Reso25-02 0024 PC Reso 901 El Camino Real

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Page 8 of 42 Ordinance, (the “AH Restrictions”), and provisions to enforce Affordable Developer's obligation under Government Code section 65915 (“Density Bonus Restrictions”), to construct, or cause to be constructed, the Affordable Development. The AH Restrictions and the Density Bonus Restrictions are collectively, the “City Senior Restrictions.” The City Senior Restrictions may not be subordinated to any lien or encumbrance whatsoever. Section 2.2 Allowable Rent. (a) Affordable Rent. Rent for the Affordable Units shall not exceed the Affordable Rent applicable to Very Low Income Units and Low Income Units set forth below, and in no circumstance may more than 80% or seventy-nine (79) of the Affordable Units be subject to Affordable Rent as determined by CTCAC. To the extent the Affordable Rent allowed hereunder conflict with rents set forth in Section 50053 of the California Health and Safety Code, the rents allowed here under shall prevail. The City shall also permit alternative criteria, when necessary, to be consistent with State and Federal statutes and regulations governing publicly financed rental housing. (b) Very Low-Income Rent. Subject to Section 2.3 below, the Rent charged to Residents of the Very Low-Income Units shall not exceed the Very Low-Income Rent. (c) Low Income Rent. Subject to Section 2.3 below, the Rent charged to Residents of the Low-Income Units shall not exceed the Low-Income Rent. (d) No Additional Fees. The Affordable Developer shall not charge any fee, other than the Affordable Rent, to any Resident for any housing or other services provided by the Affordable Developer. (e) Initial and Subsequent Rents. No later than November 1 of each calendar year, the City shall provide the Affordable Developer with a schedule of permissible maximum Very Low Income Rents and Low Income Rents for the succeeding year. Under no circumstance may Affordable Developer raise rents above the permissible maximum rents as allowed under the annual rent schedule provided by the City and/or CTCAC, as applicable. (f) Assumed Household Size. In calculating the allowable Rent for the Affordable Units, the following “Assumed Household Sizes” shall be utilized pursuant to the terms of Health and Safety Code Section 50052.5(h), except as set forth below: Number of Bedrooms Assumed Household Size Studio 1 One 2 Two 3 Three 4 For up to 80% of the Affordable Units in the Affordable Development that are charged Affordable Rents as determined by CTCAC, the following Assumed Household Size may (at Affordable Developer's election) be used: ATTY/RESO.0024/PC RESO 901 EL CAMINO REV: 04-11-25 VR