2006/05/31 Council Agenda Packet

Attachment A PROJECT DESCRIPTION SECTION I. PROJECT DESCRIPTION AND USE OF FUNDS The Agency will rehabilitate the Monte Cristo Apartments located in the City of Everett. The Monte Cristo is an existing, occupied mixed-use historic building that provides affordable housing for 68 low-income households at or below Fifty percent (50%) of the area median income. The rehabilitation will include a new roof, exterior masonry work, exterior window repair, carpeting replacement, landscaping, parking area recoating, and boilers and laundry appliances replacement. The City funds will be used for rehabilitation costs and/or development fee payable to AHA. SECTION II. CITY HOME ASSISTED UNITS One housing unit in the Project shall be designated "City HOME Assisted Units" and shall be subject to the following Tenant Income, Occupancy and Rent Restriction provisions contained in this Attachment A in addition to all other provisions of the HOME Agreement. Prior to initial Project occupancy, the Agency shall designate and identify to the City the two (2) specific units deemed City HOME Assisted Units. Said units are thereupon designated "floating HOME Units" pursuant to 24 CFR § 92.252(j). if and as necessary to accommodate tenant applicants' and occupants' circumstances and changes in post- occupancy income, the Agency may from time to time re-designate units as City HOME Assisted or not City HOME Assisted Units, subject to the comparability requirements of 24 CFR § 92.252(j). The Agency shall maintain continuous accounting and documentation for all such changes. SECTION III. TENANT INCOME AND OCCUPANCY PROVISIONS The One City HOME Assisted Units shall be rented only to households whose income does not exceed the Fifty percent (50%) of area median income limit at the time of initial occupancy. Each tenant household's income shall be ascertained and verified, as provided at 24 CFR § 92.203 and 24 CFR Part 5. Further, tenant household income shall be reexamined annually in accordance with 24 CFR § 92.252(h) and rents for households determined to be over-income shall be adjusted according to 24 CFR § 92.252(i). Income limits, as provided at 24 CFR § 92.252, are those set and revised periodically by the U.S. Department of Housing and Urban Development and are based upon median incomes in the Seattle/Bellevue/Everett PMSA and adjusted to household size. These limits are available at http://www.hud.gov/offices/cpd/affordablehousinq/programs/home/index.cfm, the HOME program website. The Agency shall be responsible for utilizing the current annually adjusted income limits. The City shall make the current year's income limits available to the Agency upon written request. 77 A - 1