Agenda Packet_2023-03-07 - Laserfiche WebLink

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EXHIBIT 3 mutually agreed upon. All leases must be consistent with the applicable laws and regulations, including the HOME -ARP Program for the HOME -ARP Units. 7.2. Affordability Levels/Unit Mix: (a) All Restricted Units in the Property will be studios, except the one (1) manager unit will be a 2-bedroom unit reserved for the on -site manager. (b) Except as set forth in sub -paragraph (c) of this Section 7.2, the allowable rent for the Restricted Units in the Project shall not exceed the Affordable Rent for an Extremely Low Income Household as follows: Unit Size 30% TCAC AMI No. Units Current Rent Studio 47 $711 Total 47 The remaining unit will be an unrestricted 2-bedroom unit reserved for the on -site manager. (c) During the HOME -ARP Compliance Period, the allowable rent for HOME -ARP Units in the Project shall not exceed the lesser of: (a) 30% of the tenant's actual household income (inclusive of Supplemental Security Income (SSI) / State Supplementary Payment (SSP) payments); or (b) the Low HOME Rent in accordance with the HOME -ARP Program. The number of HOME -ARP Units and allowable rent shall be as follows: HOME -ARP Units # of HOME- HOME -ARP Maximum ARP Units Restriction Allowable Rent HOME -ARP Qualifying 16 Studio Units Low HOME Rent Population (i) At the time of project completion, the Developer shall provide to the City the address and/or unit number of each of the units initially designated as the HOME -ARP Units. (ii) Annually with the financial statements, the Developer shall provide an annual report of rents and occupancy of all Restricted Units, including the HOME -ARP Units, to verify compliance with affordability requirements. For the HOME -ARP Units, information on unit substitution and filling vacancies shall be provided to ensure that the project maintains the required unit mix. 17 WlSSEPlace Permanent Supportive Housing Itl an Agreement Rounc13 — 31 3/7/2023