Common use of Increased Income above Forty Percent Income but below Low Income Limit Clause in Contracts

Increased Income above Forty Percent Income but below Low Income Limit. If, upon the annual certification of the income of a Tenant of a Forty Percent Income Unit, Borrower determines that the income of the Tenant has increased above the qualifying limit for a Forty Percent Income Household, but not above the qualifying income for a Low Income Household, the Tenant may continue to occupy the Unit and the Tenant's Rent will remain at the Forty Percent Income Rent. Borrower shall then rent the next available Unit to a Forty Percent Income Household to comply with the requirements of Section 2.1(b) above, at a Rent not exceeding the maximum Rent specified in Section 2.2(b), or re-designate another comparable Unit in the Development with a Forty Percent Income Household a Forty Percent Income Unit, to comply with the requirements of Section 2.1(b) above. Upon renting the next available Unit in accordance with Section 2.1(b) or re-designating another Unit in the Development as a Forty Percent Income Unit, the Unit with the over-income Tenant will no longer be considered a County-Assisted Unit.

Increased Income above Forty Percent Income but below Low Income Limit. If, upon the annual certification of the income of a Tenant of a Forty Percent Income Unit, Borrower determines that the income of the Tenant has increased above the qualifying limit for a Forty Percent Income Household, but not above the qualifying income for a Low Income Household, the Tenant may continue to occupy the Unit and the Tenant's Rent will remain at the Forty Percent Income Rent. Borrower shall then rent the next available Unit to a Forty Percent Income Household to comply with the requirements of Section 2.1(b2.1(a)(2) above, at a Rent not exceeding the maximum Rent specified in Section 2.2(b2.2(c), or re-designate another comparable Unit in the Development with a Forty Percent Income Household a Forty Percent Income Unit, to comply with the requirements of Section 2.1(b2.1(a)(2) above. Upon renting the next available Unit in accordance with Section 2.1(b2.1(a)(2) or re-designating another Unit in the Development as a Forty Percent Income Unit, the Unit with the over-income Tenant will no longer be considered a County-County Assisted Unit.

Increased Income above Forty Percent Income but below Low Income Limit. IfSubject to Subsection (a) above, if, upon the annual certification of the income of a Tenant of a Forty Percent Income Unit, Borrower determines that the income of the Tenant has increased above the qualifying limit for a Forty Percent Income Household, but not above the qualifying income for a Low Income Household, the Tenant may continue to occupy the Unit and the Tenant's Rent will remain at the Forty Percent Income Rent. Borrower shall then rent the next available Unit to a Forty Percent Income Household to comply with the requirements of Section 2.1(b2.1(b)(1) above, at a Rent not exceeding the maximum Rent specified in Section 2.2(b2.2(c), or re-designate another comparable Unit in the Development with a Forty Percent Income Household a Forty Percent Income Unit, to comply with the requirements of Section 2.1(b2.1(b)(1) above. Upon renting the next available Unit in accordance with Section 2.1(b2.1(b)(1) or re-re- designating another Unit in the Development as a Forty Percent Income Unit, the Unit with the over-income Tenant will no longer be considered a CountyHOME-Assisted Unit.