RECORDING REQUESTED BY:
City of Merced, A California charter
municipal corporation
WHEN RECORDED MAIL TO:
City of Merced
City Clerk
678 West 18t 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
COMMUNITY DEVELOPMENT BLOCK GRANT LOAN
(Devonwood Apartments)
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 market value of such amounts for the Property and limit the persons and households who are permitted 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 ending take OD second Connent it
this Notice, official records of Merced County.
Name of Agency: City of Merced
Name of Property Owner: Devonwood Apartments, L.P.
1 Property Legal Description: See Attached legal Description Property Street Address: 1535 Devonwood Drive, Merced, CA 95348 Property Assessor's Parcel Number: 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:
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 ("AMI") 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) units shall be restricted for occupancy for occupancy by households with incomes at or below thirty percent (30%) of thirty percent (30%) of the Area Median Income ("AMI") 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 commence on the date a certificate of occupancy is issued for the property and terminates after fifty-five (55) years from the date a certificate of occupancy is issued for the property.
This Notice is recorded pursuant to and in compliance with Health and Safety Code Section 33334.3 (f)(3) and (4) and California Government Code Section 27287. This Notice is conjoined with CA AB 382, Chapter 596.
[Signatures on Next Page]
2 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
BY: Grain Cornwell 1/4/24
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
3 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
4 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 capacitylies), and that by his/her/their 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. 5 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 underthe 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
6