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55A - AGMT LEGACY APARTMENTS
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55A - AGMT LEGACY APARTMENTS
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12/10/2020 5:00:39 PM
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12/10/2020 4:55:21 PM
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City Clerk
Doc Type
Agenda Packet
Agency
Community Development
Item #
55A
Date
12/15/2020
Destruction Year
2025
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"Senior Loan Note" means the promissory note evidencing the Senior Loan from the <br />Senior Lender. <br />"Term of Affordability" or "Affordability Period" means a period of fifty-five (55) <br />years from the date of issuance of the Certificate of Occupancy for the Project, or repayment of <br />the Inclusionary Loan, whichever is longer. <br />"Very Low Income" means an adjusted income which does not exceed fifty percent (50%) <br />of the Median Income for the Area, adjusted for household size, as published by the U.S. <br />Department of Housing and Urban Development. <br />2. Use of the Property. Developer covenants and agrees, for itself, its successors, its <br />assigns, and every successor in interest to the Property of any part thereof, that Developer, such <br />successors, and assigns shall use the Restricted Units to provide Affordable Housing, for low-, <br />very -low, and extremely -low-income households, as provided in the hnclusionary Loan Agreement <br />and these Restrictions. Developer agrees that the Restricted Units shall be used only for decent, <br />safe, sanitary and Affordable Housing pursuant to the affordability requirements of California <br />Health and Safety Code ("H&S") sections 50052.5 and 33334.3, as applicable. <br />3. Affordability Requirements, Use and Maintenance of the Property. <br />3.1 Use Covenants and Restrictions: <br />A. Developer agrees and covenants, which covenants shall run with the land and bind <br />Developer, its successors, its assign and every successor in interest to the Property that Developer will <br />make all Restricted Units available to extremely -low, very low and low income households (as <br />applicable) at rents affordable to such households pursuant to these Restrictions for fifty-five (55) <br />years from the date of issuance of the Certificate of Occupancy for the Project, or repayment of <br />the Inclusionary Loan, whichever is longer. <br />B. These Restrictions shall be recorded in the Official Records of the County and shall <br />not be subordinated to the lien of any financing. <br />3.2 Affordability Levels/Unit Mix: <br />A. The Project shall consist of ninety-three (93) residential units (including one (1) unit <br />for the onsite manager). The unit mix and levels of affordability voluntarily adopted <br />by Develo er are as follows: <br />PSH - <br />30% AMI <br />30% AMI <br />50% AMI <br />60% AMI <br />Total <br />1-bedroom <br />30 <br />30 <br />2-bedroom <br />3 <br />6 <br />18 <br />11 <br />38 <br />3-bedroom <br />5 <br />13 <br />6 <br />24 <br />2-bedroom Manager <br />1 <br />Total <br />33 <br />11 <br />31 <br />17 <br />93 <br />6 <br />55A-69 <br />
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