Common use of Replacement Reserves Clause in Contracts

Replacement Reserves. Borrower must make a contribution of not less than $250 per unit to the replacement reserve account each year to ensure that sufficient funds will be available for projected capital improvements anticipated over the next 20 years, as specified in Attachment C. Community Development staff will monitor this project each year to ensure that developer is making at least the minimum contribution to the replacement reserve account. Attachment B Durham-Chapel Hill, NC MSA 2014 Income Limits Adjusted for Family Size Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person 50% AMI $23,000 $26,300 $29,600 $32,850 $35,500 $38,150 $40,750 $43,400 60% AMI $27,600 $31,560 $35,520 $39,420 $42,600 $45,780 $48,900 $52,080 80% AMI $36,800 $42,050 $47,300 $52,550 $56,800 $61,000 $65,200 $69,400 Based on U.S. Department of Housing and Urban Development Income Limits for Section 8 Programs and Median Family Income for

Replacement Reserves. Borrower must make a contribution of not less than $250 per unit to the replacement reserve account each year to ensure that sufficient funds will be available for projected capital improvements anticipated over the next 20 years, as specified in Attachment C. Community Development staff will monitor this th project each year to ensure that developer is making at least the minimum contribution to the replacement reserve account. Attachment B Durham-Chapel Hill, NC MSA 2014 Income Limits Adjusted for Family Size Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person 50% AMI $23,000 $26,300 $29,600 $32,850 $35,500 $38,150 $40,750 $43,400 60% AMI $27,600 $31,560 $35,520 $39,420 $42,600 $45,780 $48,900 $52,080 80% AMI $36,800 $42,050 $47,300 $52,550 $56,800 $61,000 $65,200 $69,400 Based on U.S. Department of Housing and Urban Development Income Limits for Section 8 Programs and Median Family Income for

Replacement Reserves. Borrower must make a contribution of not less than $250 per unit to the replacement reserve account each year to ensure that sufficient funds will be available for projected capital improvements anticipated over the next 20 years, as specified in Attachment C. Community Development staff will monitor this project each year to ensure that developer is making at least the minimum contribution to the replacement reserve account. . Balance of Page intentionally left blank Attachment B Durham-Chapel Hill, NC MSA 2014 Income Limits Adjusted for Family Size Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person 50% AMI $23,000 $26,300 $29,600 $32,850 $35,500 $38,150 $40,750 $43,400 60% AMI $27,600 $31,560 $35,520 $39,420 $42,600 $45,780 $48,900 $52,080 80% AMI $36,800 $42,050 $47,300 $52,550 $56,800 $61,000 $65,200 $69,400 Based on U.S. Department of Housing and Urban Development Income Limits for Section 8 Programs and Median Family Income for

Replacement Reserves. Borrower must make a contribution of not less than $250 per unit to the replacement reserve account each year to ensure that sufficient funds will be available for projected capital improvements anticipated over the next 20 years, as specified in Attachment C. Community Development staff will monitor this project each year to ensure that developer is making at least the minimum contribution to the replacement reserve account. Balance of Page intentionally left blank Attachment B Durham-Chapel Hill, NC MSA 2014 Income Limits Adjusted for Family Size Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person 50% AMI $23,000 $26,300 $29,600 $32,850 $35,500 $38,150 $40,750 $43,400 60% AMI $27,600 $31,560 $35,520 $39,420 $42,600 $45,780 $48,900 $52,080 80% AMI $36,800 $42,050 $47,300 $52,550 $56,800 $61,000 $65,200 $69,400 Based on U.S. Department of Housing and Urban Development Income Limits for Section 8 Programs and Median Family Income for