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VINTAGE ASSOCIATES - AGREEMENT FOR IMPLEMENTATION OF RAP EXEMPTION
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VINTAGE ASSOCIATES - AGREEMENT FOR IMPLEMENTATION OF RAP EXEMPTION
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11/5/2007 11:48:53 AM
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LONG TERM AGREEMENTS
LONG TERM AGREEMENTS - DOCUMENT DATE
5/8/1984
LONG TERM AGREEMENTS - NAME
VINTAGE ASSOCIATES
LONG TERM AGREEMENTS - TYPE
MISC AGMT
LONG TERM AGREEMENTS - RECORD SERIES
704-06
LONG TERM AGREEMENTS - DESTRUCTION DATE
PERMANENT
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b. Lower-income households shall have equal <br />access to, and enjoyment of, all common facilities of the <br />Project. <br />3. Maximum Rent for Units Occupied by Lower-Income Households. <br />The units occupied, or reserved for occupancy, by <br />lower-income households shall be rented, or offered for <br />rent, at a level which does not exceed thirty percent (30%) of. <br />one-twelfth (1/12th) of the maximum yearly household income at <br />which a household of four persons would qualify as a "lower- <br />income household" within the meaning of Section 1 above. <br />a. Increases in rents charged or offered to lower- <br />income households shall be limited to an annual increase which <br />shall not exceed the percentage of increase in the median family <br />income for the San Francisco-Oakland Standard Metropolitan Statis- <br />tical Area for a family of four, as determined by HUD. <br />b. In the event that HUD fails to issue revised <br />median family income statistics for the San Francisco-Oakland <br />Standard Metropolitan Statistical Area for a family of four <br />within fifteen (15) months of the previous revision, rents for <br />units referred to in Section 1 may be adjusted based on the <br />annual percentage increase in the San Francisco-Oakland Consumer <br />Price Index for urban wage earners and clerical workers. <br />c. Plotification to the City of annual rent increases <br />shall be provided by the Developer as part of the Annual Report <br />(referred to in Section 6 herein). <br />4. Rental of Moderate Income Units. <br />The Developer agrees to lease, or make available for <br />-4- <br />
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