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Rents for these households will be increased to either thirty (30%) percent of their monthly <br />household income or market rent for the neighborhood, whichever is lower. <br />D. Affordable rents shall be governed as provided in the NSP Regulations. Rental <br />increases shall be in conformance with federal and state law. <br />E. Initial rents may be recalculated to allowable rental amounts at the time of initial <br />lease-up following completion of construction in accordance with any changes in allowable <br />rent and income tables as published by HUD and the State of California. <br />3.2 Affordable Gross Starting Rents (Less Reasonable Utility Allowance): <br />Affordable Gross Starting Rents (Less Reasonable Utility Allowance): Initial rents maybe <br />recalculated to allowable rental amounts at the time of initial lease-up following completion <br />of construction in accordance with any changes in allowable rent and income tables as <br />published by HUD and the State of California. <br />ADDRESS <br /> <br />Income Rest. <br />Bedrooms No. HOME <br />Units NSP Rent <br />(Gross) <br />Very low 50 % Studio <br /> One Bedroom <br />Total Units <br />Affordable rents will be imposed the first day of the first month following close of escrow. <br />3.3 Rent Increases: On an annual basis, the City shall provide the Owner with the <br />maximum allowable schedule of rents for the Property. In no event can Owner charge any <br />tenant more than such amount. <br />4. Owner, its successors and assigns shall not charge rents for the Units in <br />excess of the amounts set forth herein, as adjusted on the basis of the revised schedules of <br />area median incomes issued from time-to-time by HUD. The City Manager shall notify <br />Owner in writing of the adjusted allowable maximum incomes and rents. <br />5. Owner shall adopt and include as part of its Management Plan (described <br />in Section 11 below), written tenant selection policies and criteria for the Units, that meet <br />the following requirements: <br />(a) Are consistent with the purpose of providing housing for Very <br />Low Income households; <br />(b) Are reasonably related to program eligibility and the applicants' <br />ability to perform the obligations of the lease; <br />3 <br />