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<br />the 15th anniversary of the date the certificate of completion is issued (the “Qualified <br />Project Period”). <br />(b) The covenants and restrictions set forth in this Section and contained in the <br />Affordable Housing Restrictive Covenant shall apply during the Qualified Project Period. <br />i. Affordable Units. Developer covenants that at least seven (7) units <br />or, five percent (5%) of the total units, within the Project (the <br />“Affordable Units”) will be studio or one-bedroom independent <br />living or assisted living units reserved for households who have a <br />combined gross annual income which does not exceed 50% of the <br />Area Median Income (“AMI”). <br />Any changes in the affordability levels of the Affordable Units or <br />the type of Affordable Units set forth herein shall require the prior <br />written approval of the City and the HRA, which such consent will <br />not be unreasonably conditioned, delayed, or withheld. For <br />avoidance of doubt, it will be deemed reasonable if the City or HRA <br />withholds its consent to any proposed change in affordability levels <br />or types of Affordable Units that do not comply with applicable law. <br />ii. Qualifying Tenants. Each Affordable Unit shall be leased to and <br />occupied (or held vacant and available for occupancy) for the <br />duration of the Qualified Project Period only by a household who, <br />at initial occupancy, has a combined gross annual income which <br />does not exceed the AMI threshold. Each subsequent tenant of the <br />Affordable Unit must be a Qualifying Tenant. <br />iii. Rental Rates. The monthly rental cost for each Affordable Unit will <br />include rent and utility costs for the metropolitan area that includes <br />the City adjusted for bedroom size and calculated annually by the <br />Department of Housing and Urban Development and posted by <br />Minnesota Housing for establishing rent limits for the Housing Tax <br />Credit Program. During the Qualified Project Period, the form of <br />lease to be utilized by Developer in renting Affordable Units will <br />provide that rental rates charged to any tenant of an Affordable Unit <br />cannot be increased more than once in any 12-month period. <br />iv. Certification of Tenant Eligibility. No tenant household shall be <br />approved by Developer for initial occupancy of an Affordable Unit <br />unless and until Developer has determined (through verification of <br />income, assets, expenses, and deductions) whether such tenant <br />household is a Qualifying Tenant for the applicable Affordable Unit. <br />Each person who is intended to be a Qualifying Tenant will be <br />required at the commencement of the initial lease of an Affordable <br />Unit to sign and deliver to Developer a “Certification of Tenant <br />Eligibility” in a form reasonably approved by the Authority (the <br />7 <br /> <br />