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BELOW MARKET RATE RECOMMENDATIONS City of Sunnyvale
2002 |
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Recommen-dation |
Percentage of Units Required |
Exempt Develop-ments |
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 |
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Final Staff (bold are
revised recommen-dations) |
15% for purchase units, 10% for rental units until
vacancy rate drops to 3% or less, then 15% |
< 7 |
<19 |
55 years |
In perpetuity |
70%-120% Median Income |
< 70% Median |
Based on Income |
Annually based on income |
1/3 CPI |
Based on 65% of Median |
5% or rental survey average |
Based on Council Resolution |