WASHINGTON SANTA ANA HOUSING PARTNERS, L (5).P

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(1) In no event shall the rent charged to the HOME assisted units be more than the amount of the Low HOME rent as published by HUD, as amended from time to time. (2) At the time of project completion, the Developer shall provide to the City the address and/or unit number of each of the HOME fixed units. (3) Annually with the financial statements, the Developer shall provide an annual report of rents and occupancy of all Restricted Units, including the HOME assisted units, to verify compliance with affordability requirements. For the HOME assisted units, 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 for the Restricted Units must comply with the standards set forth by the California Tax Credit Allocation Committee (TCAC). A utility allowance must be deducted from the maximum affordable rent charged at the Project for each Restricted 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. The City's HOME assistance shall require twelve (12) HOME assisted units. The County's HOME assistance shall require forty-three (43) HOME assisted units. In total, there will be fifty-five (55) HOME assisted units in the Project. There shall not be any overlap between the County's HOME assisted units and the City's HOME assisted units. 3.3. 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 on the Restricted Units 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 3.2 above. The Crossroads at Washington City HOME Affordability Restrictions on Transfer of Property