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

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2.4 Resident Selection. (a) The Owner shall market the Affordable Units to eligible households at Rents required by Section 2.2, in compliance with the Management Plan approved in advance by the City pursuant to Section 5.2 and consistent with this Agreement and the Affordable Housing Ordinance. (b) The Owner shall not discriminate against any applicants for tenancy on the basis of source of income or rent payment (for example, without limitation, Temporary Assistance for Needy Families (TANF) or Section 8), and the Owner shall consider a prospective Resident's previous rent history of at least one (1) year, or such other time period the Owner deems reasonable, as evidence of the prospective Resident's ability to pay the applicable Rent. The ability to pay shall be demonstrated if the prospective Resident can document that, the prospective Resident's gross income is at least two (2) times the prospective rent. The Owner, in the reasonable exercise of its discretion, may waive the requirement that the prospective Resident's gross income equal at least two (2) times the prospective rent, and admit prospective residents with lower gross incomes. (c) To the extent permitted by applicable law including fair housing laws, and unless prohibited by the regulations of HCD or HUD or other applicable law, the Owner shall grant a local preference in rental of the Affordable Units in accordance with the Affordable Housing Ordinance. 2.5 Lease Provisions. The Owner shall include in leases for all Affordable Units provisions, which authorize the Owner to immediately terminate the tenancy of any household one or more of whose members misrepresented any fact material to the household's qualification as a Very Low -Income Household, Low Income Household or Moderate -Income Household, as applicable. Each lease or rental agreement shall also provide that the household is subject to annual certification in accordance with Section 3.1 below, and that, if the household's income increases above the applicable limits for a Very Low -Income Household, Low Income Household or Moderate -Income Household, as applicable, such household's Rent may be subject to increase. 2.6 Condominium Conversion. The Owner shall not convert the Project to condominium or cooperative ownership or sell condominium or cooperative conversion rights to the Property during the Term of this Agreement. 2.7 Units Available to the Disabled. Owner shall construct the Project to comply with all applicable federal and state disabled persons accessibility requirements including the Federal Fair Housing Act, Title II and/or Title III of the Americans with Disabilities Act of 1990, and Title 24 of the California Code of Regulations, to the extent applicable. ARTICLE 3. INCOME CERTIFICATION AND REPORTING 3.1 Income Certification. The Owner will obtain, and complete, as a condition to initial occupancy and maintain on file annually thereafter, income certifications from each Resident renting any of the Affordable Units. The Owner shall make a good faith effort to verify that the REV: 10-23-24 JB Page 8 of 20 ATTY/AGR.2024.201/Redwood Crossing LLC (557 E. Bayshore Affordable Housing Agreement) (Page 8 of 27)