RecDoc 2022-011753- Regulatory Agreement

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(d) "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. (e) "City" means the City of Redwood City, a municipal corporation. (f) "Conditions of Approval" has the meaning set forth in Recital D, above. (g) "Development" has the meaning set forth in Recital C, above. (h) "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 8 of the United States Housing Act of 1937, and as published by the State of California Department of Housing and Community Development. (i) "Extremely Low -Income Rent" means the rent permitted to be charged for an Extremely Low -Income Unit pursuant to Section 2.2(a) below. 0) "Extremely Low -Income Unit" means the Units, which, pursuant to Section 2.1(a) below, are required to be occupied by Extremely Low -Income Households. (k) "Improvements" means the approximately thirty-nine (39) units of affordable housing, including one unrestricted manager's unit, to be constructed on the Property, all common areas, amenities, plans, entitlements, appurtenances, improvement easements, buildings and fixtures associated with the Property. (1) "Investor Limited Partner" means RSEP Holding, LLC, a Delaware limited liability company, its successors and assigns. (m) "Low Income Household" shall mean a household with an Adjusted Income that does not exceed the qualifying limits for lower income households, adjusted for Actual Household Size, as established and amended from time to time pursuant to Section 8 of the United States Housing Act of 1937, and as published by HCD. (n) "Low Income Rent" shall mean the maximum allowable rent for a Low - Income Unit pursuant to Section 2.2(c) below. (o) "Low Income Units" shall mean the Units, which, pursuant to Section 2.1(c) below, are required to be occupied by Low Income Households. (p) "Median Income" means the median gross yearly income adjusted for Actual Household Size (to qualify residents) or Assumed Household Size (to calculate rents), as applicable, in the County of San Mateo, California, as published from time to time by the State of California Department of Housing and Community Development. In the event that such income determinations are no longer published, or are not updated for a period of at least eighteen (18) months, the City shall provide the Owner with other income determinations, which are reasonably similar with respect to methods of calculation to those previously published by the State of California Department of Housing and Community Development. REV: 01-19-2022 SK ATTY/AGR.2022.005/GS HIP 1304 ECR, LP (Page 3 of 23)