Agmt25 El Camino Real Holding JV LLC, - 920 Shasta

Browse Search

ATTY/AGR/2025.084/920 SHASTA AFFORDABLE HOUSING LAND DONATION AGREEMENT REV: 10-16-25 VR Exhibit B-2 - 17 (ii) Thirty percent (30%) of the displaced person’s average, monthly gross household income. If a tenant refuses to provide appropriate evidence of income or is a dependent, the base monthly rent shall be determined to be the average monthly cost for rent and utilities at the displacement dwelling; or (iii) The total of the amount designated for shelter and utilities if receiving a welfare assistance payment from a program that designated the amounts for shelter and utilities 3. Downpayment Assistance to Tenants Who Choose to Purchase The displaced household may opt to apply the entire benefit amount for which they are eligible toward the purchase of a replacement unit. Residential tenants, who are otherwise eligible to receive the rental assistance payment described above, may choose to receive a lump sum payment equal to forty-two months of rental subsidy (including LRH benefits) to purchase a new home. A displaced household, who chooses to utilize up to the full amount of their rental assistance eligibility (including any LRH benefits) to purchase a home, will have the funds deposited in an open escrow account, provided that the entire amount is used for the down payment and eligible, incidental costs associated with the purchase of a decent, safe, and sanitary replacement home. A provision shall be made in the escrow arrangements for the prompt return of the Developer funds, in the event escrow should fail to close within a reasonable period of time. Final determination about the type of relocation benefits and assistance for which the household is eligible will be determined upon verification of the household’s occupants, length of occupancy and income. 4. One-for-One Replacement Unit Requirement The Housing Crisis Act of 2019 (SB 330) and SB 8 dictates replacement requirements for certain “protected units.” Protected Units include a variety of different scenarios: rent controlled units, units occupied by low-income tenants, units with low-income rent levels, units where an Ellis Act eviction has taken place in the last 10 years, and units with BMR rents instituted as part of a deed restriction or covenant. Developers are required to replace all units fitting these descriptions as part of any housing development on a site with existing housing. All Protected Units that existed on site within the last five years must be replaced with equivalent sized units in the new development. For the purposes of SB 330 obligations, both Project residential dwellings are considered “Protected Units.” Existing tenants to be permanently displaced from a Protected Unit must be offered the Right of First Refusal as follows: A right of first refusal for a comparable dwelling unit available in the new development affordable to the household at an affordable rent or affordable housing cost based on household income.