Maximum Income. The Owner will not enter into a Tenancy Agreement with a Household to rent a Rental Dwelling Unit unless the Household establishes that its Cumulative Gross Annual Household Income for the most recent financial year does not exceed the Maximum Income for the relevant Rental Dwelling Unit.
Maximum Income. Tenants of Rental Dwellings must be Eligible Tenants who, at the time of lease execution during the Affordability Period, must have gross annual incomes at or below 90% Area Median Income (AMI) adjusted for household size as published by the U.S. Department of Housing and Urban Development (HUD) or otherwise determined by the City of Savannah Housing and Neighborhood Services Department (HNSD) with verification provided to the HNSD prior to lease execution. Unless otherwise requested by the HNSD, verification of incomes do not have to be provided to the HNSD for tenants participating in the Section 8, Housing Choice Voucher, Low Income Housing Tax Credit, or other rental assistance programs recognized by the HNSD. Unless required by funding sources used to produce or finance Rental Dwellings, tenants who subsequently realize increases to income above the Maximum Income limits after leasing a unit, do not have to move.
Maximum Income. The initial purchaser of each newly constructed For Sale Dwelling must be an Eligible Purchaser who, at the time of purchase, has a gross annual income at or below 90% Area Median Income (AMI) adjusted for household size as published by the U.S. Department of Housing and Urban Development (HUD) or otherwise determined by the City of Savannah Housing and Neighborhood Services Department (HNSD) with verification provided to the HNSD prior to sale. Subsequent purchasers of For Sale Dwellings are not bound by these income requirements unless otherwise restricted as part of the purchase financing.
Maximum Income. The potential homebuyer qualifies as a Middle Income Household.
Maximum Income. USDA, Rural Development and IRS section 42 regulations require that should TENANT’S adjusted household income exceed qualifying limits, TENANT will no longer be eligible for occupancy in this Project. USDA, Rural Development and IRS Section 42 regulations require that once an eligible TENANT’S income is in excess of qualifying limits, TENANT is no longer eligible for occupancy in this project and will be required to vacate within thirty (30) days after service of notice that TENANT is ineligible for tenancy, or when TENANT’S current lease term ends, whichever is sooner, unless an exception is authorized by the State Director.
