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HomeMy WebLinkAboutCT 14-09; Shea Homes Limited Partnership; 2018-0156905; Affordable Housing Agreement/ReleaseRECORDING REQUESTED BY: DOC# 2018-0156905 111111111111 lllll 111111111111111111111111111111 IIIII IIIII IIIII IIII IIII ~} c~ Apr 19, 2018 04:16 PM OFFICIAL RECORDS Ernest ,1 Dronenburg Jr , SAN DIEGO COUNTY RECORDER FEES. $0.00 (SB2 Atkins $0 00) Affordable Housing Agreement Imposing Restrictions on Real Prope (Please fill in document title(s) on this line) 1 D Exempt from fee per GC27388.1 due to being recorded in connection with concurrent transfer that is subject to the imposition of documentary transfer tax, or, 2 D Exempt from fee per GC27388.1 due to being recorded in connection with a transfer that was subject to documentary transfer tax which was paid on document recorded previously on ________ (date) as document number ____________ of Official Records, or, 3 O Exempt from fee per GC27388.l due to the maximum fees being paid on documents in this transaction, or, 4 D Exempt from fee per GC27388.1 due to the maximum fees having been paid on documents in the transaction(s) recorded previously on __________ (date) as document number(s) ________________________ of Official Records, or 5 D Exempt from fee per GC27388.1; document transfers real property that is a residential dwelling to an owner-occupier, or, 6 D Exempt from fee per GC27388.l due to being recorded in connection with concurrent transfer that is a residential dwelling to an owner-occupier, or, 7 D Exempt from fee per GC27388.1 due to it being recorded in connection with a transfer of real property that is a residential dwelling to an owner-occupier. The recorded document transferring the dwelling to the owner-occupier was recorded on __________ (date) as document number(s) PAGES 16 -----------------------------------, or, 8 D Exempt from the fee per GC 27388.1 (a) (1); Not related to real property, or, 9 ~ Exempt from fee under GC27388. l for the following reasons: GC27388.1 (a)(2)(D) recorded real estate instrument by municipality THIS PAGE ADDED TO PROVIDE SENATEBIL12EXEMPTIONINFORMATION (Additional recording fee applies) 5U RECORDING REQUESTED BY: City of Carlsbad WHEN RECORDED MAIL TO: City of Carlsbad City Clerk's Office Attn: City Clerk 1200 Carlsbad Village Drive Carlsbad California 92008 (Space above for Recorder's Use) AFFORDABLE HOUSING AGREEMENT IMPOSING RESTRICTIONS ON REAL PROPERTY This AFFORDABLE HOUSING AGREEMENT IMPOSING RESTRICTIONS ON REAL PROPERTY ("Agreement"), entered into this 11--tn.. day of NO'l-lM.t)Lc 2017, by and between the CITY OF CARLSBAD, a municipal corporation (hereinafter referred to as the ("City"), and SHEA HOMES LIMITED PARTNERSHIP, a CALIFORNIA LIMITED PARTNERSHIP (hereinafter referred to as the "Developer"), is made with reference to the following: A. Developer is the owner of certain real property in the City of Carlsbad, in the County of San Diego, California (hereinafter referred to as the "Subject Property") described in "Attachment A", which is attached hereto and incorporated herein by this reference. B. For the purposes of this Agreement, Developer currently intends to construct a total of one hundred twenty-five (125) residential units (hereinafter referred to as the "Development") on the Subject Property. The City has approved Tentative Tract Map CT 14-09 and Site Development Plans SDP14-13 and SOP 16-06 for the Development. The City issued the approval subject to certain Conditions of Approval, including a condition requiring at least twenty percent (20%) of the units in the Development to be affordable housing as required by the City's Inclusionary Housing Ordinance (CMC Chapter 21.85) and Planning Commission Resolution No. 7114 for the General Plan update. NOW, THEREFORE, it is mutually agreed by and between the undersigned parties as follows: 1. Satisfaction of Affordable Housing Obligation and Conditions of Approval. In order to satisfy the Conditions of Approval for the Development and requirements of the City's Inclusionary Housing Ordinance, Carlsbad Municipal Code Chapter 21.85, and Planning Commission No. 7114 for the General Plan Update, Developer shall provide a total of twenty- five (25) Affordable Units on-site which shall be restricted and affordable to lower-income CA 6/25/14 households. This Agreement is an Affordable Housing Agreement pursuant to Section 21.85 .140 of Chapter 21.85 of the Carlsbad Municipal Code. Developer shall submit this Agreement to City and Agreement shall be executed prior to the approval of the final map for the Subject Property. 