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V. D• // <br />8. Redwood Court $500,000 <br />These funds support an Owner Participation Agreement approved by the Agency in <br />02 -03 for $500,000 to assist MP Redwood Court Associates to acquire and rehabilitate <br />27 affordable housing units that would otherwise be converted to market rate rents. <br />The proposed Operating budget continues funding for the administrative support required to <br />implement both the ongoing and proposed new projects in the Capital Budget. <br />