General Rent Restriction Requirement Sample Clauses

General Rent Restriction Requirement. The Corporation places restrictions on the rents charged on the units leased pursuant to paragraph (1) and (2) above. The maximum rent that may be charged for any such Unit may not exceed 30% of the applicable median gross income for the county in which the Project is located, as prescribed by HUD, under Section 8 of the United States Housing Act of 1937, as amended (the "Housing Act of 1937"), adjusted for family size, assuming 1½ persons per bedroom and without taking into account any allowance for utilities. Rents may also not exceed 30% of a household's annual income, as calculated using the prescribed method provided by the Corporation. Notwithstanding anything to the contrary, utilization of the Housing Act of 1937 as a framework for rent restrictions and determining median gross income does not by itself make the Corporation subject to HUD's Final Rule on VAWA as defined in Section 3(ix) of this Agreement.
Sample 1
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