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2017-055494 <br /> RECORDING REQUESTED BY: 11:59 am 06/29/17 DR Fee: NO FEE <br /> CITY OF REDWOOD CITY Count of Pages 7 <br /> Recorded in Official Records <br /> County of San Mateo <br /> Mark Church <br /> When Recorded Mail To: Assessor-Count Clerk-Recorder <br /> CITY OF REDWOOD CITY III111111111 III IIIIIIIIIII <br /> City Clerk * R 0 0 0 2 4 1 6 1 4 9 * <br /> 1017 Middlefield Road <br /> Redwood City, CA 94063 <br /> .4;0'6\ L56 a- i t? I <br /> SPACE ABOVE THIS LINE FOR RECORDER'S USE Exempt from Recording Fees under Govt.Code Section 27383 <br /> DECLARATION OF AFFORDABILITY COVENANTS -42 <br /> HIP Housing Development Corporation, hereinafter referred to as"Owner,"agrees that <br /> the property described in Attachment 1, which is incorporated herein by reference, and <br /> more commonly known as 1512 Stafford Avenue (the "Property"), shall be restricted for <br /> a period of Fifty-Five (55) years from the date of Project Completion (the "Affordability <br /> Period"). The Owner further agrees that (a) six of the units (the "CDBG/Affordable <br /> Housing Fund Units")shall remain continuously affordable to Low Income Households for <br /> the entire Affordability Period and (b) separately, one two-bedroom unit (the "Home- <br /> Funded Unit") shall be affordable to Very Low Income Households for 10 years (the <br /> "Home Affordability Period") and, thereafter, shall be affordable to Low Income <br /> Households for the remaining 45 years of the Affordability Period. The housing facility to <br /> be operated by Owner at the Property is hereinafter referred to as the "Project." "Project <br /> Completion" shall be defined as the date of issuance of the Promissory Note <br /> memorializing the loan from City to Owner of One Million Five Hundred Seventy-Seven <br /> Thousand, Seven Hundred Fifty and no/100 Dollars ($1,577,750.00) (the "Promissory <br /> Note") for acquisition of the Property, notwithstanding that the United States Department <br /> of Housing and Urban Development("HUD")defines Project Completion as the date when <br /> the CDBG and HOME funds are drawn down and the City has entered project completion <br /> information into HUD's disbursement and information system. These covenants will be <br /> binding on the Owner and any and all successors in interest. <br /> Provisions set forth in these affordability covenants that are designated as "HOME- <br /> Funded Unit Only" shall only apply to the designated HOME-Funded Unit, and such <br /> restrictions shall only apply to the HOME-Funded Unit during the HOME Affordability <br /> Period. After the expiration of the HOME Affordability Period, all other provisions of these <br /> affordability covenants, including provisions explicitly pertaining to CDBG/Affordable <br /> Housing Fund Units, shall apply to all units in the Project, including the HOME-Funded <br /> Unit, for the remainder of the Affordability Period. <br /> Reference is hereby made to that certain Funding Agreement (the "Agreement") by and <br /> between the City of Redwood City, California (the "City") and the Owner, <br /> dated -I Uh-C 3-7 , 2017. <br /> ATTY/AGR/2017.145.1/STAFFORD FUNDING AGREEMENT—DECLARATION OF AFFORDABILITY COVENANTS <br /> REV:06-21-17 JS <br /> Page 1 of 6 <br />