Item 39 - Affordable Housing Project at 2530 & 2534 Westminster Avenue

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14 Westview House City HOME Loan Agreement Lease shall be in compliance with all applicable laws and Developer shall be obligated to revise said Standard Lease from time to time to comply with any changes in said applicable laws. 6.15. Leasing Program. Developer shall market and lease the Project consistent with the Marketing Plan described in Exhibit G. 6.16. No Changes. Developer shall not materially modify the approved Standard Lease or materially deviate from the approved rental rate schedule for the Units without the City’s prior written consent in each instance. 6.17. Landlord’s Obligations. Developer shall timely and in good faith, perform all obligations required to be performed by it as landlord under any lease affecting any part of the Project or any space within the Project. If any tenant at any time claims any breach of landlord’s obligations and the amount of such claim (in excess of available insurance coverage) is $10,000 or more, Developer shall promptly notify City of such claim. Section 7. AFFORDABILITY REQUIREMENTS, USE AND MAINTENANCE OF THE PROPERTY 7.1. Use Covenants and Restrictions. (a) Developer agrees and covenants, which covenants shall run with the land and bind Developer, its successors, its assigns and every successor in interest to the Property that Developer will make all rental units on the Property available to extremely- low- or very-low or low income households at rents affordable to such households for fifty- five (55) years from the issuance of the Certificate of Completion. The HOME restrictions for the nine (9) HOME assisted units shall be enforced until the date that is twenty (20) years after the date on which the Certificate of Completion is issued. The City permits the Developer to limit the eligibility and/or give preference to a particular segment of the population in accordance with 24 CFR 92.253(d). (b) The Project shall consist of eighty-five (85) units, including one (1) on-site manager’s unit(s). There shall be nine (9) HOME assisted units. The HOME assisted units shall be three (3) 1-bedroom units, one (1) 2-bedroom unit, three (3) 3- bedroom units, and two (2) 4-bedroom units, floating, and shall be distributed throughout the complex with comparable amenities to the other units. (c) At initial lease up, households in the HOME assisted units cannot earn more than the Very-Low Income limits (50% of AMI) as published by HUD in compliance with the HOME Program. Rental increases shall be in conformance with federal and state law. After the twenty (20) year HOME Compliance Period, the City shall require that the HOME assisted units remain affordable, with rents calculated based on assumed household size at the same income levels. (d) All of the HOME units will be restricted to occupancy by families earning no more than the Very Low income limits (50% of AMI) as published by HUD, EXHIBIT 3