Agmt 2009 Alameda County Allied Housing Program

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shall not enter into any agreement that is inconsistent with such restrictions without the express written consent of City and Agency. Notwithstanding the foregoing or anything to the contrary contained herein, if the terms of financing for the Project require greater affordability restrictions than those imposed hereby, the requirements of such other financing shall prevail for the term thereof. 2.1 HOME Restrictions. For a term of fifty-five (55) years commencing on the Effective Date of this Agreement, the Project shah include a minimum of three (3} floating residential studio units and two {2) floating residential one-bedroom units far Very Low-Income households, as defined by and in accordance with and regulated by 24 CFR Part 92 ("HOME Assisted Units"). HOME Assisted Units shall be Restricted Units that are subject to, and included in, the affordability requirements of Section 2.3 and Exhibit B. Any residential studio or one-bedroom unit in the Project may be~substituted for another studio or one-bedroom unit in the Project and designated as a HOME Assisted unit in order to maintain conformity with the requirements of this section. The requirements of this Section 2.1 are separate and distinct from the requirements of Section 2.2. With respect to the HOME Assisted Units, Owner shall comply with all HOME Restrictions, and in the event of conflict between the HOME Restrictions and the provisions of this Agreement, the HOME Restrictions shall prevail, with the exception of the following: {i) the duration of the affordability restrictions for the HOME Assisted Units shall not be less than fifty- five (55}years even if the HOME Restrictions would impose a shorter period for such restrictions; (ii) the maximum initial household income limits for occupants of HOME Assisted Units shall be those set forth in this Agreement even if the HOME Restrictions would permit higher income limits; and (iii) the maximum initial rent that maybe charged for the HOME Assisted Units shall not exceed the maximum rent as determined pursuant to this Agreement, even if the HOME Restrictions would permit a higher rent. Without limiting the generality of the foregoing, with respect to the HOME Assisted Units, Owner shall comply with all tenant protection provisions set forth in 24 CFR Part 92.253, and except as set forth in the preceding paragraph, Owner shall comply with all other applicable HOME Restrictions, including without limitations the applicable provisions set forth in 24 CFR Sections 92.251, 92.252 and 92.350 through 92.358. 2.2 McKinney Restrictions. Far a term of fifty-five (55) years, commencing upon the Effective Date of this Agreement, the Project shall include eight (8} floating residential units for Very Low-Income households in accordance with the Refunding Agreement ("McKinney Assisted Units"). McKinney Assisted Units shall be subject to, and included in, the affordability requirements of Section 2.3 and Exhibit B. Any residential unit in the Project may be substituted for another residential unit in the Project and designated as a McKinney Assisted Unit in order to maintain conformity with the requirements of this section. The requirements of this Section 2.2 are separate and distinct from the requirements of Section 2.1. 2.3 Affordability Requirements. For a term of f ftY-five (55) years commencing upon the Effective Date of this Agreement, no fewer than two (2) residential units shall be both Rent- Restricted (as defined below) and occupied (or if vacant, available for occupancy} by Low- AMENbEp ANb RESTATEb REGULATORY AGREEMENT 5 MISSIQN BELL APARTMENTS' 1227466-8