RecDoc2025-000645 Regulatory Agreemnt and Declaration of Restrictive Covenants 557 E. Bayshore

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The Affordable Units shall be of similar quality both in the exterior and interior as the other Units in Project and shall have the same amenities and finishes as the other Units in the Project. Residents of the Affordable Units shall have access to all amenities as the occupants of the Units in the Project. After final installation of interior finishes, including but not limited to flooring, cabinetry, appliances, etc., but prior to issuance of temporary certificate of occupancy, the Owner shall contact City staff (Project Planner and Housing Manager) to verify, to the City's satisfaction, that all interior finishes and amenities in the Affordable Units are equivalent to amenities used in the other Units in the Project. (e) Primary Residence. Any Resident that occupies an Affordable Unit must occupy that Unit as his or her sole and primary place of residence. (f) Approval of Resident. The Owner shall complete the required income certification in connection with an Affordable Unit in accordance with the Management Plan. 2.2 Allowable Rent. (a) Very Low -Income Rent. Subject to Section 2.3 below, the Rent charged to the Resident of the Very Low -Income Units shall not exceed one -twelfth (1/12th) of thirty percent (30%) of fifty percent (50%) of Median Income, adjusted for Assumed Household Size. (b) Low Incorng Rent. Subject to Section 2.3 below, the Rent charged to Resident of the Low -Income Units shall not exceed one -twelfth (1/12th) of thirty percent (30%) of sixty percent (60%) of Median Income, adjusted for Assumed Household Size. (c) Moderate Income Rent. Subject to Section 2.3 below, the Rent charged to Resident of the Moderate -Income Units shall not exceed one -twelfth (1/12th) of thirty percent (30%) of one hundred ten percent (110%) of Median Income, adjusted for Assumed Household Size. (d) Assumed Household Size. In calculating the allowable Rent for the Affordable Units, Assumed Household Size shall be determined pursuant to the terms of Health and Safety Code Section 50052.5(h). (e) Initial and Subsequent Rents. No later than November 1 of each calendar year, the City shall provide the Owner with a schedule of permissible maximum Very Low -Income Rents, Low -Income Rents and Moderate -Income Rents for the succeeding year. Under no circumstance may Owner raise rents above the permissible maximum rents as allowed under the annual rent schedule provided by the City. 2.3 Increased Income of Resident. (a) Vefy Low -Income Household to Low Income Household. If, upon recertification of a Resident's income, the Owner determines that a former Very Low -Income Household's Adjusted Income has increased and exceeds the qualifying income for a Very -Low Income Household by more than ten percent (10%), as set forth in Section 1.1 above, but does not exceed the qualifying limit for a Low -Income Household as set forth in Section 1.1 above, then, REV: 10-23-24 JB Page 6 of 20 ATTY/AGR.2024.202/Redwood Crossing LLC (557 E. Bayshore (Bldg B) Affordable Hsg Agrmt) (Page 6 of 27)