AgdaPkt 2010-09-13 - Laserfiche WebLink

Browse Search

7.B Page 23 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 term 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 or the City permits an alternative approach such as an equity-share payment upon resale. Subject to Developer's reasonable approval, City shall provide the form 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, subject, however, to the ho.mebuyer eligibility and sales price provisions of CaIHFA, FHA, Fannie Mae, Freddie Mac or other applicable source of financing. Section 5. Location; Phasinq; Accessibilitv. 5.1 Accessibilitv. Developer agrees to use best efforts to make as many On- Site Affordable Homes as possible (but a minimum of 200/0 of the Affordable Homes) accessible to and visitable by persons with disabilities. 5.2 Location and Phasinq. Developer shall construct and offer for sale at least one-half of the Required On-Site Affordable Homes not later than concurrently with Developer's construction and offer for sale of one-half of the market-rate homes to be developed on the Property, and Developer shall construct and offer for sale all Required On-Site Affordable Homes within seven (7) years following the issuance of the final certificate of occupancy for the first home developed on the Property. Subject to the preceding sentence, provided that all On-Site Affordable Homes are developed and offered for sale prior to completion of the last phase of the Revised Project, Developer shall determine the location and timing for development and sale of the On-Site Affordable Homes in the exercise of Developer's sole discretion. 5.3 Satisfaction of Obliqation to Provide On-Site Affordable Homes. Developer's obligation to provide On-Site Affordable Homes shall be deemed fully discharged with respect to each of the fifteen (15) Required On-Site Affordable Homes (as such number may be adjusted pursuant to Section 1.1 or Section 8) upon the earliest to occur of any of the following: (i) the sale of the home to an Eligible Purchaser at an Affordable Sales Price without regard to the amount of subsidy provided by Developer or other sources for such homes, (ii) City's or City's assignee's purchase of the home pursuant to Section 2.2, (Hi) unless inapplicable pursuant to Section 2.2, Developer's payment of the applicable in lieu fee on each Converted Home pursuant to Section 2.4. Developer pledges to fully cooperate with City in efforts to market the On-Site Affordable Homes and identify Eligible Purchasers. 1482682.10 9-09-2010 PC1+PP Final 6 L