Laserfiche WebLink
incomorated by reference into this Agreement. All HOME-assisted units shall be rented <br /> at the applicable HOME rents (as established by HUD) minus local housing authority- <br /> established utility allowances contingent upon the sizes of the units, provided however, <br /> that if the unit has been allocated low-income housing tax credits pursuant to Section <br /> 42 of the Internal Revenue Code of 1986 (26' USC 42), the rent will be governed by that <br /> provision. <br /> a. Higf� HOME Rent is rent that does not exceed the lesser of (1) the Section 8 <br /> Fair Market Rents (FMRs), as established by HUD, for existing housing minus <br /> tenant paid utilities; or (2) 30% of annual income for households a the HOME <br /> income limit for San Mateo County described below and adjusted for family <br /> size, less tenant paid utilities. Under this definition (2) for San Mateo County, <br /> High HOME rent is calculated at 60% of the Area Median Incame (AMI}. <br /> If tenant is paying any utilities, a "utility allowance" must be deducted from the <br /> above rent figures. This allowance is calculated by HUD under 24 CFR Part <br /> 880-886 and should be obtained annually from the San Mateo County <br /> Housing Authority. <br /> b. Low HOME Rent is rent that is 30% of annual income for households at the <br /> Very Low Income limit (50% of AMI) for San Mateo County, adjusted for <br /> family size, minus tenant paid utilities. <br /> If tenant is paying any utilities, a "utility allowance" must be deducted from the <br /> above rent figures. This allowance is calculated by HUD under 24 CFR Part <br /> 880-886 and should be obtained annually from the San Mateo County <br /> Housing Authority. <br /> c. Very Low Income is the qualifying income with adjustments for family size, for <br /> very low income households as established by HUD. These income limits are <br /> adjusted from time to time. <br /> d. HOME Income is income at 60% of AMI, adjusted for family size as <br /> calculated by HUD and adjusted from time to time by HUD. <br /> (2) Rent and Occupancv Restrictions <br /> At least 20% of the HOME assisted units (or 8 units) must be occupied by <br /> households whose income does not exceed the Very Low-Income limit as <br /> specified above, which limit may be adjusted from time to time by HUD or any <br /> successor agency. The rent on said units, including tenant paid utilities, may not <br /> exceed the Low HOME Rent specified above, which rent may be adjusted from <br /> time to time by HUD or any successor agency. <br /> All remaining HOME assisted units must be occupied by households whose <br /> income does not exceed the HOME Income Limit as specified above, except that <br /> after initial occupancy, tenant incomes in these units may rise up to 80% AMI. <br /> REV:08-14-15 RL <br /> Page 23 of 26 <br /> ATTY/AGR.2015.176/MIDPEN City CenterApts Rehab <br />