initial income limit definition

initial income limit means a gross household income at or below four times the annualized monthly occupancy cost for the housing unit;
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initial income limit means Household Income at or below four (4) times the annualized Monthly Occupancy Costs;
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initial income limit means gross Household Income at or below the top of the 6th income decile for Peel Region renter households as determined annually by the Region;
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Examples of initial income limit in a sentence

  • I certify that the household income for all new occupants in the reporting year was below the Initial Income Limit (48 x the monthly occupancy costs for the relevant housing unit).

  • The Proponent shall take such steps as are necessary to verify Household Income does not exceed the Initial Income Limit for each Affordable Housing Unit prior to that Affordable Housing Unit’s Initial Occupancy, determined in accordance with the Region’s eligibility and income verification guide for the Program and in a form acceptable to the Region.

  • The Tenant shall ensure that Monthly Occupancy Costs remain at or below Average Market Rents and Units are made available only to households with incomes at or below the Initial Income Limit, all as defined and set out in the City's Municipal Facilities Housing By-Law, 124-2016.

  • The Proponent shall take such steps as are necessary to verify Household Income does not exceed the Initial Income Limit for each Unit prior to that Unit’s Initial Occupancy, determined in accordance with the City’s Affordable Rental Housing Eligibility and Income Verification Guide and in a form acceptable to the Director, Housing Stability Services.

  • For any Unit, the Proponent shall take such steps as are necessary to verify Household Income does not exceed the Initial Income Limit for each Unit prior to occupancy, determined in accordance with the City’s Affordable Rental Housing Eligibility and Income Verification Guide and in a form acceptable to the Director.


More Definitions of initial income limit

initial income limit means an income at which average rents equal twenty-five (25) per cent of household income;
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Related to initial income limit

  • Maximum Benefit Amount means the maximum amount payable for coverage provided to You as shown in the Schedule of Benefits.

  • Annual income means all amounts, monetary or not, which:

  • Change in Control Protection Period means the period beginning on the date of the consummation of the Change in Control and ending on the first anniversary of such Change in Control.

  • Current Compensation means all regular wage, salary and commission payments paid by the Company to a Participant in accordance with the terms of his or her employment, but excluding annual bonus payments and all other forms of special compensation.

  • Share Compensation Arrangement means any stock option, stock option plan, employee stock purchase plan or any other compensation or incentive mechanism involving the issuance or potential issuance of Shares, including a share purchase from treasury which is financially assisted by the Corporation by way of a loan, guarantee or otherwise;

  • Change in Control Price means the amount determined in the following clause (i), (ii), (iii), (iv) or (v), whichever the Committee determines is applicable, as follows: (i) the price per share offered to holders of Stock in any merger or consolidation, (ii) the per share Fair Market Value of the Stock immediately before the Change in Control or other event without regard to assets sold in the Change in Control or other event and assuming the Company has received the consideration paid for the assets in the case of a sale of the assets, (iii) the amount distributed per share of Stock in a dissolution transaction, (iv) the price per share offered to holders of Stock in any tender offer or exchange offer whereby a Change in Control or other event takes place, or (v) if such Change in Control or other event occurs other than pursuant to a transaction described in clauses (i), (ii), (iii), or (iv) of this Section 2(h), the value per share of the Stock that may otherwise be obtained with respect to such Awards or to which such Awards track, as determined by the Committee as of the date determined by the Committee to be the date of cancellation and surrender of such Awards. In the event that the consideration offered to stockholders of the Company in any transaction described in this Section 2(h) or in Section 8(e) consists of anything other than cash, the Committee shall determine the fair cash equivalent of the portion of the consideration offered which is other than cash and such determination shall be binding on all affected Participants to the extent applicable to Awards held by such Participants.

  • Final compensation of a member means:

  • Benefit Amount shall have the meaning set forth in Section 20.12 hereof.

  • Defined Benefit Plan means each Benefit Plan which is subject to Part 3 of Title I of ERISA, Section 412 of the Code or Title IV of ERISA.

  • Foreign Benefit Plan means any Employee Benefit Plan established, maintained or contributed to outside of the United States of America or which covers any employee working or residing outside of the United States.

  • Qualified Benefit Plan has the meaning set forth in Section 3.20(c).

  • Termination Compensation means a monthly cash amount equal to one-twelfth (1/12th) of the highest amount of the annual cash compensation (including cash bonuses and other cash-based compensation, including for these purposes amounts earned or payable whether or not deferred) received by Executive during any one of the three (3) calendar years immediately preceding the calendar year in which Executive’s Termination Date occurs; provided, that if the cash compensation received by Executive during the Termination Year exceeds the highest amount of the annual cash compensation received by Executive during any one of the immediately preceding three (3) consecutive calendar years, the cash compensation received by Executive during the Termination Year shall be deemed to be Executive’s highest amount of annual cash compensation. In no event shall Executive’s Termination Compensation include equity-based compensation (e.g., income realized as a result of Executive’s exercise of non-qualified stock options or other stock based benefits).

  • Compensation Period has the meaning specified in Section 2.12(c)(ii).