Common use of Leasing Affordable Units Below Income Level Designations Clause in Contracts

Leasing Affordable Units Below Income Level Designations. In the event Developer is unable to lease an Affordable Unit at its designated income level, Developer may submit a request to the Authority’s Executive Director, or its designee, to lease a particular Affordable Unit at a level that is below the agreed unit designation set forth in Section 301 of this Agreement. The Executive Director, or its designee, may, in his or her sole discretion, approve such requests upon making a finding that, for a period of not less than ninety (90) days, Developer has made all reasonable efforts to market the Affordable Unit to prospective tenants at the designated income level, that there are no apparent qualified applicants at the designated income level, and that there are no significant financial impacts to the project. The Executive Director, or its designee, may authorize one or more lower income designations. The new tenants for the temporarily redesignated Affordable Unit must have a household income that meets the appropriate income designation (depending on the unit redesignation) as set forth below:

Leasing Affordable Units Below Income Level Designations. In the event Developer is unable to lease an Affordable Unit at its designated income level, Developer may submit a request to the Authority’s Executive Director, or its designee, to lease a particular Affordable Unit at a level that is below the agreed unit designation set forth in Section 301 4 of this Agreement. The Executive Director, or its designee, may, in his or her sole discretion, approve such requests upon making a finding that, for a period of not less than ninety (90) days, Developer has made all reasonable efforts to market the Affordable Unit to prospective tenants at the designated income level, that there are no apparent qualified applicants at the designated income level, and that there are no significant financial impacts to the project. The Executive Director, or its designee, may authorize one or more lower income designations. The new tenants for the temporarily redesignated Affordable Unit must have a household income that meets the appropriate income designation (depending on the unit redesignation) as set forth below: