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AgdaPkt 2020-03-09 Joint
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AgdaPkt 2020-03-09 Joint
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Last modified
10/1/2020 11:25:10 AM
Creation date
3/5/2020 4:04:14 PM
Metadata
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Template:
CC Index
CC Index - Document Type
Agenda Packet
Meeting Type
Joint
Agency Type
City Council and Successor Agency and Public Financing Authority
Date
3/9/2020
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6.C. - Page 86 of 111 <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 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, less fees and charges required to be paid by tenants of the Project on a <br />non -optional basis and the Utility Allowance applicable to utilities paid by tenants of the Project. <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). <br />"City's Authorized Representative" means the City Manager of the City of Redwood <br />City. <br />"Claims" means liability, loss, cost, expense (including without limitation attorneys' <br />fees and costs of litigation), claim, demand, action, suit, judicial or administrative proceeding, <br />penalty, deficiency, fine, order, and damage. <br />"Eligible Household" means a household for which household Gross Income upon initial <br />occupancy does not exceed sixty percent (60%) of AMI. <br />"Gross Income" shall have the meaning set forth in Section 6914 of Title 25 of the <br />California Code of Regulations as such section may be revised from time to time. <br />"Indemnitees" means collectively, the City and its elected and appointed officers, <br />officials, employees, agents, consultant, contractors, and representatives. <br />"Marketing and Management Plan" is defined in Section 6.5. <br />"Official Records" means the Official Records of San Mateo County. <br />"Utility Allowance" means an allowance for utilities paid by tenants of the Project as <br />established by the San Mateo County Housing Authority, as updated from time to time. <br />2. Use and Affordability Restrictions. Owner hereby covenants and agrees, for itself and its <br />successors and assigns, that throughout the term of this Agreement (as defined in Section 4.11, <br />the Property shall be used solely for the operation of an affordable multifamily rental housing <br />development in compliance with the requirements set forth in this Agreement. Owner represents <br />and warrants that it has not entered into any agreement that would restrict or compromise its <br />REV: 02-25-2020 PR <br />ATTYIAGR.2020.039IPremia 1180 Main Owner, LLC (Page 17 of 42) 113 <br />
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