A
"Affordable to a household" shall mean a purchase price that a household can afford to pay based on an annual payment for all housing costs, as defined in California Code of Regulations ("CCR") Title 25, Section 6920, as amended from time to time, of 33 percent of the combined household annual gross income, assuming a down payment recommended by the Mayor's Office of Housing in the Procedures Manual, and available financing, or a rent that does not exceed 30 percent of a household's combined annual gross income. Where applicable, the purchase price or rent may be adjusted to reflect the absence or existence of a parking space(s), subject to the Department's policy on unbundled parking for affordable housing units as specified in the Procedures Manual and amended from time to time.
“Affordable to Qualifying Households.”
(A) With respect to Owned Units, the average purchase price on the initial sale of all Owned Units in a housing project shall not exceed the allowable average purchase price. Each unit shall be sold:
(i) Only to first-time homebuyer households, as defined in this Section;
(ii) Only to households with an annual gross income equal to or less than the qualifying income limits for a household of moderate income, adjusted for household size, except for the exceptions set forth in Section 415.8(a)(4)(C), (D), and (E);
(iii) Only to households that meet the household size requirements, as defined in the Procedures Manual;
(iv) On the initial sale, at or below the maximum purchase price, as defined in this Section;
(v) On subsequent sales at or below the prices to be determined according to the formula specified in the Procedures Manual in place at the time of the purchase of the Owned Unit, as amended from time to time, such that the units remain affordable for the life of the project. The formula in the Procedures Manual shall permit the seller to include certain allowable capital improvements in the new maximum purchase price. The formula shall include a per unit cap on capital improvements of 10% of the resale price in order to maintain affordability. Special Assessments shall be added to the resale price at an uncapped rate. Capital improvement requests shall be evaluated by the Mayor’s Office of Housing according to the formula specified in the Procedures Manual.
(B) With respect to Rental Units, the average annual rent shall not exceed the allowable average annual rent. Each unit shall be rented:
(i) Only to households with an annual gross income equal to or less than qualifying limits for a household of lower income adjusted for household size, as defined in this Section, except for the exceptions set forth in Section 415.8(a)(4)(A) and (B);
(ii) Only to households that meet the household size requirements, as defined in the Procedures Manual;
(iii) At or less than the maximum annual rent.
“Allowable average purchase price.” A price for all Owned Units of the size indicated below that are affordable to a household of median income as defined in this Section, adjusted for the household size indicated below as of the date of the close of escrow, except for Single Room Occupancy units and Group Housing units that are less than 350 square feet (both as defined in Section 102), which shall be 75% of the maximum purchase price level for studio units, and, where applicable, adjusted to reflect the Department's policy on unbundled parking for affordable housing units as specified in the Procedures Manual and amended from time to time:
Number of Bedrooms (or, for live/work units square foot equivalency) | Number of Persons in Household |
0 (Less than 600 square feet) | 1 |
1 (601 to 850 square feet) | 2 |
2 (851 to 1,100 square feet) | 3 |
3 (1,101 to 1,300 square feet) | 4 |
4 (More than 1,300 square feet) | 5 |
“Allowable average annual rent.” Annual rent for a Rental Unit of the size indicated below that is 30% of the annual gross income of a household of low income as defined in this Section, adjusted for the household size indicated below except for Single Room Occupancy units and Group Housing units that are less than 350 square feet (both as defined in Section 102), which shall be 75% of the maximum rent level for studio units, and, where applicable, adjusted to reflect the Department's policy on unbundled parking for affordable housing units as specified in the Procedures Manual and amended from time to time:
Number of Bedrooms (or, for live/work units square foot equivalency) | Number of Persons in Household |
0 (Less than 600 square feet) | 1 |
1 (601 to 850 square feet) | 2 |
2 (851 to 1,100 square feet) | 3 |
3 (1,101 to 1,300 square feet) | 4 |
4 (More than 1,300 square feet) | 5 |
At no time can a rent increase, or can multiple rent increases within one year, exceed the percentage change in Maximum Monthly Rent levels as published by MOHCD from the previous calendar year to the current calendar year.
"Area Median Income" or "AMI." The unadjusted median income levels derived from the Department of Housing and Urban Development ("HUD") on an annual basis for the San Francisco area, adjusted solely for household size, but not high housing cost area.
“Annual gross income.” Gross income as defined in CCR Title 25, Section 6914, as amended from time to time, except that MOHCD may, in order to promote consistency with the procedures of the San Francisco Redevelopment Agency, develop an asset test that differs from the State definition if it publishes that test in the Procedures Manual.
"Annual net income." Net income as defined in Title 25 of the California Code of Regulations Section 6916.
"Area Plan Impact Fee" shall mean a development impact fee collected by the City to mitigate impacts of new development in the Area Plans of the San Francisco General Plan, under Article 4 of the Planning Code.
“Average annual rent.” The total annual rent for the calendar year charged by a housing project for all Rental Units in the project of an equal number of bedrooms divided by the total number of Affordable Units in the project with that number of bedrooms.
“Average purchase price.” The purchase price for all Owned Units in an affordable housing project of an equal number of bedrooms divided by the total number of Affordable Units in the project with that number of bedrooms.