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Household Size Maximum Income Household Size Maximum Income 4 Persons $104,650 8 Persons 1 $138,150 For rental properties, owners must demonstrate by means of evidence acceptable to the Agency that at the time of the owner's application, all tenant households had annual incomes at or below 120 percent of the area median income. All new tenants must be income certified prior to move -in. Rental units must not be over - crowded. For purposes of determining over - crowded there should be no more than 2 persons per bedroom plus 1 (eg. 2 bedroom unit cannot have more than 5 occupants). Owners must agree to restrict rents to those affordable to low income households (80% AMI), and to do so for a period of ten years commencing with the loan date. As of June 17, 2010 allowable rents were as follows: Bedroom Size Allowable Rent Studio $916 One Bedroom $981 Two Bedrooms $1,178 Three Bedrooms $1,308 Four Bedrooms $1,413 For owners who choose to rent their homes after the loan has been approved and recorded, the ten years will still commence with the loan date. Owners must agree to comply with all applicable Federal and State anti - discrimination laws. Use of Loan Proceeds The loan may be used for exterior repairs, replacements and improvements, including, but not limited to, the following categories: • non - conforming fences that are visible from the street • front yard landscaping and irrigation systems • damaged or deteriorated roof • flashing, sheathing, eaves, rafter tails, fascia board, gutters and downspouts • exterior walls, trim, exterior doors, screens and windows • damaged or deteriorated garage doors and garage door openers • damaged or deteriorated driveways and walkways • damaged or deteriorated exterior lighting • new security lighting Page 2 of 3 Exhibit 4 80A -224