Laserfiche WebLink
Agreement, ends fifty-five (55) years from the date of the final certificate of occupancy for <br />Building B. <br />(y) "Unit" means one (1) of the approximately four hundred eighty (480) units <br />to be constructed on the Property as part of the Development. <br />(z) "Very Low -Income Household" means a household with an Adjusted <br />Income that does not exceed the qualifying limits for very low-income households, adjusted for <br />Actual Household Size as published annually by the City for each household size, based on either <br />United States Department of Housing and Urban Development (HUD) income limits for San <br />Mateo County or the California Department of Housing and Community Development (HCD) <br />income limits for San Mateo County, as applicable. <br />(aa) "Very Low -Income Rent" means the rent permitted to be charged for a Very <br />Low -Income Unit pursuant to Section 2.2(a) below. <br />(bb) "Very Low -Income Units" means the Units, which, pursuant to Section <br />2.1(a) below, are required to be occupied by Very Low -Income Households. <br />ARTICLE 2. <br />AFFORDABILITY COVENANTS <br />2.1 Occupancy Requirements. The Affordable Units shall be occupied by Resident <br />meeting the following income requirements: <br />(a) Very Low -Income Units. Eleven (11) Units shall be rented to and occupied <br />by, or if vacant, available for occupancy by Very Low -Income Households; and <br />(b) Low Income Units. Eleven(11) Units shall be rented to and occupied by, or <br />if vacant, available for occupancy by Low Income Households; and <br />(c) Moderate Income Units. Twenty-three (23) Units shall be rented to and <br />occupied by, or if vacant, available for occupancy by Moderate Income Households. <br />(d) Unit Sizes and Distribution. Exhibit C describes the initial location of the <br />Affordable Units, which shall be distributed throughout the Project and shall consist of Units of <br />the following sizes: <br />Unit Size <br />Very Low- <br />Income Units <br />Low Income Units <br />Moderate Income Units <br />Studio <br />2 <br />2 <br />5 <br />One Bedroom <br />6 <br />6 <br />10 <br />Two Bedroom <br />3 <br />3 <br />8 <br />Three Bedroom <br />1 0 <br />1 0 <br />0 <br />REV: 10-23-24 J B <br />Page 5 of 20 <br />ATTY/AGR.2024.202/Redwood Crossing LLC (557 E. Bayshore (Bldg B) Affordable Hsg Agrmt) (Page 5 of 27) <br />