Agmt21 Home Program Affordable Housing Regulatory

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"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. "HOME Affordability Restriction Period" is defined in Section 2.1. "HOME Funds" means funds provided through the HOME Program. "HOME Program" means the HOME Investment Partnership Program established and operating pursuant to 42 U.S.C. 12741 et seq. and 24 C.F.R. Part 92. "HOME Units" means the units that will be subject to the requirements of the HOME Program and the affordability restrictions set forth in this Agreement. "HUD" means the U.S. Department of Housing and Urban Development. "Indemnitees" means the City and its elected and appointed officers, officials, employees, agents, and representatives. "Loan" is defined in Recital C. "Loan Agreement" is defined in Recital C. "Low -Income Household" means a household whose Gross Income does not exceed the qualifying limit for lower income households as established and amended from time to time by the U.S. Department of Housing and Urban Development ("HUD") pursuant to Section 8 of the United States Housing Act of 1937 and published by the California Department of Housing and Community Development ("HCD") pursuant to Section 50079.5 of the California Health and Safety Code, adjusted for Actual Household Size. "Note" is defined in Recital E. "Official Records" means the Official Records of the San Mateo County Clerk -Recorder. "Third -Party Lender" is defined in Section 9.6. 2. Use and Affordability Restrictions. Developer 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 HOME Units shall be used solely for sale at Affordable Sales Prices to Eligible Households that qualify as Low -Income Households in compliance with the Loan Agreement and the requirements set forth in this Agreement. Developer represents and warrants that it has not entered into any agreement that would restrict or compromise its ability to comply with the occupancy and affordability restrictions set forth in this Agreement, and Developer covenants that it shall not enter into any agreement that is inconsistent with such restrictions without the express written consent of City. 2.1 HOME Units. For the fifty-five (55) -year period commencing upon the date of City's issuance of a final certificate of occupancy following completion of construction of the SF #4821-4436-6284 v2 1619\0113064651.1 REV: 05-19-20215K