RecDoc 2022-011753- Regulatory Agreement

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(a) Extremely Low-I11come Units. Fifteen (15) studio Units shall be rented to and occupied by or, if vacant, available for occupancy by Extremely Low -Income Households; (b) Very Low -Income Units. Fifteen (15) studio Units shall be rented to and occupied by, or if vacant, available for occupancy by Very Low -Income Households; (c) Low Income Units. Eight (8) one -bedroom Units shall be rented to and occupied by, or if vacant, available for occupancy by Low Income Households; (d) Manager's Unit. One (1) one -bedroom Unit shall be available for designation as the manager's unit and shall not be restricted; and (e) Fair Housing. The Property and Improvements 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 Property and the Improvements). 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 Low -Income Rent. Subject to Section 2.3 below, the Rent charged to Residents of the Extremely Low -Income Units shall not exceed one -twelfth (1/121h) of thirty percent (30%) of thirty percent (30%) of Median Income, adjusted for Assumed Household Size. (b) Very Low -Income Rent. Subject to Section 2.3 below, the Rent charged to Residents of the Very Low -Income Units shall not exceed one -twelfth (1/12th) of thirty percent (30%) of fifty percent (50%) of Median Income, adjusted for Assumed Household Size. (c) Low Income Rent. Subject to Section 2.3 below, the Rent charged to Residents of the Low -Income Units shall not exceed one -twelfth (1/121h) of thirty percent (30%) of sixty percent (60%) of Median Income, adjusted for Assumed Household Size. (d) Assumed Household Size. In calculating the allowable Rent for the Units, the following "Assumed Household Sizes" shall be utilized if the Project receives an allocation of low income housing tax credits, otherwise Assumed Household Size shall be determined pursuant to the terms of Health and Safety Code Section 50052.5(h): REV: 01-19-2022 SK ATTY/AGR.2022.005/GS HIP 1304 ECR, LP (Page 5 of 23)