Use Requirement Clause Samples

Use Requirement. Throughout the Term, the Project shall be used solely as rental housing with no reduction in the number of residential units unless approved in writing by HUD, except to the extent that another use may have been approved by the Secretary prior to the commencement of the Term, or to the extent that such other use is approved by the Secretary during the Term.

Use Requirement. Throughout the Term, the Project shall be used solely as rental housing for Moderate Income Families, with no reduction in the number of residential units, and no Current Tenant shall be required to relocate on the basis of his or her income. The owner may rent to Lower Income Families, and Very Low Income Families. a. The Owner shall not rent any former Rent Supplement unit to any New Tenant whose annual income exceeds eighty percent (80%) of the Area Median Income, or rent any other unit to any New Tenant whose income exceeds one hundred percent (100%) of the Area Median Income. The Owner shall obtain from each prospective New Tenant, prior to admission to the Project, a certification of income signed by such New Tenant. The Owner will make a reasonable effort to certify the accuracy of the income certification made by the New Tenant. The Owner shall maintain on file, for a period of not less than three

Use Requirement. Owner must develop and maintain Project as a multifamily residential or a mixed-use residential rental housing development. If the Project is a mixed- use residential development, at least 65 percent of the total square footage of the development must be used for residential purposes. Owner must rent at least 40 percent of the dwelling units to eligible households at a cost that is affordable to the eligible households.

Use Requirement. Throughout the Term, the Project shall be used solely as rental housing for Moderate Income Families, with no reduction in the number of residential units and no Current Tenant shall be required to relocate on the basis of his or her income. The owner may rent to Lower Income Families and Very Low Income Families. a. The Owner shall not rent any unit to any New Tenant whose annual income exceeds ninety five percent (95%) of the Area Median Income. The Owner shall obtain from each prospective New Tenant, prior to admission to the Project, a certification of income signed by such New Tenant. The Owner will make a reasonable effort to certify the accuracy of the income certification made by the New Tenant. The Owner shall maintain on file, for a period of not less than three (3) years, an executed original of each New Tenant's Income Certification. The Owner shall, following receipt of a written request, provide to the Secretary (or to such third party as the Commissioner may, in his sole discretion, determine to give the monitoring function under this Use Agreement) copies of all New Tenant Income Certifications, and such other documents as may be reasonably required to evaluate the Owner's compliance with the terms of this Agreement. Any unit in the Project assisted by a project-based Housing Assistance Payments Contract under Section 8, 42 U.S.C. §1437f, shall be subject to the income eligibility criteria set out in 42 U.S.C. §1437n(c), (as amended). b. For those units occupied by a Current Tenant, and the unit is not assisted by a project-based Section 8 Housing Assistance Payments Contract, the Owner shall not increase the Initial Rent for the unit without the prior approval by HUD pursuant to the "Procedures for Requesting Approval of an Increase in Maximum Permissible Rents" set out in 24 C.F.R. Part 245, Subpart D. For those units occupied by a Current Tenant, and the unit is assisted by a project-based Section 8 Housing Assistance Payments (HAP) Contract, rent increases shall be processed and determined in accordance with HAP Contract requirements. c. For those units to be occupied by a New Tenant, the Owner may charge a rent for the unit type that does not exceed 30% of 95% of Area Median Income. Any rent increases resulting from such an increase in the Area Median Income are herein authorized and accepted, without necessity of any further approval or application, and may be implemented by the Owner at any time after such increase in the Area Median...

Use Requirement. Owner, for itself and for its successors and assigns, hereby covenants and agrees for the benefit of PHA and HUD that the Building shall be used primarily to serve households earning no more than eighty percent (80%) of Area Median Income with community supportive services such as employment training (the “Use Requirement”) for the duration of the Restricted Period.

Use Requirement. Master Developer, for itself and its successors and assigns, hereby covenants and agrees for the benefit of PHA and HUD that the Restricted Units shall be used exclusively as dwelling units reserved for, and affordable to households earning no more

Use Requirement. The Owner hereby agrees that the Project shall be used solely as rental housing with no reduction in the number of residential rental units.

Use Requirement