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A. Developer agrees and covenants, which covenants shall run with the land and bind <br />Developer, its successors, its assigns and every successor in interest to the Property that <br />Developer will make all rental units on the Property available to very low households at rents <br />affordable to such households for fifty -five (55) years from the date of full occupancy of the <br />Project. The HOME restrictions for the two (2) HOME assisted units shall be enforced until <br />the date that is twenty (20) years after the date on which the City reports the Project as <br />complete to the Department of Housing and Urban Development. Developer shall report to <br />City which units are the HOME assisted units (by address number) upon lease up and any <br />subsequent changes thereto. <br />B. The Project shall consist of sixty nine affordable units, with two (2) three - <br />bedroom HOME assisted units. <br />C. At initial lease up, households in the HOME assisted units cannot earn more than <br />50% of AMI, however existing tenants at the Property who are otherwise eligible under <br />the HOME Program may continue their tenancy at the Property. Rental increases shall be <br />in conformance with federal and state law. After the twenty (20) year HOME <br />compliance period, the City shall require that the units remain affordable, with rents <br />calculated based on assumed household size at the same income levels <br />At the time of project completion and income lease -up, Developer and/or Owner must <br />provide the unit number for each HOME unit to the City. The two (2) HOME units will be <br />floating units. <br />D. Maximum Occupancy will be two (2) people per room plus one (1). For example for a <br />three- bedroom unit, seven (7) people would be maximum occupancy. <br />E. Affordable rents shall be governed by the HOME Regulations 24 CFR section 92.2. <br />F. Developer must have a written lease between tenant and owner for a period of at least <br />one year, unless a shorter period is mutually agreed upon. Leases must be consistent with <br />HOME Regulations 24 CFR section 92.209(g). <br />5.2 Affordable Gross Starting Rents (Less Reasonable Utility Allowance): Initial rents <br />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 <br />tables as published by HUD. <br />HOME Assisted Units <br /># of Units Max Gross Monthly ent <br />Very Low 3 Bedroom 2 $ 1,252 <br />(1) In no event shall the rent charged to the HOME assisted units be more <br />than that amount of the low rent as published by HUD, as anlended from <br />time to time. <br />(2) Remaining non -HOME units will be based on TCAC rents. <br />13 <br />