Item 13 - Affordable Housing Project at 1411 N Broadway

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EXHIBIT 3 (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. (d)The Affordable Rents charged at the Project must comply with the standards set forth by TCAC as defined in this Affordability Restrictions on Transfer of Property, except that during the HOME-ARP Compliance Period, and if allowed by the HOME-ARP Program, the Affordable Rents for the HOME-ARP Units must comply with the most stringent of standards set forth by the HOME-ARP Program and TCAC. (e)At the time of this Agreement, the Project will pay for all utilities with no tenants being charged for utilities. If tenants are charged for utilities at any time during the term of this Agreement, a utility allowance must be deducted from the maximum affordable rent charged at the Project for each unit. With respect to the HOME-ARP Units, utility allowances must be based on project-specific allowances. (f)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. 5.3.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 HUD and TCAC, provided however that the rent for the HOME-ARP Units shall in no event be higher than the rent for the equivalent non-HOME-ARP Unit within the Project. In no event can Developer charge any tenant more than such amount. All rent increases on the Restricted Units are subject to City approval pursuant to the terms of this Section. 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 Section 5.2 above. (a)Termination of Tenancy. Developer may not terminate the tenancy or refuse to renew the lease of any tenant except for serious or repeated violation of the terms and conditions of the Lease; for violation of applicable federal, state, or local law; for completion of the transitional housing tenancy period (if the housing is transitional); or for other good cause. Any termination or refusal to renew must be preceded by not less than thirty (30) days by the Developer’s service upon the tenant of a written notice specifying the grounds for the action. 6 WISEPlace Permanent Supportive Housing City HOME-ARP Affordability Restrictions on Transfer of Property