Affordable Housing Regulatory Agreement

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"Adjusted for Family Size Appropriate for the Unit" shall be determined consistent with Section 50052.5(h) of the California Health and Safety Code, subject to the application of federal rules and regulations applicable to Project financing sources, including Section 42(8)(2) of the Internal Revenue Code of 1986 as amended (or successor provision), if applicable. "Affordable Rent" means a monthly rent that does not exceed one -twelfth of thirty percent (30%) of sixty percent (60%) of Area Median Income, Adjusted for Family Size Appropriate for the Unit, less fees and charges required to be paid by tenants of the Project on a non -optional basis and the Utility Allowance applicable to utilities paid by tenants of the Project. "Area Median Income" or "AMP' means the median income for San Mateo County, California, adjusted for Actual Household Size, as determined by the U.S. Department of Housing and Urban Development ("HUD") pursuant to Section 8 of the United States Housing Act of 1937 and as published from time to time by the State of California Department of Housing and Community Development ("HCD") in Section 6932 of Title 25 of the California Code of Regulations or successor provision published pursuant to California Health and Safety Code Section 50093(c). "City's Authorized Representative" means the City Manager of the City of Redwood City. "Claims" means liability, loss, cost, expense (including without limitation attorneys' fees and costs of litigation), claim, demand, action, suit, judicial or administrative proceeding, penalty, deficiency, fine, order, and damage. "Eligible Household" means a household for which household Gross Income upon initial occupancy does not exceed sixty percent (60%) of AMI. "Gross Income" shall have the meaning set forth in Section 6914 of Title 25 of the California Code of Regulations as such section may be revised from time to time. "Indemnitees" means collectively, the City and its elected and appointed officers, officials, employees, agents, consultant, contractors, and representatives. "Marketing and Management Plan" is defined in Section 6.5. "Official Records" means the Official Records of San Mateo County. "Utility Allowance" means an allowance for utilities paid by tenants of the Project as established by the San Mateo County Housing Authority, as updated from time to time. 2. Use and Affordability Restrictions. Owner hereby covenants and agrees, for itself and its successors and assigns, that throughout the term of this Agreement (as defined in Section 4.1), the Property shall be used solely for the operation of an affordable multifamily rental housing development in compliance with the requirements set forth in this Agreement. Owner represents and warrants that it has not entered into any agreement that would restrict or compromise its REV: 02-25-2020 PR ATTY/AGR.2020.039/Premia 1180 Main Owner, LLC (Page 17 of 42)