Item 13 - Affordable Housing Project at 1411 N Broadway

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EXHIBIT 3 mutually agreed upon. All leases must be consistent with the applicable laws and regulations, including the HOME-ARP Program for the HOME-ARP Units. 7.2.Affordability Levels/Unit Mix: (a)All Restricted Units in the Property will be studios, except the one (1) manager unit will be a 2-bedroom unit reserved for the on-site manager. (b)Except as set forth in sub-paragraph (c) of this Section 7.2, the allowable rent for the Restricted Units in the Project shall not exceed the Affordable Rent for an Extremely Low Income Household as follows: 30% TCAC AMI Unit Size No. Units 47 Current Rent $711Studio Total 47 The remaining unit will be an unrestricted 2-bedroom unit reserved for the on-site manager. (c) During the HOME-ARP Compliance Period, the allowable rent for HOME-ARP Units in the Project shall not exceed the lesser of: (a) 30% of the tenant’s actual household income (inclusive of Supplemental Security Income (SSI) / State Supplementary Payment (SSP) payments); or (b) the Low HOME Rent in accordance with the HOME-ARP Program. The number of HOME-ARP Units and allowable rent shall be as follows: HOME-ARP Units # of HOME- ARP Units HOME-ARP Restriction Maximum Allowable Rent HOME-ARP Qualifying Population16 Studio Units Low HOME Rent (i)At the time of project completion, the Developer shall provide to the City the address and/or unit number of each of the units initially designated as the HOME-ARP Units. (ii) Annually with the financial statements, the Developer shall provide an annual report of rents and occupancy of all Restricted Units, including the HOME-ARP Units, to verify compliance with affordability requirements. For the HOME-ARP Units, information on unit substitution and filling vacancies shall be provided to ensure that the project maintains the required unit mix. 17 WISEPlace Permanent Supportive Housing City HOME-ARP Loan Agreement