HomeMy WebLinkAbout1985-03-19; City Council; 7924-1; MULTI-FAMILY RESIDENTIAL MORTGAGE REVENUE BONDS, $16 MILLION-LA COSTA PARTNERSL CIT*F CARLSBAD - AGEND~ILL CL c,
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AB# 7!24-+?/
MTG. 3/19/85
DEPT, TITLE: MULTI-FAMILY RESIDENTIAL MORTGAGE
REVENUE BONDS, $16 MILLION - CITY,
DEPT. RED CITY LA COSTA PARTNERS
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RECOMMENDED ACTION:
Adopt Resolution No. 7f'3?authorizing the issuance of IvIulti-F? Residential Mortgage Revenue Bonds (La Costa Partners), and
authorizing the execution of necessary documents.
ITEM EXPLANATION
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On October 23, 1984, Resolution of Inducement No. 7787 was adopted expressing Council's intent to provide Mortgage Reven1 Bond financing for a multi-family housing project. La Costa Partners, Rodney F. Stone and George Fermanian, proposes a 320 unit apartment project located on a portion of a 34 acre parcel at the southwest corner of La Costa and Mission Estancj The amount of the bond issue is $16 million.
The applicant will offer 64 units (20%) to eligible low and
moderate income renters.
Documents detailing the bond issue are on file in the City
Clerk's office.
The City Attorney and the Director of Building and Planning
and the City's Bond Counsel, Stradling, Yocca, Carlson and
Rauth, have reviewed the documents and found them to be consic
with the General Plan, the City's Housing Element, Council's affordable housing goals and applicable state and federal regulations.
On the date of issuance of the bonds, the owner shall pay to the City the sum of one-tenth of one percent of the aggregate principal amount of the bonds to reimburse the City for its expenses incurred in preparing to issue the bonds.
Staff recommends City Council authorize the execution of cert; documents pertaining to this $16 million multi-family revenue
bond issue now on file in the City Clerk's office.
FISCAL IMPACT
Costs incurred by the City will be recovered as part of the mortgage revenue bond issue. The one-tenth of one percent
of the aggregate principal amount of the bonds is estimated
to be $16,000. In addition Bond Counsel fees of $33,000 and
Underwriting fees of $240,000 are estimated to be paid from
bond proceeds. Estimated developer cost is 7 to 10 percent o
EXHIBITS
1 - Resolution No. 7237
2 - Location Map
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RESOLUTION NO. 7939
A RES~LUTION OF THE CITY OF CARLSBAD, CALIFORNIA
AUTBORIZING THE ISSUANCE, SALE AND DELIVERY OF
MULTIFAMILY HOUSING REVENUE BONDS IN A PRINCIPAL
AMOUNT NOT TO EXCEED $16,000,000 FOR THE PURPOSE OF MAKING A LOAN TO PROVIDE FUNDS TO PROVIDE THE INTERIM AND PERMANENT FINANCING OF THE COST OF DEVELOPING A MULTIFAMILY RENTAL PROJECT, DETERMINING
AND PRESCRIBING CERTAIN MATTERS RELATING THERETO, ANI
APPROVING AND AUTHORIZING THE EXECUTION OF RELATED
DOCUMENTS, AGREEMENTS AND ACTIONS. - (LA COSTA PARTNERS)
WHEREAS, by the provisions of Chapter 7 of Part 5 of
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10
31 of th Health and Safety Code of the State of California
"Act") the City is authorized to issue multifamily mortgage
11 revenue bonds for the purpose of making loans or otherwise
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housing in order to meet a substantial housing need identif 13
funds to finance the development of affordable multifamily
1 order to do so intends to sell and issue not to exceed $16, 19
multifamily rental housing development (the "Project1'.), and 18
(the "Developer"), to finance the construction of a 320 uni 17
Loan") to La Costa Partners, Rodney F. Stone and George Fer 16
WHEREAS, the City desires to make a loan (the "Devel 15
in the community; and 14
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20 of its Multifamily Housing Revenue Bonds, Series 1985B (La
21 Partners) (the "Bonds") ; and
22 WHEREAS, the City Council has now determined to make
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City Council for consideration at this meeting the followir 27
WHEREAS, there have been prepared and presented to . 26
moderate income persons or families; and 25
the Project for the purpose of providing housing for low ar 24
Developer Loan to provide funds to assist in the financing
28 instruments:
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1 (1) The form of Indenture of Trust (the "Indenture"), in(
2 the fbrm of Bond;
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4 (2) The form of Loan Agreement:
5 (3) The form of Regulatory Agreement and Declaration of
6 Restrictive Covenants (the "Regulatory Agreement") ;
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8 (4) The form of Bond Purchase Contract;
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Rents and Security Agreement and Third Deed of Trust 12
Security Agreement, Second Deed of Trust, Assignment 11
(5) The forms of the Deed of Trust, Assignment of Rents
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Security Agreement and Assignment of Rents (collecti
the "Deeds of Trust"),
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16 (6) The form of the Developer Agreement;
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18 (7) The form of Official Statement relating to the Bond:
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21 (8) The form on Intercreditor Agreement;
22 WHEREAS, it appears that each of the documents and
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and delivered for the purposes intended; and 25
in appropriate form and is an appropriate instrument to be 24
instruments referred to above which is now before this mee.
26 WHEREAS, Newman and Associates, Inc. and PaineWebbe
2'7 (collectively, the "Underwriter") have expressed their int
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1 to purchase the Bonds, and the City Council finds that the I - 2
arrangements for the sale of the Bonds; and 3
interest and necessity require that the City at this time m4
4 WHEREAS, pursuant to $103(k) of the Internal Revenue
5 of 1954, as amended, the City Council has held a public hea
6 regarding the issuance of the Bonds and now desires to auth
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FINDS, DETERMINES, ORDERS AND RESOLVES as follows: 9
NOW, THEREFORE, the Council of the City of Carlsbad 8
the issuance of the Bonds;
10 Section 1. Finding and Determination. It is hereby
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dwelling units to be occupied by low and moderate income PC I*
and sale of the Bonds in order to a'ssist in the development . 13
to assist in the financing of the Project through the issua l2
and determined that it is necessary and desirable for the C
15 in the community.
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17 Section 2. Authorization of the Bonds. For the pur
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the Developer Loan for the Project. The Bonds shall be in 23
principal amount to be such amount as is necessary to final 22
principal amount not to exceed $16,000,000, which the exacl 21
Project, the City hereby determines to issue the Bonds, in 2o
1 to effectuate the construction and permanent financing of t l9
of raising moneys with which to make the Developer Loan in
24 substantially the form set forth in the Indenture, with SUI
25 appropriate variations , omissions , insertions and provisio:
26 as are permitted or required by the Indenture, which shall
27 appropriately completed when the Bonds are prepared.
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28 The Bonds shall be limited obligations of the City
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pledged therefore under the Indenture. 4
and satisfied, solely from the revenues, receipts and other 3
the obligatibns of the City under the Indenture shall be pai 2
be payable as to principal, premium, if any, and interest, a
5 Section 3. Execution and Delivery of the Bonds. Tk
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imprinted thereon and attested with the manual or facsimile 9
seal of the City, or a facsimile thereof, shall be impresse( 8
facsimile signature of the Mayor or Deputy Mayor, and the 0: 7
Bonds shall be executed on behalf of the City by the manual
10 signature of the City Clerk.
