RecD08 2008-086768 (2) - Laserfiche WebLink

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I , States Department of Housing and Urban Development pursuant to Section 8 of the United States Housing Act of 1937, as amende<L and as published by the State Department of Housing and Commuriity Development in the California Code of Regulations, Title 25, Section 6932 pursuant to California Health and Safety Code Section 50093( c) (or successor provision). (f) "Eligible Purchaser" means a household whose gross household income does not exceed the designated income level for an Affordable Home, adjusted for household size, (g) "Low-Income" means an annual household gross income that is greater than fifty percent (50%) of Area Median Income, adjusted for household size, and does not exceed eighty percent (800/0) of the Area Median Income, adjusted for household size. (h) "Moderate-Income" means an annual household gross income that is greater than eighty percent (80%) of Area Median Income, adjusted for household size, and does not exceed one hundred twenty percent (120%) of the Area Median Income, adjusted for household size. (i) "Monthly Owner-Occupied Housing Payment" means the annual amount divided by twelve which is payable for principal and interest due on the homeowner's mortgage and such other homeownership expenses required to be included in such calculation pursuant to the underwriting standards associated with applicable sources of financing. 0) "Very Low-Income" means an annual household gross income of not greater than fifty percent (50%) of Area Median Income, adjusted for household size, 5,2 Term of Affordabilitv. Developer shall be responsible for detennining that the On-Site Affordable Homes are initially sold to Eligible Purchasers at the designated income levels and shall require prospective purchasers to provide income certification documentation satisfactory to City. Affordable rental homes developed in accordance with this Affordable Housing Plan shall be subject to recorded covenants that restrict occupancy to eligible tenants and restrict rent to affordable levels for a tenn of at least 55 years. Affordable for-sale homes developed in accordance with this Affordable Housing Plan shall be subject to recorded covenants that restrict the resale price of the home to affordable prices for a term of at least 45 years unless a shorter period is permitted by applicable financing sources. Subject to Developer's reasonable approval, City shall provide the fonn of rental and resale restrictions that must be recorded, as applicable, against each On-Site Affordable Home. The Parties acknowledge that the foregoing restrictions are intended to be consistent with the requirements for satisfaction of redevelopment agency inclusionary housing production requirements and the use of redevelopment agency housing set-aside funds pursuant to the CRL. Section 6. Location. 6.1 Location Preferences, The On-Site Affordable Homes may be located anywhere within the Project. The off-site Affordable Homes may be located anywhere within the City, Developer shall use commercially reasonable efforts to locate off-site Affordable Homes within 4000 linear feet of a Caltrain transit hub, a SamTrans bus stop, or another public transit node, including a public or private shuttle service. The Parties acknowledge that (i) land costs are ATTY/AGRI2008.013 Exhibit C 022708 5