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

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NOW THEREFORE, in consideration of the foregoing, and other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows: 1. Definitions. The following terms have the meanings set forth in this Section wherever used in this Agreement or the attached exhibits. 1.1 "Actual Household Size" shall mean the actual number of persons in the applicable household. 1.2 "Area Median Income" or "AMP' means the area median income for Alameda County, California, adjusted for Actual Household Size, determined periodically by the California Department of Housing and Community Project ("HCD") as published in Section 6932 of Title 25 of the California Code of Regulations ("Regulations") or successor provision published pursuant to California Health and Safety Code Section 50093(c). If HCD ceases to make such determination, Area Median Income shall be the median income applicable to Alameda County, with adjustments for Actual Household Size, as determined from time to time by the U.S. Department of Housing and Urban Project ("HUD") pursuant to the United States Housing Act of 1937 as amended, or such other method of median income calculation applicable to the City of San Leandro that HUD may hereafter adopt in connection with such Act. 1.3 "Assumed Household Size" means the household size "adjusted for family size appropriate to the unit" in accordance with the California Tax Credit Allocation Committee rules and regulations. 1.4 "Eligible Household" means a household for which total household income upon initial occupancy does not exceed the maximum income level for a Restricted Unit as specified in Sections 2.1 and 2.2. 1.5 "Extremely -Low Income Household" shall mean household, with a Household Income which does not exceed the lower income limits applicable to Alameda County, as published and periodically updated by the California Department of Housing and Community Project pursuant to Section 50106 of the California Health and Safety Code. 1.6 "Extremely -Low Income Unit" mean the Units which pursuant to Section 2.1 below, are required to be occupied by Extremely -Low Income Households. 1.7 "Household Income" shall mean the total anticipated annual income of all persons in a household, as calculated in accordance with the California Tax Credit Allocation Committee rules and regulations or pursuant to a successor State housing program that utilizes a reasonably similar method of calculation of adjusted income. In the event that no such program exists, City shall provide the Owner with a reasonably similar method of calculation of gross income as provided in 25 California Code of Regulations Section 6914. 5056752.1