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ATTACHMENT NO. 12 <br /> <br />FOR.31 OF AFFORDABILITY COVENANT <br />AND RESTRICTIONS ON RESALE <br /> <br />RECORDFNG R-EQL'ESTED BY <br />WHEN RECORDED RETL'I~N TO: <br /> <br /> City of Redwood City Redevelopment Agency <br /> 1017 Middlefield Road <br />· Redwood City, California 94063 <br /> <br /> AFFORD~ILITY COVENANT <br />.~D RESTRICTIONS ON R~SALE <br /> <br /> The date of this Affordable Housing Covenant (this "Covenant") is <br /> ,1999. Pu~uant to Section 33413 of the California Health and Safety Code, <br />and Section 601 of that certain Disposition and Development and Agreement, dated <br /> ., 1999 by and between the REDEVELOPMENT AGENCY OF THE CITY <br />OF REDWOOD CITY (the "Agency"), and SHEA HOMES, L. P., a California limited <br />partnership ("Shea") (the "DDA"), the Agency and Shes agree with respect to those <br />certain parcels of real property locat~l in San Mateo County, Califorma and more <br />particularly shown on Exhibit A attached hereto (the "Property"), that the Property will <br />be subject to affordable housing requh'ements a.s set forth below. <br /> <br />RECITALS <br /> <br /> A. Shea is the developer of the Property I ated in Redwood City, San Mateo <br />County, California commonly known as the Franklin Street Project - Shes Project, which <br />ProperW is located within the Redwood City Redevelopment Project Area No. 2 ("Project <br />Area"). <br /> <br /> B. The Agency intends to create affordable for-sale housing opportumties for <br />persona and households of low or moderate income. Pursuant to the DDA, Shes is <br />constructing for-sale housing umts upon the PrnperW, as described in Section 104 of the <br />DDA, and making ill, CCh, percent (15%) of such housing umts available at an Affordable <br />Housing Cost to persons and families of very low or moderate income upon the Property. <br /> <br /> C. Six percent (6%) of the for-sale units constm~ed by Shea shall be <br />affordable to very low income residents (the "Very Low Income Affordable Units"), and <br />nine percent (9%) of the for-sale umts constructed by Shes shall be affordable to <br />moderate income residents (the "Moderate Income Affordable Units", and together with <br />the Very Low Income Affordable Units, collectively, the "Restricted Housing Units"). <br /> <br /> D. The Agency and Shea desire by this Covenant to a,~ure the Property meets <br />the requirements of California Health and Safety Code Sections 33334.2 and 33413 ~d <br />remain affordable until January 17, 2028. <br /> <br /> 1 <br />wc-33569 <br /> <br /> <br />