pages: OaklandRedevelopmentSuccessorAgencyandtheCityCouncil/2014-03-18.pdf, 20
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OaklandRedevelopmentSuccessorAgencyandtheCityCouncil | 2014-03-18 | * Concurrent Meeting of the Meeting Minutes March 18,2014 Oakland Redevelopment Successor Agency and the City Council S-12.2 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 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 A motion was made by Councilmember Schaaf, seconded by Vice Mayor Reid, that this matter be Adopted. The motion carried by the following vote: Votes: ORAICouncilmember Excused: 1 - Councilmember Brooks ORAICouncilmember Ayes: 7 - Councilmember Gallo, Councilmember Gibson McElhaney, Councilmember Kalb, President Pro Tempore Kaplan, Vice Mayor Reid, Councilmember Schaaf and Council President Kernighan 84896 CMS.pdf City of Oakland Page 20 Printed on 4/2/14 | 20 | OaklandRedevelopmentSuccessorAgencyandtheCityCouncil/2014-03-18.pdf |