Common use of Affordable Housing Clause in Contracts

Affordable Housing. Owner shall set aside and reserve ten percent (10%) of the total multifamily residential units located in the Project as affordable housing units consistent with the terms set forth herein, for Income Eligible Residents earning in the aggregate no more than sixty percent (60%) of AMI. The published income limits will be adjusted by household size. The income limits will be adjusted annually according to the HUD published limits. To that end, no fewer than the number of multifamily units in the Project set forth in the table below shall, pursuant to the terms and conditions of a Land Use Restriction Agreement (i.e., the “XXXX”) in substantially the form attached hereto as “Attachment 1” to this Schedule P and incorporated herein by reference. Capitalized terms used but not defined in this Schedule but which are defined in the XXXX shall have the same meaning herein as therein. Each Phase of the Project shall have no few than the number of Affordable Housing Units allocated to it in in the table below. The table is as follows: PHASES AFFORDABLE HOUSING UNITS ALLOCATED TO PHASE PHASE 1 446 PHASE 2 300 PHASE 3 240 986 PRO FORMA TOTAL MULTIFAMILY UNITS IN THE PROJECT 10% 99 TOTAL AFFORDABLE UNITS Each such Affordable Unit in a Phase will be made available for a period of time not less than twenty (20) years following the date on which the last multifamily building of a Phase receives a permanent certificate of occupancy (each, an “Affordable Housing Compliance Period”), to Income Eligible Residents as defined in the XXXX. Such requirements shall be referred to with respect to each Phase as the “Affordable Housing Requirements.” The foregoing Affordable Housing Requirements will be set forth in the XXXX in such form as is consistent with the then applicable practices of ACC for similar affordable housing transactions, provided that such form does not alter the Affordable Housing Requirements set forth in this Agreement, permits transferability and release consistent with Section 12.4 hereof, and does not increase the obligations of Owner, its successors and assigns. The current form of XXXX is attached “Attachment 1” to this Schedule P. Upon approval of a subsequent form of XXXX by ACC and review and approval by the Owner consistent with the foregoing, the subsequent form of the XXXX may be affixed hereto as “Attachment 1” to this Schedule P without further amendment to this Agreement. The XXXX shall be recorded in the Athens-Xxxxxx County land records in customary fashion upon the submission of the initial and Requisition and shall be recorded only against the applicable parcel on which such units are constructed. The Affordable Housing Requirements are part of this Agreement, and the failure by Owner to comply with same shall be an Event of Default under this Agreement. The Affordable Housing Requirements shall terminate with respect to each such Phase of the Project, respectively, upon conclusion of the Affordable Housing Compliance Period for such Phase as set forth in the applicable XXXX. For purposes of compliance with O.C.G.A. §44-5-60, the parties understand and agree that no XXXX will have a period greater than 20 years, but that this Agreement shall automatically terminate upon the expiration of a XXXX if simultaneously therewith Owner does not enter into a new, replacement XXXX that extends for the lesser of 20 years or the period necessary that the 20 year Affordability Housing Requirements are satisfied on a cumulative basis. Attachment 1

Affordable Housing. Owner shall set aside and reserve ten percent (10%) of the total multifamily residential units located in the Project as affordable housing units consistent with the terms set forth herein, for Income Eligible Residents earning in the aggregate no more than sixty eighty percent (6080%) of AMI. The published income limits will be adjusted by household size. The income limits will be adjusted annually according to the HUD published limits. To that end, no fewer than the number of multifamily units in the Project set forth in the table below shall, pursuant to the terms and conditions of a Land Use Restriction Agreement (i.e., the “XXXX”) in substantially the form attached hereto as “Attachment 1” to this Schedule P and incorporated herein by reference. Capitalized terms used but not defined in this Schedule but which are defined in the XXXX shall have the same meaning herein as therein. Each Phase of the Project shall have no few than the number of Affordable Housing Units allocated to it in in the table below. The table is as follows: PHASES AFFORDABLE HOUSING UNITS ALLOCATED TO PHASE PHASE 1 446 PHASE 2 300 PHASE 3 240 986 PRO FORMA TOTAL MULTIFAMILY UNITS IN THE PROJECT 10% 99 TOTAL AFFORDABLE UNITS Each such Affordable Unit in a Phase will be made available for a period of time not less than twenty forty (2040) years following the date on which the last multifamily building of a Phase receives a permanent certificate of occupancy (each, an “Affordable Housing Compliance Period”), to Income Eligible Residents as defined in the XXXX. Such requirements shall be referred