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<br /> <br />Exhibit F-6 <br />ATTY/AGR/2022.389/HARBOR VIEW PROJECT DEVELOPMENT AGREEMENT <br />REV: 10-28-2022 VR <br />Property was operated as a market rate property, with no income limits or restrictions. As of the <br />Effective Date, there are currently [NUMBER OF OCCUPIED UNITS TO BE INSERTED] Units <br />occupied by Existing Tenants. Due to the high cost and low availability of housing in the greater <br />Redwood City area, Owner shall follow a Displacement Reduction Policy, in which Owner shall <br />collect income verification information from any Existing Tenant who wishes to voluntarily <br />provide income verification information to Owner to be used to determine each such resident's <br />qualification for low income housing. For any Existing Tenant that qualifies as an Extremely Low <br />Income Household, such (i) Existing Tenant’s Rent shall be decreased to an Extremely Low <br />Income Rent; and (ii) upon termination of occupancy of a Unit by the Existing Tenant, such Unit <br />shall be made available for rent by another Extremely Low Income Household in accordance with <br />this Agreement. For any Existing Tenant that qualifies as a Low Income Household or Very Low <br />Income Household, (i) such Existing Tenant’s Rent shall be decreased to a Low Income Rent or a <br />Very Low Income Rent, as applicable; and (ii) upon termination of occupancy of a Unit by the <br />Existing Tenant, such Unit shall be made available for rent by an Extremely Low Income <br />Household. For any Existing Tenant that qualifies for a rent reduction as provided above, such <br />Existing Tenant shall provide annual income verification to Owner and rent shall be adjusted based <br />on the income level of the Existing Tenant. Those Existing Tenants that either choose not to <br />provide such income verification information or fail to qualify as Low, Very Low or Extremely <br />Low Income Households, shall not receive the benefits set forth herein and shall continue to be <br />treated and managed as market rate tenants until such time as their tenancies are ended. As the <br />tenancies of any such Existing Tenant that is not qualified as a Low, Very Low or Extremely Low <br />Income Household end or are terminated, Owner shall relet those Units to Extremely Low Income <br />Households. <br />Section 2.5 Increased Income of Residents. <br />A. Non-Qualifying Household. If, upon recertification of a Resident’s income, <br />except for Existing Tenants, the Owner determines that a Resident’s income has increased and <br />exceeds the qualifying income for an Extremely Low Income Household set forth in Section 1.1 <br />above, but does not exceed the qualifying limit for a Very Low Income Household or Low Income <br />Household as set forth in Section 1.1 above, then, upon expiration of the Resident’s lease: (i) <br />such Resident may be considered a Very Low Income Household or Low Income Household, as <br />applicable; (ii) such Resident’s Rent may be increased to a Very Low Income Rent or a Low <br />Income Rent , as applicable, upon sixty (60) days written notice to the Resident; and (iii) upon <br />termination of occupancy of a Unit by a Very Low Income Household or Low Income Household, <br />such Unit shall be made available for rent by an Extremely Low Income Household. If, upon <br />recertification of the income of a resident, the Owner determines that a former Extremely Low <br />Income Household, Very Low Income Household or Low Income Household has an Adjusted <br />Income exceeding the maximum qualifying income for a Low Income Household, such Resident <br />shall be permitted to continue occupying the Unit and upon expiration of the Resident’s lease and <br />upon sixty (60) days written notice, the Resident may continue to reside in the Unit for a period <br />not to exceed twelve (12) months and the Rent may be increased to the lesser of one-twelfth <br />(1/12th) of t hirty percent (30%) of actual Adjusted Income of the Resident, or fair market rent <br />(subject to 24 C.F.R. 92.252(i)(2) regarding low income housing tax credit requirements) and upon <br />termination of occupancy of the Unit the Owner shall rent the Unit to an Extremely Low Income <br />Household to meet the requirements of Section 2.1.