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P23-0177 – 3200 Hopyard Draft Affordable Housing Agreement Page 2 of 9 P23-0177 – 3200 Hopyard Draft Affordable Housing Agreement Page 2 of 9 P23-0177 – 3200 Hopyard Draft Affordable Housing Agreement Page 2 of 9 1.Of the 55 multi-family units, eight (8) shall be Affordable Units. These Affordable Units shall be sold to a moderate income-qualified household in compliance with the City’s affordable sales price as defined in Municipal Code 17.44.030, and California Density Bonus Law. 2.The Affordable Units shall be available for sale for moderate-income households; affordable housing cost shall not be less than 28 percent of the gross income of the household, nor exceed the product of 35 percent times 110 percent of area median income adjusted for family size appropriate for the unit. In addition, for any moderate-income household that has a gross income that exceeds 110 percent of the area median income adjusted for family size, it shall be optional to require that affordable housing cost not exceed 35 percent of the gross income of the household. Sales price for Affordable Units shall be at the price levels provided in California Density Bonus Law. 3.The Affordable Units shall be consistent with the following: A.The Affordable Unit mix shall be as follows: Unit Type Moderate Income 1 Bedroom 8 Total: 8 B.Affordable Unit sales price shall be based on the following household sizes: Unit Type Household Size 1 Bedroom Unit Two (2) person household C.The Affordable Units shall be dispersed throughout the Project unless otherwise approved by the City. D.The Affordable Units shall have comparable interior standards of quality as the market rate units but may have fewer amenities. For purposes of this Agreement, “Amenities” shall mean any interior features which are not essential to the health and safety of the resident, but provide visual or aesthetic appeal, or are provided as conveniences rather than as necessities. Amenities include things such as “fireplaces, garbage disposals, dishwashers, cabinet and storage space, and bathrooms in excess of one” but does not include items required by city building codes or other ordinances that are necessary to ensure the safety of the building and its residents. E.All Affordable Units shall remain affordable in perpetuity. 4.Affordable Unit Requirements A.Affordable Units shall be subdivided into independent units. B.Prior to the formation of a homeowners’ association or sale to a resident, whichever occurs later, the Owner shall maintain the Project and the Property in good repair and working order, reasonable wear and tear excepted, and in a safe and sanitary condition, and from time to time shall make all necessary and proper