RES 00112 - Laserfiche WebLink

2. 481 single family for sale residential units of which 28 shall be made available, in perpetuity, at a price based on a household of four at 80% of the area median income, and of which 28 shall be made available in perpetuity, $191,100 or at a price based on a household of four at of the area median income, whichever is greater. Area median income shall mean the area median income for the Oakland Primary Metropolitan Statistical Area adjusted for family size in accordance with adjustment factors adopted and amended from time to time by the United States Department of Housing and Urban Development pursuant to Section 8 of the United States Housing Act of 1937 or any successor statute. C. Developer may obtain, and City shall issue upon request by Developer {assuming all other applicable code and Initial Project Approvals conditions to issuance of such permits are met), building permits for the affordable housing units at any time during the Project's build out consistent with the General Plan in effect as of the date of this Agreement, with the Growth Management Program, as modified by this Agreement, and with the Initial Project Approvals. D. Developer may use, during any year, its affordable housing allocation for market rate housing, provided that: the number of residential unit building permits issued annually by the City shall not exceed 750 units, the maximum number of permits authorized under Section 17.36.080A.l.b.(i} of the Growth Management Program; and beginning in the year 2001 and continuing thereafter, and assuming building permits for all the allocated market rate housing have been issued, Developer may each year utilize 25 units of its affordable housing allocation for its market rate housing, up to a total of 50 affordable housing units. -4- 8/I 8/00