R-9796
City Council Meeting 9/10/2002
Santa Monica, California
RESOLUTION NUMBER 9796 (CCS)
(City Council Series)
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF SANTA MONICA ESTABLISHING
THE 2002 MAXIMUM ALLOWABLE RENTS FOR
THE AFFORDABLE HOUSING PRODUCTION PROGRAM
WHEREAS, the City Council ofthe 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"); and
WHEREAS, Santa Monica Municipal Code Section 9.56.100 provides that the City
Council by Resolution shall establish and adjust on an annual basis the maximum
affordable rents for affordable housing units under the Affordable Housing Production
Program
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SANTA MONICA
DOES RESOLVE AS FOLLOWS:
SECTION 1
The maximum allowable rents for affordable housing units
developed under the Affordable Housing Production Program are as shown in Attachment
1 attached hereto and incorporated herein by reference.
SECTION 2. The purchase price of for-sale units shall be established on a
unit-by-unit basis in accordance with Section 6 of the Administrative Guidelines for the
Affordable Housing Production Program of the City of Santa Monica, approved by the City
Council on October 5, 1999.
SECTION 3. 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:
F:\HOUSING\SHARE\WORD\STAFF REPORTS\2002 AFFORDABLE H~USING PROGRAM.DOC
2
ATTACHMENT 1
YEAJt 2002 MAXIMUM ~LO~I.E_e._
Fo~~ &Off-Sfte~...
MAXIMUMALLOWAaLERENTS BY
INCOME CATEGORY AND UNIT SIZE
MONTHLY RENT CALCULATION:
(Median Income X Income Category X Bedroom Adjustment Factor X Affordability Standard) /12
Median Income Year 2002: $55,100
Affordability Standard: 30%
u..~
O-BDRM
1-BDRM
2-BDRM
3-BDRM
4-BDRM
Very Low
50%
$482
$551
S6S4
$747
$844
"4 - PERSON HOUSEHOLD"
- . .. ...
.
.
O-Bdrm ! 0.100
I
I-Bdrm 0.800
2-Bdnn 0.950
3-Bdtm 1.085
4-Bdnn 1.225
Moderate. ·
l00-A.
$964
$1,102
$1,309
$1,495
~$1,687
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I, Maria M. Stewart, City Clerk of the City of Santa Monica, do hereby
certify that the foregoing Resolution No. 9796 (CCS) was duly adopted at a
meeting of the Santa Monica City Council held on the 10th of September, 2002,
by the following vote: n
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
\::\
. J c~..~nAk-
Maria Stewart, City ,Ierk