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details of the Bonds, and to prescribe the terms and condit 12
Section 4. Approval of Indenture. To provide for
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presented to this meeting or with such changes as may be aF 17
to execute and deliver the Indenture, in substantially the 16
serviced, the Mayor and the City Clerk are hereby authorize 15
and held and upon which the Developer Loan is to be made an 14
upon which they are to be issued, secured, executed, authen
conclusive evidence of their approval of all changes form t 20
! with the City attorney, their execution thereof to constitL 19
by the officers of the City executing the same, upon consul
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21 form of Indenture presented to this meeting, which form of
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and made a part hereof. 23
is hereby in all respects approved and incorporated by ref€
in substantially for form presented to this meeting or wit 28
are hereby authorized to execute and deliver the Loan agrej 27
and obligations of the Developer, the Mayor or the City C1' 26
the details of the making of the Developer Loan, and the d. 25
Section 5. Approval of Loan Agreement. To providc 24
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thereof to constitute conclusive evidence of their approval 3
the same, upon consultation with the City Attorney, their el 2
changes as may be approved by the officers of the City exec1
meeting, which form of Loan Agreement is hereby in all respt 5
all changes from the form of Loan Agreement presented to th:
6 approved and incorporated by reference and made a part here(
7 Section 6. Approval of Requlatory Aqreement. To
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and the duties and obligations of the Developer, the Mayor, g
for certain conditions and terms of the operation of the prl
10 the City Clerk are hereby authorized to execute the Regulat
11 Agreement, in substantially the form presented to this meet
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their approval of all changes form the form of Regulatory A 15
their execution thereof to constitute conclusive evidence o 14
City executing the same, upon consultation with-the City A 13
or with such changes as may be approved by the officers of
is in all respects approved and incorporated by reference a 17
presented to this meeting, which form of Regulatory Agreeme 16
18 a part hereof. Based upon information available from Count
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forth in the form of Regulatory Agreement. 24
income households except in the manner and to the extent sc 23
'.'individuals or families in the Project available to very 1c 22
make any of the units to be reserved for low and moderate j 21
it is hereby found and determined that it is not feasible t 20
I San Diego, State of California.and federal housing programs
Section 7. Approval of Bond Purchase Contract.
26 form of Bond Purchase contract presented to this meeting i:
27 approved in all respects and incorporated herein by refere:
28 and made a part hereof, and the Mayor is hereby authorized
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1 execute and deliver to the Underwriter a Bond Purchase Cant: -
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evidence of the approval by such officer of a11 changes for 5
with the City Attorney, such execution to constitute conclu 4
by the officer of the City executing the same, upon consult, 3
in substantially such form or with such changes as may be a]
6 form of Bond Purchase Contract presented to this meeting, w,
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and incorporated by reference and made a part hereof. 8
form of Bond Purchase Contract is in all respects approved
9 Section 8. Approval of the Deeds of Trust. The for
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with such changes as may be approved by the officer of the 14
deliver to the Deed of Trust in substantially such form or 13
part hereof, and the Mayor is hereby authorized to execute 12
in all respects and incorporated herein by reference andmad 11
of the Deeds of Trust presented to this meeting are hereby
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made a part hereof. 20
1 is in all respects approved and incorporated by reference a 19
Trust presented to this meeting, which form of the Deeds of 18
of such officer of all changes form the form of the Deeds o 17
such execution to constitute conclusive evidence of the app 16.
executing the same, upon consultation with the City Attorne
21 Section 9. Approval of Developer Agreement. The fol
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of Developer Agreement presented to this meeting is hereby
such execution to constitute conclusive evidence of approv; 28
executing the same, upon consultation with the City Attorn( 27
with such changes as may be approved by the officer of the 26
deliver a Developer Agreement in substantially such form 01 25
a part hereof, and the Mayor is hereby authorized to execut 24
in all respects and incorporated herein by reference and me
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1 by such officer of all changes from the form of Developer AI
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presented to this meeting, which form of Developer Agreemen
is in all respects approved and incorporated by reference a
4 made a part hereof.
5 Section 10. Approval of Official Statement. The
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hereby in all respects approved and incorporated herein by 7
of Preliminary Official Statement presented to this meeting
authorized to distribute the Preliminary Official Statement 9
reference and made a part hereof and the Underwriters are 8
10 connection with the sale of,the Bonds, and the Mayor is her
J.1 authorized to execute and deliver a final Official Statemen
12 in substantially such form or with such changes therein as
13 be approved by the officer of the City executing the same,
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consultation with the City Attorney, such execution to cons
in all respects approved and incorporated by reference and 18
this meeting, which form of Preliminary Official Statement 17
from theA form of Preliminary Official Statement presented t 16
conclusive evidence of the approval by such officer o'f..--a11
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I a part hereof.
Section 11. Approval of Intercreditor Agreement.
form of Intercreditor Agreement substantially in the form s
to this meeting is hereby approved, and the Mayor, and the
Clerk are hereby authorized to execute and deliver an Inter
Agreement in substantially such form or with such executior
constitute conclusive evidence of the approval of such offj
of all changes from the form of Intercreditor Agreement prc
to this meeting, which form of Intercreditor Agreement is :
all respects approved and incorporated by reference and ma(
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1 a part hereof. -
2 Section 12. Selection of Trustee. The Bank of
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in Section 901 of the Indenture. The Trustee is hereby req 8
Trustee must comply with the qualification requirements set 7
to serve as Trustee under the Indenture, provided that such 6
hereby authorized and directed to select a substitute trustc 5
the Indenture, provided that, if necessary, the City Manage] 4
California, N.A. is hereby selected to serve as the Trustee
9 and directed to authenticate the Bonds by executing the Tru
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to the parties named in the Bond Purchase Agreement, in acc 12
and to deliver the Bonds, when duly executed and authentica 11
Certificate of Authentication and Registration appearing th
. 13 w'ith written instructions executed on behalf of the City by
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1, purchase price thereof * 19
accordance with the Bond Purchase Agreement, upon payment c 18
instructions shall provide for the delivery of the Bonds in 17
behalf of the City, to execute and deliver to the Trustee. 16
is hereby authori-zed and directed, for an in the name and o 15
Director of Building and Planning, which instructions said
20 Section 13, Action s Ratified and Authorized. 2
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for an in the name and on behalf of the City, to do any an( 25
Planning and the City Attorney are hereby authorized and d: 24
approved, confirmed and ratified, and the Director of Builc 23
with respect to the sale and issuance of the Bonds are here 22
actions heretofore taken by the officers and agents of the
26 things and take. any and all actions and execute and delivel
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not limited to those described in the Bond Purchase Agreemc 28
all certificates, agreements and other documents, includinc
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the Act and this resolution. 4‘
Bonds and the making of the Developer Loan in accordance wi 3
in order to consummate the lawful issuance and delivery of 2
which they, - or any of them, may deem necessary or advisable
5 Section 14. Conflicting Resolutions Repealed. A1
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extent of such conflict, hereby repealed. 7
resolutions or parts thereto in conflict herewith are, to t
8 I1 Section 15. Severability. If any section, parag
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remaining provisions of this resolution. 12
of such section, paragraph or provision shall not affect an 11
unenforceable for any reason, the invalidity or unenforceab 10
or provision of this resolution shall be held to be invalid
13 11 Section 16. Resolution Constitutes Approval. - It
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representative in accordance with S;103(k) of the Internal F l6
constitute approval of the Bonds by the applicable elected l5
the purpose and intent of this City Council that this resol
I effect on the date of its adoption. l9
Section 17. Effective Date. This resolution shal 18
Code of 1954, as amended.
