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"Term of Affordability" the terms and conditions contained herein shall remain in <br />effect for fifty-five (55) years from the date of issuance of the Certificate of Completion. <br />"Very Low Income" means an adjusted income which does not exceed fifty percent <br />(50%) of the area median income for the Orange County, California PMSA, adjusted for <br />household size, as published by TCAC. <br />2. Use of the Property. Owner covenants and agrees (for itself, its successors, its <br />assigns, and every successor in interest to the Property of any part thereof) that Owner, such <br />successors, and assigns shall use the Property to provide affordable rental housing, for Very Low <br />Income households, as provided in the Agency Loan Agreement and these Restrictions <br />3. AFFORDABILITY REQUIREMENTS, USE AND MAINTENANCE OF THE <br />PROPERTY <br />3.1 Use Covenants and Restrictions. <br />a. Developer agrees and covenants, which covenants shall run with the land and <br />bind 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 extremely -low, very low and low <br />income households at rents affordable to such households for fifty- five (55) years from the effective <br />date of the issuance of the Certificate of Completion. <br />b. The Project shall consist of approximately sixty-nine (69) units of which <br />there will be six (6) four-bedroom units, twenty-eight (28) three-bedroom units, and thirty-five <br />(35) two-bedroom units (one being a manager's unit). The affordability mix for the Project is as <br />follows: <br />Bedroom <br />Size <br />30% <br />AMI <br />40% <br />AMI <br />50% <br />AMI <br />60% <br />AMI <br />Manager's <br />Unit <br />Total <br />Two Bedroom <br />29 <br />0 <br />4 <br />1 <br />1 <br />35 <br />Three Bedroom <br />4 <br />0 <br />17 <br />7 <br />28 <br />Four Bedroom <br />1 <br />0 <br />0 <br />5 <br />6 <br />Totals <br />34 <br />-0 <br />21 <br />13 <br />1 <br />69 <br />C. Affordable rents shall be calculated and governed as provided by the <br />California Tax Credit Allocation Committee (TCAC), Rental increases shall be in conformance <br />with federal and state law. <br />d. Initial rents may be recalculated to allowable rental amounts at the time of <br />initial lease -up following completion of construction in accordance with any changes in allowable <br />rent tables published by TCAC. <br />80A-1 81 <br />