Agmt15 HIP Housing Development Corporation (HHDC) (Oxford Apts. Rehab)

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Exhibit B (Declaration of AfFordability Covenants) RECORDING REQUESTED BY ) AND WHEN RECORDED MAIL TO: ) ) CITY OF REDWOOD CITY ATTN: HOUSING 1017 MIDDLEFIELD ROAD � REDWOOD CITY, CALIFORNIA 94064 ) ATTN: � � (Space Above Provided For Recorder) Exempt from Recording Fees under Govt.Code Section 27383 DECLARATION OF AFFORDABILITY COVENANTS HIP Housing Development Corporation, hereinafter referred to as "Owner," agrees that THREE (3) units in the Property described in Exhibit "A", and more commonly known as Oxford Apartments, located at 1505-1509 Oxford Street Redwood City, shall be restricted for a period of Ten 10 years from the date of Project Completion. The City defines Project Completion as the date of issuance of the Certificate of Occupancy, Notice of Completion, or some other document approved by the City evidencing completion. This restriction will remain continuously affordable to very low- and low- income tenants and will be binding on the Owner and any and all successors in interest. The HOME-assisted units are indicated below: # HOME-assisted Low/High HOME Unit Type Units Maximum Initial Rent (excluding tenant paid utilities) 2-BR 3 $1318/$1,693 (1)HOME Definitions The followinq definitions and dollar amounts referred to in these definitions mav be adiusted from time to time bv HUD or the City and any such adjustments shall be incorporated bv reference into this AQreement a. Hiqh HOME Rent is rent that does not exceed the lesser of (1) the Section 8 Fair Market Rents (FMRs), as established by HUD, for existing housing minus tenant paid utilities; or (2) 30% of annual income for households a the HOME income limit for San Mateo County described below and adjusted for family size, less tenant paid utilities. Under this definition (2) for San Mateo County, High HOME rent is calculated at 60% of the Area Median Income (AMI). ATTY/AGR/2015.165/HHDC Oxford Apts Rehabilitation REV:08-13-15 RL Page 22 of 35