RecDoc 2012-156533 - Laserfiche WebLink

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WHEREAS, it is the intent of the OWNER that the Project be operated as a rental complex; and WHEREAS, OWNER shall reserve the Affordable Units to be made available at affordable rent to "lower income households," as that term is defined in Section 50079.5(a) of the Health and Safety Code for a period of fifty-five (55) years; and NOW, THEREFORE, to ensure their mutual compliance with the requirements of the Density Bonus Law and other applicable statutory and regulatory requirements, and to ensure achievement of the public purposes set out in the Density Bonus Law, OWNER and the CITY agree as follows: Article I Recitals; Capitalized Terms and Definitions Section 1.01. Recitals and Effective Date. The recitals set forth above are true and correct and incorporated herein by this reference as findings in support of this Agreement which shall only become effective upon title to the Property being recorded in OWNER's name (the "Effective Date"). Section 1.02. Capitalized Terms and Definitions. Affordable Rent- shall have the meaning set forth in California Health and Safety Code section 50053(b)(3). The maximum affordable rent to be charged for an Affordable Unit shall not exceed 30 percent of the gross monthly income for lower income households, adjusted for family size appropriate for the unit. Unless all utilities are paid by the landlord, the amount of rent allowed to be charged for an Affordable Unit shall be reduced by the utility allowance as determined by the then most current calculation from the San Mateo County Utility Allowance schedule. Gross Income - shall have the meaning set forth in Title 25, Section 6914, of the California code of Regulations, as amended from time to time. Article II Densitv Bonus, Incentives and Concessions, Waivers of Development Standards, and ParkinQ Standards Section 2.01. Densitv Bonus. OWNER has elected to provide twenty two (22) Affordable Units for lower income households as defined in Health & Safety Code § 50079.5(a), in exchange for an increase in density in accordance with Section 65915(fl(1) of the Density Bonus Law. These 22 Affordable Units represent ten percent (10%) of the permitted number of residential units allowed under the CITY's Mixed Use Corridor Veterans Boulevard zoning designation standard of seventy-two (72) dwelling units per acre, or Two Hundred Seventeen (217) units for the entire Project site. Pursuant to Section 65915(fl(1), OWNER is entitled to and the CITY has granted a density bonus of twenty percent (20%), or an additional forty-four (44) units. OWNER hereby acknowledges and agrees that the 44 additional density bonus units described in this Section 2.01 fully satisfies OWNER's right to a density bonus under the Density Bonus Law. ATTY/AGR/2011.141/640 VETERANS WAY—AFFORDABILITY AGREEMENT REV:12/29/11 Page 2 of 20