FOUNTAINHEAD PARTNERS - Laserfiche WebLink

Home Browse Search

11/14/03 ROME Assisted Units - Bre down of Affor able Gross Starting Rents: 1. 40% units = Studio = $529 1 Bedroom = $567 2 Bedroom = $680 2. 50% units = Studio = $661 1 Bedroom = $708 2 Bedroom = $850 (c) Maximum. Incomes —.HOME Assisted Units: No one shall be, accepted for initial occupancy of the HOME assisted units whose income exceeds 60% of median, and at least 20% of the HOME assisted units (3 for this Project) must be occupied by households that have annual incomes that are 50% or less of median income_ (d) N bur of HOME Assisted Affordable, Unit rn �t Breakdown: Pursuant to the Loan Agreement, Developer hereby guarantees that there shall be no less Eighty Nine (89) affordable mots with the following breakdown of the eleven (11) HOME Assisted affordable units throughout the Project: 1. 40% units = Studio =1 unit 1 Bedroom — 7 units 2 Bedroom - 1 unit 2, 50% units = Studio � 0 units 1 Bedroom = 2 units 2 Bedroom = 0 units DEVELOPER may increase rents not more than once annually, subject to the prior written approval of the Executive Director. (e) ecertifzcation of ingomes. DEVELOPER shall re-examine the income of each tenant household living in the Restricted Units at least annually, not later than seventy-five (75) days after the close of each calendar year. DEVELOPER shall provide the Agency/City with an annual report in substantially the form of Exhibit B attached Hereto and incorporated herein. ] The Executive Director or his/lier designee shall provide DEVELOPER with updated maximum monthly rents as changes in the applicable gross income amounts, the income adjustments, or the monthly allowance for utilities warrant. Any increase in rents for the Restricted Units is subject to the provisions of outstanding leases. In any event, DEVELOPER must provide tenants of the Restricted Units not less than 30 days prior written notice before implementing any increase in rents. 3of14