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Period, all sixty-five (65) units, including twenty-eight (28) studios, twenty-seven <br /> (27) one-bedroom, and ten (10) two-bedroom units, shall be "City-Assisted Units", <br /> throughout the duration of the term of this Loan Agreement as defined in Section <br /> I. G.2, in this Section III.A, and in Exhibit A of this Loan Agreement. <br /> 2. The Agency agrees that the City-Assisted Units ("City-Assisted Units") shall, subject <br /> to the provisions of Section I.B and Section III of this Agreement, be used as housing <br /> to benefit ExtremelyNery Low/Low Income households from the Effective Date of this <br /> Agreement and throughout the term of this Loan Agreement. <br /> 3. The Agency further agrees that the HOME-Assisted Units ("HOME-Assisted Units") <br /> shall be used, subject to the provisions of Section 1.B and Section III.0 of this <br /> Agreement, as housing to benefit Extremely/Very Low/Low-Income households <br /> throughout the HOME Compliance Period of the Loan Agreement. Four(4) units shall <br /> be considered HOME Assisted units for the term of the HOME Compliance Period, as <br /> defined in Section I. G. and this Section of this Agreement. <br /> 4. The Agency may not duplicate reporting the HOME-Assisted Units with another <br /> participating jurisdiction's HOME Assisted Units. <br /> 5. The Agency will use the 24 CFR 5.609 (commonly referred to as "Part 5--Section 8 <br /> Housing") standards in determining income eligibility for households to be assisted. <br /> 6. In projects of five or more HOME-Assisted Units, at initial occupancy and throughout <br /> the HOME Compliance Period of affordability at least 20 percent of the HOME- <br /> Assisted Units must be occupied by families who have gross annual incomes that are <br /> 50 percent or less of area median income. These very low-income tenants must <br /> occupy units with rents at or below the Low HOME Rent limit. <br /> 7. Prior to project Close-out, the Agency shall make available or submit to the City for <br /> review and approval, income verification documentation to establish the eligibility of <br /> the initial tenants in HOME-Assisted and City-Assisted units. <br /> B. Period of Affordability <br /> 1. The HOME-Assisted Units shall remain affordable per the provisions of 24 CFR 92.252 <br /> throughout the HOME Compliance Period, and shall remain in effect without regard to <br /> the term of any loan or mortgage, repayment of the HOME investment, or the transfer <br /> of ownership. <br /> Upon completion of the HOME Compliance Period, the HOME-Assisted Units shall <br /> thereafter be designated City-Assisted Units for the remaining term of the Agreement. <br /> 2. The City-Assisted Units shall remain affordable consistent with the provisions of 24 <br /> CFR 92.252, or such other affordable housing program standard as the City may <br /> determine, throughout the City Compliance Period, and Term of this Loan Agreement, <br /> without regard to the term of any loan or mortgage, repayment of the City investment, <br /> or the transfer of ownership. <br /> C. Rent Restriction <br /> Loan Agreement <br /> Housing Hope Properties <br /> Page 18 of 51 <br />