Increased Income of Tenants. A. Increase from Very Low Income or Low Income to at or below Median Income. If, upon annual recertification of a Tenant's Household Income, the Developer determines that a former Very Low Income or Low Income Household's Income has increased and exceeds the qualifying income for a Very Low Income or Low Income Household, but does not exceed the qualifying limit for a Median Income Household, then, upon expiration of the Tenant's lease and after thirty (30) days written notice to the Tenant, the Tenant's rent may be increased to Affordable Rent for Median Income Households. The rent calculation will be based on 30% of the Median Income for Household. -
B. Increase from Very Low Income, Low Income, or Median Income to Above Area Median IncomeIf, upon recertification of a Tenant's Household Income, the Developer determines that the Tenant's Household Income has increased and exceeds the qualifying income for a Median Income Household, then the Tenant shall be given written notice that: (i) Tenant’s Rent shall be increased sixty (60) days after the date in the notice to an amount to be determined by Developer but not to exceed Rent for a comparable Market-Rate Unit; and (ii) Tenant shall vacate the Affordable Unit six (6) months from the date of the notice or upon expiration of the Tenant's lease, whichever is later. If, prior to the date by which the Tenant must vacate the Affordable Unit, another Unit is vacated which is not designated as an Affordable Unit and is of appropriate bedroom size, the Developer may, at the Developer's option, request the Town to approve a change in the location of the Affordable Unit; allow the Tenant to remain in the original Unit; and designate the newly vacated Unit as an Affordable Unit if approved by the Town.
Increased Income of Tenants. (a) Increase from Very Low Income to at or below Low Income. If, upon recertification of a Tenant's income, the Developer determines that a former Very Low Income Household’s income has increased and exceeds the qualifying income for a Very Low Income Household, but does not exceed the qualifying limit for a Low Income Household, then, upon expiration of the Tenant's lease:
(1) Such Tenant's Rent may be increased to one-twelfth (1/12th) of thirty percent (30%) of sixty percent (60%) of Area Median Income, adjusted for Assumed Household Size, upon ninety (90) days written notice to the Tenant; and
(2) The Developer shall rent the next available Unit to a Very Low Income Household at a Rent not exceeding the maximum Rent specified in Section 2.2(a).
Increased Income of Tenants. (a) Increased Income to at or below the Forty Percent Income Limit. Subject to Section 2.4 above, if, upon the annual certification of the income of a Tenant of a County- Assisted Unit, Borrower determines that the income of the Tenant has increased to above the qualifying limit for an Extremely Low Income Household but below the qualifying income for a Forty Percent Income Household, the Tenant may continue to occupy the Unit and the Tenant's Rent will remain at the Extremely Low Income Rent. Borrower shall then rent the next available Unit to an Extremely Low Income Household to comply with the requirements of Section 2.1 above, at a Rent not exceeding the Extremely Low Income Rent or re-designate another comparable Unit in the Development with an Extremely Low Income Household an Extremely 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 an Extremely Low Income Unit, the Unit with the over-income Tenant will no longer be considered a County-Assisted Unit.
Increased Income of Tenants. If, upon recertification of a Tenant's Household Income, the Developer determines that the Tenant's Household Income has increased and exceeds the qualifying income, then the Tenant shall be given written notice that Tenant shall vacate the Affordable Unit six (6) months from the date of the notice or upon expiration of the Tenant's lease, whichever is later.
Increased Income of Tenants. If, upon recertification of a Tenant's income pursuant to Section 2.2, the Owner determines that the Tenant's household income has increased and exceeds the qualifying income for a Low Income Household, then such Tenant shall continue to be considered an "Eligible Household", and shall be permitted to continue to occupy the Accessory Dwelling Unit, at the rent set forth in subsection (c), above; provided, however, nothing in this Agreement shall prohibit the Owner from terminating such tenancy upon the expiration of such Xxxxxx's lease. Following such Xxxxxx's vacancy, the Owner shall lease the Accessory Dwelling Unit to an Eligible Household.
Increased Income of Tenants. If, upon recertification of a Tenant's income, the Developer determines that the Tenant's income has increased and exceeds the qualifying income for a Low Income Household, then the Tenant shall be given written notice that Tenant's Rent shall be increased sixty (60) days after the date in the notice to an amount to be determined by Developer but not to exceed Rent for a comparable Market Rate Unit. The next Market Rate Unit that is vacated which is of appropriate bedroom size shall be designated as an Affordable Rental Unit upon receipt of written approval from the Director as provided in Section 2.3(c) of this Agreement.
Increased Income of Tenants. In order to minimize the potential dislocation of Tenants who become ineligible to occupy an Affordable Unit(s), Developer shall treat the Affordable Unit(s) as Floating Units. If, upon recertification, Developer determines that a tenant who occupies an Affordable Unit(s) is no longer eligible to occupy that unit(s), Developer may allow that tenant to continue occupying the unit. If Developer allows an ineligible tenant to continue occupying a unit that was designated as an Affordable Unit(s), Developer shall designate the next unit of the same size (i.e., number of bedrooms and approximate square footage) that become available for rent as the Affordable Unit(s) and shall rent that unit as set forth in this Article.
Increased Income of Tenants
