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P23-0177 – 3200 Hopyard Draft Affordable Housing Agreement Page 3 of 10 P23-0177 – 3200 Hopyard Draft Affordable Housing Agreement Page 3 of 10 P23-0177 – 3200 Hopyard Draft Affordable Housing Agreement Page 3 of 10 P23-0177 – 3200 Hopyard Draft Affordable Housing Agreement Page 3 of 10 P23-0177 – 3200 Hopyard Draft Affordable Housing Agreement Page 3 of 10 E.All Affordable Units shall remain affordable in perpetuity. 4.Rental Affordable Units Requirements A.Rent charged for Rental Affordable Units shall be based on the Area Median Income (AMI) at the time the City issues Certificate of Occupancy and shall adjust consistent with HUD’s 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 Rental Affordable Units may be adjusted based on the annual percentage change in the San Francisco-Oakland Consumer Price Index for urban wage earners and clerical workers. B.The rents described herein shall exclude utilities in the broadest sense, including, but not limited to gas, electricity, water, garbage, television cable, telephone, and internet service; provided, however, that if any or all of such utilities are offered at no cost to market rate units they shall also be offered at no cost to the Rental Affordable Units. C.Once each year on January 15th, the Owner (or the Owner’s successor in interest if Owner has sold the Affordable Rental Unit(s)) shall provide the City a report detailing the average annual income of tenants occupying the Rental Affordable Units for the income category listed in Section 3(A) above, the number of persons each household occupying the Rental Affordable Units, the number of vacancies, and new rentals during the year for the Rental Affordable Units. This report may also be compiled by the Project’s homeowners’ association (HOA) or a third-party management company. D.All Rental Affordable Units shall be rented to qualified applicants in accordance with the City’s adopted Preference System, as may be amended, with the most current version set forth in Attachment 2, to the extent consistent with state and federal law, and unless otherwise amended by federal or state law governing fair housing upon which the City and Owner shall mutually agree to a different process as permitted by such laws. The City’s Preference System shall not be adjusted based on household income. E.The HOA can assume all responsibility to market and manage the Rental Affordable Units. If the HOA assumes responsibility, the HOA shall engage a third-party property management company (which possesses experience in management of similar, low-income inclusionary units in California) to perform day to day management responsibilities, assure compliance with this Agreement, and prepare and deliver requisite reporting to the City (see item 1. C. above) and any related regulatory agencies. If the HOA does not market, manage, or provide reports for the Rental Affordable Units as required by this Agreement, Owner, or Owner’s successor in interest if Owner has sold the Affordable Rental Unit(s), shall be individually responsible for compliance with these requirements and conditions. Upon Owner selling the Rental Affordable Unit(s), then Owner shall have no marketing or management responsibility. F.Owner shall accept Section 8 vouchers as a means of assisting qualified applicants / residents.