My WebLink
|
Help
|
About
|
Sign Out
Home
Browse
Search
WESTVIEW HOUSE L (2).P
Clerk
>
Contracts / Agreements
>
W
>
WESTVIEW HOUSE L (2).P
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
7/6/2022 11:53:50 AM
Creation date
7/6/2022 11:53:07 AM
Metadata
Fields
Template:
Contracts
Company Name
WESTVIEW HOUSE L.P
Contract #
A-2022-085-01
Agency
Community Development
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
26
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
View images
View plain text
or refuse to renew the lease of tenant except for serious or repeated violation of the terms <br />and conditions of the Lease; for violation of applicable federal, state, or local law; for <br />completion of the transitional housing tenancy period (if the housing is transitional); or for <br />other good cause. Any termination or refusal to renew must be preceded by not less than <br />thirty (30) days by the Developer's service upon the tenant of a written notice specifying <br />the grounds for the action. <br />(b) Non -Qualifying Adjusted Income. Subject to the applicable <br />requirements and provisions of, and changes to, Section 42 and 142(d) of the Internal <br />Revenue Code of 1986, as amended (the "Code"), if, upon recertification of the income of <br />a tenant of a Restricted Unit, the Developer determines that a tenant has an adjusted income <br />exceeding 30% of the applicable Median Income for the Area or 60% of the applicable <br />Median Income for the Area, as applicable, in each case, adjusted for household size as <br />provided in Section 3.2 above, such tenant may be permitted to continue to occupy the <br />Restricted Unit at the rental rate as provided for in Section 3.2 above, until the tenant <br />chooses to vacate the Restricted Unit. After the Restricted Unit is vacated, the Restricted <br />Unit shall be re -rented to a tenant pursuant to the terms, covenants and conditions of these <br />Restrictions. <br />3.4. Loss of Project -Based Voucher Subsidy. <br />It is anticipated that during the Term of Agreement the Project will maintain not <br />less than 26 Project -Based Voucher ("PBV") Restricted Units ("PBV Restricted Units"), <br />supported by Project -Based Section 8 rental subsidy payments ("Rental Subsidy"). If, <br />during the Term of Agreement, there is a reduction, termination or nomenewal of the <br />Rental Subsidy through no fault of Developer, such that the Rental Subsidy shown on the <br />Project Budget is no longer available (or available in a lesser amount), Developer may <br />request approval of the City (a) to remove the PSH designation for one or more of the <br />twenty-six (26) PSH Units, (b) to allow households with adjusted incomes that do not <br />exceed sixty percent (60%) of AMI, adjusted for actual household size, to occupy the <br />extremely -low income units (i.e., a unit previously restricted to households with adjusted <br />incomes that do not exceed 30% of AMI), and (c) to increase the rent on one or more of <br />the PBV Restricted Units, to rents that are affordable to households with an adjusted <br />income that does not exceed sixty percent (60%) of AMI, adjusted for household size <br />appropriate for the PBV Restricted Unit. <br />Any requested removal of the PSH Unit designation and/or any requested rent increase <br />is subject to the following requirements: (a) concurrently with the request, Developer shall <br />provide the City with evidence of the anticipated reduction, termination, or nonrenewal of <br />the Rental Subsidy; (b) a Management Plan (as defined in Section 6.1(d) of the Loan <br />Agreement) for the Project for the City's approval pursuant to Sections 6.1(d) and Exhibit <br />F of the Loan Agreement, showing the impact of the loss or reduction of the Rental <br />Subsidy; (c) a proposed operating budget reflecting the rent increases (the "Operating <br />Budget"); and (d) a description of efforts to obtain alternate sources of rent. The number <br />of PBV Restricted Units subject to the rent increase and the amount of the proposed <br />increase may not be greater than the number or amount required to ensure that the Project <br />generates sufficient income to cover its operating costs, required deposits to replacement <br />Westview House <br />City Rental Rehabilitation Program Affordability Restrictions on Transfer of Property <br />
The URL can be used to link to this page
Your browser does not support the video tag.