Item 21 - Affordable Housing Project at 1108 N. Harbor Blvd

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4 of 14 event can Developer charge any tenant more than such amount. The City will make all best efforts to provide Developer with the maximum allowable schedule of rents within no more than 30 calendar days after the date TCAC publishes the allowable rent and income tables. 3.4 Increase in Rent and Occupancy Restrictions upon Termination of Rental Subsidies. The parties acknowledge that Developer is only able to rent units to Extremely Low Income Households because the City is providing 89 Project-Based Vouchers for Permanent Supportive Housing (“PBV Vouchers”). In the event the PBV Vouchers expire, terminate, are not renewed or are reduced for any reason other than a default by Developer under the PBV Vouchers, then the occupancy requirements for all of the Units shall automatically increase to 60% of the Area Median Income and the Affordable Rent shall increase to Affordable Rents for households earning 60% of the Area Median Income in accordance with the rent limits set forth by the California Tax Credit Allocation Committee (TCAC for households earning 60% of the Area Median Income. 3.5 Reserved. 4. Maximum Rents. Developer, its successors and assigns shall not charge rents for the Units in excess of the amounts set forth herein, as adjusted on the basis of the revised schedules of area median incomes issued from time-to-time by HUD. The City shall notify Developer in writing of the adjusted allowable maximum incomes and rents. 5. Tenant Selection Plan. Developer shall adopt and include as part of its Management Plan (described in Section 11 below), written tenant selection policies and criteria for the Units, that meet the following requirements: (a) Are consistent with the purpose of providing housing for Extremely Low Income households; (b) Are reasonably related to program eligibility and the applicants’ ability to perform the obligations of the lease; (c) Give reasonable consideration to the housing needs of households that would have a preference under 24 CFR 960.206 (Federal selection preferences for admission to Public Housing); (d) Provide for: i. The selection of tenants from a written waiting list in the chronological order of their application, insofar as is practicable; and ii. The selection of tenants for accessible units; and iii. The prompt written notification to any rejected applicant of the grounds for any rejection; (e) Subject to compliance with the CDBG Regulations, the HUD- Veterans Affairs Supportive Housing referral program requirements, the County of Orange EXHIBIT 3