Laserfiche WebLink
Notwithstanding anything to the contrary contained in this Agreement, if the <br />terms of financing for the Project restrict a greater number of units than restricted by <br />this Agreement or require stricter affordability requirements than those imposed hereby, <br />the requirements of such other financing shall prevail for the term thereof. <br />2.2 Rents for Restricted Units. Rents for Restricted Units shall be limited to <br />Affordable Rents for households of the applicable income limit in accordance with <br />Section 2.1 and Exhibit B. Notwithstanding the foregoing, no tenant qualifying for a <br />Restricted Unit shall be denied continued occupancy of a unit in the Project because, <br />after admission, such tenant's adjusted income increases to exceed the qualifying limit <br />for such Restricted Unit. A household which at initial occupancy qualifies as Very Low- <br />Income or whose household income is less than or equal to 90% of AMI, shall be <br />treated as continuing to be of such income category so long as the household's gross <br />income does not exceed 140% of the applicable income limit. In the event the gross <br />household income of a household that qualified as Very Low-Income or whose <br />household income is less than or equal to 90% of AMI at initial occupancy exceeds the <br />applicable income limit for a unit, that unit will continue to be considered as satisfying <br />the applicable income limit if the unit remains Rent-Restricted, subject to Section 2.2.1. <br />2.2.1 If upon recertification of tenant incomes, Owner determines that a <br />Very Low Income tenant's household income has increased and exceeds the qualifying <br />income for a Very Low Income Unit but does not exceed the maximum qualifying <br />income fora 90% Unit, then, upon expiration of the tenant's lease: <br />(i) Such tenant's unit shall be considered a 90% Unit; <br />(ii) Upon sixty (60) days' written notice to the tenant, such <br />tenant's rent may be increased to the lesser of (a) an Affordable Rent fora 90% <br />Unit, (b) the maximum rent permitted pursuant to Health and Safety Code <br />Section 50053(b), and (c) the fair market rent for the unit; and <br />(iii) Owner shall rent the next available unit at an Affordable <br />Rent to a household whose gross household income does not exceed Very Low <br />Income. <br />If upon recertification of tenant incomes, Owner determines that a Very <br />Low Income or a 90%AMI tenant's household income has increased and <br />exceeds the qualifying income fora 90% Unit, then, upon expiration of the <br />tenant's lease: <br />(i) Such tenant's unit shall be considered a 90% Unit; <br />(ii) Upon sixty (60) days' written notice to the tenant, such <br />tenant's rent may be increased to the lesser of: (a) thirty percent (30%) of the <br />tenant's actual household income; (b) the maximum rent permitted pursuant to <br />1180414-4 rj <br />