R-9795
City Council Meeting 09/10/2002
Santa Monica, California
RESOLUTION NUMBER 9795 (CCS)
(City Council Series)
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF SANTA MONICA ESTABLISHING
THE 2002 MAXIMUM ALLOWABLE RENTS AND
MAXIMUM ALLOWABLE PURCHASE PRICES
FOR THE INCLUSIONARY HOUSING PROGRAM
WHEREAS, the City Council ofthe City of Santa Monica adopted Ordinance Number
1615 (CCS) on March 3,1992, Santa Monica Municipal Code Sections 9.28 et seq. ("the
Inclusionary Housing Program"); and
WHEREAS, Santa Monica Municipal Code Section 9.28.100 provides that the City
Council by Resolution shall establish and adjust on an annual basis the maximum
allowable rents and maximum allowable purchase prices for inclusionary units under the
Inclusionary Housing Program; and
WHEREAS, the City Council of the City of Santa Monica adopted Ordinance Number
1918 (CCS) on July 21, 1998, Santa Monica Municipal Code Sections 9.56 et seq. ("the
Affordable Housing Production Program"), replacing Santa Monica Municipal Code
Sections 9.28 et seq.; and
1
WHEREAS, Santa Monica Municipal Code Section 9.56.40 provides that multifamily
projects for which a development application was deemed complete prior to March 1, 1998
shall be subject to the provisions of Santa Monica Municipal Code Sections 9.28 et seq. as
they existed on the date the application for the project was deemed complete.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SANTA MONICA
DOES RESOLVE AS FOLLOWS:
SECTION 1.
The maximum allowable rents and maximum purchase prices for
inclusionary units developed under the Inclusionary Housing Program are as shown in
Attachment 1 attached hereto and incorporated herein by reference.
SECTION 2.
The City Clerk shall certify to the adoption of this Resolution, and
thenceforth and thereafter the same shall be in full force and effect.
APPROVED AS TO FORM:
I
Mart;ha
City'Attorne
F:\HOUSING\SHARE\Word\Staff Reports\2002 Affordable Housing Program.doc
2
Attachment 1
YEAR 2002 MAXIMUM ALLOWABLE PURCHASE PRICES
For Inclusionary Housing Units Developed Under Ordinance 1615
Median Income (Year 2002) $ 55,100
Affordability Standard 30%
Interest Rate (4/16/01-4/12(02) 6.700%
Term (months) 360 .
Unit Unadjusted 0 Bdrm 1 Bdrm 2 Bdrm 3 Bdrm
Bedroom Adjustment 1 0.7 0.8 0.95 1.085
$
$
$
$
1'l'tORth)) $
(IJermonth) $
$
$
...Prk>>..
$
$
$
$
) $
t(permonth) $
$
$
P*,
Price
. P'I,,",R
50%
27,550
689
323
53
20
293
45,471
5,052
~Bdrm
$ .. $t.'~1
60%
33,060
827
323
72
27
404
62,597
6,955
2~rm 3eonn.
..... $ 1....11
o Bdrm
$ 145,666 $ 101,",
2..Ikim ~.......
$ tIJ_ $'11;"'.
Attachment 1, Pg 1 of 2
YEAR 2002 MAXIMUM ALLOWABLE RENTS
For On-Site & Off-Site Affordable Housing
MAXIMUM ALLOWABLE RENTS BY
INCOME CATEGORY AND UNIT SIZE
MONTHL Y RENT CALCULATION:
(Median Income X Income Category X Bedroom Adjustment Factor X Affordability Standard) /12
Median Income Year 2002: $55,100
Affordability Standard: 30%
. YJdtjIa
o-DORM
1-8bJtM
2~BORM
3..BDRM
4..J3bRM
. ,
"4 - PERSON HOUSEHOLD"
I-Bdtm
2-Bdrm
_.' .._._ .,L, ._...
3-8_
.4~nl.
Very Low
51%
$482
$551
$654
$147
$144
Moderate
l00~
$964
$1,102
$1,309
$1,495
$1,611
Attachment 1, Pg 2 of 2
. . oJ ..r I . . .~t.-. -.. !~! ~~. I.~'-'" ~,...--:-,:,,:,... .~:':::':-:; /~"r" '=.... ~-'-l I_~. .. /_~:
". -i.'~' i:.-'-~~r-'..~-~ ~.j:..~;':~';..-~"'")..~. '1,.~};::::"A: r.~}<-,,~s .~'~~;.~ '.....;.J~t..;.~ ;~. ~J,,~_,p~..&t~;_k--r .. ~;:~-~ lJt.o. I zk
~c~.,i >"~,.,"c.,,",'~,,..",. "." "., _,c,." ,... "f~~i,~~t~~;=:~,
.:.=--~
I, Maria M. Stewart, City Clerk of the City of Santa Monica, do hereby
certify that the foregoing Resolution No. 9795 (CCS) was duly adopted at a
meeting of the Santa Monica City Council held on the 10th of September, 2002,
by the following vote:
Ayes: Council members:
Bloom, Katz, Mayor Pro Tem McKeown,
Mayor Feinstein
Noes: Council members:
None
Abstain: Council members:
None
Absent: Council members:
Holbrook, O'Connor, Genser
~~.'~~
Maria Stewart, City Cle~k