Laserfiche WebLink
6.1.B. - Page 2 <br /> Affordability Agreement ("Agreement"). The Agreement includes affordability terms and <br /> requirements similar to the County AHA. The City agreement requires the four units to <br /> be affordable to households that are low income, with incomes at or below 80% of the <br /> area median income for a period of 55 years. <br /> The Developer intends operate the project as rental apartments for the foreseeable <br /> future but also prepared for the option to sell the units in the future. During the time the <br /> project is operated as rental apartments the affordable units will be made available to <br /> low income households for a period of 55 years or until the units are sold as <br /> condominium units. Upon the owners election to sell the units the sales price of the <br /> affordable units shall be affordable to low income households for a period of 45 years <br /> and each tenant occupying an affordable unit shall be given the opportunity to purchase <br /> the unit. <br /> ALTERNATIVES <br /> City Council could decide to withhold approval of the agreement, but this alternative <br /> would be inconsistent with the Council's strategic initiatives and goals to increase the <br /> supply of affordable housing units in Redwood City. <br /> FISCAL IMPACT <br /> The total amount of the Park Impact Fee for this project was $1 ,428,722.25. The <br /> affordable housing credit for the four units is $49,169.84. <br /> ENVIRONMENTAL REVIEW <br /> This is not a project under CEQA as defined in CEQA guidelines, section 15378, as it <br /> has no potential for resulting in either a direct or foreseeable physical change in the <br /> environment. <br />