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7C Page 246 and private sources of funding for the off-site affordable housing, including without limitation, funds that may be available from the Redeveloprnent Agency of the City flf Redwood City,the County of Sa�1 Mateo, state and federal low-incorne housing tax credits, tax-exempt bonds, and financing that inay be available via programs adm.inistered by the California Housing Finance Agency("CatI-iFA") and tl�te CalifonZia Department of Housing and Community Development ("HCD"}. In addition, City shall use best efforts to maxinuze leverage of the Developer Financial Contribution by providing to the ma,�cimum feasible extent, the wai.ver.,reduction and/or defenal of fees; lhe provision of density bonuses; and the pr�vision of additional cost- saving measures for projects that include Affordable Hoznes. Notwithstanding the foregoing; if City or one or�nore third parties identifies po#ential affordable housing projects or project sites for which the Developer Financial Contribution can be used, and Developer has not proposed a specific affordable housing project for which fihe Developer Financial Contribution can be used, City may use the Developer Financial Contribution, or porion thereof, for such pr�posed project(s)or project site(s). City and Developer agree that their mutual objective is that the Developer Fuiancial Contribuiion will be used to develop as many Iiomes as possible for sale to Moderate-Income or Above Moderate- Income households or for rent to Very Low-Income and Low-I�ZCOme households, but that due to factors, including market conditions, construetion costs, site availability and the ti�ning of Developer's payment of the Developer Financial Contribution,the actual number of off-site Affordable Hornes that can be developed may vary. Ti�e Parties acknowledge and agree that Developer may,but is not obligated to participate in the development of the off-site Affordable Hoines other than by pa�ing the Developer Financial Contribution as set farth in Section 2. Section 4. Types of Affordable Hoines. The Affordable Homes may include any combination of multi-family apartments, condominiuins, townhomes, single-family homes, and housing that is targeted for special needs populations, includik�.g senior households. The ownership hoines shall be priced to be affordable to households of Moderate-Ii3con�.e or Above Moderate I�icome;provided however, the income limits and price limitations for at�y Affordable Homes that receive financing pursuant to Ca1HFA ar similar homebuyer assistance programs may be increased to be consistent with the re�ui.rements of such prograins, and the affordability covenallts r�quired to be recorded by this Af£ordable Housing Plan may be subordinated to the affordability covenants required by other Ienders or programs, such as CalHFA or similar affordable]�ousing programs,thereby allowing possi.ble higher incame:imits and/or prices as may be perm�tted under such �rograms. The rental Affordable Homes shall be affordable for Low-Income and Very Low-filcome Households. The Affordahle Homes may include a mix of rental and ownership laoxnes in such proportion as Developer shall determine based upon market conditions, the availability of fii�anculg and the availability of sites suitable for new construction flr rehabilitatiQn. Section 5. A£fordabilitv. 5.1 Definitions. As used in ihzs Affordable Housing Pian, the following definitioils shall apply. The Parties acknowledge that the foiIowiz�zg definitions are intended to 6e coi�sistent 1025511-11 3 DRAFT 12-13-07(9:30 a.m.)