WESTVIEW HOUSE L (8).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, Very 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, Very 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) 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, Very Low Income and Low Income households at rents affordable to such households for fifty-five (55) years from the issuance of the Certificate of Completion. The HOME restrictions for the nine (9) HOME assisted units shall be enforced until the date that is twenty (20) years after the date on which the Certificate of Completion is issued. The City permits the Developer to limit the eligibility and/or give preference to a particular segment of the population in accordance with 24 CFR 92.253(d). (b) The Project shall consist of eighty-five (85) units, including one (1) on -site manager's unit. There shall be nine (9) HOME assisted units. The HOME assisted units shall be three (3) 1-bedroom units, one (1) 2-bedroom unit, three (3) 3-bedroom units, and two (2) 4-bedroom units, floating, and shall be distributed throughout the complex with comparable amenities to the Restricted Units. (c) At initial lease up, households in the HOME assisted units cannot earn more than the Very -Low Income limits (50% of AMI) as published by HUD in compliance with the HOME Program for the Orange County, California PMSA, adjusted for household size. Rental increases shall be in conformance with federal and state law. After the twenty (20) year HOME Compliance Period, the City shall require that the HOME assisted units remain affordable, with rents calculated based on assumed household size at the same income levels (i.e. 50% of AMI). (d) All of the HOME units will be restricted to occupancy by families earning no more than the Very -Low Income limits (50% of AMI) as published by HUD, and the rents must not exceed the Low HOME rents adjusted for family size appropriate to