Laserfiche WebLink
F. City is a participating jurisdiction in the Alameda County HOME <br />Consortium and is a recipient of funds pursuant to the HOME Investment Partnership <br />Act ("HOME"), established by the National Affordable Housing Act of 1990 (42 USCA § <br />12471, et seq.) that are subject to certain restrictions established by the United States <br />Department of Housing and Urban Development under 24 CFR 92 ("HOME <br />Restrictions"). <br />G. As a condition to their agreement to provide financing for the Project, City <br />and Agency each require the Project to be subject to the HOME Restrictions, the <br />requirements of California Community Redevelopment Law (California Health and <br />Safety Code § 33300 et seq.) ("CRL") and the other conditions, restrictions, <br />reservations and rights of the City and the Agency set forth herein. <br />H. The Parties have agreed to enter into and record this Agreement in order to <br />satisfy the conditions described in the foregoing Recitals. The purpose of this Agreement is <br />to regulate and restrict the occupancy and rents of the Project's Restricted Units for the <br />benefit of the Project occupants. The Parties intend the covenants set forth in this <br />Agreement to run with the land and to be binding upon Owner and Owner's successors and <br />assigns for the full term of this Agreement. <br />NOW THEREFORE, in consideration of the foregoing, and other valuable <br />consideration, the receipt and sufficiency of which are hereby acknowledged, the <br />Parties hereby agree as follows. <br />1. Definitions. The following terms have the meanings set forth in this Section <br />wherever used in this Agreement or the attached exhibits. <br />"Area Median Income" or "AMI" means the area median income for <br />Alameda County, California, adjusted for household size, determined periodically by <br />the California Department of Housing and Community Development ("HCD") as <br />published in Section 6932 of Title 25 of the California Code of Regulations or <br />successor provision published pursuant to California Health and Safety Code <br />Section 50093(c). If HCD ceases to make such determination, Area Median <br />Income shall be the median income applicable to Alameda County, with adjustments <br />for household size, as determined from time to time by the U.S. Department of Housing <br />and Urban Development ("HUD") pursuant to the United States Housing Act of 1937 as <br />amended, or such other method of median income calculation applicable to the City of <br />San Leandro that HUD may hereafter adopt in connection with such Act. <br />"Eligible Household" means a household for which gross household income <br />upon initial occupancy does not exceed the maximum income level for a Restricted Unit <br />as specified in Section 2.3 and that meets the requirements set forth in Section 2.1. <br />956619-4 3 <br />