174605v1
Recording Requested By:
Capital Projects Department
City of Fresno
No Fee – Gov’t Code Sections
6103 and 27383
W
hen Recorded, Mail To:
Capital Projects Department
City of Fresno Attn: Nancy Bruno
747 R Street, Second Floor
Fresno, CA 93721
APN 505-080-21ST SPACE ABOVE THIS LINE FOR RECORDER'S USE AF
FORDABLE HOUSING COVENANT
T
HIS AFFORDABLE HOUSING COVENANT (“Covenant”) is made and entered into this ___________________, by and between the CITY OF FRESNO, a municipal corporation (“City”) and ABBEY TRANSPORTATION SYSTEM, INC., a California corporation , (“Buyer”) and all successors and assigns, in accordance with the purchase of real property more particularly described in Exhibits “A-1,” ”A-2,” and “A-3,” Legal Descriptions and Exhibits “B-1,” “B-2,” and “B-3,” Plat Maps, attached hereto and incorporated herein by reference (the “Property”) in accordance with the California Surplus Land Act. (Government Code Sections 54220, et seq.)
R
ECITALS:
W
HEREAS, If ten (10) or more residential units are developed on the Property, not less than 15 percent of the total number of residential units developed on the property shall be sold or rented at affordable housing cost, as defined in Section 50052.5 of the California Health and Safety Code, or affordable rent, as defined in Section 50053 of the California Health and Safety Code, to lower income households, as defined in Section 50079.5 of the California Health and Safety Code. Rental units shall remain affordable to and occupied by lower income households for a period of 55 years for rental housing and 45 years for ownership housing. The initial occupants of all ownership units shall be lower income households, and the units shall be subject to an equity sharing agreement consistent with the provisions of paragraph (2) of subdivision (c) of 65915 of the California Government Code. These requirements shall be covenants or restrictions running with the land and shall be enforceable against any owner who violates a covenant or restriction and each successor -in-interest who continues the violation by any of the entities described in subdivisions (a) to (f), inclusive, of Section 54222.5 of the California Government Code.
EXHIBIT "C"
174605v1
IN WITNESS WHEREOF, the parties have executed this Agreement at Fresno, California, on the Effective date of this Agreement as defined above.
CITY OF FRESNO,
A California municipal corporation
By:
Georgeanne A. White
City Manager
APPROVED AS TO FORM:
ANDREW JANZ
City Attorney
By:
Kelsey A. Seib Date
Deputy City Attorney
ATTEST:
TODD STERMER, CMC
City Clerk
By:
Date
Deputy
ABBEY TRANSPORTATION SYSTEM,
INC., a California corporation
By:
H.R. Sawl
President and Secretary
EXHIBIT "C"