RecDoc2025-023600 1304 El Camino Real

Browse Search

1. Section 2.2 of the Regulatory Agreement, Allowable Rent, shall be amended as follows: I. Subsection (d) of Section 2.2 is replaced to read as follows (d) Assumed Household Size. In calculating the allowable Rent for the Units, "Assumed Household Size" shall be determined pursuant to the terms of Health and Safety Code Section 50052.5(h), as set forth below: Number of Bedrooms Assumed Household Size Studio 1 One 2 Two 3 Three 4 However, for those Units where Rent is determined pursuant to the California Tax Credit Allocation Committee ("CTCAC") rent levels in accordance with Section (f) below, Assumed Household Size shall be determined in accordance with CTCAC regulations, as set forth below: Number of Bedrooms Assumed Household Size Studio 1 One 1.5 Two 3 Three 4.5 II. Subsection (f) is added to Section 2.2 to read as follows: (f) Notwithstanding the above, in accordance with the City's Zoning Code Section 29.2.D, rents for up to eighty percent (80%) or thirty (30) Units may be set at an amount consistent with the maximum rent for each applicable income levels, as determined by CTCAC. Rents for the remaining Units shall be set as set forth in subsections (a), (b) and (c) above, as applicable. 2. This First Amendment shall not affect the priority of the Regulatory Agreement with respect to any interest on the Property as of the date of this First Amendment. 3. Except as modified by this First Amendment, the Regulatory Agreement remains unchanged and in full force and effect. All defined terms not otherwise defined in this First Amendment shall have the meaning set forth in the Regulatory Agreement. In the event of a conflict between this First Amendment and the Regulatory Agreement, this First Amendment shall control. REV: 04-10-25 LF ATTY/AGR.2025/Amend. No. 1/GS HIP 1304 ECR, LP (Page 2 of 7)