New Residential Rental Policies Sample Clauses

New Residential Rental Policies. As stated above, the Senior Independent Living Residence is being financed such that 100% of the units will operate under the federal LIHTC program, County ADU Program and Ground Lease requirements. There will be an annual income certification requirement for all the LIHTC units pursuant to Section 42 of the Internal Revenue Code requirements, Virginia Housing Development Authority (“VHDA”) and the Property Manager’s policies. Fairfax County has similar annual income certifications and regulatory requirements as required in Exhibit A of the Ground Lease. It is expected that so long as the property is subject to the requirements of the LIHTC program, Xxxxxx will only certify resident incomes pursuant to the LIHTC rules. Resident income will also be income certified according to HCV and FCRHA policies by the Fairfax County Department of Housing and Community Development (HCD) Housing Services Specialist for the 22 PBV units. In the event the property is no longer subject to the LIHTC program, the Exhibit H of the ground lease will govern the criteria for affordability through the term of the ground lease. After construction completion and upon initial lease-up, an initial income certification process will be conducted in order to determine eligibility for the LIHTC units. Based on current occupancy information as of November 2014, it is anticipated all 22 existing households will meet the LIHTC income requirements under the new lease requirements. Each household will be subject to the income limits published annually by HUD that will be in effect the year the project is placed-in- service. For reference, the current effective LIHTC limits for 2014 are as follows: DC-MD-VA MSA LIHTC Income Limits 2014 (effective as of 12/18/2013) Household Size 60% of Area Median Income 50% of Area Median Income 30% of Area Median Income 1 Person $44,940 $37,450 $22,470 2 Person $51,360 $42,800 $25,680 3 Person $57,780 $48,150 $28,890 4 Person $64,200 $53,500 $32,100 5 Person $69,360 $57,800 $34,680 6 Person $74,520 $62,100 $37,260
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Related to New Residential Rental Policies

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