Laserfiche WebLink
E. Affordable Rents charged to tenants shall be governed by California Health <br />and Safety Code Sections 50052.5, 50053(b)(1), and 50053(b)(2), and as provided in the HOME <br />Regulations 24 CFR section 92.2, whichever is less. <br />3.2 Affordable Gross Starting Rents (Less Reasonable Utilitv Allowance). Initial <br />rents may be recalculated to allowable rental amounts at the time of initial lease-up following <br />completion of Construction in accordance with any changes in allowable rent and income tables as <br />published by HUD and the State of California, Department of Housing and Community <br />Development. <br />A. Agency and HOME Units. <br />Agency, City, and Vista Del Rio agree that the breakdown of unit affordability for the <br />Assisted Units shall be as follows, under this Agreement: <br />The rents charged at the Project must comply with the lowest and most restrictive of the <br />following standards: <br />1. The calculation methodology defined in (i) Section 50053(b)(1) for <br />Extremely Low Income Households, or (ii) Section 50053(b)(2) for Very Low Income Households; <br />2. The rents published for Low Income Housing Tax Credit (Tax Credit) <br />projects by the California Tax Credit Allocation Committee (TCAC); and <br />3. With respect to the HOME Units, the Low HOME rents published by <br />HUD. <br />Agency, City, and Vista Del Rio agree that effective 2010 the initial maximum gross monthly <br />Affordable Rents and the breakdown of unit affordability for the Extremely Low Income Assisted <br />Units shall be as follows: <br />Studio Extremely Low Units <br />One Bedroom Extremely Low Units <br />Two Bedroom Extremely Low Units <br /># of Units # of <br />(Agency) HOME units <br />4 2 <br />8 2 <br />2 2 <br />Max. Gross <br />Monthly Rents* <br />$488 <br />$523 <br />$627 <br />Agency, City, and Vista Del Rio agree that effective 2010 the initial maximum gross monthly <br />Affordable Rents and the breakdown of unit affordability for the Very Low Income Assisted Units <br />shall be as follows: <br /># of Units # of HOME Maw Gross <br />(Agency) units Monthly Rents * <br />Studio Very Low Units 7 2 $753 <br />One Bedroom Very Low Units 8 2 $861 <br />Two Bedroom Very Low Units 0 1 $969 <br />*Utilities Allowances must be deducted from the Maximum Gross Monthly Affordable Rent. <br />The applicable utilities allowances are determined periodically by the Authority. <br />B-7 <br />DOCSOC/ 1475221 v5/200272-0004 <br />