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A. Annual increase in affordable rents referred to in <br />Section 4 shall be limited to the percentage of increase in the <br />median family income for the Oakland Primary Metropolitan <br />Statistical Area ("PSMA"), as determined by HUD. <br /> <br /> B. In the event that HUD fails to issue revised median <br />family income statistics for the Oakland PSMA within fifteen (15) <br />months of the previous revision, rents for units referred to in <br />Section 4 may be adjusted based on the annual percentage increase <br />in the San Francisco-Oakland Consumer Price Index for urban wage <br />earners and clerical workers. <br /> <br /> C. Notification to the City of annual rent increases <br />shall be provided by the Developer as part of the Annual Report <br />(referred to in Section 8 hereof). <br /> <br /> 6. Period of Compliance: The requirements of this <br />Agreement shall apply for a period of fifteen (15) years after <br />the date on which three'(3) of the five (5) affordable rental <br />units in the Project are occupied ("Completion Date"). Said date <br />shall be established by the recording by Developer of a document <br />in the form attached hereto as Exhibit "B" entitled "Notice of <br />Occupancy" The Developer shall provide the City with a copy of <br />the recorded "Notice of Occupancy" as soon as reasonably <br />possible. <br /> <br /> 7. Income Certifications: <br /> <br /> A. Sworn income certifications from each lower-income <br />household, dated immediately prior to the initial occupancy, will <br />be kept on file by the Developer. Such income certifications <br />shall be in the form attached as Exhibit D. <br /> <br /> B. The Developer shall require prospective tenants to <br />provide adequate proof in support of the sworn income <br />certification. At a minimum, this proof shall consist of <br />(1) employer verification (monthly income/hourly rate/average <br />hours per week), (2) bank statements (checking and savings) and <br />(3) social security numbers. If discrepancies in information or <br />lack of adequate information create uncertainty as to actual <br />income levels, then the Developer will require the prospective <br />tenant to provide federal income tax statements. <br /> <br /> C. The sworn income certifications shall be renewed <br />annually during the month of May but on any such renewal the <br />Developer shall not be obligated to obtain supporting proof of <br />stated income levels. <br /> <br /> 8. Records: Records of the Developer shall be available to <br />the City during regular business hours as necessary to monitor <br />compliance with this Agreement. <br /> <br /> 9. Annual Report: During the month of June each year, the <br />Developer shall submit to the City an Annual Report. The Annual <br />Report shall be verified under penalty of perjury and shall <br />contain the following: <br /> <br /> - 3 - <br /> <br /> <br />