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FOUNTAINHEAD PARTNERS-2003
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FOUNTAINHEAD PARTNERS-2003
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Last modified
10/18/2016 11:52:31 AM
Creation date
5/23/2016 4:32:18 PM
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Contracts
Company Name
FOUNTAINHEAD PARTNERS
Contract #
A-2003-132
Agency
Community Development
Council Approval Date
6/16/2003
Notes
RECORDED COVENANTS
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11114103 <br />(f) Increases in Tenant Incomes and Substitution of Restricted Units. <br />In 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 omits 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 rent 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 I I as the <br />result of an increase in the income of a tenant of a HOME assisted unit, DEVELOPER <br />shall rent to a Very Low or Low Income 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) Agency 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 <br />= $793 <br />1 Bedroom <br />= $907 <br />2 Bedroom <br />= $1020 <br />1 80% units ---Studio <br />= $988 <br />1 ' Bedroom <br />= $1129 <br />2 Bedroom <br />= $1271 <br />(h) Number of &ency Assisted Affordable Units/Unit Breakdown: <br />Pursuant to this Agreement, Developer hereby guarantees that there shall <br />be no less than Eighty -Nine (89) affordable units with the following breakdown of <br />Seventy -Eight (78) Agency Assisted affordable units: <br />1. 50% units = Studio = I unit <br />1 Bedroom ='5 units <br />2 Bedroom = 1 unit <br />2. 60% units= Studio = 5 units <br />I Bedroom = 29 units <br />4of14 <br />
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