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6.1.K. - Page 2 <br /> as Exhibit B to the Affordable Housing Agreement sets forth the current income limits <br /> (which are adjusted on an annual basis) and affordable rents as determined by the City. <br /> If, following the date of this Agreement, the developer desires to operate the Project as <br /> a "for-sale" rather than a "rental" project, the developer may permit the sale of the <br /> affordable units in accordance with the Affordable Housing Agreement. In order to <br /> ensure compliance with the Affordable Housing Agreement in connection with the sale <br /> and transfer of the affordable units, the affordable units shall be sold at a purchase price <br /> that would be considered affordable to a purchaser whose income is between 80 and <br /> 100 percent of AMI, as calculated by the City, pursuant to California Health and Safety <br /> Code Section 50052.5, adjusted for household size, depending on the number of <br /> bedrooms (or bedroom size equivalent). <br /> The Affordable Housing Agreement has been prepared by the City and agreed to by the <br /> developer and now requires City Council approval. The Affordable Housing Agreement <br /> describes the details of this project relating to the number and type of affordable units. <br /> The purpose of the proposed Agreement is to ensure that the City can count the units <br /> towards its regional housing need allocation (RHNA) obligation and to ensure that these <br /> affordable units remain affordable to median income households as rental units or upon <br /> transfer and resale as ownership (e.g. condominium) units. <br /> ALTERNATIVES <br /> The City Council could decide not to approve the Affordable Housing Agreement. <br /> FISCAL IMPACT <br /> Redwood City is not responsible for funding construction of the affordable units. City <br /> housing staff, however, will need to monitor compliance of this Affordable Housing <br /> Agreement once the units are constructed and occupied, ensuring that the units remain <br /> affordable for the term specified in the agreement. <br /> ENVIRONMENTAL REVIEW <br /> An Environmental Impact Report was completed for the 2580 EI Camino Real <br /> Residential Project. <br /> , / ___� <br /> � ll%i�������t����) <br /> ;. <br /> , <br /> MAUREEN RIORDAN <br /> SENIOR PLANNER <br /> G�� <br /> BILL EKERN <br /> DIRECTOR COMMUNITY DEVELOPMENT <br />