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For rental properties, owners must demonstrate by means of evidence acceptable to <br />the Agency that at the time of the owner's application, all tenant households had <br />annual incomes at or below 120 percent of the area median income. All new tenants <br />must be income certified prior to move-in. Rental units must not be over-crowded. For <br />purposes of determining over-crowded there should be no more than 2 persons per <br />bedroom plus 1 (eg. 2 bedroom unit cannot have more than 5 occupants). <br />Owners must agree to restrict rents to those affordable to low income households (80% <br />AMI), and to do so for a period of ten years commencing with the loan date. As of <br />June 17, 2010 allowable rents were as follows: <br />Bedroom Size Allowable Rent <br />Studio 916 <br />One Bedroom $981 <br />Two Bedrooms 1 178 <br />Three Bedrooms $1,308 <br />Four Bedrooms $1,413 <br />For owners who choose to rent their homes after the loan has been approved and <br />recorded, the ten years will still commence with the loan date. <br />Owners must agree to comply with all applicable Federal and State anti-discrimination <br />laws. <br />Use of Loan Proceeds <br />Allowable repairs and improvements include the following: <br />• Removal and/or replacement of non-conforming fences that are visible from the <br />street <br />• Necessary improvements to front yard landscaping, including repair or <br />installation of a new irrigation system <br />• Replacement or repair of damaged or deteriorated roof <br />• Replacement of damaged or deteriorated flashing, sheathing, eaves, rafter tails, <br />fascia board, gutters and downspouts <br />• Installation of new gutters and downspouts if necessary to protect the home <br />• Repair and painting for exterior walls, trim, exterior doors, screens and windows. <br />Color coat stucco surfaces. <br />• Window replacement for energy efficiency <br />• Repair or replacement of damaged or deteriorated <br />of garage door openers. <br />• Repair or replacement of damaged or deteriorated <br />• Repair or replacement of damaged or deteriorated <br />• Installation of new security lighting. <br />Page 2 of 3 <br />Exhibit 4 <br />garage doors, and installation <br />driveways and walkways <br />exterior lighting <br />3-36 <br />