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CARIBOU INDUSTRIES (14)
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CARIBOU INDUSTRIES (14)
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Last modified
4/7/2025 3:04:47 PM
Creation date
3/27/2025 12:53:35 PM
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Contracts
Company Name
CARIBOU INDUSTRIES
Contract #
A-2025-030
Agency
Community Development
Council Approval Date
10/20/2020
Expiration Date
10/20/2075
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(5) if the applicant is unemployed and has no such tax return, obtain another form of independent <br /> verification. <br /> 4.10.1 Gross Household Income. Gross household income means all income from <br /> whatever source from all Adult Household members, which is anticipated to be received <br /> during the 12-month period following the date of the determination of Gross Household <br /> Income. The applicable sources of income are defined in California Code of Regulations <br /> Title 25 Housing and Community Development Section 6914. <br /> 4.10.2 Annual Recertification. Developer agrees to recertify household eligibility <br /> annually. Notification of Annual Tenant Recertification shall be sent to the household in <br /> substantially the form attached hereto as Exhibit C. An Annual Rental Housing <br /> Compliance Report("Annual Compliance Report")shall be sent to the City in substantially <br /> the form attached hereto as Exhibit D. The Annual Compliance Report shall be due to the <br /> City within 30 days of the anniversary of the commencement of the Total Affordability <br /> Term, which is the date that each building receives all required occupancy permits from <br /> the City. <br /> 4.10.3 Continued Income Qualification and Vacated Affordable Units. If the <br /> annual recertification demonstrates that a previously eligible tenant's gross household <br /> income exceeds the Median Income for the Affordable Unit, the pertinent actions from the <br /> following list must be taken: <br /> (a) The Developer may offer to rent the unit to the previously, but no longer, <br /> Eligible Household as an Unrestricted Unit without any limitations on rental <br /> rates. In that case, the Developer must then make available for rent to an <br /> Eligible Household another unit within the Project that meets the size and <br /> location requirements for Affordable Units under this Density Bonus <br /> Agreement. If there are no vacant units meeting those requirements, then the <br /> next available unit within the Project which does meet those requirements must <br /> be rented to an Eligible Household. <br /> (b) If the no longer Eligible Household either moves to another Unrestricted Unit <br /> within the Project or leaves the Project altogether, then the vacated Affordable <br /> Unit or, at Developer's election any other Unrestricted Unit within the Project <br /> which meets the size and location requirements for Affordable Units under this <br /> Density Bonus Agreement and has the same number of bedrooms as the vacated <br /> unit shall be rented as an Affordable Unit to an Eligible Household. <br /> 4.11 Monitoring Recordkeeping. Throughout the Term of this Agreement, <br /> Developer shall annually complete and submit to City a Certification of Continuing Program <br /> Compliance in the form provided by City. Developer agrees to pay a reasonable fee, as set by City <br /> resolution, for the purpose of paying the actual costs associated with the City's obligation to <br /> monitor Developer's compliance with the affordability restrictions contained in this Agreement <br /> related to the Affordable Units,not to exceed monitoring costs for up to nineteen(19)Affordable <br /> Units. Representatives of City shall be entitled to enter the Property if necessary after review of <br /> 12 <br />
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