20 PASSED, APPROVED AND ADOPTED on this 19th day of Mar
21 by the .following, to wit:
22 AYES : Council bkrcbers Casler, Lewis, Kulchin, Chick and Pett
23 11 NOES: =ne
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1. 1: I ABSENT : ISb”ie vL&+&d&
MARY H. SLER, Mayor
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(seal) 28
l2&tA&/ 64. i?L&JL+ ALETHA L.RAUTENKRAN2, City qlerk
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LOCATION MAP
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CT 84a
LA COSTA' RACQUET CLUB CP-27 r
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1200 ELM AVENUE CARLSBAD, CALIFORNIA 92888
Gitp of Carls'bab
TELE
(714) '
March 22, 1985
Daon corporation
1241 Elm Avenue
Carlsbad, CA 92008
Enclosed for your records, please find a copy of the
following Res. 7939 " , adopted by the
Carlsbad City Council on March 19, 1985
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Sincerely, Lfl- LEE RAUTENKRANZ ,
City Clerk
LR : adm
Enclosures (1 )
-
iy e y -CarIsbad J
- Decreed a Legal Newspaper by the Superior Court of Son Diego County
31 38 ROOSEVELT ST. 0 P.O. BOX 248 0 CARLSBAD. CA 92008 0 729-2345 - -
Proof of Publication
STATE OF CALIFORNIA, ss.
COUNTY OF SAN DIEGO,
I am a citizen of the United States and a resident of the county aforesaid;
I am Over the age of eighteen years, and not a party to or interested in the above entitled r
I am Principal clerk of the printer of the Carlsbad Journal a newspaper of general cir
Published twice weekly in the city of Carlsbad, County of Sari Diego, State of California, at
newspaper is Published for the dissemination of local news and intelligence of a general charat
which newspaper at all times herein mentioned had and still has a bona fide subscription list c
subscribers, and which newspaper has been established-and published at regular intervals in cib' of Carlsbad, County of San Diego, State of California, for a period exceeding c
NOTICE OF' . next preceding the date of publicatio
.RE ISSUANCE OF notice hereinafter referred to; and that t IyULTIFAIYILY HOUSING BEVENUE BONDS of which the annexed is a printed copy, I
published in each regular and entire issb
at ib replor meeting to be held on newspaper cind not in any supplement tt
council ch.mbera at 1200 Elm Ave- nue Cadrbad, California, the Citr Codncil dtbe City of Carlsbad will conduct a public hearing as re-. quired by Section 1Wk) of the March 2 hted Rmnue Code of ISM. as amended, at which it will hear and consider information COnCemiM its poaaiMs imuance of multlhmilg housing revenue bonda to ftmnce the conrtnretion of thamul- housing'protacts lirted behU:
1. A munit multlfamilp. rental houabgpmfeettObOOomsd~~ &tt. ~utnem a California pcner-
stom and wrpe A Fermanai.n af pdrahip in which Rodneg. F.
aiabmned mm PWW tobokdedona21.6aepatdd land near the southeast Eomer of IA~ Aieiue and Rahcbo S.nb ...............................
-,to ba iaaued in a maximum
m $18.000.000; ad
hou#jngprojcrttobeomdbY~n- -)a mp~, A California Limit-
cad on a 21.56 m -1 Of hd mar thm nortkre8t cornw of Buttorcup Lane and Batfquitoa ~rh in thacity of CulsW-with I Certify under penalty of perjury that the fore bonds b be inud io a maximum " prieipal amom: not to
' AtLeutlD+ofth.mWunittin
UrbOfthpmlntrflBUlCOddaith boaP~willkraqui=dto k mdul to low or moda8ta in- cocwLdMdrulrorfamiliesud.- amd in Sation ICp(aRu30 dtb. MandBma~Coded10#o.
PUBLIC HEARING
NOTICE IS HEREBY GIVEN that
mh w 1983. at 8:m p.m. in ib the following dates, to-wit:
................................
................................
................................
. Fe in tb.. Gie Of Csrhbad, With .
.Ilnolt. prtncipd amount not Q
0 A munit multifamib rental ...............................
ed Fartierahip, Prow to k b
and correct. Executed at Carlsbad County o
dUddllQaW State of California on the 2nd
1.5M-11.84 Clerk r
ammlhd. ~~~"~ - ALL PEltsoNB BAVmcJANY INFOBMATION RELSVAN'T TO TEB PROPOSH) ISSUANCE OF Boi5frn FINANCE THE PRO& F"INVITEDM" &f.&sFZ
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A
- CITY OF CARLSBAD
NOTICE OF PUBLIC HEARING
RE ISSUANCE OF MULTIFAMILY HOUSING REVENUE BONDS
NOTICE IS HEREBY GIVEN that at its regular meeting t be held on March 19, 1985, at 6:OO p.m. in its council chambe
at 1200 Elm Avenue, Carlsbad, California, the City Council of
the City of Carlsbad will conduct a public hearing as require
by Section 103(k) of the Internal Revenue Code of 1954, as amended, at which it will hear and consider information
concerning its possible issuance of multifamily housing reven bonds to finance the construction of the multifamily housing
projects listed below:
1. A 320-unit multifamily rental housing project to be
owned by La Costa Partners, a California general
partnership in which Rodney F. Stone and George A. Fermanaian will be general partners, proposed to be
located 0n.a 21.6 acre parcel of land near the southeast corner of La Costa Avenue and Rancho Santc Fe in the City of Carlsbad, with bonds to be issued a maximum aggregate principal amount not to exceed $16,000,000; and
2. A 208-unit multifamily rental housing project to be owned by Lincoln Seascape, A California Limited Partnership, proposed to be located on a 21.56 acre parcel of land near the northwest corner'of Buttercl Lane and Batiquitos Drive in the City of Carlsbad,
with bonds to be issued in a maximum aggregate principal amount not to exceed $16,500,000.
At least 20% of the rental units in each of the projects financed with bond proceeds will be required to be rented to
low or moderate income individuals or families as defined in
Section 103(b)(12) (C) of the Internal Revenue Code of 1954, l amended.
ALL PERSONS HAVING ANY INFORMATION RELEVANT TO THE PROPOSED ISSUANCE OF BONDS TO FINANCE THE PROJECTS ARE INVIT: TO APPEAR AT THE TIME AND PLACE MENTIONED ABOVE TO PRESENT S'
INFORMATION TO THE CITY COUNCIL.
Dated: February n, 1985
Publish: March 2, 1985
3728~/2062-11
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STRADDLING, YOCCA, CARLSON & RAUTH
A PROFESSIONAL CORP,ORATlON
NICK E. YOCCA
FRITZ R. STRADLING
WILLIAM R. RAUTH 111
6. C. SCHAAF
RICHARD C GOODMAN
c. CRAIG c~RLSON
JOHN J. MURPHY
THOMAS P. CLARK, JR.
