SR 06:052 - Laserfiche WebLink

J. Once each year, the Owner shall provide the City a report detailing the project budget showing project expenditures and revenues, the average annual income of tenants occupying the Affordable units, the number of one, two and three person households occupying the Affordable units, the number of vacancies and new rentals during the year for the Affordable units and the current rent structure for. all 172 units. K. Owner shall provide to the City for its approval the new rents for the Affordable units at least thirty days prior to implementing the new rents. L. All Affordable units shall be subject to this Agreement for perpetuity. 2. City shall waive its Lower Income Housing Fee for all 362 units and shall waive its Public Facilities Fee, Local Traffic Impact Fee, City Water Connection Fee and City Sewer Connection Fee for the 138 Affordable units. 3. To assist with the funding of six (6) Affordable units at 50% of the Area Median Income and seven (7) two bedroom units at 60% of the Area Median Income, the City shall provide to the Owner at the time the apartment project is ready for occupancy a loan in the amount of$205,OOO, which loan shall accrue no interest and be due and payable in full in or within 15 years from the date of the loan. 4. Owner, with City's cooperation, shall assume all responsibility to market the Affordable units. Marketing shall be in accordance with City eligibility and income guidelines and shall include conducting a public drawing to allocate applications used to determine program eligibility and qualification. The drawing shall be in conformance with the City Preference System, as that system exists at the time the lottery is conducted. 5. City may elect to utilize its Lower Income Housing Fund (or other funding sources) to make available additional Affordable units or to make the units more affordable than those provided in this Agreement. Owner shall cooperate with City in these efforts. 6. Owner shall construct two I-bedroom Affordable units and one 2-bedroom Affordable unit located on the first floor of the Project to be fully assessable for wheelchair use. This shall include wider doorways, accessibility to bathroom facilities in excess of the other Affordable units, lowered countertops and light switches, easy access light fixtures and other amenities required to address this matter. 7. Owner shall design and construct the Project to comply with the "adaptable" requirements as set forth in State Title 24 Accessibility Standards. Items include grab bars, use of leveling hardware, using dimensions that accommodate disabled residents and outlets and electrical outlets and light switches at accessible heights. 8. Occupancy in the development shall be restricted to households where at least one member of the household is sixty-two (62) years of age. 3