INCOME INCREASE. LIMITATIONS: An Eligible Tenant’s income cannot exceed the applicable 30%, 50% or 60% based on their income at the time of occupancy of HUD determined Area Median Income for a single person household at the time of initial occupancy. However, the Eligible Tenant may remain eligible even in the event that subsequent yearly income re-certifications of the Eligible Tenant’s income rises above 30%, 50% or 60% of Area Median Income for the given year. As long as the tenant is income eligible at the time of initial occupancy, they may stay year to year even if they are over income, up to 140% of maximum income level. In the event the tenant’s income surpasses 140% of the applicable Area Median Income level, then the next available unit (of a size comparable to, or smaller than, such unit) within the same building must be rented to an Eligible Tenant meeting the applicable maximum income level. UTILITY PAYMENTS: The following utility payments will be included in the monthly rents: Water, sewer and trash collection. Attachment A CITY OF DURHAM 2015 MEDIAN FAMILY INCOME CHART Effective 6/1/15 FAMILY SIZE 1 2 3 4 5 6 7 30% $14,150 $16,200 $18,200 $20,200 $21,850 $23,450 $20,050 40% $18,880 $21,600 $24,280 $26,960 $29,120 $31,280 $33,440 50% $23,600 $27,000 $30,350 $33,700 $36,400 $39,100 $41,800 60% $28,320 $32,400 $36,420 $40,440 $43,680 $46,920 $50,160 80% $37,750 $43,150 $48,550 $53,900 $58,250 $62,550 $66,850 100% $47,200 $54,000 $60,700 $67,400 $72,800 $78,200 $83,600 The total cost of the 85 unit multi-family development is estimated at $14,935,537 and will be funded as follows: Source Permanent Per Unit 1st Mortgage: US Bank $3,010,310 $35,415 2nd Mortgage: City of Durham $3,800,000 $44,706 Tax Credit Equity: USBCDC $8,135,226 $95,709
INCOME INCREASE. LIMITATIONS: For Eligible Tenant’s, whose income is limited to 50% of HUD determined Area Median Family Income for a single person household at the time of initial occupancy, the Eligible Tenant’s income may rise up to 60% of Area Median Family Income without the tenant becoming ineligible for occupancy.
INCOME INCREASE. LIMITATIONS: An Eligible Tenant’s income cannot exceed 30%, 50% or 60% based on their income at the time of occupancy of HUD determined Area Median Family Income for a single person household at the time of initial occupancy. However, the Eligible Tenant may remain eligible even in the event that subsequent yearly income re-certifications of the Eligible Tenant’s income rises above 30%, 50% or 60% of Area Median Income for the given year. As long as the tenant is income eligible at the time of initial occupancy, they may stay year to year even if they are over income, up to 140% of maximum income level. In the event their income surpasses 140% the landlord may not renew the lease at the end of the then current lease term.
