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I . Developer covenants and agrees (for itself, its successors, its assigns, and every <br />successor in interest to the Property or any part thereof) that Developer, such successors, and <br />such assigns shall use the Property exclusively to provide affordable housing for Extremely Low, <br />Very Low and Low Income households, as provided in these Restrictions and in the Agreement. <br />2. RESERVED. <br />AFFORDABILITY REQUIREMENTS, USE AND MAINTENANCE OF THE <br />PROPERTY <br />3.1 Use Covenants and Restrictions/Proiect Mix. <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 will <br />make all of the rental units on the Property available to extremely low, very low and low income <br />households at rents affordable to such households for fifty -five (55) years (except for the unit for the <br />onsite Manager). The Project shall consist of approximately seventy (70) residential units. <br />Enforceability of restrictions on the sixty -nine (69) units shall be enforced until the date that is twenty <br />(20) years after the date on which the Certificate of Completion is issued (HOME affordability period), <br />unless tax credits are awarded to the Property, then fifty -five (55) years after the date on which the <br />Certificate of Completion is issued. These Affordability Restrictions on Transfer of Property shall <br />remain in first position on title and shall not be subordinated. <br />B. The proposed unit mix and levels of affordability are as follows: <br />Bedroom <br />Size <br />Square <br />Feet <br />30% <br />AMI <br />40% <br />AMI <br />50% <br />AMI <br />60% <br />AMI <br />Total <br />1 Bedroom <br />875 <br />2 <br />3 <br />6 <br />3 <br />14 <br />2 Bedroom <br />1,085 <br />2 <br />6 <br />11 <br />10 <br />29 <br />3 Bedroom <br />1,350 <br />3 <br />5 <br />11 <br />7 <br />26 <br />Totals <br />7 <br />14 <br />28 <br />20 <br />69 <br />The remaining unit will be a 3 bedroom unit reserved for the onsite Manager. <br />The affordable rents charged at the Project must comply with the lowest of the following <br />standards: <br />1. The standards set forth by California Tax Credit Allocation Committee (TCAC), or <br />2. During the 20 -year HOME affordability period, for the eleven (11) HOME assisted units, the <br />rent schedule periodically published by HUD. <br />* Utility allowances must be deducted from the Maximum Gross Monthly Rent. The Santa Ana <br />Housing Authority publishes the utility allowance. <br />1076A01A1333691.1 <br />