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C. The City, on behalf of itself and the Agency, desires by the execution of this Covenant to assure the Site meets the requirements of Government Code section 37364 and California Health and Safety Code Sections 33334.2 and 33413 and Affordable Units located on the Site remain affordable for a minimum of fifty -five (55) years following the date of recordation of this Covenant. NOW THEREFORE, the parties acknowledge and agree as follows: ARTICLE 1. R ENT AND INCOME RESTRICTIONS 1.01. Rent and Income Restrictions. All of the Affordable Units to be located on the Site shall be rented to low income households whose income does not exceed the following limits ( "Eligible Households "): At least Three (3) of the Seven (7) Affordable Units shall be available to Eligible Households whose income does not exceed Fifty Percent (50 %) of the area median income (the "Very Low - Income Units "), and the remaining Affordable Units on the Site shall be available to Eligible Households whose income does not exceed Eighty percent (80 %) of the area median income (the "Low- Income Units "). The Very Low Income Units shall be available at rents that do not exceed 30% of 50% of the Area Median Income, adjusted by family size appropriate to the unit, less a reasonable utility allowance, and the Low Income Units shall be available at rents that do not exceed 30% of 80% of the Area Median Income, adjusted by family size appropriate to the unit, less a reasonable utility allowance. Notwithstanding the foregoing, the maximum housing cost of the Eligible Households for the income level set forth above must comply with the least restrictive of the regulations promulgated by the Department of Housing and Urban Development, governing the City's Community Development Block grant funds, or the California Community Redevelopment Law (Health and Safety Code Section 33000 et seq.) governing the Agency's Low and Moderate Income Housing Fund. For purposes of this Covenant: "Area Median Income" shall mean the median income for households in San Mateo County, California, as published from time to time by the United States Department of Housing and Urban Development ( "HUD ") in a manner consistent with the determination of median gross income under Section 8 of the United States Housing Act of 1937, as amended, and as defined in Title 25, California Code of Regulations, Section 6932. In the event that such income determinations are no longer published by HUD, or are not updated for a period of at least 18 months, the City shall provide the Owner with other income determinations that are reasonably similar with respect to methods of calculation to those previously published by HUD. Page 2 82483.00000\ 5570532.4 ATTY /AGR/2010.120 EXHIBIT C 103010