25B - AGMT - 815 N HARBOR LOAN - Laserfiche WebLink

Home Browse Search

NOW, THEREFORE, CITY AND DEVELOPER COVENANT AND AGREE AS FOLLOWS: 1. Developer covonarits and agrees (for itself, its succossors, its assigns, and every successor in interest to the Property or any part theroo t) that Developer, such successors, and such assigns shall use the Property exclusively to provide affordable housing of Very Low, Low, and Moderate Income households, as provided in these Restrictions and in the Loan Agreement, 1 DovelopiQr, for itself and its successors and assigns, hereby covenants and agrees that all of the apartments in the Property (the "Units) shall C ll be rented exclusively, v ely, at Affordable Rcat, to Very Low and Low Income households. Area median income levels and Affordable Reri(s are subject to adjustment from time to time as provided in Section 3 below. 3. AFFORDABILITY REQUIREMENTS, USE AND MAINTENANCE OF THE PROPERTY 3.1 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 Ptoperty that Developer wit I make all units (in thePropcily available to very low,low, and moderateiricoine hoiiwsholds at rents affordable to such households for fatty -five (55) years fivin the date of full occupancy of the Project. Thol-IOME restiietions tbr the two (2) HOME assisted 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 the Department of Flousing and Urban Development. Upon expiration of the 15 year HOME compliance period, the City will enforce affordability of the Wo (2) HOME assisted vnits with the same income and rent resniotions as the other units, pursuant to City guidelines and the California Health and Safety Code. B The Project shall consist of seventy units; 69 affordable units, with one On-site manager unit. There shall be two (2) three-bedroorn HOME, assisted units. The HOME assisted units shall be floating units and shalt be distributed throughout the complex with comparable amenities to the other units, C. Rental increases ,,,hall be in conformance with federal and state lain, After the fifteen (15) year HOME complinuce period, the City shalt require that the units remain affordable., with rents calculated based on assumed household size at the same income levels, as required by the California Health & Safety Code. D. Affordable rents shall be governed by California Health and Safety Code Section's 500.52,5 and 50053(b)(1), arid as provided in the HOME Regulations 24 CFR section 911 3.2 Affordable Gross Starting Rents (tyss. Reasonable Utility Allgivance �: Initial ronts 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 incorne tables as published by I IU D. 2 of 10 25B-78