Item 27 - Public Hearing - Approve an Amended and Restated Regulatory Agreement for Garden Court Apartments Rehabilitation Project

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EXHIBIT 1 Income Household(s)"). A 60% Income Household includes an Existing Restricted Tenant that meets the income eligibility requirements of the Original Agreement. (ii) 80% AMI Units. The maximum incomes of residential tenants eligible to rent the 80% AMI Units shall be an individual or household that has a household income equal to or less than eighty percent (80%) of then current Area Median Family Income for the Santa Ana -Anaheim -Irvine, CA HUD Metro FMR Area, adjusted for household size, as published by TCAC annually ("80% Income Household(s)"). (b) Restrictions on Rent Increases for Existing Households Currently Residing in the 60% AMI Units. The 60% AMI Units are the same forty one (41) Units restricted under the Original Agreement. Notwithstanding the definition of Affordable Rent set forth in subsection (c), below, the maximum annual rent increase for tenants currently residing in one of the 60% AMI Units ("Existing Restricted Tenant") shall not exceed five percent (5%) plus the percentage change in Consumer Price Index, or ten percent (10%), whichever is lower, of the rent authorized under the Original Agreement at the time of the recording of this Agreement and, in each subsequent year, the then current rents, until the rent equals the rent that is otherwise allowed under Section 2(c)(i) of this Agreement. Rents may be increased only once a year. The term "Consumer Price Index" means, at the time of the rent increase, the annual percentage increase in the United State Consumer Price Index for all Urban Consumers in the Los Angeles -Long Beach- Anaheim Metropolitan Area (1982-84=100) published by the Bureau of Labor Statistics, not seasonally adjusted, for the most recent twelve (12) month period ending prior to the rent increase. For each Existing Restricted Tenant that ceases to reside at the Property, the rent for the Unit that tenant formerly occupied shall no longer be subject to this Section 2(b) and shall be subject to Section 2(c). (c) Maximum Rents for New Households. (i) 60% AMI Units. Except as provided in subdivision (b) above, the maximum rent for the 60% AMI Units shall be determined in accordance with the maximum rent for a 60% Income Household as published by the TCAC annually to qualify for and be in compliance with the federal statutes or regulations for the federal low income housing tax credit program established under Section 42 of the Internal Revenue Code and administered in the State of California by TCAC ("Tax Credit Program"). (ii) 80% AMI Units. The maximum rent for the 80% AMI Units shall be determined in accordance with the maximum rent for an 80% Income Household as published by the TCAC annually to qualify for and be in compliance with the Tax Credit Program. (iii) Adjustments for Household Size. For purposes of the calculation of Affordable Rent "adjusted for household size" shall be the federally -mandated household size assumptions as set forth for the Tax Credit Program. (iv) Rent Increases. Owner may increase rents not more than once annually in accordance with the annual maximum rent for 60% Income Households or 80% Income Households, as applicable, as published by the TCAC annually. Error! Unknown document property name.