Reso 1997-021 to 025 - Laserfiche WebLink

Home

"Very Low Income Tenants" means the occupants of a HOME Unit in the Project 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 of a HOME Unit as a Very Low Income Tenant shall be made upon initial occupancy of a unit in the Project by such occupant and recertified annually. A tenant who qualifies as a Very Low Income Tenant remains qualified as a Low Income Tenant even if such household's income rises above the limit established in this section but does not exceed eighty percent (80 %) of the Median Gross Income for the Area. Section 1.1 Interpretation. Words importing any gender include all genders. Words importing persons include firms, associations and corporations. Words importing the singular shall include the plural and vice versa. The terms "herein", "hereunder", "hereby", "hereto", "hereof" and any similar terms refer to this Agreement; the term "heretofore" means before the date of this Agreement; and the term "hereafter" means after the date of this Agreement. Articles and Sections mentioned by number only are the respective Articles and Sections of this Agreement so numbered. Reference to "this Article," "this Section" or "this subsection" shall refer to the particular Article, Section or subsection in which such reference appears. Any captions, titles or heading preceding the text of any Article or Section herein and any table of contents or index attached to this Agreement or any copy thereof are solely for convenience of reference and shall not constitute part of this Agreement or affect its meaning, construction, or effect. Section 2. Terms of Agreement. The terms of this Agreement shall be for 59 years from Date of Initial Occupancy. At the end of this term, Developer may either request extending the terms of this Agreement or request disposition instructions from the City per Section 16 of this Agreement. Section 3. Use of Pro ep rt^ Project shall be used for housing Very Low Income households in accordance with the HOME Program regulations 24 CFR Part 92. Section 4. Occupancy. After the Date of Initial Occupancy, the Project shall include fifty four (54) units of transitional housing for Very Low Income female -headed households and permanent housing for disabled females which shall be regulated in accordance with the HOME Program regulations 24 CFR Part 92. Terms of the lease shall be governed by HOME regulations 24 CFR Part 92.253. Section 5. Rent Levels. Rent levels in the HOME Units shall be established in accordance with HOME regulations and with the approval of the County of Alameda. HUD updates allowable HOME rents annually and the County of Alameda will inform Developer of 2