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The Agency shall ensure that eligible tenants reside in the HOME-Assisted Units, and <br /> shall submit income verification documentation to the City for review and approval prior to <br /> project Close-out. <br /> Floating HOME-Assisted Units may be changed by the Agency, provided the substituted <br /> units maintain conformity with the requirements of §92.252, and as described in <br /> Attachment A of this Agreement during the HOME Program Affordability Period, so that <br /> the total number of housing units meeting the requirements of this Agreement remains the <br /> same, and each substituted unit is comparable in terms of size, features, and number of <br /> bedrooms to the originally designated HOME-Assisted Units. The Agency shall identify <br /> and report the HOME-Assisted Units annually in its annual reports. <br /> F. Qualification as Affordable Rental Housing and Other HOME Provisions <br /> 1. The Agency shall lease City-Assisted Units as affordable housing to eligible extremely <br /> low-income youth aged 15-17 and young adults aged 18-24 who are homeless or at <br /> risk of homelessness. The determination of Extremely Low-Income, defined as <br /> households with incomes at or below 30% Area Median Income ("AMI") as identified <br /> in Attachment A, and shall be made by application of the income limits set and revised <br /> periodically by the U.S. Department of Housing and Urban Development ("HUD") <br /> based upon median incomes in the Seattle-Bellevue, WA HUD Metro Fair Market Rent <br /> ("FMR") area, and adjusted for household size. If at any time HUD no longer estimates <br /> median income, the income standard shall be based on a program selected by the <br /> City. The Agency shall verify Property residents' income only in accordance with <br /> methods prescribed by or agreed to by the City. <br /> 2. The Agency shall lease HOME-Assisted Units during the HOME Affordability Period <br /> to eligible extremely low-income youth and young adults, who are homeless or at-risk <br /> of homelessness, as required to include: <br /> a. Initial Occupancy of Vacant Units, consistent with 24 CFR § 92.252: <br /> 1) Within six (6) months from the date of project completion, if a rental unit <br /> remains unoccupied, the Agency shall provide to the City information about <br /> current marketing efforts and, if appropriate, an enhanced plan for marketing <br /> the unit so that it is leased as quickly as possible. <br /> 2) Within eighteen (18) months from the date of project completion, if efforts to <br /> market the unit are unsuccessful and the unit is not occupied by an eligible <br /> tenant, the Agency must repay to the City, pursuant to 24 CFR §92.252, all <br /> HOME funds invested in the unit. A unit that has not served an extremely low- <br /> income household has not met the purposes of the HOME program. Therefore, <br /> the costs associated with the unit are ineligible. <br /> b. Leases Required for Rental Units. Leases are required for all HOME-assisted <br /> rental units and must be consistent with 24 CFR §92.253. <br /> c. Initial Rent and Utility Allowances. In establishing the maximum allowable rents, <br /> the Agency shall comply with 24 CFR §92.252(d). <br /> Loan Agreement <br /> Cocoon House <br /> Page 20 of 51 <br />