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WHEREAS, the Declaration of Affordability Covenants ("Declaration") was <br />attached to the Agreement as Exhibit A and recorded in the County of San Mateo on <br />February 28 , 2018 (Document #2018-014383); and <br />WHEREAS, on June 25, 2018, the City Council adopted a new Zoning Ord inance <br />Article 29 (the "Affordable Housing Ordinance"), which incorporated the requirements of <br />the prior Affordable Housing Impact Fee ordinance (Municipal Code Chapter 18, Article <br />XVII); and <br />WHEREAS , the Affordable Housing Ordinance defin iti on of "Affordab le Rent" <br />allows the City to permit alternatives to specified criteria , when necessary , to be <br />consistent with pertinent state and federal statutes and regulations govern i ng pub licly <br />assisted rental housing ; and <br />WHER EAS , Contractor has requested that the definition of "Project Completion " in <br />the Declaration be revised to refer to the issuance of the Certificate of Occupancy instead <br />of the issuance of the Prom issory Note; and <br />WHEREAS , Contractor has also requested that the defin ition of "affordable rent," <br />as used in the Declaration, be revised to be consistent with the requirements in the <br />California Tax Credit Allocation Committee 's ("TCAC") Regulatory Agreement ; a n d <br />WHEREAS, Contractor has requested that Sections 3 , 4 , and 5 of the Decla ration, <br />which set the maximum rents fo r low affordable units , very low affordable un its , a nd <br />extremely lo w affordable units , be deleted and replaced by t he TCAC rent definitions ; and <br />ATIY/AGR/2019/AMENDMENTS/AMEND NO. 1-Ml OPEN MOSAIC GARDENS (ATHERTON COURT) <br />REV : 04-22-19 DZ <br />Page 2 o f 5 <br />.'··