Agmt25 El Camino Real Holding JV LLC, - 920 Shasta

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ATTY/AGR/2025.084/920 SHASTA AFFORDABLE HOUSING LAND DONATION AGREEMENT REV: 10-16-25 VR Exhibit G - 4 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 the Affordable 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. (i) “Area Median Income” or “AMI” means the median gross yearly income adjusted for Actual Household Size (to qualify residents) or Assumed Household Size (to calculate rents), as applicable, in San Mateo County, either as applicable (i) as published from time to time by the State of California Department of Housing and Community Development; or (ii) as determined by the Secretary of the Treasury of the United States for purposes of Section 42 of the