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<br />● Restrictions that could make it more difficult to finance major rehabilitation projects <br />needed to preserve aging affordable housing. <br />● Requirements that increase legal and operational risk while providing little additional <br />protection for residents already living in permanently affordable homes. <br />As stewards of affordable housing, we have a responsibility not only to today's residents but <br />also to future generations. Every dollar spent on unnecessary compliance or duplicative <br />regulation is a dollar that cannot be invested in building repairs, accessibility improvements, <br />social services, or the acquisition of additional affordable housing. <br />We are also concerned about the broader impact on nonprofit housing preservation efforts <br />throughout Redwood City. Organizations like St. Francis Center and HIP Housing have <br />demonstrated that preserving existing affordable housing is one of the fastest and most <br />cost-effective strategies for preventing displacement. Policies that make preservation financially <br />untenable will reduce, not expand, the community's supply of affordable homes over time. <br />Our concern extends beyond our own organization. Many longtime owners of smaller apartment <br />buildings have chosen to keep rents below market or have partnered with nonprofits to preserve <br />affordability. If the economics of owning and maintaining these properties become <br />unsustainable, Redwood City risks losing an important source of naturally affordable housing <br />that cannot easily be replaced. <br />We believe there is common ground. We share the City's commitment to protecting tenants and <br />expanding housing opportunities. We simply ask that nonprofit affordable housing providers and <br />permanently deed-restricted affordable housing be recognized for the distinct role they play in <br />the housing ecosystem. Policies intended to increase affordability should strengthen, not <br />weaken, the organizations already providing it. <br />Thank you for your thoughtful consideration of these concerns and for your continued <br />commitment to addressing our community's housing challenges. We look forward to continuing <br />to partner with the City to develop solutions that preserve existing affordable housing while <br />expanding opportunities for the residents who need them most. <br />Sincerely, <br /> <br />Kate Young <br />Executive Director <br />St. Francis Center —-------------------------------------------------------- <br />151 Buckingham Ave. <br />Redwood City, CA 94063