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Number of Bedrooms Assumed Household Size <br />Studio <br />1 <br />One <br />1.5 <br />Two <br />3 <br />Three <br />4.5 <br />(e) No later than November 1 of each calendar year, the City shall provide the <br />Owner with a schedule of permissible maximum Extremely Low -Income Rents, Very Low - <br />Income Rents and Low -Income Rents for the succeeding year. Under no circumstance may <br />Owner raise rents above the permissible maximum rents as allowed under the annual rent <br />schedule provided by the City. <br />2.3 Increased Income of Residents. <br />(a) Extremely Low -Income Household to Very Low- or Low -Income <br />Household. If, upon recertification of a Resident's income, the Owner determines that a former <br />Extremely Low Income Household's Adjusted Income has increased and exceeds the qualifying <br />income for an Extremely Low Income Household set forth in Section 1.1 above, but does not <br />exceed the qualifying limit for a Very Low Income Household or Low Income Household as set <br />forth in Section 1.1 above, then, upon expiration of the Resident's lease: <br />(1) Such Resident's Unit may be considered a Very Low -Income Unit <br />or Low -Income Unit, as applicable; <br />(2) Such Resident's Rent may be increased to a Very Low Income <br />Rent or a Low -Income Rent, as applicable, upon sixty (60) days written notice to the Resident; <br />and <br />(3) The Owner shall rent the next available Unit to an Extremely Low - <br />Income Household at an Extremely Low -Income Rent. <br />(b) Very Low -Income Household to Low Income Household. If, upon <br />recertification of a Resident's income, the Owner determines that a former Very Low Income <br />Household's Adjusted Income has increased and exceeds the qualifying income for a Very Low <br />Income Household set forth in Section 1.1 above, but does not exceed the qualifying limit for a <br />Low Income Household as set forth in Section 1.1 above, then, upon expiration of the Resident's <br />lease: <br />(1) Such Resident's Unit may be considered a Low -Income Unit; <br />(2) Such Resident's Rent may be increased to a Low -Income Rent, <br />upon sixty (60) days written notice to the Resident; and <br />(3) The Owner shall rent the next available Unit to a Very Low - <br />Income Household at a Very Low -Income Rent. <br />REV: 01-19-2022 SK <br />ATTY/AGR.2022.005/GS HIP 1304 ECR, LP (Page 6 of 23) <br />