RDA Agmt 2000 American Baptist Homes of the West Inc etc

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(b) The Site shall be used for residential housing for residents over 62 years of age or as otherwise permitted under applicable law for senior citizen housing developments. Developer shall give preference to residents of San Leandro to the extent permitted bylaw and other funding sources. The units shall be restricted to Very Low Income Households. Very Low Income Households means occupants whose household income, adjusted for household size, as computed pursuant to the Income Certification, does not exceed fifty percent (50%) of the Median Gross Income for the Area. Determination of the status of an occupant as a Very Low Income Tenant shall be made upon initial occupancy of a unit in the Project by such occupant and recertified annually. Median gross income for the area means the median income for the Oakland Primary Metropolitan Statistical Area ("PMSA") as determined by the Secretary of Housing and Urban Development under Section 8(f)(3) of the United States Housing Act of 1937, as amended. In the event that programs under Section 8(f) are terminated, the median income shall be determined per written direction of the Agency in a manner similar to current formula determination. Eviction of tenants shall be only for serious or repeated violation of the lease; violation of applicable federal, state, or local law, or for other good cause. (c) The Developer will obtain, complete, and maintain on file Income Certifications from each Very Low Income Tenant, dated immediately prior to initial occupancy and annually thereafter and will provide such additional information as may be required by the Agency to meet its obligations under the Community Redevelopment Law. The Developer shall make a good faith effort to verify that the income provided by an applicant in an income certification is accurate by taking one or more of the following steps as a part of the verification process: (1) obtain a pay stub for the most recent pay period; (2) obtain an income tax return for the most recent tax year; (3) conduct a TRW or similar credit search; (4) obtain an income verification form from the applicant's current employer; (5) obtain an income verification form from the Social Security Administration and/or the California Department of Social Services if the applicant receives assistance from either of such agencies; or (6) if the applicant is unemployed and has no such tax return, obtain another form of independent verification. (d) At all times the units regulated under this Agreement must be operated in conformance with this Agreement. If Developer receives any complaints about compliance with the operational covenants in Exhibit F, Developer shall inform the Agency of any such complaints. If in the sole opinion of the Agency, the Developer has failed to comply with this Agreement, that failure shall constitute an "Event of Default° under this Agreement as described in Article Six. (e) The Developer shall submit to the Agency a proposed annual operating budget for the Project not less than ninety (90) days prior to the beginning of the fiscal year of the Project following the Date of Substantial Completion. Such reports shall include the proposed operating budget shall set forth the anticipated gross income of the Project and a detailed estimate of all operating costs thereof, which shall include an itemization of administrative expenses, maintenance expenses, cost of utilities, hazard insurance, taxes and assessments, and deposits to all funds, reserves or accounts required by the Agency or other funding sources, and/or established by the Developer. Upon approval by the Agency, such proposed operating budget shall be the operating budget for the next fiscal year of the Project. If the operating budget exceeds the actual operating costs, any such surplus shall be placed in a reserve fund to be used only for Project-related expenses.. The expenditure of reserve funds for non- routine operating and maintenance expenses must have prior written approval from the Agency, approval not be unreasonably withheld. Management fees shall not exceed industry standards for an affordable senior non-assistant. living project. 16