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1901 E. FIRST STREET OWNER LLC (2) - 2014
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1901 E. FIRST STREET OWNER LLC (2) - 2014
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Last modified
3/23/2017 11:59:20 AM
Creation date
5/12/2015 2:38:12 PM
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Contracts
Company Name
1901 E. FIRST STREET OWNER LLC
Contract #
A-2014-279
Agency
COMMUNITY DEVELOPMENT
Council Approval Date
11/18/2014
Destruction Year
0
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I. DEFINITIONS OF TERMS <br />Adjusted Household Size Appropriate for the Unit is based on the H &SC <br />Section 50053 definition, and is only used in the Affordable Housing Cost <br />calculations. For Affordable Housing Cost calculation purposes, the household <br />size is set at one person in the case of a studio unit, two persons in the case of a <br />one - bedroom unit, three persons in the case of a two - bedroom unit, four persons <br />in the case of a three - bedroom unit, and five persons in the case of a four - <br />bedroom unit. This household size standard is used in the Affordable Housing <br />Cost calculations; it is not an occupancy limit. <br />Administrative Procedures means the Affordable Rental Housing <br />Administrative Procedures promulgated by the Executive Director pursuant to the <br />Ordinance. <br />Administrative Procedures Manual is the Affordable Rental Housing <br />Administrative Procedures Manual dated , 2014, which has been <br />prepared by the City for the implementation and enforcement of the Ordinance. <br />A copy of the Administrative Procedures Manual shall be maintained on file with <br />the City, and shall be provided to each Property Owner that is subject to the <br />Ordinance requirement. <br />Adult means a person 18 years of age or older: <br />Affordability Covenants shall mean the Gross Household Income and <br />Affordable Rent standards that will be applied to the Inclusionary Units <br />throughout the Affordability Period. These covenants will be defined in an <br />Inclusionary Housing Agreement. <br />Affordability Period shall be set at 55 years from the Recordation Date. <br />Affordable Housing Cost means the maximum costs that can be borne by <br />Very-Low Income Households and Low Income Households based on the <br />requirements imposed by H &SC Section 50053. The calculation methodology is <br />described in Section IV of the Administrative Procedures Manual. <br />Affordable Rent shall mean the Affordable Housing Cost minus the applicable <br />Utilities Allowance for each Inclusionary Unit. <br />Affordable Rental Housing Administrative Procedures Page 1 <br />August 8, 2014 <br />1407003.SNA <br />
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