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6.B.- Page 9of12 <br />WHEREAS, the Declaration of Affordability Covenants ("Declaration") was <br />attached to the Agreement as Exhibit A and recorded in the County of San Mateo on <br />February 28, 2018 (Document #2018-014383); and <br />WHEREAS, on June 25, 2018, the City Council adopted a new Zoning Ordinance <br />Article 29 (the "Affordable Housing Ordinance"), which incorporated the requirements of <br />the prior Affordable Housing Impact Fee ordinance (Municipal Code Chapter 18, Article <br />XVII); and <br />WHEREAS, the Affordable Housing Ordinance definition of "Affordable Rent" <br />allows the City to permit alternatives to specified criteria, when necessary, to be <br />consistent with pertinent state and federal statutes and regulations governing publicly <br />assisted rental housing; and <br />WHEREAS, Contractor has requested that the definition of "Project Completion" in <br />the Declaration be revised to refer to the issuance of the Certificate of Occupancy instead <br />of the issuance of the Promissory Note; and <br />WHEREAS, Contractor has also requested that the definition of "affordable rent," <br />as used in the Declaration, be revised to be consistent with the requirements in the <br />California Tax Credit Allocation Committee's ("TCAC") Regulatory Agreement; and <br />WHEREAS, Contractor has requested that Sections 3, 4, and 5 of the Declaration, <br />which set the maximum rents for low affordable units, very low affordable units, and <br />extremely low affordable units, be deleted and replaced by the TCAC rent definitions; and <br />ATTY/AGR/2019/AMENDMENTS/AMEND NO. 1— MIDPEN MOSAIC GARDENS (ATHERTON COURT) <br />REV: 04-22-19 DZ <br />Page 2 of 5 <br />85 <br />