Affordable Residential Unit definition

Affordable Residential Unit means a residential unit that meets the criteria set out in subsection 4.1(2) or 4.1(3) of the Act;

Affordable Residential Unit means a residential unit that that meets the criteria set out in section 4.1 of the Act.

Affordable Residential Unit means a residential unit that meets the criteria set out in subsection (2) or (3); (“unité d’habitation abordable”)

Examples of Affordable Residential Unit in a sentence

• Owner shall keep the household that no longer qualifies for low-income housing reasonably informed of the Owner’s attempts to obtain a replacement For-Rent Affordable Residential Unit.

• The For-Rent Affordable Residential Units shall remain available at Affordable Rents for a continuous period of ninety (90) years after the initial lease of each For-Rent Affordable Residential Unit.

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• The lease term for each For-Rent Affordable Residential Unit and for each Market Rate Housing Unit offered for rent shall not exceed one (1) year.

• Thereafter, the For-Rent Affordable Residential Unit shall be rented to a low-income household, subject to this Declaration, the Agreement and the Program.

• On or before the ninetieth (90th) day prior to the expiration date of such lease, Owner shall designate the next available Residential Unit of comparable size within the Residential Project as a replacement For-Rent Affordable Residential Unit, using commercially reasonable efforts to match the distribution of For-Rent Affordable Residential Units and Market Rate Housing Units shown on Attachment A-l.

• The lease term for each For-Rent Affordable Residential Unit shall be renewable annually only upon the completion of the Income Certification process described in Section 4.

• Subject to any such approval, nothing in this Section 2.2 shall limit the requirements of this Affordable Housing Plan that a Declaration of Restrictions for For-Rent Affordable Residential Units be recorded against each For-Rent Affordable Residential Unit, that each For-Sale Affordable Residential Unit be sold to qualified members of the public using a Declaration of Restrictions for For-Sale Affordable Residential Unit and Option to Purchase Agreement (and the other documents required thereby).

• However, if Owner is unable to designate a replacement For-Rent Affordable Residential Unit on or before the date specified, and the most recent Income Certification shows that the household no longer qualifies for low-income housing under this Declaration, then Owner shall not renew the household’s lease on the For-Rent Affordable Residential Unit.

• Owner shall then restrict the Rent on the replacement For-Rent Affordable Residential Unit to the level specified in Sections 3.2 and 3.3, the Residential Unit occupied by the household that no longer qualifies for low-income housing under this Declaration shall no longer be considered a For-Rent Affordable Residential Unit, and the household may execute a new lease on the Residential Unit at an unrestricted Rental Rate.

More Definitions of Affordable Residential Unit

Affordable Residential Unit means a Dwelling Unit that meets the criteria set out in subsection 4.1 (2) or 4.1(3) of the Development Charges Act, 1997, c.27 as amended;

Affordable Residential Unit means an affordable residential unit as defined in Section 4.1 of the Development Charges Act, 1997, S.O. 1997, c.27 as amended, or any successor thereto.

Affordable Residential Unit means a residential unit that meets the criteria set out in subsection

Affordable Residential Unit means a residential unit that meets the criteria set out in subsection 4.1 of the Development Charges Act, 1997;

Affordable Residential Unit means a residential unit that meets the definition of an “affordable residential unit” as defined in the Development Charges Act, 1997.