815 N. HARBOR, L.P.-2013 - Laserfiche WebLink

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successors, and assigns shall use the Property to provide affordable rental housing, for Very Low Income households, as provided in the Loan Agreement and these Restrictions, provided however that the Owner may lease out the existing improvements for other uses on a short-term basis prior to the commencement of construction of the Project. 3. AFFORDABILITY REQUIREMENTS, USE AND MAINTENANCE OF THE PROPERTY 3.1 Use Covenants and Restrictions. a. Owner agrees and covenants, which covenants shall run with the land and bind Owner, its successors, its assign and every successor in interest to the Property that Owner will make all rental units on the Property available to extremely -low, very low and low income households at rents affordable to such households for fifty- five (55) years from the effective date of the issuance of the Certificate of Completion. b. The Project shall consist of approximately seventy (70) units of which there will be forty -nine (49) two - bedroom units and twenty -one (21) three - bedroom units. There will be seven (7) units with incomes at or below 30% AMI, forty -two (42) units for households with incomes at or below 50% AMI; twenty (20) units for households with incomes at or below 60% AMI; and the remaining unit will be reserved for the on -site manager. If entitlement changes the number of units, the City Project Manager must approve affordability mix. c. Affordable rents shall be governed as provided in the NSP Regulations. Rental increases shall be in conformance with federal and state law. d. Initial rents may be recalculated to allowable rental amounts at the time of initial lease -up following completion of construction in accordance with any changes in allowable rent and income tables as published by HUD. 3.2 Rent Increases: A. On an annual basis, the City shall provide the Owner with the maximum allowable schedule of incomes and rents (less utility allowance appropriate for the NSP Assisted Unit for the Property. B. Owner, its successors and assigns shall not charge rents for the NSP Assisted Units in excess of the amounts set forth in the tables as adjusted from time -to -time by IIUD. The City Manager shall notify Owner in writing of the adjusted allowable maximum incomes and rents. 4. Miscellaneous Provisions: A. Owner shall adopt and include as part of its Management Plan (described in subsection G below), written tenant selection policies and criteria for the Units, that meet the following requirements: (a) Are consistent with the purpose of providing housing for Very Low Income households;