3402 COLBY AVE 2023-12-07 - Laserfiche WebLink

concurrence of the City and Grantor or assigns. * [HousingCovenant(use if applicable)]. The Grantor was provided a reduction to off-street parking required for development of this property based on a commitment that residential units would be reserved for residents that meet income or age restrictions as set forth in the table below. Unit Size Age No income Total Units Restricted or age Income Restricted Units Units restricted Senior(55 units <=30%AMI <=60%AMI 4-) Studio 1-bedroom 2-bedroom 3-bedroom 4-bedroom TOTALS 3 • Income Restricted Units. Grantor covenants that the present or any future occupant of the Income Restricted Units of the Property shown in the table above will be rented to households who at the time of initial occu art hav ss artnual household incomes at or below the Area Median Income (AMI) for Everett,WA,adjust4jqjusing size,as estimated fr m time to time b -the United States Department of Housing and Urban Development("HUD"). If HUD ceases to provide such estimates of median income, then median income shall mean such comparable figure for Everett, Washington published or reported by a federal. state,or local a.encv as Grantee shall select, • Age Restricted Units. Grantor covenants that the present or any,future occupant of the Age Restricted Units of the Property shown in the table above will be rented to households who at the time of initial occupancy are fifty-five(55)years of age or older, and consistent with all laws and regulations regarding Fair Housing. • Duration. This Housing Covenant will remain in effect until such time as additional parking is rovided to meet off-street arkin re uirements of the(, iyjiflji such time as the Cityreleases the Grantor from this Housing Covenant. • [Shared Parking Covenant(use if applicable)]. The Grantor was provided a reduction to off-street parking required for development of this property based on.a Shared Parking Agreement between multi- tenant sites and/or nearby properties. The shared parking was approved by the City in an agreement dated [insert date] and on file with the City.The agreement is binding on future changes to use of the Property as set forth in the Shared Parking Agreement. * Enforcement of Covenant(s). • Th i1yshalUive the ri ht to ruojbQpcIiy at reasonable times in otxler to monitor Grantor's compliance with,and to enforce the terms of,this Restrictive Covenant,and to do all things necessary to identifyand monitor compliance with the TDM [,housing covenant, or shared 3 (i) _„„