2503 HOWARD AVE 2022-06-28 - Laserfiche WebLink

3/24/2022 Landmark Web Official Records Search 202109300425 Document:COVENANTS Rec:$220.50 Page-3 of 18 Record Date:9/30/2021 12:45 PM Snohomish County,WA The Agency shall provide eight 2-bedroom units, targeted to Very Low Income households that have annual incomes at or below 50%of Area Median Income(AMI)for the HUD Seattle- Bellevue FMR("Fair Market Rents")area. 4 2. For the term of the HOME' compliance Period, as defined in Section LG of the Loan Agreement, four 2 bedrootd_units, in the Property shall be Low-HOME, floating HOME- Assisted Units, as defined in,Itift Loan Agreement. The HOME-Assisted Units shall include four (4) units at 50% AMI. HOME-Assisted Units shall serve Very Low Income households. :,, The maximum monthly rent and utilrt i rbwance and the tenant household income limits for the HOME-Assisted Units shall be esr,,,tished annually by the Owner in conformance with the Loan Agreement and the Department oHaasing and Urban Development HOME Investment Partnership Act Program Regulations. Following the completion of the HOME Program Compliance Period, these HOME-Assisted: Mra is shall be City-Assisted Units, and remain affordable until the End Date of the Loan Agreem nt, and shall be operated in compliance with the terms of this Loan Agreement. 3. For the term of the City Compliance Period, as defintit in Section I.G of the Loan Agreement, the initial City-Assisted Units shall include four(4),24iellroom units.The City-Assisted units shall be affordable to households at 50%AMI and shill erve low income households. , Upon completion of the HOME Compliance Period, he•,•HOME-Assisted Units will be designated as City-Assisted Units,which shall then total eigh (` )units,and remain affordable through the City Compliance Period, and shall be operated ; pmpliance with the terms of this Loan Agreement. 4. The maximum monthly rent and utility allowance and the tenant s old income limits for the City-Assisted Units shall be established annually by the Ownemonformance with the Loan Agreement and Income limits,are those set as established and revised periodically by the U.S.Department of Housing and Urban Development,based upon median incomes in the Seattle-Bellevue, WA HUD Metro FMR area, and adjusted to household size, or such other standards as the City may determine. 5. The Owner will provide safe and sanitary housing and will comply with all state and local housing codes, nondiscrimination, licensing requirements,and other requirements regarding the condition of the structure and the operation of rental housing in the jurisdiction in which the housing is located. 6. The Owner will keep any records and make any reports relating to compliance with this Covenant Agreement that the City may reasonably require. The Owner will make annual reports and certifications to the City in such form and with such accompanying documentation, and on such dates as the City may require. 7. The Owner hereby irrevocably grants an easement in gross to the City and its agents and employees,for the duration of this Covenant Agreement,to enter the Property during business hours on reasonable notice,subject to the rights of residential tenants and applicable landlord- tenant law, to inspect the condition of the Property, to interview tenants of the Property and verify income information and any other matters relevant to this Covenant Agreement,and to inspect and copy any documents maintained by Owner or its agents relevant to this Covenant Agreement. Exhibit E Housing Hope Page 2 of 7 https://www.snoco.org/RecordedDocuments/search/index?theme=.blue&section=searchCriteriaParcelld&quickSearchSelection=# 3/18