RESOLUTION NO. 24-78
Resolution Of The City Council Of The City Of Emeryville Adopting The 2024 Housing Affordability Table Pursuant To The Affordable Housing Program (Article 4 Of Chapter 5 Of The Planning Regulations)
WHEREAS, the City’s Affordable Housing Program (“AHP”) was adopted in 1990 and is now codified as Article 4 of Chapter 5 of Title 9 of the City of Emeryville Planning Regulations (the “AHP”), and
WHEREAS, prior to updates adopted in 2014, the AHP required that new residential and live-work developments of thirty or more units (rental or for-sale) have a set-aside of Below Market Rate (BMR) units; and
WHEREAS, the AHP now requires developers of new for-sale residential developments with ten or more units to set aside twenty percent of the units as affordable and restricted to moderate income households (“For-Sale Set Aside Units”); and WHEREAS, the AHP also requires developers of rental housing to pay an impact fee of $34,213 per unit or an in-lieu production requirement of eight percent of the units at the low income level and four percent at the very low income level (“Rental Set Aside Units”); and
WHEREAS, developers of For-Sale Set Aside Units and Rental Set Aside Units are required to enter into Affordability Agreements with the City of Emeryville to execute the requirements of the AHP, including the duration of the affordability covenants, the developer’s marketing requirements, the initial sales prices or rent levels as applicable, the designation of the Set Aside Units, and the required resale restriction documents; and WHEREAS, the initial sales prices or rent levels for each project subject to the AHP are determined in accordance with the definition of affordable housing cost found in state law at Section 50052.5 of the California Health and Safety Code (the “Code”); and WHEREAS, to implement the affordable housing cost requirements of the AHP, the City has prepared the 2024 Housing Affordability Table in accordance with the requirements of Section 50052.5 of the Code; now, therefore, be it
RESOLVED, that the City Council of the City of Emeryville hereby adopts the 2024 Housing Affordability Table attached hereto as Exhibit A.
DocuSign Envelope ID: 2876A489-3607-49CB-849A-7754D02FCD67 Resolution No. 24-78
2024 Housing Affordability Table
City Council Meeting | June 18, 2024
ADOPTED, by the City Council of the City of Emeryville at a regular meeting held Tuesday, June 18, 2024, by the following vote:
AYES: 5
Mayor Welch, Vice Mayor Mourra and Council Members Bauters, Kaur and Priforce
NOES: 0
ABSTAIN: 0
ABSENT: 0
MAYOR
ATTEST: APPROVED AS TO FORM:
CITY CLERK SPECIAL COUNSEL
DocuSign Envelope ID: 2876A489-3607-49CB-849A-7754D02FCD67 DEPUTY
MAXIMUM INCOME LIMITS
Household Size 1 person 2 person 3 person 4 person 5 person Moderate Income (120%) $130,800 $149,500 $168,150 $186,850 $201,800 Median Income (100%) $109,000 $124,550 $140,150 $155,700 $168,150 Low Income (80%) $84,600 $96,650 $108,750 $120,800 $130,500 Very Low Income (50%) $54,500 $62,300 $70,100 $77,850 $84,100 Extremely Low (30%) $32,700 $37,400 $42,050 $46,700 $50,450
ESTIMATED MAXIMUM
RESALE PRICE
Unit Type Studio 1 Bedroom 2 Bed/ Equivalent** 3 Bedroom 4 Bedroom Moderate Income (120%) $338,721 $390,099 $435,407 $478,794 NA Median Income (100%) $249,281 $289,131 $318,524 $349,768 NA Low Income (80%) $149,834 $173,668 $190,698 $207,729 NA
MAXIMUM MONTHLY
GROSS RENTAL RATE
Unit Type Studio 1 Bedroom 2 Bed/ Equivalent** 3 Bedroom 4 Bedroom Moderate Income (120%) $2,998 $3,425 $3,854 $4,282 N/A
Low Income (80%) $1,635 $1,868 $2,102 $2,336 N/A
Very-Low Income (50%) $1,363 $1,557 $1,752 $1,946 N/A
Extremely Low Income (30%) $818 $934 $1,051 $1,168 N/A
* The maximum sales prices and rents allowed pursuant to the City's Affordable Housing Program are based on the housing affordability definitions found in the California Health and Safety Code at Section 50052.5 and 50053. These are to be considered maximum amounts and do not take into account market conditions that may limit actual sales and rent values. ** 2 Bedroom/Equivalent includes units with two bedrooms or units with 1 bedroom and a bonus area. To confirm if a unit is classified as a 2 bedroom equivalent, plesae contact the Owner or the City.
Note: Gross rent includes the total of monthly payments for a rental including a reasonable allowance for utilities, provided by the Housing Authority of Alameda County, and any required service charges or fees charged to tenants. Utility allowance and required charges/fees must be deducted from rents shown below.
Note: Maximum Sales Prices are calculated on a per unit basis, based on the average 90- day fixed 30-YR mortgage interest rate and the actual HOA fees charged to the unit. Maximum Sale Prices identified abelow is for illustrative purposes only. To confirm the maximum Resale Price of a specific BMR Unit, contact [email protected].
City of Emeryville
C A L I F O R N I A
HOUSING AFFORDABILITY TABLE
MAXIMUM SALES PRICES AND RENTS*
2024/25 Program Year,
Adopted June 18, 2024, Effective July 1, 2024
Note: On May 9, 2024, the CA Housing and Community Development (HCD) released the income limits based on U.S.
Department of Housing and Urban Development (HUD) revisions to the Public Housing and Section 8 Income Limits that HUD most recently released. The income limits reflected below are for Alameda County. For households of 6 or more, please contact [email protected].
DocuSign Envelope ID: 2876A489-3607-49CB-849A-7754D02FCD67