Determining Affordable Rent Sample Clauses

Determining Affordable Rent. For rental housing, the second step in determining compliance with affordable housing requirements is determining whether the total rent costs payable by the tenant are within allowable amounts. Notwithstanding the setting forth in this example of affordable rents, the definition of “Affordable Rents” set forth in the body of the Agreement shall control in the event of conflict. Specifically, the TCAC practice of determining affordable rents on the basis one and one-half (1 ½) persons per bedroom shall control (as against the convention of basing household size for the purposes of computing rent, and without regard to actual occupancy, on the basis of one person for each bedroom, plus one). However, in no event shall rents exceed Low HOME rents. For Extremely Low Income Households:2 • purchasing a 0 bedroom house, monthly housing payments may not exceed $341.25 • purchasing a 1 bedroom house, monthly housing payments may not exceed $390.00 • purchasing a 2 bedroom house, monthly housing payments may not exceed $438.75 • purchasing a 3 bedroom house, monthly housing payments may not exceed $487.50 • purchasing a 4 bedroom house, monthly housing payments may not exceed $526.50 • purchasing a 5 bedroom house, monthly housing payments may not exceed $565.50 For Very Low Income Households:3 • purchasing a 0 bedroom house, monthly housing payments may not exceed $568.75 • purchasing a 1 bedroom house, monthly housing payments may not exceed $650.00 • purchasing a 2 bedroom house, monthly housing payments may not exceed $731.25 • purchasing a 3 bedroom house, monthly housing payments may not exceed $812.50 • purchasing a 4 bedroom house, monthly housing payments may not exceed $877.50 • purchasing a 5 bedroom house, monthly housing payments may not exceed $942.50 2 Affordable Housing Cost for Extremely Low Income Households is the product of 30 percent times 30 percent of the area median income adjusted for family size appropriate to the unit. Health and Safety Code Section 50052.5 (b)(1). 3 Affordable Housing Cost for Very Low Income Households is the product of 30 percent times 50 percent of the area median income adjusted for family size appropriate to the unit. Health and Safety Code Section 50052.5 (b)(2). For Lower Income Households:4 • renting a 0 bedroom unit, monthly rent may not exceed $682.50 • renting a 1 bedroom unit, monthly rent may not exceed $780.00 • renting a 2 bedroom unit, monthly rent may not exceed $877.50 • renting a 3 bedroom unit, monthl...
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