Laserfiche WebLink
<br />15 <br />Westview House <br />City Inclusionary Housing Program Loan Agreement <br />extremely-low- or very-low or low income households at rents affordable to such <br />households for fifty-five (55) years from the issuance of the Certificate of Completion. The <br />City permits the Developer to limit the eligibility and/or give preference to a particular <br />segment of the population in accordance with applicable state and federal laws. <br />(b) At initial lease up, households in the Restricted Units cannot earn <br />more than the Extremely Low Income limits and the Low Income limits as published by <br />HUD for the Orange County, California PMSA, adjusted for household size. Rental <br />increases shall be in conformance with federal and state law. <br />(c) The rents for the Restricted Units (as defined in the Affordability <br />Restrictions on Transfer of Property) must not exceed the applicable rents for the 30% <br />Income Level for the Extremely Low Income units and the 60% Income Level for the Low <br />Income limits as published by the California Tax Credit Allocation Committee (TCAC). <br />(d) Twenty-six (26) Extremely Low Income Units, consisting of <br />twenty-three (23) one-bedroom units and three (3) two-bedroom units, shall be designated <br />as permanent supportive housing units for persons experiencing chronic homelessness <br />(PSH Units). <br />(e) Maximum Occupancy will be two (2) people per room plus one (1). <br />Example for a two-bedroom unit, five (5) people would be maximum occupancy. <br />(f) Developer must have a written lease between tenant and owner for <br />a period of at least one year, unless a shorter period is mutually agreed upon. Leases must <br />be consistent with Section 6.14. <br />7.2. Affordability Levels/Unit Mix: <br />The affordability levels/unit mix for the Restricted Units in the Project is as follows: <br /> <br />Unit Size <br />30% TCAC AMI 60% TCAC AMI <br />Total No. <br />Units <br />Current <br />Rent <br />No. <br />Units <br />Current <br />Rent <br />1 Bedroom 23 $756 23 <br />2 Bedroom 3 $908 3 <br />3 Bedroom 21 $1,049 13 $2,098 34 <br />4 Bedroom 16 $1,170 8 $2,341 24 <br />Total 63 21 84 <br /> <br />The remaining unit will be a 2-bedroom unit reserved for the on-site manager. <br /> <br /> <br />(1) Annually with the financial statements, the Developer shall provide an annual report <br />of rents and occupancy of all Restricted Units to verify compliance with affordability <br />requirements. <br /> <br />EXHIBIT 4