RecDoc2025-012794 1540 El Camino Real Declaration of Affordabilty

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RECORDING REQUESTED BY: CITY OF REDWOOD CITY When Recorded Mail To: CITY OF REDWOOD CITY City Clerk 1017 Middlefield Road Redwood City, CA 94063 2025-012794 1:2e pm 03120/2025 DR Fee: NO FEE Count of Pages I Recorded in Official Records County of San Mateo fRark Church Assessor -County Clerk -Recorder 1N111111111111 lir 11111111111111111111111111111111111111111111 11� 111 *$ R 0 0 0 3 5 5 3 F. 9 6$* THIS LINE FOR RECORDER'S USE Exempt from Recording Fees under Govt. Code Section 27383 DECLARATION OF AFFORDABILITY COVENANTS Villa Montgomery, L.P., a California limited partnership, hereinafter referred to as "Owner," agrees that the property described in Attachment 1, which is incorporated herein by reference, and more commonly known as 1540 Q Camino Real, Redwood City, County of San Mateo, California (the "Property"), shall be restricted for a period of Five (5) years from the date of Project Completion (the "Affordability Period"). The Owner further agrees that thirty (30) of the units (the "CDBG Units") shall remain continuously affordable to Low Income Households for the entire Affordability Period. The affordable rental housing operated by Owner at the Property that is receiving Community Development Block Grant ("CDBG") funds through a certain agreement (the "Agreement') by and between the City of Redwood City, California (the "City") and First Community Housing ("the Applicant"), dated MV(h 7 , 2025 to rehabilitate two elevators is hereinafter referred to as the "Project." °Proj,2ct Completion" shall be defined as the date of issuance of the final building permit approval for the Project, notwithstanding that the United States Department of Housing and Urban Development ("HUD") defines Project Completion as the date when the CDBG funds are drawn down and the City has entered project completion information into HUD's disbursement and information system. These covenants will be binding on the Owner and any and ali successors in interest. CDBG Definitions, Requirements, Rent and Occupancy Restrictions - The fallowing 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 these affordability covenants: 1. Definitions: The following definitions shall apply throughout these affordability covenants: a. "Area Median Income" or AMI means the median income applicable to San Mateo County, as published annually by the City for each household size, based on median income data for San Mateo County published by HUD. b. "Low Income Households"means households with incomes no greater than the maximum income for low income households, as published annually by the City for each household size, based on HUD income limits for San Mateo County. REV: 02-07-25 LF ATTY/AGR.2025.018/First Community Housing (Affordability Covenant - Villa) (Page 1 of 6)