Income Restrictions Pursuant to the Code. Pursuant to the requirements of Section 142(d) of the Code, for the Qualified Project Period, not less than forty percent (40%) of the total number of completed units in the Project (excluding the manager’s unit), or fifty-five (55) units, shall be designated as affordable units and during the Qualified Project Period shall be rented to and continuously occupied by Tenants whose Adjusted Income does not exceed sixty percent (60%) of the Median Income for the Area; provided, however, if all the occupants of a unit are students (as defined under Section 152(f)(2) of the Code), no one of whom is entitled to file a joint return under Section 6013 of the Code or who fail to be described in Section 42(i)(3)(D) of the Code, such occupants shall not be qualified Tenants pursuant to this sentence. The Owner shall satisfy the requirements of this Subsection 4(a)(iv) by complying with the requirements of Section 4(a)(i) and Section 4(a)(ii), to the extent such compliance meets the requirements of Section 142(d)(1)(B) of the Code.
Income Restrictions Pursuant to the Code. Pursuant to the requirements of Section 142(d) of the Code, for the Qualified Project Period, not less than forty percent (40%) of the total number of completed units in the Project (excluding the manager’s unit), or fifty-seven (57) units, shall be designated as affordable units and during the Qualified Project Period shall be rented to and continuously occupied by Tenants whose Adjusted Income does not exceed sixty percent (60%) of the Median Income for the Area; provided, however, if all the occupants of a unit are students (as defined under Section 152(f)(2) of the Code), no one of whom is entitled to file a joint return under Section 6013 of the Code who fail to be described in Section 42(i)(3)(D) of the Code, such occupants shall not be qualified Tenants pursuant to this sentence.
Income Restrictions Pursuant to the Code. Pursuant to the requirements of Section 142(d) of the Code, for the Qualified Project Period, not less than forty percent (40%) of the total number of completed units in the Project or [sixty-four] ([64]) units, shall be designated as affordable units and during the Qualified Project Period shall be rented to and continuously occupied by Low-Income Tenants.
Income Restrictions Pursuant to the Code. Pursuant to the requirements of Section 142(d) of the Code, for the Qualified Project Period, not less than twenty percent (20%) of the total number of completed units in the Project shall be designated as Restricted Units and during the Qualified Project Period shall be rented to and continuously occupied by Tenants whose Adjusted Income does not exceed fifty percent (50%) of Median Income for the Area; provided, however, if all the occupants of a unit are students (as defined under Section 152(f)(2) of the Code) who fail to be described in Section 42(i)(3)(D) of the Code, such occupants shall not be qualified Tenants pursuant to this sentence. The Owner hereby elects to have Section 142(d)(4)(B) (deep rent skewing) of the Code apply to the Project. Accordingly, for purposes of the preceding paragraph, at least fifteen percent (15%) of the Restricted Units (the “DRS Units”) shall be occupied by Tenants (the “DRS Tenants”) who satisfy the requirements herein for Very Low Income Tenants, except the maximum Adjusted Income shall not exceed forty percent (40%) of Median Income for the Area, rather than fifty percent (50%) of Median Income for the Area. The gross rent with respect to each Restricted Unit shall not exceed thirty percent (30%) of the applicable income limit, and shall not exceed fifty percent (50%) of the average gross rent with respect to Market Rate Units of comparable size in the Project. For purposes of this Section 4(a)(iii), the term “gross rent” includes any payment under Section 8 of the United States Housing Act of 1937 and any utility allowance as determined by the Secretary of the U.S. Department of Housing and Urban Development after taking into account such determinations under said Section 8. For purposes of this Section 4(a)(iii), the term “applicable income limit” means the applicable income limit for a Tenant described in this Section 4(a)(iii) (i.e. 50% of Median Income for the Area or 40% Median Income for the Area).
