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requirements and shall be at all times, be occupied by qualified low income households. A Qualified low-income household shall: • have a household income no greater than 50% of the area median income established by HUD for San Mateo County, • shall be a resident within the incorporated limits of the City of Redwood City at the time of application, and • for three bedroom and larger units, the City requires occupancy preference be given to large households, as defined by the City's Consolidated Plan which documents the greatest housing need for large family households of five or more persons. INCOME LIMITS BY FAMILY SIZE 1 2 3 4 5 6 7 8 Extremely 14,40 16,45 18,50 20,60 22,25 23,85 25,50 27,150 Low 30% 0 0 0 0 0 0 0 Very Low 24,00 27,45 30,85 34,30 37,05 39,80 42,55 45,300 50% 0 0 0 0 0 0 0 HOME Limit 28,80 32,94 37,02 41,16 44,46 47,76 51,06 54,360 60% 0 0 0 0 0 0 0 Low Income 32,20 36,80 41,40 46,00 49,70 53,35 57,05 60,700 80% 0 0 0 0 0 0 0 Mortgage terms to Beneficiary shall provide a monthly payment not to exceed 30% of adjusted gross household income. Household income shall be reviewed annually by Contractor and payments adjusted accordingly during the life of this agreement 5. Maximum Per Unit SubsidY Contractor shall cause HOME funds allocated to this project not to exceed the maximum per unit subsidy amount as defined by HOME regulations. MAXIMUM PER UNIT SUBSIDY Unit Tvpe Maximum per unit HOME Subsid Studio $ 74,340 1 —bedroom $ 85,006 2-bedroom $103,622 3-bedroom $134,051 4-bedroom $147,147 2 _._ .. . . _.. _..__.... .._ _.__.,. .f ,