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AFFORDABILITY REQUIREMENTS, USE AND MAINTENANCE OF THE <br />PROPERTY <br />3.1 Use Covenants and Restrictions. <br />a. Owner agrees and covenants, which covenants shall run with the land and bind <br />Owner, its successors, its assign and every successor in interest to the Property that Owner will make <br />all rental units on the Property available to extremely -low, very low and low income households at <br />rents affordable to such households for fifty- five (55) years from the effective date of the issuance of <br />the Certificate of Completion. <br />b. The eleven (11) HOME assisted units shall be enforced until the date that is <br />twenty (20) years after the date on which the City reports the Project as complete to HUD. Upon <br />expiration of the twenty (20) year HOME compliance period, the City will enforce affordability of the <br />eleven (11) units with the same income and rent restrictions as the other forty-six (46) units operated <br />on the Property, pursuant to the California Health and Safety Code. <br />C. The Project shall consist of approximately fifty-eight (58) units of which <br />there will be twenty-six (26) one -bedroom units, fifteen (15) two-bedroom units and seventeen <br />(17) three-bedroom units. There will be twenty (20) units for households with incomes at or <br />below 30% AMI, six (6) units for households with incomes at or below 35% AMI, six (6) units <br />for households with incomes at or below 40% AMI, twenty-five (25) units for households with <br />incomes at or below 60% AMI; and the remaining unit will be reserved for the on-site manager. <br />d. The proposed unit mix, initial rents, and levels of affordability are as <br />follows: <br />The remaining unit will be a 2 -bedroom unit reserved for the onsite manager. <br />HOME Assisted Units <br />30% AMI <br />35% AMI <br />40% AMI <br />60% AMI <br />Unit Size <br />No. <br />Units <br />Rent <br />No. Rent <br />Units <br />No. Rent <br />Units <br />No. Rent Total <br />Units <br />1 Bedroom <br />14 <br />$587 <br />6 $685 <br />6 $783 <br />26 <br />2 Bedroom <br />2 <br />$704 <br />--- --- <br />--- --- <br />12 $1,408 14 <br />3 Bedroom <br />4 <br />$813 <br />--- --- <br />--- --- <br />13 $1,627 17 <br />Total <br />20 <br />2 Bed <br />6 <br />6 <br />25 57 <br />The remaining unit will be a 2 -bedroom unit reserved for the onsite manager. <br />HOME Assisted Units <br />Unit Type <br />Level of <br /># of HOME <br />HOME Share of <br />Total # of Units <br />Description/No <br />No. of BRs <br />Affordability <br />Assisted Units <br />Unit Type <br />tes <br />26 <br />1 Bed <br />1 <br />30% AMI <br />5 <br />19.23% <br />14 <br />2 Bed <br />2 <br />2 <br />14.29% <br />17 <br />3 Bed <br />3 <br />4 <br />23.53% <br />