03 - Laserfiche WebLink

Attachment 2 increase above four percent to the subsequent year or years provided that in no event shall the annual increase be more than d%. If over the term of this amendment, the cunndative amount of rent increases exceed the annual financial grant, City shall pay owner the difference between the rent increases and annual financial grant payment provided the total payments shall not exceed the cumulative Maximum Am~ual Financial Grant Payment for the entire fifteen (15) year period as detailed on Attachment A. c. Owner shall use the City annual financial grant to reduce the monthly rent payment of five (~) tenants to the 4U% TCAC Rent. The selection of tenants for the 4U% TCAC Rent shall be based on financial need as determined by City and Owner provided each tenant shall have an annual income less than 40% of the AMI. Owner shall also make the rent reduction program available to applicants seeking tenancy who would not otherwise qualify financially for occupancy provided the applicant has an annual income less than 40% of the AMI and provided the applicant selection is based on the City Preference System as set forth in Section ~4 of the Agreement. Households benefiting from the rent reduction program shall he informed in writing annually that the rent reduction grant is temporary, applied annually and may be terminated. d. 11ie rent reduction grant program shall have a term of l~ years commencing July 1, 2007. Owner agrees to extend the rent reduction grant program for three live (5) year terms if requested in writing by the City and provided the City agrees to provide an annual linancial grant as set lorth in this Amendment The City shall notify Owner in writing, at a mininuun of fifteen (15) months prior to the expiration of any teen if it intends to extend the rent reduction program. Section 2. hi all other respects, the terms and provisions of the Agreement, as amended, are to continue in full force and effect. This Amendment #2 is executed the date and year as shown above. Richard D. Baker, President Linda F. Morasch, Vice President Nelson Pialho. City Manager Pa~~e ~ Ufa