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RES 2024040
City of Pleasanton
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RES 2024040
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6/18/2024 4:24:22 PM
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CITY CLERK
CITY CLERK - TYPE
RESOLUTIONS
DOCUMENT DATE
6/4/2024
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<br />4879-3324-5885v3 <br />8 <br />in the amounts required by lenders that have provided Project financing that is payable on a non- <br />residual receipts basis) divided by annual debt service payable on non-residual receipts loans <br />equals at least 1.10. <br />The increased rents and income-targeting permitted pursuant to this Section may remain <br />in effect only for so long as required to maintain Financial Feasibility. Owner will use best <br />efforts to obtain alternate sources of financing or adjustments in the terms of Project financing <br />provided by lenders other than City in efforts to avoid the necessity for rent increases and enable <br />the Project to comply with the rent and occupancy restrictions set forth in Section 3.2(c). Any <br />rent increases permitted pursuant to this Section will be subject to the applicable regulations of <br />other agencies that have provided financing for the Project and applicable law. If rents for any <br />Restricted Units are increased pursuant to this Section, Owner shall include in each Annual <br />Report submitted pursuant to Section 4.4 below, documentation that the increase in rents is <br />required for Financial Feasibility, and documentation regarding Owner’s efforts to secure <br />additional sources of rent or operating subsidy for the Project. <br /> <br />3.4 Project Based Vouchers and Other Subsidies. If any residential units in the <br />Project are subsidized with Section 8 project-based vouchers through a Housing Assistance <br />Payment Contract with HUD or the Housing Authority of the County of Alameda, or with <br />another source of rent or operating subsidy, the rules and regulations applicable to such programs <br />shall prevail with respect to the setting of rents, implementation of occupancy requirements, and <br />determination of household Gross Income for the units assisted by such programs. <br /> <br />3.5 Compliance with Most Restrictive Requirements. Notwithstanding anything to <br />the contrary set forth in this Agreement, if the CTCAC Regulatory Agreement or restrictions <br />imposed by Project lenders, Project investors, or regulatory agencies restrict a greater number of <br />units than restricted by this Agreement or require stricter household income eligibility or <br />affordability requirements than those imposed by this Agreement, the requirements of the <br />CTCAC Regulatory Agreement and such other lenders, investors or regulatory agencies shall <br />prevail during the time that that they are effective. <br />3.6 Increased Resident Income. No tenant qualifying for a Restricted Unit shall be <br />denied continued occupancy of a unit in the Project because, after admission, such tenant's <br />household Gross Income increases to exceed the qualifying limit for such Restricted Unit. A <br />household which at initial occupancy qualifies in a particular income category shall be treated as <br />continuing to be of such income category so long as the household’s Gross Income does not <br />exceed one hundred forty percent (140%) of the applicable income limit. In the event the <br />household Gross Income of a household that qualified at the applicable income limit at initial <br />occupancy exceeds the applicable income limit for a Restricted Unit, that unit will continue to be <br />considered as satisfying the applicable income limit if the rent for the unit remains at not greater <br />than the applicable restricted amount. In the event a tenant’s household income exceeds the <br />limits specified in this Section, Owner shall apply the rules applicable to the Project pursuant to <br />Section 42 of the Internal Revenue Code of 1986, as amended, the federal regulations applicable <br />thereto, and the CTCAC Regulations. In the event of inconsistency between the provisions of <br />this Section and the Applicable Rules and Regulations, the Applicable Rules and Regulations <br />shall prevail.
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