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rules associated with Project financing sources, including without limitation, rules pertaining to <br />the use of federal low-income housing tax credits, if applicable. <br />"Affordable Rent" means the following amounts, less a utility allowance and other fees <br />and charges required to be paid by tenants of the Project on a non -optional basis: (i) for units that <br />are restricted for rental to households with incomes of not more than sixty percent (60%) of AMI <br />("60% Units"), a monthly rent that does not exceed one -twelfth of thirty percent (30%) of sixty <br />percent (60%) of Area Median Income, Adjusted for Family Size Appropriate for the Unit, (ii) for <br />units that are restricted for rental to households with incomes of not more than eighty-five percent <br />(85%) of AMI ("85% Units"), a monthly rent that does not exceed one -twelfth of thirty percent <br />(30%) of eighty-five percent (85%) of Area Median Income, Adjusted for Family Size Appropriate <br />for the Unit. <br />"Area Median Income" or "AMI" means the median income for San Mateo County, <br />California, adjusted for Actual Household Size, as determined by the U.S. Department of <br />Housing and Urban Development ("HUD") pursuant to Section 8 of the United States Housing <br />Act of 1937 and as published from time to time by the State of California Department of Housing <br />and Community Development ("HCD") in Section 6932 of Title 25 of the California Code of <br />Regulations or successor provision published pursuant to California Health and Safety Code <br />Section 50093(c) and set forth in the City's annual Income and Rent Limits Schedule. <br />"Authorized Representative" means the City Manager of the City of Redwood City. <br />"Claims" is defined in Section 10. <br />"DDA" is defined in Section 2.4. <br />"Eligible Household" means a household for which gross household income upon initial <br />occupancy does not exceed the maximum income level for a Restricted Unit as specified in Section <br />2_1 and which includes at least one member who is age 62 or older. <br />"Indemnitees" is defined in Section 10. <br />"Marketing and Management Plan" is defined in Section 6.5. <br />"Maximum Qualifying Income" is defined in Section 2.2. <br />"Regulations" means Title 25 of the California Code of Regulations. <br />"Rent Restricted" is defined in Section 2.1. <br />"Restricted Unit" means a dwelling unit which is reserved for occupancy at an Affordable <br />Rent by Eligible Households of specified household income levels as set forth in Sections 2.1 and <br />2.2. <br />2. Use and Affordability Restrictions. Owner hereby covenants and agrees, for itself and its <br />successors and assigns, that the Property shall be used solely for the development and operation <br />of a multifamily rental senior housing development in compliance with the DDA and the <br />Page 3 of 25 <br />ATN/AGR/2019.065/MP BRADFORD ASSOCIATES —AFFORDABLE HOUSING REGULATORY AGREEMENT <br />REV: 03-22-19 PR <br />