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JAMBOREE HOUSING CORPORATION
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Last modified
9/26/2018 12:18:46 PM
Creation date
9/24/2018 12:31:18 PM
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Contracts
Company Name
JAMBOREE HOUSING CORPORATION
Contract #
A-2018-198
Agency
COMMUNITY DEVELOPMENT
Council Approval Date
8/21/2018
Destruction Year
0
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(2) At the time of project completion, the Developer shall provide to the City the <br />address and/or unit number of each of the HOME floating units. <br />(3) Annually with the financial statements, the Developer shall provide an annual report <br />of rents and occupancy of all assisted units, including the HOME assisted units, to <br />verify compliance with affordability requirements. For the HOME assisted units, <br />information on unit substitution and filling vacancies shall be provided to ensure <br />that the project maintains the required unit mix. <br />The affordable rents charged at the Project must comply with the standards set forth by <br />HUD and California Tax Credit Allocation Committee (TCAC). Notwithstanding anything <br />to the contrary contained in this Agreement or the Affordability Restrictions on Transfer of <br />Property, in the event of a foreclosure, or delivery of a deed in lieu of foreclosure, of any <br />Senior Loan, then for all units other than the HOME Assisted Units, (1) the maximum <br />qualifying tenant household income shall be increased to 60% of Area Median Income <br />adjusted for family size appropriate to the unit, and (2) the maximum annual affordable rent <br />shall be increased to comply with the rent limits set forth by California Tax Credit <br />Allocation Committee (TCAC) for households at 60% Area Median Income. <br />Utility allowances must be deducted from the Maximum Gross Monthly Rent. The Housing <br />Authority of the City of Santa Ana publishes the Utility Allowance Schedule. <br />Initial rents may be recalculated to allowable rental amounts at the time of initial lease -up <br />following completion of construction in accordance with any changes in allowable rent and <br />income tables as published by HUD. <br />7.3 Rent Increases: On an annual basis, the City shall provide Developer with the <br />maximum allowable schedule of rents for the Property in accordance with changes in <br />allowable rent and income tables published by HUD and the California Tax Credit <br />Allocation Committee (TCAC), provided however that the rent for the HOME units shall in <br />no event be higher than the rent for the equivalent non -HOME assisted unit within the <br />Project. In no event can Developer charge any tenant more than such amount. The City will <br />make all best efforts to provide Developer with the maximum allowable schedule of rents <br />within no more than 30 calendar days after the date TCAC publishes the allowable rent and <br />income tables. <br />7.4 Prohibited Fees. The Developer and subsequent owner is prohibited from charging <br />fees that are not customary, consistent with HOME Regulations 24 CFR section <br />92.504(c)(3)(xi). The Developer and subsequent owner can charge reasonable application <br />fees to prospective tenants; other fees only to the extent that they are reasonable and <br />customary for the project area; and fees for services provided to tenants, provided that these <br />services are not mandatory. <br />7.5 Maintenance of the Property. Solely at Developer's expense, Developer agrees to <br />maintain the Property in a clean and orderly condition and in good condition and repair and <br />keep the Property free from any accumulation of debris and waste materials. If at any time <br />Developer fails to maintain, or cause to be maintained, the Property as required by this <br />section, and said condition is not corrected after the expiration of a reasonable period of time <br />not to exceed thirty (30) days from the date of written notice from the City, unless such <br />13 <br />
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