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covenants to be made by the Developer to the City regarding the use of proceeds and the character and use of the Project. (2) The Developer, and any subsequent owner of the Project, will not arbitrarily reject an application from a proposed tenant because of race, color, creed, religion, national origin, sex, marital status, or status with regard to public assistance or disability. (3) At least forty percent (40%) of the Housing Units will be held for occupancy by families or individuals with gross income not in excess of sixty percent (60%) of median family income, adjusted for family size, in order to comply with Federal tax law requirements for the use of tax-exempt financing. This set aside will also satisfy the low-income occupancy requirements of Section 462C. 05, Subdivision 2 of the Act. (4) Pursuant to Section 462C.05, Subdivision 2 of the Act, the Project is designed to be affordable by persons and families with Adjusted Gross Income not in excess of the greater of (a) 110 percent of the median family income as estimated by the United States Department of Housing and Urban Development for Hennepin County, or (b) 100 percent of the income limits established by the Minnesota Housing Finance Agency for the City and by other persons and families to the extent determined to be necessary by the City in furtherance of the policy of economic integration. Subsection E. Evidence of Compliance. The City may require from the Developer at or before the issuance of the Bonds, evidence satisfactory to the City of the ability and intention of the Developer to complete the rehabilitation of the Project, and evidence satisfactory to the City of compliance with the standards and requirements for the making of the financing established by the City, as set forth herein; and in connection therewith, the City or its representatives may inspect the relevant books and records of the Developer in order to confirm such ability, intention and compliance. In addition, the City may periodically require certification from either the Developer or such other person deemed necessary concerning compliance with various aspects of this Amended Program. Subsection F. Issuance of Bonds. To finance the Amended Program authorized by this Section the City may by resolution authorize, issue and sell its revenue bonds in more than one series in an aggregate principal amount of approximately $14,500,000. The Bonds shall be issued pursuant to Section 462C.07, Subdivision 1 of the Act, and shall be payable primarily from the revenues of the Amended Program authorized by this Section. The costs of the Project are presently expected to be as follows: Acquisition and Rehabilitation Reserves Costs of Issuance TOTAL $14,680,000 1,000,000 320 000 }16.000:000 Costs of the Project in excess of available Bond proceeds will be paid by the Developer from other sources. The costs of the Project may change between the date of preparation of this program and the date of issuance of the Bonds. The Bonds are expected to be issued in February of 1995. SNG81715 NE136-123 3