RecDoc 2018-048350 GS Diller Greystar 1409 El Camino Real Affordable Housing Agmt

Browse Search

Article IV Rental Affordability Covenants Section 4.01. Rental Affordabilitv Covenants.. (a) During the Rental Affordability Covenants Term, OWNER covenants and agrees that the Affordable Units shall be maintained in accordance with this Article as follows (the "Rental Affordability Covenants"): the Affordable Units shall be made available to "low income households," as that term is defined in Health and Safety Code Section 50079.5, or successor statute, whose incomes do not exceed eighty percent (80%) of HUD's Area Median Income for San Mateo County ("AMI"), as adjusted from time to time ("Qualified Lessees"). (b) The Affordable Units shall be made available at an "Affordable Rent". Affordable rent means rental rates no greater than thirty percent (30%) of eighty percent (80%) of the AMI, adjusted for family size appropriate to the unit. "Adjusted for family size appropriate to the unit" shall have the meaning set forth in California Health and Safety Code Section 50052.5(h), as amended, or any successor statute thereto. (c) Affordable rent shall include the total of monthly payments by the tenant for all of the following: (1) use and occupancy of the affordable unit and land and all facilities associated with the affordable unit, including but not limited to bicycle storage and use of all common areas; (2) any additional separately charged fees or service charges assessed by the owner, other than security deposits; (3) an allowance for utilities paid by the tenant as established by the San Mateo County Housing Authority, including garbage collection, sewer, water, electricity, gas, and other heating, cooking and refrigeration fuel, but not telephone service or cable TV; and (4) any other interest, taxes, fees or charges for use of the land or affordable unit or associated facilities and assessed by a public or private entity other than the owner, and paid by the tenant. Notwithstanding the foregoing, occupants of the Affordable Units may be charged separately for parking and storage lockers at a discounted rate of 50% of the current market rate fees for each, and such fees shall not be included in the maximum affordable rent calculation. (d) When in the course of recertifying the qualifications of lessees, it is determined that a particular lessee's income no longer qualifies for an affordable unit, affordable housing developers in the City are generally given the option of either terminating the tenancy (referred to as a "fixed" method) or raising the rent to market rates and designating another unit in the development as an affordable unit. In this instance, the OWNER has elected to utilize the "fixed" method and terminate the tenancy of a formerly Qualified Lessee if upon recertification the OWNER determines they no longer meet the definition of "low income." The remainder of this subsection 4.01(d) is structured based on that election by OWNER. REV: 04-13-18 PR Pa e4 of 15 ATTY/AGR.2018.081/Greystar Affordable Housing �greement - 1409 EI Camino