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7. AFFORDABILITY REQUIREMENTS, USE AND MAINTENANCE OF THE <br />PROJECT <br />7.1 Use Covenants and Restrictions. <br />a. Developer agrees and covenants, which covenants shall run with the land and <br />bind Developer, its successors, its assign and every successor in interest to the Property that <br />Developer will make all rental units on the Property available to extremely-low, very low and low <br />income households at rents affordable to such households for fifty- five (55) years from the effective <br />date of the issuance of the Certificate of Completion. <br />b. The Project shall consist of approximately seventy (70) units of which <br />there will be forty-nine (49) two-bedroom units and twenty-one (21) three-bedroom units. There <br />will be seven (7) units with incomes at or below 30% AMI, forty-two (42) units for households <br />with incomes at or below 50% AMI; twenty (20) units for households with incomes at or below <br />60% AMI; and the remaining unit will be reserved for the on-site manager. If entitlement changes <br />the number of units, the City Project Manager must approve affordability mix. <br />C. Affordable rents shall be governed as provided in the NSP Regulations. <br />Rental increases shall be in conformance with federal and state law. <br />d. Initial rents may be recalculated to allowable rental amounts at the time of <br />initial lease-up following completion of construction in accordance with any changes in allowable <br />rent and income tables as published by HUD. <br />7.2 Affordability Levels/Unit Mix: <br />The proposed unit mix and levels of affordability are as follows: <br />Bedroom Size 30% AMI 50% AMI 60% AMI Total <br />2 Bedroom 5 30 14 49 <br />3 Bedroom 2 12 6 20 <br />Totals 7 42 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 55-year affordability period for the sixty-nine (69) NSP assisted units, the rent <br />schedule periodically published by HUD. <br />* Utility allowances must be deducted from the Maximum Gross Monthly Rent. The Housing <br />Authority of the City of Santa Ana publishes the utility allowance. <br />14 <br />80A-70