AgdaPkt 2003-03-24 - Laserfiche WebLink

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4, X315 have a household income no greater than 50% of the area median income established by HUD for San Mateo for 4 units, • shall be a resident within the incorporated limits of the City of Redwood City prior to the time of application, unless no such residents qualify, and then in accordance with the marketing standards set forth in Section 3, and • for two bedroom and larger units, the City requires occupancy preference be given to large households, as defined by the City's Consolidated Plan which documents the greatest housing need for large family households of four or more persons. INCOME LIMITS BY FAMILY SIZE 2003 SAN MATED COUNTY INCOME LIMITS Rent terms to Beneficiary shall provide a monthly payment not to exceed 30% of 50% of median income as applicable (For purposes of this agreement, rent terms shall be defined as housing costs are defined as rent plus utilities). Household income shall be reviewed annually by Contractor and payments adjusted accordingly during the life of this agreement. 5. Affordability Restriction The term of said affordability restriction shall be thirty (30) years from date of recordation of the Deed of Trust held by the Agency. 6. Environmental Review Contractor shall comply with mitigations required pursuant to NEPA review dated August 17, 2002. Agency shall make said report available to Contractor at the time Contractor signs this agreement. B. REVERSION OF ASSETS If Contractor elects to sell or transfer the Property or any part, or portion thereof, or interest therein, or discontinue the affordable housing program and not perform the 3/3/2003 -- - - - - -- -INCOME LIMITS BY FAMILY SIZF— ----- Income C 1 2 3 4 5 1 6 7 8 Extremely Low 30% $23,750 $27,150 j $30,550 $33,950 36,650 "39,350 ;, 4Z050 44,800 Very Lo 50-A Income $39,600 $45,250 $50,900 j $56,550 I $61,050 $65,600 $70,100 $74,650 i Low Income $63,350 $72,400 $81,450 90,500 $97,700 ! $104,950 7 $112 200 $119 450 Rent terms to Beneficiary shall provide a monthly payment not to exceed 30% of 50% of median income as applicable (For purposes of this agreement, rent terms shall be defined as housing costs are defined as rent plus utilities). Household income shall be reviewed annually by Contractor and payments adjusted accordingly during the life of this agreement. 5. Affordability Restriction The term of said affordability restriction shall be thirty (30) years from date of recordation of the Deed of Trust held by the Agency. 6. Environmental Review Contractor shall comply with mitigations required pursuant to NEPA review dated August 17, 2002. Agency shall make said report available to Contractor at the time Contractor signs this agreement. B. REVERSION OF ASSETS If Contractor elects to sell or transfer the Property or any part, or portion thereof, or interest therein, or discontinue the affordable housing program and not perform the 3/3/2003