BELOW MARKET RATE RECOMMENDATIONS City of Sunnyvale 2002

Recommendation

Percentage of Units Required

Exempt Developments

In-lieu Fee

Purchase Unit Deed Restriction

Rental Unit Term

Purchase Unit Target Population

Rental Unit Target Population

Sale Price Calculation

Sale Price Adjustment Method

Resale Price Formula

Rent Calculation

Rent Increase Method

Priority List

Current Code

10%

<10

<19

20 years

20 years

80%-130% Median Income

Low Income

1.78 x Median Income

none

CPI

% increase in Median Income

Based on 77% of Median

Live or Work in Sunnyvale

Original Staff (for PC and HHSC)

15%

< 7

<19

55 years

In perpetuity

70%-100% Median Income

< 70% Median

1.78 x Median Income

1/3 CPI

1/3 CPI

Based on 65% of Median

5% or rental survey average

Based on Council Resolution

Planning Commission

12.5%

<10

<19

55 years

In perpetuity

70%-120% Median Income

< 70% Median

Based on Income

1/3 CPI

1/3 CPI

Based on 65% of Median

5% or rental survey average

Based on job classification vs. employer

Housing & Human Services Commission

15%

<7

<19

55 years

In perpetuity

70%-100% Median Income

< 70% Median

1.78 x Median Income

1/3 CPI

1/3 CPI

Based on 65% of Median

5% or rental survey average

Based on Council Resolution

Final Staff (bold are revised recommendations)

15%

< 7

<19

55 years

In perpetuity

70%-120% Median Income

< 70% Median

Based on Income

1/3 CPI

1/3 CPI

Based on 65% of Median

5% or rental survey average

Based on Council Resolution