pages: CommunityAndEconomicDevelopmentCommittee/2014-02-25.pdf, 6
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CommunityAndEconomicDevelopmentCommittee | 2014-02-25 | *Community & Economic Meeting Minutes February 25, 2014 Development Committee THE SPECIAL MEETING OF THE CITY COUNCIL ADJOURNED AT 2:44 P.M. AND RECONVENED AS THE COMMUNITY & ECONOMIC DEVELOPMENT COMMITTEE. 5 Subject: Amendments To Debt Service Regulations From: Department Of Housing And Community Development Recommendation: A. Adopt The Following Pieces Of Legislation: 1) A Resolution Adopting Amendments To The Rent Adjustment Regulations, Appendix A, Section 10.4 To Require That Debt Service Increases For Newly Purchases Rental Properties Not Exceed Debt Service Calculated On A Standard Financing Model, To Limit Debt Service Rent Increases To A One-Time Cap Of Seven Percent Over The Current Allowable Rent Increase, To Require A Rent Increase Based On Debt Service Be Filed Within Three (3) Years Of The Date Of Closing On The Purchase And To Adopt A Grandparent Clause; And 13-0342 A motion was made by Member Schaaf, seconded by Member Gibson McElhaney, that this matter be Continued to the *Community & Economic Development Committee, due back on March 11, 2014. The motion carried by the following vote: Votes: Councilmember Aye: Member Gibson McElhaney, Council President Kernighan, Member Schaaf and Vice Mayor Reid View Report.pdf 2) An Ordinance Amending The Rent Adjustment Ordinance (O.M.C. 8.22.090B) To Require Property Owners Seeking Rent Increases Based On Debt Service To File Owner Petitions 13-0342-1 Subject: Amendments To Debt Service Regulations From: Department Of Housing And Community Development Recommendation: Adopt The Following Pieces Of Legislation: 1) A Resolution To Adopt Amendments To The Rent Adjustment Regulations Appendix A, Section 10.4 To Provide For A Grandparent Clause For Rental Properties With A Purchaser At The Enactment Of Elimination Of Debt Service As A Justification For A Rent Increase; And 13-0342-2 84896 CMS.pdf City of Oakland Page 6 Printed on 4/1/14 | 6 | CommunityAndEconomicDevelopmentCommittee/2014-02-25.pdf |