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· . ., ' e~-321969 <br /> <br /> ii. The first date on which sixty-nine (69) or <br /> more units are rented or reserved for low <br /> income households. <br /> <br /> iii. Any other method of calculation approved by <br /> the Director of Planning and Community <br /> Development which assures that an average of <br /> sixty-nine (69) or units are rented or <br /> reserved for an average of ten (10) years to <br /> low income households. <br /> <br /> c. Not later than six (6) months after the Completion <br /> Date, the Developer shall deliver to the City and record in the <br /> property records of Alameda County a certificate in substantially <br /> the form shown in Exhibit "C", attached hereto and incorporated <br /> herein by this reference, indicating the Completion Date. <br /> <br /> 5. Records and Monitoring. <br /> <br /> a. Income Certifications. Sworn income <br /> certifications, as set forth in Exhibit"B", from each lower <br /> income household, dated immediately prior to the initial <br /> occupancy and within thirty (30) days of the date of the An~al <br /> Report, as described in Section 6 herein, will be obtained and <br /> maintained on file by the Developer. <br /> <br /> b. Other Records. The Developer shall maintain <br /> complete and accurate records pertaining to the units recgaired <br /> herein to be occupied and/or reserved for lower income households <br /> and leased. The developer shall permit any duly authorized <br /> representative of the City to inspect the books and records of <br /> the Developer as is necessary to determine compliance with this <br /> Agreement upon reasonable notice during business hours. <br /> <br /> 6. Annual Report. <br /> <br /> After construction has commenced on the Project, the <br /> Developer shall submit to the Director of Planning and Community <br /> Development a yearly status report ("Annual Report") by <br /> January 30th. The annual Report shall be verified under penalty <br /> of perjury and shall contain the following: <br /> <br /> a. The current number of occupied and/or reserved <br /> dwelling units available to lower income households and a <br /> statement that a minimum of sixty-nine (69) of the units or a <br /> minimum of 15% of the total units in the Project built to date <br /> have been reserved or rented as units for occupancy by lower <br /> income households during the preceding year. <br /> <br /> b. The current rents of units occupied by and/or <br /> reserved for occupancy to lower income households and a statement <br /> that rent levels in all units designated for lower income <br /> households did not exceed the rent levels authorized by Section 3 <br /> of this Agreement during the preceding year. <br /> <br /> - 4 - <br /> <br /> <br />