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CITY OF REDWOOD CITY FIRST TIME HOME BUYER FINANCIAL ASSISTANCE PROGRAM PART I PROGRAM DESCRIPTION A. PURPOSE The First Time Homebuyer Financial Assistance Program has as its purpose to empower a wide range of individuals and income levels to enjoy the pride of home ownership, at an affordable price, within the City of Redwood City. The Program will provide shared equity second mortgages to low income first time home buyers and below market priced units to a variety of household income' levels. B. OBJECTIVES The City of Redwood City and the Redwood City Redevelopment Agency seeks to increase the supply of affordable home ownership opportunities to Redwood City residents and people who work in the City of Redwood City. One of the long-te,m objectives of the City is to balance the current jobs and housing market, while contributing to a reduction in the number and distance of commuters. People who work in Redwood City are, therefore, given the same advantage for assistance as those who live within the City. C. GEOGRAPHIC DISTRIBUTION First Time Homebuyer Assistance on newly constructed units is expected to be provided primarily within the Redevelopment Plan Asea, but may also be provided in other areas of the City for designated developments. The program may be extended at a future date to provide financial assistance for existing housing units on a citywide basis to include groups at 80% to 120% of median income, pending availability of federal, Redevelopment, and other state or local funds. D. FINANCIAL ASSISTANCE Financial Assistance may be provided to'qualified buyers to assist in the purchase of . ownership units in two distinct and separate ~ays: 1. Cash Subsidies - Cash subsidies will typically be provided from federal funding sources to households earning at or below 80% of the median income