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approval pursuant to the terms of this Section 3.4. No later than sixty (60) days prior to the proposed implementation of any rent increase, Developer shall submit to the City a schedule of any proposed increase in the rent. The City will disapprove a rent increase if it does not comply with the restrictions set forth in this Section 3.4. Notwithstanding the foregoing, rent increases for the PBV Restricted Units shall be subject to review and approval of the City. Developer shall give tenants of all PBV Restricted Units written notice at least sixty (60) days prior to any rent increase. 3.5. CHDO Provisions. The sole managing member of the Managing General Partner shall maintain Community Housing Development Organization (CHDO) status for the term of these Restrictions in accordance with 24 CFR 92. Developer agrees to provide information as may be requested by the City to document its continued compliance, including but not limited to an annual board roster and certification of continued compliance. Any funds advanced as CHDO pre -development funds must be in compliance with 24 CFR 92.301, and are forgivable only under the terms in 24 CFR 92.301. Any funds advanced to Developer as C14DO Operating Expenses must be expended in compliance with 24 CFR 92.208. Any funds that Developer is permitted to retain as CHDO proceeds from this Project shall be used in compliance with 24 CFR 92.300(a)(2) or as specified in these Restrictions. The provisions of this Section 3.5 shall not apply in the event of a foreclosure of the Property or transfer in lieu of foreclosure by Senior Lender, or a transfer by Senior Lender following foreclosure or deed in lieu of foreclosure to a third -party. Provided that, in the event of a foreclosure, or acceptance of a deed in lieu of foreclosure, Senior Lender will use commercially reasonable efforts to accept bids for the Property from a qualified CHDO; provided, however, that in no event shall Senior Lender be obligated to select a qualified CHDO to be the purchaser of the Property unless, among other criteria used in Senior Lender's reasonable discretion, such qualified CHDO has offered the highest purchase price among the bidders. 4. Developer, its successors and assigns shall not charge rents for the Units in excess of the amounts set forth herein, as adjusted on the basis of the revised schedules of area median incomes issued from time -to -time by HUD. The City shall notify Developer in writing of the adjusted allowable maximum incomes and rents. 5. Developer shall adopt and include as part of its Management Plan (described in Section 11 below), written tenant selection policies and criteria for the Units that meet the following requirements: 5.1. Are consistent with the purpose of providing housing for Extremely Low, Very Low, and Low Income households; 5.2. Are reasonably related to program eligibility and the applicants' ability to perform the obligations of the lease; 6