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(e) "Restricted Unit" means a dwelling unit which is reserved for occupancy at a Qualifying Rent by a Very Low -Income household in accordance with and as set forth in Sections 2.1 and 2.2. (f) "Very Low -Income Household" means a household whose income does not exceed the qualifying income limit for a 50% Income Household as published by TCAC; provided, however, that for the HOME -Assisted Units, Very Low -Income means a household whose income does not exceed the income for a Very Low -Income Household as defined in the HOME Regulations. (g) "TCAC" means the California Tax Credit Allocation Committee. 2. Use and Affordabilitv Restrictions (a) Owner hereby covenants and agrees, for itself and its successors and assigns, that the Property shall be used solely for the construction and operation of an eighty-five (85) -unit senior rental housing development in compliance with the development approvals granted by the City of San Leandro, and the requirements set forth herein. Owner represents and warrants that it has not entered into any agreement that would restrict or compromise its ability to comply with the occupancy and affordability restrictions set forth in this Agreement, and Owner covenants that it shall not enter into any agreement that is inconsistent with such restrictions without the express written consent of City. Notwithstanding the foregoing or anything to the contrary contained herein, if the terms of financing for the Project require greater affordability restrictions than those imposed hereby, the requirements of such other financing shall prevail for the term thereof. (b) The Project shall include three floating residential units for very low income households as defined by and in accordance with and regulated by 24 CFR Part 92 (the "HOME Assisted Units"). Any residential unit in the Project may be substituted for another residential unit in the Project designated as a HOME Assisted Unit in order to maintain compliance with this Section. Owner shall comply with lease terms for HOME Assisted Units as governed by 24 CFR Part 92.253, and with all other applicable federal HOME requirements set forth in 24 CFR Part 92.350-358. Rents for HOME Assisted Units shall not exceed the Low Home Rent Limits published annually by HUD. Units that qualify as HOME Assisted Units shall count toward satisfaction of the number of Rent -Restricted Units required pursuant to Section 2.2. 2.1 Senior Housing. For a term of fifty-five (55) years commencing upon the date of issuance of a final certificate of occupancy for the Project eighty-four (84) of the dwelling units in the Project shall be operated as lawful senior housing, as more particularly described in the Management Plan as may be amended from time to time. 2.2 Affordability Requirements. For a tern of fifty-five (55) years commencing upon the date of issuance of a final certificate of occupancy for the Project, forty (40) of the dwelling units in the Project shall be both Rent -Restricted (as defined below) and occupied (or if vacant, available for occupancy) by Eligible Households whose income does not exceed Very Low - Income ("Affordable Units"). Three of the Affordable Units shall be Home -Assisted Units pursuant to Section 2(b) above. A dwelling unit shall qualify as "Rent -Restricted" if the gross 144\259\1892895.5