Common use of Rental Rate Increases Clause in Contracts

Rental Rate Increases. Rental rates for Income-Restricted Units shall be adjusted no more frequently than annually. Rent increases for Income-Restricted Units may not allow rents paid by Tenants to exceed the rental rate requirements established above, and shall be based on Area Median Income increases for the household sizes and income levels specified in this Article IV, as published annually by HUD for the Washington, D.C. Metropolitan area. At least thirty (30) days prior to any increase in the rent schedule, the Tenants, with a copy to the County Manager or his written designee, must be provided a written notice of any increase in the rent schedule.

Rental Rate Increases. Rental rates for Income-Restricted Units shall be adjusted no more frequently than annually. Rent increases for Income-Restricted Units may not allow rents paid by Tenants to exceed the rental rate requirements established above, and shall be based on Area Median Income increases for the household sizes and income levels specified in this Article IV, as published annually by HUD for the Washington, D.C. Metropolitan area. At least thirty (30) days prior to any increase in the rent schedule, the Tenants, with a copy to the County Manager or his written designee, must be provided a written notice of any increase in the rent schedule. Rental rates for any of the 294 units at the Property shall not increase more than 2.5% annually during the Term of the County Loan.