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

Home Browse Search

between thirty percent (30 %) of the tenant's actual gross income and Affordable Rent chargeable for the applicable Assisted Unit hereunder (and under the Regulatory Agreement). (c) Vista Del Rio hereby acknowledges and agrees that, upon completion of construction of the Project and leasing of the Assisted Units to Extremely Low Income and Very Low Income households pursuant to this Agreement, the DDA and the Affordability Restrictions, Vista Del Rio will have received governmental subsidies from Authority, City, Successor Agency and TCAC (through the Tax Credits allocated to the Project) in exchange for Vista Del Rio's agreement to limit the rents charged to tenants of the Project to an Affordable Rent and Vista Del Rio further acknowledges and agrees that, except for the HAP Contract payments with respect to 8 Assisted Units, which are part of the approved financing for the Project, acceptance of additional governmental rental subsidies (without the consent of the Executive Director) resulting in total, cumulative rent payments to Vista Del Rio in excess of an Affordable Rent for any of the Assisted Units at the Project would constitute an unjustified windfall to Vista Del Rio at the expense of Authority and the federal and state governments. Further, with respect to the HOME Units, the HOME Regulations prohibit application of any Project Based Section 8 assistance, Portable Voucher, or other rental subsidy that, cumulatively with the rent to be paid by the tenant household, exceeds an Affordable Rent calculated pursuant to the HOME Regulations. 3.4 Rent Increases. On an annual basis, the Executive Director shall provide Vista Del Rio with the maximum allowable schedule of Affordable Rents for the Property in accordance with changes in allowable rent and income tables published by HUD and the State of California, provided however that the rent for the HOME units shall in no event be higher than the rent for the equivalent Assisted Unit. In no event shall Vista Del Rio charge any tenant more than the Affordable Rents prescribed for the Assisted Units pursuant to these Restrictions and as directed by the Executive Director. 4. RENT LIMITATIONS. Vista Del Rio, its successors and assigns shall not charge rents for the Assisted Units in excess of the amounts set forth herein, as adjusted on the basis of the revised schedules of Area Median Income issued from time -to -time by HUD. The Executive Director shall notify Vista Del Rio in writing of the adjusted allowable maximum incomes and rents. 5. MANAGEMENT PLAN. Vista Del Rio shall adopt and include as part of its Management Plan (described in Section 11 below), written tenant selection policies and criteria for the Assisted 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 that would have a preference under 42 CFR §906.211 (Federal selection preferences for admission to Public Housing); (d) Provide for: B -9 DOC SOC/ 1475221 v 10/200272 -0004