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2015 = 116655 <br /> 3:53 pm 11/04/15 DR Fee: NO FEE <br /> Count of Pages 6 <br /> Recorded in Official Records <br /> RECORDING REQUESTED BY ) County of San Mateo <br /> AND WHEN RECORDED MAIL TO : Mark Church <br /> Assessor-County Clerk-Recorder <br /> ) <br /> CITY OF REDWOOD CITY <br /> ATTN : HOUSING * R 0 0 0 2 1 1 5 7 6 2 * <br /> 1017 MIDDLEFIELD ROAD ) <br /> REDWOOD CITY, CALIFORNIA 94064 ) <br /> ATTN : RHtNOA (-OPFM*d ) <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 that <br /> THREE (3) units in the Property described in Exhibit "A", and more commonly known as <br /> Oxford Apartments, located at 1505-1509 Oxford Street, Redwood City, shall be restricted <br /> for a period of Ten ( 10) 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 /> The HOME-assisted units are indicated below: <br /> # HOME-assisted Low/High HOME <br /> Unit Type Units Maximum Initial Rent <br /> (excluding tenant <br /> paid utilities) <br /> 2-BR 3 $ 13181$ 1 ,693 <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 /> AI IY/AGR/2015.172/DECLARATION OF AFFORDABILITY COVENANTS HHDC <br /> REV: 08-14-15 RL <br /> Page 1of4 <br />