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TOLL BROTHERS APARTMENT LIVING
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Last modified
3/25/2020 12:53:49 PM
Creation date
3/11/2020 8:47:08 AM
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Contracts
Company Name
TOLL BROTHERS APARTMENT LIVING
Contract #
A-2019-246
Agency
PLANNING & BUILDING
Council Approval Date
12/3/2019
Destruction Year
0
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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 munber of bedrooms as the vacated <br />unit shall be rented as an Affordable Unit to an Eligible Household. <br />4.11 Monitoring and Recordkeeninu. 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. Owner 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 Owner's compliance with the affordability restrictions contained in this Agreement related <br />to the Affordable Units, not to exceed monitoring costs for up to 11 Affordable Units. <br />Representatives of City shall be entitled to enter the Property if necessary after review of above <br />documentation, upon at least forty-eight (48) hour notice, to monitor compliance with this <br />Agreement, and shall be entitled to inspect the records of the Project relating to the Affordable <br />11 <br />
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