AgdaPkt 2019-09-09 Joint SA PFA - Laserfiche WebLink

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201. (c) Moderate Income Units. As described in Recital C. above, the Owner agrees to make available, restrict occupancy to, and lease not less than six (6) of the rental units on the Property exclusively to Moderate Income Households at Affordable Moderate Income Rent, as defined below. For purposes of this Agreement, "Moderate Income Households" shall mean those households with incomes that do not exceed moderate income limits for San Mateo County (one hundred twenty percent (120%) of median income), adjusted for household size, as set forth in the Guidelines, and as established and amended from time to time in accordance with the low income limits for San Mateo County established by the State of California in the California Code of Regulations, Title 25, Section 6932 or successor provision ("Moderate Income Limits"). A qualified Moderate Income Household shall continue to qualify unless at the time of recertification for two consecutive years, the household's income exceeds the Moderate Income Limits, then that tenant shall no longer be qualified. Upon the Owner's determination that any such household is no longer so qualified, the unit shall no longer be deemed a Moderate Income Unit, and the Owner shall comply with the Next Available Unit Requirement and take such other actions, including as specified in Section 11. 1.7 of the Guidelines, as may be necessary to ensure that the total required number of units are rented to Moderate Income Households. The Owner shall notify the City annually if Owner substitutes a different unit for one of the designated Moderate Income Units pursuant to this paragraph. 201. (d) Income Certification. On or before July 1 of each year, commencing with the calendar year that the first unit in the Project is rented to a tenant, and annually thereafter, the Owner shall obtain from each household occupying a BMR Unit and submit to the City a completed income computation and certification form, which shall certify that the income of the household is truthfully set forth in the income certification form, in the form attached hereto as Exhibit D unless a different form is specified by the City or proposed by Owner and approved by the Director. The Owner shall certify that each household leasing a BMR Unit meets the income and eligibility restrictions for the BMR Unit. 202. (a) Affordable Rent, Low Income. The maximum Monthly Rent chargeable for the Low Income Units and actually paid by a Low Income Household shall be thirty percent (30%) of the Low Income Limits, adjusted for assumed household size of two persons in a one -bedroom Low Income Unit and three persons in a two- bedroom Low -Income Unit (the "Affordable Low Income Rent"). 202. (b) Affordable Rent, Moderate Income. The maximum Monthly Rent chargeable for the Moderate Income Units and actually paid by a Moderate Income Household shall be thirty percent (30%) of the median income for San Mateo County, as set forth in the Guidelines, and as established and amended from time to time by the State of California in the California Code of Regulations, Title 25, Section 6932 or successor provision, adjusted for assumed household size of two persons in a one -bedroom Moderate Income Unit, (the "Affordable Moderate Income Rent"). 13 AFDOCS/13476288.3 1677\05UO06712.5 1/la/2017 PAGE 321