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<br /> 7 <br />3. AFFORDABILITY REQUIREMENTS, USE AND MAINTENANCE OF THE <br />PROPERTY <br /> <br />3.1 Use Covenants and Restrictions. <br /> <br />a. Developer agrees and covenants, which covenants shall run with the land <br />and bind Developer, its successors, its assign and every successor in interest to the Property that <br />Developer will make all rental units on the Property available to extremely-low, very low and low <br />income households at rents affordable to such households for fifty-five (55) years from the effective <br />date of the issuance of the Certificate of Occupancy. <br /> <br />b. The Project shall consist of approximately sixty-nine (69) units of which <br />there will be six (6) four-bedroom units, twenty-eight (28) three-bedroom units, and thirty-five <br />(35) two-bedroom units (one being a manager’s unit). Thirty-four (34) of the sixty-eight (68) <br />Housing Units at the Project shall and will be restricted to households earning 30% or less of the <br />AMI, twenty-one (21) of the sixty-eight (68) Housing Units at the Project shall and will be <br />restricted to households earning 50% or less of the AMI, and thirteen (13) of the sixty-eight (68) <br />Housing Units at the Project shall and will be restricted to households earning 60% or less of the <br />AMI. The affordability mix for the Project is as follows: <br /> <br />Bedroom <br />Size <br />30% <br />AMI <br />50% <br />AMI <br />60% <br />AMI <br />Manager’s <br />Unit Total <br />Two Bedroom 29 4 1 1 35 <br />Three Bedroom 4 17 7 28 <br />Four Bedroom 1 0 5 6 <br />Totals 34 21 13 1 69 <br /> <br /> c. The affordable rents charged at the Project must comply with the standards <br />set forth by the California Tax Credit Allocation Committee (TCAC). <br /> <br /> d. Utility allowances must be deducted from the Maximum Gross Monthly <br />Rent. The Housing Authority of the City of Santa Ana publishes a utility allowance schedule on an <br />annual basis. However, in lieu of the utility allowance schedule published by the Housing <br />Authority, the Developer may elect to use the California Utility Allowance Calculator to the extent <br />allowed by TCAC. <br /> <br />3.2 Rent Increases: <br /> <br />A. On an annual basis, the Agency shall provide the Developer with the maximum allowable <br />schedule of rents for the Property, which shall correspond to the maximum rent increase allowed by <br />TCAC. In no event can Developer charge any tenant more than such amount. <br /> <br />EXHIBIT 3 <br />3-68