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Regulatory Agmt 15101 Washington Ave 07192022
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Regulatory Agmt 15101 Washington Ave 07192022
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6/26/2024 5:30:28 PM
Creation date
6/24/2024 1:56:34 PM
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CM City Clerk-City Council
Document Date (6)
7/19/2022
Recorded Document Type
Regulatory Agreement
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PERM
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NOW THEREFORE, in consideration of the foregoing, and other valuable <br />consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby <br />agree as follows: <br />1. Definitions. The following terms have the meanings set forth in this Section wherever <br />used in this Agreement or the attached exhibits. <br />1.1 "Actual Household Size" shall mean the actual number of persons in the <br />applicable household. <br />1.2 "Area Median Income" or "AMI" means the area median income for Alameda <br />County, California, adjusted for Actual Household Size, determined periodically <br />by the California Department of Housing and Community Project ("HCD") as <br />published in Section 6932 of Title 25 of the California Code of Regulations <br />("Regulations") or successor provision published pursuant to California Health <br />and Safety Code Section 50093(c). If HCD ceases to make such determination, <br />Area Median Income shall be the median income applicable to Alameda County, <br />with adjustments for Actual Household Size, as determined from time to time by <br />the U.S. Department of Housing and Urban Project ("HUD") pursuant to the <br />United States Housing Act of 1937 as amended, or such other method of median <br />income calculation applicable to the City of San Leandro that HUD may hereafter <br />adopt in connection with such Act. <br />1.3 "Assumed Household Size" means the household size "adjusted for family size <br />appropriate to the unit" in accordance with the California Tax Credit Allocation <br />Committee rules and regulations. <br />1.4 "Eligible Household" means a household for which total household income upon <br />initial occupancy does not exceed the maximum income level for a Restricted <br />Unit as specified in Sections 2.1 and 2.2. <br />1.5 "Extremely -Low Income Household" shall mean household, with a Household <br />Income which does not exceed the lower income limits applicable to Alameda <br />County, as published and periodically updated by the California Department of <br />Housing and Community Project pursuant to Section 50106 of the California <br />Health and Safety Code. <br />1.6 "Extremely -Low Income Unit" mean the Units which pursuant to Section 2.1 <br />below, are required to be occupied by Extremely -Low Income Households. <br />1.7 "Household Income" shall mean the total anticipated annual income of all persons <br />in a household, as calculated in accordance with the California Tax Credit <br />Allocation Committee rules and regulations or pursuant to a successor State <br />housing program that utilizes a reasonably similar method of calculation of <br />adjusted income. In the event that no such program exists, City shall provide the <br />Owner with a reasonably similar method of calculation of gross income as <br />provided in 25 California Code of Regulations Section 6914. <br />
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