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Market Rate Affordable <br /> <br />2001 175 100 <br />2002 175 56 <br />2003 75 <br /> <br />The above allocation for the year 2003 assumes build out of the <br />Project in each year according to the specific allocation for <br />each year; however, it is the intention of the parties that the <br />Project will be entitled to a yearly allocation of 175 market <br />rate units, in addition to any affordable housing units or <br />other market rate unit allocation to which Developer is or <br />becomes entitled to under this Agreement. Therefore, in 2003 <br />the Project shall have a yearly allocation of 175 market rate <br />units, so that, in the event housing units in the Project are <br />not built out in accordance with the allocation for any given <br />year, there may be 175 market rate units allocated for any <br />year. Nothing in this Section 1.A. is intended to prohibit <br />Developer from attaining an allocation of units in addition to <br />those units allocated under this Section 1.A. in any given year <br />due to a trade of units, reallocation or utilization of units <br />as otherwise provided in this Agreement or in the Growth <br />Management Program. City shall take no action to reduce, or <br />which would result in a reduction of, the Developer's market <br />rate or affordable housing unit allocation either in total or <br />for the allocation for any given year (or years), including any <br />additional unit allocation which Developer has otherwise <br />secured for any given year (or years), and any action by City <br />to reduce unit allocations under the Growth Management Program <br />shall have no impact on the yearly unit allocation to which <br />Developer is entitled through build out of the Project. <br /> <br />B. Developer shall use the affordable housing unit allocation <br /> as follows <br /> <br /> A. 100 rental housing units of which 20 units shall be made <br />available, in perpetuity, to households with income not <br />exceeding 50% of the area median income and of which 11 units <br />shall be made available, in perpetuity, to households with <br />income not exceeding 80% of the area median income. <br /> <br /> B. 56 for sale housing units shall be made available in <br />perpetuity, to households with incomes not exceeding 80% of the <br />area median income. <br /> <br />8/4/00 <br /> <br />-3- <br /> <br /> <br />