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<br />thirty (30) days to approve the proposed Property Manager which <br />such approval shall not be unreasonably withheld. If after thirty <br />(30) days the Agency has not approved or disapproved the proposed <br />Property Manager, the proposed Manager shall be deemed to be <br />approved. If at any time prior to the expiration of the covenants <br />contained in the Grant Deed or the Declaration of Affordability <br />Covenants, the Property Manager fails to manage the Project to the <br />satisfaction of the Agency, the Developer shall be required to <br />contract with another Property Manager, subject to the Agency's <br />approval in accordance with this Section. <br /> <br />d. The Developer shall market the units in accordance <br />with the Marketing Plan to be developed jointly by Agency Staff and <br />Developer. <br /> <br />e. The HOME Units. As a portion of the Agency <br />Assistance is being provided to Developer from HOME Funds, a <br />certain of number of units will be subject to HOME Program <br />requirements, as set forth below. <br /> <br />1. Use of Funds for HOME Units. Of the twenty- <br />eight (28) units to be rented to very low and extremely low income <br />households after completion of the Project, there shall at all <br />times be eleven (11) units occupied by a Qualified very low income <br />household, as defined below, and subject to HOME Program <br />requirements (the "HOME Units"). Such HOME Units shall be <br />constructed in accordance with the Maximum Per HOME Unit Subsidy <br />Limits as set forth in the Scope of Development. <br /> <br />2. Affordabilitv of HOME Units. In accordance <br />with the provisions of the HOME Program, the HOME Units shall be <br />subject to HOME Program requirements, to the extent not otherwise <br />exempt by applicable law, and shall be at all times, be occupied by <br />qualified very low income households. A Qualified very low income <br />household shall: <br /> <br />(i) Have a household income no greater than 50% of <br />the area median income established by HUD for San <br />Mateo County <br /> <br />(ii) To the extent permitted by applicable law, be <br />a resident within the incorporated limits of the <br />City of Redwood City prior to the time of <br />application, unless no such residents qualify, and <br />then in accordance with the marketing standards set <br />forth in Section 4 (f) (3), below, and <br /> <br />30 <br /> <br />REDW\0006\DOC\OOl-7 <br />3/29/05 3:15 /rove <br />