ORD 2309 - Laserfiche WebLink

alternative means of compliance approved by the City Council pursuant to PMC section 17.44.080. B. The Project Developer of the Project sought to satisfy its IZO obligations through, among other things, the construction of secondary units on some of the residential lots in the Project, including on the Property, and requiring the purchasers of single-family homes with JADU Inclusionary Units to enter into regulatory agreements restricting the rents charged for the JADU Inclusionary Units to affordable rents, in accordance with the IZO and that certain Affordable Housing Agreement entered into by the Project Developer and City dated , 2026 ("Affordable Housing Agreement"). The City Council approved this alternative means of complying with the IZO through adoption of Resolution No. on , 2026. C. The Parties have agreed to enter into and record this Agreement in order to satisfy the requirements described in the foregoing Recitals. Subject to Owner's election to rent the Restricted Unit (defined below) on the Property, the purpose of this Agreement is to regulate and restrict the occupancy and rents of the Property's Restricted Unit for the benefit of the occupants of said Restricted Unit. The covenants in this Agreement are intended to run with the land and be binding on Owner and its successors and assigns for the full term of this Agreement. NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration, the Parties hereby agree as follows: 1. Definitions. The following terms have the meanings set forth in this Section wherever used in this Agreement or the attached exhibits. "Applicable Income Level" means the annual gross income level specified as Low-income; which shall mean a household whose annual income is more than 50 percent but does not exceed 80 percent of the Area Median Income. "Area Median Income" or"AMI" 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 States Housing Act of 1937 or any successor statute. "Eligible Household" means a household whose gross income does not exceed the Applicable Income Level and that is otherwise eligible to rent a Restricted Unit. "Qualifying Rent" means a monthly rent which does not exceed one-twelfth of thirty percent (30%) of the Applicable Income Level adjusted for household size, less a utility allowance as specified by the Housing Authority of Alameda County. By way of example, pursuant to the 2026 Annual Income Limits published for Alameda County, the maximum Applicable Income Level would be $95,050 (divided by 12 months would equate to $7,921 per month). Based on the foregoing, the Qualifying Rent (1/12 of 30%) would be $2,376 per month (one person) and $2,715 per month (two persons), less the applicable utility allowance. 2