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C. At initial lease up, households in the HOME assisted units cannot cam 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 confonnance with federal and state law. After the fifteen (15) year 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. All of the HOME units will be restricted to occupancy by fifty percent (50%) of the Area Median Income (AMI). Current residents whose incomes exceed eighty percent (80%) of the AMI will be allowed to remain. Rents for these households will be increased to either thirty (30%) percent of their monthly household income or market rent for the neighborhood, whichever is lower. E. Affordable rents 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. F. Rents During Construction/Rehabilitation: (a) All HOME units shall be charged the Low HOME rent, as amended from time to tiunc (currently $914 for one -bedroom unit and $853 for a studio unit). 3.2 Affordable Gross Star_flniZ 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. Rents for non -HOME assisted units will be based on the rents published annually by California Tax Credit Allocation Committee (ICAC). A. HOME Assisted Units # of Units Max Gross Monthly Rent Very Low Studio 2 $ 853 1 Bedroom 7 $ 914 (1) In no event shall the rent charged to the tenant of the HOME assisted units be more than that amount of the low rent as published by HUD, as amended from time to time.(2) Utility allowances must be deducted from the Maximum Gross Monthly Rent. The Housing Authority of the City of Santa Ana publishes the Utility Allowance Schedule. (3) At the time of project completion, the Developer shall provide to the City the address and/or unit number of cath of the HOME floating units. (4) Ai-nually with the financial statements, the Developer shall provide an annual report of rents and occupancy of assisted units, including HOME -assisted writs, to verify compliance with affordability requirements. For the HOME units, information 3of12