CCP 07-20-1993 - Laserfiche WebLink

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(3) Each unit in the Facility shall contain complete facilities for living, sleeping, eating, . cooking and sanitation for a single person or family, but may be served by centrally located equipment including but not limited to heating and air conditioning. (4) Neither the Facility nor any portion thereof shall ever be used on a transient basis as a hotel, motel, donnitory, fraternity house, sorority house, rooming house, hospital, sanitarium or rest home or similar facility, (5) The units in the Facility shall be leased and rented to members of the general public without regard to race, religion, creed or national origin, The Declarant will not give preference in renting dwelling units in the Facility to any particular class or group of persons, other than Lower Income Tenants and elderly tenants. Section 3. Lower Income Tenants. For the purpose of satisfying the requirements of Section 142(d) of the Code, the Declarant represents, covenants and agrees as follows, but without limitation of the generality of the foregoing, and subject to the limitations in Section 10 hereof: (1) At all times during the Qualified Project Period the Declarant will rent at least fany percent (40%) of the units in the Facility to Lower Income Tenants; provided that during the period of leasing the Facility for initial occupancy at least 40% of the units that are rented at any time shall be rented to Lower Income Tenants. The Declarant will advise the City once each calendar year, in writing of units rented to Lower Income Tenants and of any revision thereof; provided that such requirement shall be deemed satisfied if the Declarant furnishes to the City a copy of the Annual Minnesota Housing Finance Agency Low Income Housing Tax Credit Report, or similar report, furnished to the Minnesota Housing Finance Agency with respect to the Facility. Any units so rented to Lower Income Tenants shall have substantially the same equipment and amenities as . the other units in the Facility, and Lower Income Tenants shall have access to all common facilities included in the Facility upon the same tenDS as other tenants. (2) If at any time after the initial rent-up, the Declarant is unable to rent or lease 40% of the units to Lower Income Tenants, the Declarant agrees to hold the unrented dwelling units allocated for rent to Lower Income Tenants vacant and to offer the unrented dwelling units so allocated for occupancy by Lower Income Tenants. A unit which has been occupied by a Lower Income Tenant and has been vacated, shall be treated as occupied by a Lower Income Tenant until reoccupied, other than for a temporary period not exceeding 31 days, at which time the character of the unit will be redetermined. (3) The Declarant will obtain annually and maintain on file a current income certification from each Lower Income Tenant residing in the Facility and such other certification as may be reasonably requested by the City or the Commissioner of Revenue to evidence that the covenants and agreements contained in this Declaration are being observed. (4) A tenant who is a Lower Income Tenant upon commencement of such tenant's occupancy, shall be treated as a Lower Income Tenant hereunder. The preceding sentence shall cease to apply to any tenant whose income as of the date of the most recent annual income certification required by clause (3) above exceeds 140% of the applicable income limit, if after such annual certification of the tenant's income, but before the next . -3- I --.--