BEN A. FRYDMAN
DAVID R. MCEWEN
PAUL L. GALE RUDOLPH C. SHEPARD
M. D. TALBOT
BRUCE C. STUART
DOUGLAS F. HIGHAM
E. KURT YEAGER
ROBERT J. WHALEN
ROBERT E. RICH
THOMAS A. PISTONE PETER J. TENNYSON
- SCOTT E. MCCONNELL ATTORNEYS AT LAW RENA C. STONE .
RANDALL J. SHERMAN 669 NEWPORT CENTER DRIVE, SUITE 1600
POST OFFICE BOX 7680
NEWPORT BEACH, CALIFORNIA 92680-6401
TELEPHONE (714) 640-7035
BRUCEFEUCHTER LAWRENCE D. FRENZEL
MARK J. HUEQSCH
PEG1 A. GROUNDWATER
DONALD J. HAMMAN JOHN J. SWIGART, JR-
TONY L. LOWE
NElLA R. BERNSTEIN
CHRISTOPHER J. KILPATRICK NANCY RADER WHITEHEAD
LEWIS G. FELDMAN
SYLVIA D. LAUTSCH CLARK H. LIBENSON ERNEST W. KLATTE 111
ANN D. CATRON LAWRENCE a. COHN
JOHN E.
OARYC
01
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(714
February 26, 1985
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Mr. Martin Orenyak Director Carlsbad Redevelopment Agency
1200 Elm Avenue Carlsbad, California 92008
Re: TEFRA Notice
PECEtVED
FEB %'I985
FW OF CARLSBAI
Lullding Departmeof
Dear Marty:
Enclosed is a form of the Notice of Public Hearing tc
be published in connection with the TEFRA hearing that the Ci.
Council will be conducting for the La Costa Partners (So-Cal)
and Lincoln Seascape projects.
As we discussed, Section 103(k) of the Internal Revenue Code of 1954, as amended, requires that this public notice be published at least 14 days prior to the hearing in newspaper of general circulation within the City. Thus, this notice should be published no later than March 4 for the hearing to be held on March 19.
By March 12, 1985, I will submit to you and to Vince
Biondo the forms of the resolutions to be adopted by the City
Council authorizing the issuance of bonds for each project. that time, the documents to be approved by the City in connection with the issuance of the bonds will also be submitted in substantially final form.
Provided that the Council does authorize the issuanc of the bonds for the projects on March 19; shortly thereafter
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Mr. Martin Orenyak
February 26, 1985
Page Two
the underwriters will sell the bonds and schedule the closing
of the issues,
We will need an Affidavit of Publication from the
newspaper verifying publication no later than March 4, and I
clip a copy of the notice as published and send it to me for 1
files.
would appreciate it if you could ask someone on your staff to
Thank you for your help. If you have any questions,
please call.
,. Very truly yours,
STRADLING, YOCCA, CARLSON & RAUT:
%&+"
Robert J, Whalen /
RJW: pm
Enclosure
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CITY OF CARLSBAD - NOTICE OF PUBLIC HEARING
RE ISSUANCE OF MULTIFAMILY HOUSING REVENUE BONDS
NOTICE IS HEREBY GIVEN that at its regular meeting be held on March 19, 1985, at 6:OO p.m. in its council chamb
at 1200 Elm Avenue, Carlsbad, California, the City Council o
the City of Carlsbad will conduct a public hearing as requir
by Section 103(k) of the Internal Revenue Code of 1954, as
amended, at which it will hear and consider information concerning its possible issuance of multifamily housing reve
bonds to finance the construction of the multifamily housing projects listed below:
. 1. A 320-unit multifamily rental housing project to be
owned by La Costa Partners, a California general
partnership in which Rodney F. Stone and George A.
Fermanaian will be general partners, proposed to be located on a 21,6 acre parcel of land near the
southeast corner of La Costa Avenue and Rancho Sant
Fe in the City of Carlsbad, with bonds to be issued
a maximum aggregate principal amount not to exceed
$16,000,000; and
2. A 208-unit multifamily rental housing project to bc owned by LincoJn Seascape, A California Limited -Partnership, proposed to be located on a 21.56 acrz parcel of land near the northwest corner of Butter( Lane and Batiquitos Drive in the City of Carlsbad, with bonds to be issued-in a maximum aggregate principal amount not to exceed $16,500,000.
At least 20% of the rental units in each of the proj-ects
financed with bond proceeds will be required to be rented tc low or moderate income individuals or families as defined il
Section 103(b)(12)(C) of the Internal Revenue Code of 1954, amended.
ALL PERSONS HAVING ANY INFORMATION RELEVANT TO THE
PROPOSED ISSUANCE OF BONDS TO FINANCE THE PROJECTS ARE INVI’
TO APPEAR AT THE TINE AND PLACE MENTIONED ABOVE TO PRESENT INFORMATION TO THE CITY COUNCIL.
Dated: February -, 1985
City Clerk, City of Carlsbad
Publish: March -, 1985
3728p/2062-11
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CITY OF CARLSBAD -
NOTICE OF PUBLIC HEARING
RE ISSUANCE OF MULTIFAMILY HOUSING REVENUE BONDS
NOTICE IS HEREBY GIVEN that at its regular meeting t be held on March 19, 1985, at 6:OO p.m. in its council chambc
at 1200 Elm Avenue, Carlsbad, California, the City Council of
the City of Carlsbad will conduct a public hearing as require by Section 103(k) of the Internal Revenue Code.of 1954, as amended, at which it will hear and consider information concerning its possible issuance of multifamily housing rever
bonds to finance the construction of the multifamily housing
projects listed below:
1. A 320-unit multifamily rental housing project to be owned by La Costa Partners, a California general partnership in which Rodney F. Stone and George A. Fermanaian will be general partners, proposed to be
located on a 21.6 acre parcel of land near the
southeast corner of La Costa Avenue and Rancho Santi
Fe in the City of Carlsbad, with bonds to be issued a -maximum aggregate principal amount not to exceed
$16,000,000; and
2. A 208-unit multifamily rental housing project to be owned by Lincoln Seascape, A California Limited
Partnership, proposed to be located on a 21.56 acre
Lane and Batiquitos Drive in the City of Carlsbad,
principal amount not to exceed $16,500,000.
J parcel of land near the northwest corner of Buttercl
with bonds to be issued in a maximum aygregate
At least 20% of the rental units in each of the projects financed with bond proceeds will be required to be rented to low or moderate income individuals or families as defined in
Section 103(b)(12)(C) of the Internal Revenue Code of 1954, (
amended.
ALL PERSONS HAVING ANY INFORMATION RELEVANT TO THE
PROPOSED ISSUANCE OF BONDS TO FINANCE THE PROJECTS ARE INVITl TO APPEAR AT THE TIME AND PLACE MENTIONED ABOVE TO PRESENT S1
INFORMATION TO THE CITY COUNCIL.
Dated: February x, 1985
City Clerk, City of Carlsw
Publish: March 2, 1985
3728p/2062-11
fi CIT~F CARLSBAD - AGEND~ILL
y .:! ” gu; -’.-
AB# 79c?L/ 1 - DEVELOPMENT AGREEMENT FOR MULTI- DEPT.
