Occupancy Restrictions. For the purpose of satisfying the requirements of Section 42 of the Code, at least for the Qualified Project Period, the Owner hereby represents, covenants and agrees as follows:
(a) Throughout the Qualified Project Period (excluding Dwelling Units not previously occupied), at least the Applicable Set-Aside Percentage of the completed Dwelling Units in the Project shall be both a Rent Restricted Unit and occupied solely by Qualified Tenants, prior to the satisfaction of which no additional units shall be rented or leased to any other tenants after initial rental occupancy of Dwelling Units by Qualified Tenants, as required by Section 42 of the Code. For purposes of satisfying the requirement that not less than the Applicable Set-Aside Percentage of the Dwelling Units be occupied by Qualified Tenants, no Qualified Tenant shall be denied continued occupancy because, after admission, the Qualified Tenant’s family income exceeds the applicable qualifying income level set forth in the definition of “Qualified Tenant” herein. The Owner shall at all times during the Qualified Project Period maintain the percentage requirements of this Agreement by providing the next available unit of comparable or smaller size to Qualified Tenants as needed to achieve compliance with the foregoing requirements. If necessary, the Owner shall refrain from renting Dwelling Units in the Project to persons other than Qualified Tenants in order to avoid violating the requirement that at all times during the Qualified Project Period at least the Applicable Set-Aside Percentage of the completed Dwelling Units in the Project shall be both a Rent Restricted Unit and occupied by Qualified Tenants.
(b) To obtain and maintain on file for each Qualified Tenant residing at the Project (which shall be obtained and updated each year during occupancy by such tenant), a copy of such tenant’s executed Certification of Tenant Eligibility and Income Verification (attached hereto as Exhibit B or in such other form and manner as may be required by the applicable rules, regulations or policies now or hereafter promulgated by the Authority, the Department of the Treasury or the Internal Revenue Service (the “IRS”)), as well as supporting documentation, which is subject to independent investigation and verification by the Authority and which shall be submitted to the Authority as set forth in (c) below.
(c) The Owner will immediately notify the Authority if at any time any of the Dwelling Units in the Proj...
Occupancy Restrictions a. At least one Qualified Resident shall continuously occupy the Property as his or her principal place of residence.
b. No business activity shall occur on or in such Property, other than as permitted within the zone district applicable to the Property.
Occupancy Restrictions. Occupancy may be limited at the Manager’s discretion and in accordance with all applicable fire codes. Member agrees to pay all suggested fees identified in the rental agreement. Member further agrees and understands that they are responsible for repair and/or replacement of furniture, fixtures, landscaping, or other property damaged on the premises resulting from the use of the facility.
Occupancy Restrictions a. The Property shall be continuously occupied by at least one Qualified Owner as their principal place of residence.
b. The Qualified Owner may lease a room or rooms in the Property to one or more Qualified Tenants, provided that the Qualified Owner still occupies the Property as their principal place of residence.
c. No business activity shall occur on or in the Property, other than as permitted within the zone district applicable to the Property.
d. If a Qualified Owner ceases to occupy the Property as their principal place of residence, the Qualified Owner shall immediately contact the Town to Transfer the Property pursuant to Section 4 hereof. An Owner shall be deemed to have changed their principal place of residence by: becoming a resident elsewhere; accepting permanent employment outside of Eagle County, Colorado; or residing in the Property for fewer than 9 months per calendar year.
e. If at any time a Qualified Owner also owns any interest alone or in conjunction with others in any developed residential property or dwelling unit located in Eagle County, Colorado, the Qualified Owner shall immediately list said other property or unit for sale to sell the Qualified Owner's interest in such property at a sales price comparable to like units or properties in the area in which the property or dwelling unit is located. If said other property or unit(s) has not been sold by the Qualified Owner within 120 days of its listing, the Qualified Owner shall immediately contact the Town to Transfer the Property pursuant to Section 4 hereof. It is understood and agreed that, in the case of a Qualified Owner whose business is the construction and sale of residential properties or the purchase and sale of such properties, the properties which constitute inventory in the business shall not constitute other developed residential property or dwelling unit as those terms are used in this Section.
f. No later than February 1st of each year, the Owner shall submit one copy of a sworn affidavit, on a form provided by the Town, verifying that the Property is occupied in accordance with this Agreement and the Guidelines.
g. Should the Town acquire possession of the Property for any reason, the Town may lease the Property to any number of Qualified Tenants at any time.
