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income limit for San Mateo County described below and adjusted for family <br />size, less tenant paid utilities. Under this definition (2) for San Mateo County, <br />High OME rent is calculated at 60% of the Area Median Income (AMI). <br />If tenant is paying any utilities, a "utility allowance" must be deducted from the <br />above rent figures. This allowance is calculated by HUD under 24 CFR Part <br />880-886 and should be obtained annually from the San Mateo County <br />Housing Authority. <br />b. Low HOME Rent is rent that is 30% of annual income for households at the <br />Very Low Income limit (50% of AMI) for San Mateo County, adjusted for <br />family size, minus tenant paid utilities. <br />If tenant is paying any utilities, a "utility allowance" must be deducted from the <br />above rent figures. This allowance is calculated by HUD under 24 CFR Part <br />880-886 and should be obtained annually from the San Mateo County <br />Housing Authority. <br />c. Very Low Income is the qualifying income with adjustments for family size, for <br />very low income households as established by HUD. These income limits are <br />adjusted from time to time. <br />d. HOME Income is income at 60% of AMI, adjusted for family size as <br />calculated by HUD and adjusted from time to time by HUD. <br />(2) Rent and Occupancy Restrictions <br />At least 20% of the HOME assisted units (or 1 unit) must be occupied by <br />households whose income does not exceed the Very Low -Income limit as <br />specified above, which limit may be adjusted from time to time by HUD or any <br />successor agency. The rent on said units, including tenant paid utilities, may not <br />exceed the Low HOME Rent specified above, which rent may be adjusted from <br />time to time by HUD or any successor agency. <br />All remaining HOME assisted units must be occupied by households whose <br />income does not exceed the HOME Income Limit as specified above, except that <br />after initial occupancy, tenant incomes in these units may rise up to 80% AMI. <br />The rent on said units, including tenant paid utilities, may not exceed the High <br />HOME Rent, which rent may be adjusted from time to time by HUD or any <br />successor agency. <br />Floating HOME Units: The units designated as HOME -assisted by this Covenant <br />shall be "floating" and may change over time as long as the total number of <br />HOME -assisted units in the Project remains constant. The owner shall ensure <br />that the HOME -assisted units remain comparable to the non -assisted units over <br />the affordability period in terms of size, features and number of bedrooms. <br />