RecDoc 2010-115130 (2) - Laserfiche WebLink

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programs may be increased to be consistent with the requirements of such programs, and the affordability covenants required to be recorded by this Affordable Housing Plan may be subordinated to the affordability covenants required by other lenders or programs, such as CaIHFA or similar affordable housing programs, thereby allowing possible higher income limits and /or prices as may be permitted under such programs. Section 4. Affordability. 4.1 Definitions. As used in this Affordable Housing Plan, the following definitions shall apply. The Parties acknowledge that the following definitions 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 California Community Redevelopment Law (California Health and Safety Code Section 33000 et seq.) (the "CRU). However, notwithstanding anything to the contrary set forth herein, the Parties agree that if for any particular development that includes Affordable Homes (including without limitation, the homes developed on the Property), applicable sources of construction or permanent financing (including homebuyer mortgage assistance programs such as those provided by CaIHFA, FHA, and similar programs) require or permit less stringent restrictions or more liberal underwriting criteria, Developer shall be permitted to apply the affordability requirements and underwriting criteria applicable to such financing sources in lieu of the definitions set forth in this Section, and the affordability covenants required to be recorded by this Affordable Housing Plan may be subordinated to the affordability covenants required by other lenders or programs, such as CaIHFA, FHA, or other similar affordable housing programs in order to satisfy the underwriting criteria of such financing sources. (a) "Adjusted for family size appropriate for the home" means the following: for studio apartments - one person; for one - bedroom homes — two persons; for two- bedroom homes— three persons; for three bedroom homes - four persons; and for four - bedroom homes — five persons. (b) "Affordable Home" means a home that is offered for sale at an Affordable Sales Price to Eligible Purchasers or a home that is offered for rent at an Affordable Rent to eligible households. (c) "Affordable Rent" means a monthly rent that does not exceed one - twelfth (1/12 of the following, less a utility allowance and such other adjustments as required pursuant to the CRL or other applicable financing source: (i) For Very Low - Income Households: 30% times 50% of Area Median Income, adjusted for family size appropriate for the home. (ii) For Low - Income Households: 30% times 60% of Area Median Income, adjusted for family size appropriate for the home. S:ATTY/AGR/2010.111 EXHIBIT 2 4 9/28/10