Increased income above Very Low but below Low Income Limit Sample Clauses

Increased income above Very Low but below Low Income Limit. Subject to Subsection (a) above, if, upon the annual certification of the income of a Tenant of a County- Assisted Unit, Borrower determines that the income of a Very Low Income Household has increased above the qualifying limit for a Very Low 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 Low HOME Rent. Borrower shall then rent the next available Unit to a Very Low Income Household to comply with the requirements of Section 2.1 above, at a Rent not exceeding the maximum Rent specified in Section 2.2, or re-designate another comparable Unit in the Development with a Very Low Income Household a County- Assisted Unit, to comply with the requirements of Section 2.1 above. Upon renting the next available Unit in accordance with Section 2.1 or re-designating another Unit in the Development as a County-Assisted Unit, the Unit with the over-income Tenant will no longer be considered a County-Assisted Unit.
Sample 1
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Increased income above Very Low but below Low Income Limit. Subject to Subsection (a) above, if, upon the annual certification of the income of a Tenant of a County- Assisted Unit, Borrower determines that the income of a Very Low Income Household has increased above the qualifying limit for a Very Low 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 Low HOME Rent. When the Tenant vacates the Unit, the Borrower shall rent the Unit to a Very Low Income Household, to comply with the requirements of Section 2.1 above.
Sample 1
Increased income above Very Low but below Low Income Limit. Subject to Subsection (a) above, if, upon the annual certification of the income of a Tenant of a County- Assisted Unit, Borrower determines that the income of a Twenty Percent Income Household, Thirty-Five Percent Income Household, Forty Percent Income Household, or Very Low Income Household has increased above the qualifying limit for a Very Low 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 may be increased to the High HOME Rent. Borrower shall then rent the next available Unit to a Twenty Percent Income Household, Thirty-Five Percent Income Household, Forty Percent Income Household, or Very Low Income Household, as applicable, to comply with the requirements of Section 2.1 above, at a Rent not exceeding the maximum Rent specified in Section 2.2, or re-designate another comparable Unit in the Development with a Twenty Percent Income Household, Thirty-Five Percent Income Household, Forty Percent Income Household, or Very Low Income Household, as applicable, a County-Assisted Unit, to comply with the requirements of Section 2.1 above. Upon renting the next available Unit in accordance with Section 2.1 or re-designating another Unit in the Development as a County- Assisted Unit, the Unit with the over-income Tenant will no longer be considered a County- Assisted Unit.
Sample 1
Increased income above Very Low but below Low Income Limit. In the event that, upon recertification of an occupant household's income, the Borrower determines that the income of an Extremely Low Income Household, Forty Percent Household, or Very Low Income Household, increased above the qualifying limit for a Very Low Income Household, but not above the qualifying income for a Low Income Household, the Rent may be increased to the HOME Low Income Rent (subject to Section 2.2(d)) and the Borrower shall rent the next available Unit to an Extremely Low Income Household, Forty Percent Household, or Very Low Income Household, as applicable to comply with the requirements of Section 2.1 above.
Sample 1

Related to Increased income above Very Low but below Low Income Limit

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