Cocoon House 4/19/2018 - Laserfiche WebLink

The Agency shall provide forty (40)-units, targeted to Extremely Low Income youth aged 15- 17 and young adults aged 18-24 that have annual incomes at or below 30% of Area Median Income (AMI) for the HUD Seattle-Bellevue FMR ("Fair Market Rents") area. 2. For the term of the HOME Compliance Period, as defined in Section I.G of the Loan Agreement, three studio (3) units, in the Property shall be Low-HOME, floating HOME- Assisted Units, as defined in the Loan Agreement. The HOME-Assisted Units shall include three (3) units at 30% AMI. The HOME-Assisted Units shall serve young adults aged 18-24 who are homeless or at risk of homelessness. The maximum monthly rent and utility allowance and the tenant household income limits for the HOME-Assisted Units shall be established annually by the Owner in conformance with the Loan Agreement and the Department of Housing and Urban Development HOME Investment Partnership Act Program Regulations. Following the completion of the HOME Program Compliance Period, these HOME-Assisted Units shall be City-Assisted Units, and remain affordable until the End Date of the Loan Agreement, and shall be operated in compliance with the terms of this Loan Agreement. 3. For the term of the City Compliance Period, as defined in Section I.G of the Loan Agreement, the initial City-Assisted Units shall include thirty-seven (37) units, including 20 single room occupancy (SRO) units, and 17 studio units. Thirty-seven (37) units shall be affordable to households at 30% AMI. The City-Assisted Units shall serve youth aged 15-17 and young adults aged 18-24 who are homeless or at risk of homelessness. Upon completion of the HOME Compliance Period, the HOME-Assisted Units will be designated as City-Assisted Units, which shall then total forty(40) units, and remain affordable through the City Compliance Period, and shall be operated in compliance with the terms of this Loan Agreement. 4. The maximum monthly rent and utility allowance and the tenant household income limits for the City-Assisted Units shall be established annually by the Owner in conformance with the Loan Agreement and Income limits, are those set as established and revised periodically by the U.S. Department of Housing and Urban Development, based upon median incomes in the Seattle-Bellevue, WA HUD Metro FMR area, and adjusted to household size, or such other standards as the City may determine. 5. The Owner will provide safe and sanitary housing and will comply with all state and local housing codes, nondiscrimination, licensing requirements, and other requirements regarding the condition of the structure and the operation of rental housing in the jurisdiction in which the housing is located. 6. The Owner will keep any records and make any reports relating to compliance with this Covenant Agreement that the City may reasonably require. The Owner will make annual reports and certifications to the City in such form and with such accompanying documentation, and on such dates as the City may require. 7. The Owner hereby irrevocably grants an easement in gross to the City and its agents and employees,for the duration of this Covenant Agreement, to enter the Property during business hours on reasonable notice, subject to the rights of residential tenants and applicable landlord- tenant law, to inspect the condition of the Property, to interview tenants of the Property and verify income information and any other matters relevant to this Covenant Agreement, and to Exhibit D Cocoon House Page 10 of 8