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Upon completion of the HOME Program Compliance Period, all forty (40) units shall become <br /> City-Assisted Units as described above, and shall remain affordable for the duration of the <br /> term of the loan and the City Compliance Period. <br /> VI. TENANT INCOME AND OCCUPANCY PROVISIONS <br /> Income limits are those set and revised periodically by the U.S. Department of Housing and <br /> Urban Development and are based upon median incomes in the Seattle-Bellevue, WA HUD <br /> Metro Fair Market Rent Area Income Limits, and adjusted to household size. These limits are <br /> available at http://www.huduser.orq/portal/datasets/il.html. The Agency shall be responsible <br /> for utilizing the current annually adjusted income limits. The City shall make the current year's <br /> income limits available to the Agency upon written request. <br /> The Agency shall provide units affordable to households with Area Median Incomes (AMI), for <br /> the Seattle-Bellevue, WA HUD Metro FMR area, as identified in Section III herein. If at any <br /> time HUD no longer estimates median income, the income standard shall be based on a <br /> program selected by the City. The Agency shall verify Property residents' income only in <br /> accordance with methods prescribed by or agreed to by the City. <br /> The HOME-Assisted Units shall be rented only to households whose income does not exceed <br /> the 30% of AMI limit at the time of initial occupancy, as applicable. Each tenant household's <br /> income shall be ascertained and verified, as provided at 24 CFR § 92.203 and 24 CFR Part <br /> 5. Further, tenant household income shall be reexamined annually in accordance with 24 CFR <br /> § 92.252(h) and rents for households determined to be over-income shall be adjusted <br /> according to 24 CFR § 92.252(i). Income limits, as provided at 24 CFR § 92.252, are those <br /> set and revised periodically by the U.S. Department of Housing and Urban Development and <br /> are based upon median incomes in the HUD Seattle-Bellevue FMR and adjusted to household <br /> size. These limits are available at the HOME program website. <br /> https://www.hudexchange.info/programs/home/home-income-limits/ <br /> VII. RENT RESTRICTION PROVISIONS <br /> Gross monthly rent for the HOME-Assisted Units, shall not exceed the rent limitation as <br /> provided at 24 CFR § 92.252(a), and as amended, and as specified in Section III C of this <br /> Loan Agreement. Annual rent limits for HOME-Assisted Units in the Seattle-Bellevue, WA <br /> HUD Metro FMR area are published by the U.S. Department of Housing and Urban <br /> Development at the HOME program website at <br /> https://www.hudexchange.info/programs/home/home-rent-limits/ . These limits incorporate <br /> average occupancy per unit and adjusted income assumptions. The Agency shall be <br /> responsible for utilizing the current annually adjusted rent limits. The City shall make a copy <br /> of the current year's rent limits available to the Agency upon written request. <br /> Gross monthly rent for the City-Assisted Units, including tenant-paid utilities, shall not exceed <br /> the rent limitations of the Seattle-Bellevue, WA HUD Metro FMR area as published annually <br /> by the U.S. Department of Housing and Urban Development, with adjustments for the number <br /> of bedrooms in the unit, and for the Area Median Income levels established in this Loan <br /> Agreement. These limits incorporate average occupancy per unit and adjusted income <br /> assumptions. The Agency shall be responsible for utilizing the current annually adjusted rent <br /> Exhibit A <br /> Cocoon House <br /> Page 4 of 7 <br />