15 ATTACHMENT 2 - Laserfiche WebLink

I. In connection with the transfer of each of the IUCs other than the Unconditional IUCs (collectively, the "Conditional ILICs "), the Developer will be required to rnake one Project unit subject to a restriction on the maximum rent to be charged for such unit to no greater than one - twelfth (1 /12th) of one hundred percent (100 %) of the Area Median Income, as adjusted by HUD for median income households, as further adjusted for the household sizes listed in Section 2 below multiplied by thirty percent (30 %) ( "Median Income Units"). J. The parties desire to enter into this agreement to set forth the terms and conditions for the issuance, approval and transfer of the Inclusionary Unit Credits, which supersedes the processes and approvals otherwise required by the Resolution. NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows: Section 1. Conditional Issuance of IUCs. The City hereby issues eight Unconditional and eight Conditional Inclusionary Unit Credits arising from the Project providing thirty five Very -Low Income Units. If Developer is unable to provide such thirty five Very -Low Income Units, the IUCs provided for in this Agreement are void. Section 2. Additional Affordability Restrictions. (a) The Developer shall not be required to impose any rent or ir_come restrictions upon any Project units in connection with the transfer of the Unconditional IUCs. (b) In connection with the transfer of each Conditional IUC, the Developer shall be required to make one Project unit (excluding the Very -Low Income Units) to become restricted as a Median Income Unit. Section 3. Rent Restrictions. Rents for Median Income Units arising from the Conditional IUCs shall be based on the following deemed household sizes: Unit T s e Deemed Household Site 1 Bedroom Unit Two (2) person househo; d 2 Bedroom Unit Three (3) person household 3 Bedroom Unit Five (5) person household The monthly rent for each of the Median Income Units shall be calculated so that it shall not exceed one - twelfth (1/12th) of one hundred percent (100 %) of the Area Median Income, as adjusted by HUD for median income households, as further adjusted for the household sizes listed above, multiplied by thirty percent (30 %). Section 4. Permitted Transferees. Subject to the foregoing restrictions, the City hereby approves the transfer of any of the IUCs issued hereunder by Developer prior to Developer's receipt of the final certificate of occupancy for the Project for use by any project owner with respect to a project that has already been approved by the City, or is pending City approval, whether or not construction of such project has commenced; provided however, that: (A) any transfer of IUCs must be memorialized by the Affordable Housing Agreement (or an amendment thereto) recorded against the transferee project before a final certificate of occupancy