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to meet the City's Consolidated Plan goals of expanding the supply of affordable housing <br />for large family households. <br /> <br />4. Income Affordability and Occupancy Restriction <br /> <br />In accordance with the provisions of the HOME Investment Parmership (HOME) <br />Pro,am, the rental units rehabilitated on this property shall be subject to HOME <br />Pm~am requirements and shall be at alt times~ be occupied by qualified low income <br />households. A Qualified low-income household shall: <br /> <br />· have a household income no ~eater than 50% of the area median income established <br /> by HUD for San Mateo County~ <br /> <br />· shall be a resident within the incorporated limits of the City of Redwood City prior to <br /> the time of application, and <br /> <br />· for two bedroom and larger units, the City requires occupancy preference be given to <br /> large households, as defined by the City's Consolidated Plan which documents the <br /> ~eatest housing need for large family households of four or more persons. <br /> <br /> INCOME LIMITS BY FAMILY SIZE <br /> <br />Rent terms to Beneficiary shall provide a monthly payment not to exceed 30% of <br />adjusted =-,ross household income. Household income shall be reviewed annually by <br />Contractor and payments adjusted accordingly during the life of this ag-reement <br /> <br />5. Maximum Per Unit Subsidy <br /> <br />Contractor shall cause HOME funds allocated to this prqiect not to exceed the maximum <br />per unit subsidy amount as defined by HOME regulations. <br /> <br /> MAXIMUM PER UNIT SUBSIDY <br /> <br /> Unit Type Maximum per unit <br /> HOME Subsidy <br /> <br /> Studio $ 74,340 <br /> 1 -bedroom $ 85,006 <br /> 2-bedroom $103,622 <br /> 3-bedroom $134,051 <br /> 4-bedroom $147,147 <br /> <br /> <br />