Reso25-02 0024 PC Reso 901 El Camino Real

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Page 4 of 42 Q. To ensure that the Affordable Development will be used and operated in accordance with these conditions and restrictions, the City and the Affordable Developer wish to enter into this Agreement. THEREFORE, City and the Affordable Developer hereby agree as follows. ARTICLE 1 DEFINITIONS Section 1.1 Definitions. When used in this Agreement, the following terms shall have the respective meanings assigned to them in this Article 1. (a) “Actual Household Size” means the actual number of persons in the applicable household. (b) “Affordable Developer” has the meaning set forth in the preamble above. At all times, the Affordable Developer shall be a “qualifying designee” as defined in theAffordable Housing Ordinance. (c) “Affordable Housing Ordinance” means that certain Ordinance 1130-375 adopted in June of 2018, as such may be amended, and set forth in Article 29 of the Redwood City Zoning Code, as such may be amended, together with the Affordable Housing Program Guidelines adopted to implement the Affordable Housing Ordinance. (d) “Affordable Development” means the Affordable Site and the Affordable Units. (e) “Affordable Rent” means the total monthly Rent for an Affordable Unit not exceeding either (as applicable) the rents specified by Section 50053 of the California Health and Safety Code and California Code of Regulations Title 25, or thirty percent (30%) of the imputed income limitation applicable to such unit pursuant to Section 42(g)(2)(C) of the Internal Revenue Code (as determined by CTCAC) for the appropriate Household Income level. As allowed under Government Code Section 65915(c)(1)(B)(ii), the Rent for at least twenty percent (20%) of the Affordable Units shall be set at Rents not exceeding the rents specified by Section 50053 of the California Health and Safety Code for the appropriate Household Income level and the Rent for the remaining Affordable Units shall be set at an amount consistent with the maximum rent levels for the appropriate Household Income levels as determined by the CTCAC. The City shall also permit alternative criteria, when necessary, to be consistent with State and Federal statutes and regulations governing publicly financed rental housing. (f) “Affordable Site” has the meaning set forth in Recital B above. (g) “Affordable Units” means the ninety-nine (99) restricted units in the Affordable Development. (h) “Agreement” has the meaning set for in the preamble above. ATTY/RESO.0024/PC RESO 901 EL CAMINO REV: 04-11-25 VR