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<br />8 <br /> <br />8 <br /> <br />8 <br /> <br />necessary repairs, including a 10 percent contingency, <br />exceeds allowable loan limits, borrowers will be required <br />to deposit the necessary additional funds into a <br />construction escrow account with an escrow company of the <br />City's choosing. These funds will be drawn down as <br />necessary and at the discretion of the City to pay for <br />construction costs. <br /> <br />All work must be performed by licensed general contractors <br />who are in compliance with City license and insurance <br />requirements, and who are not included on the debarment <br />list maintained by the u.s. Department of Housing and Urban <br />Development (HUD). All work must be performed in <br />accordance with applicable Federal, State and Local <br />regulations, including abatement or control of lead-based <br />paint and asbestos. <br /> <br />Affordability and Monitoring Requirements <br /> <br />Borrowers must agree to collect and provide the City with <br />information on tenant incomes, and must agree to execute <br />loan agreements incorporating appropriate affordability <br />requirements. Borrowers are required to restrict occupancy <br />of at least 51 percent of the units to households whose <br />income does not exceed 80 percent of the area median for a <br />period of 10 years. The following table is effective as of <br />March 15, 2004: <br /> <br />Household Maximum Household Maximum <br />Size Income Size Income <br />1 $40,250 5 $62,100 <br />2 $46,000 6 $66,700 <br />3 $51,750 7 $71,300 <br />4 $57,500 8 $75,900 <br /> <br />Rents for half or 50 percent of the restricted units must <br />not exceed 50 percent of the area median. The following <br />rents would apply as of March 15, 2004: <br /> <br />Bedrooms Allowable Rent <br />Studio $661 <br />One Bedroom $756 <br />Two Bedrooms $850 <br />Three Bedrooms $945 <br /> <br />EXHIBIT 1 <br />Page 2 <br /> <br />19D-5 <br />