PROJECT RENTS. 2.1 During the Affordability Period, the Proponent shall not charge rent for a Unit in the Project in excess of the affordable rent permitted under this Schedule "D" nor increase any rent charged for a Unit except as permitted in this Schedule "D”.
PROJECT RENTS. The Developer covenants and agrees that during the Qualified Project Period it will not increase the rent charged to any tenant of a rental unit within the Project during such tenant’s lease term and, at any rate, will not increase the rent charged to any tenant more than once in any 6-month period.
PROJECT RENTS. Rents for Restricted Units shall be limited to Qualifying Rents as set forth in Exhibit N. Qualifying Households shall be given at least thirty (30) days written notice prior to any rent increase. The maximum allowable rent that may be charged for a Restricted Unit may change from time to time when there are changes in the Area Median Income as published by HUD, or when there are changes made to the allowances deducted for tenant paid Utilities as calculated by the City of Los Angeles subject to HUD rules and regulations. In no event, however, will the resulting maximum allowable rent for a Restricted Unit Exceed the HUD fair market rents set for rental housing units of the same number of bedrooms for the area. Any increase in rental charges must comply with the terms of the lease as to the time and manner of such changes, provided that, no Qualifying Household shall have a rent increase sooner than one (1) year after initial occupancy, and provided further, rents for Restricted Units shall not have an annual increase in excess of the percentage increase in the county median income for the applicable year in which the rent increase is being considered, nor shall there be an accumulation of rental increases from year to year for those years in which the Borrower chose not to increase rents by the percentage allowed herein. Notwithstanding the above, tenants of HOME-assisted units that have been allocated low- income housing tax credits by a housing credit agency pursuant to Section 42 of the Internal Revenue Code of 1986 (26 U.S.C. 42) must pay rent according to the requirements of Section 42 which must be in compliance with HUD requirements pursuant to 24 CFR 92.252. If the Project is receiving necessary rental assistance from the Rental Assistance Program through the Housing Authority of the City of Los Angeles and/or through the Los Angeles County Department of Health Services (“Rental Assistance”) and said Rental Assistance is withdrawn or terminated due to reasons not attributable to the actions or inactions of the Borrower and approval to increase rents is received from the California Tax Credit Allocation Committee, the Borrower may petition LAHD and, upon confirmation of the circumstances outlined below, LAHD will approve specified modifications to the affordability restrictions and maximum rental charges designated in Exhibit N and Exhibit K(B), if all of the following circumstances exist: (a) alternative funding is unavailable, (b) the Project is ...
PROJECT RENTS. Rents for Restricted Units oc? hall be limited to Qualifying Rents a oci set forth m Exhibit B. Qualifying Households shall written notice prior to any be given at least thirty (_30_) days rent increase. The maximum allowable rent L hat may be charged for a
PROJECT RENTS
