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<br />3 <br />Westview House <br />City Inclusionary Housing Program Affordability Restrictions on Transfer of Property <br />a period of at least one year, unless a shorter period is mutually agreed upon. Leases must <br />be consistent with Section 7. <br />3.2. Affordability Levels/Unit Mix: <br />The affordability levels/unit mix for the Restricted Units in the Project are 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 an un-restricted 2-bedroom unit reserved for the onsite manager. <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 />The affordable rents charged at the Project for the Restricted Units must comply with the more <br />stringent of the standards set forth by the TCAC and the requirements of Section 6(b) of the <br />CSCDA Regulatory Agreement, as defined in Section 24 hereof. <br /> <br />A utility allowance must be deducted from the maximum affordable rent charged at the <br />Project for each Restricted Unit. <br /> <br />Initial rents may be recalculated to allowable rental amounts at the time of initial lease-up <br />following completion of construction in accordance with any changes in allowable rent and <br />income tables as published by HUD and TCAC. <br /> <br />3.3. Rent Increases. <br />On an annual basis, the City shall provide Developer with the maximum allowable <br />schedule of rents for the Property in accordance with changes in allowable rent and income <br />tables published by HUD and TCAC. In no event can Developer charge any tenant more <br />than such amount. <br /> All rent increases on the Restricted Units are subject to City approval pursuant to <br />the terms of this Section. No later than sixty (60) days prior to the proposed <br />implementation of any rent increase, Developer shall submit to the City a schedule of any <br />proposed increase in the rent. The City will disapprove a rent increase if it does not comply <br />with the restrictions set forth in Section 3.2 above. <br /> <br />(a) Termination of Tenancy. Developer may not terminate the tenancy <br />EXHIBIT 4