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940 S. MINNIE, LP - 2014
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940 S. MINNIE, LP - 2014
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Last modified
7/7/2014 3:04:49 PM
Creation date
7/7/2014 3:02:07 PM
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Contracts
Company Name
940 S. MINNIE, LP
Contract #
A-2014-077
Agency
COMMUNITY DEVELOPMENT
Council Approval Date
3/18/2014
Insurance Exp Date
9/1/2014
Destruction Year
0
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NOW, THEREFORE, CITY AND DEVELOPER COVENANT AND AGREE AS <br />FOLLOWS: <br />1. Developer covenants and agrees (for itself, its successors, its assigns, and <br />every successor in interest to the Property or any part thereof) that Developer, such <br />successors, and such assigns shall use the Property exclusively to provide affordable <br />housing of Very Low Income households, as provided in these Restrictions and in the <br />Loan Agreement. <br />2. Developer, for itself and its successors and assigns, hereby covenants and <br />agrees that all of the apartments in the Property (the "Units ") shall be rented exclusively, <br />at Affordable Rent, to Very Low Income households. Area median income levels and <br />Affordable Rents are subject to adjustment from time to time as provided in Section 3 <br />below. <br />3. AFFORDABILITY REQUIREMENTS, USE AND MAINTENANCE OF <br />THE PROPERTY <br />3.1 Use Covenants and Restrictions. <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 <br />Developer will make all rental units on the Property available to very low households at rents <br />affordable to such households for fifty -five (55) years from the effective date of this <br />Agreement. The HOME restrictions for the eight (8) HOME assisted units shall be enforced <br />until the date that is fifteen (15) years after the date on which the City reports the Project as <br />complete to the Department of Housing and Urban Development. Upon expiration of the 15 <br />year HOME compliance period, the City will enforce affordability of the eight (8) units with <br />the same income and rent restrictions as the other units, pursuant to City guidelines and the <br />California Health and Safety Code. <br />B. The Project shall consist of eight units. There shall be eight (8) HOME assisted <br />units. The HOME assisted units shall be floating units and shall be distributed throughout <br />the complex with comparable amenities to the other units. <br />C. At initial lease up, households in the HOME assisted units cannot earn more than <br />50% of AMI, however existing tenants at the Property who are otherwise eligible under <br />the HOME Program may continue their tenancy at the Property. Rental increases shall be <br />in conformance with federal and state law. After the fifteen (15) year HOME compliance <br />period, the City shall require that the units remain affordable, with rents calculated based <br />on assumed household size at the same income levels, as required by the California Health <br />& Safety Code. <br />D. All of the units will be restricted to occupancy by fifty percent (50 %) of the Area Median <br />Income (AMI). Current residents whose incomes exceed eighty percent (80 %) of the AMI <br />will be allowed to remain. Rents for these households will be increased to either thirty (30 %) <br />percent of their montliy household income or market rent for the neighborhood, whichever is <br />lower. <br />2of12 <br />
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