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

Increased Income above Very Low Income but below Low Income Limit. If, upon the annual certification of the income of a Tenant of a Very Low Income Unit, Borrower determines that the income of the Tenant 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(a) above, at a Rent not exceeding the maximum Rent specified in Section 2.2(a), or re-designate another comparable Unit in the Development with a Very Low Income Household a Very Low Income Unit, to comply with the requirements of Section 2.1(a) above. Upon renting the next available Unit in accordance with Section 2.1(a) or re-designating another Unit in the Development as a Very Low Income Unit, the Unit with the over-income Tenant will no longer be considered a HOME-Assisted Unit.
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Increased Income above Very Low Income but below Low Income Limit. If, upon the annual certification of the income of a Tenant of a County-Assisted Unit, Developer determines that the income of the Tenant 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 a Rent not exceeding the applicable maximum Rent specified in Section 2.2. Developer shall then rent the next available Unit to an Extremely Low Income Household, or 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 an Extremely Low Income Household or Very Low Income Household, as 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 an Extremely Low Income Unit or Very Low Income Unit, 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 Income but below Low Income Limit. Subject to Subsection (a) above, if, upon the annual certification of the income of a Tenant of a Very Low Income 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 Very Low Income Rent. Borrower shall then rent the next available Unit to a Very Low Income Household or Sixty Percent 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 designate another comparable Unit that is occupied by a Very Low Income Household or Sixty Percent Household, as applicable, as a Very Low Income Unit or Sixty Percent Unit, to meet the requirements of Section 2.1 above.
Sample 1

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

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  • Falls Far Below Standard  Upon further review following a preliminary Pending rating, the Commission identifies significant financial risk and has concerns about financial viability such that heightened monitoring and/or intervention are necessary.

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  • E T W E E N [ ] of [ ] (“the Trust”) which expression shall include its permitted successors and assigns; and [ ] of [ ] (“the Provider”) which expression shall include its permitted successors and assigns.

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