Reso25-02 0024 PC Reso 901 El Camino Real

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Page 6 of 42 (s) “Low-Income Rent” means the Affordable Rent permitted to be charged for a Low-Income Unit, shall not exceed one-twelfth (1/12th) of thirty percent (30%) of sixty percent (60%) of Median Income, adjusted for Assumed Household Size, and as provided to the Affordable Developer annually by the City, or as published by CTCAC for 80% AMI households, as applicable. The City shall also permit alternative criteria, when necessary, to be consistent with State and Federal statutes and regulations governing publicly financed rental housing. (t) “Low-Income Units” means Affordable Units required to be occupied by Low-Income Households. (u) “Management Agent” has the meaning set forth in Section 5.2 below. (v) “Management Plan” has the meaning set forth in Section 5.1 below. (w) “Affordable Developer” has the meaning set forth in the preamble above. (x) “Rent” means the total of monthly payments by the Resident for the following: (1) use and occupancy of the Affordable Unit and land and associated facilities; (2) any separately charged fees or service charges assessed by Affordable Developer which are required of all Residents, including parking, other than security deposits; (3) the cost of an adequate level of service for utilities paid by the Resident, including garbage collection, sewer, water, electricity, gas and other heating, cooking and refrigeration fuel (estimated using utility allowance calculations), but not cable or telephone service; and (4) any other interest, taxes, fees or charges for use of the land or associated facilities and assessed by a public or private entity other than Affordable Developer and paid by the Resident. (y) “Resident” means a household occupying an Affordable Unit. (z) “Resident Selection Criteria” means the process by which the Affordable Developer determines a household's eligibility to reside in an Affordable Unit, as approved by the City. (aa) “Term” which commences as of the date of this Agreement and, unless terminated earlier or extended by the Parties pursuant to this Agreement, ends fifty-five (55) years from the date that the final certificate of occupancy is issued for the Affordable Site. (bb) “Very Low-Income Household” means a household with an annual Household Income no greater than the maximum income for very low income households, as published annually by the City for each household size, based on either United States Department ATTY/RESO.0024/PC RESO 901 EL CAMINO REV: 04-11-25 VR