RecDoc 2011-155321 - Laserfiche WebLink

Browse Search

determine the income for households in San Mateo County at one hundred twenty percent (120%) of the median yearly income, adjusted for family size. (c) Qualified Buyers income shall be calculated on the basis of their "Gross Income", as defined under Title 25, Section 6914, of the California Code of Regulations, as amended from time to time. 11. Determination of Resale Price. The sales price for a Transfer of the Subject Affordable Unit to a Qualified Buyer or to the City (the "Deed-Restricted Resale Price") shall be as defined below, provided that the Deed-Restricted Resale Price shall never exceed the fair market value of the Subject Affordable Unit on the date of Transfer. (a) The Deed-Restricted Resale Price. The Deed-Restricted Resale Price for any Transfer of the Subject Affordable Unit to a Qualified Buyer or to City or its assignee shall be the sum of the sales price of the Subject Affordable Unit at the time of purchase by the Owner, the Appreciation Share, and the Sales Price Adjustment, as defined and calculated in the following manner: (i) Aopreciation Share. The Appreciation Share of the Subject Affordable Unit means the product of the amount for which the Owner originally purchased the unit multiplied by the percentage increase in household income in San Mateo County for a family of four (4) at one hundred twenty percent (120%) of the median household income. The percentage increase shall be computed from the date on which Owner originally purchased the Subject Affordable Unit (the "Beginning Date") to the date on which the City or its assignee received the Notice of Intended Transfer required by Section 8 above (the "Ending Date"). Median household yearly income shall be determined according to HUD publications for San Mateo County published most closely prior to the Beginning Date and Ending Date, respectively, or if necessary, in the manner specified in Section 10(b) of this Resale Restriction Agreement. (ii) Sales Price Adiustments. The Deed-Restricted Resale Price shall be increased by the value of any substantial structural or permanent fixed improvements which cannot be removed without substantial damage to the Subject ' Affordable Unit or substantial or total loss of value of said improvements. No such adjustment shall be made except for improvements: (A) made or installed by the Owner; (B) approved in advance by City or its designee; and (C) whose initial costs were Two Thousand Dollars ($2,000.00) or more. The value of such improvements by which the Deed-Restricted Resale Price shall be adjusted shall be the appraised market value of the improvements when considered as