Laserfiche WebLink
Declaration of Affordability Covenants <br />RECORDING REQUESTED BY: <br />CITY OF REDWOOD CITY <br />When Recorded Mail To: <br />CITY OF REDWOOD CITY <br />CDD -Planning and Housing <br />ATTN: Rhonda Coffman <br />1017 Middlefield Road <br />Redwood City, CA 94063 <br />Rot C,.& ('103 <br />(Space Above Provided For Recorder) <br />2013-040860 <br />2:45 pm 03/15/13 DR Fee: NO FEE <br />Count of Pages 5 <br />Recorded in Official Records <br />County of San Mateo <br />Mark Church <br />Assessor -County Clerk-Recorder <br />IIII�II,'!��'III'Illii II�1I�I �I� I i�II�I �II II (III <br />* R 0 0 0 1 6 1 9 6 1 8 <br />Exempt from Recording Fees under Govt. Code Section 27383 5. <br />DECLARATION OF AFFORDABILITY COVENANTS <br />HIP Housing Development Corporation, hereinafter referred to as "Owner," agrees <br />that THREE (3) units in the Property described in Exhibit "A", and more commonly <br />known as Willow Road Apartments, located at 1157-1161 Willow Road Menlo Park, <br />shall be restricted for a period of Ten 10 years from the date of Project Completion. <br />The City defines Project Completion as the date of issuance of the Certificate of <br />Occupancy, Notice of Completion, or some other document approved by the City <br />evidencing completion. This restriction will remain continuously affordable to very low - <br />and low-income tenants and will be binding on the Owner and any and all successors in <br />interest. <br />The HOME -assisted units are indicated below: <br /># HOME -assisted <br />Unit Type Units <br />1 -BR ' 2 <br />2 -BR 1 1 <br />Low/High HOME <br />Maximum Initial Rent <br />(excluding tenant <br />paid utilities) <br />*These starting rents are within Low HOME Rent limits <br />a qualifying household at the Low HOME Rent. <br />(1) HOME Definitions <br />$988* <br />$1,187* <br />. The 2 -BR unit must be rented to <br />The following definitions and dollar amounts referred_ to in these definitions may be <br />adjusted from time to time by HUD or the City, and any such adjustments shall be <br />incorporated by reference into this Agreement. <br />a. High HOME Rent is rent that does not exceed the lesser of (1) the Section 8 <br />Fair Market Rents (FMRs), as established by HUD, for existing housing minus <br />tenant paid utilities; or (2) 30% of annual income for households a the HOME <br />