Agmt15 HIP Housing Development Corporation (HHDC) (Oxford Apts. Rehab)

Browse Search

If tenant is paying any utilities, a "utility allowance" must be deducted from the above rent figures. This allowance is calculated by HUD under 24 CFR Part 880-886 and should be obtained annually from the San Mateo County Housing Authority. b. Low HOME Rent is rent that is 30% of annual income for households at the Very Low Income limit (50% of AMI) for San Mateo County, adjusted for family size, minus tenant paid utilities. If tenant is paying any utilities, a "utility allowance" must be deducted from the above rent figures. This allowance is calculated by HUD under 24 CFR Part 880-886 and should be obtained annually from the San Mateo County Housing Authority. c. Verv Low Income is the qualifying income with adjustments for family size, for very low income households as established by HUD. These income limits are adjusted from time to time. d. HOME Income is income at 60% of AMI, adjusted for family size as calculated by HUD and adjusted from time to time by HUD. (2) Rent and Occupancv Restrictions At least 20% of the HOME assisted units (or 1 unit) must be occupied by households whose income does not exceed the Very Low-Income limit as specified above, which limit may be adjusted from time to time by HUD or any successor agency. The rent on said units, including tenant paid utilities, may not exceed the Low HOME Rent specified above, which rent may be adjusted from time to time by HUD or any successor agency. All remaining HOME assisted units must be occupied by households whose income does not exceed the HOME Income Limit as specified above, except that after initial occupancy, tenant incomes in these units may rise up to 80% AMI. The rent on said units, including tenant paid utilities, may not exceed the High HOME Rent, which rent may be adjusted from time to time by HUD or any successor agency. Floating HOME Units: The units designated as HOME-assisted by this Covenant shall be "floating" and may change over time as long as the total number of HOME-assisted units in the Project remains constant. The owner shall ensure that the HOME-assisted units remain comparable to the non-assisted units over the affordability period in terms of size, features and number of bedrooms. (3) Over-Income Tenants - In the event that the income of a qualifying tenant household increases so that the tenant no longer meets the income criteria, the Owner will be allowed a variance to the income criteria of this Restriction until such time as said formerly qualifying tenant vacates the unit, or another unit of comparable size in the ATTY/AGR/2015.165/HHDC Oxford Apts Rehabilitation REV:08-13-15 RL Page 23 of 35