RES 86402 - Laserfiche WebLink

income exemption if the project meets all of the following requirements: A. A minimum of fifteen percent (15%) of its units are reserved for households qualifying for federal lower-income housing assistance as defined by HUD for the Bay Area region. B. Units must be reserved for lower income households for a period of at least ten (10) years. C. Rent for lower-income households shall be no more than an amount equal to thirty percent (30%) multiplied by eighty percent (80%) of the Tri-Valley median income for the maximum sized household capable of occupying the unit. For instance, using present HUD regulations, rent for a two bedroom unit could be set up to, but not exceeding, 30% of 80% of the Tri-Valley median income for a household of four. D. The project shall have a density of at least twenty-six (26) units per acre. (ii) Other Low Income Projects. Any project not located within the area designated on the map labeled "North Pleasanton Area for Lower Income Growth Management" shall be eligible to apply for the low income exemption if the project meets all the following requirements: A. A minimum of twenty-five percent (25%) of its units are reserved for households qualifying for federal lower-income housing assistance as defined by HUD for the Bay Area region. B. Units must be reserved for lower income households for a period of at least fifteen (15) years. C. Rent for lower-income households shall be no more than an amount equal to thirty percent (30%) multiplied by eighty percent (80%) of the Tri-Valley Median Income for the maximum sized household capable of occupying the unit. For instance, using present HUD regulations, rent for a two bedroom unit could be set up to, but not exceeding, 30% of 80% of the Tri-Valley Median Income for a household of four.