(b) In order to be eligible for financing under this chapter, the participating college shall certify to the board both of the following:

1. (1) The student housing project is designed or will be designed to include, at a minimum, the number of beds for low-income students specified in a participating college’s application submitted pursuant to Section 17201 of the Education Code, as may be adjusted pursuant to subdivision (f) of Section 15820.202.

2. (2) The rent for the beds for low-income students as described in paragraph (1) shall not exceed 30 percent of 50 percent of the area median income for a single-room occupancy unit type, as may be adjusted pursuant to paragraph (3) of subdivision (b) of Section 15820.203.

   1. (d)
   2. (1) Before any disposition of a site for purposes of financing under this chapter, the participating college shall record a covenant or restriction against the student housing project, in a form acceptable to the board, stating, in substance, that the affordability restrictions in subdivision (b) shall run with the land and be enforceable against the participating college that violates the affordability restriction and each successor in interest who continues the violation.
   3. (2) The covenant or restriction shall expressly provide that the affordability restrictions shall be enforceable for the life of the student housing project and shall survive the termination of the leases, subleases, or other agreements entered into by the participating college pursuant to Section 15820.203.