MTG. 12’18’84 FERMANIAN- LA COSTA RACQUET CLUB APARTMENTS CITY1
DEPT. RED ClfY r
RECOMMENDED ACTION:
I. - FAMILY RENTAL HOUSING DEVELOPMENT -
I
Council adopt Resolution No. 7f?53 authorizing the Mayor
to execute developer agreement between City of Carlsbad and
Rodney F. Stone and George A. Fermanian.
ITEM EXPLANATION
On October 2, 1984, City Council approved CT84-7/CP-276 La CO~ Racquet Club Apartment. At that same meeting Council approve( a Resolution of Inducement #7787 expressing Council’s intent
to provide Mortgage Revenue Bond financing for this multifami: housing project. The Developer Agreement for this project is
being returned for review. The agreement establishes the cond:
as prescribed by law, with respect to occupancy of the projecl A condition of the program is that at least 20% of the units
are to be occupied by individuals of low-moderate-income. Tht
period of this condition shal1,be ten yers. Income determinai formulas are defined in the agreement.
The City Attorney and Bond Counsel have reviewed and approved the developer agreement.
The project complies with the concepts and standards of the Li Costa Master Plan and the City’s Planned Development Ordinana
Desirable characteristics of the project include extensive COI recreation facilities greatly in excess of those required, a mix of product type and it is at the low end of the revised dl
range for this site. (Location map attached).
FISCAL IMPACT
Cost incurred will be recovered as part of the Mortgage Reven’ 2 Bond issued. The City will receive one-tenth of one percent > 0 of the bonds to reimburse the City for the expenses of the bo
cI=
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1 - Resolution No. 7R.3
2 - Location Map
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@ 3
.. RESOLUTION NO. 7853
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF CARLSBAD, CALIFORNIA, APPROVING A DEVELOPER
AGREEMENT BETWEEN THE CITY OF CARLSBAD AND RODNEY
F. STONE AND GEORGE A. FERMANIAN.
WHEREAS, the City of Carlsbad, Californ-ia, does here
resolve as follows:
1. That certain developer agreement between the Cit
Carlsbad and Rodney F. Stone and George A. Fermanian, a cc
which is attched hereto, marked Exhibit 1, and incorporate
by reference, is hereby approved.
.. -
2. The Mayor of the City of Carlsbad is hereby aut
and directed to execute said agreement for and on behalf c
City of Carlsbad.
PASSED, APPROVED AND ADOPTED at a regular meeting of
City Council of the City of Carlsbad held the 18th day of
December, 1984, by the following vote, to wit:
AYES : Council Members Casler, Lewis, Kulchin, Chick and Pet1
NOES: None
ABSENT : None
LAk. J L/c+
MARY H. kASLER, Mayor
>.
/daA . ,pz I / cL Z&&, ALETHA L. RAUTENKRANZ, City Cberk
(Seal 1
i
~ ////
* ? @
.,
DEVELOPER AGREEMENT
among .. ~
CITY OF CARLSBAD, CALIFORNIA
and
RODNEY F. STONE
and
GEORGE A. FERMANIAN
Dated as of December 1, 1984
I e e
.. TABLE OF CONTENTS
Page
Section 1
Section 2
Section 3
Section 4
Section 5 Section 6 Section 7
Section 8 Section 9 Section 10
Definitions and Interpretation ...... 1
Residential Rental Property ........ 4
Governing Law .............. 6
Amendments ................ 6
Notice .................. 6
Severability ............... 7
Multiple Counterparts .......... 7
Assignment ................ 7
Lower-Income Tenants ............ 5
Regulatory Agreement ............. 6
....
I 9 6
THIS DEVELOPER AGREEMENT (the "Agreement") is made and
..
entered into as of December 1, 1984, by and among the CITY OF
(together with any successor to its rights, duties and obligations, the "City"), and RODNEY F. STONE and GEORGE A. FERMANIAN (collectively, the "Owner").
CARLSBAD, a municipal corporation of the State of California
WITNESSETH: -
WHEREAS, the City is authorized by Chapter 7, Part 5 of
Division 31 (commencing with Section 52075) of the Health and
Safety Code, as amended (herein called the "Act") to issue revenue bonds for the purpose of financing the development of multifamily rental housing; .. .
WHEREAS, Section 133(b)(4)(A) of the Internal Revenue Coc of 1954, as amended (the "Code"), provides that the interest ( obligations issued by or on behalf of a state or political subdivision thereof substantially all of the proceeds of whit]
are to be used to provide projects for residential rental property shall be exempt from federal income taxation if, am01
other requirements and with certain exceptions, at least twen. percent (20%) of the units in each project are to be occupied by individuals of low or moderate income within the meaning 0:
and for the period required by Section 103(b)(12)(C) of the
Code;
WHEREAS, the City has determined to assist in financing mUltifanIily rental housing development for the Owner by
providing funds to make a mortgage loan to the Owner to finan the construction of a 320-unit multifamily rental housing development (the "Project"), provided that certain conditions with respect to the occupancy of the Project are satisfied; a
WHEREAS, the parties hereto desire to enter into this Agreement in order to set forth the terms of occupancy for th
units in the Project to be set aside for persons of low and moderate income;
NOW, THEREFORE, in consideration of the mutual covenants and undertakings set forth herein, and other good and valuabl
consideration, the receipt and sufficiency of which hereby ar acknowledged, the City and the Owner hereby agree as follows:
Section 1. Definitions and Interpretation. The
following terms shall have the respective meanings assigned t them in this Section 1 unless the context in which they are
used clearly requires otherwise:
2 a! e
"Act" - Chapter 7, Part 5 of Division 31 of the Healt and Safety Code of the State of California.
"Adjusted Income'' - The adjusted income of a person
(together-with the adjusted income of all persons over the age of 18 who intend to reside with such person in one residential
unit) as calculated in the manner prescribed in Regulation Section 1.167(k)-3(b)(3). a
"Affordable Rent" - A monthly rent which does not exceed 30 percent of one-twelfth of the maximum adjusted annu: income at which a household of appropriate size is deemed to 1 a "lower income" family in the County of Sari Diego for purpose
of the leased housing program established under Section 8 of the United States Housing Act of 1937, as amended, based upon
the following appropriate household sizes for various types oj residential units in the Project and assuming 80 percent as tf
percentage of median gross income which qualifies as '?lower income It :
Residential Unit No. of Persons in Fami:
One bedroom Two bedrooms 2 4
"Area" - The San Diego, California Metropolitan Statistical Area.
"Bond Counsel" - Stradling, Yocca, Carlson & Rauth, counsel to the City with respect to the issuance of bonds for the Project.
"Low and Moderate Units" - The dwelling units in the
Project designated for occupancy by Lower-Income Tenants.
Lower-Income Tenant" - A person whose Adjusted Incom which when combined with the Adjusted Income of all other persons over the age of 18 years residing in the same unit, does not exceed 80 percent of the Median Income for the Area.
In no event will the occupants of a unit be considered to be Lower-Income Tenants if all of such occupants are students (a
defined in Section 151(e)(4) of the Code), no one of whom is
entitled to file a joint return under Section 6013 of the Cad
"Median Income for the Area" - The median income for
the Area as most recently determined by the Secretary of
Housing and Urban Project under Section 8 of the United State
Housing Act of 1937, as amended, or if programs under Sectior
are terminated, median income for the Area determined under t
method used by the Secretary prior to such termination.
