Laserfiche WebLink
<br />4. <br /> <br />jncome Affordabilitv and Occupancy Restriction <br /> <br />In accordance with the provisions of the Community Development Block Grant <br />(CDBG) Program, the dwelling on this property shall be subject to CDBG <br />Program requirements and shall be at all times, occupied by a qualified low <br />income household. A Qualified low-income household shall: <br /> <br />. have a household income no greater than 50% of the area median income <br />established by HUD for San Mateo County, and <br />. shall be a resident within the incorporated limits of the City of Redwood City <br />at the time of application <br /> <br /> ery ow ncome ImIts <br />Family 1 2 3 4 5 6 7 8 <br />Size <br />Annual $24,000 $27,450 $30,850 $34,300 $37,050 $39,800 $42,550 $45,300 <br />Income <br /> <br />1998 V <br /> <br />L <br /> <br />I <br /> <br />L. . <br /> <br />Rent terms to Beneficiary shall provide a monthly payment not to exceed 30% of <br />adjusted gross household income. Household income shall be reviewed <br />annually by Contractor and rent payments adjusted accordingly to provide <br />affordable rents over the life of this agreement, or for a term not to exceed 30 <br />years or when services provided under this agreement cease to exist, or upon <br />sale of the property or transfer of title, whichever comes first. <br /> <br />B. <br /> <br />DUE ON SALE <br /> <br />If Contractor elects to sell the property and not perform the conditions of their <br />agreement, the sale must be at Fair Market Value as established by an appraisal <br />completed in accordance with federally accepted appraisal practices. The <br />appraiser must be approved by City. The Contractor shall be responsible for the <br />cost of said appraisal. Contractor shall pay to the City the sum of Fifty Seven <br />Thousand Five Hundred and no Dollars ($57,500.00) plus any accrued equity <br />based on the prorated City share of the CDBG funds on the then current Fair <br />Market value of the property. <br /> <br />c. <br /> <br />USE <br /> <br />Contractor shall use the Property exclusively for independent living housing for <br />developmentally disabled adults. If Contractor discontinues the above-stated use <br />at the subject Property, or uses the Property or any portion thereof, for purposes <br />other than what has been described in this Paragraph without first obtaining the <br /> <br />2 <br />