CITY COUNCIL AGENDA PACKET - Laserfiche WebLink

3 158739848.5 3. A maximum of 50 percent of Affordable Units shall have rents set at no more than 30% of 80% of AMI for households with incomes of 61% to 80% of AMI (also Low-Income Units). Notwithstanding the foregoing, Owner may request to revise the foregoing mix for Affordable Units, subject to City Council approval. C. Affordable Unit rents shall be based on the following household sizes: Unit Type Household Size 1 Bedroom Unit One and a half (1.5) person household 2 Bedroom Unit Three (3) person household 3 Bedroom Unit Four and a half (4.5) person household D. The monthly rent for each of the Affordable Units shall not exceed: (1) for extremely low-income households, one-twelfth of 30% of the Area Median Income adjusted for the household sizes listed in Section B above multiplied by 30%; or (2) for very low-income households, one-twelfth of 50% of the Area Median Income adjusted for the household sizes listed in Section B multiplied by 30%; or (3) for low-income households, one-twelfth of 80% of the Area Median Income adjusted for the household sizes listed in Section B above multiplied by 30%. As used in this Agreement, Area Median Income or AMI shall mean the area median income for the San Francisco-Oakland-Fremont Metropolitan Statistical Area adjusted for household size in accordance with adjustment factors adopted and amended from time to time by the United States Department of Housing and Urban Development (HUD) pursuant to Section 8 of the United State Housing Act of 1937 or any successor statute. E. Rent for Affordable Units shall be based on the AMI at the time City issues Certificates of Occupancy for the subject Affordable Units and shall adjust consistent with HUD’s adjustment in the AMI. If HUD fails to issue revised Area Median Income/household income statistics for the San Francisco-Oakland- Fremont Metropolitan Statistical Area within 15 months of the previous revision, rents for the Affordable Units may be adjusted based on the annual percentage increase in the San Francisco-Oakland Consumer Price Index for urban wage earners and clerical workers. F. The rents described herein shall exclude utilities that are both paid by the resident and are listed on the local public housing authority utility allowance schedule. G. The affordability levels shall not be fixed and may change within the apartment units depending on vacancies. H. All Affordable Units shall be rented to qualified applicants in accordance with the City’s Preference System, as may be amended, with the most current version set forth in Attachment 3, except to the extent otherwise required by federal or state law (including, without limitation, laws and regulations governing fair housing and low-income tax credits), in which case City and Owner shall mutually agree to a different process as permitted by such laws and regulations. Page 130 of 682