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WESTVIEW HOUSE L (2).P
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WESTVIEW HOUSE L (2).P
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Last modified
7/6/2022 11:53:50 AM
Creation date
7/6/2022 11:53:07 AM
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Contracts
Company Name
WESTVIEW HOUSE L.P
Contract #
A-2022-085-01
Agency
Community Development
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NOW, THEREFORE, CITY AND DEVELOPER COVENANT AND AGREE AS <br />FOLLOWS: <br />1. Developer covenants and agrees (for itself, its successors, its assigns, and every <br />successor in interest to the Property or any part thereof) that Developer, such successors, <br />and such assigns shall use the Property exclusively to provide affordable housing of <br />Extremely Low Income and Low Income households, as provided in these Restrictions and <br />in the Loan Agreement. <br />2. Developer, for itself and its successors and assigns, hereby covenants and agrees <br />that all of the apartments in the Property (less one manager's unit) (the "Units") shall be <br />rented exclusively, at Affordable Rent, to Extremely Low Income and Low Income <br />households to the extent provided for herein. Area median income levels and Affordable <br />Rents are subject to adjustment from time to time as provided in Section 3 below. <br />3. AFFORDABILITY REQUIREMENTS, USE AND MAINTENANCE OF <br />THE PROPERTY <br />3.1. Use Covenants and Restrictions. <br />(a) The Project shall consist of eighty-five (85) units, including one (1) <br />on -site manager's unit. Developer agrees and covenants, which covenants shall run with <br />the land and bind Developer, its successors, its assigns and every successor in interest to <br />the Property that Developer will make all Restricted Units on the Property available to <br />Extremely Low Income households and Low Income households at rents affordable to such <br />households for fifty-five (55) years from the issuance of the Certificate of Completion. The <br />City permits the Developer to limit the eligibility and/or give preference to a particular <br />segment of the population in accordance with applicable state and federal laws. <br />(b) At initial lease up, households in the Restricted Units cannot earn <br />more than the Extremely Low Income limits and the Low Income limits as published by <br />HUD for the Orange County, California PMSA, adjusted for household size. Rental <br />increases shall be in conformance with federal and state law. <br />(c) The rents for the Restricted Units must not exceed the applicable <br />rents for the 30% Income Level for the Extremely Low Income Units and the 60% Income <br />Level for the Low Income Units as published by the California Tax Credit Allocation <br />Committee (TCAC). <br />(d) Twenty-six (26) Extremely Low Income Units, consisting of <br />twenty-three (23) one -bedroom units and three (3) two -bedroom units, shall be designated <br />as permanent supportive housing units for persons experiencing chronic homelessness <br />(PSH Units). <br />(e) Maximum Occupancy will be two (2) people per room plus one (1). <br />Example for a two -bedroom unit, five (5) people would be maximum occupancy. <br />(f) Developer must have a written lease between tenant and owner for <br />westview House <br />City Rental Rehabilitation Program Affordability Restrictions on Transfer of Property <br />
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