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<br />EXHIBIT 3 <br />making the City/HOME ARP Loan (“Loan”) and providing for the development of forty- <br />seven (47) units of housing that will be affordable to Extremely Low Income Households <br />(“Restricted Units”), with one un-restricted unit reserved for an on-site manager, to which <br />these Restrictions are attached as Exhibit F (any capitalized term that is not otherwise <br />defined in these Restrictions shall have the meaning ascribed to such term in the Loan <br />Agreement). <br />D.During the twenty (20) year HOME-ARP Compliance Period, sixteen (16) of the <br />Restricted Units will be designated as HOME-ARP Units. The HOME-ARP Units will be <br />rented to HOME-ARP Qualifying Populations as set forth in Housing and Urban <br />Development (“HUD”) Community Planning and Development (CPD) Notice: CPD-21- <br />10 (the “HOME-ARP Notice”). <br />E.The Loan Agreement provides, among other things, for the use of the Property for <br />affordable housing with all Restricted Units being restricted to Extremely Low Income <br />Households, at Affordable Rent(s), as well as the requirements imposed by the HOME- <br />ARP Notice for the HOME-ARP Units, with a preference for individuals and families who <br />are chronically homeless. <br />F.The Loan Agreement contains certain provisions relating to the use of the Property. <br />NOW, THEREFORE, CITY AND DEVELOPER COVENANT AND AGREE AS <br />FOLLOWS: <br />1.Developer covenants and agrees (for itself, its successors, its assigns, and every <br />successor in interest to the Property or any part thereof) that Developer, such successors, <br />and such assigns shall use the Property exclusively to provide affordable housing to <br />Extremely Low Income Households, as provided in these Restrictions and in the Loan <br />Agreement. <br />2.Developer covenants and agrees (for itself, its successors, its assigns, and every <br />successor in interest to the Property or any part thereof) that during the HOME-ARP <br />Compliance Period the HOME-ARP Units will be leased to a HOME-ARP Qualifying <br />Population as provided in these Restrictions, the Loan Agreement and the HOME-ARP <br />Notice. <br />3.Developer, for itself and its successors and assigns, hereby covenants and agrees <br />that all of the apartments in the Property (less one manager’s unit) (the “Units”) shall be <br />rented exclusively, at Affordable Rent, to Extremely Low Income Households to the extent <br />provided for herein, except to the extent a different eligibility or rent is required for HOME- <br />ARP Units. Area median income levels and Affordable Rents are subject to adjustment <br />from time to time as provided in Section 3 below. <br />2 <br />WISEPlace Permanent Supportive Housing <br />City HOME-ARP Affordability Restrictions on Transfer of Property