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8 <br /> SECTION IV. RENT RESTRICTION PROVISIONS <br /> Gross monthly rent for the households occupying the City HOME Assisted Units shall not <br /> exceed the rent limitation as provided at 24 CFR § 92.252(a) and (b). Annual rent limits for <br /> HOME assisted units in the Seattle-Bellevue-Everett PMSA are published by the U.S. <br /> Department of Housing and Urban Development at the HOME program website, <br /> http://www.hud.gov/offices/cpd/affordablehousing/programs/home/index.cfm. These limits <br /> incorporate average occupancy per unit and adjusted income assumptions. The Agency <br /> shall be responsible for utilizing the current annually adjusted rent limits. The City shall <br /> make a copy of the current year's rent limits available to the Agency upon written request. <br /> If a unit also receives a project-based rental subsidy or the tenant receives a Federal or <br /> state direct rental subsidy, and the household pays a contribution toward rent not more than <br /> 30% of the household's adjusted income, then the maximum rent (i.e., tenant contribution <br /> plus rental subsidy) is the rent allowable under the Federal or state rental subsidy program. <br /> Gross monthly rent incorporates an allowance for tenant paid utilities (excluding telephone <br /> and cable TV), which is deducted to determine the maximum net monthly rent payable by <br /> the tenant. <br /> SECTION V. IMPLEMENTATION SCHEDULE <br /> Closing City Loan June 2006 <br /> Rehabilitation Start July 2006 <br /> Rehabilitation Complete December 31, 2006 <br /> 78 <br /> A - 2 <br />