High HOME Rent definition

High HOME Rent means a monthly Rent that does not exceed the maximum rent published by HUD for a Low Income Household for the applicable bedroom size as set forth in 24 C.F.R. 92.252(a).
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High HOME Rent means a rent that does not exceed the area 65% rent limit, as determined by HUD, with a utility allowance deduction, approved by the City, for all utility costs to be paid by the tenant.
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High HOME Rent means the lesser of (1) the fair market rent for existing housing for a comparable residence in the area as established by HUD under 24 CFR 888.111, or (2) a rent that does not exceed 30 percent of the adjusted income of a family whose annual income equals 65 percent of the median income for the area, as determined by HUD, with adjustment for number of bedrooms in the Residence. The HOME rents provided by HUD will include average occupancy per unit and adjusted income assumptions.
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Examples of High HOME Rent in a sentence

  • Once this is done, the tenant’s rent can be adjusted to up to the High HOME Rent.Scenario 4: The owner recertifies the tenant incomes and finds that the tenant in Unit 105, a 1-bedroom High HOME Rent unit, has gone over-income.• The property is temporarily out of compliance.

  • All the other HOME-assisted units are occupied by income-eligible tenants.• Unit 303 retains its designation as a High HOME Rent unit.

  • Nonetheless, because this property has fixed units, the owner must redesignate Unit 301 as a Low HOME Rent unit in order to restore compliance to the property.• Unit 105 is redesignated as a High HOME Rent unit.

  • Complete the Unit Mix Chart listing the total number of bedrooms per unit, the total number of bathrooms per unit (including half-baths, if applicable), the total number of units per bedroom type, and the number of units that are Low HOME Rent Units and High HOME Rent Units.

  • Throughout the affordability period, the owner must strive to have income-eligible tenants in each of the HOME-assisted units, as originally designated: Scenario 1: Unit 303, a 2-bedroom High HOME Rent unit, becomes vacant.

  • Once a new Low HOME Rent unit has been designated, the Low HOME Rent unit that is occupied by the over- income tenant must be redesignated as a High HOME Rent unit.

  • This might happen in a property that has a very low-income tenant living in a High HOME Rent unit.

  • In a property with fixed HOME units, the designation of the HOME-assisted units as High HOME Rent units and Low HOME Rent units may need to change in order to maintain the required unit mix, although the unit designation as HOME-assisted or non-assisted does not change.

  • The owner/manager must maintain the total number of Low and High HOME Rent units by various bedroom sizes during the affordability period.

  • The Development Cost Pro Forma includes a worksheet to assist with the calculating the minimum number of HOME-Assisted Units, Low HOME rent units and High HOME Rent Units.


More Definitions of High HOME Rent

High HOME Rent means a rent that does not exceed the area 65% rent limit, as determined by HUD, with a utility allowance deduction, approved by the Department, for all utility costs to be paid by the tenant.
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Related to High HOME Rent

  • Residential rental property means property that is used solely as leased or rented property for residential purposes. If the property is a space rental mobile home park, residential rental property includes the rental space that is leased or rented by the owner of that rental space but does not include the mobile home or recreational vehicle that serves as the actual dwelling if the dwelling is owned and occupied by the tenant of the rental space and not by the owner of the rental space.

  • Residential Rental Unit means an area legally licensed or permitted for use as a living space containing a sleeping area, bathing and sanitation facilities and cooking facilities equipped with a cooking range, refrigerator and sink, all of which are separate and distinct from other Residential Rental Units. Reg. §§ 1.103-8(a) 8(i).

  • Lease Rentals means, for any period, the aggregate amount of fixed rental or operating lease expense payable by the Company and its Restricted Subsidiaries with respect to leases of real and personal property (excluding Capital Lease Obligations) determined in accordance with GAAP.

  • Mobile home space means a parcel of land for rent which has been designed to accommodate a mobile home and provide the required sewer and utility connections.

  • Rent means “eligible rent” to which regulation 12 of the Housing Benefit (Persons who have attained the qualifying age for state pension credit) Regulations 2006 refer, less any deductions in respect of non-dependants which fall to be made under paragraph 30 (non-dependant deductions);

  • Rentals of a Person means the aggregate fixed amounts payable by such Person under any Operating Lease.

