Reso 2022-063 Loan to Abode Communites for 72 Unit affordable housing dev

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Units shall not exceed one -twelfth (1/12th) of thirty percent (30%) of thirty percent (30%) of Area Median Income, adjusted for Assumed Household Size. 2.3 Increased Income of Occupying Households. 2.3.1 Increased Income Above Very -Low Income. If upon recertification of a tenant's income, the Developer determines that tenant's adjusted income has increased higher than Extremely Low Household Income, Very Low Income Household, or Low Income Household, as applicable, Developer may raise the Qualifying Rent accordingly after providing tenant with sixty (60) days advance written notice of such increase; if the Developer has raised such rent then the Developer shall rent the next available unit of equivalent size to a Very Low Income Household, Low Income Household or Moderate Income Household, to meet the requirements of Exhibit B. 2.3.2 Non -Qualifying Household. If, upon recertification of a Tenant's income, the Owner determines that a Tenant has an Adjusted Income exceeding the qualifying income for Low Income Household, adjusted for Actual Household Size, such Tenant shall be permitted to continue to occupy the Unit at a Rent not exceeding one -twelfth of thirty percent (30%) of the Tenant's actual household income. 2.3.3 Continued Compliance. In the event an occupant household's income increases and the rent is increased as set forth in Sections 2.3.1 and 2.3.2 above, the Restricted Unit shall continue to be classified as a Extremely Low Income Unit, Very Low Income Unit or a Low Income Unit, as applicable, until such time as the Unit is either vacated by the occupant or another Unit is rented at the applicable income limit. 2.4 Preferences. In renting Restricted Units, Owner shall give first preference to Eligible Households in which at least one member lives or works in the City of San Leandro, and second preference to Eligible Households in which at least one member lives or works in the Alameda County, unless compliance with the foregoing criteria is prohibited by law or by state or federal sources of financing for the Project, in which case Owner shall notify City of this fact in writing. 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. 2.6.1 Fair Housing. Owner shall comply with state and federal fair housing laws in the marketing and rental of the units in the Project. Owner shall accept as tenants, on the same basis as all other prospective tenants, persons who are recipients of federal certificates or vouchers for rent 5056752.1