WESTVIEW HOUSE L (3).P - Laserfiche WebLink

Home Browse Search

6.15. Leasing Program. Developer shall market and lease the Project consistent with the Marketing Plan approved by the City. 6.16. No Changes. Developer shall not materially modify the approved Standard Lease or materially deviate from the approved rental rate schedule for the Units without the City's prior written consent in each instance. 6.17. Landlord's Obligations. Developer shall timely and in good faith, perform all obligations required to be performed by it as landlord under any lease affecting any part of the Project or any space within the Project. If any tenant at any time claims any breach of landlord's obligations and the amount of such claim (in excess of available insurance coverage) is $10,000 or more, Developer shall promptly notify City of such claim. Section 7. AFFORDABILITY REQUIREMENTS, USE AND MAINTENANCE OF THE PROPERTY 7.1. Use Covenants and Restrictions. (a) The Project shall consist of eighty-five (85) units, including one (1) on -site manager's unit(s). Developer agrees and covenants, which covenants shall run with the land and bind Developer, its successors, its assigns and every successor in interest to the Property that Developer will make all rental units on the Property available to extremely -low- or very -low or low income households at rents affordable to such households for fifty-five (55) years from the issuance of the Certificate of Completion. The City permits the Developer to limit the eligibility and/or give preference to a particular segment of the population in accordance with 24 CFR 92.253(d). (b) At initial lease up, households in the Restricted Units cannot earn more than the Extremely Low Income limits and the Low Income limits as published by HUD for the Orange County, California PMSA, adjusted for household size. Rental increases shall be in conformance with federal and state law. (c) The rents for the Restricted Units (as defined in the Affordability Restrictions on Transfer of Property) must not exceed the applicable rents for the 30% Income Level for the Extremely Low Income Units and the 60% Income Level for the Low Income Units as published by the California Tax Credit Allocation Committee (TCAC). (d) Twenty-six (26) Extremely Low Income Units, consisting of twenty-three (23) one -bedroom units and three (3) two -bedroom units, shall be designated as permanent supportive housing units for persons experiencing chronic homelessness (PSH Units). (e) Maximum Occupancy will be two (2) people per room plus one (1). Example for a two -bedroom unit, five (5) people would be maximum occupancy. (f) 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. Leases must 14 Westview House City Rental Rehabilitation Program Loan Agieement