1981p/2062-10 -2-
a e
"Qualified Project Period" - The period beginning on
the later of (i) the first day on which at least 10 percent of
the dwelling units in the Project are first occupied or (ii)
the date of the issuance of the Bonds and ending on the later
of (a} the date which is 10 years after the first day on whicf'
at least 50 percent of the dwelling units in the Project are first occupied, or (b) the date which is a qualified number oj days after the date on which any of the dwelling units in the
Project is first occupied, or (c) the date on which any
assistance provided with respect to the Project under Section
of the United States Housing Act of 1937 terminates. For
purposes of clause (b), the term "qualified number of days"
means, with respect to the Bonds, 50 percent of the number of
days comprising the term of the Bonds with the longest maturi'
"Regulations" - The Income Tax Regulations from time to time promulgated or proposed by the Department of the Treasury pursuant to the Code.
.. ~
"Regulatory Agreement" - The Regulatory Agreement an( Declaration of Restrictive Covenants to be entered into by an< among the City, the Owner and the trustee with respect to the bonds which shall be recorded in the real property records fo:
the County of San Diego.
"Very Low Income Tenants" - Lower-Income Tenants who adjusted gross income does not exceed 50 percent of median
gross income for the San Diego Metropolitan Statistical Area, as most recently determined by the United States Department 0 Housing and Urban Project.
Unless the context clearly requires otherwise, as us in this Agreement, words of the masculine, feminine or neuter
gender shall be construed to include each other gender when appropriate and words of the singular number shall be constru
to include the plural number, and vice versa, when
appropriate. This Agreement and all the terms and provisions hereof shall be construed to effectuate the purposes set fort
herein and to sustain the validity hereof.
The defined terms used in the preamble and recitals this Agreement have been included for convenience of referenc
only, and the meaning, construction and interpretation of all defined terms shall be determined by reference to this
Section 1 notwithstanding any contrary definition in the
preamble or recitals hereof. The titles and headings of the
sections of this Agreement have been inserted for convenience
of reference only, and are not to be considered a part hereof
and shall not in any way modify or restrict any of the terms
provisions hereof or be considered or given any effect in
construing this Agreement or any provisions hereof or in
ascertaining intent, if any question of intent shall arise.
1981p/2062-10 -3-
m *
Section 2. Residential Rental Property. The Ownt
hereby acknowledges and agrees that the Project is to be ownec
managed and operated as a project for "residential rental
property" (within the meaning of Section 103(b) (4) (A) of the Code) for a term equal to the longer of (i) the term of the Bonds or (ii) the Qualified Project Period determined with
respect to the Project. To that end, the Owner hereby
represents, covenants, warrants and agrees as follows:
(a) The Project will be constructed for the purpose of providing a residential rental project, and the Owner shal
own, manage and operate the Project as a project to provide multifamily residential rental property comprised of a buildi: or structure or several interrelated buildings or Structures,
each consisting of more than one dwelling unit, together with
any functionally related and subordinate facilities, and no other facilities, in accordance with Section 103(b)(4)(A)'bf the Code and Section 1.103-8(b) of the Regulations, and the Act, and in accordance with such requirements as may be impos thereby on the Project from time to time.
(b) All of the dwelling units in the Project will k similarly constructed units, and each dwelling unit in the Project will contain complete separate and distinct facilitie
for living, sleeping, eating, cooking and sanitation for a
single person or a family, including a sleeping area, bathinc and sanitation facilities and food preparation facilities equipped with a cooking range, refrigerator and sink.
(c) None of the dwelling units in the Project will
any time be utilized on a transient basis, or will ever be US
as a hotel, motel, dormitory, fraternity house, sorority houe rooming house, nursing home, hospital, sanitarium, rest home trailer court or park.
(d) No part of the Project will at any time be OWE or used as a cooperative housing corporation, or a community apartment project or a stock cooperative. Other than obtain] a condominium map on the Project, and obtaining a white repol from the California Department of Real Estate, the Owner sha: not take any steps in connection with a conversion of the Project to a condominium ownership, except with the prior written approving opinion of Bond Counsel that the interest I the Bonds will not become taxable thereby. The final subdivision map to be recorded for the Project shall state ti restriction against converting the ownership of the Project 1 a condominium ownership during the term of the Regulatory Agreement.
(e) All of the dwelling units in the Project will 1 available for rental on a continuous basis to members of the
general public and the Owner shall not discriminate on the
1981p/2062-10 - 4-
e e
basis of race, creed, color, sex, age or national origin in t:
the employment or application for employment of persons for t
operation and management of the Project; at least 20 percent the dwelling units in the Project will be leased or rented, o
available for lease or rental, to Lower-Income Tenants on a
continuous basis; at least half of the units to be so leased
rented to Lower-Income Tenants will be available f0.r occupanc on a priority basis by Very Low Income Tenants in accordance with Section 3(c) below; and the Owner will not give preferen to any particular class or group in renting the dwelling unit in the Project, except to the extent that dwelling units are required to be leased or rented to Lower-Income Tenants or to be available for occupancy on a priority basis by Very Low Income Tenants.
lease, use or occupancy of the Project or in connection with
(f) The Low and Moderate Units will be intermingred with all other dwelling units in the Project and will be of a quality, and offer a range of sizes and number of bedrooms, comparable to the other units in the Project. Tenants in the Low and Moderate Units will have equal access and enjoyment t
all common facilities of the Project.
(9) The Owner will accept as’ tenants, on the same basis as all other prospective tenants, lower-income persons
who are holders of certificates for federal housing assistanc
payments for existing housing pursuant to Section 8 of the
United States Housing Act of 1937 or a successor federal program, or who are recipients of other income subsidies; and in connection therewith, the Owner will not apply tenant selection criteria to such lower-income persons which are mor burdensome than the criteria applied to any other prospective tenants.
Section 3. Lower-Income Tenants. Pursuant to th requirements of the City, Section 103(b)(4)(A) of the Code an
Section 52080 of the Act, the Owner hereby represents, warran
and covenants as follows:
(a) Throughout the Qualified Project Period, not le
than 20 percent of the completed units in the Project shall b
continuously occupied by Lower-Income Tenants at an Affordabl Rent. For this purpose, a unit occupied by a Lower-Income Tenant who at the commencement of the occupancy is a
Lower-Income Tenant shall be treated as occupied by such an
individual or family during their tenancy in such unit, even though they subsequently cease to be a Lower-Income Tenant.
Moreover, such unit shall be treated as occupied by a
Lower-Income Tenant until reoccupied, other than for a
temporary period, at which time the character of the unit sha
be redetermined. In no event shall such temporary period exceed 31 days.
1981~/2062-10 -5-
e 0
(b). The Owner will verify a household's income as
required by the terms of the Regulatory Agreement to be
prepared by the City's Bond Counsel either by obtaining [i) a copy of a Lower-Income Tenant's federal income tax return for
the tax year immediately prior to the commencement of such
Lower-Income Tenant's occupancy, (ii) an employer's verification of such Lower-Income Tenant's current .income, or, (iii) if the Lower-Income Tenant is unemployed or if the tax return is unavailable, other satisfactory evidenc'e of income for such year.
