RecDoc 2022-044651 CONF - Laserfiche WebLink

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One (21) will be affordable to Moderate Income Households (collectively the "Affordable Units"), which must conform with City Zoning Code Article 29 (Requirements for Affordable Housing). The Thirty -Eight (38) units affordable to Low Income Households are also subject to the Density Bonus Law (Government Code Section 65915 and Section 32.19 et seq. of the Municipal Code). This Agreement serves as the Affordable Housing Agreement required under Condition 30(e) of the Conditions of Approval. E. In order to ensure that the entire Project will be used and operated in accordance with these conditions and restrictions, the City and the Owner wish to enter into this Agreement. THEREFORE, the City and the Owner hereby agree as follows: ARTICLE 1. DEFINITIONS 1.1 Definitions. When used in this Agreement, the following terms shall have the respective meanings assigned to them in this Article 1. (a) "Actual Household Size" means the actual number of persons in the applicable household. (b) "Adjusted Income" means the total anticipated annual income of all persons in a household, as calculated in accordance with 25 California Code of Regulations Section 6914 or pursuant to a successor State housing program that utilizes a reasonably similar method of calculation of adjusted income. In the event that no such program exists, the City shall provide the Owner with a reasonably similar method of calculation of adjusted income as provided in said Section 6914. (c) "Agreement" means this Regulatory Agreement and Declaration of Restrictive Covenants. (d) "Assumed Household Size" shall have the meaning set forth in Section 2.2(c). 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 C, above. (g) "Development" has the meaning set forth in Recital B, above. (h) "Improvements" means the two hundred fifty-two (252) residential units to be constructed on the Property, all common areas, amenities, plans, entitlements, appurtenances, improvement easements, buildings and fixtures associated with the Property. (i) "Low Income Household" shall mean a household with an Adjusted Income that does not exceed the qualifying limits for lower income households, adjusted for REV: 04-07-2022 SK ATTY/AGR.2022.067/IQHQ Elco Yards, LP and Kopf & Kopf LLC (Page 2 of 19)