Notice of Funding Availability: New Affordable Construction Developments

Please view the Prior Funding Opportunities page for information on prior Notices of Funding Availability (NOFA's).

Affordable Housing Preservation Program (HPP)

The City of Redwood City’s Affordable Housing Preservation Program (HPP) is an ongoing, over-the-counter program designed to prevent displacement of lower-income households. HPP funds can be used for acquisition/rehabilitation of existing multifamily rental properties to convert to deed-restricted affordable housing, or to extend the affordability term of multifamily rental properties with a deed restriction expiring in the next five years. Projects should mitigate the displacement of lower-income households, serve extremely low-income households (to the greatest degree possible), and be in the best position to move forward with acquisition and/or rehabilitation. 

Please review the "Available Funding Document" below for more information about available funding, sources, rent calculation methodologies, and income limits for tenants. 

Applications are now being accepted through the Neighborly Portal

Steps for applying through Neighborly:

1. New applicants will have to create an account with Neighborly
2. Once you've logged in to Neighborly, scroll down to the "Start a New Application" section, and click "Start Application" on the Affordable Housing Preservation application.
3. Complete all required application steps (include all required attachments) and click submit.

Applications are accepted over the counter until funds are exhausted. If you have any questions, please reach out to housingrwc@redwoodcity.org. 

Key Program Documents

July 24, 2023 Staff Report

Affordable Housing Preservation Program Guidelines (amended January 2026)

Available Funding Document (updated March 2026)

Affordable Housing Preservation Program Loan Templates

Affordable Housing Fund Allocation Guidelines 

Pursuant to Resolution No. 15687, the City of Redwood City will allocate funds from the Affordable Housing Fund in accordance with the following priorities.

1. Acquisition of existing multifamily housing for conversion to deed -restricted affordable housing
2. New construction of affordable housing including site acquisition for development of affordable housing
3. Acquisition and rehabilitation of existing multifamily housing for conversion to deed restricted affordable housing
4. Rehabilitation of existing deed- restricted affordable housing
5. Refinance of existing deed- restricted affordable housing to preserve affordability