Low-income unit definition

Low-income unit means a restricted unit that is affordable to a low-income household.

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Low-income unit means a Unit that meets the income and rent limitation applicable under I.R.C. § 42(g)(2) for the Project.

Low-income unit means a Unit in the Project that is occupied by a Low-Income Tenant, is Rent-Restricted and meets the other requirements of Section 42 of the Code, in particular, Section 42(i)(3).

Examples of Low-income unit in a sentence

• A Low-Income Unit that is vacated by a Low-Income Tenant will continue to be treated as a Low-Income Unit provided reasonable attempts are made to rent the Unit and no other Units of comparable or smaller size in the Project are rented to Tenants who are not Low-Income Tenants.

• Notwithstanding the foregoing, the Low-Income Unit shall not cease to become a Low-Income Unit even if the Tenant’s most recent income certification exceeds one hundred forty percent (140%) of Low-Income.

• The term Low-Income Unit shall mean a Unit that is occupied by a Low-Income Tenant and is Rent Restricted.

• During such three-year period, the Owner shall not evict or terminate the tenancy of an existing tenant of any low-income unit (as such term is defined in Section 42 of the Code) other than for good cause and shall not increase the Gross Rent (as such term is defined in Section 42 of the Code) above the maximum allowed under the Code and this Agreement with respect to such Low-Income Unit.

More Definitions of Low-income unit

Low-income unit means a Housing Unit that is both Rent- Restricted and occupied by Qualified Residents, provided that:

Low-income unit means any Available Unit if the aggregate Gross Income of all tenants therein does not exceed limits determined in a manner consistent with determinations of “low-income families” under Section 8 of the Housing Act, provided that the percentage of median gross income that qualifies as low income hereunder shall be sixty percent (60%) of median gross income for the Area, with adjustments for family size. A unit occupied by one or more students shall only constitute a Low Income Unit if such students meet the requirements of Section 142(d)(2)(C) of the Code. The determination of an Available Unit’s status as a Low Income Unit shall be made by the Borrower upon commencement of each lease term with respect to such unit, and annually thereafter, on the basis of an Income Certification executed by each tenant.

Low-income unit means any Available Unit if the aggregate Gross Income of all tenants therein does not exceed limits determined in a manner consistent with determinations of “low-income families” under Section 8 of the Housing Act, provided that the percentage of median gross income that qualifies as low income hereunder shall be sixty percent (60%) of median gross income for the Area, with adjustments for family size. A unit occupied by one or more students shall only constitute a Low Income Unit if such students meet the requirements of Section 142(d)(2)(C) of the Code, including that any one of those students is

Low-income unit means any dwelling unit that is rented, for the life of the Development project in which it is located, at a price affordable to a Very Low-Income Household of an appropriate size for the dwelling unit, and restricted to households with an income not exceeding 80% of AMI.

Low-income unit means any Unit in a Project if the Unit is rent restricted (as defined in IRC Section 42 (g)(2)) and the individuals occupying such Unit meet the income limitation applicable under IRC Section 42 (g)(2) for the Project.

Low-income unit means any Unit in a Project if the Unit is rent restricted (as defined in I.R.C. § 42(g)(2)) and the individuals occupying such Unit meet the income limitation applicable under I.R.C. § 42(g)(2) for the Project.

Low-income unit. A dwelling unit in the Project required to be rented to, or designated for occupancy by, Low-Income Tenants pursuant to Section 4 of this Regulatory Agreement.