Income-Restricted Unit definition

Income-Restricted Unit means each of the twenty-one (21) residential apartment units located on the Xxxxxxx Xxxxxxx Real Property as of the Effective Date that are reserved and designated for occupancy by a Low-Income Household pursuant to Article IV of this Agreement and the Restrictive Covenants.

Income-Restricted Unit means each of the newly constructed eighty-three (83) apartment units in The Shell Apartments complex that are reserved for occupancy by a Low- Income Household or a Very Low-Income Household pursuant to Article IV of this Agreement and the Amended and Restated Borrower Declarations.

Income-Restricted Unit means each of the ninety (90) residential apartment units located on Xxxxxxx Place West Land Condominium Unit that are reserved and designated for occupancy by Low-Income Households pursuant to Article IV of this Agreement and the Restrictive Covenants.

Examples of Income-Restricted Unit in a sentence

• If this Agreement requires tiers of income limits, no Income-Restricted Unit may count for more than one tier.

• The indemnification and advancement of expenses provided by, or granted pursuant to, the other sections of this Article 6 shall not be deemed exclusive of any rights to which those seeking indemnification or advancement of expenses may be entitled under any bylaw, agreement, vote of stockholders or disinterested directors or otherwise, both as to action in such person's official capacity and as to action in another capacity while holding such office.

• If the Agency permits subleasing with respect to any Income-Restricted Unit, prior to consenting to any such sublease, the Owner shall notify the Agency of the proposed sublease at least 30 days before the effective date of the sublease and shall qualify the proposed subtenant as an Eligible Household for the Unit pursuant to Section 4.06.

• The Owner shall notify the Agency if any Income-Restricted Unit has been vacant for four months or more.

• Upon the renewal of a lease of an Income-Restricted Unit that is and will remain a Rental Assistance Unit, the Owner may increase the Actual Rent for the Unit as may be allowed under Rent Stabilization but not to exceed the amount allowed by Section 5.01(d)(ii).

More Definitions of Income-Restricted Unit

Income-Restricted Unit means each of the one hundred and one (101) residential apartment units located on Parc Rosslyn Real Property that are reserved and designated for occupancy by Low-Income Households pursuant to Article IV of this Agreement and the AHIF Restrictive Covenants.

Income-Restricted Unit means each of the one hundred thirty two (132) residential apartment units located on Columbia Hills West Land Condominium Unit that are reserved and designated for occupancy by Low-Income Households pursuant to Article IV of this Agreement and the Restrictive Covenants.

Income-Restricted Unit means each of the one hundred three (103) residential apartment units in the Clarendon Court Apartments that are reserved and designated for occupancy by Very Low-Income and Low-Income Households pursuant to Article IV of this Agreement and the Restrictive Covenants.

Income-Restricted Unit means each of the one hundred twenty-five (125) residential apartment units located on the Berkeley Land Condominium Unit that are reserved and designated for occupancy by Very-Low, Low-, and Moderate-Income Households pursuant to Article IV of this Agreement and the County Restrictive Covenants.

Income-Restricted Unit means each residential unit that is located on the Fisher House II Real Property that is reserved and designated for occupancy by Low- or Very Low-Income Households pursuant to Article IV of this Agreement and the Amended and Restated AHIF Restrictive Covenants, beginning on the date that the Borrower obtains a certificate of occupancy for the unit following renovation.

Income-Restricted Unit means each of the one hundred twenty-five (125) residential apartment units in the APEX II Apartments complex that are reserved and designated for occupancy by Very Low-, Low-, and Moderate-Income Households pursuant to the County Restrictive Covenants.

Income-Restricted Unit means any Unit that the Owner is required to lease upon initial occupancy to an Eligible Household whose Annual Income does not exceed an income limit for the Unit that is required by this Agreement.