RecDoc2023-013328 Harbor View Project

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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(1)(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. B. Termination of Occu anc . Upon termination of occupancy of a Unit by a Resident, such Unit shall be made available for rent by an Extremely Low Income Household. Section 2.6 Resident Selection. A. Not later than thirty (30) days following the Effective Date, Owner shall submit for City review and approval, a plan for marketing and managing for the Property as defined in Section 5.1. 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 ATTY/AGR/2022.389.01 -HARBOR VIEW PROJECT DA—AFFORDABLE HOUSING COVENANT (36, 44, AND 70 RENATO COURT) REV: 03-15-23 VR Page 6 of 22