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<br />10/24/2003 11:52 <br /> <br />5502519102 <br /> <br />RWC CITY CLERK <br /> <br />PAGE 20 <br /> <br />5. Maximum Per Unit Subsid)(: Contractor shall cause HOME funds <br />allocated to this project not to exceed the maximum per unit subsidy amount as <br />defined by HOME regulations. <br /> <br />MAXIMUM PER UNIT SUBSIDY <br /> <br />Unit Tyee <br /> <br />Maximum <br />Subsidy <br /> <br />eer <br /> <br />unit <br /> <br />HOMÉ <br /> <br />Studio <br />1 -bedroom <br />2-bedroom <br />3-bedroom <br />4-bedroom <br /> <br />$ 74,_340 <br />$ 85,OO~ <br />$103,622 <br />$134.051 <br />$147,147 <br /> <br />6. Affordabilitv Restriction: The term of said affordability restriction <br />shall be thirty (30) years from date of this agreement. <br /> <br />7. Tenant ParticiDation Plan: Pursuant to 24 CFR 92.303 Contractor <br />must adhere to a fair lease and grievance procedure approved by the City and <br />Agency and must provide a plan for and follow a program of tenant participation <br />in management decisions. Said plan shall be submitted to the City and Agency <br />at the time Contractor signs this agreement. <br /> <br />8. Environmental Review: City and Agency shall conduct the <br />necessary environmental review consistent with NEPA regulations to disburse <br />funds under this agreement. <br /> <br />B. <br /> <br />REVERSION OF ASSETS <br /> <br />If Contractor elects to sell the property or discontinue the affordable <br />housing program and not perform the conditions of their agreement. Contractor <br />shall pay to the City the sum of Ninety Thousand, Seven Hundred Ninety-Eight <br />and no /100 Dollars ($90,798,00). <br /> <br />c. <br /> <br />USE <br /> <br />Contractor shall use 2 units in the Property exclusively for residential <br />housing for small, low income households for a period of not less than 30 years. <br />If Contractor discontinues the above-stated use at the subject Property, or uses <br />the Property or any portion thereof. for purposes other than what has been <br />described in this Paragraph without first obtaining the prior written consent of the <br />City and/or Agency, Contractor shall be in default of this Agreement and agrees <br />to pay the City and Agency, upon demand. the full amount of HOME funds <br />provided to assist in the rehabilitation of this property, provided however, that <br /> <br />9/ 11/2003 <br /> <br />]9 <br /> <br />, - ",__00_..0" ---" T - 0 <br />