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<br />For purposes of determining the maximum income and monthly housing costs <br />necessary to support the sales price of the affordable units: <br />Eligible Households for participation shall be households earning no more than 120010 of <br />median who pay no more than 300/0 of their household income for housing costs. For <br />example: <br /> <br />78 <br />Page 3 <br /> <br />Moderate Household income for two people at 120% of median income is $90,600. The <br />maximum this household can pay for housing costs is 300/0 of their household income. <br />Income $90,600 <br />Maximum Housing Costs 300/0 <br />Available for housing costs $27,180 <br /> <br />AL TERNA TIVES <br />Do not approve the Declaration of Rental Affordability Covenants for 885 Woodside <br />Road Housing Project and the project construction will likely be stalled until the housing <br />market recovers. <br /> <br />Do not approve the Declaration of Ownership Affordability Covenants and the 6 units in <br />question will ultimately be sold at market rate. Without a regulatory agreement, the <br />project would not support the City's affordable housing requirements, nor guarantee that <br />the units remain affordable for 45 years. <br /> <br />FISCAL IMPACT <br />Redwood City is not responsible for funding development of the affordable housing <br />project. The City may, however, decide to provide some form of homeownership <br />assistance to Qualified Eligible Buyers when the units are available for sale. Various <br />homebuyer assistance options may be provided to Council as part of the numerous <br />programs proposed in the City's updated Housing Element. <br /> <br /> <br />/) r.. <br />. /--- a-P;; { .h~~~ <br />Patricia J. Webb, <br />Housing & Economic Development Manager <br /> <br />~<y <br /> <br />Chu Chang <br />Acting Community Development Director <br /> <br />~ <br />Peter Ingram <br />City Manager <br /> <br />/ <br /> <br />ATTACHMENTS <br />1. Declaration of Affordability Covenants for 885 Woodside Road Condominium <br />Housing Project and Resale Restriction Agreement and Option to Purchase <br /> <br />RELATED DOCUMENTS IN CITY CLERK'S OFFICE <br />1. 885 Woodside Road Precise Plan <br />