10A Action 2012 0618 - Laserfiche WebLink

Home

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 City of San Leandro, a municipal corporation, ( "City ") and Alameda Housing Associates, L.P., a California limited partnership ( "Owner "). City and Owner are hereinafter collectively referred to as the "Parties." RECITALS A. Owner has acquired or has the contractual right to acquire that certain real property consisting of approximately 2.27 acres located in the City of San Leandro ( "City ") within a portion of the area surrounded by Carpentier Street to the east, an adjacent parcel to the north, San Leandro Boulevard to the west, and West Juana Street to the south, and more particularly described in Exhibit A attached hereto (the "Property "). B. Owner intends to construct, own and operate a 200 -unit multi- family residential project (the "Project ") on the Property in accordance with that certain Amended and Restated Owner Participation and Loan Agreement (the "OPA ") dated as of June 18, 2012 and executed by and between Owner and City, 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 98 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 100 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 %) of Area Median Income. D. Subject to the conditions set forth in the OPA, City has agreed to provide to Owner a loan in the amount of Nine Million One Hundred Thousand Dollars ($9,1 00,000) (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 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 City. 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, City requires the Property to be subject to the terms, conditions and restrictions set forth herein to satisfy, to the extent applicable, the requirements of Community Redevelopment Law (California Health and Safety Code Section 33000, et seq.) regarding restrictions on affordability of residential rental units assisted with funds from the low- and moderate - income housing fund established by the former Redevelopment Agency of the City of San Leandro and the housing production obligation under Health and Safety Code Section 33413(b)(2). 1865088.5 2