RecDoc2025-000644 Regulatory Agreement and Declaration of Restrictive Coventants 557 E. Bayshore

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(c) "Affordable Housing Ordinance" means that certain Ordinance No. 1130- 375 adopted in June 2018 and set forth in Article 29 of the City Zoning Code, as may be amended, together with the Affordable Housing Program Guidelines adopted to implement the Affordable Housing Ordinance. (d) "Affordable Units" means the forty (40) affordable units in Building A. (e) "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. (f) "Agreement" means this Regulatory Agreement and Declaration of Restrictive Covenants. (g) "Assumed Household Size" shall have the meaning set forth in Section 2.2(d). The definition is utilized to calculate affordable rent and is not intended to be a limit on the number of persons occupying a unit. (h) "City" means the City of Redwood City, a municipal corporation. (i) "Development" has the meaning set forth in Recital B, above. 0) "HCD" means the California Department of Housing and Community Development. (k) "Low Income Household" shall mean a household with an Adjusted Income that does not exceed the qualifying limits for lower income households, adjusted for Actual Household Size as published annually by the City for each household size, based on either United States Department of Housing and Urban Development (HUD) income limits for San Mateo County or the California Department of Housing and Community Development (HCD) income limits for San Mateo County, as applicable. (1) "Low Income Rent" shall mean the maximum allowable rent for a Low - Income Unit pursuant to Section 2.2(b) below. (m) "Low Income Units" shall mean the Units, which, pursuant to Section 2.1(b) below, are required to be occupied by Low Income Households. (n) "Management Plan" has the meaning set forth in Section 5.2 below. (o) "Median Income" means the median gross yearly income adjusted for Actual Household Size (to qualify residents) or Assumed Household Size (to calculate rents), as applicable, in the County of San Mateo, California, as published from time to time by the State of California Department of Housing and Community Development. In the event that such income REV: 10-23-241 B Page 3 of 20 ATTY/AGR.2024.201/Redwood Crossing LLC (557 E. Bayshore Affordable Housing Agreement) (Page 3 of 27)