VISTA DEL RIO PARTNERS, L.P. - Laserfiche WebLink

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Studio Very Low Units One Bedroom Very Low Units Two Bedroom Very Low Units # of Units # of HOME Max. Gross (Successor units Monthly Rents* Agency) M $813 $871 $1,046 *Utilities Allowances must be deducted from the Maximum Gross Monthly Affordable Rent. The applicable utilities allowances are determined periodically by the Authority. Maximum Gross Monthly Rents shall be recalculated following issuance of a Release of Construction Covenants but prior to the time of initial lease -up in accordance with any changes in allowable rent and income tables as published by HUD and the State of California, and shall be as approved by the Executive Directors in writing in accordance with this Section. Such Maximum Gross Monthly Rents charged to the first tenants of the 40 Assisted Units shall constitute the Initial Rental Schedule. 7.3 Rental Vouchers. (a) In the event Vista Del Rio rents a Unit to a household holding a Portable Voucher, the rental agreement (or lease agreement, as applicable) between Vista Del Rio, as landlord, and the tenant shall expressly provide that the monthly rent charged shall be the Affordable Rent required hereunder for the Unit (not Section 8 Rent, as defined below) and that the rent collected directly from such tenant holding a portable rental voucher shall be not more than 30% of the tenant's actual gross income pursuant to the applicable voucher program regulations; i.e., the rent charged to such tenant under the rental agreement shall be the Affordable Rent chargeable hereunder and not fair market rent for the area or rent determined by a rent - reasonableness review performed in accordance with all applicable statutes and regulations applicable to Project Based Section 8 assistance ( "Section 8 Rent "), including without limitation Section 8(o)(13) of the U.S. Housing Act of 1937, 42 U.S.C. Section 1437f(o)(13), and the implementing regulations set forth at 24 CFR Part 983 (collectively, "Section 8 Program Regulations "), as would otherwise be permitted under the applicable Portable Voucher program. Thus, the subsidy payment to Vista Del Rio under any Portable Voucher shall not exceed the difference between thirty percent (30 %) of the tenant's actual gross income and Affordable Rent chargeable for the applicable Unit hereunder (and under the Affordability Restrictions). (b) The parties acknowledge that Vista Del Rio and Authority intend to enter into the HAP Contract and that the Senior Lender is anticipated to underwrite a Senior Loan based in part on the Project Based Section 8 subsidy to the Project under the HAP Contract, including payments thereunder equal to the difference between 30% of each tenant household's actual gross income and Section 8 Rent. In the event that, during the Term hereof, a new Housing Assistance Payments Contract is proposed to be entered into (or is entered into) with respect to any Units at the Project not already receiving Project Based Section 8 assistance under the HAP Contract (or those Units, after expiration of the HAP Contract), Vista Del Rio shall cause the rental agreement (or lease agreement, as applicable) for each Unit receiving Project Based Section 8 assistance pursuant to such new Housing Assistance Payments Contract (but not the HAP Contract) to provide that the monthly rent charged under such rental agreement (or lease agreement, as applicable) shall not exceed the Affordable Rent required hereunder for the Unit (not Section 8 Rent). Thus, the subsidy payment to 19 DOC SOC/ 1475221 v 10/200272 -0004