Affordable Housing Agreement 1409 ECR to be recorded

Browse Search

Article I Recitals: Capitalized Terms and Definitions Section 1.01. Recitals. The recitals set forth above are true and correct and incorporated herein by this reference. Section 1.02. Caoitalized Terms and Definitions. For purposes of this Agreement, the following terms shall have the meaning set forth below: Affordable Housing Monitoring Payment — shall have the meaning set forth in Section 4.05 below. Affordable Housing Plan or AHP — shall have the meaning set forth in the recitals. Affordable Rent - shall have the meaning set forth in Section 4.01 below. Affordable Unit — shall mean a rental unit that meets the requirements of Section 4.01. Area Median Income or AMI — shall have the meaning set forth in Section 4.01 below. Income Verification and Information Form — shall have the meaning set forth in Section 4.03 below. below. Low Income Households — shall have the meaning set forth in Section 4.01 Market Rate Units —shall have the meaning set forth in Section 3.03 below. Qualified Lessees - shall have the meaning set forth in Section 4.01 below. Rental Affordability Covenants - shall mean the affordability covenants which apply to the Project during the period in which the Project's housing units are made available as rental units and the Affordable Units are rented by Qualified Lessees, as further described in Section 4.01 below. Rental Affordability Covenants Term - shall have the meaning set forth in Section 4.02 below. Article II Affordable Housinq Ordinance Section 2.01. Affordable Housinq Ordinance Compliance. Section 18.269 of the Affordable Housing Ordinance imposes a housing impact fee on all developers of residential and nonresidential development projects. The amount of REV: 04-13-18 PR Page 2of 15 ATTY/AGR.2018.081/Greystar Affordable Housing Agreement - 1409 EI Camino