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"Area Median Income" or "AMI" means the area median income for <br />Alameda County, California, adjusted for household size, as published by the <br />California Tax Credit Allocation Committee ("TCAC"). If TCAC ceases to make <br />such determination, Area Median Income shall be the median income applicable to <br />Alameda County, with adjustments for household size, as determined from time to time <br />by the U.S. Department of Housing and Urban Development ("HUD") pursuant to the <br />United States Housing Act of 1937 as amended, or such other method of median income <br />calculation applicable to the City of San Leandro that HUD may hereafter adopt in <br />connection with such Act. <br />"Eligible Household" means a household for which gross household income <br />upon initial occupancy does not exceed the maximum income level for a Restricted Unit <br />as specified in Section 2.2 and that meets the requirements set forth in Section 2.1. <br />"Low-Income" means an annual gross household income that is less than or <br />equal to sixty percent (60%) of AMI. <br />"Qualifying Rent" means a monthly rent that does not exceed one-twelfth of 30% <br />of the applicable income level set forth for a Low-Income or Very Low-Income household. <br />"Restricted Unit" means a dwelling unit which is reserved for occupancy at a <br />Qualifying Rent by a Very Low-Income or Low-Income household in accordance with <br />and as set forth in Sections 2.1 and 2.2. <br />"Very Low-Income" means an annual gross household income that is less than <br />or equal to fifty percent (50%) of AMI. <br />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 />construction and operation of a 62-unit rental housing development in compliance with <br />the Loan Agreement, the development approvals granted by the City of San Leandro, <br />and the requirements set forth herein. City acknowledges that there are five units in the <br />Project that will not be income restricted under any funding sources (the "Market Rate <br />Units"): Owner represents and warrants that it has not entered into any agreement that <br />would restrict or compromise its ability to comply with the occupancy and affordability <br />restrictions set forth in this Agreement, and Owner covenants that it shall not enter into <br />any agreement that is inconsistent with such restrictions without the express written <br />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 <br />than those imposed hereby, the requirements of such other financing shall prevail for <br />the term thereof. <br />2.1 Affordability Requirements. For a term of fifty-five (55) years commencing <br />upon the date of issuance of a final certificate of occupancy for the Project, thirty (30) <br />of the dwelling units in the Project shall be both Rent-Restricted (as defined below) and <br />occupied (or if vacant, available for occupancy) by Eligible Households whose income <br />does not exceed Very Low-Income. A dwelling unit shall qualify as "Rent-Restricted" <br />2890662.3 3