pages: CommunityAndEconomicDevelopmentCommittee/2014-03-11.pdf, 3
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CommunityAndEconomicDevelopmentCommittee | 2014-03-11 | *Community & Economic Meeting Minutes March 11, 2014 Development Committee 2) An Ordinance Amending The Rent Adjustment Ordinance (O.M.C. 8.22.090B) To Require Property Owners Seeking Rent Increases Based On Capital Improvements To File Owner Petitions 13-0341-1 There were 35 speakers on Items 4 & 5. 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 Council President Kernighan, that this matter be *Approve the Recommendation of Staff, and Forward to the Meeting of the Oakland City Council, due back on March 18, 2014 as a Non-Consent item. The motion carried by the following vote: Votes: Councilmember Abstained: Vice Mayor Reid Councilmember Aye: Member Gibson McElhaney, Council President Kernighan and Member Schaaf The Committee recommended that the full City Council consider all option presented in the reports, which does not prohibit Councilmembers from bringing new recommendations on the floor at the full City Council meeting. 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 City of Oakland Page 3 Printed on 4/1/14 | 3 | CommunityAndEconomicDevelopmentCommittee/2014-03-11.pdf |