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815 N. HARBOR, L.P. (HOME INVESTMENT PARTNERSHIP PROGRAM FUNDS) 2-2015
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815 N. HARBOR, L.P. (HOME INVESTMENT PARTNERSHIP PROGRAM FUNDS) 2-2015
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8/24/2015 11:03:28 AM
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8/19/2015 2:54:59 PM
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Company Name
815 N. HARBOR, L.P. (HOME INVESTMENT PARTNERSHIP PROGRAM FUNDS)
Contract #
A-2015-029
Agency
COMMUNITY DEVELOPMENT
Council Approval Date
2/17/2015
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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, Low, and Moderate Income households, as provided in these <br />Restrictions and in the 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 and Low Income households. Area median income <br />levels and Affordable Rents are subject to adjustment from time to time as provided in <br />Section 3 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 units on the Property available to very low,low, and moderate income <br />households at rents affordable to such households for fifty -five (55) years from the date of full <br />occupancy of the Project. The HOME restrictions for the two (2) HOME assisted units shall be <br />enforced until the date that is twenty (20) years after the date on which the City reports the <br />Project as complete to the Department of Housing and Urban Development. Upon expiration <br />of the 20 year HOME compliance period, the City will enforce affordability of the two (2) <br />HOME assisted units with the same income and rent restrictions as the other units, pursuant to <br />City guidelines and the California Health and Safety Code. <br />B. The Project shall consist of seventy units; 69 affordable units, with one on -site <br />manager unit. There shall be two (2) three - bedroom HOME assisted units. The HOME <br />assisted units shall be floating units and shall be distributed throughout the complex with <br />comparable amenities to the other units. <br />C. Rental increases shall be in conformance with federal and state law. After the <br />twenty (20) year HOME compliance period, the City shall require that the units remain <br />affordable, with rents calculated based on assumed household size at the same income <br />levels, as required by the California Health & Safety Code. <br />D. Affordable rents shall be governed by California Health and Safety Code Sections <br />50052.5 and 50053(b)(1), and as provided in the HOME Regulations 24 CFR section 92.2. <br />3.2 Affordable Gross Starting Rents (Less Reasonable Utility Allowance): Initial rents <br />may be recalculated to allowable rental amounts at the time of initial tease -up following <br />completion of constriction in accordance with any changes in allowable rent and income <br />tables as published by HUD. <br />2of10 <br />
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