940 S. MINNIE, LP - 2014 - Laserfiche WebLink

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Exhibit G E. Affordable rents shall be governed by California Health and Safety Code Sections 50052.5 and 50053(b)(1), and as provided in the HOME Regulations 24 CFR section 92.2. F. Rents During Construction/Rehabilitation: (a) All units shall be charged the Low HOME rent, as amended from time to time (currently $903 for one - bedroom unit). 3.2 Affordable Gross Starting Rents (Less Reasonable Utility Allowance): 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. A. HOME Assisted Units 9 of Units Max Gross Monthlv Rent Very Low 1 Bedroom 4 $ 903 2 Bedroom 2 $ 1,083 3 Bedroom 2 $ 1,252 (1) In no event shall the rent charged to the HOME assisted units be more than that anlount of the low rent as published by HUD, as amended from time to time. 3.3 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. 4. Developer, its successors and assigns shall not charge rents for the Units in excess of the amounts set forth herein, as adjusted on the basis of the revised schedules of area median incomes issued from time -to -time by HUD. The Executive Director shall notify Developer in writing of the adjusted allowable maximum incomes and rents. 5. Developer shall adopt and include as part of its Management Plan (described in Section 11 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; (b) Are reasonably related to program eligibility and the applicants' ability to perform the obligations of the lease; (c) Give reasonable consideration to the housing needs of households 3of12