Item 13 - Affordable Housing Project at 1411 N Broadway

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EXHIBIT 3 (d)The Affordable Rents charged at the Project must comply with the standards set forth by TCAC as defined in the Affordability Restrictions on Transfer of Property, except that during the HOME-ARP Compliance Period, and if allowed by the HOME-ARP Program, the Affordable Rents for the HOME-ARP Units must comply with the most stringent of standards set forth by the HOME-ARP Program and TCAC. (e)At the time of this Agreement, the Project will pay for all utilities with no tenants being charged for utilities. If tenants are charged for utilities at any time during the term of this Agreement, a utility allowance must be deducted from the maximum affordable rent charged at the Project for each unit. With respect to the HOME-ARP Units, any utility allowance must be based on project-specific allowances. (f)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-ARP Units shall in no event be higher than the rent for the equivalent non-HOME-ARP 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 and the HOME-ARP Program, if, upon recertification of the income of any tenant, the Developer determines that any household has an adjusted income exceeding 30% of the applicable Median Income for the Area, 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 Fees. The Developer is prohibited from charging fees that are not customary or consistent with any applicable laws, and with respect to the HOME-ARP Units, Developer shall not charge fees that are not consistent with the HOME ARP Program, or the 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 18 WISEPlace Permanent Supportive Housing City HOME-ARP Loan Agreement