SR 05:219 - Laserfiche WebLink

r-jm;;aire<l"Belf-----------------',I----------i----------------1'------ --1 t__.t:_____.__.__________...__._..'"".___._.__._______..--.-....----.-----".......--------...-,--.--..------------......-....---- I TOTAL ' 23 ' 8 ! 31 ' !....____..._____..m..n_____......___....__n.._...._.__.... ...__.____....._"-__________.___...__........._.____._L___.__.___.___.__.____.___..i..-___n.._____J 2.2 Affordable Charges. (a) Extremelv Low Income Charges. The Affordable Charges charged for the Extremely Low Income Units shall not exceed one-twelfth (l/12th) of eighty percent (80%) of twenty-five percent (25%) of Median Income, adjusted for Actual Household Size. (b) Very Low Income Charges. The Affordable Charges charged for the Very Low Income Units shall not exceed one-twelfth (1I12'h) of eighty percent (80%) of fifty percent (50%) of Median Income, adjusted for Actual Household Size. (c) Very Low Income Charges for Memory Impaired Bed. The Affordable Charges charged for the Very Low Income Memory Impaired Bed shall not exceed one-twelfth (1I12'h) of eighty percent (80%) of fifty percent (50%) of Median Income for a one person household. 2.3 Termination of Occupancy. Upon termination of occupancy of a Unit by a Resident, such Unit shall be deemed to be continuously occupied by a household of the same income level as the initial income level of the vacating household, until such Unit is reoccupied, at which time the income character of the Unit shall be redetermined in accordance with Section 2.1. Upon termination of occupancy of a Memory Impaired Bed, such bed shall be deemed to be continuously occupied by a Very Low Income Household until reoccupied. 2.4 Affordabilitv Reserye. Developer shall establish an Affordability Reserve in which it will deposit within one hundred twenty (120) days after the end of its fiscal year, a portion of the Surplus Cash (as such term is defined in the Loan Agreement) in accordance with Section 2.3(d) of the Loan Agreement. Developer may use the funds in the Affordability Reserye without the prior consent of the City (I) to increase the Project's affordability by, among other methods, creating a deeper rent or seryice subsidy on Very Low Income Unit or Extremely Low Income Unit so that it may be occupied by a Resident or household whose income is less than that ofa Very Low Income Household or Extremely Low Income Household, respectively_~ (2) iner-efisiJ'l!1to increase the number of Very Low Income Units or Extremely Low Income Units that may be occupied by a Very Low Income Household, Extremely Low Income Household or Memory Impaired Resident who is also a Very Low Income Household or (3) to finance other asnects ofthe Proiect as necessary and as annroved in advance bv the Citv. In addition, Developer may use the Affordability Reserye for any other purposes agreed to by the Developer and City. In the event Developer uses the Affordability Reserye pursuant to this Section 2.4, the amount of funds available from the Affordability Reserye shall be in an amount sufficient to fund the difference between the market rate and Affordable Charges for such Unit for forty-eight (48) months. At the end of the Term, any funds remaining in the Affordability Reserye shall be returned to the City. Developer shall include information regarding the use and the amount of the Affordability Reserye in its annual audited financial reports delivered to City in accordance with Section 3,2. 144\105\1590RL11 with 159081.10 Redline 275355 6