RecDoc 2011-111464 - Laserfiche WebLink

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Affordable Rent to persons and families of moderate income, as those terms are defined under Health and Safety Code sections 50053 and 50093, respectively, for a period of fifty-five (55) years, or until such time as the Project's housing units are sold as condominium units; and" (c) Section 2.01 of the Original Declaration is revised to read as follows: " Section 2.01 Rental Affordabilitv Covenants During the Rental Affordability Covenants Term, Declarant covenants that ihe Affordable Units shall be maintained in accordance with this Article as follows (the "Rental Affordability Covenants"): the Affordable Units shall be made available at an Affordable Rent, as that term is defined in California Health and Safety Code section 50053 to persons and families of moderate income, as that term is defined under Health and Safety Code section 50093, respectively ("Qualified Lessee"). Annually, on the anniversary date of occupancy of an Affordable Unit by a Qualified Lessee, Declarant shall re-certify the qualifications of the Qualified Lessee in accordance with the requirements of this Article. If, upon recertification, Declarant determines that the Qualified Lessee's Gross Income, as that term is defined in section 3.04 below, has risen above the then in-effect allowable income, Declarant may, in its sole election, terminate the tenancy of the formerly qualified lessee and make the Affordable Unit available and affordable to a new Qualified Lessee:' (d) Section 3.02 of the Original Declaration is revised to read as follows: "Section 3.02. Owner-Occupied Affordabilitv Covenants. During the Owner-Occupied Affordability Covenants Term, Declarant covenants that the Affordable Units shall be maintained as follows (the "Owner- Occupied Affordability Covenants"): the Affordable Units shall be sold to, owned, occupied and maintained affordable to persons and families of moderate income, earning not more than one hundred twenty percent (120%) of HUD's Area Median Income for San Mateo County ("AMI"), as adjusted from time to time ("Qualified Buyers") during the Owner-Occupied Affordability Covenants Term. Qualified Buyers income shall be calculated on the basis of their "Gross Income", as defined under Title 25, Section 6914, of the Califomia Code of Regulations, as amended from time to time. In order to ensure compliance with this Declaration in connection with the sale and transfer of each Affordable Unit, Declarant and its successors shall obtain a copy of each prospective purchaser's federal income tax return for the taxable year immediately preceding the proposed purchase of an Affordable Unit and current income information such as wage statements or, if the prospective purchaser certifies and declares under penalty of perjury that he or she did not file a federal tax return, o[her evidence of Gross Income for such year acceptable [o � ATTY/AGR/2011/AMENDMENTS/AMENDMENT N0.1 TO AFFORDABLE HOUSING DOC 885 WOODSIDE 090111 3