(c) Throughout the Qualified Project Period, the Owner will: (a) maintain a list of persons who have notified the Owner of their desire to rent a unit in the Project and wl. have Adjusted Incomes which would qualify them as Very Low
Income Tenants, and (b) offer to rent at least half of the Lot and Moderate Income Units (subject to the availability thereol
at any time) on a priority basis to the persons on such list prior to offering to rent such units to any other persons and
criteria no more burdensome than shall be applied to other
prospective tenants. To fulfill its obligation under this
subparagraph (c), the Developer shall, at least 45 days prior
to renting any unit in the Project, notify the City Housing
Authority in writing of the date on which it intends to start renting units; and when directed by the City (i) at least 30
days prior to renting any units in the Project, mail notice tc
all persons currently on the list; and (ii) publish a notice c the availability of such units to qualified Very Low Income. Tenants in a local newspaper designated by the City. Thereafter, throughout the Minimum Rental Period, upon receiving notice from a Lower-Income Tenant or a Very Low Income Tenant of such tenant's intent to vacate a Low and Moderate Unit, the Developer shall immediately mail a notice t the City Housing Authority stating the date on which such unit will be available for occupancy and the rent for such unit, ar shall mail notice to at least 5 persons on the list per unit
coming vacant. The Developer agrees to make the units coming vacant available, on a priority basis, first to any Very Low Income Tenants who are Section 8 certificate holders or the recipients of another rent subsidy and second to other Very LC Income Tenants. Nothing contained in this Section shall require the Owner to offer to rent such units to such persons on terms and conditions which are more favorable than the tern and conditions on which such units will be offered to the public generally.
in choosing such Very Low Income Tenants shall use selection
(d) The Owner will maintain complete and accurate records pertaining to the Low and Moderate Units, and will
permit any duly authorized representative of the City, the
Trustee or the Department of the Treasury or the Internal
1981~/2062-10 -6-
a e
Revenue Seryice to inspect the books and records of the Owner pertaining to the incomes of Lower-Income Tenants residing in
the Project .
Section 4. Regulatory Agreement. Bond Counsel shall incorporate the provisions of this Agreement into the
Regulatory Agreement to be executed by the Owner with respect to the Project.
a
Section 5. Governing Law. This Agreement shall 1
governed by the laws of the State of California and the obligations, rights and remedies of the parties hereunder shal be determined in accordance with such laws.
Section 6. Amendments. This Agreement shall be
amended only by a written instrument executed by the parties hereto or their successors and assigns. .- ~
Section 7. Notice. Any notice or certificate
required to be given hereunder shall be given by certified or
registered mail, postage prepaid, return receipt requested, ai the addresses specified below, or at such other addresses as
may be specified in writing by the parties hereto:
City : City of Carlsbad
1200 Elm Avenue
Carlsbad, California 92008
Attn: Director of Building and Plannj
Owner: Rodney F. Stone
George A. Fermanian
li300 Sorrento Valley Road
San Diega, California 92121
Notice shall be deemed given three (3) business days aft<
the date of mailing.
Section 8. Severability. If any provision of th:
Agreement shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining portio1 hereof shall not in any way be affected or impaired thereby.
Section 9. Multiple Counterparts. This Agreemenl may be simultaneously executed in multiple counterparts, all (
which shall constitute one and the same instrument, and each (
which shall be deemed to be an original.
Section 10. Assignment. The Owner may not assign
its interests hereunder, other than to a partnership in which
Rodney F. Stone and George A. Fermanian remain as general partners, without the express written consent of the City.
1981p/2062-10 -7-
0 0
Section 11. Expenses. On the date of issuance of the bonds, the Owner shall pay to the City the sum of or tenth 69 bk percent 6f the aggregate principal mount of t bonds to reimburse the City for the expenses incurred in cc
nection with the issuance of the bonds.
IN WITNESS WHEREOF, the City and the Owner have
executed this Agreement by duly authorized representatives, all on the date first written hereinabove.
( SEAL ) CITY OF CARLSBAD
BY 4G .u J . 6- U”LZ4 ‘1
1
ATTEST: J
BY ,44.z% &! lrAt / &?.AWL7 _. ~
c Clty Clerk
RODNEY F. STONE
GEORGE A. FERMAINIAN
1981~/2062-10 -8-
DECEMBER 4, lay .. . e))
TO : CITY MANAGER
FROM: Director .4Q o Building and Planning
1983 SINGLE-FAMILY MORTGAGE R€VENUE BOND PROGRAM
Total Issue: ' $20,000,000
1983 Program Requirements:
A. First-Time Homebuyers
B. Maximum Sales Price: $137,9)p
C. Income Limitation: c-3 0 +. (110% of Regional
Average)
(150% of Median - . $26,612)
Progran Characteristics as of September 17, 1984:
." I
Total Mortgages: 55
Projected Disbursement. 1984: $7.1 Million
Average Sales Price: $96,486
Average Monthly Mortgage
Payment: $993.00
Average Interest Rate: 9.9%
Average Borrower Age: 31
Fund Disbursement: $6.7 Million
Buyer Profile:
Income Range:
Lessthan 50% of Median 1
50% to 100% of Median 5
100% to 120% of Median 19
120% to 150% of Median 30 -
TOTAL 55 _-
Employment Type:
Professional
Managerial-"
Technical.
Military 'Officer
Government Admin,
Skilled Labor
Unskilled Labor
White Collar
25.7% Executive
14.3% Craftsman
11.4% Self-Employed
4.3% Sales Inside
2.9% Sales Outside
5.79 Retired
2.9% . Other
8.6%
MARTY
. MO: hmj
.. . ..
..
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.. .. de
5 Median si;& .of Annual Monthly AFFORDABLE RENT @ Income Family Income Income 25% 3
""""""+"" - """-I""""
1 $13,860 $1,155.00 $288.75
2 $15,840 $1,320.00 . $330.00 3 $17,820 $1,485.00 $37 1 .25 75% 4 $19,800 $1,650.00 $4lZ.50 5 $21,038 $1,753. 13 $438 . 28 6 $22,275 $1,856.25 $464 -06 7 $23,513 $1,959.38 $489.84 8 $24,750 $2,062.50 $515.63
$14,784 $1,232.00 $308.00
$352 BOO $19,008 $1,584.0~1 $396 - 00
0 $440,00 $467.56 -6 $23,760 $1,980.00 $495 . 00 7 $25,080 $2,090.00 $522 . 50 8 $26,400 $2,200.00 $550 -00
1 $15,708 $1,309.00 $327 . 25 2 $17,952 $1,496.00 $374 .OO 3 $20,196 $1,683.00 $420 -75 85% 4 $22,440 $1,870.00 $467 -50 5 $23,843 $1,986.88 $496 -72 6 $25,245 $2,103.75 $525 . 94 7 $26 , 648 $2 , 220.63 $555.16 8 $28 , 050 $2 , 337 50 $584 . 38
1 $16,632 $1,386.00 $346 . 50 2 $19,008 $1,584.00 $396 -00 3 $21,384 $1,782.00 $445.50 90% 4 $23,760 $1,980.00 $495 .oo 5 $25,245 $2,103.15 $525 . 94 6 $26 , 730 $2,227 -50 $556 -88 7 $28,215 $2,351 -25 $587.8 1 8 $29,700 $2,475 -00 $618.75
_--.--"- . .- """"""--. ""
/ u & - $16,896 $1,408.00
@m3- 2G i%::o;
.___ .. .. ...- . -.: -
___Ce_cL-""
95%
1 2 3 4 5 6 7 8
$17,556 $20,064 $22,572 $25,080 $26 , 648
$28,215 $29 , 783 $31,350
$1,463.00 $365.75 $1,672.00 $418.00
$2,090 -00 $522.50 $2,220.63 $555 . 16 $2,351 -25 $587.81 $2,481.88 $620. 47 $2,612.50 $653.13
$1,881 .oo $470 25
-
$346 . 5 $396 01 $445 . 51
. $495.01 $525 . 9 $556.8 $587.8 $618.7 ." ." " -. . -. - . . -. -i $594 .O $627.0 $660 .O
$392.7 $448.8 $504.9 $561 .O $596.0 $631 . 1 $666 . 1 $701.2
$415.8 $475.2 $534 . 6 $594 -0 $631 . 1 $668. i
$705 -: $742 .E
$438 . 5 $501 .€ $564.: $627 .( $666.'
