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4. Income Affordability and Occupancy Restriction <br /> In accordance with the provisions of the HOME Investment Partnership (HOME) <br /> Program, the HOME assisted rental units rehabilitated on this property shall be ' <br /> subject to HOME Program-requirements and shall be at all times, be occupied <br /> by qualified Iow income households. A Qualified Iow-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 for 5 HOME assisted units and <br /> 60% of the area median income for 6 units, <br /> · shall be a resident within the incorporated limits of the City of Redwood City <br /> -. pdor to the time of application, unless no such residents qualify, and then in <br /> accordance with the marketing standards set forth in Section 3, and <br /> · for two bedroom and larger units, the City requires occupancy preference be <br /> ~' given to large households, as defined by the City's Consolidated Plan which <br /> documents the greatest housing need for large family households of four or <br /> more persons. <br /> INCOME LIMITS BY FAMILY SIZE <br /> 2002 SAN MATEO COUNTY INCOME LIMITS <br /> ........... INCOME LIMITS BY FAMILY SIZE ...... <br /> Inc°me 1' 2 I 3 4 [ s j 6 j 7 ,8 <br /> 3 ! ~ $59,050 <br />Very $ 5,65540,7001545,800; $50,900 $54,950 $63,100 $67,200 <br />Low 0 i I <br />(50%) ' r <br />HOME $42,78548,840 $54,9601 $61,080J $65,940!$70,860 $75,720 i$80,640 <br />(60%) <br />Low ,$5 001565,150 $73,300 $81,450 $87,950 $94,450 15101,00015107,500 <br /> <br /> Rent terms to Beneficiary.shall provide a monthly payment not to exceed 30% of <br /> 50% or 60% of median income as applicable. Household income shall be <br /> reviewed annually by Contractor and payments adjusted accordingly during the <br /> life of this agreement. <br /> <br /> F:Atty/Agr/Agr.083 <br /> 121002 12 <br /> <br /> <br />