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requirements: <br />(a) Monthly Rent for Existing Residents. Rent payable by residents residing in the Project as <br />of the Effective Date shall be limited to the rent required by the resident's lease or rental <br />agreement in effect immediately prior to the Effective Date, subject to Permitted Annual Rent <br />Increases. <br />(b) Permitted Annual Rent Increases. Rent payable by residents of the Project may be <br />increased no more often than once during each 12 -month period of a tenant's occupancy of a <br />Restricted Unit, and rent increases shall be limited to not more than the lowest of the following <br />(the "Permitted Annual Rent Increase"): (i) the percentage increase allowed by CTCAC <br />Regulations, (ii) the percentage increase allowed by applicable State law, and (iii) the percentage <br />by which maximum allowable rents for the applicable Area Median Income categories as <br />published in the CTCAC Regulations has increased over the applicable maximum allowable <br />rents published by CTCAC for the immediately preceding year. <br />(c) Monthly Rent Upon Vacancy — Initial Affordability Restriction Period. During the Initial <br />Affordability Restriction Period, rent for Restricted Units that are vacated shall be set at not <br />greater than Affordable Rent for the applicable Area Median Income category as set forth in this <br />Section. Thereafter, annual rent increases shall be limited as set forth in the preceding paragraph <br />(b). <br />Subject to paragraph (a) above, and as described in the table below, throughout the Initial <br />Affordability Restriction Period: not less than twenty (20) residential units in the Project shall <br />be occupied, or if vacant available for occupancy, at Affordable Rents to households whose <br />household Gross Income is no greater than thirty percent (30%) of Area Median Income adjusted <br />for Actual Household Size, not less than an additional sixty (60) residential units in the Project <br />shall be shall be occupied, or if vacant available for occupancy, at Affordable Rents to <br />households whose household Gross Income is no greater than fifty percent (50%) of Area <br />Median Income adjusted for Actual Household Size, and not less than an additional one hundred <br />eighteen (118) residential units in the Project shall be occupied, or if vacant available for <br />occupancy, at Affordable Rents to households whose household Gross Income is no greater than <br />sixty percent (60%) of Area Median Income adjusted for Actual Household Size. Two (2) <br />residential units shall be manager/staff units that will not be subject to rent or occupancy <br />restrictions. Notwithstanding the foregoing, the Parties acknowledge that as of the Effective <br />Date, eight (8) residential units are occupied by Project residents with household Gross Income <br />exceeding sixty percent (60%) AMI. Until the expiration of the Initial Affordability Restriction <br />Period, upon vacancy, the units occupied by such residents shall be occupied or available for <br />occupancy at Affordable Rent by households whose household Gross Income does not exceed <br />sixty percent (60%) of Area Median Income adjusted for Actual Household Size. <br />12 <br />4879-3324-5885v3 <br />