Income and Rent Restrictions. In addition to the requirements of Section 5, hereof, the Owner with respect to the Project shall comply with the income and rent restrictions of this Section 4(a), and any conflict or overlap between any two (2) or more of such provisions shall be resolved in favor of the most restrictive of such provisions, that is, in favor of the lowest income and rent restriction.
Income and Rent Restrictions. Borrower, for itself and its successors and assigns, hereby covenants and agrees all the Units shall be rented exclusively, at Affordable Rent, to, and shall be occupied by, Very Low Income and Low Income households. Each Unit shall be rented to not more than one household at any time.
Income and Rent Restrictions. The Developer hereby represents, covenants and agrees as follows:
(1) The Project is intended for occupancy by persons or families of low and moderate income, as defined in chapter 462A, Title II of the National Housing Act of 1934, the National Housing Act of 1959, the United States Housing Act of 1937, as amended, Title V of the Housing Act of 1949, as amended, any other similar present or future federal, state or municipal legislation, or the regulations promulgated under any of those acts; and
(2) No more than 20% of the square footage of any building of the Project financed with the proceeds of the TIF Note will consist of commercial, retail or other non-residential uses; and
(3) In accordance with the Declaration, commencing on the Completion Date and continuing until the Termination Date, (i) at least 80% of the residential units shall be occupied by, or held for occupancy by, at least one person who is at least 55 years of age and the remaining residential units may be occupied by, or held for occupancy by, at least one person with a handicap as defined in 42 USC §3602(h) (of any age); and (ii) at least 20% of the residential units shall be occupied by or available for rent to persons whose income does not exceed 50% of the area-wide median family income for the standard metropolitan statistical area which includes Victoria, Minnesota, as that figure is determined and announced from time to time by HUD, as adjusted for family size (“Median Income”); and
(4) The Developer will provide the City an annual certification in the form attached as Exhibit C to the Declaration (the “Compliance Certificate”) evidencing compliance with the requirements of paragraph (3) above, and income verifications from tenants used to meet such requirements. The annual certification shall also include the vacancy rate for the preceding calendar year and the rents for all residential units broken down by unit type, size and rent per square foot and the Rent Subsidy calculated in accordance with Section 3.3(5) below. The annual certification shall be provided on or before July 1 of each year commencing July 1, 2021, and shall cover the preceding calendar year.
(5) The annual Rent Subsidy shall be calculated in accordance with the sample calculation as set forth in Exhibit J and shall be, for the calendar year covered by the applicable Compliance Certificate, the difference between (a) the gross rent in such year for all of the 11 units in the Project occupied by Qualifying T...
Income and Rent Restrictions. All Qualified Residential Rental Projects must meet the following minimum income and rent restrictions, which will be included in the Committee Resolution.
Income and Rent Restrictions. In addition to the requirements of Section 5, hereof, the Owner shall comply with the income and rent restrictions of this Subsection 4(a), and any conflict or overlap between any two (2) or more of such provisions shall be resolved in favor of the most restrictive of such provisions, that is, in favor of the lowest income and rent restriction.
(i) In the event that the Section 8 subsidy with respect to the Project is terminated or reduced, the occupancy and rent restrictions set forth in Section 4(a)( may be altered but only to the maximum extent required for the financial feasibility of the Project, as a determined by the City in its reasonable discretion in accordance with substantially similar underwriting criteria used by the City to evaluate the Project’s financial feasibility prior to the Closing Date, provided that, in any event, at least 40% if the units shall at all times be occupied by Tenants whose Adjusted Income does not exceed sixty percent (60%) of Median Income for the Area and the monthly rent paid by such Tenants shall not exceed (a) 30% of 60% of Median Income for the Area, (b) less the utility allowance. In such event, the City shall use good faith efforts to meet with Owner within fifteen (15) days after Owner’s written request and determine any rent increase within sixty (60) days after Owner’s initial written request to meet. The relief provided by this section shall not be construed as authorizing the Owner to exceed any income or rent restrictions imposed on the Project by CDLAC, CTCAC or other agreements, and the Owner represents and warrants that it shall have obtained any necessary approvals or relief from any other applicable income and rent limitations prior to implementing the relief provided by this Section.
Income and Rent Restrictions. In addition to the requirements of Section 5, hereof, the Owner shall comply with the income and rent restrictions of this Subsection 4(a), and any conflict or overlap between any two (2) or more of such provisions shall be resolved in favor of the most restrictive of such provisions, that is, in favor of the lowest income and rent restriction.
