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6.1.B. - Page 5 <br /> upon a project comprised of only the low income housing units that are a part of the <br /> development". <br /> G. In order to receive the affordable housing credit in an amount of <br /> $49,169.84, Developer must enter into an Affordability Agreement to which the City is a <br /> party, as provided in Redwood City Municipal Code Sections 18.257 and 18.259. <br /> H. Developer is making two studio units and two one-bedroom units, <br /> available as low income housing units (as defined in Redwood City Municipal Code <br /> Section 18.257), in accordance with this Agreement (the "Affordable Units"). <br /> I. Developer and City desire to enter into this Affordability Agreement. <br /> NOW, THEREFORE, for good and valuable consideration, Developer and City <br /> agree as follows: <br /> Article I Recitals; Capitalized Terms and Definitions <br /> 1.1 Recitals. The recitals set forth above are true and correct and <br /> incorporated herein by this reference. <br /> 1.2 Capitalized Terms and Definitions. For purposes of this Agreement, the <br /> following terms shall have the meaning set forth below: <br /> Affordable Sales Price - shall have the meaning set forth in Section 3.3 below. <br /> Affordable Rent— shall have the meaning set forth in Section 2.1 below. <br /> Affordable Unit(s) — shall have the meaning set forth in Recital D above. <br /> Owner-Occupied Affordability Agreements — shall mean the affordability <br /> Agreements which control the use of the Project during the period in which the Project's <br /> housing units are sold as condominium units and the Affordable Units are purchased by <br /> Qualified Buyers. <br /> Project — shall have the meaning set forth in Recital B above. <br /> Property — shall have the meaning set forth in Recital A above. <br /> Qualified Buyer(s) - shall have the meaning set forth in Section 3.2 below. <br /> Qualified Lessee(s) — shall have the meaning set forth in Section 2.1 below. <br /> Rental Term — shall have the meaning set forth in Section 2.1 below. <br /> REV:04-20-16 VR <br /> Page 2 of 29 <br /> ATTY/AGR.2016.081/Fuller Street Partners, LLC Affordable Housing Agreement <br />