HOME Definitions Sample Clauses

HOME Definitions. The following definitions and dollar amounts referred to in these definitions may be adjusted from time to time based action by the United States Department of Housing and Urban Development (HUD) or any successor agency, and any such adjustments shall be incorporated by reference into this Agreement.
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HOME Definitions. The following new HOME definitions are added to Section 1.1 of the Loan Agreement:
Sample 1
HOME Definitions a. High HOME Rent is rent that does not exceed the lesser of (1) the Section 8 Fair Market Rents (FMRs), as established by HUD under 24 CFR Part 888, for existing housing minus tenant paid utilities, or (2) 30% of annual income for households at the HOME income limit for San Mateo County, adjusted for family size, less tenant paid utilities. This rental amount is calculated by San Mateo County at 120% of the Low HOME Rent as defined below. If tenant is paying any utilities, a "utility allowance" must be deducted from the rent figures below. This allowance is calculated by HUD under 24 CFR Part 880 - 886 and may be obtained by contacting the San Mateo County Housing Authority. The current High HOME Rents (assuming landlord paid utilities) as of the date of this agreement are: 1000 1272 1526 1764 1966 b. Low HOME Rent is rent that is 30% of annual income for households at the Very Low Income limit for San Mateo County, adjusted for family size, minus tenant paid utilities. This rental amount is calculated by HUD and adjusted from time to time. If tenant is paying any utilities, a "utility allowance" must be deducted from the above rent figures. This allowance is calculated by HUD under 24 CFR Part 880 - 886 and may be obtained by contacting the San Mateo County Housing Authority. The current Low HOME Rents (assuming landlord paid utilities) as of the date of this agreement are: 990 1060 1272 1470 1640 c. Very Low Income is the qualifying income with adjustments for family size, for very low income households as established by HUD pursuant to Section 8 of the United States Housing Act of 1937, as amended. These income limits are adjusted from time to time. The Very Low Income limits as of the date of this agreement are: Fam. Size 1 2 3 4 5 6 Income $39,600 $45,250 $50,900 $56,550 $61,050 $65,600 d. HOME Income is income at 120% of the Very Low Income for the area adjusted for family size as calculated by HUD and adjusted from time to time. The HOME Income limits as of the date of this agreement are: Fam. Size 1 2 3 4 5 6 Income $47,520 $54,300 $61,080 $67,860 $73,260 $84,120 2 Rent and Occupancy Restriction The specific units affected by this agreement shall be "floating" units, that is, there shall be no specified HOME-assisted units as long as there are a minimum number of units in compliance with the HOME requirements specified above. In the event that the income of a qualifying tenant increases so that the tenant no longer meets the income criteria, the D...
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Related to HOME Definitions

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