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06/08/2020 <br />ORDINANCE NO. 2482 <br />AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF <br />REDWOOD CITY ADDING SECTIONS 2.41.16 THROUGH 2.41.18 <br />TO CHAPTER 2, ARTICLE IV, OF THE CITY CODE TO <br />ESTABLISH SPECIAL REVENUE FUNDS KNOWN AS THE <br />COMMUNITY DEVELOPMENT BLOCK GRANT (CDBG) FUND, <br />THE HOME INVESTMENT PARTNERSHIPS PROGRAM (HOME) <br />FUND, AND THE HOUSING SUPPORT FUND <br />WHEREAS, the United States Department of Housing and Urban <br />Development ("HUD") is authorized pursuant to Title I of the Housing and <br />Community Development Act of 1974 (P.L. 93-383), as amended (the "Act'), to <br />provide Redwood City ("City") with federal Community Development Block Grant <br />Program ("CDBG") funds to finance a continuum of activities ranging from public <br />services to economic development and the preservation and production of <br />affordable housing; and <br />WHEREAS, the City receives an annual allocation of CDBG funding, and it <br />is necessary and desirable that a special revenue fund be established for the <br />deposit of CDBG funds and for the accounting thereof; and <br />WHEREAS, HUD is authorized pursuant to the HOME Investment <br />Partnerships Program ("HOME"), contained in Title II of the Cranston -Gonzalez <br />National Affordable Housing Act, to provide the City with federal HOME funds to <br />support the preservation and production of affordable housing; and <br />WHEREAS, the City receives an annual allocation of HOME funding, and it <br />is necessary and desirable that a special revenue fund be established for the <br />deposit of CDBG funds and for the accounting thereof; and <br />WHEREAS, on June 22, 2015, the City Council adopted Resolution No. <br />15427 earmarking AB 1717 Prepaid Wireless Utility Tax funds ("AB 1717 Funds") <br />for affordable housing purposes; and <br />WHEREAS, on January 8, 2018, the City Council adopted Resolution No. <br />15637 committing Transient Occupancy Taxes ('TOT') collected from short-term <br />rental uses to the Affordable Housing Fund; and <br />WHEREAS, the City desires to account for ongoing revenue sources such <br />as TOT and AB 1717 Funds for affordable housing separately from one-time <br />funding sources; and <br />WHEREAS, it is necessary and desirable that a special revenue fund be <br />established for the deposit of TOT collected for such short-term rental uses and AB <br />1717 Funds and for the accounting thereof. <br />ATTY/ORD.516/CC ORD ADDING SECTIONS 2.41.16 - 2.41.18 TO CHAPTER 2, ARTICLE IV, TO THE MUNICIPAL CODE <br />REV: 05-07-2020 PR <br />MUFF NO. 305 ORDINANCE NO. 2482 <br />Page 1 of 2 <br />