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6.1.G. - Page 24 <br /> Exhibit B <br /> (Declaration of Affordability Covenants) <br /> RECORDING REQUESTED BY ) <br /> AND WHEN RECORDED MAIL TO: ) <br /> ) <br /> CITY OF REDWOOD CITY <br /> ATTN: HOUSING <br /> 1017 MIDDLEFIELD ROAD ) <br /> REDWOOD CITY, CALIFORNIA 94064 ) <br /> ATTN: ) <br /> � <br /> (SpaCe Above Provided For ReCOrder) Exempt from Recording Fees under Govt. Code Section 27383 <br /> DECLARATION OF AFFORDABILITY COVENANTS <br /> HIP Housing Development Corporation, hereinafter referred to as "Owner," agrees <br /> that THREE (3) units in the Property described in Exhibit "A", and more commonly <br /> known as Willow Road Apartments, located at 1157-1161 Willow Road, Menlo Park, <br /> shall be restricted for a period of Ten (10) years from the date of Project Completion. <br /> The City defines Project Completion as the date of issuance of the Certificate of <br /> Occupancy, Notice of Completion, or some other document approved by the City <br /> evidencing completion. This restriction will remain continuously affordable to very low- <br /> and low-income tenants and will be binding on the Owner and any and all successors in <br /> interest. <br /> The HOME-assisted units are indicated below: <br /> # HOME-assisted Low/High HOME <br /> Unit Type Units Maximum Initial Rent <br /> (excluding tenant <br /> paid utilities) <br /> 1-BR 2 $988* <br /> 2-BR 1 $1,187* <br /> *These starting rents are within Low HOME Rent limits. The 2-BR unit must be rented to <br /> a qualifying household at the Low HOME Rent. <br /> (1) HOME Definitions <br /> The followinq definitions and dollar amounts referred to in these definitions mav be <br /> adiusted from time to time by HUD or the City, and any such adiustments shall be <br /> incorporated by reference into this Aqreement. <br /> a. Hiqh HOME Rent is rent that does not exceed the lesser of (1) the Section 8 <br /> Fair Market Rents (FMRs), as established by HUD, for existing housing minus <br /> tenant paid utilities; or (2) 30% of annual income for households a the HOME <br /> ATTY/AGR/2013.022/FUNDING AGR FOR WILLOW ROAD APARTMENTS REHABILITATION PROJECT <br /> REV:02-15-13 VR <br /> Page 22 of 35 <br />