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NOW THEREFORE, in consideration of the foregoing, and other valuable <br />consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby <br />agree as follows. <br />1. Definitions. The following terms have the meanings set forth in this Section wherever <br />used in this Agreement or the attached exhibits. <br />"Actual Household Size" means the actual number of persons in the applicable <br />household. <br />"Adjusted for Family Size Appropriate for the Unit" shall be determined consistent <br />with Section 50052.5(h) of the California Health and Safety Code, subject to the application of <br />federal rules and regulations applicable to Project financing sources, including Section 42(g)(2) <br />of the Internal Revenue Code of 1986 as amended (or successor provision) 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 <br />that are restricted for rental to households with incomes of not more than fifty percent (50%) of <br />AMI ("50% Units"), a monthly rent that does not exceed one -twelfth of thirty percent (30%) of <br />fifty percent (50%) of Area Median Income, Adjusted for Family Size Appropriate for the Unit, <br />(ii) for units that are restricted for rental to households with incomes of not more than sixty <br />percent (60%) of AMI ("60% Units"), a monthly rent that does not exceed one -twelfth of thirty <br />percent (30%) of sixty percent (60%) of Area Median Income, Adjusted for Family Size <br />Appropriate for the Unit, and (iii) for units that are restricted for rental to households with <br />incomes of not more than eighty percent (80%) of AMI ("80% Units"), a monthly rent that does <br />not exceed one -twelfth of thirty percent (30%) of eighty percent (80%) of Area Median Income, <br />Adjusted for Family Size Appropriate for the Unit, <br />"Area Median Income" or "AMP' means the median income for San Mateo County, <br />California, adjusted for Actual Household Size, as determined by HUD pursuant to Section 8 of <br />the United States Housing Act of 1937 and as published from time to time by the State of <br />California Department of Housing and Community Development ("HCD") in Section 6932 of <br />Title 25 of the California Code of Regulations or successor provision. <br />"CDBG Program" means the Community Development Block Grant Program, <br />established and operating pursuant to Title I of the Housing and Community Development Act of <br />1974, as amended (42 U.S.C. 5301 et seq.). <br />"CDBG Units" means the nineteen (19) one -bedroom residential units that will be <br />subject to the requirements of the CDBG Program. <br />"City's Authorized Representative" means the City Manager of the City of Redwood <br />City. <br />"City Documents" means the Loan Agreement, the Note, the Amended Note, the Deed <br />of Trust, the Amended Deed of Trust, and this Agreement. <br />OAK 44820-8711-2085 v4 <br />ATTY/AGR.2019.148/Redwood Oaks Associates 11 LP - Regulatory Agreement <br />