London Living Rent definition

London Living Rent means a rent which does not exceed the LLR Rent Level (inclusive of service charges) for an equivalent property of the relevant size and number of bedrooms in the relevant Xxxx and which is set in accordance with the applicable requirements of Legislation and the Affordable Housing Capital Funding Guide and any other relevant guidance issued by the Regulator (as any of the same may be amended, replaced or updated from time to time);
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London Living Rent means residential units let to eligible households with an income no greater than £60,000 per year without sufficient savings to purchase a home in the Borough and where rents are calculated on the Borough's relevant ward level caps based on one-third of median gross household income for the London Borough of Southwark
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Examples of London Living Rent in a sentence

  • An increasing number of homes are either London Affordable Rent (at similar levels to Social Rent) or London Living Rent (set at a third of median income for the borough).Different tenure types are aimed at different income levels and there are restrictions in place through the grant regime used to build the homes.

  • It supports Discount Market Rent (DMR) as the affordable housing offer with a preference for such homes to be let at London Living Rent levels.

  • Policy H6 of the London plan details at least 30% low cost rent (social rent or affordable rent), at least 30% intermediate (London Living Rent or shared ownership) and the remaining 40% to be as determined by the LPA.

  • We will work with our partners to ensure 500 homes at London Living Rent (private rental homes let at a third of average household incomes on longer tenancies) are delivered in Hackney, including establishing a wholly owned and democratically accountable housing company to deliver them.

  • The GLA has calculated ward-specific rent levels for London Living Rent homes based upon one third of median gross household income for the local borough and includes service charges.

  • This is not a suitable alternative as the receipts cannot be used to fund shared ownership or London Living Rent homes, and we do not hold the required amount of receipts to fund the 959 new affordable homes.

  • To be eligible for a London Living Rent home, you must: be renting in London have a maximum household income of £60,000 be unable to currently buy a home (including through shared ownership) in your local area.

  • The boroughs also have households who are looking to enter intermediate housing such as London Living Rent or Shared Ownership.

  • Any uplift would be to deliver more London Living Rent units in line with draft policy P4.

  • Not all Unit Types will need to be included in this definition in all cases as this will depend on the nature of the scheme in each case, any amendments will follow from the Proposed Development being the Tenant’s accepted bid.] [Intermediate Units means any units designated as London Shared Ownership and London Living Rent.] Internal Resource means equity or other financial resource (including additional guarantors) available to the Tenant (other than Third Party Finance Resource).

Related to London Living Rent

  • Base Rent Period Annual Rate Per Square Foot Monthly Base Rent

  • Rental Rate means the average annualized composite rate for United States treasury bonds issued for periods of ten years and longer plus two percent. The rental rate shall not exceed ten and three-quarters percent nor fall below eight and one-quarter percent.

  • Fixed Rent shall have the meaning set forth in Section 1.1 hereof.

  • Monthly Rent means the monthly installment of Minimum Annual Rent plus the monthly installment of estimated Annual Operating Expenses payable by Tenant under this Lease.

  • Room Rent Means the amount charged by a hospital for the occupancy of a bed on per day (24 hours) basis and shall include associated medical expenses.

  • Additional Rent means all amounts payable by the Tenant under this Lease except Base Rent, whether or not specifically designated as Additional Rent elsewhere in this Lease;

  • 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);

  • Net Rentable Area With respect to any Real Estate, the floor area of any buildings, structures or other improvements available for leasing to tenants determined in accordance with the Rent Roll for such Real Estate, the manner of such determination to be reasonably consistent for all Real Estate of the same type unless otherwise approved by the Agent.

  • Lease Year means each consecutive twelve-month period beginning with the Commencement Date, except that if the Commencement Date is not the first day of a calendar month, then the first Lease Year shall be the period from the Commencement Date through the final day of the twelve months after the first day of the following month, and each subsequent Lease Year shall be the twelve months following the prior Lease Year.

  • 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.