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Last modified
9/4/2024 5:52:39 PM
Creation date
8/27/2024 1:16:22 PM
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Contracts
Company Name
FOUNTAINHEAD PARTNERS
Contract #
A-2003-131
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1 I114/03 <br />(f) lner g a ses its Tenant Incomes and Substitution of Restricted Units, <br />Its the event a tenant of the Restricted Unit no longer qualifies as a Very Low or Low <br />Income household as the result of increases in the income of the household, <br />DEVELOPER shall increase the rent charged to such tenant to an amount equal to 30 <br />percent of the tenant's household income. Additionally, due to the fact that the HOME <br />assisted obits are floating units, tenants who no longer qualify as low income are <br />required to pay as rent an amount that does not exceed the market resit for comparable, <br />unassisted units in the neighborhood. Further, to the extent that the number of units <br />occupied by HOME eligible households at affordable rents falls to below 11 as the <br />result of an increase in the incomo of a tenant of a HOME assisted unit, DEVELOPER <br />shall rent to a Very Low or Low fncome household (no one above 60%), at Affordable <br />Rent, the next unit that becomes vacated, such that the total number of HOME assisted <br />units is restored to 11. To the extent possible, the substituted unit shall be comparable <br />in terms of size, features and number of bedrooms to the originally designated HOME <br />assisted unit. <br />(g) A.Lency Assisted Units - Breakdown of Affordable Gross Starting Rents; <br />1. 50% units = Studio = $661 <br />1 Bedroom - $756 <br />2 Bedroom = $850 <br />2. 60% units = Studio = $'793 <br />1 Bedroom = $907 <br />2 bedroom - $1020 <br />3. 80% units =Studio - $988 <br />1' Bedroom = $1129 <br />2 Bedroom = $1271 <br />(h) Number of Agency Assisted Affordable Units/Unit Breakdown: <br />Pursuant to this Agreement, Developer hereby guarantees that there shall <br />be. nci less than Eighty -Nitre (89) affordable units with the following breakdown of <br />Seventy -Eight (78) Agency Assisted affordable units: <br />1, 50%units = Studio =1 Unit <br />I Bedroom ='5-units <br />2 .Bedroom = 1 unit <br />2. 60% writs = Studio = 5 Units <br />1 Bedroom = 29 units <br />4of14 <br />
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