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Res17 15621
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Res17 15621
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Last modified
10/11/2019 7:56:55 AM
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10/11/2019 7:56:39 AM
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CC Index
CC Index - Document Type
Resolution
Agency Type
City Council
Date
9/25/2017
Description
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDWOOD CITY APPROVING, AND AUTHORIZING THE CITY MANAGER TO EXECUTE, A DISPOSITION AND DEVELOPMENT AGREEMENT BETWEEN THE CITY OF REDWOOD CITY AND MP BRADFORD ASSOCIATES, L.P. FOR 707 BRADFORD STREET
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by this Agreement or require stricter household income eligibility or affordability requirements <br /> than those imposed hereby, the requirements of such other lenders, investors or regulatory <br /> agencies shall prevail . <br /> 2.2 Rents for Restricted Units. Rents for Restricted Units shall be limited to <br /> Affordable Rents for households of the applicable income limit specified in Section 0. <br /> Notwithstanding the foregoing, no tenant qualifying for a Restricted Unit shall be denied <br /> continued occupancy of a unit in the Project because, after admission, such tenant's household <br /> income increases to exceed the qualifying limit for such Restricted Unit. A household which at <br /> initial occupancy qualifies in a particular income category shall be treated as continuing to be of <br /> such income category so long as the household's gross income does not exceed one hundred <br /> forty percent ( 140%) of the applicable income limit. In the event the gross household income of <br /> a household that qualified at the applicable income limit at initial occupancy exceeds the <br /> applicable income limit for a unit, that unit will continue to be considered as satisfying the <br /> applicable income limit if the unit remains Rent-Restricted. <br /> If upon recertification of tenant incomes, Owner determines that a tenant has a household <br /> income exceeding the maximum qualifying income for such tenant's unit as set forth in Section 0 <br /> ("Maximum Qualifying Income"), the tenant shall be permitted to continue to occupy the unit, <br /> and upon expiration of the tenant's lease and upon sixty (60) days' written notice, Owner may <br /> increase the rent for such unit to the lesser of one-twelfth of thirty percent (30%) of the tenant's <br /> actual household income or the fair market rent, and Owner shall rent the next available unit to a <br /> tenant whose household income does not exceed the applicable income limit in order to achieve <br /> the affordability requirements of this Agreement. <br /> In the event of inconsistency between the provisions of this Section 0 and the rules <br /> applicable to the Project in connection with low-income housing tax credits, tax-exempt bonds, <br /> or other sources of public financing provided for the Project, the rules applicable pursuant to <br /> such financing source shall prevail. <br /> 2.3 . Manager's Unit. One ( 1 ) dwelling unit in the Project may be used as a resident <br /> manager' s unit, and shall be exempt from the occupancy and rent restrictions set forth in this <br /> Agreement. <br /> 2.4. No Condominium Conversion. Owner shall not convert the residential units in the <br /> Project to condominium or cooperative ownership or sell condominium or cooperative rights to <br /> the residential units in the Project during the term of this Agreement. <br /> 2.5 Non-Discrimination; Compliance with Fair Housing Laws. <br /> 2.5 . 1 Intentionally omitted. <br /> 2.5.2 Fair Housing. Owner shall comply with state and federal fair housing <br /> laws in the marketing and rental of the units in the Project. Owner shall accept as tenants, on the <br /> same basis as all other prospective tenants, persons who are recipients of federal certificates or <br /> vouchers for rent subsidies pursuant to the existing Section 8 program or any successor thereto. <br /> ATY/AGR/2017.218/RWC — BRADFORD — DDA <br /> REV: 09-18-17 VR <br /> Page 67 of 94 <br />
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