Laserfiche WebLink
<br />6.1G <br />Page 1 0 <br /> <br />ArtIcle III <br /> <br />Section 3.01. <br /> <br />Owner-occuDled Afford.bUllY Covenants <br />Transition to Owner-Occuoied Units. <br /> <br />Upon conversion of the Project from a rental complex to an owner-occupied <br />complex, the Rental Affordability Covenants Term shall expire and the Owner-Occupied <br />Affordability Covenants Term shall commence. Upon sale of the Affordable Units to <br />Qualified' Buyers, each Qualified Buyer shall enter into a Resale Restriction Agreement <br />and Option to Purchase with the City in substantially the same form as Exhibit -B" <br />attached hereto and incorporated herein by this reference (the .'Resale Restriction <br />Agreement"). <br /> <br />Section 3.02. <br /> <br />Owner-Occuoied Affordabilitv Covenants. <br /> <br />During the Owner-Occupied Affordability Covenants Term, Declarant covenants <br />that the Affordable Units shall be maintained as follows (the "Owner-Occupied <br />Affordability Covenants"): the Affordable Units shall be sold to, owned, occupied and <br />maintained affordable to persons and families of moderate-income, earning not more <br />than one hundred twenty percent (120%) of HUD's Area Median Income for San Mateo <br />County ("AMI"), as adjusted from time to time ("Qualified Buyers") during the Owner- <br />Occupied Affordability Covenants Term. Qualified Buyers income shall be calculated on <br />the basis of their "Gross Income", as defined under Title 25, Section 6914, of the <br />California Code of Regulations, as amended from time to time. <br /> <br />In order to ensure compliance with this Declaration in connection with the sale <br />and transfer of each Affordable Unit, Declarant an~ its successors shall obtain a copy of <br />each prospective purchaser's federal income tax return for the taxable year immediately <br />preceding the proposed purchase of an Affordable Unit and current income information <br />such as wage statements or, if the prospective purchaser certifies and declares under <br />penalty of perjury that he or she did not file a federal tax return, other evidence of Gross <br />Income for such year acceptable to the City in its sole discretion and current income <br />information such as wage statements. to substantiate that the prospective purchaser <br />meets the eligibility requirements of Qualified Buyers. In the event the City is unable to <br />make a determination that a prospective buyer is a Qualified Buyer based upon the <br />information provided, the prospective purchaser shall be determined not to meet the <br />requirements of Qualified Buyers and shall be disqualified from purchase. <br /> <br />Section 3.03. <br /> <br />Term of Owner-Occuoied Affordabilitv Covenants. <br /> <br />Declarant hereby agrees that the Owner-Occupied Affordability Covenants as <br />described in Section 3.02, above, shall be effective as of the expiration of the Rental <br />Affordability Restrictions, and shall remain in effect until the forty-fifth (451h) anniversary <br />of said date (the "Owner-Occupied Affordability Covenants T ermM). <br /> <br />REDW\OOO1\DOC\022-3.DOC <br />12123108 900 HvT <br /> <br />6 <br />