Common use of Qualified Rental Use Clause in Contracts

Qualified Rental Use. Manager acknowledges that Owner is required to lease all of the Units in the Project to tenants whose income and rent levels qualify such apartments for inclusion in determining federal low-income housing tax credits (the “Credits”) for the Project pursuant to Section 42 of the Code and otherwise in accordance with the XXXX. This means that [ ] of the Units must be occupied by individuals with income less than or equal to [50]% of area median gross income, taking into account family size and that [ ] of the Units must be occupied by individuals with income less than or equal to [60]% of area median gross income, taking into account family size. Manager further acknowledges that obtaining the Credits will have substantial economic value to Owner and its members. Manager will familiarize itself with the low-income housing tax credit requirements as they relate to Manager’s leasing and management duties hereunder and shall use its best efforts to comply with such requirements, and, to the extent Manager is unable to do so, Manager shall promptly notify Owner of such fact and the reasons therefor. Incidental thereto, the following provisions shall apply: (a) Manager agrees to attend at least one Compliance Training seminar sponsored by the Authority. (b) Manager shall require each prospective tenant to certify, on the Lease application or Lease, the amount of such tenant’s annual family income, family size and any other information required to enable Owner to obtain the Credits or otherwise reasonably requested by Owner. Manager shall obtain from each prospective tenant’s employer (if any) a verification of the prospective tenant’s income, and shall perform such other verifications of such tenant’s non-employment income as are necessary or appropriate in order to provide necessary certification and verification of the amount of such tenant’s annual family income and family size and any other information reasonably requested by Owner in writing in connection with the Credits. To the extent required by the Code or by the Authority, Manager shall require Qualified Tenants to certify in writing as to such matters on an annual basis, prior to such time as the information is required for reporting purposes. (c) Manager shall from time to time furnish Owner with a written schedule of maximum rents for the apartments which complies with the Code for Owner’s (and any lender’s, if required) approval. Without Owner’s express prior written consent, Manager shall not enter into any Lease on behalf of Owner at a rental amount exceeding the applicable maximum. (d) Manager shall maintain and preserve all written records of Qualified Tenant family income and size, and any other information reasonably requested by Owner in writing in connection with the Credits, throughout the term of this Agreement, and shall turn all such records over to Owner upon the termination or expiration of this Agreement. (e) If requested by Owner, Manager shall prepare reports of low-income leasing and occupancy and other matters related to Manager’s obligations hereunder and to the operation of the Project in form suitable for submission in connection with the Credits and in compliance with the Code and any requirements of the Authority, including those set forth in the XXXX applicable to the Project.

Qualified Rental Use. Manager acknowledges that Owner is required to lease all of the Units in the Project to tenants whose income and rent levels qualify such apartments for inclusion in determining federal low-income housing tax credits (the “Credits”) for the Project pursuant to Section 42 of the Code and otherwise in accordance with the XXXX. This means that [ ] of the Units must be occupied by individuals with income less than or equal to [50]% of area median gross income, taking into account family size and that [ ] of the Units must be occupied by individuals with income less than or equal to [60]% of area median gross income, taking into account family size. Manager further acknowledges that obtaining the Credits will have substantial economic value to Owner and its members. Manager will familiarize itself with the low-income housing tax credit requirements as they relate to Manager’s leasing and management duties hereunder and shall use its best efforts to comply with such requirements, and, to the extent Manager is unable to do so, Manager shall promptly notify Owner of such fact and the reasons therefor. Incidental thereto, the following provisions shall apply: (a) Manager agrees to attend at least one Compliance Training seminar sponsored by the Authority. (b) Manager shall require each prospective tenant to certify, on the Lease application or Lease, the amount of such tenant’s annual family income, family size and any other information required to enable Owner to obtain the Credits or otherwise reasonably requested by Owner. Manager shall obtain from each prospective tenant’s employer (if any) a verification of the prospective tenant’s income, and shall perform such other verifications of such tenant’s non-employment income as are necessary or appropriate in order to provide necessary certification and verification of the amount of such tenant’s annual family income and family size and any other information reasonably requested by Owner in writing in connection with the Credits. To the extent required by the Code or by the Authority, Manager shall require Qualified Tenants to certify in writing as to such matters on an annual basis, prior to such time as the information is required for reporting purposes. (c) Manager shall from time to time furnish Owner with a written schedule of maximum rents for the apartments apartment units which complies with the Code for Owner’s (and any lender’s, if required) approval. Without Owner’s express prior written consent, Manager shall not enter into any Lease on behalf of Owner at a rental amount exceeding the applicable maximum. (d) Manager shall maintain and preserve all written records of Qualified Tenant family income and size, and any other information reasonably requested by Owner in writing in connection with the Credits, throughout the term of this Agreement, and shall turn all such records over to Owner upon the termination or expiration of this Agreement. (e) If requested by Owner, Manager shall prepare reports of low-income leasing and occupancy and other matters related to Manager’s obligations hereunder and to the operation of the Project in form suitable for submission in connection with the Credits and in compliance with the Code and any requirements of the Authority, including those set forth in the XXXX applicable to the Project.

Qualified Rental Use. Manager acknowledges that Owner is required to lease all of the Units in the Project to tenants whose income and rent levels qualify such apartments for inclusion in determining federal low-income housing tax credits (the “Credits”) for the Project pursuant to Section 42 of the Code and otherwise in accordance with the XXXX. This means that [ ] of the Units must be occupied by individuals with income less than or equal to [50]% of area median gross income, taking into account family size and that [ ] of the Units must be occupied by individuals with income less than or equal to [60]% of area median gross income, taking into account family size. Manager further acknowledges that obtaining the Credits will have substantial economic value to Owner and its members. Manager will familiarize itself with the low-income housing tax credit requirements as they relate to Manager’s leasing and management duties hereunder and shall use its best efforts to comply with such requirements, and, to the extent Manager is unable to do so, Manager shall promptly notify Owner of such fact and the reasons therefor. Incidental thereto, the following provisions shall apply:. (a) Manager agrees to attend at least one Compliance Training seminar sponsored by the Authority. (b) Manager shall require each prospective tenant to certify, on the Lease application or Lease, the amount of such tenant’s annual family income, family size and any other information required to enable Owner to obtain the Credits or otherwise reasonably requested by Owner. Manager shall obtain from each prospective tenant’s employer (if any) a verification of the prospective tenant’s income, and shall perform such other verifications of such tenant’s non-employment income as are necessary or appropriate in order to provide necessary certification and verification of the amount of such tenant’s annual family income and family size and any other information reasonably requested by Owner in writing in connection with the Credits. To the extent required by the Code or by the Authority, Manager shall require Qualified Tenants to certify in writing as to such matters on an annual basis, prior to such time as the information is required for reporting purposes. (c) Manager shall from time to time furnish Owner with a written schedule of maximum rents for the apartments which complies with the Code for Owner’s (and any lender’s, if required) approval. Without Owner’s express prior written consent, Manager shall not enter into any Lease on behalf of Owner at a rental amount exceeding the applicable maximum. (d) Manager shall maintain and preserve all written records of Qualified Tenant family income and size, and any other information reasonably requested by Owner in writing in connection with the Credits, throughout the term of this Agreement, and shall turn all such records over to Owner upon the termination or expiration of this Agreement. (e) If requested by Owner, Manager shall prepare reports of low-income leasing and occupancy and other matters related to Manager’s obligations hereunder and to the operation of the Project in form suitable for submission in connection with the Credits and in compliance with the Code and any requirements of the Authority, including those set forth in the XXXX applicable to the Project.