Archived News Release from 2010

For Immediate Release

Redwood City, CA - February 23, 2010 - The City of Redwood City is launching a Home Ownership Readiness Initiative, providing an opportunity for eligible renters and people who work in the city to prepare for purchasing Below Market Rate (BMR) units, affordable for those households with “moderate” income (a household of two earning no more than 120% of median income, which is $90,600).

Three Home Ownership Readiness Workshops will be held at the Redwood City Downtown Library in the Staff Conference Room, 2nd floor, 1044 Middlefield Road, on the following dates:

• Saturday, March 6, 2010
• Saturday, March 13, 2010
• Saturday, March 20, 2010

All workshops are from 10 am - 11:30 am, and reservations are required. Interested community members can call (650) 780-7290 or email sshaw@redwoodcity.org to RSVP or for more information.

This initiative will promote the “Move Up Program,” which is identified in Redwood City’s Housing Element, to facilitate moving from rental to affordable ownership housing, then on to existing conventional market rate housing, or new ownership housing to be developed in the future as household incomes increase. Redwood City is preparing for the sale of six BMR units in the Woodside Villas development at 885 Woodside Road, estimated to sell for $320,000 per unit, and expected to be available this summer. Additional outreach efforts will be made as new BMR developments complete construction.

Wells Fargo Home Mortgage is partnering with the City to provide Home Ownership Readiness Workshops to assist potential applicants with consumer credit information leading to the ability to prequalify for first mortgage loans.

For more information, please visit the city’s housing division web site at www.redwoodcityhousing.org or call 650-780-7290. Visit Redwood City’s award-winning website at www.redwoodcity.org for information about the City and its services, the community, recreation programs, education, City government, and local business. Subscribe to Redwood City’s newsletters or other City documents at www.redwoodcity.org/egov.

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Contact:
Debbi Jones-Thomas
Redwood City Housing Coordinator
650-780-7295