Agmt 2009 Alameda Housing Associates LP

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This Affordable Housing Regulatory Agreement and Declaration of Restrictive Covenants (this "Agreement") is entered into effective as of , 20_ ("Effective Date") by and between the Redevelopment Agency of the City of San Leandro, a public body, corporate, and politic ("Agency") and Alameda Housing Associates, L.P., a California limited partnership ("Owner"). Agency and Owner are hereinafter collectively referred to as the "Parties." RECITALS A. Owner has acquired or has the contractual right to acquire a leasehold interest in that certain real property consisting of approximately 1.45 acres located in the City of San Leandro ("City") within a portion of the area surrounded by Martinez Street to the east, West Estudillo Avenue to the north, Alvarado Street to the west, and Thornton Avenue to the south, and more particularly described in Exhibit A attached hereto (the "Property"). B. Owner intends to construct; own and operate a 100-unit multi-family residential project (the "Project") on the Property in accordance with that certain Owner Participation and Loan Agreement (the "OPA") dated as of April 6, 2009 and executed by and between Owner and Agency, a memorandum of which shall be recorded substantially concurrently herewith in the Official Records of Alameda County ("Official Records"). C. The OPA provides that for a period of not less than fifty-five (55) years not less than forty-nine (49) of the residential units in the Project shall be rented at an affordable cost to households who qualify as Very Low-Income, and not less than an additional fifty (50) of the residential units in the Project shall be rented at an affordable cost to households whose income is less than or equal to ninety percent (90°I°) of Area Median Income. D. Subject to the conditions set forth in the OPA, Agency has agreed to provide to Owner a loan in the amount of Nine Million One Hundred Thousand Dollars ($9,100,000) (the "Loan") in order to provide financing for the development of the Project. The Loan is evidenced by a Secured Promissory Note (the "Note") executed by Owner and dated as of the date hereof, and is secured by a Leasehold Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing ("Deed of Trust") dated as of the date hereof and executed by Owner for the benefit of Agency. The Deed of Trust will be recorded in the Official Records substantially concurrently herewith. E. As a condition to its agreement to provide the Loan to Owner, Agency requires the Property to be subject to the terms, conditions and restrictions set forth herein. Community Redevelopment Law (California Health and Safety Code Section 33000, et seq. (the "CRL")), requires the Agency to require residential rental units assisted with funds from the Agency's low- and moderate-income housing fund to remain affordable for the longest feasible time. In addition, to the extent permitted by the CRL, this Agreement is intended to enable the Agency to count the residential units ~z~c~~.~-~ 2