RES 84628 - Laserfiche WebLink

Additional City ReqcuirementS. For a period of 15 years after the date on which 50% of the units in the Project are occupied, the following additional City requirements shall apply: (a) Not less than 32 of the 144 dwelling units in the Project upon completion shall be rented or held vacant and available for rental at affordable rents to low or moderate income households. Sixteen of the 32 dwelling units shall be one-bedroom units and 16 of such dwelling units shall be two-bedroom units. Units offered by the Owner to low or moderate income households shall be of comparable size and quality as other units in the Project. (b) With respect to any household at the time such household rents a unit referred to above, "low or moderate income households" means households with incomes less than or equal to eighty percent (80%) of the median family income for the San Francisco-Oakland Standard Metropolitan Statistical Area for a family of four persons, adjusted up or down for other household sizes and as established by the United States Department of Housing and Urban Development. With respect to any one-bedroom unit, "affordable rent" means a monthly rent which does not exceed thirty percent (30%) of one-twelfth (1/12th) of the maximum household income at which a household of two persons would qualify as a "low or moderate income household" within the meaning of this paragraph. With respect to any two-bedroom unit, "affordable rent" means a monthly rent which does not exceed thirty percent (30%) of one-twelfth (1/12th) of the maximum household income at which a household of four persons would qualify as a "low or moderate income household" within the meaning of this paragraph. The City has agreed not to adopt any other rent limitations applicable to the Project. (c) Annual rent increases for units referred to above shall be limited to the percentage of increase in the median family income for the San Francisco-Oakland Standard Metropolitan Statistical Area, as determined by the United States Department of Housing and Urban Development. (d) In the event that the United States Department of Housing and Urban Development fails to issue revised median family income statistics for the San Francisco-Oakland Standard Metropolitan Statistical Area within fifteen (15) months of the previous such issuance, rents for units referred to above may be adjusted based on the annual percentage increase in the San Francisco-Oakland Consumer Price Index for urban wage earners and clerical warkers.