CITY COUNCIL SET TO REVIEW INVESTING OVER $12M IN AFFORDABLE HOUSING
Redwood City Proposal Recommends Moving Forward Affordable Housing Projects and Programs to Support Housing for All Income Levels
For Immediate Release
May 15, 2015
Redwood City, Calif. - The City Council will be presented with a variety of proposals totaling over $12M towards affordable housing initiatives at its meeting on Monday, May 18, 2015. These City Council actions are a direct result of their February 2015 unanimous approval to support housing for all income levels through a three-prong housing policy that includes 1) creating funding sources and incentive structures to subsidize affordable housing; 2) increasing the overall supply of housing; and 3) implementing programs that allow existing Redwood City residents to "stay in place."
"The City Council continues to be very creative and innovative in meeting their goal of housing for all income levels and the actions being presented on Monday will help address this important regional issue," said Dr. Robert Bell, City Manager of Redwood City.
The City Council will be presented with a proposal to utilize the City owned Bradford Street Site for a future affordable housing project. The Council will also be asked to help subsidize a twenty-unit Habitat for Humanity affordable housing project in Downtown. Further assistance will be requested with relocating an existing home that was slated to be razed to a City owned lot in Downtown; this relocation will result in one more affordable unit. The requested funding for these efforts will come from proceeds of City owned property in the Downtown area, including the Crossing 900 project and a parcel on Jefferson that is part of the Graystar project.
"One of the benefits of the downtown development is the City now has some real money to effectuate these housing programs in our community," stated City Manager Bell.
The fourth proposed program aligns with the Council's objective of allowing residents to "stay in place". The proposed fire safety upgrade program will give loans to multi-unit dwellings to install fire sprinklers. The program will make the loans "forgivable" if the landlord agrees to stabilize rent to tenants during the five-year repayment period. With over 2,500 housing units recently completed, under construction, or in the planning pipeline, the City of Redwood City is a leader in the creation of new housing within the region and continues to do its part in supporting new housing supply within the community.
About the City of Redwood City
The City of Redwood City is located in the middle of the Bay Area and Silicon Valley, extending from the San Francisco shoreline to the hillsides of the Santa Cruz Mountains. With over 76,815 residents Redwood City is the third largest city within the County of San Mateo and boasts the 'Climate Best by Government Test' (the city slogan). Incorporated in 1867, Redwood City is home to the San Mateo County History Museum, the only active deep water Port within the South San Francisco Bay and a vibrant downtown offering residents, visitors and businesses a unique retail, entertainment and restaurant experience for all ages to enjoy. Visit www.redwoodcity.org for more information about the City of Redwood City or follow us on Twitter at @RedwoodCity