WESTVIEW HOUSE L (9).P - Laserfiche WebLink

Home Browse Search

information on unit substitution and filling vacancies shall be provided to ensure that the project maintains the required unit mix. Except with respect to the HOME assisted units during the HOME Compliance Period, the affordable rents charged at the Project must comply with the most stringent of the standards set forth by TCAC and the requirements of Section 6(b) of the CSCDA Regulatory Agreement, as defined in Affordability Restrictions on Transfer of Property. A utility allowance must be deducted from the maximum affordable rent charged at the Project for each unit. Utility allowances must be based on project -specific allowances for the HOME assisted units. TCAC provides a California Utility Allowance Calculator (CUAC) that must be used to calculate the utility allowances for the HOME -assisted units. Initial rents may be recalculated to allowable rental amounts at the time of initial lease -up following completion of construction in accordance with any changes in allowable rent and income tables as published by HUD. 7.3. Rent Increases. On an annual basis, the City shall provide Developer with the maximum allowable schedule of rents for the Property in accordance with changes in allowable rent and income tables published by HUD and TCAC, provided however that the rent for the HOME assisted units shall in no event be higher than the rent for the equivalent non -HOME assisted unit within the Project. In no event can Developer charge any tenant more than such amount. All rent increases are subject to City approval pursuant to the terms of this Section. 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 Section 7.1 and 7.2 above. Subject to the applicable requirements and provisions of, and changes to, Section 42 of the Code, if, upon recertification of the income of any tenant, the Developer determines that such tenant has an adjusted income exceeding 30% of the applicable Median Income for the Area or 60% of the applicable Median Income for the Area, as applicable, in each case, adjusted for household size, such tenant may be permitted to continue to occupy the unit at the rental rate as provided for in Sections 7.1 and 7.2 above, as applicable, until the tenant chooses to vacate the unit. After the unit is vacated, the Developer shall re -rent the unit to a tenant pursuant to the terms, covenants and conditions of this Agreement. 7.4. Prohibited Tees. The Developer and subsequent owner is prohibited from charging fees that are not customary, consistent with HOME Regulations 24 CFR section 92.504(c)(3)(xi). The Developer and subsequent owner can charge reasonable application fees to prospective tenants; other fees only to the extent that they are reasonable and customary for the project area; and fees for services provided to tenants, provided that these services are not mandatory. 7.5. Operation and Maintenance of the Property. Solely at Developer's 16 Westview House City HOME Loan Agreement