Inst 2014050688 - Laserfiche WebLink

Home

5. Assisted Unit Schedule. Subject to Section 8 below, Developer shall cause Assisted Unit to be rented only in accordance with this Agreement and the Schedule of the Assisted Unit set forth in Exhibit B. attached hereto and incorporated herein. 6. Tenant Selection Standards. Subject to Section 8 below, Developer shall cause the Assisted Unit in the Development to be rented only to eligible households based on the following schedule: one (I) unit fora Very-Low Income Household. 7. Rents. a. Subject to Section 8 below,Allowable Rents shall not exceed the following: for Very Low- Income Households - Low HOME Rents. For purposes of computing Rent, the imputed household size shall be 1.5 persons per bedroom. b. Subject to Section 8 below, the Assisted Unit must be occupied by a Very Low- Income Household paying rent that is no greater than the Low HOME Rents. 8. Certification of Tenant Income and Household Size; Increased Income. a. The income and household size of the household occupying Assisted Unit shall be certified by Developer prior to occupancy and re-certified annually thereafter. b. If upon recertification, Borrower determines that a tenant's household income exceeds the upper limit for the income category in which the tenant originally qualified,then subject to compliance with the requirements of other state or federal funding sources, including Section 42 of the Internal Revenue Code, the tenant shall be allowed to remain in occupancy, but upon expiration of the tenant's lease and upon sixty(60)days written notice: (i) if the tenant qualifies as eligible under a different household income category, rent may be charged at the level appropriate for that income level,and(ii) if the tenant's household income exceeds the limit for eligibility under this Agreement, the rent charged to the tenant may be increased to the lesser of one-twelfth(1/12t) of thirty percent(30%)of such tenant's income or fair market rent(but not to exceed the maximum rent permitted pursuant to federal regulations applicable to low income housing tax credits). In each case, the next available comparable unit shall be rented to a household that qualifies under the income category under which the tenant originally qualified. 9. [Reserved.] 10. Nondiscrimination. Developer shall not discriminate against any prospective tenant in the use, enjoyment, occupancy, conveyance, lease, sublease, or rental of the Assisted Unit on the basis of race, color, ancestry, national origin, religion, sex, sexual preference, age, marital status, family status, source of income, physical or mental disability, Acquired Immune Deficiency Syndrome (AIDS)or AIDS-related conditions(ARC), or any other arbitrary basis. Developer shall otherwise comply with all applicable local, state and federal laws concerning discrimination in housing. Developer agrees to comply, to the extent allowed by law, with any policy adopted by the City for preference for occupancy in the Assisted Unit for households who live or work in the City. II. Rental Agreement. 2220342.1 Page 3