WESTVIEW HOUSE L (5).P - Laserfiche WebLink

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