80A - JT PH VISTA DEL RIO HOUSING

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C. At initial lease up, households in the HOME assisted units cannot earn more than 50% of AMI, however existing tenants at the Property who are otherwise eligible under the HOME Program may continue their tenancy at the Property. Rental increases shall be in conformance with federal and state law. After the HOME Compliance Period, the City shall require that the units remain affordable, with rents calculated based on assumed household size at the same income levels, as required by the California Health & Safety Code. D. .The maximum incomes of residential tenants eligible to rent the Units shall be determined on the basis of the Area Median Income ("AMI") for the Orange County, California PMSA, published approximately annually by the United States Department of Housing and Urban Development ("HUD"). For purposes of this Agreement, the term "Extremely Low Income" shall mean a household income that does not exceed 30% of the area median income, adjusted for family size as determined by the HUD or successor agency; the term "Very Low Income" shall mean a household income that does not exceed 50% of the area median income, adjusted for family size as determined by the HUD or successor agency; and the term "Low Income" shall mean a household income that does not exceed 80% of the area median income, as determined by HUD, adjusted for family size. The manager's unit shall rent for an amount that does not exceed the rent paid by a household whose income does not exceed the standard for "Low Income." E. Affordable rents charged to tenants shall be governed by California Health and Safety Code Sections 50052.5 and 50053(b)(1), and as provided in the HOME Regulations 24 CFR section 92.2, whichever is less. 7.2 Affordable Gross Starting Rents (Less Reasonable Utility Allowance): 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 and the State of California. A. A~ency and HOME Assisted Units City and Vista Del Rio agree that the initial rents and the breakdown of unit affordability for the Extremely Low Income Units shall be as follows: # of Units # of HOME 2009 Max. (Agency) units* Gross Monthly Rents Studio Extremely Low Units 5 1 $452 One Bedroom Extremely Low Units 10 0 $517 Two Bedroom Extremely Low Units 3 1 $581 15 80A-91