RecDoc 2022-044661- IQHQ TRS Elco Yards,Inc.

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(v) "Unit" means one (1) of the approximately Two Hundred Forty -Nine (249) units to be constructed on the Property as part of the Project. (w) "Very Low -Income Household" means a household with an Adjusted Income that does not exceed the qualifying limits for very 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. (x) "Very Low -Income Rent" means the rent permitted to be charged for a Very Low -Income Unit pursuant to Section 2.2(a) below. (y) "Very Low -Income Units" means the Units, which, pursuant to Section 2.1(a) below, are required to be occupied by Very Low -Income Households. ARTICLE 2. AFFORDABILITY COVENANTS 2.1 Occupancy Requirements. The Units shall be occupied by Residents meeting the following income requirements: (a) Very Low -Income Units. Nine (9) Units shall be rented to and occupied by, or if vacant, available for occupancy by Very Low -Income Households; and (b) Low Income Units. Twenty -One (2 1) Units shall be rented to and occupied by, or if vacant, available for occupancy by Low Income Households; and (c) Moderate Income Units. Twenty (20) Units shall be rented to and occupied by, or if vacant, available for occupancy by Moderate Income Households. (d) Unit Sizes and Distribution. The Affordable Units shall be distributed throughout the Development and shall consist of Units of the following sizes: Unit Size Very Low- Income Units Low Income Units Moderate Income Units Studio 2 Units 6 Units 6 Units Jr. One Bedroom 1 Unit 5 Units 5 Units One Bedroom 3 Units 6 Units 5 Units Two Bedroom 2 Units 3 Units 3 Units Three Bedroom 1 Unit lUnit 1 Unit The Affordable Units shall be of similar quality both in the exterior and interior as the other Units in the Development and shall have the same amenities and finishes as the other Units. Residents of the Affordable Units shall have access to all amenities as the occupants of the Units in the Development. REV: 04-07-2022 SK ATTY/AGR.2022.066/IQHQ TRS Elco Yards, Inc. (Page 4 of 19)