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HOME <br /> Limit 47,520 54,300 61,080 67,860 73,260 78,720 84,120 89,580 <br /> (60 %) <br /> Low <br /> Income 63,350 72,400 81,450 90,500 97,700 104,950 112,200 119,450 <br /> (80 %) <br /> Rent terms to Beneficiary shall provide a monthly payment not to exceed 30% of <br /> adjusted gross household income. Household income shall be reviewed annually by <br /> CHDO and payments adjusted accordingly during the life of this agreement <br /> 5. Maximum Per Unit Subsidy: CHDO shall cause HOME funds allocated to <br /> this project not to exceed the maximum per unit subsidy amount as defined by HOME <br /> regulations. <br /> MAXIMUM PER UNIT SUBSIDY <br /> Unit Type Maximum per unit HOME <br /> Subsidy <br /> Studio $ 131,216 <br /> 6. Affordability Restriction: The term of said affordability restriction shall be <br /> Fifty -Five (55) years from date of this agreement. <br /> 7. Tenant Participation Plan: Pursuant to 24 CFR 92.303 CHDO must <br /> adhere to a fair lease and grievance procedure approved by the City and Agency and <br /> must provide a plan for and follow a program of tenant participation in management <br /> decisions. Said plan shall be submitted to the City at the time CHDO signs this <br /> agreement. <br /> 8. Environmental Review: City and Agency shall conduct the necessary <br /> environmental review consistent with NEPA regulations to disburse funds under this <br /> agreement. <br /> B. REVERSION OF ASSETS <br /> If CHDO elects to sell the property or discontinue the affordable housing program <br /> and not perform the conditions of their agreement. Contractor shall pay to the City the <br /> sum of Two Hundred, Thirty Nine Thousand, Seven Hundred Forty Four and <br /> 68 /100 Dollars plus any additional sums due to the City or Redevelopment Agency <br /> pursuant to the Owner Participation Agreement and Declaration of Affordable Housing <br /> Covenants recorded for this development. <br /> C. USE <br /> ATTY /AGR/2010.064 12 <br /> 072910 <br />