55A - AGMT LEGACY APARTMENTS - Laserfiche WebLink

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PSH - 25% AMI PSH - 30% AMI 30% AMI 50% AMI Total 1-bedroom 16 16 2-bedroom 3 6 18 27 3-bedroom 2 2 Total 16 3 8 18 45 a. [reserved] b. Utility allowances must be deducted from the Maximum Gross Monthly Rent. The Housing Authority publishes a Utility Allowance Schedule on an annual basis, which shall be used by Developer in connection with units receiving Rental Subsidies as defined below for so long as may be required by the Housing Authority. c. Based on the unit mix and bedroom sizes provided above, at least forty-four (44) of the units will be affordable to family households earning no more than 30% of the AMI and of those units thirty-three (33) will be reserved as permanent supportive housing; and one (1) of the units shall be affordable to a family household earning no more than 50% of the AMI. d. The affordable rents charged at the Restricted Units must comply with the standards set forth by California Tax Credit Allocation Committee (TCAC). Notwithstanding anything to the contrary contained in this Agreement, the Affordability Restrictions on Transfer of Property, in the event of foreclosure, or delivery of deed in lieu of foreclosure, of any Senior Loan, then (1) the maximum qualifying tenant household income shall be increased to 60% of AMI adjusted for family size appropriate to the unit, and (2) the maximum annual affordable rent shall be increased to 30% of 60% of AMI, as adjusted for family size appropriate to the unit. e. The Project will receive eight (8) project based vouchers from the Housing Authority of the City of Santa Ana (the "Rental Subsidies") during the Term of Affordability of this Agreement. If, during the Term of Affordability of this Agreement, any change in federal law occurs or any action (or inaction) by Congress or any federal or State agency occurs, which results in a reduction, termination or nonrenewal of the Rental Subsidies, such that the rental subsidy projected on the budget for the Project is reduced or no longer available, the Developer may increase the rents on the eight project -based voucher assisted -units during the remainder of the Term of Affordability of this Agreement to the maximum rent published by the California Tax Credit Allocation Committee for a "60% AMI Household" in Orange County for the applicable bedroom size subject to the City Project Manager's prior written approval, which shall not be unreasonably withheld, conditioned, or delayed. If Developer demonstrates to the satisfaction of the City that such rental increase is necessary to maintain the financial stability of the Project and no 55A-28