RECORDING REQUESTED BY:
City of Merced, A California charter
municipal corporation
WHEN RECORDED MAIL TO:
City of Merced
City Clerk
678 West 18th Street
Merced, California 95340
Exempt Recording Per Gov't Code
Section 6103
(Above for Recorder's Use Only)
NOTICE OF AFFORDABILITY RESTRICTIONS ON
TRANSFER OF PROPERTY
In Respect of the
CITY OF MERCED
AMERICAN RESCUE PLAN ACT
CORONAVIRUS LOCAL FISCAL RECOVERY FUNDS
(Devonwood Apartments Project)
NOTICE: Restrictions have been recorded restricting the price and terms at which the real property described below in this Notice ("Property") may be sold or rented. These affordability restrictions may limit the sales price or rents of the Property to an amount that is less than the fair narket value of such amounts for the Property and limit the persons and households who ar ermitted to purchase or rent the Property to persons or households with certain income levels Recorded Document Containing Affordability Restrictions ("Affordability Restrictions") recorded (check one):
as document No. official records of
Merced County on ; or
Regulatory Agreement and Declaration of Restrictive Covenants (the Regulatory Agreement") relating to a grant from Coronavirus Local Fisca ecovery Funds established under the American Rescue Plan Act, recorde concurrent with this Notice, official records of Merced County.
Name of Agency: City of Merced
Name of Property Owner: Devonwood Apartments LP
Property Legal Description: See Attached Legal Description Property Street Address: 1535 Devonwood Drive, Merced, California 95348 Property Assessor's Parcel Numbers: 058-220-048
Affordability Restrictions Summary (check as applicable):
The Affordability Restrictions Restrict the amount of rent that may be charged for rental housing units on the Property, as follows, subject to the provisions of the Regulatory Agreement:
Rent charged to tenants of seventeen (17) Restricted Units shall not exceed one-twelfth (1/12) of thirty percent (30%) of thirty percent (30%) of Area Median Income for Merced County as published by the United States Department of Housing and Urban Development, Adjusted for Family Size Appropriate for the Unit.
The Affordability Restrictions restrict the sales price that may be charged for sale of one or more housing units on the-Property, as follows:
The Affordability Restrictions restrict the income level of tenants or purchasers of the Property, as follows:
Seventeen (17) Restricted Units (eleven (11) one-bedroom units and six (6) two- bedroom units) are rented to households with incomes at or below thirty percent (30%) of the Area Median Income for Merced County, with adjustments for family size, as determined from time to time by the U.S. Department of Housing and Urban Development pursuant to the United States Housing Act of 1937.
The Affordability commence on the date a certificate of occupancy is issued for the property and terminates after fifty-five (55) years from the date a final certificate of occupancy is issued for the property.
This Notice is recorded pursuant to and in compliance with California Government Code Section 27287.
[Signatures on Next Page]
CITY OF MERCED
A California Charter Municipal Corporation
BY:
D. Scott McBride,
City Manager
ATTEST:
D. SCOTT MCBRIDE, CITY CLERK
BY:
Assistant/Deputy City Clerk
APPROVED AS TO FORM:
CRAIG J. CORNWELL, CITY ATTORNEY
ACCOUNT DATA:
M. VENUS RODRIGUEZ, FINANCE OFFICER
BY:_
Verified by Finance Officer
DEVELOPER/PROPERTY OWNER:
DEVONWOOD APARTMENTS, LP, a Delaware
limited partnership
By: CVCAH Devonwood Apartments, LLC, a California
limited liability company, its managing general partner By: Central Valley Coalition for Affordable Housing,
a California non-profit public benefit corporation,
its manager
By:
Christina Alley
Chief Executive Officer
By: Devonwood GP, LLC, a Delaware limited liability
company, its administrative general partner
By: TRG Devonwood Member, LLC, a Delaware
limited liability company, its sole member and
manager
By:
Rick Westberg
Executive Vice President
By: The Richman Group of California Development
Company LLC, a California limited liability company,
its co-general partner
By:
Rick Westberg
Executive Vice President
CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT
A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document.
State of California
County of
On _, before me,
(insert name and title of the officer)
Personally appeared
who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/the ir signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.
I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct.
WITNESS my hand and official seal.
Signature (Seal)
CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT
A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document.
State of California
County of
On _ before me, _
(insert name and title of the officer)
Personally appeared
who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/the ir signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.
I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct.
WITNESS my hand and official seal.
Signature _ (Seal)
Exhibit A - LEGAL DESCRIPTION