Low-income unit means a restricted unit that is affordable to a low-income household.
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
For purposes of this Agreement, such designated unit will be considered an Extremely Low Income Unit if it is held vacant and available for occupancy by an Extremely Low Income Household, and, upon occupancy, the income eligibility of the tenant as an Extremely Low Income Household is verified and the unit is rented at Affordable Rent.
At such time as a tenant ceases to qualify as an Extremely Low Income Household, the unit occupied by such tenant shall cease to be an Extremely Low Income Unit.
Developer shall replace each such Extremely Low Income Unit by designating the next available unit and any necessary units thereafter as an Extremely 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, including that any one of those students is
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 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 means a Housing Unit that is both Rent- Restricted and occupied by qualified Residents, provided that: (i) Housing Unit shall constitute a Low-Income Unit only if it is suitable for occupancy taking into account local health, safety and building codes and it is used other than on a transient basis except in the case of Transitional Housing, all as determined under Code Section 42(i)(3); and (ii) Housing Unit in any Building which has four (4) or fewer total Housing Units shall not constitute a Low- Income Unit if any Housing Unit in the Building is occupied by an Owner or a related Person [within the meaning of Code Section 42(i)(3)(C)] unless such Building is described in Code Section 42(i)(3)(E).