to with respect to each Phase as the “Affordable Housing Requirements.” The foregoing Affordable Housing Requirements will be set forth in the XXXX in such form as is consistent with the then applicable practices of ACC for similar affordable housing transactions, provided that such form does not alter the Affordable Housing Requirements set forth in this Agreement, permits transferability and release consistent with Section 12.4 hereof, and does not increase the obligations of Owner, its successors and assigns. The current form of XXXX is attached “Attachment 1” to this Schedule P. Upon approval of a subsequent form of XXXX by ACC and review and approval by the Owner consistent with the foregoing, the subsequent form of the XXXX may be affixed hereto as “Attachment 1” to this Schedule P without further amendment to this Agreement. The XXXX shall be recorded in the Athens-Xxxxxx County land records in customary fashion upon the submission of the initial and Requisition and shall be recorded only against the applicable parcel on which such units are constructed. The Affordable Housing Requirements are part of this Agreement, and the failure by Owner to comply with same shall be an Event of Default under this Agreement. The Affordable Housing Requirements shall terminate with respect to each such Phase of the Project, respectively, upon conclusion of the Affordable Housing Compliance Period for such Phase as set forth in the applicable XXXX. For purposes of compliance with O.C.G.A. §44-5-60, the parties understand and agree that no XXXX will have a period greater than 20 years, but that this Agreement shall automatically terminate upon the expiration of a XXXX if simultaneously therewith Owner does not enter into a new, replacement XXXX that extends for the lesser of 20 years or the period necessary that the 20 40 year Affordability Housing Requirements are satisfied on a cumulative basis. Attachment 1

Affordable Housing. Owner shall set aside and reserve ten percent (10%) The County has determined that the Project proposed by Developer as amended by the Second Amendment is subject to a requirement to provide 20.5 Affordable Unit Equivalents under the policies for affordable housing in the Snyderville Basin Development Code as of the total multifamily residential units located in the Project as affordable housing units consistent with the terms set forth herein, for Income Eligible Residents earning in the aggregate no more than sixty percent (60%) date of AMI. The published income limits will be adjusted by household size. The income limits will be adjusted annually according to the HUD published limits. To that end, no fewer than the number of multifamily units in the Project set forth in the table below shall, pursuant to the terms and conditions of a Land Use Restriction this Agreement (i.e., the “XXXX”) in substantially the form attached hereto as “Attachment 1” to this Schedule P and incorporated herein by reference. Capitalized terms used but not defined in this Schedule but which are defined in the XXXX shall have the same meaning herein as therein. Each Phase of the Project shall have no few than the number of Affordable Housing Units allocated to it in in the table below. The table is as follows: PHASES AFFORDABLE HOUSING UNITS ALLOCATED TO PHASE PHASE 1 446 PHASE 2 300 PHASE 3 240 986 PRO FORMA TOTAL MULTIFAMILY UNITS IN THE PROJECT 10% 99 TOTAL AFFORDABLE UNITS Each such Affordable Unit in a Phase will be made available for a period of time not less than twenty (20) years following the date on which the last multifamily building of a Phase receives a permanent certificate of occupancy (each, an “Affordable Housing Compliance Period”), to Income Eligible Residents as defined in the XXXX. Such requirements shall be referred to with respect to each Phase as the “Affordable Housing Requirements.” The foregoing Policies”), which Affordable Housing Requirements Policies shall be deemed vested as of the date of the Second Amendment. In addition to reserving the right to comply with the Affordable Housing Policies in any other manner and with any other configuration of units allowed under the Affordable Housing Policies, Developer shall satisfy the Affordable Housing Policies byreserves the right to constructing 20 one-bedroom rental units 15.38 rental AUE’s on the Project Site within a second story to Building “B” in the a one bedroom configuration shown on Exhibit “B,” to the Second Amendment and renting such units to individuals and households meeting the 50% of area median income limitation provided in the Affordable Housing Policies. The construction and operation of such rental units will provide 16 Affordable Unit Equivalents (“AUEs”), which is in excess of the project’s requirement to construct 15.38 AUEs (calculated based on a 20.5 AUE requirement after being credited with a 25% reduction in AUEs for complying with the 50% of area median income limitation provided in the Affordable Housing Policies). The design of the AUEs shall be as approved by the County and included in Exhibit “BC” to the Second Amendment. Developer may retain ownership of the units constructed on the Project Site. The