RecDoc2025-040037 Regulatory Agreement and Declaration of Restrictive Covenants 112 Vera Avenue

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(e) Assumed Household Size. In calculating the allowable Rent for the Units, Assumed Household Size shall be determined pursuant to the terms of Health and Safety Code Section 50052.5(h), as set forth below: Number of Bedrooms Assumed Household Size Studio One Two Three However, for those Low -Income Units where Rent is determined pursuant to the CTCAC rent levels in accordance with Section (b) above, Assumed Household Size shall be determined in accordance with CTCAC regulations, as set forth below: Number of Bedrooms Assumed Household Size Studio 1 One 1.5 Two 3 Three 4.5 (f) Initial and Subsequent bents. No later than November 1 of each calendar year, the City shall provide the Owner with a schedule of permissible maximum Very Low -Income Rents, Low -Income Rents, and Moderate Income Rents for the succeeding year that are consistent with the Rent levels set forth in subsection (a), (b), and (c) above. Under no circumstance may Owner raise rents above the permissible maximum rents as allowed under the annual rent schedule provided by the City. 2.3 Increased Income of Residents. (a) VeKy Low -Income Household to Low Income Household. If, upon recertification of a Resident's income, the Owner determines that a former Very Low -Income Household's Adjusted Income has increased and exceeds the qualifying income for a Very -Low Income Household by more than ten percent (10%), as set forth in Section 1.1 above, but does not exceed the qualifying limit for a Low -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 Low -Income Unit; (2) Such Resident's Rent may be increased to a Low -Income Rent, upon six (6) months written notice to the Resident; and (3) The Owner shall rent the next available Low -Income Unit, of comparable size, to a Very Low -Income Household at a Very Low - Income Rent. (b) Vow -Income Households or Low -Income Household to Moderate Income Household. If, upon recertification of a Resident's income, the Owner determines that a REV: 04-03-25 LF ATTY/AGR.2025.060/112 Vera Ave., L.P. (REGULATORY AGREEMENT & RESTRICTIVE COVENANTS) (Page 7 of 22)