RES 00112 - Laserfiche WebLink

Market Rate Housin~ Units Affordable Housinq Units 2001 175 116 2002 175 40 2003 75 The above allocation for the year 2003 assumes build out of the Project in each year according to the specific allocation for each year; however, it is the intention of the parties that the Project will be entitled to a yearly allocation of 175 market rate units, in addition to any affordable housing units or other market rate unit allocation to which Developer is or becomes entitled to under this Agreement. Therefore, in 2003 the Project shall have a yearly allocation of 175 market rate units, so that, in the event housing units in the Project are not built out in accordance with the allocation for any given year, there may be 175 market rate units allocated for any year. Nothing in this Section 1.A. is intended to prohibit Developer from attaining an allocation of units in addition to those units allocated under this Section 1.A. in any given year due to a trade of units, reallocation or utilization of units as otherwise provided in this Agreement or in the Growth Management Program. City shall take no action to reduce, or which would result in a reduction of, the Developer's market rate or affordable housing unit allocation either in total or for the allocation for any given year (or years), including any additional unit allocation which Developer has otherwise secured for any given year (or years), and any action by City to reduce unit allocations under the Growth Management Program shall have no impact on the yearly unit allocation to which Developer is entitled through build out of the Project. Developer shall use the affordable housing unit allocation as follows: 100 rental housing units of which 20 units shall be made available, in perpetuity, to households with income at 50% of the area median income and of which 11 units shall be made available, in perpetuity, to households with income at 80% of the area median income. 8/18/00