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6.1.G. - Page 25 <br /> 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 limits (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 calculated <br /> 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 /> Floatinq 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 /> ATTY/AGR/2013.022/FUNDING AGR FOR WILLOW ROAD APARTMENTS REHABILITATION PROJECT <br /> REV:02-15-13 VR <br /> Page 23 of 35 <br />