RecDoc 2024-043618 Affordable Housing Restrictive Agreement

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Household's Income has increased and exceeds the qualifying income for a Very Low -Income Household but does not exceed the qualifying limit for a Low -Income Household, then, upon expiration of the Resident's lease term: (1) Such Resident's unit may be considered a Low -Income Unit; (2) Such Resident's Rent may be increased to a Low -Income Rent, upon sixty (60) days written notice to the Resident; and (3) The Owner shall rent the next available Low -Income Unit of comparable size to a Very Low -Income Household at a Very Low -Income Rent. (c) Non -Qualifying Household. If, upon recertification of a Household's Income, the Owner determines that a former Extremely Low -Income Household, Very Low - Income Household or Low -Income Household has a Household Income exceeding the maximum qualifying income for a Low -Income Household, such Resident shall be permitted to continue occupying the unit and upon expiration of the Resident's lease and upon sixty (60) days written notice, the Resident may continue to reside in the unit and the Rent may be increased to the lesser of one -twelfth (1/12th) of thirty percent (30%) of actual adjusted income of the Resident, or fair market rent. Affordable Developer shall rent the next available Unit to an Extremely Low Income Household, a Very Low Income Household or a Low Income Household as applicable to comply with the requirements of Section 2.1 above, at a Rent not exceeding the maximum Rent specified in Section 2.2. The parties hereto agree that, notwithstanding any increase in a Resident's income, such Resident may only be evicted from their unit for cause consistent with the requirements set forth in Section 1946.2 of the California Civil Code. (d) Termination of Occupancy. Upon termination of occupancy of a unit by a Resident, such Affordable Unit shall be deemed to be continuously occupied by a household of the same income level (e.g., Extremely Low -Income Household, Very Low -Income Household or Low -Income Household) as the last income level for which the vacating Resident qualified, until such Affordable Unit is reoccupied, at which time the income character of the Affordable Unit (e.g., Extremely Low -Income Unit, Very Low -Income Unit or Low -Income Unit) shall be redetermined. In any event, Owner shall maintain the occupancy requirements set forth in Section 2.1 above subject to adjustment periods that may result from compliance with this Section 2.3. Section 2.4 Marketing and Rental of Units. (a) The Owner shall market the Affordable Units to eligible households at Rents required by Section 2.2, in compliance with the marketing and management plan approved in advance by the City pursuant to Section 5.1 and consistent with this Agreement and the Affordable Housing Ordinance. Owner shall accept as Residents, on the same basis as all other prospective Residents, persons who are recipients of federal certificates or vouchers for rent subsidies pursuant to the existing housing program under Section 8 of the United States Housing Act, or its successor. (b) To the extent permitted by applicable law including fair housing laws, and unless prohibited by the regulations of the HCD or HUD or other applicable law, the Developer REV: 07-12-24 VR 1199\10\3491196.8