Affordable Rent Level definition

Affordable Rent Level means a rent which does not exceed an Affordable Rent (subject to Condition 2.4);

Affordable Rent Level means that the accessory dwelling unit household’s monthly cost of rent, plus the cost of electricity, gas, water and sewer service, and garbage collection (hereinafter “utilities”) is 30% or less than the upper limit of the annual gross household income, divided by 12, for a specified income category and household size as last published by the California Department of Housing and Community Development (hereinafter “HCD”). The Town shall determine maximum affordable rent levels for rent-restricted accessory dwelling units following the annual publication of the State Income Limits by HCD. In determining rent levels, the household size for rent-restricted accessory dwelling units shall be: studio, 1 person; one-bedroom, 2 persons; two-bedroom, 3 persons; and, three-bedroom, 4 persons. The cost of utilities for the accessory dwelling unit shall be included in the affordable rent level. For rent- restricted accessory dwelling units where utilities are separately metered and billed, and where the accessory dwelling unit household is responsible for the costs of that household’s use of utilities, the maximum rent shall be set at 90% of the affordable rent level.

Affordable Rent Level means a rent which does not exceed an Affordable Rent; Agreed Purposes means the tenure for which each RSAP Dwelling is to be used as such tenures (including the relevant rent levels) are described in the Capital Project Details; Agreement means this Rough Sleeping Accommodation Programme Revenue Funding Agreement (including its Schedules, Annexures and Appendices (if any));

Examples of Affordable Rent Level in a sentence

• The parties acknowledge that in setting the Affordable Rent Level, it may not be possible for the Grant Recipient and/or the Grant Recipient to identify a comparable market rent for an equivalent property of the relevant size and location (an Equivalent Property) in the Broad Market Rental Area.

• In the circumstance contemplated in this Condition 2.4 the Grant Recipient should set the Affordable Rent Level by reference to the Comparable Market Rent.

• The proposed rule’s description of nonperforming assets in §.106(b) would be consistent with the definition of “nonperforming exposure” in §.3 of the LCR rule.An asset that is encumbered for a period of six months or more, but less than one year, would be assigned an RSF factor equal to the greater of 50 percent and the RSF factor the asset would be assigned if it were not encumbered.

• Authority cited: Section 65580, Government Code; Section 104.6, Streets and Highways Code Reference cited: Section 65580, Government Code; Section 104.6, Streets and Highways Code §2654 Definition of Terms Affordable Rent Level means 25% of the gross monthly income for tenants who began renting the unit on or before March 3, 1981 or 30% of the gross monthly income for tenants who began renting the unit after March 3, 1981.

• This meets the Croydon Local Plan (2018) policy requirements, but as it is not being provided at London Affordable Rent Level, falls short of London Plan’s (2021) split requirements.

More Definitions of Affordable Rent Level

Affordable Rent Level means that the second unit household’s monthly cost of rent, plus the cost of electricity, gas, water and sewer service, and garbage collection ( “utilities”) is 30% or less than the upper limit of the annual gross household income, divided by 12, for a specified income category and household size as last published by the California Department of Housing and Community Development ( “HCD”). The City shall determine maximum affordable rent levels for rent-restricted second units following the annual publication of the State Income Limits by HCD. In determining rent levels, the household size for rent-restricted second units shall be: studio, 1 person; one-bedroom, 2 persons; two-bedroom, 3 persons; and, three-bedroom, 4 persons. The cost of utilities for the second unit shall be included in the affordable rent level. For rent- restricted second units where utilities are separately metered and billed, and where the second unit household is responsible for the costs of that household’s use of utilities, the maximum rent shall be set at 90% of the affordable rent level. (California Health and Safety Code Section 50053)