2. Terms Governing Provision of Affordable Ownership Units. 2.1. Obligation to Provide Affordable Units. 2.1.1. Developer shall provide the twenty-five (25) on-site Affordable Units in relation to the one hundred (100) Market Units ("Market Units") on the Subject Property. The Affordable Units shall include three bedroom units with the square footage indicated in "Attachment B" to this Agreement. The maximum allowable income level of buyers of the affordable units shall be restricted to a maximum of 80% of the area median income. 2.2 Schedule for Developing Affordable Units. 2.2.1. Prior to the approval of any Final Map for the Development: (i) this Agreement shall be duly executed and recorded against the entire development property; and (ii) the Developer shall have received approval and submitted a copy of a Site Development Plan for the development which will include all of the Affordable Units to the Housing and Neighborhood Services Director. 2.2.2 Upon satisfying the applicable conditions stated in Section 2.2.1, forty- three (43) building permits may be released for Phases Models through 5 and associated affordable units with a condition that buyers be identified/qualified and escrow open for the affordable homes before proceeding to the next phases of development. 2.2.3 Upon satisfying the applicable conditions stated in Sections 2.2.1 and 2.2.2, forty-five (45) building permits may be released for Phases 6 through 14 and associated affordable units with a condition that buyers be identified/qualified and escrow opened for the affordable homes before proceeding to the next phases of development. 2.2.4 Upon satisfying the applicable conditions in Section 2.2.3, the final remaining thirty-seven (3 7) building permits can be released by the city for Phases 15 through 18 and associated affordable units. 2.3 Terms for Sale of Affordable Units. 2.3.1. The Schedule of Maximum Eligible Buyer Incomes and Affordable Subsidized Purchase Prices (the "Schedule") attached hereto and incorporated herein as Exhibit C sets forth the City's requirements for determining the maximum household income of buyers of the Affordable Units ("Eligible Buyers") and the methodology for calculation of the subsidized purchase prices of Affordable Units which will be affordable to each of the Eligible Buyers (the "Affordable Purchase Prices"). The Schedule also includes initial estimates of Eligible Buyer CA 6/25/14 actual incomes and the corresponding Affordable Purchase Prices. The Final Schedule shall be established prior to sale based on the San Diego County Area Median Income and the cost factors applicable at the time. The Final Schedule shall be submitted by the Developer and approved by the City's Housing and Neighborhood Services Director prior to the marketing of the Affordable Units. 2.3.2. The Developer shall sell the Affordable Units only to Eligible buyers whose household incomes have been verified by the Developer. The purchase price for an Affordable Unit (the "Market Purchase Price") shall be the market price charged for a comparable unit (and not to exceed fair market value); provided, however, that the Developer shall carry back financing equal to the difference between the Market Purchase Price and the Affordable Purchase Price for the particular Eligible Buyer (the "Primary Affordability Subsidy"). The carryback financing shall be assigned by the Developer to the City, and shall be evidenced by a promissory note from the Eligible Buyer to the City, secured by a second mortgage deed of trust on the Affordable Unit (the "City Second Mortgage"). The balance of the Market Purchase Price shall be paid by the Eligible Buyer to the Developer in cash, utilizing downpayment monies and first mortgage proceeds. 