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Section 3. Project Details Application | Parrott Street Apartments September 2017 16 The apartments will be leased to lower‐income households earning 30% to 60% of the area median income (AMI). A broad segment of the San Leandro population earns incomes at these levels, which are at or higher than minimum wage on a full‐time basis. The table below shows the income limits of eligible households, based on household size. 1‐person household 2‐person household 3‐person household 4‐person household 5‐person household 30% of AMI $21,930 $25,050 $28,170 $31,290 $33,810 40% of AMI $29,240 $33,400 $37,560 $41,720 $45,080 50% of AMI $36,550 $41,750 $46,950 $52,150 $56,350 60% of AMI $43,860 $50,100 $56,340 $62,580 $67,620 100% of AMI (for reference only) $73,100 $83,500 $93,900 $104,300 $112,700 The monthly rents are determined by the U.S. Department of Housing and Urban Development and the California Tax Credit Allocation Committee to ensure that the rents are affordable to the lower‐income residents. The following table shows the maximum rents charged to households earning 30% to 60% of the area median income. Type Monthly rent Studio apartment $548 ‐ $1,096 1‐bedroom apartment $587 ‐ $1,174 2‐bedroom apartment $704 ‐ $1,408 E. Population and Leasing Preferences Parrott Street Apartments is expected to attract a mix of people who have incomes in the 30% to 60% AMI range. At other Eden Housing properties, this typically includes lower‐income people in the workforce such as restaurant employees, Uber/Lyft drivers, and social workers, veterans and people with disabilities on fixed incomes, and seniors. We also hope to attract lower‐income workers who work in San Leandro’s growing technology industry, including employees at the growing San Leandro Tech Campus across the street. We will also provide a leasing preference for any current residents of the existing four‐plex on site. We met a few of the current residents at one of our community meetings, and plan to engage with them much further as the project plans progress. When construction begins, these four households will need to relocate, and we will work closely with them to facilitate their relocation and to better understand their interest and income qualification to return to Parrott Street Apartments once construction is complete. For these households, we would provide a leasing preference so that their application automatically jumps to the first in line of the application pool. Since affordable housing is in such high demand, this leasing preference ensures that these households get the first opportunity to lease a unit at this development if they are interested. 65