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7.2 Affordable Gross Starting Rents (Less Reasonable Utility Allowance). Initial <br />rents maybe 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 Units <br />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 />The calculation methodology defined in (i) Section 50053(b)(1) for <br />Extremely Low Income Households, or (ii) Section 50053(b)(2) for <br />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); <br />and <br />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 Units shall <br />be as follows: <br />Studio Extremely Low Units <br />One Bedroom Extremely Low Units <br />Two Bedroom Extremely Low Units <br /># of Units # of Max. Gross <br />(Agency) HOME units Monthly Rents* <br />4 2 $488 <br />8 2 $523 <br />2 2 $627 <br />Agency, City, and Vista Del Rio agree that the Year 2010 initial maximum gross monthly <br />Affordable Rents and the breakdown of unit affordability for the Very Low Income Units shall be as <br />follows: <br />Studio Very Low Units <br />One Bedroom Very Low Units <br />Two Bedroom Very Low Units <br /># of Units <br />(Agency) <br /># of HOME Max. Gross <br />units Monthly Rents* <br />2 $753 <br />2 $861 <br />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 />18 <br />DOCSOC/1475221v5/200272-0004 <br />