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households, in accordance with the schedule set forth in Section 3.2 below. All rental increases shall <br />be in conformance with federal and state law and approved by the Executive Director. <br />d. The rent charged for the on -site property manager's unit shall not be <br />restricted. <br />e. Affordable Rents charged to tenants shall be governed by California Health <br />and Safety Code Sections 50052.5, 50053(b)(1), and 50053(b)(2), and as provided in the HOME <br />Regulations 24 CFR section 92.2, whichever is less. <br />3.2 Affordable Gross Starting Rents (Less Reasonable Utility Allowance). Initial <br />rents may be recalculated to allowable rental amounts at the time of initial lease -up following <br />completion of Construction in accordance with any changes in allowable rent and income tables as <br />published by HUD and the State of California, Department of Housing and Community <br />Development. <br />A. Successor Agency and HOME Units. <br />Successor Agency, City, Authority, and Vista Del Rio agree that the breakdown of unit <br />affordability for the Assisted Units shall be as follows, under this Agreement: <br />The rents charged at the Project must comply with the lowest and most restrictive of the <br />following standards: <br />1. The calculation methodology defined in (i) Section 50053(b)(1) for <br />Extremely Low Income Households, or (ii) Section 50053(b)(2) for Very Low Income Households; <br />2. The rents published for Low Income Housing Tax Credit (Tax Credit) <br />projects by the California Tax Credit Allocation Committee (TCAC); and <br />With respect to the HOME Units, the Low HOME rents published by <br />HUD. <br />Successor Agency, City, Authority, and Vista Del Rio agree that effective 2011 the initial <br />maximum gross monthly Affordable Rents and the breakdown of unit affordability for the Extremely <br />Low Income Assisted Units shall be as follows: <br /># of Units <br />(Successor <br />Agency) <br />Studio Extremely Low Units <br />One Bedroom Extremely Low Units <br />Two Bedroom Extremely Low Units <br /># of <br />HOME units <br />Max. Gross <br />Monthly Rents* <br />$485 <br />$519 <br />$623 <br />Successor Agency, City, Authority, and Vista Del Rio agree that effective 2011 the initial <br />maximum gross monthly Affordable Rents and the breakdown of unit affordability for the Very Low <br />Income Assisted Units shall be as follows: <br />B -7 <br />DOCSOC /1475221 v10/200272 -0004 <br />