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<br />Agency or the City has not approved or disapproved the proposed <br />Property Manager, the proposed Manag~r shall be deemed to be <br />approved. If at any time prior to the expiration of the covenants <br />contained in the Declaration of Redevelopment Covenants or the <br />Declaration of Affordability Covenants, the Property Manager fails <br />to manage the Project to the satisfaction of the Agency and/or the <br />Ci ty, Participant shall be required to contract wi th another <br />Property Manager, subject to the approval of the Agency and the <br />City in accordance with this Section. <br /> <br />c. Marketing Units. Participant shall market the units <br />in accordance with the Marketing Plan to be developed jointly by <br />Agency and City staff and Participant. <br /> <br />d. The HOME Program Requirements. As a portion of the <br />City Assistance was provided to Participant from HOME Funds, the <br />HOME Units will be subject to HOME Program requirements, as set <br />forth below. <br /> <br />1. Use of Funds for HOME Units. The HOME Units <br />shall be made available as supportive housing for persons with <br />disabilities. The HOME Units shall be constructed in accordance <br />with the Maximum Per HOME Unit Subsidy Limits as set forth in the <br />Scope of Development. <br /> <br />2. Affordability of HOME Units; Qualified Very Low <br />Income Households. In accordance with the provisions of the HOME <br />Program, the HOME Units shall be subject to HOME Program <br />requirements, to the extent not otherwise exempt by applicable law, <br />and shall be at all times, be occupied by qualified very low income <br />households. A Qualified Very Low Income household shall: <br /> <br />1. Have a household income no greater than 50% of <br />the area median income established by HUD for <br />San Mateo County; <br /> <br />ii. To the extent permitted by applicable law, be <br />a resident within the incorporated limits of <br />the City of Redwood City prior to the time of <br />application, unless no such residents qualify, <br />and then in accordance wi th the marketing <br />standards set forth in Section 4(d) (3), below; <br />and <br /> <br />iii. Income and Rent levels for the HOME Uni ts <br />shall be in accordance with limits set forth <br />by HUD, which will be adjusted annually by <br />HUD. (See Table A, below for an example based <br />on HUD's 2008 income limits). <br /> <br />21 <br />