Occupancy Restrictions. The Owner covenants and agrees that: For the purpose of Section 42(g)(1) of the Code, the Owner elects the following (select one): ___ At least twenty percent (20%) of the residential rental units in the Project shall be maintained as both rent-restricted and occupied by individuals or families whose income is fifty percent (50%) or less of Area Median Gross Income of the area in which the Project is located as determined by the Secretary of the United States Department of the Treasury for purposes of Section 42 of the Code, including adjustments for family size (“AMI”). ___ At least forty percent (40%) of the residential rental units in the Project shall be maintained as both rent-restricted and occupied by individuals or families whose income is sixty percent (60%) or less of AMI. ___ At least forty percent (40%) of the residential rental units in the Project shall be maintained as both rent-restricted and occupied by individuals or families whose average income does not exceed the imputed income limitation designated by the Owner with respect to the Tax Credit Units provided that: (i) the Owner shall designate the imputed income limitation of each Tax Credit Unit taking into account; (ii) the average of the imputed income limitations shall not exceed sixty percent (60%) of AMI, and (iii) the designated imputed income limitations shall be either twenty percent (20%), 30 percent (30%), 40 percent (40%), 50 percent (50%), 60 percent (60%), seventy percent (70%) or 80 percent (80%) of AMI. Any changes to these initial designations may be made only with the Authority’s expressed written consent and in accordance with the Authority’s [Income Averaging Policy] in place at the time of the request. Additionally, the Owner covenants and agrees that, during the Extended Use Period, as defined in Section 46(h)(6)(D) the Code which shall be no less than the “compliance period” as defined in Section 42(i)(1) of the Code plus an additional 25 taxable years thereafter (the “Extended Use Period”), the Tax Credit Units shall be maintained as both rent restricted and occupied by individuals or families whose income level does not exceed the applicable AMI as follows: _____ (__) units 20% or less of AMI _____ (__) units 30% or less of AMI _____ (__) units 40% or less of AMI _____ (__) units 50% or less of AMI _____ (__) units 60% or less of AMI _____ (__) units 70% or less of AMI _____ (__) units 80% or less of AMI _____ (__) units manager All of the foregoing residential ...
Occupancy Restrictions. Single occupancy dormitory rooms may be occupied only by the student who signed the license agreement . There are two-bedroom shared units in 272 Elm, Xxxxx Xxxx, 68 Xxxxxxxxx, Divinity Quadrangle, Esplanade, Mansfield, and Whitehall. These room types may only be occupied by the two students who signed the license agreement. No other occupants (including family members) are permitted to live in these unit types at any time. Violation of this clause may result in fines up to and including termination of the license agreement.
Occupancy Restrictions. The Owner covenants that it will not knowingly take or permit any action that would result in a violation of the requirements of Section 42 and applicable regulations of this Agreement. The Owner covenants to take any lawful action (including amendment of this Agreement as may be necessary, in the opinion of the BOARD) to comply fully with the Code and with all applicable rules, rulings, policies, procedures, regulations or other official statements promulgated or proposed by the United States Department of the Treasury, or the Internal Revenue Service, or the Department of Housing and Urban Development from time to time pertaining to the Owner’s obligations under Section 42 and affecting the Project.
Occupancy Restrictions. Project shall be operated in accordance with affordability requirements and occupancy restrictions set forth in Attachment II, Occupancy Restrictions and Project Unit Characteristics, which is incorporated and made part of this Agreement.
i) Minimum Set‐aside Requirements. Consistent with Section 42(g)(1) of the Code, the Project shall meet the requirements of a “qualified low‐income housing project” in that, subject to the election of the Owner:
(1) 20 percent or more of the residential units in such project are both rent‐restricted and occupied by individuals whose income is 50 percent or less of area median gross income; or
(2) 40 percent or more of the residential units in such project are both rent‐restricted and occupied by individuals whose income is 60 percent or less of area median gross income.
Occupancy Restrictions. Xxxxxx household agrees to occupy the Unit for at least ten months per year, provided that subject to written pre-approval by the City of Minneapolis, Tenant household may sublet the Unit for up to 12 months if unexpected circumstances require a temporary relocation out of the area and provided that the aggregate payments made by any sublessee in any calendar month shall not exceed the monthly rent that could be charged to the Tenant household in accordance with the lease. No Tenant shall sub-lease the Unit for periods of less than one month.
Occupancy Restrictions a. Grantor represents and warrants that one hundred percent (100%) of the residential rental units in the Project (other than manager’s units) shall be both rent-restricted (as hereinafter defined) and occupied by individuals or families whose income is sixty percent (60%) or less of area median gross income.
b. All of the foregoing residential rental units are collectively referred to herein as the “Low-Income Units”, and, with respect to all of such Low-Income Units, “median gross income” shall be determined in accordance with the Internal Revenue Code (the “Code”). A unit is “rent-restricted” if the gross rent with respect to such unit does not exceed thirty percent (30%) of the imputed income limitation applicable to such unit based upon the income limitations set forth in subsection (a), all as determined in accordance with Section 42(g) of the Code.
c. The determination of whether an individual or family is a Qualifying Tenant (that is, meets the income requirements of subsection (b) of this Section) shall be made at least annually on the basis of the income of such Qualifying Tenant(s). Any unit occupied by an individual or family who is a Qualifying Tenant at the commencement of occupancy shall continue to be treated as a Low-Income Unit notwithstanding an increase in the income of such individual or family above the income limitation applicable under subsection (b) of this Section provided that, if such Qualifying Tenant’s income subsequently exceeds one hundred forty percent (140%) of the applicable income limit, such unit shall no longer be a Low-Income Unit if after the determination of such increase, but prior to the next determination, any residential unit of comparable or smaller size is rented to a tenant who is not a Qualifying Tenant.
d. The form of lease to be utilized by Grantor in renting any unit in the Project to any person who is intended to be a Qualifying Tenant shall provide for termination of the lease and consent by such person to immediate eviction for failure to qualify as a Qualifying Tenant as a result of any material misrepresentation made by such person with respect to the Income Certification.
