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FOUNTAINHEAD PARTNERS-2003
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FOUNTAINHEAD PARTNERS-2003
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Last modified
10/18/2016 11:52:31 AM
Creation date
5/23/2016 4:32:18 PM
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Contracts
Company Name
FOUNTAINHEAD PARTNERS
Contract #
A-2003-132
Agency
Community Development
Council Approval Date
6/16/2003
Notes
RECORDED COVENANTS
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11 /14/03 <br />HOME assisted Units - Breakdown of Affordable Gross Starting Rents: <br />1. 40% units = Studio = $529 <br />1 Bedroom — $567 <br />2 Bedroom = $680 <br />2. 50% units = Studio = $661 <br />1 Bedroom = $708 <br />2 Bedroom = $850 <br />(c) Maximum Incomes — HOME Assisted Units: <br />No one shall be accepted for initial occupancy of the HOME <br />assisted units whose income exceeds 60% of median, and at least 20% of the HOME <br />assisted units (3 for this Project) must be occupied by households that have annual <br />incomes that are 50% or less of median income. <br />(d) Number of HOME Assisted Affordable Units/Unit Breakdown: <br />Pursuant to the Loan Agreement, Developer hereby guarantees that <br />there shall be no less Eighty Nine (89) affordable units with the following breakdown of <br />the eleven (11) HOME Assisted affordable units throughout the Project: <br />1. 40% units= Studio = 1 unit <br />1 Bedroom = 7 units <br />2 Bedroom = 1 unit <br />2. 50% units= Studio = 0 units <br />1 Bedroom = 2 units <br />2 Bedroom = 0 units <br />DEVELOPER may increase rents not more than once annually, subject to the <br />prior written approval of the Executive Director. <br />(e) Recertification of Incomes. DEVELOPER shall <br />re- examine the income of each tenant household living in the Restricted Units at least <br />annually, not later than seventy -five (75) days after the close of each calendar year. <br />DEVELOPER shall provide the Agency /City with an annual report in substantially the <br />form of Exhibit B attached hereto and incorporated herein. ] The Executive Director or <br />his/her designee shall provide DEVELOPER with updated maximum monthly rents as <br />changes in the applicable gross income amounts, the income adjustments, or the <br />monthly allowance for utilities warrant. Any increase in rents for the Restricted Units is <br />subject to the provisions of outstanding leases. In any event, DEVELOPER must <br />provide tenants of the Restricted Units not less than 30 days prior written notice before <br />implementing any increase in rents. <br />3of14 <br />
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