ORD 2124 - Laserfiche WebLink

4. The City may utilize its Lower Income Housing Fund to provide second mortgages or other types of financial assistance to qualified low income households. The Developer shall cooperate with the City regarding the implementation of its financial assistance. 5. For purposes of determining household's eligibility for an Affordable Unit, a household's annual income shall be calculated in accordance with the Code of Federal Regulations Title 24 - Housing and Urban Development; Part 5 General HUD Program Requirements; Subpart F: Section 8 and Public Housing, and Other HUD Assisted Housing Serving Persons with Disabilities: Family Income and Family Payment; Occupancy Requirements for Section 8 Project-Based Assistance; Section 5.609—Annual Income (24CFR 5.609). 6. The Affordable Units shall include two bedrooms, two baths and be approximately 1,200 square feet in size. 7. The Affordable Units shall be dispersed throughout the Project as shown on the attached Exhibit C unless otherwise approved by the City and shall have the same interior standards of quality (e.g., appliances, interior features/amenities, services, etc.) as the market rate units. 8. The Affordable Units shall be marketed and sold consistent with the Pleasanton Homeowners Assistance Program (PHAP) which includes the limitation on the sales prices for the initial and subsequent sales, a first-time buyer requirement, use of the City's Preference System, as set forth in Attachment 3, public selection process, and deed restrictions recorded in the chain of title of against each Affordable Unit to ensure such units remain affordable for perpetuity. 9. The City, with assistance from the Developer, shall coordinate the marketing and selling of the Affordable Units and the developer will contribute to this process at a one-time amount equal to $1,500 for each Affordable Unit. 10. In addition to providing the ten Affordable Units as described herein, the Developer is required to pay the City's Lower Income Housing Fee for 27 (29% of 94 units) of the project's units in the amount of $2,783 per unit for a total fee payment of$76,069. However, the Developer has agreed to pay the City's Lower Income Housing Fee for 44 units for a total fee of$122,452, subject to those periodic cost of living or similar indexed increases, decreases or adjustments to the Lower Income Housing Fee. In lieu of providing any Affordable Units and the payment of the City's Lower Income Housing Fee required hereunder and in full satisfaction of all requirements of Developer under this Agreement, City may elect, not later than the first to occur of one year after the effective date of this Agreement or forty-five (45) days after Developer notifies City in writing of its intent to apply for a building permit, to require a one time in-lieu fee in the amount of One Million Two