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Area median income shall mean the area median income for the <br />Oakland Primary Metropolitan Statistical Area adjusted for <br />family size in accordance with'mdgQstment factors adopted and <br />amended from time to time by the United States Department of <br />Housing and Urban Development pursuant to Section 8 of the <br />United States Housing Act of 1937 or any successor statute. <br /> <br /> C. Developer may obtain, and City shall issue upon <br />request by Developer (assuming all other applicable code and <br />Initial Project Approvals conditions to issuance of such <br />permits are met), building permits for the affordable housing <br />units at any time during the Project's build out consistent <br />with the General Plan in effect as of the date of this <br />Agreement, with the Growth Management Program, as modified by <br />this Agreement, and with the Initial Project Approvals. <br /> <br /> D. Developer may use, during any year, its affordable <br />housing allocation for market rate housing, provided that: <br /> <br />1. the number of residential unit building permits issued <br />annually by the City shall not exceed 750 units, the maximum <br />number of permits authorized under Section 17.36.080A.l.b. (i) <br />of the Growth Management Program; and <br /> <br />2. beginning in the year 2001 and continuing thereafter, and <br />assuming building permits for all the allocated market rate <br />housing have been issued, Developer may each year utilize 25 <br />units of its affordable housing allocation for its market rate <br />housing, up to a total of 50 affordable housing units. <br /> <br />3. DEVELOPER'S ESTIMATE OF BUILDING PERMITS NEEDED <br /> <br /> A. Developer shall make a good faith effort to estimate <br />the number of building permits ~that it intends to obtain each <br />year. Each year, by September 1 (and earlier if possible), <br />Developer shall advise City how many building permits Developer <br />intends to obtain for that year. To the extent Developer does <br />not need all of its allocation, Developer shall (1) first, have <br />the right to reallocate, subject to the limitations of Section <br />1.D.3. [CHECK] of this Agreement, unused units to its <br />affordable housing unit allocation if Developer has previously <br />utilized units from its affordable housing unit allocation for <br />the construction of market rate housing units; (2) second, <br /> <br /> <br />