VISTA DEL RIO PARTNERS, L.P. - Laserfiche WebLink

Home Browse Search

C. The Agreement provides, among other things, for the use of the Property for affordable housing with the Assisted Units being restricted to being rented to Extremely Low Income and Very Low Income households. D. The Agreement contains certain provisions relating to the use, operation, management and maintenance of the Property. NOW, THEREFORE, CITY, AUTHORITY, SUCCESSOR AGENCY, AND VISTA DEL RIO COVENANT AND AGREE AS FOLLOWS: 1. COVENANT TO OPERATE AFFORDABLE HOUSING Vista Del Rio covenants and agrees (for itself, its successors, its assigns, and every successor in interest to the Property or any part thereof) that Vista Del Rio, 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, the Agreement, and the DDA. The terms, provisions, and covenants set forth in the Agreement and the DDA are hereby incorporated herein by this reference as if set forth in full herein. 2. RESERVED. 3. AFFORDABILITY REQUIREMENTS, USE AND MAINTENANCE OF THE PROPERTY 3.1 Use Covenants and Restrictions. a. Vista Del Rio agrees and covenants, which covenants shall run with the land and bind Vista Del Rio, its successors, its assign and every successor in interest to the Property that Vista Del Rio will make all Assisted Units on the Property available solely to Extremely Low Income and Very Low Income households at Affordable Rents. The HOME Regulations applicable to the eleven (11) HOME Units shall be enforced during the entire HOME Compliance Period (defined in the Agreement). Upon expiration of the HOME Compliance Period, the City, Authority, and Successor Agency will enforce affordability of said Assisted Units with the same income and rent restrictions as the other Assisted Units, pursuant to the requirements of Section 50052.5 of the Health and Safety Code and the CRL. Vista Del Rio further covenants and agrees that the Property shall be developed, operated, managed and maintained in accordance with Specific Development No. 83; Amendment Application 08 -11, as approved by the City of Santa Ana Planning and Building Agency and by the Santa Ana City Council pursuant to Ordinance No. NS -2790 of the City of Santa Ana, adopted August 3, 2009. b. The Project shall consist of forty (40) income restricted Assisted Units (and one unrestricted manager's unit). There shall be eleven (11) HOME Units. The eleven HOME Units will be fixed units and shall be distributed throughout the complex with comparable amenities to the other Assisted Units. C. At initial lease up, all households selected to rent and occupy the HOME Units shall be Extremely Low and /or Very Low Income households and all households selected to rent and occupy the remaining Assisted Units shall be Extremely Low Income and Very Low Income B -6 DOC SOC/ 1475221 v 10/200272 -0004