Income limitations Sample Clauses

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: (i) For programs located in a metro- politan statistical area, the family in- come may not exceed the higher of: (A) The median family income for the metropolitan statistical area in which the program is located. At any time during the development of the program, the recipient may request HUD to modify this family income re- quirement. To obtain a modification, the recipient must submit a request by a unit of general local government in which the program is located, and sup- porting documentation demonstrating to HUD that such action is necessary to achieve or maintain neighborhood stability. If a modification is granted, HUD may permit up to 15 percent of the families that purchase homes under this part, to have a family income on the date of purchase that is between 100 and 115 percent of the median fam- ily income for the metropolitan statis- tical area. (B) The national median income. (ii) For programs that are not lo- cated in a metropolitan statistical area, the family income may not ex- ceed the national median income. (2) For the purpose of determining the median family income for the na- tion and metropolitan statistical areas, the recipient must use the most recent median family incomes developed by HUD under Section 8 of the United States Housing Act of 1937. Family in- come is the annual income as com- puted in accordance with 24 CFR 813.106.
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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 Manager’s unit [#] N/A or 60% if unoccupied by managers N/A or 60% if unoccupied by managers 5.2.1.1. 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. 5.2.1.2. 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 Project Requirements. So long as the manager’s unit is occupied by a manager approved by OHCS, the income and rent restrictions will not apply to such manager-occupied unit. 5.2.1.3. 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 Project Requirements.
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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.
Sample 1

Related to Income limitations

  • Usage Limitations You shall use best efforts to ensure that only Authorized Customer Support Users are provided access to the Service Desk Infrastructure and Student Support Services, including not causing or permitting third parties to access such infrastructure or services.

  • Time Limitations Neither Parent nor Acquisition Corp. shall have any liability (for indemnification or otherwise) with respect to any representation or warranty, or agreement to be performed and complied with prior to the Effective Time, unless on or before the two-year anniversary of the Effective Time (the “Claims Deadline”), Parent is given notice of a claim with respect thereto, in accordance with Section 8.05, specifying the factual basis therefor in reasonable detail to the extent then known by the Company Indemnified Parties.

  • Par Value Limitations Before taking any action that would cause an adjustment reducing the Purchase Price below one one-hundredth of the then par value, if any, of the Preferred Shares or other shares of capital stock issuable upon exercise of the Rights, the Company shall take any corporate action which may, in the opinion of its counsel, be necessary in order that the Company may validly and legally issue fully paid and nonassessable Preferred Shares or other such shares at such adjusted Purchase Price.

  • DIVERSIFICATION AND RELATED LIMITATIONS 6.1. The Trust and MFS represent and warrant that each Portfolio of the Trust will meet the diversification requirements of Section 817 (h) (1) of the Code and Treas. Reg. 1.817-5, relating to the diversification requirements for variable annuity, endowment, or life insurance contracts, as they may be amended from time to time (and any revenue rulings, revenue procedures, notices, and other published announcements of the Internal Revenue Service interpreting these sections), as if those requirements applied directly to each such Portfolio. 6.2. The Trust and MFS represent that each Portfolio will elect to be qualified as a Regulated Investment Company under Subchapter M of the Code and that they will maintain such qualification (under Subchapter M or any successor or similar provision).

  • Expense Limitations In the event the operating expenses of the Fund, ------------------- including amounts payable to the Investment Adviser pursuant to subsection (a) hereof, for any fiscal year ending on a date on which this Agreement is in effect exceed the expense limitations applicable to the Fund imposed by applicable state securities laws or regulations thereunder, as such limitations may be raised or lowered from time to time, the Investment Adviser shall reduce its management and investment advisory fee by the extent of such excess and, if required pursuant to any such laws or regulations, will reimburse the Fund in the amount of such excess; provided, however, to the extent permitted by law, -------- ------- there shall be excluded from such expenses the amount of any interest, taxes, distribution fees, brokerage fees and commissions and extraordinary expenses (including but not limited to legal claims and liabilities and litigation costs and any indemnification related thereto) paid or payable by the Fund. Whenever the expenses of the Fund exceed a pro rata portion of the applicable annual expense limitations, the estimated amount of reimbursement under such limitations shall be applicable as an offset against the monthly payment of the fee due to the Investment Adviser. Should two or more such expense limitations be applicable as at the end of the last business day of the month, that expense limitation which results in the largest reduction in the Investment Adviser's fee shall be applicable.

  • Exceptions to Limitations These limitations of liability do not apply to breaches of confidentiality obligations, violations of a party’s Intellectual Property Rights by the other party, indemnification obligations, or Customer's payment obligations.

  • Trust Limitations This Agreement is executed by the Trust with respect to each of the Funds and the obligations hereunder are not binding upon any of the Trustees, officers or shareholders of the Trust individually but are binding only upon the Fund to which such obligations pertain and the assets and property of such Fund. All obligations of the Trust under this Agreement shall apply only on a Fund-by-Fund basis, and the assets of one Fund shall not be liable for the obligations of another Fund.

  • Transfer Limitations We may limit the dollar amount or the number of transfers from your account. Please consult your Truth-in-Savings Disclosure or your Electronic Fund Transfers Agreement and Disclosure.

  • Billing Limitations a. DSHS shall pay the Contractor only for authorized services provided in accordance with this Contract. b. DSHS shall not pay any claims for payment for services submitted more than twelve (12) months after the calendar month in which the services were performed. c. The Contractor shall not bill and DSHS shall not pay for services performed under this Contract, if the Contractor has charged or will charge another agency of the state of Washington or any other party for the same services.

  • Service Limitations The FCC requires that Provider provide E911 Service to all Customers who use Provider Services within the United States. Sections 13.2-13.8 apply to all Customers who use Provider Services within the United States. Section 13.9 applies to all Customers.

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