Common use of FLAT RENT Clause in Contracts

FLAT RENT. Instead of an income-based rent, Tenant may choose for each year to pay a “Flat Rent” which is equal to the maximum rent for Tenant’s unit under the Federal Low Income Housing Tax Credit Program, in accordance with Section 42 of the Internal Revenue Code of 1986, as amended. Upon Xxxxxx’s request, Xxxxxxxx will provide sufficient information for an informed choice by Xxxxxx. Tenant may switch from a flat rent to an income-based rent during a lease year only in the event of financial hardship, as determined in accordance with written policies of the Chicago Housing Authority.

FLAT RENT. Instead of an income-based rent, Tenant may choose for each year to pay a “Flat Rent” which is equal to the maximum rent for Tenant’s unit under the Federal Low Income Housing Tax Credit Program, in accordance with Section 42 of the Internal Revenue Code of 1986, as amended. Upon XxxxxxTenant’s request, Xxxxxxxx Landlord will provide sufficient information for an informed choice by XxxxxxTenant. Tenant may switch from a flat rent to an income-based rent during a lease year only in the event of financial hardship, as determined in accordance with written policies of the Chicago Housing Authority.