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

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Annually, on the anniversary date of occupancy of an Affordable Unit by a Qualified Lessee, OWNER shall re -certify the qualifications of the Qualified Lessee in accordance with the requirements of this Article. If, upon recertification, OWNER determines that the Qualified Lessee's income has no longer meets the definition of a "Qualified Lessee," OWNER shall terminate the tenancy of the formerly qualified lessee and make the Affordable Unit available and affordable to a new Qualified Lessee. In no event shall the number of Affordable Units fall below thirty-five (35). On the termination of the tenancy of an Affordable Unit, the Affordable Unit shall continue to be deemed an Affordable Unit during the period of making the unit available to a new Qualified Lessee. Lease terms shall be no less than twelve months and shall be executed on the anniversary of the re -certification annually. (e) The OWNER shall prepare and provide a marketing and tenant selection plan for the Affordable Units and submit to the City for approval at least six months prior to initiating marketing for the project. At a minimum the plan shall include procedures and requirements for determining eligibility, occupancy requirements, initial and ongoing marketing, application process, waitlist management, income verification requirements, annual recertification, rejection of ineligible applicants and eligibility termination. OWNER shall ensure that any household that occupies an Affordable Unit occupies that unit as its principal residence, unless otherwise approved in writing for rental to a third party for a limited period of time due to household hardship, as determined by the City. Section 4.02. Term of Rental Affordabilitv Covenants. OWNER hereby agrees that the Rental Affordability Covenants as described in Section 4.01 above shall be effective as of the date of recordation of this Agreement, and shall remain in effect until the fifty-fifth (55h) anniversary of said date. Section 4.03. Compliance with Rental Affordabilitv Covenants. In order to ensure compliance with this Article, each of the following shall occur: (a) OWNER and its successors shall ensure that each person applying to occupy an Affordable Unit on the Property executes under penalty of perjury an income verification and information form ("Income Verification and Information Form"), in a form reasonably acceptable to the City, certifying the applicant's income. Affordable Units shall be leased only to Qualified Lessees. (b) OWNER and its successors shall obtain a copy of the federal income tax return for each person applying to occupy an Affordable Unit for the taxable year immediately preceding such applicant's initial occupancy in the Project or, if an applicant declares under penalty of perjury that he or she did not file or did not retain a copy of such tax return, or other evidence of income for such year, satisfactory to the City in its sole discretion, such as wage statements or employer records. (c) Annually, OWNER and its successors shall provide to the City a current, executed Income Ver'rfication and Information Form for each person occupying an Affordable Unit, along with a summary for the applicable year signed by OWNER or its successor, certifying compliance with the provisions of this Agreement under penalty of perjury. REV: 04-13-18 PR ATTY/AGR.2018.081/Gre y g star Affordable HousingPage 5 of 15 �greement - 1409 EI Camino