Income limitations. (1) Each family purchasing a home constructed or sub- stantially rehabilitated under a pro- gram must have a family income on the date of purchase that does not ex- ceed the following limitations:
Income limitations. For a period of thirty (30) years from December 31st of the year that any building in the Project is first placed in service or until [month] [day], [year], whichever is later (the “Affordability Period”). Notwithstanding the foregoing, OHCS may, at its sole discretion, extend the Affordability Period beyond [month day, year from sentence above], for periods of time matching corresponding periods of time during which OHCS determines Borrower to be in material noncompliance with any of the terms of this Agreement. Throughout the Affordability Period, Borrower will continuously rent or hold vacant for rent the following Qualified Units to households whose incomes are at or below the following levels of the area median income, adjusted by family size, as determined by OHCS based upon information from the U.S. Department of Housing and Urban Development (“HUD”) or other applicable source: Unit Type Number of Units Maximum Percent of Median Family Income as Determined by HUD Maximum Rent Standards as Determined by HUD 1 bedroom [#] 60% 60% 2 bedrooms [#] 60% 60% 3 bedrooms [#] 60% 60% Manager’s unit [#] N/A or 60% if unoccupied by managers N/A or 60% if unoccupied by managers
Income limitations. Throughout the Affordability Period as defined above, Owner will, in accordance with the terms of this Agreement and other applicable Project Requirements, continuously rent or hold vacant for rent the following Qualified Units to Residents whose incomes are at or below the following levels of the area median income, adjusted by family size, as determined by OHCS based upon information from HUD or other applicable source: Unit Type Number of Units Maximum Percent of Median Family Income as Determined by HUD Maximum Rent Standards as Determined by HUD 2 bedrooms [#] 60% 60% 3 bedrooms [#] 60% 60% Manager’s unit [#] N/A or 60% if unoccupied by managers N/A or 60% if unoccupied by managers
Income limitations. Throughout the Affordability Period, Borrower shall enter into the Homeowner Lease only with Qualified Homeowners, in accordance with the terms of this Agreement and the Program Requirements.
Income limitations. Throughout the Affordability Period as defined above, Owner will, in accordance with the terms of this Agreement and other applicable Program Requirements, continuously rent or hold vacant for rent the following Qualified Units to Residents whose incomes are at or below the following levels of the area median income, adjusted by family size, as determined by OHCS based upon information from the U.S. Department of Housing and Urban Development (“HUD”) or other applicable source: Unit Type Number of Units Maximum Percent of Median Family Income As Determined by HUD Maximum Rent Standard As Determined by HUD [#~] BR [#~]% [#~]% [#~] BR [#~]% [#~]% [#~] BR [#~]% [#~]% [#~] BR [#~]% [#~]% [Note: This table should reflect all Qualified Units, i.e., if LIHTC/Conduit Bond Financing in Project, reflect totality of restrictions.] * The maximum restricted-incomes for the Qualified Units reflected in the above table are based upon the rent- restriction election made by Owner in the Application as approved in the Reservation. Maximum restricted-incomes consistent with the foregoing standards are published by HUD, adjusted for family size and Project location. ** The maximum restricted-rents for the Qualified Units, as published by HUD, correspond to the elected income limits and Maximum Rent Standards reflected in the table, but actual rents for the Project may be lower depending on further election of lower rent levels and OHCS rent-approval requirements. Maximum restricted-rents applicable to the LIFT Program or other applicable funding may vary depending upon bedroom size and Project site. The table reflects gross rent limits. Net rents allowable to Owner hereunder are gross rents less an appropriate utility allowance, consistent with Program Requirements. *** The table shows maximum income and rent standards rounded up to the nearest percentile. The Owner has represented to OHCS in its Application that the rent and income levels will not exceed the maximums identified in the foregoing table and will otherwise comply with Program Requirements.
