Laserfiche WebLink
NOW, '1 N{d✓;'TiF,1'f)RF, C'I"I'4'r" AND DEVELOPER C.`.OWNA,N'N ANC7 A(iREL AS <br />F(. LI E:)ws: <br />1. Developer eovenanfs and <agaees (tbr itself, its successors' its .- issi�ns, aaa(N <br />cvcr y succes;sol- in interus;t to the Propeny or any part thereol) that Developer, such <br />sctQees^sors, atnd such assigns sliali rase the Property exclusively to p-oa idc aaf9iirdable <br />housing of Extremely -Low, Very -Low and Low lrruxnw households, as provided in these <br />Restrictions and in the Loan Agreement. <br />2. Developer, for itself and its successors and aissig aas, hereby covenants and <br />agrees that all of the apartments in [lie property (News one manager's unit) (the "Units") <br />shall be rented exclusively, at A fhrordable runt, to Extremely -Low, Very -Low and Low <br />income; housvholtls to the extent provided for herein. Area mcelu m irwo me levels and <br />Affordable Rents are subject to adjustment from tittle to fine as, provided in Section 3 <br />below. <br />3. AFFORDABILITY RI?CAC RUMEN I S, USE' AND MAINTFNANC L OF <br />THE PROPERTY <br />3.1 Use Covenants and Restrictions. <br />A. Developer aagrecs and covenants, kwhiudz errovut.ants shall rtan with the land and bind <br />Dev..Joper, its suuccs.sois, its assign and every sticecssor in interest to the Property that <br />Developer will make all rental units Cara tic Prop eo ly ,ivaihible to extrenvely low and very low <br />households at rents affordable to swell households or fitly -five (55) years front the clkctive <br />elate of tins A&Tecnrent. The HOME resl:riUions for the nine (e7) HOME assi,,Lud anaatw shall be <br />eralinrceal until the di.tW that iv flflecn (15) years afler the date iron which the (ity reports the; <br />1'rgjQct a1 L" e;o III plcte to the I)epartnicat ofIlousunwg aiid l)rbara Derclopanent. Upon cxpiratiarri <br />ofthe 15 year HOME compliance period, thou C:iLy will wal'aarce affordability rrfthe nine (al) <br />utlils with the same incoture and relit restrictions as the other units, pursuant to City guidelines <br />and the C:;ali forma Health and SaNtty Code. The City permits the Deveiopur to limit the <br />eligrihility aaad %an give proaefer+ aace to homeless households (a pai toe of al set;iaaent oft:he <br />population) in ace:orelancc; with 24 CFR 92 u53(d). <br />B. TllQ T'aodect shall carasist of seventy-two units, iracludirrty, one on sitearraaMigeCs <br />unit, ofivdaich there; will he fifty -eight (58) stodiir oruts and fborteen (l4) one - bedroom <br />units Chore shall lie nine (9) HOME assisted unfits. 'lilac I10ME assisted units shall he <br />floatin- units and shall lic di.vtrahaated throughout the complex with coruparahle anrcnities <br />to the other Lnuty. The afforelaibility mix tier, the Project is its fbilows: <br />Studio ,"0%, AM 35ry� <br />Steidriro 5Wk AMi `r` <br />Oric- Bedroom 3() "3o AMl <br />[Inc Bedroom W4, AM., <br />q <br />er Uni t <br />Studio, Manat � t <br />25-83 <br />