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<br /> 8A
<br /> Page 32
<br />A Qualified low-income household shall:
<br />. have a household income no greater than 50% of the area median income
<br /> established by HUD for San Mateo County,
<br />. shall be a resident within the incorporated limits of the City of Redwood City at the
<br /> time of application, and
<br />. for three bedroom and larger units, the City requires occupancy preference be given
<br /> to large households, as defined by the City's Consolidated Plan which documents
<br /> the greatest housing need for large family households of five or more persons.
<br /> INCOME LIMITS BY FAMILY SIZE
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<br />. effective 3/06 I as defined b HOO and the State of California , I '
<br /> i -INCOME LIMITS BY FAMILY SIZE-
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<br />5. Maximum Per Unit Subsidy
<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 /> MAXIMUM PER UNIT SUBSIDY
<br /> Unit Type Maximum per unit
<br /> HOME Subsidv
<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 />5. Affordabilitv Deed Restriction
<br />Contractor shall record an Affordability Deed Restriction containing the provisions of
<br />Addendum to Grant Deed, incorporated herein as Exhibit C at the time of sale. The term
<br />of said deed restriction shall be Fifty Five (55) years from date of recordation of sale.
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