2.4 Terms for Re-sale of Affordable Units. After the initial sale of the inclusionary for- sale units at a price affordable to the target income level group, inclusionary for-sale units shall remain affordable to subsequent low income eligible buyers pursuant to a resale restriction for a minimum term of fifteen (15) years. Beginning in the sixteenth (16) year after the initial purchase of an Affordable Unit, for-sale units may be sold at a market price to other than targeted lower income households provided that the sale shall result in the recapture by the City or its designee of a financial interest in the units equal to the amount of subsidy necessary to make the unit affordable to the designated income group and a proportionate share of any appreciation. Funds recaptured by the City shall be used in assisting other eligible households with home purchases at affordable prices. To the extent possible, projects using for-sale units to satisfy inclusionary requirements shall be designed to be compatible with conventional fixed rate mortgage financing programs including secondary market requirements. 2.5 Terms for Interim Rental of Affordable Units. The developer may elect to retain ownership of one or more of the Affordable Units for a period of time and rent those Affordable Units to income-qualified renters. The Affordable Units, if rented, shall be available to households with incomes not exceeding 80% of the median income for San Diego County, adjusted for actual household size. Monthly rents of the Affordable Units shall not exceed 1112th of 30% of 70% of median household income for San Diego County, adjusted for assumed household size appropriate for the unit. For purposes of this Agreement, "Rent" shall include a utility allowance as established and adopted by the City of Carlsbad Housing Authority, as well as all required monthly payments made by the tenant to the lessor in connection with use and occupancy of a housing unit and land and facilities associated therewith, including any separately charged fees, utility charges, or service charges assessed by the lessor and payable by the tenant (but not including fees and charges resulting from any default by the tenant or damage caused by the tenant, or fees or charges paid by the tenant to third party utilities or other providers). Median income figures shall be those published annually by the United States Department of Housing and Urban Development. Assumed CA 6/25/14 household size figures shall be provided by the City of Carlsbad Housing and Redevelopment Department. With respect to each Affordable Rental Unit, the affordability requirements of this Section 2.5 shall continue for fifty-five (55) years from the date of issuance of a Certificate of Occupancy by the City for such unit or another comparable unit based upon substitution provisions pursuant to the Regulatory Agreement, or until the units are sold to a household with an income not exceeding 80% of the median income for San Diego County, adjusted for actual household size. The affordability requirements of this Section 2.5 shall be set forth in the Rental Regulatory Agreement between the Developer or its successors and the City, provided for below, which shall supersede this Agreement upon recordation of the Regulatory Agreement. 3. City Approval of Documents. 3.1. The following documents, in form and substance acceptable to the City, shall be used in connection with the sale of Affordable Units. Documents to be prepared by Developer shall be submitted to the Housing and Neighborhood Services Director for review and approval no later than the start of construction of the Affordable Units. 3.1.1. A marketing plan establishing the process for seeking, selecting and determining the eligibility of buyers of the Affordable Units shall be prepared by the Developer and submitted to the Housing and Neighborhood Services Director for review and approval. 3.1.2. An educational program informing Affordable Unit purchasers of the obligations of home ownership and the specific features of this program shall be prepared by the Developer, and each new homeowner must successfully complete this educational program. 3.1.3. Purchase and Sale Agreements for sale of the Affordable Units shall be prepared by the Developer. 3 .1.4. City Second Mortgage promissory note, deed of trust, and borrower disclosure form shall be prepared by the City and provided to the Developer. 3.2 The following documents, in form and substance acceptable to the City, shall be used in connection with the rental of the Affordable Units, if applicable. 3 .2.1 A marketing plan consistent with the terms of this Agreement, establishing the process for seeking, selecting and determining the eligibility of tenants of the Affordable Units. 3.2.2 Form of Rental Agreement. 