Laserfiche WebLink
High HOME rent is calculated at 60% of the Area Median Income (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 Housing <br /> 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 family <br /> 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 Housing <br /> 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 calculated <br /> by HUD and adjusted from time to time by HUD . <br /> (2) Rent and Occupancy Restrictions <br /> At least 20% of the HOME assisted units (or 1 unit) 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 . The <br /> rent on said units, including tenant paid utilities, may not exceed the High HOME <br /> Rent, which rent may be adjusted from time to time by HUD or any successor <br /> agency. <br /> Floating HOME Units: The units designated as HOME-assisted by this Covenant <br /> shall be "floating" and may change over time as long as the total number of HOME- <br /> assisted units in the Project remains constant. The owner shall ensure that the <br /> HOME-assisted units remain comparable to the non-assisted units over the <br /> affordability period in terms of size, features and number of bedrooms. <br /> ATTY/AGR/2015.172/DECLARATION OF AFFORDABILITY COVENANTS HHDC <br /> REV: 08-14-15 RL <br /> Page 2 of 4 <br />