(a) The affordable housing plan must establish unit rents per income level type and unit size and be leased to eligible households. The monthly rent of the opportunity housing unit at the time of lease signing must be affordable to households at or below 60% of AMI.
(b) After the signing of the initial lease with an eligible household, to support economic sustainability of the household and the development, and to minimize turnover of an otherwise eligible household due to income growth or loss, the lease may be renewed to the same household as follows:
(1) Unless in conflict with the requirements of other funding, an extremely low, very low, or low income household whose household income rises may remain an eligible household for one additional period of up to five years provided the household income does not exceed 140% of the applicable median income adjusted for family size.
(2) An extremely low, very low, or low income household whose household income falls below the income level for which the household originally qualified due to loss of employment that is not the result of a local, state or federal crime and the household is otherwise in good standing as a tenant, may qualify to receive partial rent assistance from the Affordable Housing Trust Fund, if eligible funding is available, for up to two years provided the household can meet the requirements of the opportunity housing guidelines.
(3) As a household transitions out of eligibility for an opportunity housing unit, the next unit of similar size and type that becomes vacant must be assigned an affordable rent and be made available to a household whose income is at or below the unit’s required AMI as established in the development agreement required pursuant to § 9.35.
(c) Upon the request of the city, a household or property manager must submit documentation in a form acceptable to the city that the household remains eligible for an opportunity housing unit.