3.2.3 A Property Management Plan. 3.2 . .4 A Form of Regulatory Agreement between the developer of the Affordable Units and City (the "regulatory agreement"), following a format designated by the City. CA 6/25/14 3 .3 Any of the documents identified in Sections 3 .1 and 3 .2 may be revised by Developer from time to time with the prior written approval of the City's Housing and Neighborhood Services Director. 4. Mortgage Credit Certificate Program. Buyers of the Affordable Units may qualify for income tax credits pursuant to Mortgage Credit Certificate (MCC) Program, for a portion of the annual interest paid on a first mortgage used to acquire the Affordable Unit. City shall cooperate with Developer in obtaining and providing to prospective buyers Mortgage Credit Certificates from allocations which it may receive. 5. Reporting and Compliance Monitoring. A report verifying compliance with the requirements of this Agreement covering the initial sales of the Affordable Units shall be provided to the City by the Developer and approved by the Housing and Neighborhood Services Director. Developer shall provide the City with other reports as reasonably required by the City to verify compliance with this Agreement. If the developer exercises the option to rent the Affordable Units, a Compliance Report meeting the requirements of Section 21.85.140 of the Inclusionary Housing Ordinance, verifying compliance of all completed Affordable Units with the terms of this Agreement and certified as correct by a third-party, shall be submitted annually to the Housing and Neighborhood Services Director, commencing on the first Report Date that is twelve months from the completion of construction of the Affordable Units. If similar reports on some or all of the Affordable Units are required for regulatory compliance with other financing programs, those reports may be deemed satisfactory for the purpose of this section by the Housing and Neighborhood Services Director, with respect to the portion of the Affordable Units covered by such reports, provided that copies are provided on an annual basis to the Housing and Neighborhood Services Director with a third party certification addressed to the City. 6. Default. Failure of the Developer to cure any default in the Developer's obligations under the terms of this Agreement within (90) days after the delivery of a notice of default from the City (or where the default is of the nature which cannot be cured within such ninety (90) period, the failure of the Developer to commence to cure such default within the ninety (90) day period or the Developer's failure to proceed diligently to complete the cure of such a default within a reasonable time period but in no event not greater than 180 days) will constitute a failure to satisfy the Conditions of Approval with respect to the Subject Property and the requirements of Chapter 21.85 of the Carlsbad Municipal Code and void the approval of the Final Map and Site Development Plan or Village Review Permit; and the City may exercise any and all remedies available to it with respect to the Developer's failure to satisfy the Conditions of Approval, including but not limited to, the withholding of building permits for the Market Units within the Subject Property until such cure is completed. 7. Appointment of Other Agencies. At its sole discretion, City may designate, appoint or contract with any other public agency, for-profit or non-profit organization to perform the City's obligations under this Agreement. 8. Release of Subject Property from Agreement. The covenants and conditions herein contained shall apply to and bind the Developer and its heirs, executors, administrators, CA 6/25/14 successors, transferees, and assignees of all the parties having or acquiring any right, title or interest in or to any part of Subject Property and shall run with and burden the Subject Property until terminated in accordance with the provisions hereof. Prior to the issuance of building permits, the Developer shall expressly make the conditions and covenants contained in this Agreement a part of any deed or other instrument conveying any interest in the Subject Property. Notwithstanding anything to the contrary set forth in the Agreement, individual purchasers of market rate units pursuant to an approved public report in compliance with the California Subdivided Lands Act, and mortgage lenders holding deeds of trust on such individual units after sale to such purchasers, shall not be subject to