25B - AGMT - 815 N HARBOR LOAN - Laserfiche WebLink

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A, Developer: agrees and covenants, which covenants shall fait with the land and bind Developer, its successors, its assigns and every= successor in interest to the property that Developer will Hulce all rental units on the Property available to very low households at rents affoiziable to such households for fifty -five (55) years from the date of full occupancy of the Project. The HOME restrictions for the two (2) HOME assisted units shall be enforced until the date that is fifteen (l5) years after the date €rat which the City reports the Project as complete to the Department of Housing and Urban Development. Developer shall report to City which units are the HOME assisted units (lay address number) upon lease tip and ,my subsequent changes thereto. 13, The Project shall consist of'sixty nine affordable units, with two (2) three- bedroom HOME assisted units. C. At initial lease tip, households in the HOME assisted units cannot earn more than 50% of AMi, however existing tenants at the Property who are otherwise eligible under the HOME Program may continue their tenancy at the Property. Rental increases shall be in conformance with federal and state law. A tier, the fi fteen (15) year HOME compliance period, the City shall require that the units remain affordable, with, rents calculated basal on aszaumed household size at the Same income levels At the time of project completion and initial lcase -rap, Developer and /or Owner must provide the mitt number for each HOME unit to the City, Tine two (2) HOME units will be floating units. D. Maximum Occupancy will be two (2) people per room plus one (1). For ex#unple for a three - bedroom unit, seven (7) people would be maxantnn occupancy. E. Affordable rents shall be governed by the HOME Regulations 24 CFR section 92.7. F. Developer must have a written lease behveen tenant and owner far a period o f at least one year, unless a shouter period is mutually agreed upon. Leases must be consistent with H 0 M E Regulations 24 CFR section 92.209(g), 5,2 Initial . rents maybe recalculated to allowable rental an at the time of initial lease -up Poll owing completion of construction in accordance with arty changes in allowable rent and income tables as published by WD. HOME Assisted [;nits 4 of Units Max Cross Monthly Rent Very Low 3 Bedroom 2 $ 1,252 (t) In no event shall the rent charged to the HONTF, assisted units be more that that amount o C the love rent as published by IIUD, as amended from time to tirne. (2) Ren ainint; non -I-IO lE units M]l bebasod on TCAC rents, 13 25B -19