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(e) "Restricted Unit" means a dwelling unit which is reserved for occupancy at a <br />Qualifying Rent by a Very Low-Income household in accordance with and as set forth in <br />Sections 2.1 and 2.2. <br />(f) "Very Low-Income Household" means a household whose income does not <br />exceed the qualifying income limit for a 50% Income Household as published by TCAC; <br />provided, however, that for the HOME-Assisted Units, Very Low-Income means a household <br />whose income does not exceed the income for a Very Low-Income Household as defined in the <br />HOME Regulations. <br />(g) "TCAC" means the California Tax Credit Allocation Committee. <br />2. Use and Affordability Restrictions. <br />(a) Owner hereby covenants and agrees, for itself and its successors and assigns, that <br />the Property shall be used solely for the construction and operation of an eighty-five (85)-unit <br />senior rental housing development in compliance with the development approvals granted by the <br />City of San Leandro, 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 with the <br />occupancy and affordability restrictions set forth in this Agreement, and Owner covenants that it <br />shall not enter into any agreement that is inconsistent with such restrictions without the express <br />written consent of City. Notwithstanding the foregoing or anything to the contrary contained <br />herein, if the terms of financing for the Project require greater affordability restrictions than <br />those imposed hereby, the requirements of such other financing shall prevail for the term <br />thereof. <br />(b) For a term of fifty-five (55) years commencing upon the date of City’s issuance <br />of a final certificate of occupancy for the Project, the Project shall include three floating <br />residential units for very low income households as defined by and in accordance with and <br />regulated by 24 CFR Part 92 (the “HOME Assisted Units”). Any residential unit in the Project <br />may be substituted for another residential unit in the Project designated as a HOME Assisted <br />Unit in order to maintain compliance with this Section. Owner shall comply with lease terms <br />for HOME Assisted Units as governed by 24 CFR Part 92.253, and with all other applicable <br />federal HOME requirements set forth in 24 CFR Part 92.350-358. Rents for HOME Assisted <br />Units shall not exceed the Low Home Rent Limits published annually by HUD. Units that <br />qualify as HOME Assisted Units shall count toward satisfaction of the number of Rent- <br />Restricted Units required pursuant to Section 2.2. <br />2.1 Senior Housing. For a term of fifty-five (55) years commencing upon the date of <br />issuance of a final certificate of occupancy for the Project eighty-four (84) of the dwelling units <br />in the Project shall be operated as lawful senior housing, as more particularly described in the <br />Management Plan as may be amended from time to time. <br />2.2 Affordability Requirements. For a term of fifty-five (55) years commencing upon <br />the date of issuance of a final certificate of occupancy for the Project, forty (40) of the dwelling <br />units in the Project shall be both Rent-Restricted (as defined below) and occupied (or if vacant, <br />available for occupancy) by Eligible Households whose income does not exceed Very Low- <br />144\259\1892895.4 3