Regulatory Agreeement for ROEM - Laserfiche WebLink

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(d) Preservation of Affordable Units. In the event of a foreclosure of the approved senior loan prior to loan payoff, then the City and the entity acquiring the Development at foreclosure shall apportion the affordability targeting in a manner consistent with Health and Safety Code Section 34176.1. In the event of a loss of the Section 8 (or successor program) subsidy, then the City and the entity the Developer shall apportion the affordability targeting in a manner consistent with Health and Safety Code Section 34176.1. In no event will the occupancy requirements imposed after a foreclosure of the Senior Loan or deed in lieu of foreclosure or loss of Section 8 subsidy (or successor program), require the Owner or the Owner's successor in interest to provide more than fifteen (15) Extremely Low Income Units, including three (3) single room occupancy/ studio Unit, seven (7) one -bedroom Units and five (5) two-bedroom Units (which the City has determined are the number of Extremely Low Income Units necessary to satisfy the requirement that at least thirty percent of the funds spent by the City pursuant to Health and Safety Code 34176.1 be dedicated to assist Extremely Low Income Households). The City and the Developer, further agree and acknowledge, that although none of the City Loan funds are being used to assist Very -Low Income Households, Low Income Households, or Moderate Income Households; to satisfy the conditions imposed under condition 28.f of the Conditions of Approval, the occupancy requirements imposed after a foreclosure of a Senior Loan or deed in lieu of foreclosure or loss of Section 8 subsidy (or successor program), will require the Owner or the Owner's successor in interest to provide the Density Bonus Units as follows: (i) twenty-seven (27) of the Density Bonus Units, including five (5) single room occupancy/ studio Unit, twelve (12) one -bedroom Units and ten (10) two-bedroom Units, shall be rented to and occupied by or, if vacant, available for occupancy by Very Low Income Households at Very Low Income Rent. The City acknowledges that the fifteen (15) Extremely Low Income Units, shall count to satisfy a portion of the Density Bonus requirements. Notwithstanding anything to the contrary herein, the City shall not impose any other restrictions on any other Units at the Development post foreclosure or in the event of a loss of the Section 8 subsidy other than as required under this subsection 2.1(d). (e) Fair Housing. The Development shall be operated at all times in compliance with the provisions of: (1) the Unruh Act; (2) the California Fair Employment and Housing Act, (3) Section 504 of the Rehabilitation Act of 1973; (4) the United States Fair Housing Act, as amended, and (5) any other applicable law or regulation (including the Americans With Disabilities Act, to the extent applicable to the Development). Owner agrees to indemnify, protect, hold harmless and defend (by counsel reasonably satisfactory to the City) the City, and its council members, agents, officers and employees, from all suits, actions, claims, causes of action, costs, demands, judgments and liens arising out of Owner's failure to comply with applicable legal requirements related to housing for persons with disabilities. The provisions of this subsection shall survive expiration of the Term or other termination of this Agreement, and shall remain in full force and effect. 2.2 Allowable Rent. (a) Extremely _w Income hent. Subject to Section 2.3 below, the Rent charged to Residents of the Extremely Low Income Units shall not exceed one -twelfth (1/12th) of thirty percent (30%) of thirty percent (30%) of Median Income, adjusted for Assumed Household Size. 1 199\09\2724482.6 6