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RecDoc 2011-013687
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RecDoc 2011-013687
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Last modified
5/23/2011 2:40:17 PM
Creation date
5/23/2011 12:57:44 PM
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Template:
Recorded Docs
Subject
Affordable Housing Covenant -Including Option
Doc Num
2011-013687
Rec Date
2/2/2011
APN
055-031-240
Address
3272 Rolison RD.
Parties
City of RWC and San Mateo County Service League
Reso Ref
15063
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2011 - 013687 <br /> Recording requested by, and FIDELITY NATIONAL TITLE <br /> when recorded mail to: 8:00 am 02/02/11 DR Fee: NO FEE <br /> Count of Pages 17 • <br /> Recorded in Official Records <br /> City of Redwood City County of San Mateo <br /> 1017 Middlefield Road Mark Church <br /> Assessor -Count Clerk- Recorder <br /> Redwood City, CA 94063 lin <br /> Attn: Planning, Housing & <br /> II II III II m III II II II <br /> Economic Development * R 0 0 0 1 1 3 1 5 6 7* <br /> Exempt from Recording Fees Space Above This Line For Recorder's Use Only <br /> pursuant to Govemment Code Sec. 27383 <br /> APNs: 055 -031 -240 <br /> AFFORDABLE HOUSING COVENANT <br /> [Including Option to Repurchase Provisions] <br /> This Affordable Housing Covenant ( "Covenant ") dated for reference purposes as <br /> of January 25, 2011 is entered into bet ween THE CITY OF REDWOOD CITY, a <br /> municipal corporation (the "City ") and SAN MATEO COUNTY SERVICE LEAGUE, a <br /> California non - profit organization ( "Owner"). <br /> RECITALS <br /> A. The City is working with the Redevelopment Agency of the City of <br /> Redwood City (the "Agency") to create affordable rental housing opportunities for <br /> persons and families of low income. The City previously provided Community <br /> Development Block Grant (CDBG) funds to help rehabilitate that certain parcel of real <br /> property (the "Site ") legally described on Exhibit A attached hereto and incorporated <br /> herein by reference, consisting of Seven (7) multifamily residential units (collectively, the <br /> "Affordable Units "), to be available at an affordable rent to persons and families of low <br /> income levels (the "Housing Project "). In order to prevent the Site from being sold in <br /> foreclosure proceedings, the City acquired the Site in 1995 and has maintained it as <br /> affordable housing. <br /> B. Pursuant to that certain Purchase and Sale Agreement between City and <br /> Owner, dated NUart' 2-5 , 2011, the Owner will acquire the Site from the City, for <br /> the purpose of continuing the operation of the Affordable Units on the Site. <br /> Page 1 <br /> 82483.00000\ 5570532.4 <br /> ArrY /AGR /2010.120 EXHIBIT C <br /> 103010 <br />
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