FULL AGENDA PACKET_2021-04-20 - Laserfiche WebLink

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EXHIBIT 3 1,. The Loan Agreement provides, among other things, for the use of the Property I'm affordable housing with all Assisted TJnits being resuicted to Extremely -Low Income households. at Affordable Rent(s). F. The Loan Agreement contains certain provisions relating to the use of the Property. NOW, THEREFORE, CITY AND DEVELOPER COVENANT AND AGREE AS FOLLOWS: I . Developer em enamts and agrees (for itself, its successors, its assigns, and every successor in interest to the Property or any part thereof) ttirat Developer, SnCII successors, and such assigns shall use the Property exclusively to provide affordable housinc, for FXtrCnlcly-I ,ow Income households. as provided in these Restrictions and in the Loan Agreement. 2. Developer, for itself and its successors and assigns, hereby covenants and agrees that all of the units in the Property (less two managers' units) (the "Units") shall be rented exclusively, at Affordable Rent, to Extremely -Low Income households to the extent provided for herein. Area median income levels and Affordable Rents are subject to adjusttnent from tithe to time as provided in Section 3 below. 3. AFPORDAIIII HY RFQUIRItMItNhS, USF AND MAIN II NANCF OP 'I HF. 1'I{0I11:,ItI Y 3.1 Use Covenants and Restrictions. A. Developer agrees and covenants, which covenants shall run with the land and bind Developer, its successors, its assigns and every successor in interest to the Property that Developer will make all rental units on the Properly available to extremely low-income households at rents affordable to such households for filly -live (55) years from the issuance of the Cettiticate of Completion. The CDBG resmetions shall be entorecd until the date that is fifteen (1 5) years after the date on which the Certificate of Completion is issued or until repayment of'principal and all accrued interest on the CDR(3 Loan, whichever comes last. The City permits the Devcloper to limit the eligibility and/or give preference to a particular scgmcnl Of the population in accordance. with 24 CFR 92 253(d). 11. The Project shall consist of ninety-one (91) units, two (2) of which steal I he on -site manager's units- C. At initial ]case up, households in the units cannot earn more than 30'X. of AMI. Rcntal increases shall be in contormanec with tcdcral and state law. Attcr the tift en (15) year CI)BO Compliance Period, the City shall require that the units remain affordable for the Tenn of this Agreement, with rents calculated based on assumed household size at the saner income levels. D. All of the units will be restricted to occupancy by families earning no more than thirty 00",'o) of the Aren Median hncome (AMT), adjusted for household size. City Council 2 of 14 21 — 86 4/20/2021