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NOW, THEREFORE, in consideration of the mutual covenants, agreements and <br /> conditions contained herein, City and Developer agree as follows: <br /> 1. Of the 210 apartment units, 32 shall be "Affordable" units. Developer shall make <br /> sixteen (16) Affordable units available for rent to households at or below 50% of <br /> the Area Median Income and sixteen (16) Affordable units available for rent to <br /> households at or below 60% of the Area Median Income as set forth herein. The <br /> Affordable units shall be consistent with the following: <br /> A. The Affordable unit mix shall be as follows: <br /> Very Low Low Total Units <br /> Unit Type Income Income <br /> (50% of AMI) (60% of AMI) <br /> 1 Bedroom 9 9 18 _ <br /> 2 Bedroom 6 7 13 <br /> 3 Bedroom 1 0 1 <br /> Total 16 16 32 <br /> B. Affordable unit rents shall be based on the following household sizes: <br /> Unit Type Household Size <br /> 1 Bedroom Unit Two (2) person household <br /> 2 Bedroom Unit Three(3) person household <br /> 3 Bedroom Unit Five(5) person household <br /> C. The monthly rent for each of the Affordable units shall be calculated based <br /> on the following: <br /> (i) The sixteen(16) Affordable units at Very-Low Income shall not <br /> exceed one-twelfth of 50 % of the Area Median Income adjusted for the <br /> household sizes listed in Section B above multiplied by 30%. <br /> (ii) The sixteen (16) Affordable units at Low Income shall not exceed <br /> one-twelfth of 60 % of the Area Median Income adjusted for the <br /> household sizes listed in Section B above multiplied by 30%. <br /> D. Rent for Affordable units shall be based on the AMI at the time of the City <br /> issues Certificate of Occupancy and shall adjust consistent with HUD's <br /> adjustment in the AMI. If HUD fails to issue revised Area Median <br /> Income/household income statistics for the San Francisco-Oakland- <br /> Fremont Metropolitan Statistical Area within 15 months of the previous <br /> revision, rents for the Affordable units may be adjusted based on the <br /> annual percentage increase in the San Francisco-Oakland Consumer Price <br /> Index for urban wage earners and clerical workers. <br /> E. The rents described herein shall exclude utilities in the broadest sense, <br /> including, but not limited to gas, electricity, water, garbage, television <br /> cable, telephone, and interne service; provided, however, that if any or all <br /> 2 <br />