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WASHINGTON SANTA ANA HOUSING PARTNERS, L (5).P
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WASHINGTON SANTA ANA HOUSING PARTNERS, L (5).P
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Last modified
8/10/2022 11:57:32 AM
Creation date
8/10/2022 11:56:53 AM
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Contracts
Company Name
WASHINGTON SANTA ANA HOUSING PARTNERS, L.P
Contract #
A-2022-132-02
Agency
Community Development
Council Approval Date
6/21/2022
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(a) Termination of Tenancy. Developer may not terminate the tenancy <br />or refuse to renew the lease of tenant except for serious or repeated violation of the terms <br />and conditions of the Lease; for violation of applicable federal, state, or local law; for <br />completion of the transitional housing tenancy period (if the housing is transitional); or for <br />other good cause. Any termination or refusal to renew must be preceded by not less than <br />thirty (30) days by the Developer's service upon the tenant of a written notice specifying <br />the grounds for the action. <br />(b) Non -Qualifying Adjusted Income. Subject to the applicable <br />requirements and provisions of, and changes to, Section 42 and 142(d) of the Internal <br />Revenue Code of 1986, as amended (the "Code"), if, upon recertification of the income of <br />a tenant of a Restricted Unit, the Developer determines that a tenant has an adjusted income <br />exceeding 30% of the applicable Median Income for the Area in each case, adjusted for <br />household size as provided in Section 3.2 above, such tenant maybe permitted to continue <br />to occupy the Restricted Unit at the rental rate as provided for in Section 3.2 above, until <br />the tenant chooses to vacate the Restricted Unit. After the Restricted Unit is vacated, the <br />Restricted Unit shall be re -rented to a tenant pursuant to the terms, covenants and <br />conditions of these Restrictions. <br />3.4. Loss of Project -Based Voucher Subsidy. <br />It is anticipated that during the Term of Agreement the Project will maintain not <br />less than fifteen (15) Project -Based Voucher ("PBV") Restricted Units ("PBV Restricted <br />Units") provided by the Housing Authority and forty three Project -Based Vouchers <br />provided by Orange County, supported by Project -Based Section 8 rental subsidy payments <br />("Rental Subsidy"). If, during the Term of Agreement, there is a reduction, termination <br />or nonrenewal of the Housing Authority's or County's Rental Subsidy through no fault of <br />Developer, such that the Rental Subsidy shown on the Project Budget is no longer available <br />(or available in a lesser amount), Developer may request approval of the City (a) to allow <br />households with adjusted incomes that do not exceed sixty percent (60%) of AMI, adjusted <br />for actual household size, to occupy the extremely -low income units (i.e., a unit previously <br />restricted to households with adjusted incomes that do not exceed 30% of AMI), and (b) <br />to increase the rent on one or more of the Restricted Units, to rents that are affordable to <br />households with an adjusted income that does not exceed sixty percent (60%) of AMI, <br />adjusted for household size appropriate for the Restricted Unit. <br />The rent increase is subject to the following requirements: (a) concurrently with the <br />request, Developer shall provide the City with evidence of the anticipated reduction, <br />termination, or nonrenewal of the Rental Subsidy; (b) a Management Plan (as defined in <br />Section 6.1(d) of the Loan Agreement) for the Project for the City's approval pursuant to <br />Sections 6.1(d) and Exhibit G of the Loan Agreement, showing the impact of the loss or <br />reduction of the Rental Subsidy; (c) a proposed operating budget reflecting the rent <br />increases (the "Operating Budget"); and (d) a description of efforts to obtain alternate <br />sources of rent. The number of the PBV Restricted Units subject to the rent increase and <br />the amount of the proposed increase may not be greater than the number or amount required <br />to ensure that the Project generates sufficient income to cover its operating costs, required <br />5 <br />The Crossroads at Washington <br />City HOME Affordability Restrictions on Transfer of Prope tyrt <br />
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