Laserfiche WebLink
D. Developer has agreed to require and Owner has agreed to enter into this Agreement <br />as a condition of the Property transfer from Developer to Owner. <br />E. In order to ensure that the Property will be used and operated in accordance with <br />these conditions and restrictions, City and Owner wish to enter into this Agreement. <br />THEREFORE, the City and the Owner hereby agree as follows: <br />ARTICLE 1. <br />DEFINITIONS <br />Section 1.1 Definitions. When used in this Agreement, the following terms shall have <br />the respective meanings assigned to them in this Article 1. <br />A. "Actual Household Size" means the actual number of persons in the <br />applicable household. <br />B. "Adjusted Income" means the total anticipated annual income of all persons <br />in a household, as calculated in accordance with 25 California Code of Regulations Section 6914 <br />or pursuant to a successor State housing program that utilizes a reasonably similar method of <br />calculation of adjusted income. In the event that no such program exists, the City shall provide <br />the Owner with a reasonably similar method of calculation of adjusted income as provided in said <br />Section 6914. <br />C. "Agreement" means this Regulatory Agreement and Declaration of <br />Restrictive Covenants. <br />D. "Assumed Household Size" shall have the meaning set forth in Section <br />2.2.D. The definition is utilized to calculate affordable rent and is not intended to be a limit on the <br />number of persons occupying a unit. <br />E. "City" means the City of Redwood City, a California Charter City and <br />municipal corporation. <br />F. "Effective Date" means the date upon which ownership of the Project is <br />transferred to Owner and this Agreement is recorded against the Property. <br />G. "Existing Tenants" means the existing tenants occupying Units in the <br />Project as of the Effective Date. <br />H. "Extremely Low Income Household' means a household with an Adjusted <br />Income that does not exceed the qualifying limits for extremely low income households, adjusted <br />for Actual Household Size, as established and amended from time to time pursuant to Section S of <br />the United States Housing Act of 1937, and as published by the State of California Department of <br />Housing and Community Development. <br />1. "Extremely Low -Income Rent" means a monthly rent that does not exceed <br />one -twelfth (1/12th) of thirty percent (30%) of thirty percent (30%) of Median Income, adjusted <br />for Assumed Household Size. <br />ATFY/AGR/2022.389.01 -HARBOR VIEW PROJECT DA—AFFORDABLE HOUSING COVENANT (36, 44, AND 70 RENATO COURT) <br />REV: 03-15-23 VR <br />Page 2 of 22 <br />