ORANGE HOUSING DEVELOPMENT CORPORATION/C&C DEVELOPMENT

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Rents for these households will be increased to either thirty (30%) percent of their monthly household income or market rent for the neighborhood, whichever is lower. D. Affordable rents shall be governed as provided in the NSP Regulations. Rental increases shall be in conformance with federal and state law. E. 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 and the State of California. 3.2 Affordable Gross Starting Rents (Less Reasonable Utility Allowance): Affordable Gross Starting Rents (Less Reasonable Utility Allowance): 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 and the State of California. ADDRESS Income Rest. Bedrooms No. HOME Units NSP Rent (Gross) Very low 50 % Studio 3 $813 One Bedroom 11 $871 Total Units 14 Affordable rents will be imposed the first day of the first month following close of escrow. 3.3 Rent Increases: On an annual basis, the City shall provide the Owner with the maximum allowable schedule of rents for the Property. In no event can Owner charge any tenant more than such amount. 4. Owner, 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 Manager shall notify Owner in writing of the adjusted allowable maximum incomes and rents. 5. Owner 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 Very Low Income households; (b) Are reasonably related to program eligibility and the applicants' ability to perform the obligations of the lease;