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REV: 02-07-25 LF <br />RECORDING REQUESTED BY: <br />CITY OF REDWOOD CITY <br />When Recorded Mail To: <br />CITY OF REDWOOD CITY <br />City Clerk <br />1017 Middlefield Road <br />Redwood City, CA 94063 <br />SPACE ABOVE THIS LINE FOR RECORDER’S USE Exempt from Recording Fees under Govt. Code Section 27383 <br />DECLARATION OF AFFORDABILITY COVENANTS <br />Villa Montgomery, L.P., a California limited partnership, hereinafter referred to as <br />“Owner,” agrees that the property described in Attachment 1, which is incorporated herein <br />by reference, and more commonly known as 1540 El Camino Real, Redwood City, <br />County of San Mateo, California (the “Property”), shall be restricted for a period of Five <br />(5) years from the date of Project Completion (the “Affordability Period”). The Owner <br />further agrees that thirty (30) of the units (the “CDBG Units”) shall remain continuously <br />affordable to Low Income Households for the entire Affordability Period. The affordable <br />rental housing operated by Owner at the Property that is receiving Community <br />Development Block Grant (“CDBG”) funds through a certain agreement (the “Agreement”) <br />by and between the City of Redwood City, California (the “City”) and First Community <br />Housing (“the Applicant”), dated________________, 2025 to rehabilitate two elevators is <br />hereinafter referred to as the “Project.” “Project Completion” shall be defined as the date <br />of issuance of the final building permit approval for the Project, notwithstanding that the <br />United States Department of Housing and Urban Development (“HUD”) defines Project <br />Completion as the date when the CDBG funds are drawn down and the City has entered <br />project completion information into HUD’s disbursement and information system. These <br />covenants will be binding on the Owner and any and all successors in interest. <br />CDBG Definitions, Requirements, Rent and Occupancy Restrictions - The following <br />definitions, requirements and references may be adjusted from time to time by HUD <br />or the City, and any such adjustments shall be incorporated by reference into these <br />affordability covenants: <br />1.Definitions: The following definitions shall apply throughout these affordability <br />covenants: <br />a.“Area Median Income” or AMI means the median income applicable to San <br />Mateo County, as published annually by the City for each household size, based <br />on median income data for San Mateo County published by HUD. <br />b.“Low Income Households” means households with incomes no greater than <br />the maximum income for low income households, as published annually by the <br />City for each household size, based on HUD income limits for San Mateo County. <br />EXHIBIT C <br />AFFORDABILITY COVENANT <br />1 <br />ATTY/AGR.2025.019/First Community Housing (Villa Montgomery - Elevator Rehab Project) (Page 19 of 26)