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revised Project Budget category line items that exceed the greater of $20,000 or ten <br /> percent (10%). <br /> 3. Proposed changes which exceed the greater of $20,000 or ten percent (10%) of the <br /> total Loan Agreement Project Budget funded with City funds shall necessitate a written <br /> amendment to this Loan Agreement. <br /> 4. The Agency acknowledges that the City will not provide additional financial assistance <br /> to the Agency in the form of operational or capital subsidies for the Project under this <br /> Loan Agreement. If Project income, including rents (if any) charged, is insufficient to <br /> cover operating, maintenance, and capital costs, the Agency agrees to assume full <br /> financial responsibility for the operating and maintenance of the Project throughout the <br /> term of this Loan Agreement. <br /> D. HOME Maximum Subsidy Limits <br /> The total amount of HOME funds may not exceed 240% of the per-unit dollar limitations <br /> established under Section 234—Condominium Housing Limits, elevator-type, basic <br /> mortgage limits for projects in the Seattle- High Cost Percentage (HCP) area. <br /> Bedrooms HOME Maximum Per- <br /> Unit Subsidy Limit <br /> 0 BR $141,088 <br /> 1 BR $161,738 <br /> 2 BR $196,672 <br /> 3 BR $254,431 <br /> 4+ BR $279,285 <br /> E. HOME Award Retainage <br /> The City shall withhold the amount of $20,000 from the loan proceeds as a retainage fee <br /> until final close-out and receipt of Project completion documents listed in the HOME Rental <br /> Completion Report (attached hereto as Exhibit K and incorporated herein by this <br /> reference) and any other loan requirements or close out reports identified in Section V. <br /> RECORDS AND REPORTS, B.1. Reports, herein, including, but not limited to: <br /> 1. Documentation demonstrating that all HOME Program assisted units meet the <br /> applicable codes, and the Uniform Property Condition Standards (UPCS) or other <br /> HOME required property standards. <br /> 2. A Certificate of Occupancy issued by the local building department, if applicable. <br /> 3. A listing of the HOME Assisted Units with tenant information necessary demonstrate <br /> compliance with HOME Program requirements and with affordable rental housing <br /> provisions contained in 24 CFR § 92.252. <br /> 4. Certification from the project architect or 3rd party inspector, as approved by the City, <br /> that the project is completed per the contract documents, and units meet Section 504 <br /> accessibility standards. <br /> 5. Other Project Close-Out Reports/Submittals as identified in Section V.B.1, herein and <br /> Exhibit K. <br /> Loan Agreement <br /> Housing Hope Properties <br /> Page 30 of 51 <br />