Common use of Affordable Rent Clause in Contracts

Affordable Rent. Affordable Rent shall be charged for all Housing Units throughout the Affordability Period. The maximum Affordable Rent chargeable for the Housing Units shall be annually determined by Authority (and as charged and implemented by Developer) in accordance with the following requirements: (a) The Affordable Rent for the Housing Units to be rented to 30% AMI Very Low Income Households shall not exceed one-twelfth (1/12) of thirty percent (30%) of thirty percent (30%) of AMI for Orange County as determined and published annually by TCAC for a family of a size appropriate to the unit. (b) The Affordable Rent for the Housing Units to be rented to 40% AMI Very Low Income Households shall not exceed one-twelfth (1/12) of thirty percent (30%) of forty percent (40%) of AMI for Orange County as determined and published annually by TCAC for a family of a size appropriate to the unit. (c) The Affordable Rent for the Housing Units to be rented to 50% AMI Very Low Income Households shall not exceed one-twelfth (1/12) of thirty percent (30%) of fifty percent (50%) of AMI for Orange County as determined and published annually by TCAC for a family of a size appropriate to the unit. (d) The Affordable Rent for the Housing Units to be rented to 60% AMI Low Income Households shall not exceed one-twelfth (1/12) of thirty percent (30%) of sixty percent (60%) of AMI for Orange County as determined and published annually by TCAC for a family of a size appropriate to the unit. Developer shall, and shall cause its Property Manager to, operate Phase II and cause occupancy of all Housing Units thereon in conformity with these covenants and this Agreement.

Affordable Rent. Affordable Rent shall be charged for all Housing Units throughout the Affordability Period. The maximum Affordable Rent chargeable for the Housing Units shall be annually determined by Authority (and as charged and implemented by Developer) in accordance with the following requirements: (a) The Affordable Rent for the Housing Units to be rented to 30% AMI Very Low Income Households shall not exceed one-twelfth (1/12) of thirty percent (30%) of thirty percent (30%) of AMI for Orange County as determined and published annually by TCAC for a family of a size appropriate to the unit. (b) The Affordable Rent for the Housing Units to be rented to 40% AMI Very Low Income Households shall not exceed one-twelfth (1/12) of thirty percent (30%) of forty percent (40%) of AMI for Orange County as determined and published annually by TCAC for a family of a size appropriate to the unit. (c) The Affordable Rent for the Housing Units to be rented to 50% AMI Very Low Income Households shall not exceed one-twelfth (1/12) of thirty percent (30%) of fifty percent (50%) of AMI for Orange County as determined and published annually by TCAC for a family of a size appropriate to the unit. (d) The Affordable Rent for the Housing Units to be rented to 60% AMI Low Income Households shall not exceed one-twelfth (1/12) of thirty percent (30%) of sixty percent (60%) of AMI for Orange County as determined and published annually by TCAC for a family of a size appropriate to the unit. Developer shall, and shall cause its Property Manager to, operate Phase II the Project and cause occupancy of all Housing Units thereon in conformity with these covenants and this Agreement.

Affordable Rent. Affordable Rent shall be charged for all Housing Units throughout the Affordability Period. The maximum Affordable Rent chargeable for the Housing Units shall be annually determined by Authority (and as charged and implemented by Developer) in accordance with the following requirements: (a) The Affordable Rent for the Housing Units to be rented to 30% AMI Very Low Income Households shall not exceed one-twelfth (1/12) of thirty percent (30%) of thirty percent (30%) of AMI for Orange County as determined and published annually by TCAC for a family of a size appropriate to the unit. (b) The Affordable Rent for the Housing Units to be rented to 40% AMI Very Low Income Households shall not exceed one-twelfth (1/12) of thirty percent (30%) of forty percent (40%) of AMI for Orange County as determined and published annually by TCAC for a family of a size appropriate to the unit. (c) The Affordable Rent for the Housing Units to be rented to 50% AMI Very Low Income Households shall not exceed one-twelfth (1/12) of thirty percent (30%) of fifty percent (50%) of AMI for Orange County as determined and published annually by TCAC for a family of a size appropriate to the unit. (d) The Affordable Rent for the Housing Units to be rented to 60% AMI Low Income Households shall not exceed one-twelfth (1/12) of thirty percent (30%) of sixty percent (60%) of AMI for Orange County as determined and published annually by TCAC for a family of a size appropriate to the unit. Developer shall, and shall cause its Property Manager to, operate Phase II I and cause occupancy of all Housing Units thereon in conformity with these covenants and this Agreement.