Laserfiche WebLink
<br />to meet the City's Consolidated Plan goals of expanding the supply of affordable housing <br />for large family households. <br /> <br />4. <br /> <br />Income Affordability and Occupancy Restriction <br /> <br />In accordance with the provisions of the HOME Investment Partnership (HOME) <br />Program, the rental units rehabilitated on this property shall be subject to HOME <br />Program requirements and shall be at all times, be occupied by qualified low income <br />households. A Qualified low-income household shall: <br /> <br />. <br /> <br />have a household income no greater than 50% of the area median income established <br />by HUD for San Mateo County, <br /> <br />. <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 />greatest housing need for large family households of four or more persons. <br /> <br />INCOME LIMITS BY F AMIL Y SIZE <br /> <br />Rent terms to Beneficiary shall provide a monthly payment not to exceed 30% of <br />adjusted gross household income. Household income shall be reviewed annually by <br />Contractor and payments adjusted accordingly during the life of this agreement <br /> <br />5. <br /> <br />Maximum Per Unit Subsidy <br /> <br />Contractor shall cause HOME funds allocated to this project 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 Subsidv <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 />3 <br />