Common use of Rental Rate Requirements Clause in Contracts

Rental Rate Requirements. (1) Borrower covenants and agrees that during the term of the AHIF Affordability Compliance Period, the rental rates charged for all of the Income-Restricted Units on the Property shall: (i) be established in accordance with HUD rent limits set for Arlington County for imputed incomes at sixty percent (60%) of AMI (provided that if HUD does not publish a rent limit for 60% of AMI, then the 60% AMI rent limit will be 120% of the rent limit for 50% of AMI); (ii) be adjusted for family size as described under the definition of “County Affordability Level,” and (iii) not exceed the established affordability level for the gross rents, as published by HUD.

Rental Rate Requirements. (1) Borrower covenants and agrees that during the term of the AHIF Affordability Compliance Period, the rental rates charged for all of the Income-Restricted Units on the Property shall: (i) be established in accordance with HUD rent limits set for Arlington County for imputed incomes at sixty percent (60%) and eighty percent (80%) of AMI (provided that if HUD does not publish a rent limit for 60% of AMI, then the 60% AMI rent limit will be 120% of the rent limit for 50% of AMI); (ii) be adjusted for family size as described under the definition of “County Affordability Level,” and (iii) not exceed the established affordability level for the gross rents, as published by HUD.

Rental Rate Requirements. (1) Borrower covenants and agrees that during the term of the AHIF County Affordability Compliance Period, the rental rates charged for all of the Income-Restricted Units on the Property shall: (iA) be established in accordance with HUD rent limits set for Arlington County for imputed incomes at fifty percent (50%) and sixty percent (60%) of AMI (provided that if HUD does not publish a rent limit for 60% of AMI, then the 60% AMI rent limit will be 120% of the rent limit for 50% of AMI); (iiB) be adjusted for family size as described under the definition of “County Affordability Level,” and (iiiC) not exceed the established affordability level for the gross rents, as published by HUD.

Rental Rate Requirements. (1) Borrower covenants and agrees that during the term of the AHIF Affordability Compliance Period, except with respect to all current Tenants, including lease renewals of such current Tenants (i.e., only with respect to new Tenants moving in after the Effective Date), the rental rates charged for all of the Income-Restricted Units on the Property shall: (i) be established in accordance with HUD rent limits set for Arlington County for imputed incomes at sixty eighty percent (6080%) of AMI (provided that if HUD does not publish a rent limit for 60% of AMI, then the 60% AMI rent limit will be 120% of the rent limit for 50% of AMI); (ii) be adjusted for family size as described under the definition of “County Affordability Level,” and (iii) not exceed the established affordability level for the gross rents, as published by HUD.

Rental Rate Requirements. (1) Borrower covenants and agrees that during the term of the AHIF Affordability Compliance Period, the rental rates charged for all of the Income-Restricted Units on the Property shall: (i) be established in accordance with HUD rent limits set for Arlington County for imputed incomes at fifty percent (50%) of AMI and sixty percent (60%) of AMI (provided that if HUD does not publish a rent limit for 60% of AMI, then the 60% AMI rent limit will be 120% of the rent limit for 50% of AMI); (ii) be adjusted for family size as described under the definition of “County Affordability Level,” and (iii) not exceed the established affordability level for the gross rents, as published by HUD.