Regulatory Agreeement for ROEM - Laserfiche WebLink

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Income Household set forth in Section 1.1above, but does not exceed the qualifying limit for a Low Income Household as set forth in Section 1.1 above, then, upon expiration of the Resident's lease: (1) Such Resident's Unit may be considered a Low Income Unit; (2) Such Resident's Rent may be increased to a Low Income Rent, upon sixty (60) days written notice to the Resident; and (3) The Owner shall rent the next available Unit to a Very Low Income Household at a Very Low Income Rent. (c) Non -Qualifying Household. If, upon recertification of the income of a resident, the Owner determines that a former Extremely Low Income Household, Very Low Income Household or Low Income Household has an Adjusted Income exceeding the maximum qualifying income for a Low Income Household, such Resident shall be permitted to continue occupying the Unit and upon expiration of the Resident's lease and upon sixty (60) days written notice, the Resident may continue to reside in the Unit for a period not to exceed twelve (12) months and the Rent may be increased to the lesser of one -twelfth (1/12th) of thirty percent (30%) of actual Adjusted Income of the Resident, or fair market rent (subject to 24 C.F.R. 92.252(i)(2) regarding low income housing tax credit requirements) and the Owner shall rent the next available Unit to a Extremely Low Income Household, Very Low Income Household or Low Income Household to meet the requirements of Section 2.1 above. (d) Termination of Occupancy. Upon termination of occupancy of a Unit by a Resident, such Unit shall be deemed to be continuously occupied by a household of the same income level (e.g., Extremely Low Income Household, Very Low Income Household or Low Income Household) as the income level of the vacating Resident, until such Unit is reoccupied, at which time the income character of the Unit (e.g., Extremely Low Income Unit, Very Low Income Unit or Low Income Unit) shall be redetermined. In any event, Owner shall maintain the occupancy requirements set forth in section 2.1 above. 2.4 Resident Selection. (a) The Owner must provide the City for its review and approval the Owner's written marketing plan in compliance with the Tenant Selection Plan approved pursuant to Section 2.12 of the Loan Agreement. (b) The Owner shall not discriminate against any applicants for tenancy on the basis of source of income or rent payment (for example, without limitation, Temporary Assistance for Needy Families (TANF) or Section 8), and the Owner shall consider a prospective Resident's previous rent history of at least one (1) year, or such other time period the Owner deems reasonable, as evidence of the prospective Resident's ability to pay the applicable Rent. The ability to pay shall be demonstrated if the prospective Resident can document that the prospective Resident's gross income is at least two (2) times the prospective rent. The Owner, in the reasonable exercise of its discretion, may waive the requirement that the prospective Resident's gross income equal at least two (2) times the prospective rent, and admit prospective Residents with lower gross incomes. 1199\09\2724482.6