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4. Income Affordability and Occupancy Restdctiol'~ <br /> <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 /> <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 /> <br /> · shall be a resident within the incorporated limits of the City of Redwood City <br /> prior 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 /> <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 /> <br /> INCOME LIMITS BY FAMILY SIZE <br /> 2002 SAN MATEO COUNTY INCOME LIMITS <br />_income~ ........... INCOME LIMIT~ BY F___~ILY SIZE .... . <br />Very <br /> <br /> Rent terms to Beneficia~ shall provide a monthly payment not to exceed 30% of <br /> 50% or 60% of median in.me as appli~ble. 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 />