RecDoc 2021-146159 353 Main Street Regulatory agreement

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(b) Very Low Income Rent. Subject to Section 2.3 below, the Rent charged to Residents of the Very Low Income Units shall not exceed one -twelfth (1/12th) of thirty percent (30%) of fifty percent (50%) of Median Income, adjusted for Assumed Household Size. (c) Low Income Rent. Subject to Section 2.3 below, the Rent charged to Residents of the Low Income Units shall not exceed one -twelfth (1/121h) of thirty percent (30%) of sixty percent (60%) of Median Income, adjusted for Assumed Household Size. (d) Assumed Household Size. In calculating the allowable Rent for the Units, the following "Assumed Household Sizes" shall be utilized, provided that the Development receives an allocation of low income housing tax credits, otherwise Assumed Household Size shall be determined pursuant to the terms of Health and Safety Code Section 50052.5(h): Number of Bedrooms Assumed Household Size Studio 1 One 2 Two 3 Three 5 (e) No later than November 1 of each calendar year, the City shall provide the Owner with a schedule of permissible maximum Extremely Low Income Rents, Very Low Income Rents and Low Income Rents for the succeeding year. Under no circumstance may Owner raise rents above the permissible maximum rents as allowed under the annual rent schedule provided by the City. 2.3 Increased Income of Residents. (a) Extremely Low Income Household to Very Low or Low Income Household. If, upon recertification of a Resident's income, the Owner determines that a former Extremely Low Income Household's Adjusted Income has increased and exceeds the qualifying income for an Extremely Low Income Household set forth in Section 1.1 above, but does not exceed the qualifying limit for a Very Low Income Household or 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 Very Low Income Unit or Low Income Unit, as applicable; (2) Such Resident's Rent may be increased to a Very Low Income Rent or a Low Income Rent, as applicable, upon sixty (60) days written notice to the Resident; and (3) The Owner shall rent the next available Unit to an Extremely Low Income Household at an Extremely Low Income Rent. (b) Very Low Income Household to Low Income Household. If, upon recertification of a Resident's income, the Owner determines that a former Very Low Income Household's Adjusted Income has increased and exceeds the qualifying income for a Very Low 1199\09\2724482.6 Document Number: 2021-146159 Page: 8 of 29