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ATTY/AGR/2018.027/MID PEN MOSIAC GARDENTS (ATHERTON COURT) <br />REV: 02-06-18 JS <br />Page 5 of 41 <br />County of San Mateo (the “HAP Contract”). City further acknowledges that any subsidy <br />payments received through TB Vouchers and the HAP Contract will not be applied when <br />calculating whether a household’s income meets the affordability restrictions set forth in <br />this Section 2. <br /> j. To the extent consistent with the affordability standards set forth in Chapter 18, <br />Article XVII of Redwood City Code, Contractor may use (i) HUD methodologies to <br />calculate tenant’s annual income levels to assess the Maximum Rent for Low Income <br />Households, the Maximum Rent for Very Low Income Households and the Maximum <br />Rent for Extremely Low Income Households; and (ii) Contractor may rely on HUD income <br />limits to establish tenant eligibility. <br /> k. The most recent Area Media Income and income limits published by the City are <br />attached hereto as Exhibit “E”. However, the parties acknowledge that, during the term of <br />this Agreement, Area Media Income and all income limits will be determined by the then <br />current limits published by the City. <br /> 3. USE OF FUNDS. Contractor will use the funds provided pursuant to Section <br />1 solely to provide rental housing units according to the following affordability restrictions <br />during the duration of the Loan Term: (a) the Low Affordable Unit shall be provided to <br />Low Income Households at a rent not-to-exceed Maximum Rent for Low Income <br />Households, (b) the Very Low Affordable Units shall be provided to Very Low Income <br />Households at a rent not-to-exceed Maximum Rent for Very Low Income Households, <br />and (c) the Extremely Low Affordable Units shall be provided to Extremely Low Income <br />Households at a rent not to exceed the Maximum Rent for Extremely Low Income <br />Households. The foregoing sentence notwithstanding, no household shall be charged <br />6.3.A. - Page 19