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940 S. MINNIE, LP - 2014
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940 S. MINNIE, LP - 2014
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Last modified
7/7/2014 3:04:49 PM
Creation date
7/7/2014 3:02:07 PM
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Contracts
Company Name
940 S. MINNIE, LP
Contract #
A-2014-077
Agency
COMMUNITY DEVELOPMENT
Council Approval Date
3/18/2014
Insurance Exp Date
9/1/2014
Destruction Year
0
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E. Affordable rents shall be governed by California Health and Safety Code Sections <br />50052.5 and 50053(b)(1), and as provided in the HOME Regulations 24 CFR section 92.2. <br />F. Rents During Constriction/Rehabilitation: <br />(a) All units shall be charged the Low HOME rent, as amended from time to time <br />(currently $903 for one - bedroom unit). <br />3.2 Affordable Gross Starting Rents (Less Reasonable UflHty Allowance): Initial rents <br />may be recalculated to allowable rental amounts at the time of initial lease -up following <br />completion of constriction in accordance with any changes in allowable rent and income <br />tables as published by HUD. <br />A. HOME Assisted Units <br /># of Units <br />Rent <br />Very Low 1 Bedroom 4 <br />2 Bedroom 2 <br />3 Bedroom 2 <br />Max Gross Monthlv <br />$ 903 <br />$ 1,083 <br />$ 1,252 <br />(1) In no event shall the rent charged to the HOME assisted units be more <br />than that amount of the low rent as published by HUD, as amended from time to time. <br />3.3 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 <br />any tenant more than such amount. <br />4. Developer, its successors and assigns shall not charge rents for the Units in <br />excess of the amounts set forth herein, as adjusted on the basis of the revised schedules of <br />area median incomes issued from time -to -time by HUD. The Executive Director shall <br />notify Developer in writing of the adjusted allowable maximum incomes and rents. <br />5. Developer shall adopt and include as part of its Management Plan <br />(described in Section 11 below), written tenant selection policies and criteria for the Units, <br />that meet the following requirements: <br />(a) Are consistent with the purpose of providing housing for Very Low <br />Income households; <br />(b) Are reasonably related to program eligibility and the applicants' <br />ability to perform the obligations of the lease; <br />(c) Give reasonable consideration to the housing needs of households <br />3 of 12 <br />
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