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;

Initial Income Limit means Household Income at or below four (4) times the annualized Monthly Occupancy Costs;

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;

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;