25C - AGMT - HOUSING DEV ORGANIZATIONS

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Unit T-Ue AMI Level # of Units 30% AMI _ 50% AMI 30% AMI 60% AMT Manager Unit C. At initial lease up, 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. After the fifteen (15) year HOME compliance period, the City shall require that the units remain affordable, with rents calculated based on assumed household size at the same income levels. D. All of the HOME units will be restricted to occupancy by C %) of the Area Median Income (AMI). Current residents whose incomes exceed (_%) of the AMI will be increased to either (__%) percent of their monthly household income or market rent for the neighborhood, whichever is lower. E. Maximum Occupancy will be two (2) people per room plus one (1). Example for a two - bedroom unit, five (5) people would be maximum occupancy, F. Affordable rents shall be governed by California Health and Safety Code Sections 50052.5 and 50053(b)(2), and as provided in the HOME Regulations 24 CFR section 92.2. G. Developer must have a written lease between tenant and owner for a period of at least one year, unless a shorter period is mutually agreed upon. Leases must be consistent with HOME Regulations 24 CFR section 92,209(g). H. Rents During Construction /Rehabilitation: (a) All HOME resits shall be charged not more than the Low HOME rent, as amended from time to time (currently $ for a unit and $ for a unit). 7.2 Affordable Gross Starting Rents (Less Reasonable Utility Allowance); Initial rents may be recalculated to allowable rental amounts at the time of initial lease -up following completion of construction in accordance with any changes in allowable rent and incorne tables as published by HUD. A. HOME Assisted Units # of Units Max Gross Monthly Rent 15 25C -19