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actual rent calculations are generally set on a negotiated preset household size <br /> regardless of the number of individuals residing in a unit. As an example, while a rent <br /> for a two bedroom unit may be based on a three person household, the unit could be <br /> leased to a two or four person household all of which would pay the same rent. A <br /> sample of the rent calculations are as follows: <br /> Rent and Income Calculations <br /> . 50% AMI with 2 Person Household: $35,700 <br /> • 50% AMI with 3 Person Household: $40,150 <br /> . Rent for a two-bedroom unit based on a two person household: $35,700 /12 months = <br /> $2,975 * 30% = $893/mo <br /> • Rent for a two-bedroom units based on a three person household): $40,150 /12 months = <br /> $3,345 * 30% = $1,004/mo <br /> As a result of the above, staffs affordability efforts regularly focus on setting not only <br /> income categories, but household sizes to determine rents. Also, while the IZO sets <br /> household size for each type of unit by bedroom size, staff has historically negotiated <br /> the household size/rent amount with developers as a means of obtaining the largest <br /> amount of affordability. <br /> The table below lists a sampling of market rents as compared to standard affordable <br /> rent for a one bedroom apartment. <br /> Surve of Market Versus Affordable Rents (1) <br /> Corn •lex Estimated Monthly Rent <br /> Stonerid•e A•artments $1,540 to $1,652 <br /> Kensin•ton A•artments $2,280 to $2,340 <br /> Archstone Hacienda $1,755 to $1,985 <br /> Avalon Ba Dublin $1,830 <br /> Affordable at 50% AMI $893 <br /> Affordable at 80%AMI $1,428 <br /> Affordable at Median 100%) $1,784 <br /> 1. Market rents obtained from phone survey on April 22, 2013 <br /> IZO Amendment Options <br /> Staffs overall impression is that the IZO has been a useful tool for acquiring <br /> inclusionary affordable housing and as such, potential amendments are intended to <br /> address legal matters and City Council objectives without, most likely, a complete <br /> rewrite of the ordinance. However, as noted above, as it relates to rental unit <br /> requirements, it is in conflict with Palmer. Nevertheless, the concepts below are <br /> intended to be comprehensive and stand alone by themselves however; they can be <br /> combined or amended to meet objectives. All of the options below were discussed at <br /> the Housing Commission's April 9 workshop and it felt them appropriate for discussion <br /> at this joint workshop. <br /> Page 4 of 9 <br />