RES 85299 - Laserfiche WebLink

The City agrees that compliance by the Developer with the terms of this Agreement shall constitute compliance with the City's Growth Management Program and the requirements of Resolution 82-66 adopted by the City on the 23rd day of February, 1982, as amended thereafter." 2. Occupancy by Lower or Moderate Income Mouseholds: The Developer agrees that not less than five (5) of the total number of dwelling units in the Project shall be made available and rented at "affordable rents" to "lower or moderate income households" ("five (5) affordable rental units"). The five units reserved for low and moderate income households and rented at affordable rents shall be Lots 5, 7, 13, 14 and 17 as shown in Tract 5364 (the "Lots"). These shall be the only lots within Tract 5364 subject to a continuing obligation to comply with the obligations of this Agreement. 3. Lower or Moderate Income Household: For the purpose of this Agreement, "lower or moderate income households" means those households with income no greater than eighty percent (80%) of the median family income for the Oakland Primary Metropolitan Statistical Area for a family of four (4) persons, adjusted up or down for larger or smaller household sizes and as established by HUD. Tenants who meet the income limit at the time of initial occupancy will be considered lower or moderate income households as long as they remain in occupancy regardless of increase in their income. In addition, a unit vacated by a lower or moderate income household can be included in satisfying lower or moderate income occupancy requirement until it iS leased to another tenant. 4. Maximum Rent: The units reserved for occupancy by lower or moderate income households shall be rented at "affordable rent" levels. The units reserved for lower income households shall consist of four three-bedroom units and one two-bedroom unit. A. Affordable rent for two (2) bedroom units in the Project means a monthly rental which does not exceed thirty percent (30%) of one-twelfth (1/12th) of the maximum household income of which a household of four (4) persons would qualify as a "lower or moderate income household' within the meaning of Section 3 hereof. B. Affordable rent for three (3) bedroom units in the project means a monthly rental which does not exceed thirty percent (30%) of one-twelfth (1/12th) of the maximum household income of which a household of six (6) persons would qualify as a "lower or moderate income household" within the meaning of Section 3 hereof. 5. Rent Adjustments: - 2 -