Common use of Non-Qualifying Household Clause in Contracts

Non-Qualifying Household. If, upon the annual certification of the income a Tenant of a HOME-Assisted Unit, Borrower determines that the Tenant’s income has increased above the qualifying limit for a Low Income Household, the Tenant may continue to occupy the Unit. Upon the expiration of such Tenant's lease, Borrower shall: (1) With 60 days’ advance written notice, increase such Tenant’s Rent to the lesser of (i) one-twelfth (1/12) of thirty percent (30%) of the actual Adjusted Income of the Tenant, and (ii) the fair market rent (subject to 24 C.F.R. 92.252(i)(2) regarding low income housing tax credit requirements), and (2) Rent the next available Unit to a Very Low Income Household to comply with the requirements of Section 2.1(a) above, at a Rent not exceeding the maximum Rent specified in Section 2.2(a), or designate another comparable Unit that is occupied by a Very Low Income Household as a HOME-Assisted Unit, to meet the requirements of Section 2.1(a) above. On the day that Borrower complies with Section 2.1(a) in accordance with this Section 2.4(b), the Unit with the over-income Tenant will no longer be considered a HOME-Assisted Unit.

Non-Qualifying Household. If, upon the annual certification of the income a Tenant of a HOME-Assisted Unit, Borrower determines that the Tenant’s income has increased above the qualifying limit for a Low Income Household, the Tenant may continue to occupy the Unit. Upon the expiration of such Tenant's lease, Borrower shall: (1) With 60 days’ advance written notice, increase such Tenant’s Rent to the lesser of (i) one-twelfth (1/12) of thirty percent (30%) of the actual Adjusted Income of the Tenant, and (ii) the fair market rent (subject to 24 C.F.R. 92.252(i)(2) regarding low income housing tax credit requirements), and (2) Rent the next available Unit to a Very an Extremely Low Income Household to comply with the requirements of Section 2.1(a) above, at a Rent not exceeding the maximum Rent specified in Section 2.2(a), or designate another comparable Unit that is occupied by a Very an Extremely Low Income Household as a HOME-Assisted Unit, to meet the requirements of Section 2.1(a) above. On the day that Borrower complies with Section 2.1(a) in accordance with this Section 2.4(b), the Unit with the over-income Tenant will no longer be considered a HOME-Assisted Unit.

Non-Qualifying Household. If, upon the annual certification of the income a Tenant of a HOME-Assisted Unit, Borrower determines that the Tenant’s income of a Very Low Income Household or a Low Income Household has increased above the qualifying limit for a Low Income Household, such Tenant shall be permitted to retain the Tenant may continue to occupy the Unit. Upon the Unit and upon expiration of such the Tenant's lease, Borrower shall: lease and upon sixty (160) With 60 days’ advance days written notice, increase such Tenant’s the Rent must be increased to the lesser of (i) one-twelfth (1/121/12th) of thirty percent (30%) of the actual Adjusted Annual Income of the Tenant, and (ii) the or fair market rent (subject to 24 C.F.R. 92.252(i)(2) regarding low income housing tax credit requirements), and (2) Rent and Borrower shall rent the next available Unit to a Very Low Income Household or a Low Income Household as applicable to comply with the requirements of Section 2.1(a) 2.1 above, at a Rent not exceeding the maximum Rent specified in Section 2.2(a)2.2, or re- designate another comparable Unit that is occupied by in the Development with a Very Low Income Household or Low Income Household as applicable as a HOME-Assisted Unit, to meet the requirements of Section 2.1(a) 2.1 above. On Upon renting the day that Borrower complies with Section 2.1(a) next available Unit in accordance with this Section 2.4(b)2.1 or re- designating another Unit in the Development as a HOME-Assisted Unit for Low Income, the Unit with the over-income Tenant will no longer be considered a HOME-Assisted Unit.

Non-Qualifying Household. If, upon the annual certification of the income a Tenant of a HOME/CDBG-Assisted Unit, Borrower determines that the Tenant’s income has increased above the qualifying limit for a Low Income Household, the Tenant may continue to occupy the Unit. Upon the expiration of such Tenant's lease, Borrower shall: (1) With 60 days’ advance written notice, increase such Tenant’s Rent to the lesser of (i) one-twelfth (1/12) of thirty percent (30%) of the actual Adjusted Income of the Tenant, and (ii) the fair market rent (subject to 24 C.F.R. 92.252(i)(2) regarding low income housing tax credit requirements), and (2) Rent the next available Unit to a Very Low Income Household or Sixty Percent Income Household as applicable, to comply with the requirements of Section 2.1(a) 2.1 above, at a Rent not exceeding the maximum Rent specified in Section 2.2(a)2.2, or designate another comparable Unit that is occupied by a Very Low Income Household or Sixty Percent Income Household as applicable, as a HOME/CDBG-Assisted Unit, to meet the requirements of Section 2.1(a) above. On the day that Borrower complies with Section 2.1(a) in accordance with this Section 2.4(b), the Unit with the over-income Tenant will no longer be considered a HOME-Assisted Unit.Section

Non-Qualifying Household. If, upon the annual certification of the income a Tenant of a HOME-Assisted Unit, Borrower determines that the Tenant’s income has increased above the qualifying limit for a Low Income Household, the Tenant may continue to occupy the Unit. Upon the expiration of such Tenant's lease, Borrower shall: (1) With 60 days’ advance written notice, increase such Tenant’s Rent to the lesser of (i) one-twelfth (1/12) of thirty percent (30%) of the actual Adjusted Income of the Tenant, and (ii) the fair market rent (subject to 24 C.F.R. 92.252(i)(2) regarding low income housing tax credit requirements), and (2) Rent the next available Unit to a Very an Extremely Low Income Household or Sixty Percent Income Household, as applicable, to comply with the requirements of Section 2.1(a) 2.1 above, at a Rent not exceeding the maximum Rent specified in Section 2.2(a)2.2, or designate another comparable Unit that is occupied by a Very an Extremely Low Income Household or Sixty Percent Income Household, as applicable, as a HOME-Assisted Unit, to meet the requirements of Section 2.1(a) 2.1 above. On the day that Borrower complies with Section 2.1(a) 2.1 in accordance with this Section 2.4(b2.4(c), the Unit with the over-income Tenant will no longer be considered a HOME-Assisted Unit.

Non-Qualifying Household. If, upon the annual certification of the income a Tenant of a HOME/CDBG-Assisted Unit, Borrower determines that the Tenant’s income has increased above the qualifying limit for a Low Income Household, the Tenant may continue to occupy the Unit. Upon the expiration of such Tenant's lease, Borrower shall: (1) With 60 days’ advance written notice, increase such Tenant’s Rent to the lesser of (i) one-twelfth (1/12) of thirty percent (30%) of the actual Adjusted Income of the Tenant, and (ii) the fair market rent (subject to 24 C.F.R. 92.252(i)(2) regarding low income housing tax credit requirements), and (2) Rent the next available Unit to a Very an Extremely Low Income Household to comply with the requirements of Section 2.1(a) 2.1 above, at a Rent not exceeding the maximum Rent specified in Section 2.2(a)2.2, or designate another comparable Unit that is occupied by a Very an Extremely Low Income Household Household, as a HOME/CDBG-Assisted Unit, to meet the requirements of Section 2.1(a) 2.1 above. On the day that Borrower complies with Section 2.1(a) 2.1 in accordance with this Section 2.4(b), the Unit with the over-income Tenant will no longer be considered a HOME/CDBG-Assisted Unit.