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households in accordance with 42 USCA S 12705 ("McKinney Assisted Units"). McKinney Assisted Units shall be subject to, and included in, the affordability requirements of Section 2.3 and Exhibit B. Any residential Project unit may be substituted for another Project unit and designated as a McKinney Assisted unit in order to maintain conformity with the requirements of this section. The requirements of this Section 2.2 are separate and distinct from the requirements of Section 2.1. 2.3 Affordability Requirements. For a term of fifty-five (55) years commencing upon the Effective Date, subject to the Four-year Transition Period, no fewer than twelve (12) residential units shall be both Rent-Restricted (as defined below) and occupied (or if vacant, available for occupancy) by Very Low~income Eligible Households in accordance with Exhibit B, and no fewer than thirteen (13) residential units in the Project shall be both Rent-Restricted and occupied (or if vacant, available for occupancy) by Eligible Households whose income does not exceed Extremely Low-Income in accordance with Exhibit B. No later than the end ofthe Four-year Transition Period, all twenty-five (25) residential units shall be Rent-Restricted to Eligible Households whose income does not exceed Very Low-Income or Extremely Low- Income in accordance with Exhibit B for the remaining term of this Agreement. In the event that recertification of tenant incomes indicates that the number of Restricted Units actually occupied by Eligible Households falls below the number reserved for each income group as specified in this Section and Exhibit B, Owner shall rectifY the condition by renting the next available residential unites) in the Project to Eligible Household(s) until the required income mix is achieved. A residential unit shall qualify as "Rent-Restricted" if the gross rent charged for such unit does not exceed the Qualifying Rent for the applicable household income category as set forth in Exhibit B, as adjusted for assumed household size in accordance with California Health and Safety Code S 50105. 2.4 Rents for Restricted Units. Subject to the Four-year Transition Period, rents for Restricted Units shall be limited to Qualifying Rents. Notwithstanding the foregoing, no tenant qualifying for a Restricted Unit shall be denied continued occupancy of a unit in the Project because, after admission, such tenant's adjusted income increases to exceed the qualifying limit for such Restricted Unit. A household which at initial occupancy qualifies as Very Low-Income or Extremely Low-Income shall be treated as continuing to be of Very Low-Income, or Extremely Low~Income, as applicable, so long as the household's income does not exceed 140% of the applicable income limit. 2.5 Unit Sizes. Design and Location. The Restricted Units shall consist of sixteen (16) studio apartments and nine (9) one bedroom apartments, allocated among affordability categories as set forth in Exhibit B. 2.6 No Condominium Conversion. Owner shall not convert the Project to condominium or cooperative ownership or sell condominium or cooperative rights to the Project during the term of this Agreement. 817718-5 5