Agenda Packet_2023-10-17 - Laserfiche WebLink

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2 Sections 65915 (p)(1)(A) and 65915 (p)(1)(B), the Project will provide seventeen (17) total onsite parking spaces or 1.1 spaces per unit at a ratio of one (1) stall for studio or one-bedroom units, and one and one -half (1.5) stalls for two-bedroom units. No additional parking concession is requested or provided. E. The Project complies with the affordable housing requirements set forth in the State Density Bonus Law and City Density Bonus for Affordable Housing. For purposes of this Agreement, the Project shall be a “housing development” as defined in the State Density Bonus Law. F. In light of the purpose of the State Density Bonus Law and City Density Bonus for Affordable Housing, and the express provisions of Government Code Sections 65915(d)(1)(2)(A) and 65915(e)(1), the City has determined to grant Developer’s application for one (1) concession and four (4) waivers. G. This Agreement, and the exhibits attached hereto and incorporated herein by reference, are intended to set forth the terms and conditions for the implementation of the Project’s requirement to provide affordable housing units in exchange for receiving the density bonus, concession and waivers set forth herein. NOW, THEREFORE, in consideration of the above recitals, which are incorporated herein by this reference, and of the mutual covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: 1. DEFINITIONS AND EXHIBITS 1.1 Definitions. In addition to the terms that may be defined elsewhere in this Agreement, the following terms when used in this Agreement shall be defined as follows: 1.1.1 "Adjusted for family size appropriate to the unit" shall have the meaning set forth by Health and Safety Code Section 50052.5(h). 1.1.2 "Affordable Rent" means the maximum Monthly Rent that may be charged to and paid by an Eligible Household for the Affordable Units, as required by the terms of this Agreement, and which shall not exceed one -twelfth (1/12) of the product of thirty percent (30%) times fifty percent (50%) times the Median Income for Orange County, as defined below in Section 1.1.17. The Affordable Rent shall be adjusted to reflect a reasonable utilities allowance for utilities paid by the household using the Santa Ana Housing Authority Multi -Family Housing Utility Allowance Schedule, and shall be updated no less than annually. 1.1.3 “Affordable Rent Schedule” means a rent schedule established as of the date of issuance of an occupancy permit (exclusive of tenant utility payments or security deposits) for the required number/percentage of the total number of units in the Project which are to be rented or available for rent to Very-Low Income Tenants. Said Affordable Rent Schedule shall be established at the time of the issuance of the occupancy permit (“Initial Rent Schedule”) and shall City Council 23 – 25 10/17/2023