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as "qualified") households. These regulations are intended to materially assist the housing <br />industry in providing adequate and affordable housing for all economic segments of the <br />community and to provide a balance of housing opportunities for very -low income, low income <br />and senior households throughout the city. <br />E. The Project is proposing a total number of seventeen (17) residential units, <br />including sixteen (16) units for extremely -low income households and one manager's unit. <br />Accordingly, the Developer is able to obtain an onsite parking standards incentive, concessions <br />and waivers pursuant to the California Government Code because the Project will include onsite <br />affordable units. Specifically, pursuant to California Government Code section 65915(p)(1), the <br />Developer is seeking an incentive to provide onsite parking at the ratio of 0.71 spaces per unit <br />and waivers and concessions for permitted building type, lot width and depth, tandem parking, <br />open space, landscape standards and density bonus pursuant to California Government Code <br />section 65915(d)(1) and (e)(1). <br />F. The Project complies with the affordable housing requirements set forth in the <br />State Density Bonus Law and City Density Bonus for Affordable Housing. For purposes of this <br />Agreement, the Project shall be the "housing development" as defined in the State Density <br />Bonus Law. <br />G. In light of the purpose of the State Density Bonus Law and City Density Bonus <br />for Affordable Housing, and the express provisions of Government Code section 65915(p), the <br />City has determined to grant Developer's application for density bonus and related onsite <br />parking standards incentive, three concessions and waivers. <br />H. This Agreement, and the exhibits attached hereto and incorporated herein by <br />reference, are intended to set forth the terms and conditions for the implementation of the <br />Project's requirement to provide affordable housing units in exchange for receiving the density <br />bonus incentive set forth herein. <br />NOW, THEREFORE, in consideration of the above recitals, which are incorporated <br />herein by this reference, and of the mutual covenants contained herein, and for other good and <br />valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties <br />agree as follows: <br />1. DEFINITIONS AND EXHIBITS <br />1.1 Definitions. In addition to the terms that may be defined elsewhere in this <br />Agreement, the following terms when used in this Agreement shall be defined as follows: <br />1.1.1 "Adjusted for family size appropriate to the unit" shall have the <br />meaning set forth by Health and Safety Code Section 50052.5(h). <br />1.1.2 "Affordable Rent" means the maximum Monthly Rent that may be <br />charged to and paid by an Eligible Household for the Affordable Units, as required by the terms <br />of this Agreement. The Affordable Rent shall be adjusted to reflect a reasonable utilities <br />2 <br />9138-12678011517029.2 <br />