Common use of Vacancies During Rent-Up Clause in Contracts

Vacancies During Rent-Up. Grantees can determine whether to include payment of vacancies in its Project Rental Assistance program. If the Grantee decides to provide vacancy payments, for each Assisted Unit that is not leased as of the effective date of this contract, the Owner is entitled to vacancy payments that may not exceed 80 percent of the Contract Rent for up to 60 days of vacancy, provided that the Grantee/Owner: (1) commences and performs appropriate feasible actions to fill the vacancy, consistent with Xxxxxxx’s PRA program and otherwise complied with section 2.2 of the Agreement, and (2) has not rejected any eligible applicants, except for good cause acceptable to the Grantee.

Vacancies During Rent-Up. Grantees can determine whether to include payment of vacancies in its Project Rental Assistance program. If the Grantee decides to provide vacancy payments, for each Assisted Unit that is not leased as of the effective date of this contract, the Owner is entitled to vacancy payments that may not exceed 80 percent of the Contract Rent for up to 60 days of vacancy, provided that the Grantee/Ownerthe: (1) Grantee commences and performs appropriate feasible actions to fill the vacancy, consistent with Xxxxxxx’s PRA program and otherwise complied with section 2.2 of the Agreement, and (2) the Owner has not rejected any eligible applicants, except for good cause acceptable to the Grantee.