approval of the construction of the Affordable Unit Equivalents in the quantity and configuration set forth in the XXXX in such form as is consistent Exhibit “BC” shall be subject to Developer’s compliance with the then applicable practices of ACC for similar affordable housing transactions, operating and deed restriction provisions provided that such form does not alter in the Affordable Housing Requirements set forth Policies, including in this Agreement, permits transferability and release consistent with Code Section 12.4 hereof, and does not increase the obligations of Owner, its successors and assigns. The current form of XXXX is attached “Attachment 1” to this Schedule P. Upon approval of a subsequent form of XXXX by ACC and review and approval by the Owner consistent with the foregoing, the subsequent form of the XXXX may be affixed hereto as “Attachment 1” to this Schedule P without further amendment to this Agreement. The XXXX shall be recorded in the Athens-Xxxxxx County land records in customary fashion upon the submission of the initial and Requisition and shall be recorded only against the applicable parcel on which such units are constructed. The Affordable Housing Requirements are part of this Agreement, and the failure by Owner to comply with same shall be an Event of Default under this Agreement. The Affordable Housing Requirements shall terminate with respect to each such Phase of the Project, respectively, upon conclusion of the Affordable Housing Compliance Period for such Phase as set forth in the applicable XXXX. For purposes of compliance with O.C.G.A. §4410-5-603, except to the parties understand and agree that no XXXX will have extent a period greater than 20 yearsspecific exception approval is reflected in the following paragraphs. It is the public policy of Summit County to house employees as close to the workplace as possible, but that thereby reducing traffic congestion. In order to assure compliance with this Agreement policy, Developer shall automatically terminate upon the expiration of a XXXX if simultaneously therewith Owner does not enter into a newan agreement (the “Affordable Housing Agreement”) with Mountainlands Community Housing Trust (MCHT) or another qualified entity approved by the County, replacement XXXX that extends for setting forth the lesser of 20 years or the period necessary that the 20 year Affordability Housing Requirements are satisfied on a cumulative basis. Attachment 1following priorities:

Affordable Housing. Owner shall The Project is not utilizing the affordable housing incentives allowed in Division 10 -30.20 of the City of Flagstaff Zoning Code, but the Developer desires to provide affordable housing units as described herein. Upon completion of development of the Project, Developer agrees to comply with the Affordability Plan set forth in Exhibit “E”, attached hereto and incorporated by this reference. The purpose of these requirements is to ensure that the Developer sets aside and reserve ten percent (10%) of the total multifamily residential overall unit count (22 out of 224 units) as income-restricted rental units located for households earning, on average, up to eighty percent (80%) of the Area Media Income (“AMI”), but in no event exceed one hundred percent (100%) AMI, as defined by the Project as United States Department of Housing and Urban Development (“HUD”), or its successors. These affordable housing units consistent with must be maintained for thirty years from the terms date the affordable units are placed into service. Rental rates for the affordable units will be set forth herein, for Income Eligible Residents earning in the aggregate at no more than sixty thirty percent (6030%) of AMIthe qualified tenant’s gross household income. Apart from the AMI thresholds set forth above, additional x x x gibility criteria and other requirements will be developed in more detail in the Affordability Plan and can be modified only with the express written consent of the Housing Director. The published Affordability Plan only applies to the affordable units. At the expiration thirty years from the date the affordable units are placed into service, the Affordability Plan expires and there will be no further obligations associated therewith. For avoidance of doubt, Developer shall have no obligation to comply with the Affordability Plan, or provide affordable housing, unless and until Developer develops pursuant to this Agreement and the rezoning entitlements described above. Nothing herein shall actually require Developer to proceed with the Project. Developer’s property manager shall not discriminate against an applicant’s source of income and will accept HUD Housing Choice Vouchers and Veterans Affairs Supportive Housing (“VASH”) Vouchers. No limits will be adjusted by household size. The income limits will be adjusted annually according to the HUD published limits. To that end, no fewer than set on the number of multifamily units in vouchers accepted at the Project set forth in Project. Standards for applicant income shall be waived for voucher holders, as the table below shall, pursuant to rent affordability is reviewed and determined by the