RES 12523 - Laserfiche WebLink

1. Of the 255 apartment units, 38 shall be "Affordable" units. Developer shall make available for rent 38 units for very low income households with income at or below 50% of the Area Median Income. The Affordable units shall be consistent with the following: A. Rents shall be based on one person households for one-bedroom units, two person households for two bedroom units, four person households for three bedroom units. B. The monthly rent for each of the Affordable units available for households with very low incomes shall not exceed one-twelfth of 50 % of the Area Median Income multiplied by 30%. C. If HUD fails to issue revised median household income statistics for the San Francisco-Oakland-Fremont Metropolitan Statistical Area within 15 months of the previous revision, rents for units referred to in this Section 1 may be adjusted based on the annual percentage increase in the San Francisco-Oakland Consumer Price Index for urban wage earners and clerical workers. D. The rents described herein shall exclude utilities in the broadest sense, including, but not limited to gas, electricity, water, garbage, television cable, telephone, and internet service; provided, however, that if any or all of such utilities are offered at no cost to market rate units they shall also be offered at no cost to the Affordable units. E. The Affordable units shall be dispersed throughout the Project unless otherwise approved by the City. The units described in this section shall not be fixed in the Project and may change depending on vacancies. F. The Affordable units shall have the same interior standards of quality (e.g., appliances, interior features/amenities, services, etc.) as the market rate units. G. The unit mix for the Affordable units shall be as follows: AFFORDABLE UNIT MIX Unit Type Very Low Income (50% AMI) Studio and 1 b.r. 21 2 Bedroom 13 3 Bedroom 4 Total 38