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<br />d. The Developer shall market the units in accordance <br />with the Marketing Plan to be developed jointly by Agency Staff and <br />Developer. <br /> <br />e. The HOME Units. As a portion of the Agency <br />Assistance is being provided to Developer from HOME Funds, a <br />certain of number of units will be subject to HOME Program <br />requirements, as set forth below. <br /> <br />1. Use of Funds for HOME Units. Of the fifty- <br />eight (58) units to be rented after completion of the proj ect, <br />there shall at all times be eleven (11) units occupied by a <br />Qualified very low income household, as defined below, and subject <br />to HOME Program requirements (the "HOME Units"). Such HOME Units <br />shall be constructed in accordance with the Maximum Per HOME Unit <br />Subsidy Limits as set forth in the Scope of Development. <br /> <br />2. Affordability of HOME Units. In accordance <br />with the provisions of the HOME Program, the HOME Units shall be <br />subject to HOME Program requirements, to the extent not otherwise <br />exempt by applicable law, and shall be at all times, be occupied by <br />qualified very low income households. A Qualified very low income <br />household shall: <br /> <br />(i) Have a household income no greater than 50% of <br />the area median income established by HUD for San <br />Mateo County <br /> <br />(ii) To the extent permitted by applicable law, be <br />a resident within the incorporated limits of the <br />City of Redwood City prior to the time of <br />application, unless no such residents qualify, and <br />then in accordance with the marketing standards set <br />forth in Section 4 (f) (3), below, and <br /> <br />(iii) For two bedroom and larger units, the City <br />requires, to the extent permitted by applicable <br />law, occupancy preference be given to large <br />households, as defined by the City's Consolidated <br />Plan which documents the greatest housing need for <br />large family households of four or more persons. <br /> <br />(iv) Income and Rent levels for the HOME Units <br />shall be in accordance with limits set forth by <br />HUD, which will be adjusted annually by HUD. (See <br />Table B, below for an example based on HUD's 2004 <br />income limits). <br /> <br />30 <br /> <br />REDW\0006\DOC\001-5 <br />1/27/05 7:00 /mve <br />