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extremely -low- or very -low or low income households at rents affordable to such <br />households for fifty-five (55) years from the issuance of the Certificate of Completion. The <br />City permits the Developer to limit the eligibility and/or give preference to a particular <br />segment of the population in accordance with applicable state and federal laws. <br />(b) At initial lease up, households in the Restricted Units cannot earn <br />more than the Extremely Low Income limits and the Low Income limits as published by <br />HUD for the Orange County, California PMSA, adjusted for household size. Rental <br />increases shall be in conformance with federal and state law. <br />(c) The rents for the Restricted Units (as defined in the Affordability <br />Restrictions on Transfer of Property) must not exceed the applicable rents for the 30% <br />Income Level for the Extremely Low Income units and the 60% Income Level for the Low <br />Income limits as published by the California Tax Credit Allocation Committee (TCAC). <br />(d) Twenty-six (26) Extremely Low Income Units, consisting of <br />twenty-three (23) one -bedroom units and three (3) two -bedroom units, shall be designated <br />as permanent supportive housing units for persons experiencing chronic homelessness <br />(PSH Units). <br />(e) Maximum Occupancy will be two (2) people per room plus one (1). <br />Example for a two -bedroom unit, five (5) people would be maximum occupancy. <br />(f) Developer must have a written lease between tenant and owner for <br />a period of at least one year, unless a shorter period is mutually agreed upon. Leases must <br />be consistent with Section 6.14. <br />7.2. Affordability Levels/Unit Mix: <br />The affordability levels/unit mix for the Restricted Units in the Project is as follows: <br />Unit Size <br />30% TCAC AMI <br />60% TCAC AMI <br />Total <br />No. <br />Units <br />Current <br />Rent <br />No. <br />Units <br />Current <br />Rent <br />1 Bedroom <br />23 <br />$756 <br />23 <br />2 Bedroom <br />3 <br />$908 <br />3 <br />3 Bedroom <br />21 <br />$1,049 <br />13 <br />$2,098 <br />34 <br />4 Bedroom <br />16 <br />$1,170 <br />8 <br />$2,341 <br />24 <br />Total <br />63 <br />21 <br />84 <br />The remaining unit will be a 2-bedroom unit reserved for the on -site manager. <br />(1) Annually with the financial statements, the Developer shall provide an annual report <br />of rents and occupancy of all Restricted Units to verify compliance with affordability <br />requirements. <br />15 <br />Westview House <br />City Inclusionary }lousing Program Loan Agreement <br />