the terms of this Agreement; and the terms of this Agreement shall be of no further force or effect with respect to such completed unit on the date of the recordation of a deed to the individual purchaser. Upon issuance of certificates of occupancy for all of the Affordable Units, the entire Subject Property, with the exception of the property subject to the approved Site Development Plan or Village Review Permit, shall be released from the burdens of this Agreement. The burdens of this agreement shall remain in full force and effect and recorded against the property subject to the approved Site Development Plan or Village Review Permit in accordance with the terms of this agreement. The burdens of this agreement shall remain in full force and effect and recorded against the affordable units for a minimum of 55 years if the units are rental and 30 years if the units are sold. 9. Hold Harmless. Developer will indemnify and hold harmless (without limit as to amount) City and its elected officials, officers, employees and agents in their official capacity (hereinafter collectively referred to as "Indemnitees"), and any of them, from and against all loss, all risk of loss and all damage (including expense) sustained or incurred because of or by reason of any and all claims, demands, suits, actions, judgments and executions for damages of any and every kind and by whomever and whenever made or obtained, allegedly caused by, arising out of or relating in any manner to Developer's performance or non-performance pursuant to this Agreement, and shall protect and defend Indemnitees, and any of them with respect thereto. The provisions of this section shall survive expiration or other termination of this Agreement or any release of part or all of the Property from the burdens of this Agreement, and the provisions of this Section 9 shall remain in full force and effect 10. Insurance Requirements: Developer shall obtain, at its expense, comprehensive general liability insurance for the development of the Subject Property naming Indemnitees as additional named insureds with one million dollars ($1,000,000) per occurrence and aggregate limits of not less than two million dollars ($2,000,000) for bodily injury and death and property damage, including coverages for contractual liability and products and completed operations, purchased by Developer or its successors or assigns from an insurance company duly licensed to engage in the business of issuing such insurance in the State, with a current Best's Key Rating of not less than A-:V, such insurance to be evidenced by an endorsement which so provides and delivered to the Housing and Neighborhood Services Department prior to the issuance of any building permit for the Subject Property. Said insurance shall remain in effect until all affordable units have been constructed and a certificate of occupancy or approval of final inspection by the City for all of the affordable units has been completed. CA 6/25/14 11. Notices. All notices required pursuant to this Agreement shall be in writing and may be given by personal delivery or by registered or certified mail, return receipt requested, to the party to receive such notice at the addressed set forth below: TO THE CITY OF CARLSBAD CITY OF CARLSBAD Housing and Neighborhood Services Department Attn: Housing and Neighborhood Services Director 1200 Carlsbad Village Drive Carlsbad, California 92008 TO THE DEVELOPER: Shea Homes Limited Partnership Attn: Compliance Officer 9990 Mesa Rim Road, Suite 200 San Diego, Ca. 92121 Any party may change the address to which notices are to be sent by notifying the other parties of the new address in the manner set forth above. 12. Integrated Agreement. This Agreement constitutes the entire Agreement between the parties and no modification hereof shall be binding unless reduced to writing and signed by the parties hereto. 13. Duration of Agreement. This Agreement shall remain in effect for 55 years following the date certificates of occupancy have been issued for all affordable rental units or for 30 years for all affordable ownership units, and/or shall terminate and become null and void upon the : (a) the closing of the sale of the last of the Affordable Units to an individual eligible purchaser pursuant to a sale on an approved public report in compliance with the California Subdivided Lands Act, or (b) upon the granting of a written release by the Housing and Neighborhood Services Director . This Agreement, and any section, subsection, or covenant contained herein, may be amended only upon the written consent of Developer and the Housing and Neighborhood Services Director. 