(i) With the exception of two Units reserved for on-site staff (managers) of the Project, Units in the Project will at all times be rented only to tenants who qualify as Qualified Tenants at initial occupancy, specifically: 1 Bedroom 9 60% of Median Income Project-base vouchers 1 Bedroom 6 30% of Median Income 1 Bedroom 11 40% of Median Income 1 Bedroom 16 50% of Median Income 1 Bedroom 2 65% of Median Income 1 Bedroom 14 95% of Median Income 2 Bedroom 11 50% of Median Income Project-base vouchers 2 Bedroom 9 60% of Median Income Project-base vouchers 2 Bedroom 6 30% of Median Income 2 Bedroom 9 40% of Median Income 2 Bedroom 10 50% of Median Income 2 Bedroom 2 65% of Median Income 2 Bedroom 7 95% of Median Income 2 Bedroom 7 108% of Median Income 3 Bedroom 6 60% of Median Income Project-base vouchers 3 Bedroom 2 30% of Median Income 3 Bedroom 2 40% of Median Income 3 Bedroom 1 50% of Median Income 3 Bedroom 1 65% of Median Income 3 Bedroom 4 108% of Median Income
(ii) Thirty-five (35) Units must be rented to holders of Section 8 certificates or vouchers or similar rental subsidy benefits, subject to the HAP Contract and applicable law. The monthly rent charged for all Low Income Units receiving the Section 8 subsidy shall be as determined by HUD pursuant to the HAP Contract (as defined in the Construction Disbursement Agreement of even date herewith between the Funding Lender (as initial Servicer) and the Owner (as Borrower)).
Income and Rent Restrictions. Maximum rent is 30% of maximum income level. As used in this Agreement, the term "Qualified Tenant" includes each category of Tenant included below, with the exception of one unrestricted 2BR manager unit: Studio (NPLH) 45 30% of Median Income Studio (NPLH) 25 35% of Median Income 1BR 4 35% of Median Income 2BR 9 35% of Median Income 3BR 7 35% of Median Income Studio 30 50% of Median Income 1BR 4 50% of Median Income 2BR 19 50% of Median Income 1BR 7 60% of Median Income 2BR 16 60% of Median Income 3BR 3 60% of Median Income 1BR 5 70% of Median Income 2BR 22 70% of Median Income 3BR 3 70% of Median Income 1BR 4 75% of Median Income 2BR 15 80% of Median Income 3BR 2 80% of Median Income Borrower will comply concurrently with the TCAC Regulatory Agreement, and Borrower will comply with the lower of (i) the maximum income and rent set forth above for each Unit, or (ii) the maximum income level of sixty percent (60%) of area median income as determined by TCAC, and a maximum monthly rent paid by the Qualified Tenants of thirty percent (30%) of sixty percent (60%) of area median income as determined by TCAC. One Hundred Twenty (120) Units will be made available to Homeless Households during the period in which the City’s Local Operating Subsidy program is in operation and the City provides such subsidy to the Project under the LOSP Agreement. Of those one hundred twenty (120) Units, seventy (70) Units will be NPLH studios and targeted to residents who meet the Homeless Household under No NPLH Criteria for a period of 55 years. Such NPLH units are restricted to 30% of AMI as Determined by NPLH Regulations, however the AMI for the NPLH units may be increased to a maximum of 50% AMI consistent with the provisions under the NPLH Program Guidelines. NPLH units will be operated under the requirements of NPLH as listed in Exhibit M of this Agreement, and as also included in the MOHCD Underwriting Guidelines and Local Operating Subsidy Program Policies & Procedures Manual. If the LOSP is terminated, discontinued or reduced at no fault of Borrower with respect to the Project, then the rent restrictions above may be altered but only to the extent necessary for the Project to remain financially feasible, as determined in City’s reasonable discretion; provided that:
(a) Borrower diligently pursues an additional or alternative source of income or subsidy acceptable to the City to replace the rental subsidies.
(b) One hundred percent (100%) of the Units formerly under LOSP w...
Income and Rent Restrictions. The Developer hereby represents, covenants and agrees as follows:
(1) The Project is intended for occupancy by persons or families of low and moderate income, as defined in chapter 462A, Title II of the National Housing Act of 1934, the National Housing Act of 1959, the United States Housing Act of 1937, as amended, Title V of the Housing Act of 1949, as amended, any other similar present or future federal, state or municipal legislation, or the regulations promulgated under any of those acts; and
(2) No more than 20% of the square footage of the buildings of the Project financed with the proceeds of the TIF Note will consist of commercial, retail or other non-residential uses; and
(3) Commencing on the date a certificate of occupancy is received from the City and continuing until the Termination Date (the “Qualified Project Period”), at least 40% of the housing units shall be occupied by or available for rent to persons whose income does not exceed 60% of the area-wide median family income for the standard metropolitan statistical area which includes the City, as that figure is determined and announced from time to time by HUD, as adjusted for family size (“Median Income”); and
(4) Alternatively, the Developer may elect to satisfy the foregoing affordability requirements by substituting “20% of the residential units” in place of “40% of the residential
