Laserfiche WebLink
SECTION 1. DEFINITIONS. <br />Unless otherwise expressly provided herein or unless the context clearly requires otherwise, the <br />following terms shall have the respective meaning set forth below for all purposes of this Regulatory <br />Agreement: <br />AFFORDABLE UNITS: Means those units made available to and occupied by Low Income and Very Low <br />Income Tenants. <br />AGENCY: Means the Redevelopment Agency of the City of San Leandro which is charged with the <br />implementation of this Agreement. <br />CONTRACT: Means the Owner Participation Agreement entered into between the Developer and the <br />Agency governing the use of Redevelopment Agency funds for the Project. <br />CITY: Means City of San Leandro, a municipal corporation, and its successors. <br />DATE OF INITIAL OCCUPANCY: Means the date that the Project is first occupied by tenants following <br />completion of construction. <br />INCOME CERTIFICATION: Means a certification as to income executed by a household in the Project. <br />LOW INCOME TENANTS: Low Income Tenants means occupants of a unit in the Project whose <br />household income, adjusted for household size, does not exceed eighty percent (80%) of the Median <br />Gross Income for the Area. Determination of the status of an occupant of a unit as a Low Income Tenant <br />shall be made upon initial occupancy of a unit in the Project by such occupant and recertified annually. <br />DEVELOPER: Means Eden Housing, Inc., A California Non -Profit Public Benefit Corporation, and its <br />successors as approved by the Agency pursuant to the Contract. <br />PARTICIPATION IN THE PROJECT: Means that the Agency has invested a dollar amount of Five <br />Hundred Fifty Thousand Dollars ($550,000) in the Project. The amount of Agency participation may be <br />increased at the sole discretion of the Agency. <br />PROJECT OR PROPERTY: Shall mean property located at 2390 East 14`h Street, San Leandro, <br />California <br />VERY LOW INCOME TENANTS: Very Low Income Tenants means occupants of a unit in the Project <br />whose household income, adjusted for household size, does not exceed fifty percent (50%) of the Median <br />Gross Income for the Area. Determination of the status of an occupant of a unit as a Very Low Income <br />Tenant shall be made upon initial occupancy of a unit in the Project by such occupant and recertified <br />annually. A tenant who qualifies as a Low Income Tenant remains qualified as a Low Income Tenant even <br />