Rent and Income Restrictions. From the date of recordation of this Regulatory Agreement, and for fifty-five (55) years thereafter, Borrower by and for itself and any successors in interest, hereby covenants and agrees that upon completion of the Housing Project, the Borrower shall limit the rental of twenty-seven (27) of the Housing Units (the “Affordable Units”) to persons or families who qualify as senior citizens under California Civil Code Section 51.3, as the same may be amended from time to time, and whose income does not exceed 30% of the Area Median Income (the “Eligible Households”). One unit in the Housing Project shall be a manager’s unit and shall be unrestricted so long as said manager’s unit is occupied by an on-site property manager. For purposes hereof, “Area Median Income” shall mean the area median income for Contra Costa County as published by the U.S. Department of Housing and Urban Development (HUD). The gross monthly rent (excluding any supplemental rental assistance from the State of California, the federal government or any other public agency to those tenants or on behalf of those units) for the Affordable Units shall not exceed one-twelfth of 30% of 30% of the Area Median Income, adjusted by household size appropriate for the unit. Notwithstanding the foregoing, rent levels will be established based on those required by the California Tax Credit Allocation Committee (TCAC) for Low Income Housing Tax Credit projects. During such period the other requirements of this Article 2 shall apply.
Rent and Income Restrictions. The Affordable Unit to be located on the Property shall be rented to low income households whose gross income does not exceed eighty percent (80%) of the Area Median Income at an Affordable Rent Occupancy of the Affordable Unit shall be consistent with the occupancy requirements set forth in the Housing Authority's Administrative Plan for Section 8 Housing Choice Voucher Program. Not more than once per year, Owner may adjust the rent in the occupied Affordable Unit to the level allowed for the family size appropriate to the unit. Owner may adjust the rent upon vacancy of an Affordable Unit to the level allowed for the family size appropriate to the unit. City shall annually publish a list of all rent ceilings reflecting the annual adjustments in the income limits for Eligible Households provided by HUD and the State of California Department of Housing and Community Development (“HCD”). Owner must notify the tenant of the Affordable Unit and City in writing of any increase in monthly rent at least thirty (30) days in advance of the effective rent adjustment date. The written notice of rent increase provided to City shall indicate:
Rent and Income Restrictions. From the date of the recording of this Lease and thereafter, for the remaining Term of this Lease, Tenant by and for itself and any successors in interest, hereby covenants and agrees that all dwelling units within the Project (except a designated on-site manager's unit) shall be rented to Low Income Households at a rent that does not exceed the Affordable Rent for the applicable dwelling unit based on number of bedrooms.
Rent and Income Restrictions. (a) All of the Affordable Units shall be rented to Eligible Households whose gross income does not exceed sixty percent (60%) of the Area Median Income at an Affordable Rent. Income determination shall be made at the time of initial occupancy of an Affordable Unit by a tenant, and upon each renewal of a tenant’s lease, certification is required.
