RecDoc 2013-127350 - Laserfiche WebLink

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_ � � .�_ � �.�, _ .__ , �..�d � .� . .�...�..�. � ' . ^�t:ordin�R�qu��d�Y - �;°:��ri�a ' � .. ' °'"{ `�o. �pe�tion of Affordability Covenants RECORDING REQUESTED BY: 2013-127350 CITY OF REDWOOD CITY 2:08 pm 08129113 DR Fee:24.00 Count of Pages 4 Recorded in Official Records When Recorded Mail To: County ot san Mateo CITY OF REDWOOD CITY Mark Church CDD-Planning and Housing Assessor-Count Clerk-Recorder ATTN: Rhonda Coffman IIIIIIIIIIII IIII IIIII IIIIIIIII I IIIIIIIIIIIII IIIIIIIIIIIIIIIIII 1017 Middlefield Road � Redwood City, CA 94063 * R p 0 0 1 7 2 9 7 9 1 * � SPACE ABOVE THIS LINE FOR RECORDER'S USE DECLARATION OF AFFORDABILITY COVENANTS Mental Health Association of San Mateo County, hereinafter referred to as "Owner," agrees that the Property described in Exhibit "A", and more commonly known as 105 5tn Avenue, shall be restricted for a period of Fifteen 1�5Zyears from the date of Project Completion. The City defines Project Completion as the date of issuance of the Certificate of Occupancy, Notice of Completion, or some other document approved by the City evidencing completion. This restriction will remain continuously affordable to low-income tenants and will be binding on the Owner and any and all successors in interest. CDBG Definitions, Requirements, Rent and Occupancy Restrictions - The following definitions, requirements and references may be adjusted from time to time by HUD or the City, and any such adjustments shall be incorporated by reference into this Agreement: a. Maximum Allowable Rent and Utilitv Allowances: The maximum allowable CDBG rents must be reduced if the tenant/s pays for utilities. The maximum rent includes all utilities and housing-related services, except telephone. Allowances provide a mechanism for reducing the maximum allowable CDBG rent when some or all utilities are paid by the tenant/s. Redwood City uses the San Mateo County Housing Authority current allowance schedule to determine utility allowances which vary depending on the type of unit and utilities available in the unit. b. Maximum Rents: The total monthly rent cannot exceed the current HUD rent limits for low income (at or below 80 percent of area median) adjusted for unit size. c. Tenant Income: All households must be low-income (incomes at or below 80 percent of area median). Income limits will be prepared and made available by Redwood City annually based on the income data published by HUD and the State California Housing and Community Development.