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4. Developer shall execute an instrument or agreement approved by the City restricting the <br />sale of the Owner-Occupied Inclusionary Units in accordance with Ordinance 6-3022. <br /> <br />Rental Units shall be made available to eligible households at an affordable rent. The <br />owner of Market Square will provide the City with documents demonstrating the <br />prospective renter’s total income on a form approved by the City. The owner shall <br />submit an annual report summarizing the occupancy of each inclusionary unit for the <br />year to demonstrate the continuing income-eligibility of the tenant. <br /> <br />5. Not Applicable <br /> <br />6. Not Applicable <br /> <br />7. Not Applicable <br /> <br />8. As noted above in the Inclusionary Housing Plan, the 4 unites proposed for sale are as <br />followed: <br /> <br />a. (3) will be offered for Moderate Income Families with a maximum number of 4 <br />persons per unit. <br />i. Price for Moderate families cannot exceed 1/12 of 35% of 110% AMI = <br />approximately 3,200 a month <br /> <br />b. (1) will be offered for Low Income Families with a maximum number of 4 <br />persons per unit. <br />i. Price for Low Income families cannot exceed 1/12 of 35% of 70% of AMI <br />= approximately 2,100 a month <br /> <br />In order to reach the monthly required payment, the Moderate Sale Price would need to be <br />approximately $450,000 and the Low-Income Sale Price would need to be around $300,000. <br />With these calculations, this would result in a loss of approximately a million dollars in profit <br />and a loss of approximate 1.5 units. <br /> <br />In attempts to reduce the loss and increase the feasibility, we are offering our smaller units <br />as the inclusionary units. If we are required to distributed the units evenly, the project will <br />be unfeasible to build. <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />38