FULL AGENDA_2018-01-16 - Laserfiche WebLink

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8 B. Developer, its successors and assigns shall not charge rents for the Restricted Units in excess of the amounts set forth in the tables as adjusted from time-to-time by TCAC. The City Project Manager, or designee, shall notify the Owner in writing of the adjusted allowable maximum incomes and rents as allowed by TCAC. C. In no event shall the rent charged to the tenant of a Restricted Unit be more than that amount of the rent as published by TCAC, as amended from time to time. D. It is anticipated that eight (8) Housing Units in the Project will be partially subsidized through a Project-Based Housing Assistance Payments Contract or other rental subsidy (the "Rental Subsidy"). If in the future operation of the Project the Rental Subsidy is terminated through no fault of the Borrower, or any change in federal law occurs or any action (or inaction) by Congress or any federal or State agency occurs which results in a reduction, termination or nonrenewal of the Rental Subsidy, the Borrower shall notify the Agency of such occurrence, the impact of such termination on the financial feasibility of the Project (including Borrower's obligation to comply with this Section 3.1), and Borrower's efforts to find an alternative subsidy. If the Agency in its sole and absolute discretion determines that the Borrower's requirement to rent eight (8) Housing Units to Extremely-Low and Very-Low income households in accordance with Section 3.1 has a detrimental impact on the financial feasibility of the Project given the loss of the Rental Subsidy, then only upon approval by the Agency in its sole and absolute discretion the Borrower may increase the rents on one or more of the Housing Units to 50% Area Median Income as necessary to maintain the financial stability of the Project (but in no event to rents above the rents published by TCAC for Low Income households) or implement the remedial measures set forth in California Code of Regulations Title 4, Division 17, Chapter 1, Section 10337(a)(2) or successor regulation applicable to California's Federal and State Low Income Housing Tax Credit Program, provided that subsequent legislative or judicial interpretation of the CRL and LMIHAF regulations and guidance allows for such remedial measures. 4. Miscellaneous Provisions: A. Owner shall adopt and include as part of its Management Plan (described in subsection G below), written tenant selection policies and criteria for the Units, that meet the following requirements: (a) Are consistent with the purpose of providing housing for Extremely-Low, Very-Low and Low Income households; (b) Are reasonably related to program eligibility and the applicants' ability to perform the obligations of the lease; (c) Reserved; (d) Provide for: (i) The selection of tenants from a written waiting list in the chronological order of their application based on the Santa Ana Local Preference, insofar as is practicable; and, EXHIBIT 3 3-69