FULL AGENDA PACKET_2021-04-20 - Laserfiche WebLink

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EXHIBIT 3 D. All ofthe units will be restricted to occupancy by families earning no more than thirty (30°/,) of the Area Median Income (AMI). L. Maximum Occupancy will be two (2) people per belroum plus one (1). Lxample for a two -bedroom unit, five (5) people would be maximum occupancy. F. Aflin-dablc rents shall be govci-ned by tbe. Tax Credit Allocation COtmlIInCC. G. 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. Teases must be consistent with the HOME Progl-am regulations at 24 CFR 92253(a) and (b). 7.2 Affordability Levels/Unit Mix: Hie al"fordability levels/unit mix for the Project is as follows: Unit Size No. Units AMI Studio 89 30% I he remaining two (2) units will be reserved for onsite management. ( l ) In rut event shall the rent charged to the units be more than that amount of tlrc rent affordable to a family at 30% Area Median Income as published by the Tax Credit Allocation Committee, as amended from Lime to time. (2) Annually with the financial statements, the Developer shall provide an annual report of rents and occupancy of all units, to verify compliance with affordability requirements. .I be affordable rents charged at the Project must comply with the standards set forth by the Cahlimtia Tax Credit Allocation Committee (TCAC). Notwithstanding anything to the contrary contained in this Agrounicnt or the Alli>rdability Rcsnictious on Translbr of Property, in the event of a foreclosure, or delivery of a deed in lieu of foreclosure, of any Senior Loan, (1) the maximum qualifying tenant household income shall be increased to 60%, of Area Median Tncome adjusted for family sire appropriate to the min, and (2) the nraxinuut annual al'lixdablc rent shall be inn -cased to comply with the rent limits set [brlh by California Tax Credit Allocation Committee (TCAC) for households at 601/,, Arca Median Income. utility allowances must be deducted from the Maximum dross Monthly I{ent. t he Housing Authority of the City of Santa Ana publishes the Utility Allowance Schedule. Initial rents may be recalculated to allowable rcotal amounts at the time of initial lease -up following completion of construction in accor&m,:e with any changes in allowable rent and income tables as Published by TTTTD. 7.3 Rent Increases: On an annual basis, the City 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 City Council 12 21 — 16 4/20/2021