RecDoc 2022-044661 CONF TRS Elco Yards, Inc.

Browse Search

(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. (b) VM Low -Income Households or Low -Income Household to Moderate Income Househald. If, upon recertification of a Resident's income, the Owner determines that a former Very Low -Income Household or a Low -Income Household's Adjusted Income has increased and exceeds the qualifying income for a Low -Income Household set forth in Section 1.1 above, but does not exceed the qualifying limit for a Moderate -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 Moderate -Income Unit; (2) Such Resident's Rent may be increased to a Moderate -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 or Low -Income Household at a Low -Income Rent, as necessary to maintain the required number of Very Low -Income Units and Low -Income Units required by Section 2.1. (c) Nori-Qualifying Household. If, upon recertification of the income of a resident, the Owner determines that a former Very Low -Income Household, Low Income Household, or Moderate Income Household has an Adjusted Income exceeding the maximum qualifying income for a Moderate 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 (1/121h) of thirty percent (30%) of actual Adjusted Income of the Resident, or fair market rent and the Owner shall rent the next available Unit to a Very Low -Income Household, Low Income Household or Moderate 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., Very Low -Income Household, Low Income Household or Moderate -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., Very Low -Income Household, Low Income Unit or Moderate -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) Prior to initial rent up of the Units, the Owner must provide the City for its review and approval the Owner's written Resident Selection and Marketing Plan as defined in Section 5.2 below for the Very Low -Income Units, Low -Income Units, and the Moderate -Income Units. The City's failure to respond to Owner's request for approval of the written marketing plan REV: 04-07-2022 SK ATTY/AGR.2022.066/IQHQ TRS Elco Yards, Inc. (Page 6 of 19)