RES 2024023 - Laserfiche WebLink

Of the 55 multi -family units, eight (8) one -bedroom units shall be Affordable Units. These Affordable Units shall be sold to median -income qualified households or non-profit housing providers (the buyer) in compliance with the City's affordable sales price as defined in Municipal Code 17.44.030, and California Density Bonus Law. Owner shall receive Three Hundred and Seventy -Five Thousand Dollars ($375,000) for each of the Affordable Units. Funds will be paid by the qualified 100% AMI median - income buyer to Owner; however, if affordable housing cost factors make the buyer unable to pay the full $375,000 for an Affordable Unit, the City shall contribute funds to buyer's escrow to ensure that Owner receives $375,000 per Affordable Unit. If needed, the City shall expend up to $250,000 cumulatively among some or all of the eight (8) Affordable Units. The parties acknowledge that if affordable housing costs for a buyer are calculated to allow such buyer to be able to pay the full $375,000 purchase price to Owner without City financial assistance, the City is not obligated to expend any or all of the City's allocated $250,000. City's $250,000 in financial assistance shall be available for only five (5) years from the date the first building permit is issued for a habitable structure within the Project. Notwithstanding the foregoing, if affordable housing cost factors result in a sales price less than $375,000 for any Affordable Unit, even with a City contribution of $250,000, the City shall seek additional funding from City Council for the gap between the sales prices and $375,000. If the City Council declines to authorize additional funding, the Affordable Units may be sold to moderate -income families, which encompasses households with incomes up to and including 120 percent of AMI, at a cost authorized pursuant to Health and Safety Code section 50052.5, subdivision (b)(4), up to a total sales price of $375,000. Owner acknowledges that such sale to moderate -income families will require the City to qualify a new pool of households which may delay sale by at least 60 days. In no event shall the sales price exceed $375,000. Except as provided in Paragraph 1, the Affordable Units shall be available for sale for median - 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 90 percent of AMI adjusted for family size appropriate for the unit. In addition, for any median -income household that has a gross income that exceeds 100 percent of the AMI 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. The Affordable Units shall be consistent with the following A. The Affordable Unit mix shall be as follows: Unit Type Median 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 102657\ 17581921 v2 P23-0177 — 3200 Hopyard Draft Affordable Housing Agreement Page 2 of 12