14. Recording of Agreement. The parties hereto shall cause this Agreement to be recorded against the Subject Property in the Official Records of the County of San Diego. 15. Severability. In the event any limitation, condition, restriction, covenant, or provision contained in this Agreement is to be held invalid, void or unenforceable by any court of competent jurisdiction, the remaining portions of this Agreement shall nevertheless be and remain in full force and effect. CA 6/25/14 (This page has been left intentionally blank) CA 6/25/14 IN WITNESS WHEREOF, the parties hereto have caused this agreement to be executed as of the day and year first above written. DEVELOPER By: Shea Homes Limited Partnership jJ ~ ·; By: ~M I / -JJ d,I) g J2g Nam6arah Mm-ril..,, Title A~zeJ "r\(c,n~-_ By: ~ Name Paul Barnes Title Vice President CITY Cityo~ •: ad, a Munic¢corporation ,, By: Debbie Fountain Interim Community & Economic Development Director \ If required by City, proper notarial acknowledgment of execution by contractor must be attached. If a Corporation, Agreement must be signed by one corporate officer from each of the following two groups. *Group A. Chairman, President, or Vice-President **Group B. Secretary, Assistant Secretary, CFO or Assistant Treasurer Otherwise, the corporation must attach a resolution certified by the secretary or assistant secretary under corporate seal empowering the officer(s) signing to bind the corporation. APPROVED AS TO FORM: CELIA BREWER, City Attorney By 12~ ;~EN? Assistant City Attorney CA 6/25/14 ACKNOWLEDGMENT A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document. State of California County of San Diego on November 28, 2017 before me Patty Rivas, Notary Public '-------------------(insert name and title of the officer) personally appeared Paul Barnes and Sarah Morrell who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) i&!are subscribed to the within instrument and acknowledged to me that bl:eislXEll/they executed the same in M~/their authorized capacity(ies), and that by ~/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. I certify under PENAL TY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my hand and official seal. fa .PATTYRIVM t ~ ' Commission No. 2130542 0 ~ NOTARY PUBLIC· CALIFORNIA i ~ · · SAN DIEGO COUNTY - J Commission Expires November 13, 2019 l .... ,., ., ., (Seal) ATTACHMENT A LEGAL DESCRIPTION OF SUBJECT PROPERTY Lots 29 through 32 of Carlsbad Tract Map CT 02-15 Bressi Ranch, in the City of Carlsbad, County of San Diego, State of California, according to map thereof No. 14960, filed in the Office of the County Recorder of San Diego County, February 4, 2005. CA 6/25/14 SDPID# 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 ATTACHMENT B LOCATION, SIZE, AND BEDROOM COUNT (AFFORDABLE UNITS) Building# Plan Type Unit square footage Bedroom Count 16 3 1654 3BR/3.5BA 16 2 1709 3BR/3BA 15 3 1654 3BR/3.5BA 15 2 1709 3BR/3.5BA 18 3 1654 3BR/3.5BA 20 3 1654 3BR/3.5BA 21 3 1654 3BR/3.5BA 21 2 1709 3BR/3BA 22 3 1654 3BR/3.5BA 23 3 1654 3BR/3.5BA 23 2 1709 3BR/3BA 13 1 1944 3BR/3.5BA 12 2 1709 3BR/3BA 12 3 1654 3BR/3.5BA 10 2 1709 3BR/3BA 11 2 1709 3BR/3BA 9 2 1709 3BR/3BA 8 1 1944 3BR/3.5BA 6 2 1709 3BR/3.5BA 7 2 1709 3BR/3.5BA 4 3 1654 3BR/3.5BA 1 2 1709 3BR/3BA 2 2 1709 3BR/3BA 3 2 1709 3BR/3BA 3 3 1654 3BR/3.5BA CA 6/25/14 ATTACHMENT C SCHEDULE OF MAXIMUM ELIGIBLE BUYER INCOMES AND AFFORDABLE SUBSIDIZED PURCHASE PRICES (See attached, which may be modified from time to time based on annual HUD median incomes) CA 6/25/14 Low Income (80%) Sales Price & Mortgage Calculator (2017) Studio One Bdr Two Bdr Three Bdr Four Bdr Loan Amount $ (159,465) $ (190,380) $ (220,374) $ (284,918) $ (334,672) Annual Interest Rate 5.00% 5.00% 5.00% 5.00% 5.00% # of Payments (Months) 360 360 360 360 360 Monthly Mort. Payment I $856.04 I $1,022.00 I $1,183.02 I $1,529.50 I $1,796.59 Annual debt service $ (10,273) $ (12,264) $ (14,196) $ (18,354) $ (21,559) Gross Annual Income (80%AMI) $ 50,950 $ 58,200 $ 65,500 $ 78,600 $ 90,250 35% 35% 35% 35% 35% Mx. Affordable Housing Payment $ 1,486.04 $ 1,697.50 $ 1,910.42 $ 2,292.50 $ 2,632.29 Maximum Loan Pmt.