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Page 4 of 5 <br />Current Affordability TCAC Targeting <br />AMI Unit <br />Size <br />Number AMI Unit <br />Size <br />Number <br />25% 1 9 30% 1 18 <br />33% 1 36 50% 1 55 <br />50% 1 27 60% 1 102 <br />60% 1 108 80% 1 5 <br />25% 2 1 30% 2 2 <br />33% 2 4 50% 2 5 <br />50% 2 3 60% 2 8 <br />60% 2 12 80% 2 3 <br />Total 200 Total 198 <br />Two 2-bedroom <br />employee units <br /> Two unrestricted 2- <br />bedroom employee units <br />• Restricts annual rent increases for existing residents to the lesser of either (1) the <br />percentage increase allowed by California Tax Credit Allocation Committee (CTCAC) <br />regulations, and (2) the percentage increase allowed by applicable State law. As noted, <br />upon vacancy rents may increase to the TCAC maximum allowable rents for <br />designated AMI categories. <br />• Sets the term of the Regulatory Agreement for a period of 55 years commencing upon <br />completion of construction to mirror the 55-year tax credit regulatory agreement. <br />• Allows deeply targeted rents to "float up" to 60% AMI following a foreclosure, which <br />facilitates a higher appraised value and supports a higher loan amount. <br />• Establishes the City’s preference criteria in leasing the property subject to applicable <br />fair housing and financing requirements. <br />• Establishes property management and maintenance expectations for the property and <br />allows the City the right, subject to investor and lender approval, to request <br />replacement of the management agent in the event of default of those management <br />responsibilities. <br />• Describes ongoing monitoring, tenant recertification and reporting requirements for the <br />project. <br />• Requires payment of $10,000 per year to the City as a monitoring fee, increasing by an <br />annual escalation of 3%. <br /> <br />After Eden Housing closes its low-income housing tax credit resyndication deal, it can begin to <br />substantially rehabilitate the exterior of Ridge View Commons as well as the interior of the 200 <br />units at the property. Constructed in 1989, the 35-year old property would significantly benefit <br />from a substantial renovation. Planned exterior improvements include window replacements, <br />rebuilding patio decks, new fencing, new site lighting, and new landscape and irrigation. <br />Page 72 of 720