RecDoc 2020-115558 - Laserfiche WebLink

Browse Search

2.3 Increased Income of Tenants in Affordable Units. (a) Increased Income Above 50% Up to 80'% AMI Household Limit. If, upon annual recertification of the income of a Tenant of an Affordable Unit, Owner determines that the Tenant no longer qualifies as a 50% AMI Household, but does qualify as a 80% AMI Household, the Tenant may continue to occupy the Unit and, upon sixty (60) days written notice to Tenant, Owner may increase the Tenant's rent to the 80% AMI Household Rent; provided, however, that such unit shall continue to be a 50% Unit for the purposes of Section 2.1 hereof; provided, further, the Owner shall rent the next available vacant 80% Unit of a comparable size to a 50% AMI Household to meet the requirements of Section 2.1 above. (b) Increased Income above 80% AMI Household Limit. If, upon recertification of a Tenant's income, Owner determines that a Tenant no longer qualifies as either a 50% AMI Household or an 80% AMI Household, then the Tenant may continue to occupy the Unit as an 80% Unit until their income increases to exceed 100% of AMI, adjusted for Assumed Household Size. The Unit will continue to be classified as an 80% Unit, until the Tenant income exceeds 100% of AMI, adjusted for Assumed Household Size, at which time the rent for the unit shall become unrestricted hereunder, and after which time Owner shall rent the next available vacant unrestricted Unit of comparable size to a 50% AMI household or 80% AMI Household to meet the requirements of Section 2.1 above. 2.4 Termination of Occupancy. Upon termination of occupancy of an Affordable Unit by a Tenant, such Affordable Unit shall be deemed to be continuously occupied by a household of the same income level (e.g., 50% AMI Household or 80% AMI Household) as the initial income level of the vacating Tenant, until such Affordable Unit is reoccupied, at which time the income character of the Affordable Unit (e.g., 50% Unit or 80% Unit) shall be re -determined. In any event, Owner shall make reasonable efforts to maintain the occupancy requirements set forth in Section 2.1 above, except as may be modified by Section 2.3. 2.5 Lease Provisions. The Owner shall use a form of Tenant lease (the "Tenant Lease") for the Affordable Units that is consistent with the requirements of this Agreement. The Tenant Lease shall, among other matters: (a) provide for termination of the lease for failure: (1) to provide any information required under this Agreement or reasonably requested by Owner to establish or recertify the Tenant's qualification, or the qualification of the Tenant's household, for occupancy of the Affordable Units in accordance with the standards set forth in this Agreement, or (2) to qualify as a 50% AMI Household or 80% AMI Household, as the case may be, as a result of any material misrepresentation made by such Tenant with respect to the income computation or certification; (b) Each lease or rental agreement shall also provide that the household is subject to annual certification in accordance with Section 3.1 below, and that, if the household's REV: 09-29-2020 VR ATTY/AGR.2020.215/Stanford - Cardinal Apartments (Page 6 of 16)