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Exhibit B <br /> (Declaration of Affordability Covenants) <br /> RECORDING REQUESTED BY ) <br /> AND WHEN RECORDED MAIL TO: ) <br /> ) <br /> CITY OF REDWOOD CITY <br /> ATTN: HOUSING <br /> 1017 MIDDLEFIELD ROAD ) <br /> REDWOOD CITY, CALIFORNIA 94064 ) <br /> ATTN: ) <br /> ) <br /> (Space Above Provided For Recorder) Exempt from Recording Fees under Govt. Code Section 27383 <br /> DECLARATION OF AFFORDABILITY COVENANTS <br /> HIP Housing Development Corporation, hereinafter referred to as "Owner," agrees <br /> that the Property described in Exhibit "A", and more commonly known as Pine Hilton <br /> located at 606 Hilton Street and 508 Pine Street , Redwood City, shall be restricted for <br /> a period of Fifteen ( 15) years from the date of Project Completion . The City defines <br /> Project Completion as the date of issuance of the Certificate of Occupancy, Notice of <br /> Completion , or some other document approved by the City evidencing completion . This <br /> restriction will remain continuously affordable to very low- and low-income tenants and <br /> will be binding on the Owner and any and all successors in interest. <br /> (1 ) HOME Definitions <br /> The following definitions and dollar amounts referred to in these definitions may be <br /> adjusted from time to time by HUD or the City, and any such adjustments shall be <br /> incorporated by reference into this Agreement. <br /> a . High HOME Rent is rent that does not exceed the lesser of ( 1 ) the Section 8 <br /> Fair Market Rents (FMRs), as established by HUD, for existing housing minus <br /> tenant paid utilities; or (2) 30% of annual income for households a the HOME <br /> income limit for San Mateo County described below and adjusted for family <br /> size, less tenant paid utilities. Under this definition (2) for San Mateo County, <br /> High HOME rent is calculated at 60% of the Area Median Income (AM I ). <br /> If tenant is paying any utilities, a "utility allowance" must be deducted from the <br /> above rent figures. This allowance is calculated by HUD under 24 CFR Part <br /> 880-886 and should be obtained annually from the San Mateo County <br /> Housing Authority. <br /> b. Low HOME Rent is rent that is 30% of annual income for households at the <br /> Very Low Income limit (50% of AMI ) for San Mateo County, adjusted for <br /> family size, minus tenant paid utilities. <br /> REV: 06-28-16 VR <br /> Page 22 of 37 <br /> ATTY/AGR.2016. 169/HHDC Pine-Middlefield Rehabilitation <br />