05.02 - HRA West Grove Townhome Refunding

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household income falls within the qualifying limits and certification that the income `.. documentation is correct and accurate. In determining compliance with this Section, the City HRA must use the most recent available County median income. Section 3.11. Senior Limitations. The City HRA and County HRA, having determined that the Project is necessary to alleviate a shortage of decent, safe and sanitary housing for elderly persons, agrees to the following: (a) All units in the Project will be occupied or available for occupancy by persons or families at least one of whom who is at least 55 years of age. (b) The age limitation expressed in Section 3.11(a) must be satisfied from initial occupancy of any of the units in the Project through the Maturity Date. (c) Upon request of the County HRA or County, the City HRA shall deliver or cause to be delivered written evidence satisfactory to the County HRA or County of compliance with the covenants in this Section. Section 3.12. Waiver of Senior or Income Limitations. Notwithstanding anything to the contrary in Sections 3.10 and 3.11 hereof, the City HRA may permit the occupancy of any unit by the following persons: (a) A person or household that does not meet the age limitations under Section 3.11, but � whose median income is no more than 80 percent of County median income, adjusted for family size; or � (a) A person or household of any age, and without regard to income limitations, but only if the County HRA finds that: (i) the Project is experiencing unanticipated vacancies resulting in insufficient revenues, because of changes in population or other unforeseen circumstances; and (ii) a tax levy the County (by reason of the County's general obligation pledge to the Bonds) will be necessary to pay debt service on the Bonds if non-elderly individuals or families with higher incomes are not admitted. Before entering into a lease with any individual or family under paragraph (a) or (b) of this Section, the City HRA shall deliver to the County HRA written evidence of compliance with this Section. Section 3.13. Prior Approval and Notices. (a) The County HRA shall submit to the County and City HRA for prior written approval any proposed decisions with respect to the optional redemption of the Bonds, and shall submit to the County and City HRA for prior written approval any proposed decisions under the Financing Documents that adversely affect the ongoing existence or operation of the Project, including without limitation, any decision regarding the restoration of the Project or the redemption of Bonds in the event of casualty loss. 400724v1 CR195-11 10