FAR WEST ASSOCIATES - Laserfiche WebLink

1. Occupancy by Lower-Income Households. The Developer agrees that no less than twenty-five percent (250) of the total number of dwelling units in the Project after completion, but in no event fewer than ten (10) units, shall be occupied, or available fmr occupancy, by lower-income households on a continuous basis. a. For the purpose of this Agreement, "lower-income households "means those individuals or families with incomes no greater than 800 of the median family income for the San Francisco-Oakland Standard Metropolitan Statistical Area for a family of four persons, adjusted up or down for larger or smaller household sizes and as established by the United States Department of Housing and Urban Development (HUD). Individuals or families who certify they meet the qualifications for eligibility as lower-income households a~ set forth in the Certification of Tenant Eligibility, attached as Exhibit "B" and incorporated herein by this reference, shall be deemed lower-income households unless the Developer knew, or should have known, that such households were in fact ineligible for such classifications. b. A dwelling unit occupied by a lower-income household which at the time of commencement of occupancy was a lower-income household shall be treated as being occupied by a lower-income household for the entire yearly reporting period, as described in Section 6 herein, even though said household subsequently ceases to be qualified as a lower-income household. c. In the event a qualified lower-income household has ceased to be so qualified at the end of any reporting period, - 2 -