80A - JOINT - AMEND NSP - Laserfiche WebLink

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"Term of Affordability" the terms and conditions contained herein shall remain in effect for fifty-five (55) years from the date of issuance of the Certificate of Completion. "Very Low Income" means an adjusted income which does not exceed fifty percent (50%) of the area median income for the Orange County, California PMSA, adjusted for household size, as published by HUD. "Vicinity" shall mean the Target Area as identified by the City for the NSP funds and approved by HUD. 2. Use of the Property. Owner covenants and agrees (for itself, its successors, its assigns, and every successor in interest to the Property of any part thereof) that Owner, such successors, and assigns shall use the Property to provide affordable rental housing, for Very Low Income households, as provided in the Loan Agreement and these Restrictions, provided however that the Owner may lease out the existing improvements for other uses on a short-term basis prior to the commencement of construction of the Project. 3. AFFORDABILITY REQUIREMENTS, USE AND MAINTENANCE OF THE PROPERTY 3.1 Use Covenants and Restrictions a. Owner agrees and covenants, which covenants shall run with the land and bind Owner, its successors, its assign and every successor in interest to the Property that Owner will make all rental units on the Property available to extremely-low, very low and low income households at rents affordable to such households for fifty- five (55) years from the effective date of the issuance of the Certificate of Completion. b. The Project shall consist of approximately seventy (70) units of which there will be forty-nine (49) two-bedroom units and twenty-one (21) three- bedroom units. There will be seven (7) units with incomes at or below 30% AMI, forty- two (42) units for households with incomes at or below 50% AMI; twenty (20) units for households with incomes at or below 60% AMI; and the remaining unit will be reserved for the on-site manager. If entitlement changes the number of units, the City Project Manager must approve affordability mix. C. Affordable rents shall be governed as provided in the NSP Regulations. Rental increases shall be in conformance with federal and state law. d. Initial rents may be recalculated to allowable rental amounts at the time of initial lease-up following completion of construction in accordance with any changes in allowable rent and income tables as published by HUD. 3.2 Rent Increases: 51 80A-107