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WESTVIEW HOUSE L (6).P
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WESTVIEW HOUSE L (6).P
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Last modified
7/6/2022 12:10:09 PM
Creation date
7/6/2022 12:04:05 PM
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Contracts
Company Name
WESTVIEW HOUSE L.P
Contract #
A-2022-084
Agency
Community Development
Council Approval Date
5/17/2022
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The affordable rents charged at the Project must comply with the most stringent of the <br />standards set forth by TCAC as defined in Affordability Restrictions on Transfer of Property <br />and the requirements of Section 6(b) of the CSCDA Regulatory Agreement.. <br />A utility allowance must be deducted from the maximum affordable rent charged at the <br />Project for each unit. <br />Initial rents may be recalculated to allowable rental amounts at the time of initial lease -up <br />following completion of construction in accordance with any changes in allowable rent and <br />income tables as published by HUD and TCAC. <br />7.3. Rent Increases. On an annual basis, the City shall provide Developer with <br />the maximum allowable schedule of rents for the Property in accordance with changes in <br />allowable rent and income tables published by HUD and TCAC. In no event can Developer <br />charge any tenant more than such amount. <br />All rent increases are subject to City approval pursuant to the terms of this Section. No <br />later than sixty (60) days prior to the proposed implementation of any rent increase, <br />Developer shall submit to the City a schedule of any proposed increase in the rent. The <br />City will disapprove a rent increase if it does not comply with the restrictions set forth in <br />Section 7.1 and 7.2 above. <br />Subject to the applicable requirements and provisions of, and changes to, Section 42 of the <br />Code, if, upon recertification of the income of any tenant, the Developer determines that <br />such tenant has an adjusted income exceeding 30% of the applicable Median Income for <br />the Area or 60% of the applicable Median Income for the Area, as applicable, in each case, <br />adjusted for household size, such tenant may be permitted to continue to occupy the unit at <br />the rental rate as provided for in Sections 7.1 and 7.2 above, as applicable, until the tenant <br />chooses to vacate the unit. After the unit is vacated, the Developer shall re -rent the unit to <br />a tenant pursuant to the terms, covenants and conditions of this Agreement. <br />7.4. Prohibited Fees. The Developer and subsequent owner is prohibited from <br />charging fees that are not customary. The Developer and subsequent owner can charge <br />reasonable application fees to prospective tenants; other fees only to the extent that they <br />are reasonable and customary for the project area; and fees for services provided to tenants, <br />provided that these services are not mandatory. <br />7.5. Operation and Maintenance of the Property. Solely at Developer's <br />expense, Developer agrees to maintain the Property in a clean and orderly condition and in <br />good condition and repair and keep the Property free from any accumulation of debris and <br />waste materials. If at any time Developer fails to maintain, or cause to be maintained, the <br />Property as required by this section, and said condition is not corrected after the expiration <br />of a reasonable period of time not to exceed thirty (30) days from the date of written notice <br />from the City, unless such condition cannot reasonably be cured within thirty (30) days, in <br />which case Developer shall have such additional time as reasonably necessary to complete <br />such cure, the City may perform the necessary maintenance and Developer shall pay all <br />reasonable costs incurred for such maintenance. The City shall inspect the Property <br />16 <br />Westview House <br />City lnclusionary Housing Prognun Loan Agreement <br />
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