Regulatory Agmt 15101 Washington Ave 07192022

Home

1.8 "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 50079.5 of the California Health and Safety Code. 1.9 "Low Income Unit" shall mean the Units which pursuant to Section 2.1 below, are required to be occupied by Low Income Households. 1.10 "Project" shall mean the Property and the Seventy -Two (72) units to be developed on the Property, and any additional improvements and all landscaping, roads and parking spaces existing thereon, as the same may from time to time exist. 1.11 "Rent -Restricted" means a dwelling unit for which the gross rent charged for such unit does not exceed the Qualifying Rent, as adjusted for Assumed Household Size in accordance with the HCD Regulations and guidelines. 1.12 "Rent" shall mean the total of monthly payments by the tenants of a Unit for the following: use and occupancy of the Unit and land and associated facilities, including parking; any separately charged fees or service charges assessed by Owner which are required of all tenants, other than security deposits; the cost of an adequate level of service for utilities paid by the tenant, including garbage collection, sewer, water, electricity, gas and other heating, cooking and refrigeration fuel, but not cable or telephone service; any other interest, taxes, fees or charges for use of the land or associated facilities and assessed by a public or private entity other than Owner, and paid by the Tenant. Utility allowances may be determined by use of the utility allowance published by the Alameda County Housing Authority, or if no such allowance is published, by a similar public agency approved by the City. 1.13 "Restricted Unit' means a dwelling unit which is reserved for occupancy at a Qualifying Rent by a Extremely Low -Income Eligible Household or Very Low - Income Eligible Household in accordance with and as set forth in Sections 2.1 and 2.2. 1.14 "Tenant' shall mean a household occupying a Restricted Unit. 1.15 "Term" means the term of this Regulatory Agreement, which commences as of the Effective Date and shall terminate on the fifty-fifth (55th) anniversary of the issuance of the certificate of occupancy for the Project. 1.16 "Very Low Income Household" shall mean a household with a Household Income that does not exceed fifty percent (50%) of Area Median Income. 1.17 "Very Low Income Units" shall mean the Units which, pursuant to Section 2.1(d) below, are required to be occupied by Very Low Income Households.