AgdaPkt 2020-11-16 Special - Laserfiche WebLink

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S.A. - Page 75 of 302 The Affordable Housing Agreement term shall be for a period of 55 years from the date of final certificate of occupancy. The affordable housing agreement shall specify the number, type, location, size, and phasing of all affordable units, provisions for marketing, income certification and screening of potential renters of units including the financing of ongoing administrative and monitoring costs, consistent with the approved affordable housing plan. The affordable housing agreement shall specify the delivery of these units relative to the commercial development and to the market rate units, consistent with condition #4 (Affordable Housing). f. Affordable Housing Agreement for Parcel F with the City restricting the rental of thirty- eight (38) units, comprised of i. Eight (8) one -bedroom units to low income households (as defined in Health & Safety Code Section 50079.5) which shall in no event exceed 80 percent of area median income, adjusted for family size at an "affordable rent" including a reasonable utility allowance (as defined in Health & Safety Code Section 50053); and ii. Fifteen (15) studio units to very low income households (as defined in Health & Safety Code Section 50105) which shall in no event exceed 50 percent of area median income, adjusted for family size at an "affordable rent" including a reasonable utility allowance (as defined in Health & Safety Code Section 50053); and iii. Fifteen (15) studio units to extremely low income households (as defined in Health & Safety Code Section 50106) which shall in no event exceed 30 percent of area median income, adjusted for family size at an "affordable rent" including a reasonable utility allowance (as defined in Health & Safety Code Section 50053). The affordable housing agreement term shall be for a period of 55 years from the date of final certificate of occupancy. The affordable housing agreement shall specify the number, type, location, size, and phasing of all affordable units, provisions for marketing, income certification and screening of potential renters of units including the financing of ongoing administrative and monitoring costs, consistent with the approved affordable housing plan. Twenty-two (22) of the affordable units located on Parcel F shall serve as the replacement units required by the demolition of the existing residential units located at 1306 Main Street, including any replacement unit obligations pursuant to federal and state law. The affordable housing agreement for Parcel F shall stipulate the replacement unit obligations. The remaining sixteen (16) affordable units located on Parcel F shall also serve as fulfilling a portion of the affordable housing requirement for the commercial development on Parcels B, C, and E. The affordable housing agreement shall specify the delivery of these units relative to the commercial development and to the market rate units, consistent with condition #4 (Affordable Housing). As proposed by the applicant, up to sixteen (16) units may be reserved for those with developmental disabilities. The affordable units located at Parcel F shall be constructed at a quality commensurate with a Tax Credit ATTY/RESO.0125/PC RESO SOUTH MAIN MIXED USE PROJECT— ENTITLEMENT REV: 11-03-2020 PR Page 21 of 38 78