Common use of Occupancy Restrictions Clause in Contracts

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 rental units are collectively referred to herein as the "Tax Credit Units", and, with respect to all of such Tax Credit Units, "median gross income" shall be determined in accordance with the Code. The Owner further agrees that additional units in the Project shall be both rent-restricted and occupied by low-income individuals or families whose incomes meet the requirements of subsection (a) to the extent necessary to maintain the "applicable fraction," as defined in Section 42(c)(1)(B) of the Code, at not less than the percentage(s) to be determined at final allocation, for each taxable year of the Extended Use Period. 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 this subsection (b)], all as determined in accordance with Section 42(g) of the Code. The foregoing occupancy restrictions set forth in Section 2 and the additional agreements, if any, set forth in Section 3 shall be in effect for each building which is part of the Project for the Extended Use Period. The Owner hereby waives any rights under Section 42(h)(6)(E)(i)(II) of the Code to terminate the Extended Use Period.

Occupancy Restrictions. The Owner covenants and agrees that: (a) 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. . (b) 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 rental units are collectively referred to herein as the "Tax Credit Units", and, with respect to all of such Tax Credit Units, "median gross income" shall be determined in accordance with the Code. The Owner further agrees that additional units in the Project shall be both rent-restricted and occupied by low-income individuals or families whose incomes meet the requirements of subsection (a) to the extent necessary to maintain the "applicable fraction," as defined in Section 42(c)(1)(B) of the Code, at not less than the percentage(s) to be determined at final allocation, for each taxable year of the Extended Use Period. 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 this subsection (b)], all as determined in accordance with Section 42(g) of the Code. The foregoing occupancy restrictions set forth in Section 2 and the additional agreements, if any, set forth in Section 3 shall be in effect for each building which is part of the Project for the Extended Use Period. The Owner hereby waives any rights under Section 42(h)(6)(E)(i)(II) of the Code to terminate the Extended Use Period.AMI

Occupancy Restrictions. The Owner covenants and agrees that: (a) 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. . (b) 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 rental units are collectively referred to herein as the "Tax Credit Units", and, with respect to all of such Tax Credit Units, "median gross income" shall be determined in accordance with the Code. The Owner further agrees that additional residential units in the Project shall be maintained as both rent-restricted and occupied by low-income individuals or families whose incomes meet the requirements of this subsection (ab) to the extent necessary to maintain the "applicable fraction," as defined in Section 42(c)(1)(B) of the CodeApplicable Fraction, at not less than the percentage(s) to be determined at final allocation, shown on Exhibit B hereto for each taxable year of the Extended Use Period. (c) The determination of whether an individual or family is a Qualifying Tenant shall be made at least annually on the basis of the income of such Qualifying Tenant(s). A unit Any Tax Credit Unit occupied by an individual or family who is "rent-restricted" a Qualifying Tenant at the commencement of occupancy shall continue to be treated as a Tax Credit Unit notwithstanding an increase in the income of such individual or family above the income limitation applicable under subsection (b) of this Section 7 provided that, if the gross rent with respect to such unit does not exceed thirty Qualifying Tenant's income subsequently exceeds one hundred forty percent (30140%) of the imputed applicable income limitation applicable limit, such residential unit shall no longer be a Tax Credit Unit if after the determination of such increase, but prior to such the next determination, any residential unit [based upon of comparable or smaller size is rented to a tenant who is not a Qualifying Tenant. (d) As a condition to occupancy, each individual or family who is intended to be a Qualifying Tenant shall be required to sign a fully completed Tenant Income Certification prepared by the Owner, and the income limitations set forth and assets of such individual or family must be verified in this subsection the manner prescribed by the Authority. (b)], all as determined e) The form of lease to be utilized by the Owner in accordance with Section 42(g) renting any residential unit in the Project to any person who is intended to be a Qualifying Tenant shall provide for termination of the Code. The foregoing occupancy restrictions set forth in Section 2 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 additional agreements, if any, set forth in Section 3 shall be in effect for each building which is part of Tenant Income Certification or the Project for the Extended Use Period. The Owner hereby waives any rights under Section 42(h)(6)(E)(i)(II) of the Code failure by such tenant to terminate the Extended Use Periodexecute a certification annually.

