60E - SENIOR RENTAL COMMUNITY - Laserfiche WebLink

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the income certificate and for whom an income certification has been obtained or prepared in accordance with the provisions of this Agreement. II. CONDITIONS TO AGREEMENT A. This Agreement is conditional upon City approval of development plans for the Project which provide for Four Hundred Nineteen (419) total dwelling units in the Project (includes one (1) manager unit) and upon completion of the Project in accordance with such approved plans by Developer. Nothing in this Agreement obligates City to grant such approval or Developer to develop the Project. B. The density bonuses and waivers provided by this Agreement are conditional upon Developer and any successor -in -interest of Developer in the Property being subject to the covenants set forth in this Agreement as running with the Property. If Developer conveys the Property prior to recordation of this Agreement in the official Records of Orange County, no building permit or certificate of occupancy for the Project which would allow for development or occupancy of more dwelling units than specified in Recital D of the Agreement shall be issued, unless the successor -in -interest of Developer of the Property executes a document suitable for recordation in the Official Records of Orange County binding such successor -in -interest to the terms and conditions of this Agreement. AFFORDABLE RENTAL UNIT COVENANT A. Developer covenants that no less than four (42) dwelling units in the Project, or at least 10% of the units in the Project shall at all times during the Tenant Rental Period be rented to, or held vacant and available for immediate occupancy by very low income tenants, as defined in California Health & Safety Code section 50105, at a rent that does not exceed 30 percent of 50 percent of the area median income, as adjusted for household size, including an allowance for utilities. B. Developer covenants that no less than Three Hundred Seventy -Six (376) dwelling units in the Project, or at least 20% of the units in the Project shall at all times during Tenant Rental Period be rented to, or held vacant and available for immediate occupancy by lower income households, as defined in California Health & Safety Code section 50079.5, at a rent that does not exceed 30 percent of 60 percent of the area median income, as adjusted for household size, including an allowance for utilities. C. Developer agrees to make a good faith effort to verify that the income and asset statement provided by an applicant in an income certification is accurate by taking at least one of the following steps as a part of the verification process: (1) obtain a pay stub for the most recent pay period, (2) obtain an income tax return for the most recent tax year, (3) conduct a TRW or similar credit check, (4) obtain an income verification form from the applicant's current -4- 60E-8