SANTA ANA ARTS COLLECTIVE, L.P. (META HOUSING PROJECT) - 2017

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D. The maximum incomes of residential tenants eligible to rent the Units shall be determined on the basis of the Area Median Income ("AMP') for the Orange County, California PMSA, published approximately annually by the United States Department of Housing and Urban Development ("HUD"). E. Affordable rents charged to tenants shall be governed by the HOME Regulations 24 CFR section 92.2. 7.2 Affordability Levels/Unit Mix: The proposed unit mix, initial rents, and levels of affordability are as follows: The remaining unit will be a 2 -bedroom unit reserved for the onsite manager. HOME Assisted Units 30% AMI 35% AMI 40% AMI 60% AMI Unit Size No. Units Rent No. Rent Units No. Rent Units No. Units Rent Total 1 Bedroom 14 $587 6 $685 6 $783 Unit Type 26 2 Bedroom 2 $704 --- --- --- --- 12 $1,408 14 3 Bedroom 4 $813 --- --- --- --- 13 $1,627 17 Total 20 17 6 6 25 57 The remaining unit will be a 2 -bedroom unit reserved for the onsite manager. HOME Assisted Units (1) In no event shall the rent charged to the HOME assisted units be more than that amount of the low HOME rent as published by HUD, as amended from time to time. (2) At the time of project completion, the Developer shall provide to the City the address and/or unit number of each of the HOME floating units. (3) Annually with the financial statements, the Developer shall provide an annual report of rents and occupancy of all assisted units, including the HOME -assisted units, to verify compliance with affordability requirements. For the HOME assisted -units, information on unit substitution and filling vacancies shall be provided to ensure that the project maintains the required unit mix. The affordable rents charged at the Project must comply with the standards set forth by California Tax Credit Allocation Committee (TCAC). Notwithstanding anything to the contrary contained in this Agreement, the Affordability' Restrictions on Transfer of Property, and other than HOME assisted units, restricted (as to both income and rent levels) at 30% of AMI, in the event of a foreclosure, or delivery of deed in lieu of foreclosure, of any Senior Loan, then (1) the maximum qualifying tenant household income shall be increased to 60% of Area Median Income adjusted for Unit Type Level of # of HOME HOME Share of Total # of Units Description/ No. of BRs Affordability Assisted Units Unit Type Notes 26 1 Bed 1 30% AMI 5 19.23% 14 2 Bed 2 2 14.29% 17 3 Bed 3 4 23.53% (1) In no event shall the rent charged to the HOME assisted units be more than that amount of the low HOME rent as published by HUD, as amended from time to time. (2) At the time of project completion, the Developer shall provide to the City the address and/or unit number of each of the HOME floating units. (3) Annually with the financial statements, the Developer shall provide an annual report of rents and occupancy of all assisted units, including the HOME -assisted units, to verify compliance with affordability requirements. For the HOME assisted -units, information on unit substitution and filling vacancies shall be provided to ensure that the project maintains the required unit mix. The affordable rents charged at the Project must comply with the standards set forth by California Tax Credit Allocation Committee (TCAC). Notwithstanding anything to the contrary contained in this Agreement, the Affordability' Restrictions on Transfer of Property, and other than HOME assisted units, restricted (as to both income and rent levels) at 30% of AMI, in the event of a foreclosure, or delivery of deed in lieu of foreclosure, of any Senior Loan, then (1) the maximum qualifying tenant household income shall be increased to 60% of Area Median Income adjusted for