Reso25-02 0024 PC Reso 901 El Camino Real

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Page 5 of 42 (i) “Area Median Income” or “AMI” means the median gross yearly income adjusted for Actual Household Size (to qualify residents) or Assumed Household Size (to calculate rents), as applicable, in San Mateo County, either as applicable (i) as published from time to time by the State of California Department of Housing and Community Development; or (ii) as determined by the Secretary of the Treasury of the United States for purposes of Section 42 of the Internal Revenue Code. In the event that such income determinations are no longer published, or are not updated for a period of at least eighteen (18) months, the City shall provide the Affordable Developer with other income determinations which are reasonably similar with respect to methods of calculation to those previously published by the State. (j) “Assumed Household Size” shall have the meaning set forth in Section 2.2(d). The definition is utilized to calculate affordable rent and is not intended to be a limit on the number of persons occupying a unit. (k) “City” has the meaning set forth in the preamble above. (l) “CTCAC” means the California Tax Credit Allocation Committee. (m) “Density Bonus Units” means the units permitted beyond the base density that would otherwise be allowed on a parcel pursuant to local zoning, as allowed under Government Code 65915. (n) “Donor” has the meaning set forth in Recital B above. (o) “HCD” means the California Department of Housing and Community Development. (p) “Household Income” means the total anticipated annual income of all persons in a household, as calculated in accordance with 25 California Code of Regulations Section 6914 or pursuant to a successor State housing program that utilizes a reasonably similar method of calculation of adjusted income. In the event that no such program exists, the City shall provide the Affordable Developer with a reasonably similar method of calculation of adjusted income as provided in said Section 6914. For Affordable Units that are subject to Affordable Rents as provided by CTCAC, the Household Income shall be set at an amount consistent with the household income levels as determined by the CTCAC. (q) “Investor Limited Partner” means (if applicable), the tax credit limited partner or partners, and their respective successors and assigns, admitted to the Affordable Developer's partnership in connection with the issuance of low income housing tax credits to the Affordable Development. (r) “Low-Income Household” means a household with an annual Household Income no greater than the maximum income for low-income households, as published annually by the City for each household size, based on either United States Department of Housing and Urban Development (HUD) income limits for San Mateo County or the California Department of Housing and Community Development (HCD) income limits for San Mateo County, as applicable. ATTY/RESO.0024/PC RESO 901 EL CAMINO REV: 04-11-25 VR