NORTH HARBOR HOUSING PARTNERS, LP (CO JAMBOREE HOUSING CORPORATION

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D. All of the units will be restricted to occupancy by families earning no more than thirty (30%) of the Area Median Income (AMI). E. Maximum Occupancy will be two (2) people per bedroom plus one (1). Example for a two -bedroom unit, five (5) people would be maximum occupancy. F. Affordable rents shall be governed by the Tax Credit Allocation Committee. G. Developer must have a written lease between tenant and owner for a period of at least one year, unless a shorter period is mutually agreed upon. Leases must be consistent with the HOME Program regulations at 24 CFR 92.253(a) and (b). 7.2 Affordability Levels/Unit Mix: The affordability levels/unit mix for the Project is as follows: Unit Size No. Units AMI Studio 89 30% The remaining two (2) units will be reserved for onsite management. (1) In no event shall the rent charged to the units be more than that amount of the rent affordable to a family at 30% Area Median Income as published by the Tax Credit Allocation Committee, as amended from time to time. (2) Annually with the financial statements, the Developer shall provide an annual report of rents and occupancy of all units, to verify compliance with affordability requirements. The affordable rents charged at the Project must comply with the standards set forth by the California Tax Credit Allocation Committee (TCAC). Notwithstanding anything to the contrary contained in this Agreement or the Affordability Restrictions on Transfer of Property, in the event of a foreclosure, or delivery of a deed in lieu of foreclosure, of any Senior Loan, (1) the maximum qualifying tenant household income shall be increased to 60% of Area Median Income adjusted for family size appropriate to the unit, and (2) the maximum annual affordable rent shall be increased to comply with the rent limits set forth by California Tax Credit Allocation Committee (TCAC) for households at 60% Area Median Income. Utility allowances must be deducted from the Maximum Gross Monthly Rent. The Housing Authority of the City of Santa Ana publishes the Utility Allowance Schedule. Initial rents may be recalculated to allowable rental amounts at the time of initial lease -up following completion of construction in accordance with any changes in allowable rent and income tables as published by HUD. 7.3 Rent Increases: On an annual basis, the City shall provide Developer with the maximum allowable schedule of rents for the Property in accordance with changes in allowable rent and income tables published by the California Tax Credit Allocation 12