NORTH BROADWAY HOUSING PARTNERS LP (2)

Home Browse Search

progress reports on efforts to obtain alternative sources of rental subsidies that would allow the rents to be reduced. Upon receipt of any alternative rental subsidies, Developer shall reduce the rents back to the original restrictions to the extent that the alternative rental subsidies provide sufficient income to cover the operating costs, required replacement reserves and debt service of the Project as shown on the Operating Budget. (b) Developer shall provide tenants in the Restricted Units with notice of any rent increase pursuant to this Section 5.4, and shall notify the tenant that if they have received a tenant -based voucher from the Housing Authority they may use the tenant -based voucher for their Restricted Unit. (c) All rent increases for the Restricted Units are subject to City approval pursuant to the terms of this Section 5.4. No later than sixty (60) days prior to the proposed implementation of any rent increase, Developer shall submit to the City a schedule of any proposed increase in the rent. The City will disapprove a rent increase if it does not comply with the restrictions set forth in this Section 5.4. Notwithstanding the foregoing, rent increases for the Restricted Units shall be subject to review and approval of the City. (d) Developer shall give tenants of all Restricted Units written notice at least sixty (60) days prior to any rent increase. With respect to any Restricted Units for which City has authorized Developer to increase rents pursuant to this Section, the preference to rent to Chronically Homeless households shall automatically terminate. The City's local preferences as Section 7.5 of these Restrictions shall remain. 6. Developer, its successors and assigns shall not charge rents for the Units in excess of the amounts set forth herein, as adjusted on the basis of the revised schedules of area median incomes issued from time -to -time by HUD. The City shall notify Developer in writing of the adjusted allowable maximum incomes and rents. 7. Developer shall adopt and include as part of its Management Plan (described in Section 13 below), written tenant selection policies and criteria for the Units that meet the following requirements: 7.1. Are consistent with the purpose of providing housing to HOME -ARP Qualifying Populations (applicable only with respect to the HOME - ARP Units), Extremely Low Income Households, and individuals or families who qualify as Chronically Homeless; 7.2. Are reasonably related to program eligibility and the applicants' ability to perform the obligations of the lease; 7.3. Give reasonable consideration to the housing needs of households that would have a preference under 24 CFR 960.206 (Local preferences for admission to Public Housing); 8 WISEPlace Permanent Supportive Housing City HOME -ARP Affordability Restrictions on Transfer of Property