Share to Facebook Share to Twitter Bookmark and Share
File #: 21-2812    Name:
Type: Consent Item Status: Agenda Ready
File created: 7/21/2021 In control: City Council
On agenda: 8/3/2021 Final action:
Title: APPROVE THE AFFORDABLE HOUSING DOCUMENTS FOR THE SALE OF 2750 ARTESIA BOULEVARD, #117, REDONDO BEACH, CALIFORNIA 90278. 1. AGREEMENT CONTAINING COVENANTS, RESTRICTIONS AND OPTIONS TO PURCHASE [MODERATE INCOME] 2. ESCROW INSTRUCTIONS
Attachments: 1. Administrative Report, 2. AGREEMENT CONTAINING COVENANTS RESTRICTIONS AND OPTIONS TO PURCHASE (MODERATE INCOME) - JOHANNA LUZIETTI 080321 f, 3. Escrow Instructions #117 7 19 21- 080321 f, 4. Maximum Sales Price Quote
Date Action ByActionResultAction DetailsMeeting DetailsVideo
No records to display.

To: MAYOR AND CITY COUNCIL
From: Cameron Harding, Community Services Director

TITLE
title
APPROVE THE AFFORDABLE HOUSING DOCUMENTS FOR THE SALE OF 2750 ARTESIA BOULEVARD, #117, REDONDO BEACH, CALIFORNIA 90278.
1. AGREEMENT CONTAINING COVENANTS, RESTRICTIONS AND OPTIONS TO PURCHASE [MODERATE INCOME]
2. ESCROW INSTRUCTIONS

end

EXECUTIVE SUMMARY
On February 17, 2004, the City Council adopted the Senior Housing Ordinance No. 2927-04, amending the zoning ordinance to establish standards for housing for senior citizens. On June 17, 2004, the Planning Commission subsequently approved a 192 unit senior citizen residential condominium project at 2750 Artesia Boulevard, Redondo Beach, CA, also known as "Breakwater". As required by Senior Housing Ordinance 2927-04, a condition of project approval requires that the developer enter into an Affordable Housing Agreement with the City to provide and restrict by deed twelve (12) units as affordable for moderate income households and eight (8) units for low income households for a period of not less than 55 years from the date of construction in accordance with all applicable state and local laws.
A moderate income family is defined as a household where the combined gross incomes of all persons residing in the unit exceeds the adjusted qualifying income limit for low income but does not exceed a maximum of 120% of the area median income (AMI) adjusted for household size as published annually by the California Department of Housing and Community Development.
A low income family is defined as a household where the combined gross income of all persons residing in the unit does not exceed a maximum of 80% of the area median income (AMI) adjusted for household size as published annually by the California Department of Housing and Community Development.

This Affordable Housing agreement is necessary due to the current owner's request to sell the moderate income unit located at 2750 Artesia Blvd., #117, Redondo Beach, CA...

Click here for full text