RES 2024040 - Laserfiche WebLink

4879-3324-5885v3 6 3.2 Affordability Restrictions. Owner shall comply with all of the following requirements: (a) Monthly Rent for Existing Residents. Rent payable by residents residing in the Project as of the Effective Date shall be limited to the rent required by the resident’s lease or rental agreement in effect immediately prior to the Effective Date, subject to Permitted Annual Rent Increases. (b) Permitted Annual Rent Increases. Rent payable by residents of the Project may be increased no more often than once during each 12-month period of a tenant’s occupancy of a Restricted Unit, and rent increases shall be limited to not more than the lowest of the following (the “Permitted Annual Rent Increase”): (i) the percentage increase allowed by CTCAC Regulations, (ii) the percentage increase allowed by applicable State law, and (iii) the percentage by which maximum allowable rents for the applicable Area Median Income categories as published in the CTCAC Regulations has increased over the applicable maximum allowable rents published by CTCAC for the immediately preceding year. (c) Monthly Rent Upon Vacancy – Initial Affordability Restriction Period. During the Initial Affordability Restriction Period, rent for Restricted Units that are vacated shall be set at not greater than Affordable Rent for the applicable Area Median Income category as set forth in this Section. Thereafter, annual rent increases shall be limited as set forth in the preceding paragraph (b). Subject to paragraph (a) above, and as described in the table below, throughout the Initial Affordability Restriction Period: not less than twenty (20) residential units in the Project shall be occupied, or if vacant available for occupancy, at Affordable Rents to households whose household Gross Income is no greater than thirty percent (30%) of Area Median Income adjusted for Actual Household Size, not less than an additional sixty (60) residential units in the Project shall be shall be occupied, or if vacant available for occupancy, at Affordable Rents to households whose household Gross Income is no greater than fifty percent (50%) of Area Median Income adjusted for Actual Household Size, and not less than an additional one hundred eighteen (118) residential units in the Project shall be occupied, or if vacant available for occupancy, at Affordable Rents to households whose household Gross Income is no greater than sixty percent (60%) of Area Median Income adjusted for Actual Household Size. Two (2) residential units shall be manager/staff units that will not be subject to rent or occupancy restrictions. Notwithstanding the foregoing, the Parties acknowledge that as of the Effective Date, eight (8) Project residents have household Gross Income exceeding sixty percent (60%) AMI. Until the expiration of the Initial Affordability Restriction Period, upon vacancy, the units occupied by such residents shall be occupied or available for occupancy at Affordable Rent by households whose household Gross Income does not exceed sixty percent (60%) of Area Median Income adjusted for Actual Household Size.