PC-2023-04 - Laserfiche WebLink

Objective Desjgn standards tor Hoysjng Sites For re ntal units , the fo ll owing affordability mix shall be met, reflecting the rent maximums that may be set among any required inclusionary units : • A minimum of25 percent of inclusionary units shall have rents set at no more than 50% Area Median Income (AMI) for househo lds with incomes up to 50% AMI (Very Low Income Units) • A minimum of25 percent ofinclusionary units shall have rent set at no more than 60% AMI for househo lds with incomes of 51 % to 60% AMI (Low-Income Units) • No more than 50 percent of inclusionary units shall have rent set at no more than 80% AMI for households with incomes of 61 % to 80% AMI (Low-Income units) Actual rents charged shall follow the published schedule of maximum monthly rents, by size and type of units, as provided and updated annually by the City. Qual ifying incomes shall be set at the same levels as those described above (i.e., a qualifying household for a 50% AM I rent-restricted unit shall have a maximum annual income ofno more than 50% AMI), with such income limits based on the schedule of income limits based on household size published annually by the City and consistent with the U.S . Department of Housing and Urban Development (HUD) annual adjustment in the AMI for the San Francisco-Oak land-Fremont Metropolitan Statistical Area. In instances where a project proposes to make use of State or Federal programs (e.g., State Housing Density Bonus Law, Low-Income Tax Credits, etc .) then the most restrictive requirements of any applicable income and rent limits established by such programs shall prevail. For ownership units , prices shall be set at a sales price which resu lts in a monthly mortgage payment (principal and interest) which does not exceed 35 % of 1 10 % AMI , pursuant to the requirements of Health & Safety Code Section 50052 .5. Sectio n 8 Re ntal Ass is ta nce Vo uch e rs : Through the affordable housing agreements entered into between the City and each developer, the developments will generally be required to accept HUD Section 8 Rental Vouchers as a means of assisting qualified applicants. Be dro om M ix of Affo rd a bl e Units : For each project, a minimum of 10% of the total affordable units will be three-bedroom units ; a minimum of 45 % of the total affordable units will be two-bedroom units ; and the remaining affordable units will be studio or one-bedroom units except that no more than IO% of units may be studios. City of Pleasanton -12 -DRAFT: January 4 , 2023