RES 2024040 - Laserfiche WebLink

4879-3324-5885v3 7 Maximum Household Income Unit Size 30% AMI 50% AMI 60% AMI Subtotal Mgr Unit Total 1-Bedroom 18 55 107 180 0 180 2-Bedroom 2 5 11 18 2 20 Total 20 60 118 198 2 200 In the event that recertification of tenant incomes indicates that the number of residential units actually occupied by Eligible Households falls below the number reserved for each income group as specified in this Section, Owner shall rectify the condition by renting the next available dwelling unit(s) in the Project to Eligible Household(s) until the required income mix is achieved. (d) Income Limits and Maximum Rents Following Expiration of Initial Affordability Restriction Period. Upon expiration of the Initial Affordability Restriction Period, subject to Section 3.5 below: (i) upon vacancy, the Restricted Units shall be occupied, or if vacant available for occupancy, by households with household Gross Income not greater than eighty percent (80%) of Area Median Income adjusted for Actual Household Size, and (ii) maximum rents shall be limited to not greater than Affordable Rent for households whose household Gross Income does not exceed eighty percent (80%) of Area Median Income Adjusted for Household Size Appropriate for the Unit as published by CTCAC; provided however, rent payable by residents residing in a Restricted Unit as of the date that the Initial Affordability Restriction Period expires shall be limited to the rent required by the resident’s lease or rental agreement in effect immediately prior to such expiration date, subject to Permitted Annual Rent Increases. 3.3 Rent Float-Up Provisions. Subject to compliance with Section 3.2(b) and the provisions of this Section, if necessary to preserve Project feasibility, in the event of (i) a loss of project-based vouchers or other operating subsidy for the Project, or (ii) a foreclosure or threatened foreclosure of a senior mortgage secured by the Project, rents on any units restricted at thirty percent (30%) or fifty percent (50%) of Area Median Income may be permitted to increase to the rent allowable for units restricted at sixty percent (60%) of Area Median Income (or such lesser amount as may be necessary to ensure Project Financial Feasibility (defined below)), but only to the extent, for the number of units, and for the period of time necessary to achieve Financial Feasibility. Owner shall immediately notify City in writing of any impending or threatened foreclosure and any impending or threatened termination or reduction of any project-based rental assistance or operating subsidy for the Project, and Owner shall make every effort to find alternative subsidies or financing structures that would enable the rents, income-targeting, and occupancy restrictions set forth in Section 3.2(c) to be maintained. As used in this Agreement, “Financial Feasibility” means that the Project’s annual net operating income (i.e., gross annual income received minus operating expenses and deposits into operating and replacement reserves