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RES 2024040
City of Pleasanton
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RES 2024040
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CITY CLERK
CITY CLERK - TYPE
RESOLUTIONS
DOCUMENT DATE
6/4/2024
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<br />4879-3324-5885v3 <br />12 <br />paid when due and remains unpaid thirty (30) days following the date that City provides written <br />notice of the delinquency. The Affordable Housing Monitoring Fee will increase annually by <br />three percent (3%) over the prior year. <br /> <br />4.4 Annual Report; Estimate of Surplus Cash; Annual Budget. <br />4.4.1 Annual Report; Estimate of Surplus Cash. By not later than April 30 of <br />each year during the Term, Owner shall submit an annual report (“Annual Report”) to the City <br />in form satisfactory to City, together with a certification that the Project is in compliance with <br />the affordability and occupancy requirements of this Agreement. The Annual Report shall, at a <br />minimum, include the following information for each Restricted Unit: (i) unit number; (ii) <br />number of bedrooms; (iii) current rent, utility, and other charges; (iv) the affordability category <br />and affordability restrictions that apply to the unit; (v) dates of any vacancies during the previous <br />year; (vi) number of people residing in the unit; (vii) total household Gross Income; (viii) <br />documentation of source of household income; (ix) lease commencement and termination dates; <br />and (x) the information required by Section 4.2. <br />Owner shall include with the Annual Report, an income recertification for each <br />household, documentation verifying tenant eligibility, and such additional information as City <br />may reasonably request from time to time in order to demonstrate compliance with this <br />Agreement. The Annual Report shall conform to the format requested by City; provided <br />however, during such time that the Project is subject to a regulatory agreement restricting <br />occupancy and/or rents pursuant to requirements imposed in connection with the use of State or <br />federal low-income housing tax credits, Owner may satisfy the requirements of this Section that <br />pertain to tenant income certification and rents by providing City with a copy of compliance <br />reports required in connection with such financing. <br />In addition to the information described above, the Annual Report shall include the <br />following: <br />(i) A Project income and expense statement for the reporting period; <br /> <br /> (ii) A summary of maintenance and other issues anticipated to affect the <br />current budget needs of the Project and the amount expected to be needed for major repairs or <br />other needs during the following fiscal year; <br /> <br /> (iii) A report on the Project operating and replacement reserve accounts <br />summarizing draws of such funds and remaining balances; <br /> <br /> (iv) Information on the status of the waiting list for units, including the number <br />of households on the list and the number of City of Pleasanton residents and persons employed in <br />the City on the list; <br /> <br />(v) If rents for any Restricted Units have been increased pursuant to Section <br />3.3, documentation that the increase in rents is required for Financial Feasibility, and <br />documentation regarding Owner’s efforts to secure additional sources of rent or operating <br />subsidy for the Project;
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