AgdaPkt 2021.02.08 Joint SA PFA - Laserfiche WebLink

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6.B. - Page 48 of 113 substantially in the form attached hereto as Exhibit B, and recorded in the Official Records at the closing for the sale of each BMR Unit. 3. Term, Recordation. This Agreement shall remain in full force and effect through the fifty-fifth (551h) anniversary of the date that the City issues a final certificate of occupancy or equivalent for the Project. This Agreement shall be recorded in the Official Records promptly following execution by all parties, but in all events prior to the issuance of the first residential occupancy permit for the Project. 4. Number of BMR Units. All twenty (20) units in the Project shall be sold at Affordable Sales Prices to Eligible Households that qualify as Low -Income Households. The BMR Units shall be of the following sizes: 5. Intentionally omitted. 6. Intentionally omitted. 7. Sale of BMR Units, Determination of Affordable Sales Price. (a) The BMR Units may be sold only to Eligible Households who are Low -Income Households, and must be sold at a sales price that will result in Affordable Housing Cost to the homebuyer based on the homebuyer' s household Gross Income; provided however, for the two (1) units that enabled the Project to qualify under State Density Bonus Law, if the homebuyer' s household Gross Income is less than 70% of Area Median Income adjusted for Actual Household Size, the maximum sales price shall be the price that will result in an Affordable Housing Cost equal to not greater than one -twelfth of thirty percent (30%) of seventy percent (70%) of Area Median Income adjusted for Assumed Household Size for the unit. (b) The sale price of each BMR Unit may not exceed the lesser of the Affordable Sales Price and the fair market value. (c) Prior to offering a BMR Unit for sale, Developer shall provide not less than 90 days' written notice to City of Developer's intent to offer BMR Units for sale. Within 20 days of City's receipt of Developer' s notice of intent to sell BMR Units accompanied by all applicable financing I0MMOV11►b1i■9:t 1619\01\2924770.1 10/9/2020 OAK #4847-7408-069700 ATTY/AGR.2020.305/Habitat for Humanity Greater San Francisco (Grant Agreement w/ Exhibits) (Page 44 of 109) 61 Low -Income 1 - Bedroom 5 2 - Bedroom 10 3 - Bedroom 5 Total 20 5. Intentionally omitted. 6. Intentionally omitted. 7. Sale of BMR Units, Determination of Affordable Sales Price. (a) The BMR Units may be sold only to Eligible Households who are Low -Income Households, and must be sold at a sales price that will result in Affordable Housing Cost to the homebuyer based on the homebuyer' s household Gross Income; provided however, for the two (1) units that enabled the Project to qualify under State Density Bonus Law, if the homebuyer' s household Gross Income is less than 70% of Area Median Income adjusted for Actual Household Size, the maximum sales price shall be the price that will result in an Affordable Housing Cost equal to not greater than one -twelfth of thirty percent (30%) of seventy percent (70%) of Area Median Income adjusted for Assumed Household Size for the unit. (b) The sale price of each BMR Unit may not exceed the lesser of the Affordable Sales Price and the fair market value. (c) Prior to offering a BMR Unit for sale, Developer shall provide not less than 90 days' written notice to City of Developer's intent to offer BMR Units for sale. Within 20 days of City's receipt of Developer' s notice of intent to sell BMR Units accompanied by all applicable financing I0MMOV11►b1i■9:t 1619\01\2924770.1 10/9/2020 OAK #4847-7408-069700 ATTY/AGR.2020.305/Habitat for Humanity Greater San Francisco (Grant Agreement w/ Exhibits) (Page 44 of 109) 61