SANTA ANA ARTS COLLECTIVE, L.P. (META HOUSING PROJECT)

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The remaining unit will be a 2 -bedroom unit reserved for the onsite manager. HOME Assisted Units (1) In no event shall the rent charged to the HOME assisted units be more than that amount of the low HOME rent as published by HUD, as amended from time to time. (2) At the time of project completion, the Developer shall provide to the City the address and/or unit number of each of the HOME floating units. (3) Annually with the financial statements, the Developer shall provide an annual report of rents and occupancy of all assisted units, including the HOME -assisted units, to verify compliance with affordability requirements. For the HOME assisted -units, information on unit substitution and filling vacancies shall be provided to ensure that the project maintains the required unit mix. The affordable rents charged at the Project must comply with the standards set forth by California Tax Credit Allocation Committee (TCAC). Notwithstanding anything to the contrary contained in this Agreement, the Affordability Restrictions on Transfer of Property, and other than HOME assisted units, restricted (as to both income and rent levels) at 30% of AMI, in the event of a foreclosure, or delivery of deed in lieu of foreclosure, of any Senior Loan, then the (1) the maximum qualifying tenant household income shall be increased to 60% of Area Median Income adjusted for family size appropriate to the unit, and (2) the maximum annual affordable rent shall be increased to 30% of 60% of Area Median Income, as adjusted for family size appropriate to the unit. * Utility allowances must be deducted from the Maximum Gross Monthly Rent. The City of Santa Ana will provide the utility allowances based on the HUD Utility Schedule Model. d. 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 income tables as published by HUD. 3.2 Rent Increases: A. On an annual basis, the City shall provide the Owner with the HUD maximum allowable schedule of incomes and rents (less utility allowance appropriate for the Restricted Units) for the Property. B. Owner, its successors and assigns shall not charge rents for the Restricted Units in excess of the amounts set forth in the tables as adjusted from time -to -time by HUD. The Housing Unit Type Total # of Units Description/ No. of BRs Level of # of HOME HOME Share of Affordability Assisted Units Unit Type Notes 26 1 Bed 1 30%AMI 5 19.23% 14 2Bed 2 2 14.29% 17 3 Bed 3 4 23.53% (1) In no event shall the rent charged to the HOME assisted units be more than that amount of the low HOME rent as published by HUD, as amended from time to time. (2) At the time of project completion, the Developer shall provide to the City the address and/or unit number of each of the HOME floating units. (3) Annually with the financial statements, the Developer shall provide an annual report of rents and occupancy of all assisted units, including the HOME -assisted units, to verify compliance with affordability requirements. For the HOME assisted -units, information on unit substitution and filling vacancies shall be provided to ensure that the project maintains the required unit mix. The affordable rents charged at the Project must comply with the standards set forth by California Tax Credit Allocation Committee (TCAC). Notwithstanding anything to the contrary contained in this Agreement, the Affordability Restrictions on Transfer of Property, and other than HOME assisted units, restricted (as to both income and rent levels) at 30% of AMI, in the event of a foreclosure, or delivery of deed in lieu of foreclosure, of any Senior Loan, then the (1) the maximum qualifying tenant household income shall be increased to 60% of Area Median Income adjusted for family size appropriate to the unit, and (2) the maximum annual affordable rent shall be increased to 30% of 60% of Area Median Income, as adjusted for family size appropriate to the unit. * Utility allowances must be deducted from the Maximum Gross Monthly Rent. The City of Santa Ana will provide the utility allowances based on the HUD Utility Schedule Model. d. 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 income tables as published by HUD. 3.2 Rent Increases: A. On an annual basis, the City shall provide the Owner with the HUD maximum allowable schedule of incomes and rents (less utility allowance appropriate for the Restricted Units) for the Property. B. Owner, its successors and assigns shall not charge rents for the Restricted Units in excess of the amounts set forth in the tables as adjusted from time -to -time by HUD. The Housing