Inst 2007334384 - Laserfiche WebLink

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