25F - AGMT - 605-611 EAST WASHINGTON ST LOAN

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612. Holdback. The Retainage otherwise available for disbursement shall be subject to a holdback of one hundred twenty-five percent (125%) of the estimated cost (as determined by the Executive Director) for "punch-list" items. Such holdback will be released when all punch-list items have been completed to the satisfaction of Agency/City. 700. AFFORDABILITY REQUIREMENTS, USE AND MAINTENANCE OF THE PROPERTY 701. Use Covenants and Restrictions. (a) Developer agrees and covenants, which covenants shall run with the land and bind Developer, its successors, its assign and every successor in interest to the Property that Developer will make all but one of the Housing Units on the Property available to Extremely Low Income and Very Low Income households at rents affordable to such households throughout the entire Term of this Agreement. The HOME Program requirements applicable to the HOME Units shall be enforced until the date that is fifteen (15) years after the date on which the City reports the Project as complete to HUD. Upon expiration of the 15 year HOME Program compliance period, the Agency/City shall require that all Affordable Units remain affordable, with rents calculated based on assumed household size at the same income levels, as required by the Redevelopment Law and adopted Agency guidelines. (b) The Project shall consist of thirty-six (36) Housing Units. Thirty-five (35) of the Housing Units shall be Affordable Units. 'Eleven (11) of the Affordable Units shall also be HOME Units. The HOME Units shall be fixed units and shall be distributed throughout the Project with comparable amenities to the other units, as approved by the Executive Director. 702. Affordable Rent. The Affordable Rent to be charged for the Affordable Units shall be calculated pursuant to this Section 702. No. Affordable No. HOME Income Rest. Bedrooms Gross Rent Units Units Max Income Very low-50% Two Bedroom $981 8 0 $41,850 Very low-50% Three Bedroom $1134 22 10 $50,200 Very low-50% Five Bedroom $1395 1 1 $60,350 Ext. low-30% Three Bedroom $724 4 0 $30,100 Total Affordable Units 35 11 (a) The Affordable Rents for Very Low Income households shall not exceed the lower and more restrictive of- 0) The very low income rents as calculated under the methodology presented in California Health and Safety Code Section 50053(b)(2); or (ii) The standards set forth by the California Tax Credit Allocation Committee (TCAC); or (iii) With respect to the HOME Units, the Low HOME rent amount set forth in the HOME Regulations. 27 25F-33