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<br />Residential living space must constitute at least fifty-one <br />percent of the project space. Each building in the project <br />must contain residential living space. <br /> <br />9. AFFORDABILITY <br /> <br />A. Rental Housing. A rental housing project qualifies as <br />affordable housing if it meets the following criteria. <br /> <br />1. Rents do not exceed the lesser of the H.U.D. fair market <br />rent OR rent equal to thirty percent of the adjusted <br />income of a family whose gross income equals sixty-five <br />percent of the area median income, less the H.U.D. <br />established utility allowance. <br /> <br />2. Twenty percent of the units must be occupied by tenants <br />whose income is below fifty percent of the area median <br />income, paying not more than thirty percent of their <br />family income for rents, OR tenants whose income is <br />below fifty percent of the area median income, paying <br />rents not greater than thirty percent of the gross <br />income of a family whose income equals fifty percent of <br />the area median income, less the H.U.D. established <br />utility allowance. <br /> <br />3. It is occupied only by households that qualify as low- <br />income families. <br /> <br />. <br /> <br />4. It is not refused for leasing to a holder of a <br />certificate for family participation under <br />24 C.F.R. Part 882, or a rental voucher under <br />24 C.F.R Part 887, or to the holder of a comparable <br />document evidencing participation in a HOME tenant based <br />assistance program because of the status of the <br />prospective tenant as a holder of such certificate. <br /> <br />5. It will remain affordable for 20 years after project <br />completion, without regard to the term of the mortgage <br />or to transfer of ownership. <br /> <br />6. The affordability requirement established herein must be <br />memorialized by deed restrictions for the duration of <br />the period of affordability. <br /> <br />B. Repayment Upon Non-compliance. HOME funds must be repaid to <br />the COUNTY's HOME Investment Trust Fund: (i) if the funds are <br />spent on a project that is terminated before completion; (ii) <br />if housing assisted with the funds does meet the <br />affordability requirements for the period specified in <br />24 C.F.R. §92.252 or §92.254; or (iii) if the housing ceases <br />to qualify as affordable before the period of affordability <br />expires. <br /> <br />Page -13- <br />