RecDoc2023-000975 Harbor View Property LLC.

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Property was operated as a market rate property, with no income limits or restrictions. As of the Effective Date, there are currently [NUMBER OF OCCUPIED UNITS TO BE INSERTED] Units occupied by Existing Tenants. Due to the high cost and low availability of housing in the greater Redwood City area, Owner shall follow a Displacement Reduction Policy, in which Owner shall collect income verification information from any Existing Tenant who wishes to voluntarily provide income verification information to Owner to be used to determine each such resident's qualification for low income housing. For any Existing Tenant that qualifies as an Extremely Low Income Household, such (i) Existing Tenant's Rent shall be decreased to an Extremely Low Income Rent; and (ii) upon termination of occupancy of a Unit by the Existing Tenant, such Unit shall be made available for rent by another Extremely Low Income Household in accordance with this Agreement. For any Existing Tenant that qualifies as a Low Income Household or Very Low Income Household, (i) such Existing Tenant's Rent shall be decreased to a Low Income Rent or a Very Low Income Rent, as applicable; and (ii) upon termination of occupancy of a Unit by the Existing Tenant, such Unit shall be made available for rent by an Extremely Low Income Household. For any Existing Tenant that qualifies for a rent reduction as provided above, such Existing Tenant shall provide annual income verification to Owner and rent shall be adjusted based on the income level of the Existing Tenant. Those Existing Tenants that either choose not to provide such income verification information or fail to qualify as Low, Very Low or Extremely Low Income Households, shall not receive the benefits set forth herein and shall continue to be treated and managed as market rate tenants until such time as their tenancies are ended. As the tenancies of any such Existing Tenant that is not qualified as a Low, Very Low or Extremely Low Income Household end or are terminated, Owner shall relet those Units to Extremely Low Income Households. Section 2.5 Increased Income of Residents. A. Non -Qualifying Household. If, upon recertification of a Resident's income, except for Existing Tenants, the Owner determines that a Resident's 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: (i) such Resident may be considered a Very Low Income Household or Low Income Household, as applicable; (ii) 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 (iii) upon termination of occupancy of a Unit by a Very Low Income Household or Low Income Household, such Unit shall be made available for rent by an Extremely Low Income 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 upon termination of occupancy of the Unit the Owner shall rent the Unit to an Extremely Low Income Household to meet the requirements of Section 2.1. AM/AGR/2022.389/HARBOR VIEW Exhibit F-6 PROJECT DEVELOPMENT AGREEMENT REV: 10-28-2022 VR