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r <br /> U <br /> Attachment A <br /> PROJECT DESCRIPTION <br /> SECTION I. PROJECT DESCRIPTION AND USE OF FUNDS <br /> The Agency will use HOME funds for rehabilitation of the Silver Woods Apartments, <br /> located at 10915 16th Ave SE, Everett, WA, 98208. <br /> SECTION II. CITY HOME ASSISTED UNITS <br /> Four housing units in the Project shall be designated "City HOME Assisted Units" and shall <br /> be subject to the following Tenant Income, Occupancy and Rent Restriction provisions <br /> contained in this Attachment A in addition to all other provisions of the HOME Agreement. <br /> Prior to initial Project occupancy, the Agency shall designate and identify to the City the two <br /> (2) specific units deemed City HOME Assisted Units. Said units are thereupon designated <br /> "floating HOME Units" pursuant to 24 CFR § 92.252(j). If and as necessary to accommodate <br /> tenant applicants' and occupants' circumstances and changes in post-occupancy income, <br /> the Agency may from time to time re-designate units as City HOME Assisted or not City <br /> HOME Assisted Units, subject to the comparability requirements of 24 CFR § 92.252(j). The <br /> Agency shall maintain continuous accounting and documentation for all such changes. <br /> SECTION III. TENANT INCOME AND OCCUPANCY PROVISIONS <br /> The four City HOME Assisted Units shall be rented only to households whose income does <br /> not exceed the Fifty percent (50%) of area median income limit at the time of initial <br /> occupancy. Each tenant household's income shall be ascertained and verified, as provided <br /> at 24 CFR § 92.203 and 24 CFR Part 5. Further, tenant household income shall be <br /> reexamined annually in accordance with 24 CFR § 92.252(h) and rents for households <br /> determined to be over-income shall be adjusted according to 24 CFR § 92.252(i). Income <br /> limits, as provided at 24 CFR § 92.252, are those set and revised periodically by the U.S. <br /> Department of Housing and Urban Development and are based upon median incomes in the <br /> Seattle/Bellevue/Everett PMSA and adjusted to household size. These limits are available at <br /> http://www.hud.gov/offices/cpd/affordablehousinq/programs/home/index.cfm, the HOME <br /> program website. The Agency shall be responsible for utilizing the current annually adjusted <br /> income limits. The City shall make the current year's income limits available to the Agency <br /> upon written request. <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/affordablehousinq/programs/home/index.cfm. These limits <br /> 5 <br /> A - 1 <br />