My WebLink
|
Help
|
About
|
Sign Out
RES 2024040
City of Pleasanton
>
CITY CLERK
>
RESOLUTIONS
>
2020-present
>
2024
>
RES 2024040
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
6/18/2024 4:24:22 PM
Creation date
6/18/2024 4:22:47 PM
Metadata
Fields
Template:
CITY CLERK
CITY CLERK - TYPE
RESOLUTIONS
DOCUMENT DATE
6/4/2024
DESTRUCT DATE
PERMANENT
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
127
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
View images
View plain text
<br />4879-3324-5885v3 <br />6 <br />3.2 Affordability Restrictions. Owner shall comply with all of the following <br />requirements: <br /> <br />(a) Monthly Rent for Existing Residents. Rent payable by residents residing in the <br />Project as of the Effective Date shall be limited to the rent required by the resident’s lease or <br />rental agreement in effect immediately prior to the Effective Date, subject to Permitted Annual <br />Rent Increases. <br />(b) Permitted Annual Rent Increases. Rent payable by residents of the Project may <br />be increased no more often than once during each 12-month period of a tenant’s occupancy of a <br />Restricted Unit, and rent increases shall be limited to not more than the lowest of the following <br />(the “Permitted Annual Rent Increase”): (i) the percentage increase allowed by CTCAC <br />Regulations, (ii) the percentage increase allowed by applicable State law, and (iii) the percentage <br />by which maximum allowable rents for the applicable Area Median Income categories as <br />published in the CTCAC Regulations has increased over the applicable maximum allowable <br />rents published by CTCAC for the immediately preceding year. <br />(c) Monthly Rent Upon Vacancy – Initial Affordability Restriction Period. During <br />the Initial Affordability Restriction Period, rent for Restricted Units that are vacated shall be set <br />at not greater than Affordable Rent for the applicable Area Median Income category as set forth <br />in this Section. Thereafter, annual rent increases shall be limited as set forth in the preceding <br />paragraph (b). <br />Subject to paragraph (a) above, and as described in the table below, throughout the Initial <br />Affordability Restriction Period: not less than twenty (20) residential units in the Project shall <br />be occupied, or if vacant available for occupancy, at Affordable Rents to households whose <br />household Gross Income is no greater than thirty percent (30%) of Area Median Income adjusted <br />for Actual Household Size, not less than an additional sixty (60) residential units in the Project <br />shall be shall be occupied, or if vacant available for occupancy, at Affordable Rents to <br />households whose household Gross Income is no greater than fifty percent (50%) of Area <br />Median Income adjusted for Actual Household Size, and not less than an additional one hundred <br />eighteen (118) residential units in the Project shall be occupied, or if vacant available for <br />occupancy, at Affordable Rents to households whose household Gross Income is no greater than <br />sixty percent (60%) of Area Median Income adjusted for Actual Household Size. Two (2) <br />residential units shall be manager/staff units that will not be subject to rent or occupancy <br />restrictions. Notwithstanding the foregoing, the Parties acknowledge that as of the Effective <br />Date, eight (8) Project residents have household Gross Income exceeding sixty percent (60%) <br />AMI. Until the expiration of the Initial Affordability Restriction Period, upon vacancy, the units <br />occupied by such residents shall be occupied or available for occupancy at Affordable Rent by <br />households whose household Gross Income does not exceed sixty percent (60%) of Area Median <br />Income adjusted for Actual Household Size. <br />
The URL can be used to link to this page
Your browser does not support the video tag.