  • Mobile home park means a parcel of land, or two or more

  • residential land means land used or capable of being used for residential purposes (but does not include land on which there is no residential dwelling).

  • Rental means the Supplier’s charging rate for the hire of the Hire Goods which is current from time to time during the Hire Period;

  • Rental housing means development of a building or structure with four or more dwelling units all of which are intended for use as rented residential premises;

  • Historic building means a building, including its structural components, that is located in this state and that is either individually listed on the national register of historic places under 16 U.S.C. 470a, located in a registered historic district, and certified by the state historic preservation officer as being of historic significance to the district, or is individually listed as an historic landmark designated by a local government certified under 16 U.S.C. 470a(c).

  • Urban renewal area means a slum area or a blighted area or a combination thereof which the municipality designates as appropriate for an urban renewal project.

  • apartment building means a residential use building, or the residential use portion of a mixed-use building, other than a townhouse or stacked townhouse containing four or more dwelling units each of which shall have access to above grade common halls, stairs, elevators, and yards;

  • Gross Rent means the rent for a set-aside unit, including any applicable utility allowances, in compliance with the rent limits applicable to the property for 2020. Gross rent does include optional fees included in the household’s lease, including but not limited to, washer/dryer, cable, parking, etc., as long as they are included in the lease or addendums to the lease. In addition, when a utility that is purchased from or through a local utility company by the Development, who in turn bills residents for actual consumption of the utility will also be eligible when the applicable utility allowance for the Development includes a deduction for the utility and the household’s lease specifies that the resident is responsible for the utility.

  • Operating Lease means, as applied to any Person, any lease (including, without limitation, leases which may be terminated by the lessee at any time) of any Property (whether real, personal or mixed) which is not a Capital Lease other than any such lease in which that Person is the lessor.

  • Gross Rents means the actual sum of money or other consideration payable for the use or possession of property. "Gross rents" shall include, but not be limited to:

  • Net Lease means a lease in which the tenant undertakes to pay all or substantially all the cash expenses, excluding debt service, related to the leased property.

  • Residential building means a building containing one or more residential dwellings.

  • Rate Center Area means the following in each applicable area:

  • Shopping Centre means a grouping of commercial retail outlets which have been designed, developed and managed as a unit by a single owner or group of owners or tenants located on the same lot or lots with a frontage not less than 45 metres and having common on-site parking;

  • Additional Rental has the meaning set forth in Section 4.03.

  • Parking space leasing data means the following government data on an application for, or lease of, a parking space: residence address, home telephone number, beginning and ending work hours, place of employment, location of parking space, and work telephone number.

  • residential premises means a house, building, structure, shelter, or mobile home, or portion thereof, used as a dwelling, home, residence, or living place by 1 or more human beings. “Residential premises” includes an apartment unit, a boardinghouse, a rooming house, a mobile home, a mobile home space, and a single or multiple family dwelling, but does not include a hotel, a motel, motor home, or other tourist accommodation, when used as a temporary accommodation for guests or tourists, or premises used as the principal place of residence of the owner and rented occasionally during temporary absences including vacation or sabbatical leave.

  • Additional Rents means amounts payable under any Lease for (i) the payment of additional rent based upon a percentage of the Tenant’s business during a specified annual or other period (sometimes referred to as “percentage rent”), (ii) so-called common area maintenance or “CAM” charges, and (iii) so called “escalation rent” or additional rent based upon such tenant’s allocable share of insurance, real estate taxes or operating expenses or labor costs or cost of living or xxxxxx’x wages or otherwise.

  • Rental Property means a hotel room, vacation home, or other rental property You booked for Your stay during Your Trip.

  • Residential address means the physical location where the student’s parents, legal guardians, persons having legal, lawful control of the student under order of a court, or persons standing in loco parentis reside. A student may use the residential address of a legal guardian, person having legal, lawful control of the student under order of a court, or person standing in loco parentis only if the student resides at the same residential address and if the guardianship or other legal authority is not granted solely for educational needs or school attendance purposes.