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ATTY/RESO.0022/CC RESO APPROVING CONDITIONAL FUNDING COMMITMENTS FOR RISE CITY APARTMENTS AND 1580 MAPLE STREET REV: 05-05-26 LF Page 1 of 3 RESOLUTION NO. 16406 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDWOOD CITY 1) CONDITIONALLY AWARDING $12,326,460 IN THE FORM OF PERMANENT LOAN(S) TO RISE CITY APARTMENTS; 2) CONDITIONALLY AWARDING $5,000,000 IN THE FORM OF TWO LOANS, A $500,000 PREDEVELOPMENT LOAN AND A $4,500,000 PERMANENT LOAN TO THE 1580 MAPLE STREET PROJECT; 3) APPROVING INCREASE OF PER UNIT SUBSIDY LIMIT OF $300,000 FOR RISE CITY APARTMENTS AND $300,000 FOR 1580 MAPLE PROJECT; 4) AUTHORIZING THE CITY MANAGER TO EXECUTE LOAN DOCUMENTS AND OTHER NECESSARY DOCUMENTS, ANY SUBSEQUENT AMENDMENTS OR MODIFICATIONS, AND TAKE ACTIONS NECESSARY TO EFFECTUATE THE LOANS FOR THESE PROJECTS; AND 5) RESCINDING RESOLUTION NO. 16204 WHEREAS, on October 23, 2025, the City issued a Notice of Funding Availability (NOFA) making funding available for new construction of affordable, multi-family rental projects with at least five (5) units; and WHEREAS, all units funded through the NOFA must be affordable to low-income households, defined as households earning at or below 80 percent of the Area Median Income (AMI), and a minimum of 15 percent of the units in the project must be affordable to extremely low-income households, defined as households earning 30 percent of AMI or below; and WHEREAS, the City received two (2) applications, including a 94 unit affordable housing project at 1304 Middlefield Road (Rise City Apartments); and an approximately 79 unit affordable housing project at 1580 Maple Street (1580 Maple Street Project); and WHEREAS, the Rise City Apartments entitlement application was approved on April 17, 2023, and a modified application approved on May 16, 2023, under Senate Bill (SB) 35’s ministerial review; and an SB 35 application was submitted for the 1580 Maple Street Project on September 25, 2023, comments were provided, and the applicant will be resubmitting an updated SB 35 application; and WHEREAS, on February 13, 2024, via Resolution No. 16204, the Rise City Apartments received a City funding commitment in the amount of $4,366,460 comprised of $2,502,136 HOME Investment Partnerships Program (HOME) funds and $1,864,324 in City Affordable Housing Fund; and WHEREAS, the City desires to change the $1,864,324 previously committed via Resolution No. 16204 to the Rise City Apartments from the City’s Affordable Housing Fund to the Former Redevelopment Agency (RDA) Low and Moderate Income Housing Funds (LMIHF) to ensure compliance with funding requirements and improve implementation flexibility for all the City’s housing initiatives and projects. This budgetary