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7. AFFORDABILITY REQUIREMENTS, USE AND MAINTENANCE OF THE <br />PROJECT <br />7.1 Use Covenants and Restrictions. <br />Developer agrees and covenants, which covenants shall run with the land and bind Developer, its <br />successors, its assign and every successor in interest to the Property that Developer will make all of <br />the rental units on the Property available to extremely low, very low and low income households at <br />rents affordable to such households for fifty-five (55) years (except for the unit for the onsite <br />Manager). The Project shall consist of approximately seventy (70) residential units. <br />Enforceability of restrictions on the sixty-nine (69) units shall be enforced until the date that is <br />twenty (20) years after the date on which the Certificate of Completion is issued (HOME <br />affordability period), unless tax credits are awarded to the Property, then fifty-five (55) years after <br />the date on which the Certificate of Completion is issued. <br />7.2 Affordability Levels/Unit Mix: <br />The proposed unit mix and levels of affordability are as follows: <br />Bedroom <br />Size Square <br />Feet 30% <br />AMI 40% <br />AMI 50% <br />AMI 60% <br />AMI Total <br />1 Bedroom 875 2 3 6 3 14 <br />2 Bedroom 1,085 2 6 11 10 29 <br />3 Bedroom 1,350 3 5 11 7 26 <br /> Totals 7 14 28 20 69 <br />The remaining unit will be a 3 bedroom unit reserved for the onsite manager. <br />The affordable rents charged at the Project must comply with the lowest of the following <br />standards: <br />1. The standards set forth by California Tax Credit Allocation Committee (TCAC), or <br />2. During the 20-year HOME affordability period, for the eleven (11) HOME assisted units, <br />the rent schedule periodically published by HUD. <br />* Utility allowances must be deducted from the Maximum Gross Monthly Rent. The Santa Ana <br />Housing Authority publishes the utility allowance. <br />7.3 Rent Increases: On an annual basis, the City shall provide the Developer with the <br />maximum allowable schedule of rents for the Property. In no event can Developer charge any <br />tenant more than such amount. <br />7.4 Maintenance of the Property. Solely at Developer's expense, Developer agrees to maintain <br />the Property in a clean and orderly condition and in good condition and repair and keep the Property <br />free from any accumulation of debris and waste materials. If at any time Developer fails to <br />1076\01\1333668.1 <br />14 <br />8OA-20