AVAILABILITY OF APARTMENT OR COTTAGES TO PERSONS OF LOW INCOME Sample Clauses

AVAILABILITY OF APARTMENT OR COTTAGES TO PERSONS OF LOW INCOME. 1. The project located at 0 Xx. Xxxxxxx Xxxx must be occupied by persons or families whose incomes at the time of initial occupancy do not exceed 50% of the “Area Median Gross Income” and by persons or families whose incomes at the time of initial occupancy do not exceed 60% of the “Area Median Gross Income”. The Area Median Gross Income is an amount established by the U.S. Department of Housing and Urban Development. 2. Unless the Project is a Deep Rent Skewed Project as defined by section 142(d)(4)(B) of the Statute, if any unit in the low-income portion of the project is occupied by a Qualifying Tenant(s) at the time of initial occupancy, and such Qualifying Tenants’ income should subsequently exceed 140 % of the applicable income limit, the Recipient shall, after such determination of income, rent the next available residential unit of comparable or smaller size in the Project to a person or family whose income meets the requirements of paragraph 1 above. 3. If the Project is a Deep Rent Skewed Project as defined by section 142(d)(4)(B) of the Statute, if any unit in the low-income portion of the project is occupied by a Qualifying Tenant(s) at the time of initial occupancy, and such Qualifying Tenants’ income should subsequently exceed 170% of the applicable income limit, the Recipient shall, after such determination of income, rent the next available low-income unit in the building to a person or family whose income is not in excess of 40 % of Area Median Gross Income as determined in accordance with the Statute. 4. The Applicable Fraction (as defined in Section 42(c)(1) of the Statute) for the building shall not be less than 100 %. 5. You can not be refused an apartment or cottage because of your status as a holder of a voucher or certificate of eligibility under section 8 of the United States Housing Act of 1937.
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Related to AVAILABILITY OF APARTMENT OR COTTAGES TO PERSONS OF LOW INCOME

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