AgdaPkt 2021.02.08 Joint SA PFA - Laserfiche WebLink

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6.B. - Page 49 of 113 information for such units, including without limitation, all financing provided by Developer and all " silent" mortgages that require no debt service payments, City shall provide Developer with its determination of the then -current Affordable Sales Price, calculated in accordance with this Agreement. The Affordable Sales Price calculation shall take into consideration the interest rate and down payment requirements of all financing for the applicable unit, including any deferred payment or "silent" subordinate mortgages. City and Developer agree to meet and confer in good faith if Developer disagrees with City' s calculation of the Affordable Sales Price. 8. Buyer Selection. (a) Use of City List of Prospective Purchasers. The City may maintain a list of potential Eligible Households. Developer agrees to include any such list in marketing the BMR Units, and agrees to honor any priorities established by such list or otherwise specified in this Agreement to the extent consistent with State and federal fair housing laws; provided however, Developer shall retain responsibility to verify prospective purchasers' income, qualifications, and eligibility to purchase a BMR Unit. (b) Preferences. Through the review and approval of the Marketing Plan, Developer shall work with City to develop a methodology that, subject to paragraphs (e) and (fl below, will provide a preference in the sale of BMR Units to Eligible Households that include at least one member who lives or works in the City of Redwood City or who works for a school district, fire district, or as a police officer or public safety officer serving residents living in Redwood City. (c) Income Verification. Prior to entering into a contractual commitment to sell each BMR Unit, Developer shall provide a certification to City attesting to the prospective buyer' s household income and status as an Eligible Household. In connection with such certification, prospective purchasers shall be required to provide written certification of household income, including without limitation such documents as income tax returns for the previous calendar year, W-2 statements, and pay stubs. (d) Owner -Occupancy. The BMR Units must be occupied as the principal residence of the owner of the unit. The Resale Restriction Agreement will require purchasers of the BMR Units to sign a written statement acknowledging their agreement that the BMR Unit must be occupied as the purchaser' s principal residence, that the unit may not be rented or leased except as allowed under the Resale Restriction Agreement, that the purchaser may not make the unit available for short term rental, and that the purchaser is required to annually sign a written statement certifying compliance with all of the foregoing requirements. (e) Compliance with Fair Housing Laws; Nondiscrimination. Developer shall comply with all state and federal fair housing laws, rules, regulations and guidelines in the marketing and sale of the residential units in the Project. Developer may require each prospective Eligible Household to complete an application and credit and background check. There shall be no obligation to sell a BMR Unit to a prospective buyer whose application and credit check does not demonstrate ability to purchase the unit. IOMMi3WaVaa9: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 45 of 109) 62