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reduction in or loss of such project-based subsidies to enable the Project to meet any <br /> Project Lender or Investor required coverage standards "(Coverage Requirements"), <br /> provided that in no event may the incomes and/or rents exceed those permitted under <br /> Internal Revenue Code section 42 and the regulations thereunder or under the <br /> applicable HOME regulations. <br /> E. Designation of HOME Units <br /> The HOME-Assisted Units shall be considered as "floating units", meaning that units <br /> originally designated as HOME-Assisted Units may change over time. The number of <br /> HOME-Assisted Units in the Project may never be less than Four (4) units, including two <br /> (2) studios and two (2) one-bedroom units as described in Exhibit A, and shall be <br /> comparable in size, features and number of bedrooms to those units originally identified <br /> as HOME-Assisted Units. Any unit not so designated as a HOME Floating Unit, as may <br /> be revised from time to time, will be designated a City-Assisted Unit. <br /> The Agency may not duplicate reporting the HOME-Assisted Units with another <br /> participating jurisdiction's HOME-Assisted Units. <br /> The HOME-Assisted Units are further identified in Exhibit A. The Agency shall identify and <br /> provide to the City for review prior to the commencement of the marketing lease-up of the <br /> units: a schedule of all the units in the project with building/unit numbers, number of <br /> bedrooms, square footages, and identification of the HOME-Assisted Units, and shall <br /> designate the specific units that are HOME Floating Units as identified in Exhibit A. <br /> The Agency shall ensure that eligible tenants reside in the HOME-Assisted Units, and <br /> shall submit income verification documentation to the City for review and approval prior to <br /> project Close-out. <br /> Floating HOME-Assisted Units may be changed by the Agency, provided the substituted <br /> units maintain conformity with the requirements of §92.252, and as described in <br /> Attachment A of this Agreement during the HOME Program Affordability Period, so that <br /> the total number of housing units meeting the requirements of this Agreement remains the <br /> same, and each substituted unit is comparable in terms of size, features, and number of <br /> bedrooms to the originally designated HOME-Assisted Units. The Agency shall identify <br /> and report the HOME-Assisted Units annually in its annual reports. <br /> F. Qualification as Affordable Rental Housing and Other HOME Provisions <br /> 1. The Agency shall lease City-Assisted Units to eligible low-income families as <br /> affordable housing for Extremely Low Income and Very Low-Income families. The <br /> determination of Extremely Low-Income, defined as households with incomes at or <br /> below 30% Area Median Income ("AMI"), and Very Low-Income, defined as <br /> households with incomes at or below 50% AMI, and Low Income households with <br /> incomes at or below 60% AMI, as identified in Attachment A, and shall be made by <br /> application of the income limits set and revised periodically by the U.S. Department of <br /> Housing and Urban Development ("HUD") based upon median incomes in the Seattle- <br /> Bellevue, WA HUD Metro Fair Market Rent ("FMR") area, and adjusted for household <br /> size. If at any time HUD no longer estimates median income, the income standard <br /> shall be based on a program selected by the City. The Owner shall verify Property <br /> Loan Agreement <br /> Housing Hope Properties <br /> Page 21 of 51 <br />