Common use of Occupancy Restrictions Clause in Contracts

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.

Occupancy Restrictions. The Owner represents, warrants and covenants that: a. Grantor represents and warrants that one hundred percent (100%) of Pursuant to the residential rental Code, units in the Project (other than manager’s units) shall be both rent-restricted occupied (or treated as hereinafter definedoccupied as provided herein) and occupied by individuals or families whose income is sixty the percent (60%) or less of area median gross income. b. All of income (including adjustments for family size) (collectively, the foregoing residential rental “Qualifying Tenant”), as follows: units are collectively referred to herein as @ 30%; units @ 40%; units @ 50%; and units @ 60%. Said units (the “Low-Income Units”, and, with respect to all of such Low-Income Units, “median gross income” ) shall be determined rent restricted as provided in accordance with the Internal Revenue Code (the “Code”)Subsection 4.e. 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. hereof. 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 current 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 if occupied by a Low-Income Unit notwithstanding an increase in the income of Qualifying Tenant if such individual or family above the income limitation applicable under subsection (b) of this Section unit continues to be rent restricted; provided that, if that should such Qualifying Tenant’s 's income subsequently exceeds one hundred forty percent (exceed 140%) % of the applicable income limit, such unit tenant shall no longer be a Low-Income Unit Qualifying Tenant, if after the such determination of such increaseincome, 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. b. As a condition to occupancy, each person who is intended to be a Qualifying Tenant shall be required to sign and deliver to the Owner an Income Certification in a form provided by the Authority, which form may change from time to time (the "Income Certification"). In addition, such person shall be required to provide whatever other information, documents or certifications are deemed necessary by the Authority to substantiate the Income Certification. c. The form of lease to be utilized by Grantor the Owner in renting any unit units 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 CertificationCertification or the failure by such tenant to execute an Income Certification annually. ithin Co the de. meaning d. Income Certifications will be maintained and accessible to the Authority with respect to each Qualifying Tenant who resides in a Project unit, and the Owner will, promptly upon request, file a copy thereof with the Authority. e. All low-income units shall be "rent restricted" units w the Code, and shall satisfy the requirements of Section 42(i)(3) of the

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.