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 Page 5 of 41 (f) “Affordable Housing Plan” means that certain affordable housing plan referenced in Recital F, above and attached hereto as Exhibit B-1, incorporated herein by this reference. (g) “Affordable Housing Program Guidelines” or “Guidelines” means the Affordable Housing Program Guidelines adopted by the City to implement the Affordable Housing Ordinance, as described in Recital B above. (h) “Affordable Housing Restrictive Covenant” means that certain Affordable Housing Restrictive Covenant Agreement, substantially in the form attached hereto as Exhibit G, incorporated herein by this reference, that is required to be recorded against the Affordable Site on the Close of Escrow which shall restrict the occupancy of the Affordable Units for a term of fifty-five (55) years from the date the Affordable Units are completed. (i) “Affordable Rent” means the total monthly Rent (as defined by CTCAC) for an Affordable Unit not exceeding either (as applicable) the rents specified by Section 50053 of the California Health and Safety Code, 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 (as defined by CTCAC) for at least twenty percent (20%) of the Affordable Units shall be set at Rents (as defined by CTCAC) not exceeding the rents specified by Section 50053 of the California Health and Safety Code for the appropriate Household Income level and the Rent (as defined by CTCAC) 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 may also permit alternative criteria, when necessary, to be consistent with State and Federal statutes and regulations governing publicly financed rental housing. (j) “Affordable Site” means that certain real property described in Recital H and set forth in Exhibit A-1, incorporated herein by this reference. (k) “Affordable Units” has the meaning set forth in Recital I above, provided that any reference herein to “Affordable Units” in connection with the Affordable Housing Restrictive Covenant, excluding the unrestricted manager’s unit. (l) “Agreement” shall mean this Affordable Housing Land Donation Agreement. (m) “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 Internal Revenue Code. In the event that such income determinations are no longer published or are not updated for a period of at least eighteen (18) months, the City shall provide the Qualified Designee with other income determinations which are reasonably similar with respect to methods of calculation to those previously published by the State.