terms and conditions of Flagstaff Housing Authority. Applicants that already possess a Land Use Restriction Agreement (i.e., the “XXXX”) in substantially the form attached hereto as “Attachment 1” to this Schedule P and incorporated herein by reference. Capitalized terms used but not defined in this Schedule but which are defined in the XXXX shall have the same meaning herein as therein. Each Phase of the Project shall have no few than the number of Affordable Housing Units allocated to it in in the table below. The table is as follows: PHASES AFFORDABLE HOUSING UNITS ALLOCATED TO PHASE PHASE 1 446 PHASE 2 300 PHASE 3 240 986 PRO FORMA TOTAL MULTIFAMILY UNITS IN THE PROJECT 10% 99 TOTAL AFFORDABLE UNITS Each such Affordable Unit voucher will be placed in a Phase will be made available market rate unit. Property management shall allow a tenant to break the lease on an affordable unit without penalty if awarded a Housing Choice Voucher or VASH Voucher, at which time the tenant may sign a new 12-month lease for a period of time not less than twenty (20) years following the date on which the last multifamily building of a Phase receives a permanent certificate of occupancy (each, an “Affordable Housing Compliance Period”), to Income Eligible Residents as defined in the XXXX. Such requirements shall be referred to with respect to each Phase as the “Affordable Housing Requirementsmarket rate rent.” The foregoing Affordable Housing Requirements will be set forth in the XXXX in such form as is consistent with the then applicable practices of ACC for similar affordable housing transactions, provided that such form does not alter the Affordable Housing Requirements set forth in this Agreement, permits transferability and release consistent with Section 12.4 hereof, and does not increase the obligations of Owner, its successors and assigns. The current form of XXXX is attached “Attachment 1” to this Schedule P. Upon approval of a subsequent form of XXXX by ACC and review and approval by the Owner consistent with the foregoing, the subsequent form of the XXXX may be affixed hereto as “Attachment 1” to this Schedule P without further amendment to this Agreement. The XXXX shall be recorded in the Athens-Xxxxxx County land records in customary fashion upon the submission of the initial and Requisition and shall be recorded only against the applicable parcel on which such units are constructed. The Affordable Housing Requirements are part of this Agreement, and the failure by Owner to comply with same shall be an Event of Default under this Agreement. The Affordable Housing Requirements shall terminate with respect to each such Phase of the Project, respectively, upon conclusion of the Affordable Housing Compliance Period for such Phase as set forth in the applicable XXXX. For purposes of compliance with O.C.G.A. §44-5-60, the parties understand and agree that no XXXX will have a period greater than 20 years, but that this Agreement shall automatically terminate upon the expiration of a XXXX if simultaneously therewith Owner does not enter into a new, replacement XXXX that extends for the lesser of 20 years or the period necessary that the 20 year Affordability Housing Requirements are satisfied on a cumulative basis. Attachment 1

Affordable Housing. Owner shall set aside and reserve ten percent (10%) of the total multifamily residential units located in the Project as affordable housing units consistent with the terms set forth herein, for Income Eligible Residents earning in the aggregate no more than sixty eightysixty percent (608060%) of AMI. The published income limits will be adjusted by household size. The income limits will be adjusted annually according to the HUD published limits. To that end, no fewer than the number of multifamily units in the Project set forth in the table below shall, pursuant to the terms and conditions of a Land Use Restriction Agreement (i.e., the “XXXX”) in substantially the form attached hereto as “Attachment 1” to this Schedule P and incorporated herein by reference. Capitalized terms used but not defined in this Schedule but which are defined in the XXXX shall have the same meaning herein as therein. Each Phase of the Project shall have no few than the number of Affordable Housing Units allocated to it in in the table below. The table is as follows: PHASES AFFORDABLE HOUSING UNITS ALLOCATED TO PHASE PHASE 1 446 PHASE 2 300 PHASE 3 240 986 PRO FORMA TOTAL MULTIFAMILY UNITS IN THE PROJECT 10% 99 TOTAL AFFORDABLE UNITS Each such Affordable Unit in a Phase will be made available for a period of time not less than twenty forty (40twenty (20) years following the date on which the last multifamily building of a Phase receives a permanent certificate of occupancy (each, an “Affordable Housing Compliance Period”), to Income Eligible Residents as defined in the XXXX. Such requirements shall be referred to with respect to each Phase as the “Affordable Housing Requirements.” The foregoing Affordable Housing Requirements will be set forth in the XXXX in such form as is consistent with the then applicable practices of ACC for similar affordable housing transactions, provided that such form does