RecDoc 2018-014383 Declaration of Affordability Covenants 3752 - 3770 Rolison Rd

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WHEREAS, Contractor and City have agreed to amend the Declaration as provided below. NOW, THEREFORE, the Parties agree as follows: The term "Project Completion," referenced in the first paragraph of the Declaration, shall be defined as the date of issuance of the Certificate of Occupancy for the Property. 2. Contractor will use the occupancy standards, occupancy assumptions, rent levels, and maximum rent payments from the California Tax Credit Allocation Committee's ("TCAC") Regulatory Agreement when utilizing the term "affordable rent" in the Declaration. The Contactor must notify the City in advance of any modifications to the TCAC agreement and must obtain prior written approval from the City Community Development Director of the modifications. 3. Section 1, Definitions, of the Declaration is hereby amended to replace subsections (e) "Maximum Rent for Low Income Households"; (f) "Maximum Rent for Very Low Income Households'; and (g) "Maximum Rent for Extremely Low Income Households" with a new subsection (e) "Affordable Rent" to read as follows: "Affordable Rent" shall have the same meaning as in the California Tax Credit Allocation Committee's ("TCAC") Regulatory Agreement, Contractor may use the occupancy standards, occupancy assumptions, rent levels and maximum rent payments that are permitted by TCAC in the TCAC Regulatory Agreement. The income and household size of all households occupying Assisted Units shall be certified by the Contractor prior to occupancy and recertified annually thereafter in accordance with applicable rules, regulations and procedures governing the low income housing tax credits and interpreted in a manner consistent with the provisions and requirements of Section 42 of the Internal Revenue Code. ATTY/AGR/2019/AMENDMENTS/AMEND NO. 1—MIDPEN MOSAIC GARDENS (ATHERTON COURT) REV: 04-22-19 DZ Page 3 of 5