Regulatory Agmt 15101 Washington Ave 07192022

Home

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