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612. Holdback. The Retainage otherwise available for disbursement shall be subject to a <br />holdback of one hundred twenty-five percent (125%) of the estimated cost (as determined by the <br />Executive Director) for "punch-list" items. Such holdback will be released when all punch-list items <br />have been completed to the satisfaction of Agency/City. <br />700. AFFORDABILITY REQUIREMENTS, USE AND MAINTENANCE. OF THE <br />PROPERTY <br />701. Use Covenants and Restrictions. <br />(a) Developer agrees and i <br />land and bind Devclopet•, its successors, its assign and <br />Developer will make all but one of the Housing Unit <br />income and Very Low Income households at rents.] <br />entire Term of Phis Agreement. The HOME Prograri <br />shall be enforced until the date that is fifteen (15) yep <br />Project as complete to HUD. Upon expiration of the>l, <br />Agency/City shall require that all Affordable Units rej <br />assumed household size at the same iaQome levels, <br />adopted Agency guidelines. ,,;,, <br />(b) <br />(35) of the Housing Units <br />be HOME Units. The ,,Eli <br />Project with comparable a <br />702. Affordall <br />be calculated pursuant to t <br />Very low-50"/0-, Two <br />Very ]ow-50%'~"„ "".Tlu•e <br />Very low-50% Five. <br />Ext.low-30% The <br />venarits;'which covenants shall run with the <br />~ry~SUCpcssor in interest to the Property that <br />bri the Pi•opel3y available to Extremely Low <br />fordable to such households throughout the <br />requirements appljcable to the HOME Units <br />after the date on which the City reports the <br />yeat• HOME Prograiri,oornpliancepsriod, the <br />un affofilable, with rents calculated based on <br />s ~equii`ed by the Redevelopment Law and <br />The P~oleet shall cons~~t of thitiy?si?i (36) Housing Units, Thirty-five <br />l be Affordab"le Units: `eleven (11} of~the Affordable Units shall also <br />Units shall'bc,fixed,,tfiuts~and. shall lie disttibuted throughout the <br />,. <br />hestli~the other` Units, as:~pprovecY by the Executive Director. <br />ordable )tent to be charged for the Affordable Units shall <br />'' No~'Affordable No. HOME <br />Rent Units Units Max Income <br />$,981 8 <br />$1134 22 <br />$1395 1 <br />$724 4 <br />ible Units 35 <br />0 $41,850 <br />10 $50,200 <br />1 $60,350 <br />0 $30;100 <br />11 <br />(a) ''''The Affordable Rents for Very Low Income households shall not <br />exceed the lower and more restrictive of: <br />(i) The very low income rents as calculated render the <br />methodology presented in California Health and Safety Cade Section 50053(b)(2); or <br />(ii) 1'he standards set forth by the California Tax Credit <br />Allocation Committee (TCAC); or <br />(iii) With respect to the HOME Units, the Low HOME rent <br />amount set forth in the HOME Regulations. <br />27 <br />