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<br />C. <br /> <br />For purposes of this agreement, the parties expressly agree <br />that 4 affordable housing units ("HOME units") are being <br />assisted by virtue of this agreement. <br /> <br />D. <br /> <br />Annual Review. Maximum rents and utility allowances <br />permitted hereunder must be reviewed and approved by the <br />AGENCY. The Project owner shall reexamine the income of each <br />tenant household living in low-income units at least <br />annually. The maximum monthly rental must be recalculated <br />and approved by the AGENCY annually. Any resulting increase <br />in rent for lower income units is subject to the provisions <br />of outstanding leases, and in any event, tenants shall be <br />given not less than thirty days prior written notice of any <br />increase. <br /> <br />E. <br /> <br />Increases In Tenant Income. Rental housing qualifies as <br />affordable housing despite a temporary noncompliance with <br />these restrictions if due to increases in tenant income, if <br />all vacancies are being filled in accordance with these <br />requirements until the noncompliance is corrected. Tenants <br />who no longer qualify as low-income families must pay as rent <br />not less than thirty percent of the family's adjusted monthly <br />income, as recertified annually. <br /> <br />F. <br /> <br />Homeownership. Housing which is either currently owned by a <br />family and will be rehabilitated or is for purchase by a <br />family qualifies as affordable housing if it meets the <br />criteria at 24 C.F.R. §92.254. <br /> <br />10. TENANT PROTECTION <br /> <br />þ <br /> <br />The lease between a tenant and an owner of rental housing <br />assisted with HOME funds must be for not less than one year, <br />unless by express mutual agreement between the tenant and the <br />owner, and may not contain any of the provisions enumerated at <br />24 C.F.R. §92.253. <br /> <br />11. PROPERTY MANAGEMENT <br /> <br />A. The AGENCY agrees that any nonexpendable personal property, <br />purchased wholly or in part with agreement funds at a cost of <br />$5,000 or more per item for units of local government, and <br />$300 or more per item for non-profit organizations, is, upon <br />its purchase or receipt, the property of the COUNTY and/or <br />federal government. Final ownership and disposition of such <br />property shall be determined under the provisions of O.M.B. <br />Circular A-8? and the applicable subparts of 24 C.F.R. part <br />85 set forth at 24 C.F.R. 92.505 for local units of <br />government, and O.M.B. Circular A-110 for non-profit <br />organizations. <br /> <br />B. The AGENCY shall be responsible for all such property, <br />including its care and maintenance. <br /> <br />Page -14- <br />