Agmt 2009 Alameda County Allied Housing Program

Home

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. Def nitions. The following terms have the meanings set forth in this Section wherever used in this Agreement or the attached exhibits. "Area Median Income" ar "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 b932 of Title 2S of the California Code of Regulations ("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 total household income upon initial occupancy does not exceed the maximum income level for a Restricted Unit as specified in Section 2.2 and Exhibit B. "Extremely Low-Income" means an annual gross income that is not greater than thirty percent (30%) of Area Median Income. "Low-Income" means an annual gross income that is not greater than sixty percent (60%) of Area Median Income. "Qualifying Rent" means a monthly rent which does not exceed one-twelfth of 30% of the applicable income level set forth in Exhibit B, adjusted by the utility allowance published by the Alameda County Housing Authority far any utilities not paid by the Owner, or by any other utility allowance approved by the City or the Agency in writing. "Restricted Unit" means a residential unit which is reserved for occupancy at a Qualifying Rent by a Very Low-, Low-, or Extremely-Low Income household in accordance with and as set forth in Section 2.3 and Exhibit B. . "Very Low-Income" means an annual gross income that is less than or equal to fifty percent {50%) of AMI. 2. Use and Affordability Restrictions. Owner hereby covenants and agrees, for itself and its successors and assigns, that the Property shall be used solely for the operation of a twenty-five {25) unit multi-family rental housing and commercial development in compliance with the City Loan Agreement, the Agency Laan Agreement, the OPA, the City Deed of Trust, the Agency Deed of Trust and the requirements set forth herein. Owner represents and warrants that it has not entered into any agreement that would restrict or compromise its ability to comply with the occupancy and affordability restrictions set forth in this Agreement, and Owner covenants that it AMENDED AND RESTATED REGULATORY AGREEMENT ~ MISSION BELL APARTMENTS 1227466-8