Laserfiche WebLink
Exhibit B <br /> (Declaration of Affordability Covenants) <br /> RECORDING REQUESTED BY: <br /> CITY OF REDWOOD CITY <br /> When Recorded Mail To: <br /> CITY OF REDWOOD CITY <br /> CDD-Planning and Housing <br /> ATTN: Rhonda Coffman <br /> 1017 Middlefield Road <br /> Redwood City, CA 94063 <br /> SPACE ABOVE THIS LINE FOR RECORDER'S USE <br /> DECLARATION OF AFFORDABILITY COVENANTS <br /> Mental Health Association of San Mateo County, hereinafter referred to as "Owner," <br /> agrees that the Property described in Exhibit "A", and more commonly known as 105 5tn <br /> Avenue, shall be restricted for a period of Fifteen �years from the date of Project <br /> Completion. The City defines Project Completion as the date of issuance of the <br /> Certificate of Occupancy, Notice of Completion, or some other document approved by <br /> the City evidencing completion. This restriction will remain continuously affordable to <br /> low-income tenants and will be binding on the Owner and any and all successors in <br /> interest. <br /> CDBG Definitions, Requirements, Rent and Occupancy Restrictions - The <br /> following definitions, requirements and references may be adjusted from time to <br /> time by HUD or the City, and any such adjustments shall be incorporated by <br /> reference into this Agreement: <br /> a. Maximum Allowable Rent and Utilitv Allowances: The maximum allowable CDBG <br /> rents must be reduced if the tenant/s pays for utilities. The maximum rent includes all <br /> utilities and housing-related services, except telephone. Allowances provide a <br /> mechanism for reducing the maximum allowable CDBG rent when some or all utilities <br /> are paid by the tenant/s. Redwood City uses the San Mateo County Housing Authority <br /> current allowance schedule to determine utility allowances which vary depending on the <br /> type of unit and utilities available in the unit. <br /> b. Maximum Rents: The total monthly rent cannot exceed the current HUD rent limits <br /> for low income (at or below 80 percent of area median) adjusted for unit size. <br /> c. Tenant Income: All households must be low-income (incomes at or below 80 <br /> percent of area median). Income limits will be prepared and made available by <br /> Redwood City annually based on the income data published by HUD and the State <br /> California Housing and Community Development. <br /> ATTY/AGR/2013.116/MHA FUNDING AGREEMENT <br /> REV:07-12-13 VR <br /> Page 20 of 32 <br />