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15101 Washington Affordable Housing Regulatory Agreement 07192022
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15101 Washington Affordable Housing Regulatory Agreement 07192022
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6/26/2024 5:20:43 PM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Agreement
Document Date (6)
7/19/2022
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1.18 "Qualifying Rent" means a monthly rent which does not exceed the amounts set <br />forth in Section 2.1 below. <br />2. Use and Affordability Restrictions. Owner hereby covenants and agrees, for itself and its <br />successors and assigns, that the Property shall be shall be used solely for the construction <br />and operation of the Project subject to the occupancy and affordability restrictions set <br />forth herein for the Term of this Agreement. Owner represents and warrants that it has <br />not entered into any agreement that would restrict or compromise its ability to comply <br />with the occupancy and affordability restrictions set forth in this Agreement, and Owner <br />covenants that it shall not enter into any agreement that is inconsistent with such <br />restrictions without the express written consent of City. Notwithstanding the foregoing <br />or anything to the contrary contained herein, if the terms of financing for the Project <br />require greater affordability restrictions than those imposed hereby, the requirements of <br />such other financing shall prevail for the term thereof. <br />2.1 Occupancy Requirements. <br />For a term of fifty-five (55) years commencing upon the date of issuance of a final <br />certificate of occupancy for the Project, no fewer than thirty-five (35) dwelling units in <br />the Project shall be both Rent -Restricted and occupied (or if vacant, available for <br />occupancy) by Eligible Households. The size and mix of the Restricted Units are set <br />forth in Exhibit B. In the event that the operating subsidies for the Restricted Units <br />terminate, the City and Owner agree to meet in good faith to discuss the possibility of <br />changing the mix of Restricted Units. However, in no event will any of the Rent <br />Restricted Units have a rent that exceeds the Low Income Unit Rent. Any change in the <br />mix of Restricted Units, except as otherwise provided for herein, shall require the <br />approval of the City Council. <br />2.1.1 Manager's Unit. One (1) Unit shall be reserved for an on -site manager and <br />shall not be subject to affordability or occupancy restrictions set forth herein. <br />2.1.2 Intermingling of Units. All Units shall be intermingled and of comparable <br />quality. Tenants in all Units shall have equal access to and enjoyment of all <br />common facilities of the Project. <br />2.2 Qualifying Rent for Restricted Units. <br />2.2.1 Low Income Unit Rent. Subject to the provisions of Section 2.3 below, the <br />Rent charged to Tenants of the Low Income Units shall not exceed one - <br />twelfth (1/12th) of thirty percent of sixty percent (60%) of Area Median <br />Income, adjusted for Assumed Household Size. <br />2.2.2 Very Low Income Unit Rent. Subject to the provisions of Section 2.3 <br />below, the Rent charged to Tenants of the Very Low Income Units shall <br />not exceed one -twelfth (1/12th) of thirty percent (30%) of fifty percent <br />(50%) of Area Median Income, adjusted for Assumed Household Size. <br />
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