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Inst 2012080052
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Inst 2012080052
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4/12/2012 12:57:59 PM
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4/12/2012 12:57:59 PM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Agreement
Document Date (6)
2/1/2012
Recorded Document Type
Regulatory Agreement
Declaration of Restrictions
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PERM
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2. Use and Affordability Restrictions. Owner hereby covenants and agrees, for <br /> itself and its successors and assigns, that the Property shall be used solely for the <br /> operation of a multifamily rental housing development in compliance with the Loan <br /> Agreement and the requirements set forth herein. Owner represents and warrants that it <br /> has not entered into any agreement that would restrict or compromise its ability to comply <br /> with the occupancy and affordability restrictions set forth in this Agreement, and Owner <br /> covenants that it shall not enter into any agreement that is inconsistent with such <br /> restrictions without the express written consent of City. <br /> 2.1 Affordability Requirements. Fora term of fifty -five (55) years commencing <br /> on the Effective Date, not less than ten (10) of the residential units in the Project shall <br /> be both Rent Restricted (as defined below) and occupied (or if vacant, available for <br /> occupancy) at Affordable Rents by Eligible Households whose income is no greater <br /> than 60% of AMI. In addition, until June 30, 2058 the following additional units shall be <br /> subject to the following restrictions: not less than two (2) additional units (the "35% <br /> Units ") shall be both Rent Restricted and occupied (or if vacant, available for <br /> occupancy) at Affordable Rents by Eligible Households whose income is no greater <br /> than thirty -five percent (35 %) of Area Median Income, no fewer than nine (9) additional <br /> units (the "Very Low Income Units ") shall be both Rent Restricted and occupied (or if <br /> vacant, available for occupancy) at Affordable Rents by Eligible Households of Very <br /> Low- Income, and not less than eleven (11) additional units shall be both Rent Restricted <br /> and occupied (or if vacant, available for occupancy) at Affordable Rents by Eligible <br /> Households whose income is no greater than sixty percent (60 %) of Area Median <br /> Income. <br /> In the event that recertification of tenant incomes indicates that the number of <br /> Restricted Units actually occupied by Eligible Households falls below the number <br /> reserved for each income group as specified in this Section 2.1. Owner shall rectify the <br /> condition by renting the next available dwelling unit(s) in the Project to Eligible <br /> Household(s) until the required income mix is achieved. A dwelling unit shall qualify as <br /> "Rent Restricted" if the gross rent charged for such unit does not exceed the Affordable <br /> Rent for the applicable household income category as set forth in this Section 2.1, <br /> subject to Section 2.2. <br /> Notwithstanding anything to the contrary contained in this Agreement, if other <br /> Project lenders, investors or regulatory agencies restrict a greater number of units than <br /> restricted by this Agreement or require stricter household income eligibility or <br /> affordability requirements than those imposed hereby, the requirements of such other <br /> lenders, investors or regulatory agencies shall prevail. <br /> 2.1.1 HOME Restrictions. The 35% Units and the Very Low- Income Units <br /> (collectively the "HOME Assisted Units ") were assisted by the Existing Loan, which <br /> was funded in part by HOME Program Funds. Owner shall comply with all <br /> requirements applicable to the HOME Assisted Units pursuant to the HOME <br /> Regulations, and with respect to the HOME Assisted Units, the HOME Regulations shall <br /> prevail in the event of conflict between this Agreement and the HOME Regulations. <br /> 1753724.4 5 <br />
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