Cocoon House 4/19/2018 - Laserfiche WebLink

d. Eight units will be supported with Everett Housing Authority project based HUD Section 8 vouchers. From the Completion Date and thereafter until June 1, 2059, the End Date, all forty (40) units shall be occupied by households with incomes not exceeding 30% of Area Median Income ("AMI"), for the Seattle-Bellevue, WA HUD Metro Fair Market Rents Area Income Limits, at the time of initial occupancy as indicated herein. The Project includes both "City-Assisted Units" and the "HOME-Assisted Units." Initially there will be thirty-seven (37) City-Assisted Units, and three (3) HOME-Assisted Units. The project will serve the following populations: ALL UNITS %of Median Income SRO Studio 1 2 3 4 Beds BR BR BR BR Total Units /Beds 30% 20 20 40 50% 60% 80% Other Mgr's Unit(unrestricted) TOTAL UNITS: 20 20 40 SPECIFIC POPULATIONS TO Homeless or At Risk of Totals BE SERVED, #Units at Risk of Literally Homelessness Homelessness Homeless General Individuals Families with Dependent Children Seniors/Disabled Farmworkers Special Needs (specify) Other:Young Adults 18-24 10 5 5 20 Other:Youth 15-17 20 20 Other:substance abuse 40 If the Agency's Project includes a social or human service component, then the Agency must provide evidence to the City that such services or an agreement to provide such services is currently in place with an appropriate provider. The income and set-aside requirements set forth in this Section III are subject to Section 1.6.2 of the Loan Agreement. IV. HOME-ASSISTED UNITS Commencing on the Completion Date and thereafter for the remaining term of the HOME Compliance Period, the Agency shall operate and manage the Units for occupancy by extremely low-income households as provided above. As provided in SECTION III of the Loan Agreement, units are to be designated "Low HOME, Floating HOME-Assisted Units", including three (3) studio units. Exhibit A Cocoon House Page 2 of 7