SANTA ANA WBBB - 2011 - Laserfiche WebLink

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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 for Extremely Low Income and Very Low Income households, as provided in these Restrictions and in the Agreement. 2. Affordability Requirements Use and Maintenance of the Propert y 2.1 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 Affordability Period. 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. Developer shall periodically calculate and certify the income of the tenants of the Affordable Units in accordance with the Redevelopment Law, the HOME Regulations, and the NSP Requirements; if directed by the Executive Director, Developer shall calculate and certify the income of the tenants of the Affordable Units annually. (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. 2.2 Affordable Rent. The Affordable Units shall be rented to and occupied exclusively by Extremely Low Income and Very Low Income households who shall be charged an Affordable Rent calculated pursuant to this Section 2.2: 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. (i) 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 2 DOCSOC/ 1495827v2/200272-0003