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N <br />a. The HOME Funds. The City hereby agrees that in <br />order to assist the Participating Owner in the completion of the <br />Project, the City will, subject to the terms and I conditions <br />contained herein, provive from its HOME Grant assistance in a total <br />amount not to exceed Fiva Hundred Thousand Dollars ($500,000.00). <br />1. Use of Funds for HOME Units. Of the # units <br />within the Project that are vacant as of the date of this <br />Agreement, # will be repaired and rehabilitated with the use of <br />HOME Funds (hereinafter referred to as the "HOME Units "). Location <br />of the HOME Units shall be determined by the City and the <br />Participating Owner in good faith prior to the funding of the HOME <br />Funds to the Participating Owner. <br />2. Affordability of HOME Units. In accordance <br />with the provisions of the HOME Program, the HOME Units <br />rehabilitated for the Project shall be subject to HOME Program <br />requirements and shall be-at all times, be occupied by qualified <br />low income households. A Qualified low- income household shall: <br />• have a household income no greater than 60% of the area median <br />income established by HUD for San Mateo County for the <br />HOME Units. <br />• shall be a resident within the incorporated limits of the City <br />of Redwood City prior to the time of application, with <br />preference for residents age 55 years old or older, unless no <br />such residents qualify, and then in accordance with the <br />marketing standards set forth in Section 3(a)(3), below, and <br />• for two bedroom and larger units, the City requires occupancy <br />preference be given to large households, as defined by the <br />City's Consolidated Plan which documents the greatest housing <br />need for large family households of four or more persons. <br />3. Marketing of HOME Units. The Participating <br />Owner shall comply with the City's affirmative marketing plan units <br />assisted with HOME Funds (the "Home Units ") for HOME assisted <br />housing. Except for existing tenants, the Participating Owner the <br />Participating Owner shall select eligible tenants for the Home <br />Units from a pool of applicants residing in the incorporated limits <br />of the City of Redwood City no later than the date on which <br />construction will begin or in the case of vacant units, immediately <br />upon completion of rehabilitation work or the earliest date unit is <br />W <br />