Laserfiche WebLink
<br />4. <br />5. <br />6. <br />d. In the event that the Planning Director, after reasonable <br />requests, fails to issue revised median family income within <br />fifteen (15) months of the previous revision, rents for units <br />referred to in Section 1. a. may be adjusted based on the <br />annual percentage increase in the San Francisco-Oakland <br />Consumer Price Index for all urban wage earners. <br />e. Notification to the City of annual rent increases shall be <br />provided by Developer as part of the Annual Report (referred <br />to in Section 6 herein) . <br />Period of Compliance <br />a. The requirements of this Agreement shall apply for a period of <br />fifteen (15) years after the "Completion Date" unless extended <br />pursuant to Paragraph 8 of this Agreement. <br />b. The Completion Date shall be that date on which three hundred <br />fifty-four (354) units are completed and available for occupancy. <br />c. Not later than six (6) months after the Completion Date, <br />Developer shall deliver to the City and record in the property <br />records of Alameda County a certificate in substantially the form <br />shown in Exhibit "C", attached hereto and incorporated by this <br />reference, indicating the Completion Date. <br />Records and Monitoring <br />a. Income Certifications. Sworn income certifications, as set forth <br />in Exhibit "B", from each lower-income household, dated <br />immediately prior to the initial occupancy and within thirty (30) <br />days of the date of the Annual Report, as described in Section <br />6 herein, will be obtained and maintained on file by Developer. <br />b. Other Records. Developer shall maintain complete and accurate <br />records pertaining to the units required herein to be occupied <br />and/or reserved for lower-income households. The Developer <br />shall permit any duly authorized representative of the City to <br />inspect the books and records of Developer as is necessary to <br />determine compliance with this Agreement upon reasonable notice <br />during business hours. <br />Annual Report <br />After .completion of construction, Developer shall submit to the <br />Director of Planning and Community Development a yearly status <br />report ("Annual Report") by January 30th. The Annual Report shall <br />be verified under penalty of perjury and shall contain the following: <br />4 <br />