STATION DIST DDA WITH CRA - Laserfiche WebLink

Home Browse Search

(a) of the two b e droom lien t al Uni is in Ph ase R- to Very Low Income Households at an Affordable Rent; twenty of the two bedroom n tal Units in Phase R-2 to Very Lour Income Households at an Affordable Rent; (b) of the two bedroom Dental Units in Phase R-1 to Extremely Low Income Households at an Affordable Dent; five of the two bedroom Rental Units in Phase R-2 to Extremely Low Income Households at an Affordable Rent; (C) o f the three h dro o m Rental Uni is in Ph ase R- to Very Low Income Households at an Affordable lent; nine n a of the three bedroom Rental Units in Phase R-2 to Very Low Income Households at an Affordable Rent; and (d) of the three bedroom Rental Units in Phase R-1 to Extremely Low Income Households at an Affordable Rent; three of the three bedroom Rental Units in Phase R-2 to Extremely remelt' Low Inc ome Hou Behold s at an Afford able Ren t. 2. Duration of Affordability Requirements. The Rental Units shall be subject to the requirements of this Agreement for the later of i fifty-five years from the date of the City's issuance of a certificate of occupancy for the applicable Phase or (ii) repayment in full of the Promissory Mote as defined in the I I A . 3. Selection of Tenants. The Developer shall b e responsible for the selection of tenants for the Rental Units in compliance with lawful and reasonable criteria, as set forth in this Agreement and the Management Plan which is required to be u bmi tte d and approved by the Agency pursuant to Section 9. 4. Household Income Requirements. Following the initial lease-up of the Rental tal Units in each of Phase -1 and Phase R-2, and annually thereafter, the Developer shall .submit to the Agency, at the Developer's exp n e, a summary of the income, h u Behold size and rent payable b each of the tenants of the Rental Units of such Phase. At the Aoenc y' s request, the Developer shall also provide to the Agency completed income computation and certification forms, in a form reasonably acceptable to the Agency} for any such tenant or tenants. The Developer shall obtain, or shall cause to be obtained by the Property Manager, a certification from each household leasing a Rental Unit demonstrating that such household is a Very Low Income Household or Extremely Lour Income Household, as applicable, and meets the eligibility requirements established for the Dental Unit. The Developer shall verify, or shall cause to be verified by the Property Manager, the income certification of the household. 5. Affordable lent. The maximum Monthly Rent chargeable for the Rental Units shall be annually de tenmine d in accordance with the following requirements. The Monthly Rent for the Rental Units to be rented to Extremely Lour Income Households shall not exceed the requirements of TCAC and the Monthly Rent for the Dental Units to be rented to Very Low Income Households shall not exceed the more restrictive of i TCAC or (ii) the amount set forth in Section 50053(b)(2) of the Califomia Health and Safety Code. For purposes of this Agreement, "'Monthly means the total of monthly payments charged to and paid by tenants or by any other source (e.g. Section 8 vouchers) for (a) use and occupancy of each Rental Unit and land and facilities associated therewith, b an ATTACHMIENT NO. 7-2 D 00 14 00673 v 14/20027 -0001