AgdaPkt 2017-06-26 Closed and Joint SA PFA

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ATTY/AGR/2017.145/ STAFFORD FUNDING AGREEMENT REV: 06-21-17 JS Page 5 of 41 and Safety Code and California Code of Regulations Title 25, Sections 6910—6924; or (c) “affordable rent” as defined in Section 18.268 of the Redwood City Code. e. “Maximum Rent for Very Low Income Households” means a total monthly rent that does not exceed any of (a) the current HUD HOME rent limits for Very Low Income Households, adjusted for unit size; (b) the rents specified by Section 50053 of the California Health and Safety Code and California Code of Regulations Title 25, Sections 6910—6924; or (c) “affordable rent” as defined in Section 18.268 of the Redwood City Code. 3. USE OF FUNDS. Contractor will use the funds provided pursuant to Paragraph 1 solely for the Project purposes described in Exhibit “A”, attached hereto and by this reference incorporated herein. More particularly, Contractor will provide rental housing units according to the following affordability restrictions during the duration of the Loan Term: (a) for the entire Loan Term, the CDBG/Affordable Housing Fund Units shall be provided to Low Income Households at a rent not-to-exceed Maximum Rent for Low Income Households; and (b) for the first 10 years of the Loan Term, the Home-Funded Unit shall be provided to Very Low Income Households at a rent not-to-exceed the Maximum Rent for Very Low Income Households, and for the remainder of the Loan Term, the Home-Funded Unit shall be provided to Low Income Households at a rent not- to-exceed Maximum Rent for Low Income Households. These affordability restrictions are set forth more fully in the Affordability Covenants. Contractor shall perform services and comply with all other terms and conditions as described in Exhibit “A” in consideration of the payments set forth in Paragraph 5 and shall cause to be recorded through escrow, the security instruments set forth in Exhibit “B” and “D”. City may execute and record a 6.3.E. - Page 17