Annual Recertification of Over-Income Tenants Sample Clauses

Annual Recertification of Over-Income Tenants. Upon annual recertification, if an Affordable Unit Tenant’s Annual Household Income is determined to exceed the Maximum Annual Household Income for the subject Rental Affordable Unit (such tenant, an “Over- Income Tenant”), then the Over-Income Tenant may elect to remain in the Rental Affordable Unit and pay the rent applicable to (a) a higher Designated Affordability Level, if a higher Designated Affordability Level exists for the Property, for which the Over-Income Tenant’s Annual Household Income qualifies, whereupon Developer shall change the Designated Affordability Level of the Rental Affordable Unit to the higher Designated Affordability Level pursuant to Section 4.6.6, or (b) a like-sized Market-Rate Unit, if the Over Income Tenant’s Annual Household Income does not qualify for a higher Designated Affordability Level, but qualifies for a like-sized Market-Rate Unit, whereupon Developer shall designate a Market-Rate Unit as a Rental Affordable Unit pursuant to Section 4.6.6.
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Annual Recertification of Over-Income Tenants. Upon annual recertification, if an Affordable Unit Tenant’s Annual Household Income is determined to exceed the maximum income level applicable to the Designated Affordability Level for the subject Rental Affordable Unit (such tenant, an “Over-Income Tenant”), then the Over-Income Tenant may remain in the Rental Affordable Unit and pay the rent applicable to a higher Designated Affordability Level for which the Over-Income Tenant’s Annual Income qualifies, whereupon the Developer may change the Designated Affordability Level of the Rental Affordable Unit to the higher Designated Affordability Level pursuant to Section 4.6.6. If the Over-Income Tenant’s then current Annual Household Income is above the maximum income at the Designated Affordability Level for all Rental Affordable Units located at the Property, the Over-Income Tenant may remain in the rental unit and pay the market rate rent for that rental unit, whereupon Developer shall designate a Market-Rate Unit as a Rental Affordable Unit pursuant to Section 4.6.6.
Sample 1
Annual Recertification of Over-Income Tenants. Upon annual recertification, if a Workforce Housing Unit Tenant’s Annual Household Income is determined to exceed the Designated Income Range for the a Workforce Housing Unit (such tenant, an “Over- Income Tenant”), then the Over-Income Tenant may may remain in the rental unit and pay the market rate rent for that rental unit, whereupon Developer shall designate a Market-Rate Unit as a Workforce Housing Unit pursuant to Section D.
Sample 1

Related to Annual Recertification of Over-Income Tenants

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