SR 05:219 - Laserfiche WebLink

(e) Bedroom Size. Except to the extent that the number of Very Low Incdme Units or Extremely Low Income Units may be modified by Section 2.1 (d) above, the Units shall be available in the following bedroom sizes: Extre~~~::~l~~~~~~i~~~=:-l_?~~~~:~~~I~=1 b_~:~-:]: _~jtal --1 V e!"Yl--o~ Inl!~m~YI!i!~_____________-i--___..1_~_----.L_L--___~ 21 I Very Low Income Memory I I I 0 I 1 ;\ b~~ i I I , L TOT A.!--_~~==____=__~=______~::::=L==jf=_=.l_---- L=::::C--- 31 1 2.2 Affordable Charges. (a) Extremely Low Income Charges. The Affordable Charges charged for the Extremely Low Income Units shall not exceed one-twelfth (]f12th) 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 (]f12th) of eighty percent (80%) of fifty percent (50%) of Median Income, adjusted for Actual Household Size. (c) Verv Low Income Charges for Memory Impaired Bed. The Affordable Charges charged for the Very Low Income Memory Impaired Bed shall not exceed one-twelfth (1/I2'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 Reserye 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 Reserve 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 of a Very Low Income Household or Extremely Low Income Household, respectively; (2) to 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 aspects of the Project as necessary and as approved in advance by the City, In addition, Developer may use the Affordability Reserve for any other purposes agreed to by the Developer and City. In the event Developer uses the Affordability Reserye ]44\105\159081.1 ] 6