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Number of Bedrooms Assumed Household Size <br />Studio <br />1 <br />One <br />1.5 <br />Two <br />3 <br />Three <br />4.5 <br />1.1.2 Affordable Units. Four (4) of the eight (8) residential units included in the <br />Project will be restricted by Owner in the manner set forth in this Regulatory Agreement for rental <br />to and occupancy by Qualifying Households in accordance with the terms and conditions of this <br />Agreement as follows: (i) One (1) two-bedroom unit shall be available and rented to Extremely <br />Low Income Households (the "Extremely Low Income Unit"); (ii) Two (2) one -bedroom units <br />shall be available and rented to Sixty Percent AMI Households (the "60% AMI Units"), and (iii) <br />One (1) one -bedroom unit shall be available and rented to Low Income Households (the "Low <br />Income Unit"). <br />1.1.3 Annual Report. A report in substantially the form of Exhibit "C" attached <br />to this Regulatory Agreement or in such other form as subsequently reasonably required by the <br />City. <br />1.1.4 Approval. Any license, permit, approval, consent, certificate, ruling, <br />variance, authorization, conditional use permit, or amendment to any of the foregoing, as shall be <br />necessary or appropriate under any Law to commence, perform, or complete the Construction of <br />the Development. <br />1. 1.5 "Area Median Income" or "AMP' means the area median income for San <br />Mateo County, California, adjusted for actual household size, as determined and published from <br />time to time by <br />(1) the U.S. Department of Housing and Urban Development ("HUD") pursuant to <br />Section 8 of the United States Housing Act of 1937 or <br />(2) the State of California Department of Housing and Community Development <br />("HCD") in Section 6932 of Title 25 of the California Code of Regulations or its <br />successor provision in California Health and Safety Code Section 50093(c) or <br />(3) the California Tax Credit Allocation Committee <br />and as set forth in the City's annual Income and Rent Limits Schedule, as it applies <br />to the funding source. <br />1.1.6 Available. When an Affordable Unit is held available for occupancy by a <br />Qualifying Household. An Affordable Unit shall be considered to be held available for occupancy <br />by a Qualifying Household, until occupied or reoccupied by a Qualifying Household, provided <br />that the Owner is exercising bona fide good faith efforts to let or relet the Affordable Unit to a <br />Qualifying Household. <br />REV: 05-20-25 LF <br />ATTY/AGR.2025.100.3/HEART-SV (417 Stambaugh - Regulatory Agreement) (Page 3 of 35) <br />