Occupancy Restrictions. The Owner covenants and agrees that: (a) 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. . (b) 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 rental units are collectively referred to herein as the "Tax Credit Units", and, with respect to all of such Tax Credit Units, "median gross income" shall be determined in accordance with the Code. The Owner further agrees that additional residential units in the Project shall be maintained as both rent-restricted and occupied by low-income individuals or families whose incomes meet the requirements of this subsection (ab) to the extent necessary to maintain the "applicable fraction," as defined in Section 42(c)(1)(B) of the CodeApplicable Fraction, at not less than the percentage(s) to be determined at final allocation, shown on Exhibit B hereto for each taxable year of the Extended Use Period. (c) The determination of whether an individual or family is a Qualifying Tenant shall be made at least annually on the basis of the income of such Qualifying Tenant(s). A unit Any Tax Credit Unit occupied by an individual or family who is "rent-restricted" a Qualifying Tenant at the commencement of occupancy shall continue to be treated as a Tax Credit Unit notwithstanding an increase in the income of such individual or family above the income limitation applicable under subsection (b) of this Section 7 provided that, if the gross rent with respect to such unit does not exceed thirty Qualifying Tenant's income subsequently exceeds one hundred forty percent (30140%) of the imputed applicable income limitation applicable limit, such residential unit shall no longer be a Tax Credit Unit if after the determination of such increase, but prior to such the next determination, any residential unit [based upon of comparable or smaller size is rented to a tenant who is not a Qualifying Tenant. (d) As a condition to occupancy, each individual or family who is intended to be a Qualifying Tenant shall be required to sign a fully completed Tenant Income Certification prepared by the Owner, and the income limitations set forth and assets of such individual or family must be verified in this subsection the manner prescribed by the Authority. (b)], all as determined e) The form of lease to be utilized by the Owner in accordance with Section 42(g) renting any residential unit in the Project to any person who is intended to be a Qualifying Tenant shall provide for termination of the Code. The foregoing occupancy restrictions set forth in Section 2 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 additional agreements, if any, set forth in Section 3 shall be in effect for each building which is part of Tenant Income Certification or the Project for the Extended Use Period. The Owner hereby waives any rights under Section 42(h)(6)(E)(i)(II) of the Code failure by such tenant to terminate the Extended Use Periodexecute a certification annually.

Occupancy Restrictions. The Owner covenants and agrees that: : a) 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. . b) 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 rental units are collectively referred to herein as the "Tax Credit Units", and, with respect to all of such Tax Credit Units, "median gross income" shall be determined in accordance with the Code. The Owner further agrees that additional units in the Project shall be both rent-restricted and occupied by low-income individuals or families whose incomes meet the requirements of subsection (a) to the extent necessary to maintain the "applicable fraction," as defined in Section 42(c)(1)(B) of the Code, at not less than the percentage(s) to be determined at final allocation, for each taxable year of the Extended Use Period. 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 this subsection (b)], all as determined in accordance with Section 42(g) of the Code. . c) The foregoing occupancy restrictions set forth in Section 2 and the additional agreements, if any, set forth in Section 3 shall be in effect for each building which is part of the Project for the Extended Use Period. The Owner hereby waives any rights under Section 42(h)(6)(E)(i)(II) of the Code to terminate the Extended Use Period.

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 rental units are collectively referred to herein as the "Tax Credit Units", and, with respect to all of such Tax Credit Units, "median gross income" shall be determined in accordance with the Code. The Owner further agrees that additional units in the Project shall be both rent-restricted and occupied by low-income individuals or families whose incomes meet the requirements of subsection (a) to the extent necessary to maintain the "applicable fraction," as defined in Section 42(c)(1)(B) of the Code, at not less than the percentage(s) to be determined at final allocation, for each taxable year of the Extended Use Period. 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 this subsection (b)], all as determined in accordance with Section 42(g) of the Code. The foregoing occupancy restrictions set forth in Section 2 and the additional agreements, if any, set forth in Section 3 shall be in effect for each building which is part of the Project for the Extended Use Period. The Owner hereby waives any rights under Section 42(h)(6)(E)(i)(II) of the Code to terminate the Extended Use Period.: