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Inst 2009238643
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Inst 2009238643
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Last modified
8/24/2009 3:00:18 PM
Creation date
8/24/2009 3:00:16 PM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Agreement
Document Date (6)
6/16/2009
Recorded Document Type
Regulatory Agreement
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PERM
Document Relationships
Agmt 2009 Alameda County Allied Housing Program
(Reference)
Path:
\City Clerk\City Council\Agreements\2009
Inst 2010336107
(Reference)
Path:
\City Clerk\City Council\Recorded Documents\2010
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Income Eligible Households in accordance with Exhibit B, no fewer than sixteen (16) <br />residential units shall be both Rent-Restricted (as defined below) and occupied (or if vacant, <br />available for occupancy) by Very Low-income Eligible Households in accordance with Exhibit <br />B, and no fewer than seven (7) residential units in the Project shall be both Rent-Restricted and <br />occupied (or if vacant, available for occupancy) by Eligible Households whose income does not <br />exceed Extremely Low-Income in accordance with Exhibit B. <br />In the event that recertification of tenant incomes indicates that the number of Restricted <br />Units actually occupied by Eligible Households falls below the number reserved for each <br />income group as specified in this Section and Exhibit B, Owner shall rectify the condition by <br />renting the next available residential unit(s) in the Project to Eligible Household(s) until the <br />required income mix is achieved. A residential unit shall qualify as "Rent-Restricted" if the <br />gross rent charged for such unit does not exceed the Qualifying Rent for the applicable <br />household income category as set forth in Exhibit B, as adjusted for assumed household size in <br />accordance with California Health and Safety Code § 50105. <br />2.4 Rents for Restricted Units. No tenant qualifying for a Restricted Unit shall be <br />denied continued occupancy of a unit in the Project because, after admission, such tenant's <br />adjusted income increases to exceed the qualifying limit for such Restricted Unit. A household <br />which at initial occupancy qualifies as Low-Income, Very Low-Income or Extremely Low- <br />Income shall be treated as continuing to be of Low-Income, Very Low-Income, or Extremely <br />Low-Income, as applicable, so long as the household's income does not exceed 140% of the <br />applicable income limit. In the event that such household's income exceeds 140% of the <br />applicable income limit, that household's unit will continue to be considered as satisfying the <br />applicable income limit if the unit remains Rent Restricted, subject to Section 2.4.1. <br />2.4.1 Rent Increases. If upon recertification of tenant incomes, Owner <br />determines that a tenant's household income has increased and exceeds the applicable qualifying <br />income, but does not exceed the qualifying income limit for the next income category, then, upon <br />expiration of the tenant's lease and sixty (60) days' written notice to the tenant, rent maybe <br />increased to the Qualifying Rent for the next applicable household income bracket, subject to any <br />limits imposed by the City of San Leandro Rent Review Board Ordinance or the Marketing and <br />Management Plan approved by the City pursuant to Section 6.4. Owner shall rent the next <br />available unit at a Restricted Rent to a household whose gross income does not exceed the <br />income limit originally applicable to the unit in order to achieve the occupancy distribution set <br />forth in Exhibit B. For tenants whose gross household income exceeds sixty percent (60%) of <br />AMI adjusted for actual household size, rent may be increased to the lesser of (A) the fair market <br />rent for the unit, or (B) the greater of thirty percent (30%) of the tenant's actual household <br />income or the Qualifying Rent. <br />2.4.2 Notice of Affordability Restrictions on Transfer of Property. Pursuant to the <br />requirements of California Community Redevelopment Law, Owner and Agency shall execute a <br />Notice of Affordability Restrictions on Transfer of Property substantially in the form attached <br />hereto as Exhibit D, and shall cause such notice to be recorded substantially concurrently with <br />the recordation of this Agreement. <br />AMENDED AND RESTATED REGULATORY AGREEMENT 6 <br />MISSION BELL APARTMENTS <br />1227466-8 <br />
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