DEPOT AT SANTIAGO, LP - 2013 - Laserfiche WebLink

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Enforceability of restrictions on the sixty -nine (69) units shall be enforced until the date that is twenty (20) years after the date on which the Certificate of Completion is issued (HOME affordability period), unless tax credits are awarded to the Property, then fifty -five (55) years after the date on which the Certificate of Completion is issued. 7.2 Affordability Levels/Unit Mix: The proposed unit mix and levels of affordability are as follows: Bedroom Size Square Feet 30% AMI 40% AMI 50% AMI 60% AMI Total 1 Bedroom 875 2 3 6 3 14 2 Bedroom 1,085 2 6 11 10 29 3 Bedroom 1,350 3 5 11 7 26 Totals 7 14 28 20 69 The remaining unit will be a 3- bedroom unit reserved for the onsite manager. The affordable rents charged at the Project must comply with the lowest of the following standards: 1. The standards set forth by California Tax Credit Allocation Committee (TCAC), or 2. During the 20 -year HOME affordability period, for the eleven (11) HOME assisted units, the rent schedule periodically published by HUD. * Utility allowances must be deducted from the Maximum Gross Monthly Rent. The Housing Authority of the City of Santa Ana publishes the utility allowance. 7.3 Rent Increases: On an annual basis, the City shall provide the Developer with the maximum allowable schedule of rents for the Property. In no event can Developer charge any tenant more than such amount. 7.4 Maintenance of the Property. Solely at Developer's expense, Developer agrees to maintain the Property in a clean and orderly condition and in good condition and repair and keep the Property free from any accumulation of debris and waste materials. If at any time Developer fails to maintain, or cause to be maintained, the Property as required by this section, and said condition is not corrected after the expiration of a reasonable period of time not to exceed thirty (30) days from the date of written notice from the City, unless such condition cannot reasonably be cured within thirty (30) days, in which case Developer shall have such additional time as reasonably necessary to complete such cure, the City may perform the necessary maintenance and Developer shall pay all reasonable costs incurred for such maintenance. The City shall inspect the Property annually after the date of issuance of the Certificate of Completion as described in Section 17 of this Agreement. 7.5 Obligation to Refrain from Discrimination. Developer covenants and agrees for itself, its successors, its assigns and every successor in interest to the Property or any part thereof, that there 14