Cocoon House 4/19/2018 - Laserfiche WebLink

The three (3) HOME-Assisted 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. HOME ASSISTED UNITS TYPE OF HOME UNITS Studio BR BR BR BR BR Beds Units Fixed Floating 3 3 %of Median Income 30% 3 3 50% 60% 80% Other TOTALS 3 3 Prior to initial Project occupancy, the Agency shall designate and identify to the City the three (3) units as "floating" HOME-Assisted 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 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. V. CITY-ASSISTED UNITS Upon completion of the Project and thereafter for the remaining term of the City Compliance Period as specified in the Loan Agreement, the Agency shall operate and manage the City- Assisted Units for occupancy by Extremely Low-Income homeless households. As provided in SECTION III of the Loan Agreement, the initial thirty-seven (37) "City-Assisted Units", shall include twenty (20) single room occupancy, and seventeen (17) studio units. The initial City-Assisted Units shall include: CITY ASSISTED UNITS %of Median Income SRO Studio 1 2 3 4 Beds BR BR BR BR Total Units I Beds 30% 20 17 37 50% 60% 80% Other Mgr's Unit(unrestricted) TOTAL UNITS: 20 17 37 The City-Assisted Units shall be rented only to households whose income does not exceed the income limits identified herein. Those units not identified as Floating HOME-Assisted Units shall be City-Assisted Units. The number and type of initial City-Assisted Units is identified herein. Exhibit A Cocoon House Page 3 of 7