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Regulatory Agmt 15101 Washington Ave 07192022
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Regulatory Agmt 15101 Washington Ave 07192022
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6/26/2024 5:30:28 PM
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6/24/2024 1:56:34 PM
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CM City Clerk-City Council
Document Date (6)
7/19/2022
Recorded Document Type
Regulatory Agreement
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This Affordable Housing Regulatory Agreement and Declaration of Restrictive <br />Covenants (this "Agreement") is entered into effective as of July 18, 2021 (the "Effective <br />Date") by and between the City of San Leandro, a California charter city (the "City") and <br />WASHINGTON AVENUE, L.P., a California limited partnership ("Owner"). City and Owner <br />are hereinafter collectively referred to as the "Parties." <br />RECITALS <br />A. Owner owns that certain real property located at 15101 Washington Avenue, San <br />Leandro, California, also known as Alameda County Assessor Parcel Number 080H-1515-008- <br />02 (the "Property"), as more particularly described on Exhibit A attached hereto and <br />incorporated herein by this reference. <br />B. Owner intends to develop a seventy-two (72) unit multifamily residential <br />apartment building consisting of three (3) studio units, thirty-three (33) one -bedroom units, <br />eighteen (18) two -bedroom units, and eighteen (18) three -bedroom units (the "Project"). <br />C. City and Owner previously entered into: 1) that certain loan agreement dated <br />concurrently herewith pursuant to which the City provided Owner with a loan of One Million Six <br />Hundred Thirty Five Thousand Forty Dollars ($1,635,040) from the City's Affordable Housing <br />Asset Fund, and 2) that certain loan agreement dated concurrently herewith pursuant to which <br />the City provided Owner with a loan of Three Hundred Forty Nine Thousand Nine Hundred <br />Sixty Dollars ($349,960 ) from the City's Permanent Local Housing Allocation (collectively, the <br />"Loan Agreements"). Each of the Loan Agreements is evidenced by a Secured Promissory Note <br />(collectively, the "Notes") executed by Owner and dated as of the date hereof, and is secured by <br />a Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing (collectively, the <br />"Deeds of Trust") dated as of the date hereof and executed by Owner for the benefit of City. <br />The Deeds of Trust will be recorded in the Official Records of Alameda County substantially <br />concurrently herewith. <br />D. The Owner will also receive funds from the City's allocation of Alameda County <br />Measure A-1 funding. Measure A-1 was approved by the voters in November 2016 and <br />authorized $580 million in general obligation bonds to provide up to 8,500 units of affordable <br />housing. <br />E. Pursuant to the Loan Agreement, the Owner has agreed to restrict thirty-five (35) <br />of the units in the Project as affordable to and occupied by or available for occupancy by low, <br />very low-income and extremely -income households for a period of not less than 55 years (the <br />"Restricted Units"). <br />F. The Parties have agreed to enter into and record this Agreement in order to satisfy <br />the conditions described in the foregoing Recitals. The purpose of this Agreement is to regulate <br />and restrict the occupancy and rents of the Project's Restricted Units for the benefit of the Project <br />occupants and the City. The covenants in this Agreement are intended to run with the land and <br />be binding on Owner and Owner's successors and assigns for the full term of this Agreement. <br />
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