Laserfiche WebLink
the Rent for the remaining Affordable Units shall be set at an amount consistent with the <br />maximum rent levels for the appropriate Household Income levels as determined by the CTCAC. <br />(g) "Affordable Site" has the meaning set forth in Recital B above. <br />(h) "Affordable Units" means the 119 units in the Affordable Project. <br />(i) "Agreement" has the meaning set for in the preamble above. <br />6) "Area Median Income" or "AMI" means the median gross yearly income <br />adjusted for Actual Household Size (to qualify residents) or Assumed Household Size (to <br />calculate rents), as applicable, in San Mateo County, either as applicable (i) as published from <br />time to time by the State of California Department of Housing and Community Development; or <br />(ii) as determined by the Secretary of the Treasury of the United States for purposes of Section <br />42 of the Internal Revenue Code. In the event that such income determinations are no longer <br />published, or are not updated for a period of at least eighteen (18) months, the City shall provide <br />the Owner with other income determinations which are reasonably similar with respect to <br />methods of calculation to those previously published by the State. <br />(k) "Assumed Household Size" shall have the meaning set forth in <br />Section 2.2(d). The definition is utilized to calculate affordable rent and is not intended to be a <br />limit on the number of persons occupying a unit <br />(1) `Building Three" has the meaning set forth in Recital B above. <br />(m) "City" has the meaning set forth in the preamble above. <br />(n) "CTCAC" means the California Tax Credit Allocation Committee. <br />(o) "Developer" has the meaning set forth in Recital B above. <br />(p) "Density Bonus Units" means the units permitted beyond the base density <br />that would otherwise be allowed on a parcel pursuant to local zoning, as allowed under <br />Government Code 65915. <br />(q) "Extremely Low -Income Household" means a household with an annual <br />Household Income no greater than the maximum income for extremely low income households, <br />as published annually by the City for each household size, based on either United States <br />Department of Housing and Urban Development (HUD) income limits for San Mateo County or <br />the California Department of Housing and Community Development (HCD) income limits for <br />San Mateo County, as applicable. <br />(r) `Extremely Low -Income Rent" means the Affordable Rent permitted to be <br />charged for an Extremely Low -Income Unit, and as provided to the Owner annually by the City <br />or as published by CTCAC for 30% AMI households, as applicable. <br />(s) `Extremely Low -Income Units" means Affordable Units required to be <br />occupied by Extremely Low -Income Households. <br />REV: 07-12-24 VR <br />1199\1013491196.8 <br />