Common use of Alternative Standard Clause in Contracts

Alternative Standard. For each of the three years immediately preceding the date that the Administrator receives their Purchase Application: (1) the Ownership Applicant has maintained his or her Primary Residence within the Telluride X-0 Xxxxxx Xxxxxxxx for at least eight months of each year; (2) the sum of the Ownership Applicant’s Household Qualifying Income and Household Non- Qualifying Income does not exceed 100% AMI for the applicable household size; and (3) the Ownership Applicant’s Total Household Assets amount to no more than two times the Contract Price of the Subject Property.

Alternative Standard. For each of the three years immediately preceding the date that the Administrator receives their Purchase Application: (1) the Ownership Applicant has maintained his or her Primary Residence within the Telluride X-0 Xxxxxx Xxxxxxxx R-1 School District for at least eight months of each year; (2) the sum of the Ownership Applicant’s Household Qualifying Income and Household Non- Qualifying Income does not exceed 100% AMI for the applicable household size; and (3) the Ownership Applicant’s Total Household Assets amount to no more than two times the Contract Price of the Subject Property.