CORNERSTONE HOUSING PARTNERS LP - Laserfiche WebLink

Home Browse Search

D. Developer must have a written lease between tenant and owner for a period of at least one year, unless a shorter period is mutually agreed upon. 3.2 Affordability Levels/Unit Hx: All affordable rents in the Project shall be governed by the rents published annually by the California Tax Credit Allocation Committee for households at 50% Area Median Income (as defined in the Loan Agreement). Utility allowances must be deducted from the Maximum Gross Monthly Rent. The Housing Authority of the City of Santa Ana publishes the Utility Allowance Schedule. 3.3 Rent Increases: On an annual basis, the Agency shall provide Developer with the maximum allowable schedule of rents for the Property in accordance with changes in allowable rent and income tables published by the California Tax Credit Allocation Committee (TCAC). In no event can Developer charge any tenant more than such amount. The Agency will make all best efforts to provide Developer with the maximum allowable schedule of rents within no more than 30 calendar days after the date TCAC publishes the allowable rent and income tables. 4. Developer, its successors and assigns shall not charge rents for the Units in excess of the amounts set forth herein, as adjusted on the basis of the revised schedules of area median incomes issued from time -to -time by HUD. The Agency shall notify Developer in writing of the adjusted allowable maximum incomes and rents. 5. Developer shall adopt and include as part of its Management Plan (described in Section I I below), written tenant selection policies and criteria for the Units, that meet the following requirements: (a) Are consistent with the purpose of providing housing for Very -Low Income households; (b) Are reasonably related to program eligibility and the applicants' ability to perform the obligations of the lease; (c) Provide for: (i) The selection of tenants from a written waiting list in the chronological order of their application, insofar as is practicable; and (ii) The prompt written notification to any rejected applicant of the grounds for any rejection; (d) Subject to compliance with applicable California and federal fair housing laws, local preference for Santa Ana residents and workers in tenant selection shall be a requirement of the Project. Subject to applicable laws and regulations governing nondiscrimination and preferences in housing occupancy required by HUD or the State of California, as well as the City of Santa Ana Affordable Housing Funds Policies and 3of11