Maximum Rental Amount During Affordability Period Sample Clauses

Maximum Rental Amount During Affordability Period. The rents for a CDBG-assisted rental unit including rent and utilities may not exceed the Fair Market Rent (FMR) for existing housing for comparable units in the area as established by HUD under 24 CFR 888.111. If the unit receives Federal or State project-based rental subsidy and the LMI family pays as a contribution toward rent not more than 30% of the tenant’s adjusted household income, then the maximum rent (i.e. tenant contribution plus project-based rental subsidy) is the rent allowable under the Federal or State project-based rental subsidy program. LMI tenants have household incomes at or below 80% of the area median income (AMI) for Xxxx County. Maximum rental amounts are adjusted annually by HUD based on the income limits prevailing for the location of the rental housing, which are published by HUD for the Section 8 rental assistance program on HUD’s website. Developer will adjust the maximum rental amount within 30 days of publication of new income limits and apply the maximum amount to all new leases executed after that time. Regardless of changes in FMR’s and in AMI during the Affordability Period, the maximum rents for qualified tenants once in occupancy with a lease are not required to be lower than the rent limits then in effect at the time of such tenant’s initial lease. During the Affordability Period and upon vacancy of any unit, when such unit is initially leased to a new qualified tenant, the maximum rent for such unit will not be required to be lower than the rent limits in effect at the time of such new qualified tenant’s lease during the term of such lease.
Sample 1
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Maximum Rental Amount During Affordability Period. The rents for an NDR- assisted rental unit including rent and utilities may not exceed 30% of the tenant’s household income to qualify as affordable under HUD rules. LMI tenants have household incomes at or below 80% of the area median income (AMI) for Xxxx County. Maximum rental amounts are adjusted annually by HUD based on the income limits prevailing for the location of the rental housing, which are published by HUD for the Section 8 rental assistance program on HUD’s website. Developer will adjust the maximum rental amount within 30 days of publication of new income limits and apply the maximum amount to all new leases executed after that time. To determine the affordable rental amount, Developer will follow these procedures: 1. For each rental unit, a household size will be based on the numbers of bedrooms in the home, as follows: studio, one person; 1-bedroom, one person, 2- bedroom, two persons; 3-bedroom, three persons; 4-bedroom, four persons. 2. Developer will identify the income limit for the appropriate household size and maximum allowed percentage of area median income from the HUD income limits available on the HUD website. 3. The resulting income amount will be multiplied by 30% to represent an affordable housing payment. 4. Using a schedule of utility allowances from the Minot Housing Authority or equivalent document, the estimated amounts of the tenant-paid utilities will be deducted from the affordable housing payment amount. The result will be the maximum allowed rent.
Sample 1

Related to Maximum Rental Amount During Affordability Period

  • RENTAL AMOUNT The Owner hereby grants the Agent power to create rental agreements related to the Property for: (check one)

  • Minimum Excess Availability Borrower shall have Excess Availability under the Revolving Credit Loans facility of not less than the amount specified in the Schedule, after giving effect to the initial advance hereunder and after giving effect to any applicable Loan Reserves against borrowing availability under the Revolving Credit Loans.

  • Line of Credit Amount (a) During the availability period described below, the Bank will provide a line of credit to the Borrower. The amount of the line of credit (the “Facility No. 1 Commitment”) is Five Million and 00/100 Dollars ($5,000,000.00). (b) This is a revolving line of credit. During the availability period, the Borrower may repay principal amounts and reborrow them. (c) The Borrower agrees not to permit the principal balance outstanding to exceed the Facility No. 1

  • Availability Period The line of credit is available between the date of this Agreement and April 30, 2012, or such earlier date as the availability may terminate as provided in this Agreement (the “Facility No. 1 Expiration Date”).

  • Loan Amount 5. ACCOUNT NAME(S) ............................................................................................................................................................................. BANK NAME / BRANCH ..................................................................................................................................................................

  • Intent to Limit Charges to Maximum Lawful Rate In no event shall the interest rate or rates payable under this Agreement, plus any other amounts paid in connection herewith, exceed the highest rate permissible under any law that a court of competent jurisdiction shall, in a final determination, deem applicable. Borrower and the Lender Group, in executing and delivering this Agreement, intend legally to agree upon the rate or rates of interest and manner of payment stated within it; provided, however, that, anything contained herein to the contrary notwithstanding, if said rate or rates of interest or manner of payment exceeds the maximum allowable under applicable law, then, ipso facto, as of the date of this Agreement, Borrower is and shall be liable only for the payment of such maximum as allowed by law, and payment received from Borrower in excess of such legal maximum, whenever received, shall be applied to reduce the principal balance of the Obligations to the extent of such excess.

  • Maximum Credit Patheon's liability for Active Materials calculated in accordance with this Section 2.2 for any Product in a Year will not exceed, in the aggregate, the Maximum Credit Value set forth in Schedule D to a Product Agreement.

  • Benchmark Unavailability Period Upon the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrower may revoke any pending request for a SOFR Borrowing of, conversion to or continuation of SOFR Loans to be made, converted or continued during any Benchmark Unavailability Period and, failing that, the Borrower will be deemed to have converted any such request into a request for a Borrowing of or conversion to Base Rate Loans. During a Benchmark Unavailability Period or at any time that a tenor for the then-current Benchmark is not an Available Tenor, the component of Base Rate based upon the then-current Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of Base Rate.

  • Maximum or Minimum Interest Rate If specified on the face hereof, this Note may have either or both of a Maximum Interest Rate or a Minimum Interest Rate. If a Maximum Interest Rate is so designated, the interest rate for a Floating Rate Note cannot ever exceed such Maximum Interest Rate and in the event that the interest rate on any Interest Reset Date would exceed such Maximum Interest Rate (as if no Maximum Interest Rate were in effect) then the interest rate on such Interest Reset Date shall be the Maximum Interest Rate. If a Minimum Interest Rate is so designated, the interest rate for a Floating Rate Note cannot ever be less than such Minimum Interest Rate and in the event that the interest rate on any Interest Reset Date would be less than such Minimum Interest Rate (as if no Minimum Interest Rate were in effect) then the interest rate on such Interest Reset Date shall be the Minimum Interest Rate. Notwithstanding anything to the contrary contained herein, the interest rate on a Floating Rate Note shall not exceed the maximum interest rate permitted by applicable law.

  • FUNDING AVAILABILITY This Contract is contingent upon the continued availability of funding. If funds become unavailable through the lack of appropriations, legislative or executive budget cuts, amendment of the Appropriations Act, state agency consolidation or any other disruptions of current appropriations, DFPS will reduce or terminate this Contract.

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