15 ATTACHMENT 2 - Laserfiche WebLink

1. A. Of the 168 apartment units, 35 [to be increased by 100% AMI units] shall be "Affordable" units. Developer shall make 35 Affordable units available for rent to households at or below 50% of the Area Median Income, as adjusted by HUD for very low income households. The Affordable units shall be consistent with the following: The Affordable unit mix for very low income units shall be as follows: Unit Type Very Low Income (50% of AMI) 1 Bedroom 13 2 Bedroom 18 3 Bedroom 4 Total 35 [The Affordable unit mix for median income -based rent units at this Project shall be as follows: ] B. Affo Unit Type Rent Based on Median Income (100% of AMI) 1 Bedroom 6 2 Bedroom 2 Unit T s e Household Size 1 Bedroom Unit Two (2) person household 2 Bedroom Unit Three (3) person household 3 Bedroom Unit Five (5) person household C. The monthly rent for each of the Affordable very low income units shall be calculated so that it shall not exceed one - twelfth of 50% of the Area Median Income, as adjusted by HUD for very low income households, as further adjusted for the household sizes listed in Section 1.B above multiplied by 30 %. [The monthly rent for each of the Affordable median income units shall be calculated so that it shall not exceed one - twelfth of 100% of the Area Median Income, as adjusted by HUD for median income households, as further adjusted for the household sizes listed in Section 1.B above multiplied by 30 %1 E. Rent for Affordable units shall be based on the AMI at the time of the City- issued Certificate of Occupancy and shall adjust consistent with HUD adjustment in the AMI. If HUD fails to issue revised Area Median Income/ household income statistics for the San Francisco - Oakland- Fremont Metropolitan Statistical Area within 15 months of the previous revision, rents for the Affordable units may be adjusted based on the annual percentage increase in the San Francisco- Oakland Consumer Price Index for urban wage earners and clerical workers. 2