To: MAYOR AND CITY COUNCIL
From: CAMERON HARDING, COMMUNITY SERVICES DIRECTOR
TITLE
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APPROVE THE AFFORDABLE HOUSING DOCUMENTS FOR THE SALE OF 2750 ARTESIA BOULEVARD, #116, REDONDO BEACH, CA 90278.
1. AGREEMENT CONTAINING COVENANTS, RESTRICTIONS AND OPTION TO PURCHASE [MODERATE INCOME]
2. ESCROW INSTRUCTIONS
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EXECUTIVE SUMMARY
On February 17, 2004, the City Council adopted Senior Housing Ordinance No. 2927-04, amending the City's 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, known as "Breakwater". As required by the Senior Housing Ordinance, 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., #116, Redondo Beach, CA 90278. This agreement will...
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