Affordable Housing Reg Agmt APN 752812 7528112 04232020

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if the gross rent charged for such unit does not exceed the Qualifying Rent as adjusted for assumed household size in accordance with the applicable provisions of the TCAC guidelines. 2.2 Rents for Restricted Units. (a) 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 Low-Income or Very Low-Income shall be treated as continuing to be of Low-Income or Very Low-Income regardless of increases in such households income, subject to Section 2.2(b) below. (b) In the event that, upon recertification of the income of a tenant of a Restricted Unit, Owner determines that the tenant no longer qualifies as Very Low- Income but does qualify as Low-Income, the tenant may continue to occupy the apartment and, upon sixty (60) days written notice to tenant, Owner may increase the tenant's rent to the permitted Low-Income Qualifying Rent. In the event that, upon recertification of the income of a tenant of a Restricted Unit, Owner determines that the tenant no longer qualifies as Low Income, the tenant may continue to occupy the apartment and, upon sixty (60) days written notice to tenant, Owner may increase the tenant's rent to one-twelfth (1/12th) of thirty percent (30%) of the Eligible Household's actual household income, and Owner shall either (i) rent the next available apartment (but not the Market Rate Units) to an Eligible Household at a Qualifying Rent not exceeding the maximum applicable Qualifying Rent specified in Section 2.2(a), or (ii) re-designate another apartment in the Project that is occupied by an Eligible Household as a Restricted Unit, in order to meet the requirements of this Agreement. 2.3 Unit Sizes and Design. The Restricted Units shall consist of 11 studio apartments, 13 one-bedroom apartments and 6 two-bedroom apartments. 2.4 Manager's Unit. One dwelling unit in the Project may be used as a resident manager's unit, and shall be exempt from the occupancy and rent restrictions set forth in this Agreement. 2.5 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. 2.6 Non-Discrimination; Compliance with Fair Housing Laws. 2890662.3 4