Common use of Compliance with Affordability Requirements Clause in Contracts

Compliance with Affordability Requirements. An Inclusionary Housing Unit that is occupied by an Income Eligible Resident in compliance with Section 3 hereof at initial occupancy shall not be deemed in compliance with Section 3 hereof if as of the most recent income certification, the household’s income exceeds one hundred percent (100%) of AMI (the “Recertification Limit); provided, however, that, notwithstanding the foregoing, such Income Eligible Resident shall be deemed to be in compliance with Section 3 hereof even if the household’s income exceeds the Recertification Limit so long as (x) the applicable rent does not exceed the 100% AMI rent, (y) such Income Eligible Resident remains in their unit in compliance with the Fair Housing Act and (z) such Income Eligible Resident may elect to renew their lease for up to one (1) additional year after the expiration of the then-current lease term. In addition, Owner may avoid non-compliance (on the basis of an existing Income Eligible Resident exceeding the Recertification Limit) if the next available Residential Rental Dwelling Unit of comparable size not counted as occupied by an Income Eligible Resident is rented to an Income Eligible Resident or if the resident moves to a market-rate unit within sixty (60) days of such event.