Agmt08 R.C. Peninsula Park, LLC - Laserfiche WebLink

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Financial Contribution by providing to the maximum feasible extent, the waiver, reduction and/or deferral of fees; the provision of density bonuses; and the provision of additional cost- saving measures for projects that include Affordable Homes. Notwithstanding the foregoing, if City or one or more third parties identifies potential 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 the Developer Financial Contribution can be used, City may use the Developer Financial Contribution, or portion thereof, for such proposed project(s) or project site(s). City and Developer agree that their mutual objective is that the Develop~r Financial Contribution will be used to develop as many homes as possible for sale to Moderate-Income or Above Moderate- Income households or for rent to Very Low-Income and Low-Income households, but that due to factors, including market conditions, construction costs, site availability and the timing of Developer's payment of the Developer Financial Contribution, the actual number of off-site Affordable Homes that can be developed may vary. The Parties acknowledge and agree that Developer may, but is not obligated to participate in the development of the off-site Affordable Homes other than by paying the Developer Financial Contribution as set forth in Section 2. Section 4. Types of Affordable Homes. The Affordable Homes may include any combination of multi-family apartments, condominiums, townhomes, single-family homes, and housing that is targeted for special needs populations, including senior households. The ownership homes shall be priced to be affordable to households of Moderate-Income or Above Moderate Income; provided however, the income limits and price limitations for any Affordable Homes that receive financing pursuant to CalHF A or similar home buyer assistance programs may be increased to be consistent with the requirements of such programs, and the affordability covenants required to be recorded by this Affordable Housing Plan may be subordinated to the affordability covenants required by other lenders or programs, such as CalHF A or similar affordable housing programs, thereby allowing possible higher income limits and/or prices as may be permitted under such programs. The rental Affordable Homes shall be affordable for Low-Income and Very Low-Income Households. The Affordable Homes may include a mix of rental and ownership homes in such proportion as Developer shall determine based upon market conditions, the availability of financing and the availability of sites suitable for new construction or rehabilitation. Section 5. Affordability. 5.1 Definitions. As used in this Affordable Housing Plan, the following definitions shall apply. The Parties acknowledge that the following definitions are intended to be consistent with the requirements for satisfaction of redevelopment agency inclusionary housing production requirements and the use of redevelopment agency housing set-aside funds pursuant to California Community Redevelopment Law (California Health and Safety Code Section 33000 et seq.) (the "CRL"). However, notwithstanding anything to the contrary set forth herein, the Parties agree that if for any particular development that includes Affordable Homes, applicable sources of construction or permanent financing require or permit less stringent restrictions or more liberal ATTY/AGR/2008.013 Exhibit C 022708 3