(P&I) $ 856.04 1,022.00 $ 1,183.02 1,529.50 1,796.59 Qualified Loan Amount $ (159,465) $ (190,380) (220,374) (284,918) (334,672) Maximum Affordable Sales Price I $ 171,965 $ 205,380 $ 240,374 $ 309,918 $ 364,672 (loan amount+ 5% of MV) Est. Market Value Sales Price $ 250,000 $ 300,000 $ 400,000 $ 500,000 $ 600,000 Buyer Downpayment (5% of MV) $ 12,500 $ 15,000 $ 20,000 $ 25,000 $ 30,000 Est. Affordable Sales Price $ 172,000 $ 205,500 $ 240,400 $ 310,000 $ 364,700 Total Housing Costs: Monthly loan payment (P & I) $ 856 $ 1,022 $ 1,183 $ 1,530 $ 1,797 taxes/mo. (1.2% of Aff Price) $ 172 $ 206 $ 240 $ 310 $ 365 PMI $ 40 $ 40 $ 46 $ -$ - HOA $ 350 $ 350 $ 350 $ 350 $ 350 Utility Allowance $ 68 $ 80 $ 91 $ 103 $ 121 Total Housing Costs $ 1,486 $ 1,698 $ 1,910 $ 2,293 $ 2,632 Assumed HH Size: 1 person 2 persons 3 persons 5 persons 7 persons San Diego-Carlsbad, CA MSA Household Income Limits Note: The following household income limits are adjusted for a high cost area as per the Federal Housing Act of 1937 and calculated using HCD methodology to comply with Health and Safety Code Sections 50052.5 and 50093. Extremely Low Income 30% 35% Hshold Size Annual Monthly 30.00% Annual Monthly Income Income Monthly Income Income ONE $19,100 $1,592 $477 $22,300 $1,858 TWO $21,800 $1,817 $545 $25,450 $2,121 THREE $24,550 $2,046 $613 $28,650 $2,388 FOUR $27,250 $2,271 $681 $31,800 $2,650 FIVE $29,450 $2,454 $736 $34,350 $2,863 SIX $32,960 $2,747 $824 $36,900 $3,075 SEVEN $37,140 $3,095 $928 $39,450 $3,288 EIGHT $41,320 $3,443 $1,033 $42,000 $3,500 Very Low Income 50% 60% Hshold Size Annual Monthly 30.00% Annual Monthly Income Income Monthly Income Income ONE $31,850 $2,654 $796 $38,200 $3,183 TWO $36,400 $3,033 $910 $43,650 $3,638 THREE $40,950 $3,413 $1,023 $49,100 $4,092 FOUR $45,450 $3,788 $1,136 $54,550 $4,546 FIVE $49,100 $4,092 $1,227 $58,950 $4,913 SIX $52,750 $4,396 $1,318 $63,300 $5,275 SEVEN $56,400 $4,700 $1,410 $67,650 $5,638 EIGHT $60,000 $5,000 $1,500 $72,050 $6,004 90% 100% Hshold Size Annual Monthly 30.00% Annual Monthly Income Income Monthly Income Income ONE $49,950 $4,163 $1,248 $55,550 $4,629 TWO $57,100 $4,758 $1,427 $63,450 $5,288 THREE $64,250 $5,354 $1,606 $71,400 $5,950 FOUR $71,350 $5,946 $1,783 $79,300 $6,608 FIVE $77,100 $6.425 $1,927 $85,650 $7,138 SIX $82,800 $6,900 $2,070 $92,000 $7,667 SEVEN $88,500 $7,375 $2,212 $98,350 $8,196 EIGHT $94,200 $7,850 $2,355 $104,700 $8,725 Note: Income levels 80% and below are adjusted by a HUD high cost area allowance. 30.00% Monthly $557 $636 $716 $795 $858 $922 $986 $1,050 30.00% Monthly $955 $1,091 $1,227 $1,363 $1,473 $1,582 $1,691 $1,801 30.00% Monthly $1,388 $1,586 $1,785 $1,982 $2,141 $2,300 $2,458 $2,617 This general income information is calculated from the U.S. Department of Housing and Urban Development (HUD) income figures. Specific program requirements may vary. 2017 HUD Method San Diego-Carlsbad, CA MSA $ 79,300 U.S. Department of Housing and Urban Development April 14, 2017 Effective Date 40% 45% Annual Monthly 30.00% Annual Monthly Income Income Monthly Income Income $25,450 $2,121 $636 $28,650 $2,388 $29,100 $2,425 $728 $32,750 $2,729 $32,750 $2,729 $819 $36,850 $3,071 $36,350 $3,029 $909 $40,900 $3,408 $39,300 $3,275 $983 $44,200 $3,683 $42,200 $3,517 $1,055 $47,450 $3,954 $45,100 $3,758 $1,128 $50,750 $4,229 $48,000 $4,000 $1,200 $54,000 $4,500 Low Income 70% 80% Annual Monthly 30.00% Annual Monthly Income Income Monthly Income Income $44,600 $3,717 $1,115 $50,950 $4,246 $50,950 $4,246 $1,273 $58,200 $4,850 $57,300 $4,775 $1,432 $65,500 $5,458 $63,650 $5,304 $1,591 $72,750 $6,063 $68,750 $5,729 $1,718 $78,600 $6,550 $73,850 $6,154 $1,846 $84,400 $7,033 $78,950 $6,579 $1,973 $90,250 $7,521 $84,050 $7,004 $2,101 $96,050 $8,004 Moderate Income 110% 120% Annual Monthly 30.00% Annual Monthly Income Income Monthly Income Income $61,100 $5,092 $1,527 $66,650 $5,554 $69,800 $5,817 $1,745 $76,150 $6,346 $78,550 $6,546 $1,963 $85,650 $7,138 $87,250 $7,271 $2,181 $95,150 $7,929 $94,250 $7,854 $2,356 $102,800 $8,567 $101,250 $8,438 $2,531 $110,400 $9,200 $108,200 $9,017 $2,705 $118,000 $9,833 $115,200 $9,600 $2,880 $125,600 $10,467 Prepared by Affordable Housing Services Information, LLC © 2017 Web: www.AHSinfo.com Phone (858) 832-1460 30.00% Monthly $716 $819 $921 $1,023 $1,105 $1,186 $1,269 $1,350 30.00% Monthly $1,273 $1,455 $1,637 $1,818 $1,965 $2,110 $2,256 $2,401 30.00% Monthly $1,666 $1,903 $2,141 $2,378 $2,570 $2,760 $2,950 $3,140