <br />Total BMR3 676 830 1,506 45% <br />Avg. Units / Bldg.1 27 116 64 43% <br />Avg. building Age1 61 15 43 141% <br />City Funding $9,311,078 $7,612,054 $17,323,132 54% <br />[1] Includes mixed-income buildings with inclusionary units. <br />[2] Excludes Manager Units. <br />[3] Estimates slightly exceed those provided in previous EPS 9212 Report due to updated data <br />from City. <br />Pre 1995 <br />as % of <br />Total <br />8.A. - Page 91 of 168 <br />101