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“Very Low Income” means an adjusted income which does not exceed fifty percent <br />(50%) 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 /> <br />2. Use of the Property. Developer covenants and agrees, for itself, its successors, <br />its assigns, and every successor in interest to the Property of any part thereof, that Developer, <br />such successors, and assigns shall use the Property to provide Affordable Housing, for low-, <br />very-low, and extremely-low-income households, as provided in the Agency Loan Agreement <br />and these Restrictions. Developer agrees that the Property shall be used only for decent, safe, <br />sanitary and Affordable Housing pursuant to the affordability requirements of California Health <br />and Safety Code (“H&S”) sections 50053 and 33334.3, as applicable. <br /> <br />3. Affordability Requirements, Use and Maintenance of the Property. <br /> <br />3.1 Use Covenants and Restrictions: <br /> <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 <br />will make all rental units on the Property except for the manager’s unit available to extremely-low, <br />very low and low income households at rents affordable to such households pursuant to these <br />Restrictions for fifty-five (55) years from the date of issuance of the Certificate of Occupancy for <br />the Project, or repayment of the Agency Loan, whichever is longer. <br /> <br />B. These Restrictions shall be recorded in the Official Records of the County, and <br />shall remain in first position on title and shall not be subordinated. <br /> <br />3.2 Affordability Levels/Unit Mix: <br /> <br />A. The Project shall consist of a seventeen (17) unit affordable housing complex. <br />Nine (9) of the units will be permanent supportive housing for households earning <br />no more than 30% of the Area Median Income; Seven (7) of the units will be <br />permanent supportive housing for households earning no more than 25% of the <br />Area Median Income; and one (1) of the units is reserved for an on-site manager. <br /> <br />B. Utility allowances must be deducted from the maximum gross monthly Affordable <br />Rent. The Housing Authority of the City of Santa Ana publishes a Utility <br />Allowance Schedule on an annual basis. <br /> <br />3.3 Calculation of Rent: <br /> <br />A. The affordable rents charged at the Project are the extremely low income rents <br />based on the calculation defined in Section 50053 and income limits published by the <br />Department of Housing and Community Development and must comply with the standards set <br />forth by these Restrictions, the Density Bonus Agreement and any other standards, regulatory <br />agreements or requirements for the Project’s public funding sources including but not limited to <br />EXHIBIT 4