3402 COLBY AVE 2023-12-12 - Laserfiche WebLink

concurrence of the City and Grantor or assigns. • ['Housing Covenant(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%AM 1 <-40%AMI Studio 1-bedroom 2 bedroom 3-bedroom 4-bedroom TOTALS • 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 occupancy have gross annual household incomes at or below the Area Median Income fAMI) for Everett,WA, adjusted for housing size, as estimated from time to time by the United States Department of Housing and Urban Development("1-1UD").If HUD ceases to provide such estimates of median income then median income shall mean such con able fi ure for Everett Washintoii. iblished or re orted b a federal state or local agenc 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 provided to meet off-street parking requirements of the City,or until such time as the City releases 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). • The City shall have the right to enter upon the Property at reasonable times in order to monitor Grantor's compliance with,and to enforce the terms of,this Restrictive Covenant,and to do all thin necess to identiiind monitor com Hance with the TDM housin covenant or shared 3 1 Co