Reso 2022-063 Loan to Abode Communites for 72 Unit affordable housing dev

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This Affordable Housing Regulatory Agreement and Declaration of Restrictive Covenants (this "Agreement") is entered into effective as of , 2021 (the "Effective Date") by and between the City of San Leandro, a California charter city (the "City") and WASHINGTON AVENUE, L.P., a California limited partnership ("Owner"). City and Owner are hereinafter collectively referred to as the "Parties." RECITALS A. Owner owns that certain real property located at 15101 Washington Avenue, San Leandro, California, also known as Alameda County Assessor Parcel Number (the "Property"), as more particularly described on Exhibit A attached hereto and incorporated herein by this reference. B. Owner intends to develop a seventy-two (72) unit multifamily residential apartment building consisting of three (3) studio units, thirty-three (33) one -bedroom units, eighteen (18) two -bedroom units, and eighteen (18) three -bedroom units (the "Project"). C. City and Owner previously entered into: 1) that certain loan agreement dated concurrently herewith pursuant to which the City provided Owner with a loan of One Million Six Hundred Thirty Five Thousand Forty Dollars ($1,635,040) from the City's Affordable Housing Asset Fund, and 2) that certain loan agreement dated concurrently herewith pursuant to which the City provided Owner with a loan of Three Hundred Forty Nine Thousand Nine Hundred Sixty Dollars ($349,960 ) from the City's Permanent Local Housing Allocation (collectively, the "Loan Agreements"). Each of the Loan Agreements is evidenced by a Secured Promissory Note (collectively, the "Notes") 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 (collectively, the "Deeds of Trust") dated as of the date hereof and executed by Owner for the benefit of City. The Deeds of Trust will be recorded in the Official Records of Alameda County substantially concurrently herewith. D. The Owner will also receive funds from the City's allocation of Alameda County Measure A-1 funding. Measure A-1 was approved by the voters in November 2016 and authorized $580 million in general obligation bonds to provide up to 8,500 units of affordable housing. E. Pursuant to the Loan Agreement, the Owner has agreed to restrict thirty-five (35) of the units in the Project as affordable to and occupied by or available for occupancy by low, very low-income and extremely -income households for a period of not less than 55 years (the "Restricted Units"). F. The Parties have agreed to enter into and record this Agreement in order to satisfy the conditions described in the foregoing Recitals. The purpose of this Agreement is to regulate and restrict the occupancy and rents of the Project's Restricted Units for the benefit of the Project occupants and the City. The covenants in this Agreement are intended to run with the land and be binding on Owner and Owner's successors and assigns for the full term of this Agreement. 5056752.1 2