$705. : $744.: $783 5
2 of 3
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% Median Size of Income Family
" """-
1 2 3 100% 4 5 6 7 8
1
2 3
105% -4
- 5 6 7 8
1
2 3 110% 4 5
6 7 8
1
2 3 1155 4 5 6 7 8
1
2 3 120: 4 5 6 7 8
e
Annual Monthly Income Income
$18,480 $1,540.00 $21,120 $1,760.00 $23,760 $1 ,980.00
$26,400 $2,200 . 00
$28,050 $2 , 337 50
'.LI""""""
$29,700 $2,475 00 $31,350 $2,612.50 $33,000 $2,750.00
AFFORDABLE RENT @
25% - - "--"-"""""
$385 . 00 $462 . C
. $440.00 $528 . C
$495 .Od $594 .c
$550;00 - $660.G $584.38 $701.2 $618.75 $742 e 5 $653 . 13 $783 . 7 $687.50 $825 .Oi
$19,404 $1,617.00 $404 . 25 $485.18
$22,176 $1,848.00 $462.00 . $554.4,
$24,948 $2,079.00 $519.75 $623.7
$27,720 $2,310.00 $577 50 $693 -0 $29,453 $2,454 38 $613.59 $736 3
$31,185 $2,598.75 $649 -69 $779 6
$34 , 650 $2,887 . 50 $721.88 $866- 21 $329918 $2,743. 13 $685 . 78 $822 9
$20,328
$26,136
$23 , 232
$29 , 040 $30,855
$32 , 670 $34 , 485
$36,300
$21 9 252
$24,288
$27,324
$34,155 $36,053
$37,950
$22,176
$25 y 344
$28,512
$31,680 $33,660
$35,640 $37 Y 620
$39,600
tzg:
$1,694.00 $423 . 50
$1,936.00 $484 -00
$2,178.00 $544 . 50
$2 , 420 . 00 $605 . 00
$2,722 -50 $680.63 $2,873 . 75 .,$718.44
$2,571 25 $642 8 1
$3,025-00 $756 . 25
$1,771 -00
$2 , 277 00 $2,530-00
$2,024.00
$2,688.13
$2,846.25
$3,004.38 $3,162.50
$508 . 2( $580 . 8(
$653 . 4( $726 .O(
$771 *Y $816.?!
$862. I: $907 .5(
$442 75 $531.31 $506 . 00 $607 . 21-
$569 -25 $683.1( $632.50 $759 O( $672 . 03 $806 . 41 $71 1.56 $853 . 81 $75 1 . 09 $901.3, $790 63 $948 ?I
$1,848.00 $462.00
$2,112.00 $528.00
$2,376.00 $594.00
$2,640.00 $660 .OO
$2,805.00 $70 1 . 25
$2,970 . 00 $742 . 50
$3,135000 $783 . 75 $3 y 300 -00 $825 . 00
$554 . 4( $633.6(
$712.8(
$792 9 O( $841 3 $89 1 . Oi
$940 . 5C $990 oc
3 of 3
0 e ATTACH
7.
I
AFFORQABLE! RENTS FOR THE cc)uNTY OF SAN DIEGO
$26,400 is the HUD median income for a family of four as of July, 1983
% I"leciian
Incom
"""".
505
-
555
605
6516
70%
-
Size of Annual
Family Income -"""""""
1 $9,240
2 $10,560 3 $1 1,880 4 $13,200 5 $14,025 6 $14,850 7 $15,675 8 $16,500
1 $10,164
2 $1 1,616 3 $13,068 4 5 $14,520 $15,428 6
8 $18,150
1 $1 1,088
2 $12,672 3 $14,256 4 $15,840 5 $16,830 6
8 $19,800
1 $12,012
2 $13,728 3 4 $15,444
$179 160 5 $18,233 6 $19,305 7 $20 , 378 8 $2 1 , 450
1 $12,936
2 $14,784 3 st6 A32 4 - :St5,480
;i9,635 6 .SO ,790 7 521,945 8 t23,lOO
7 ti;:::;
7 $x$::
-
Monthly Income
$770 . 00 $880.00
$990 * 00 $1,100.00
$1,168.75
$1 9237.50 $1,306-25
$? ,375 .OO
$847 -00
$968 -00 $1,089.00 $1,210.00 $1,285.63
"""
$1,361 -25 $1,436.88
$1,512.50
$924 . 00
$1,056.00
$1,320.00
$1,402.50
$1,485.00
$1,567.50 $1,6S0.00
$1,001 .oo
$1,188.00
$1,144.00
$1,287.00 $7 ;430.00
$1 9519.33
$1 ,608 -75
$1,698.13
$1,787.50
$1,078.0O
$1,232.00 $? .. 386.00
$1,540.0O
$1,636.25
.'i ,732SO
i: 328.75
$1 i925.00
' AFFORDABLE RENT @
., 25% - - """"""_
$192.50 $23 1 .C
$220.00 $264 .C
$247.50 $297. C
- $275.00 $330 .C
$292 . 19 $350. C $309 38 $377 2 $326 . 56 $.39 1 . Z
$343.75 $412.:
$21 1.75 $242,00
$272 . 25 $302 . 50 $321.41 $340031 $359 22
$378. 13
$254.1 $290.4
$326 . 7 $363 .a $385.6 $408 . 3
$431 .O
$453.7
$231 -00 $277 -2
$264.00 $316.E
!I $297.00 $356.4 $330 00 $396 .C
$350 . 63 $420. 'j
$39 1 .88 $470 . 2
$412.50 $495 ec
$250.25 $300 o : $286 .OO 1343.;
$371 25 $445 . 5
$321 -15 5386 I $357.50 $429 . 0 $379 84 $455.8 $4E. 19 - :$482.6
:224.53 5509.4 3446 -88 $536 . 2
4.269 . 50
5308 .OO
5346.50 3385 . 00 5409.06 $433 13 $457 . 19
$48 1 . 25
$323.4
$369 . 6 $415.a ~2,a $490. E $5?" .7 $540 . E $577 . 5
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