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Agmt25 1900 Broadway Owner LLC
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Agmt25 1900 Broadway Owner LLC
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Last modified
1/22/2025 10:54:25 AM
Creation date
1/22/2025 10:50:44 AM
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Agreement
PROJECT NAME
Affordable Housing Land Donation Agreement
RMP File Number
304
Date
1/21/2025
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Health and Safety Code, the rents allowed here under shall prevail. Affordable Developer shall <br />determine in its sole discretion which units shall be charged Affordable Rent as determined by <br />CTCAC and may change the units designated as Affordable Rents as determined by CTCAC at <br />any time, so long as not more than 56 Affordable Units are charged Affordable Rent as determined <br />by CTCAC. <br />(b) Extremely Low -Income Rent. Subject to Section 2.3 below, the Rent <br />charged to Residents of the Extremely Low-income Units shall not exceed the Extremely Low - <br />Income Rent. <br />(c) Very Low -Income Rent. Subject to Section 2.3 below, the Rent charged to <br />Residents of the Very Low -Income Units shall not exceed the Very Low -Income Rent. <br />(d) Low Income Rent. Subject to Section 2.3 below, the Rent charged to <br />Residents of the Low -Income Units shall not exceed the Low -Income Rent. <br />(e) No Additional Fees. The Affordable Developer shall not charge any fee, <br />other than the Affordable Rent, to any Resident for any housing or other services provided by the <br />Affordable Developer. <br />(f) Initial and Subsequent Rents. No later than November 1 of each calendar <br />year, the City shall provide the Affordable Developer with a schedule of pennissible maximum <br />Extremely Low Income Rents, Very Low Income Rents and Low Income Rents for the succeeding <br />year. Under no circumstance may Affordable Developer raise rents above the permissible <br />maximum rents as allowed under the annual rent schedule provided by the City and/or CTCAC, <br />as applicable. <br />(g) Assumed Household Size. In calculating the allowable Rent for the 20% of <br />the Affordable Units, the following "Assumed Household Sizes" shall be utilized pursuant to the <br />terms of Health and Safety Code Section 50052.5(h), except as set forth below: <br />Number of Bedrooms Assumed Household Size <br />Studio 1 <br />One 2 <br />Two 3 <br />Three 4 <br />For up to 80% of the Affordable Units in the Affordable Development that are charged Affordable <br />Rents as determined by CTCAC, the following Assumed Household Size may (at Affordable <br />Developer's election) be used: <br />ATTY/AGR/2024.193.1--AFFORDABLE HOUSING LAND DONATION AGREEMENT- EXHIBIT G - RESTRICTIVE COVENANTS AGR <br />REV: 10-22-24 VR <br />Page 8 of 41 <br />
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