not alter the Affordable Housing Requirements set forth in this Agreement, permits transferability and release consistent with Section 12.4 hereof, and does not increase the obligations of Owner, its successors and assigns. The current form of XXXX is attached “Attachment 1” to this Schedule P. Upon approval of a subsequent form of XXXX by ACC and review and approval by the Owner consistent with the foregoing, the subsequent form of the XXXX may be affixed hereto as “Attachment 1” to this Schedule P without further amendment to this Agreement. The XXXX shall be recorded in the Athens-Xxxxxx County land records in customary fashion upon the submission of the initial and Requisition and shall be recorded only against the applicable parcel on which such units are constructed. The Affordable Housing Requirements are part of this Agreement, and the failure by Owner to comply with same shall be an Event of Default under this Agreement. The Affordable Housing Requirements shall terminate with respect to each such Phase of the Project, respectively, upon conclusion of the Affordable Housing Compliance Period for such Phase as set forth in the applicable XXXX. For purposes of compliance with O.C.G.A. §44-5-60, the parties understand and agree that no XXXX will have a period greater than 20 years, but that this Agreement shall automatically terminate upon the expiration of a XXXX if simultaneously therewith Owner does not enter into a new, replacement XXXX that extends for the lesser of 20 years or the period necessary that the 20 4020 year Affordability Housing Requirements are satisfied on a cumulative basis. Attachment 1

Affordable Housing. Owner shall set aside and reserve ten percent (10%) of the total multifamily residential units located in the Project as affordable housing units consistent with the terms set forth herein, for Income Eligible Residents earning in the aggregate no more than sixty eighty percent (6080%) of AMI. The published income limits will be adjusted by household size. The income limits will be adjusted annually according to the HUD published limits. To that end, no fewer than the number of multifamily units in the Project set forth in the table below shall, pursuant to the terms and conditions of a Land Use Restriction Agreement (i.e., the “XXXX”) in substantially the form attached hereto as “Attachment 1” to this Schedule P and incorporated herein by reference. Capitalized terms used but not defined in this Schedule but which are defined in the XXXX shall have the same meaning herein as therein. Each Phase of the Project shall have no few than the number of Affordable Housing Units allocated to it in in the table below. The table is as follows: PHASES AFFORDABLE HOUSING UNITS ALLOCATED TO PHASE PHASE 1 446 PHASE 2 300 PHASE 3 240 986 PRO FORMA TOTAL MULTIFAMILY UNITS IN THE PROJECT 10% 99 TOTAL AFFORDABLE UNITS Each such Affordable Unit in a Phase will be made available for a period of time not less than twenty forty (2040) years following the date on which the last multifamily building of a Phase receives a permanent certificate of occupancy (each, an “Affordable Housing Compliance Period”), to Income Eligible Residents as defined in the XXXX. Such requirements shall be referred to with respect to each Phase as the “Affordable Housing Requirements.” The foregoing Affordable Housing Requirements will be set forth in the XXXX in such form as is consistent with the then applicable practices of ACC for similar affordable housing transactions, provided that such form does not alter the Affordable Housing Requirements set forth in this Agreement, permits transferability and release consistent with Section 12.4 hereof, and does not increase the obligations of Owner, its successors and assigns. The current form of XXXX is attached “Attachment 1” to this Schedule P. Upon approval of a subsequent form of XXXX by ACC and review and approval by the Owner consistent with the foregoing, the subsequent form of the XXXX may be affixed hereto as “Attachment 1” to this Schedule P without further amendment to this Agreement. The XXXX shall be recorded in the Athens-Xxxxxx Clarke County land records in customary fashion upon the submission of the initial and Requisition and shall be recorded only against the applicable parcel on which such units are constructed. The Affordable Housing Requirements are part of this Agreement, and the failure by Owner to comply with same shall be an Event of Default under this Agreement. The Affordable Housing Requirements shall terminate with respect to each such Phase of the Project, respectively, upon conclusion of the Affordable Housing Compliance Period for such Phase as set forth in the applicable XXXX. For purposes of compliance with O.C.G.A. §44-5-60, the parties understand and agree that no XXXX will have a period greater than 20 years, but that this Agreement shall automatically terminate upon the expiration of a XXXX if simultaneously therewith Owner does not enter into a new, replacement XXXX that extends for the lesser of 20 years or the period necessary that the 20 40 year Affordability Housing Requirements are satisfied on a cumulative basis. Attachment 1