RecDoc 2021-146159 353 Main Street Regulatory agreement

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(e) "City Loan" means the loan from the City to the Owner in an amount not to exceed Three Million Five Hundred Thousand Dollars ($3,500,000). (f) "Assumed Household Size" shall have the meaning set forth in Section 2.2(d). The definition is utilized to calculate affordable rent and is not intended to be a limit on the number of persons occupying a unit. (g) "City" means the City of Redwood City, a municipal corporation. (h) "Conditions of Approval" has the meaning set forth in Recital E, above. (i) "Density Bonus" has the meaning set forth in Recital E, above. 0) "Development" means the Property and the Improvements. (k) "Loan Agreement" has the meaning set forth in Recital B. (1) "Dissolved RDA" means the dissolved Redwood City Redevelopment Agency, a public body, corporate and politic. (m) "Extremely Low Income Household" means a household with an Adjusted Income that does not exceed the qualifying limits for extremely low income households, adjusted for Actual Household Size, as established and amended from time to time pursuant to Section S of the United States Housing Act of 1937, and as published by the State of California Department of Housing and Community Development. (n) "Extremely Low Income Rent" means the rent permitted to be charged for an Extremely Low Income Unit pursuant to Section 2.2(a) below. (o) "Extremely Low Income Unit" means the Units, which, pursuant to Section 2.1(g) below, are required to be occupied by Extremely Low Income Households. (p) "Housing Fund Proceeds" means any of the funds transferred to the City, together with any funds generated from housing assets, maintained in the Low and Moderate Income Housing Asset Fund, created in the accounts of the City pursuant to Health and Safety Code Section 34176(d). (q) "Improvements" means the approximately one hundred twenty-five (125) units of affordable housing to be constructed on specified portions of the Property, including the manager's unit, all common areas, amenities, plans, entitlements, appurtenances, improvement easements, buildings and fixtures associated with the Property. (r) "Investor Limited Partner" means, the tax credit limited partner or partners, and their respective successors and assigns, admitted to the Owner's partnership in connection with the issuance of low income housing tax credits to the Development, which admission will occur concurrent with closing of construction financing for development of the Improvements. 1199\09\2724482.6 3 Document Number: 2021-146159 Page: 4 of 29