Lower Income Tenants definition

Lower Income Tenants means individuals or families whose annual income does not exceed either 50 percent or 60 percent, (depending on the minimum Set-aside elected) of the area median income as determined by HUD with adjustments for household size. In no event shall occupants of a Development unit be considered to be Lower Income Tenants if all the occupants of a unit are students [(as defined in Section 151(c)(4) of the Code]) or if the tenants do not comply with the provisions of the Code defining Lower Income Tenants. (See Section 142 of the Code.) If Taxable Bonds or Bonds that do not require State Bond Allocation are being used to finance the Development, Lower Income Tenants shall be defined as an individual or family with an Annual Household Income not in excess of 80 percent of the state or county median income, whichever median income is higher. In the event Bonds are issued on behalf of a corporation organized under Section 501(c)(3) of the Code, the set-aside shall not be less than required by the 501(c)(3) documents.
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Lower Income Tenants means individuals or families, determined on the basis of the “Certification of Tenant Eligibility” attached hereto as Exhibit “B” and incorporated by reference herein as certified by such individual or family, who have an adjusted gross income (anticipated total annual income) which does not exceed 60 percent (60%) of the median gross income for the Fort Collins-Loveland Statistical Area. However, if all the occupants of a Lower Income Unit are Students, such individuals may not be treated as Lower Income Tenants. Subject to the preceding two sentences, “Lower Income Tenant” may include any individual who is (i) a Student and receiving assistance under Title IV of the Social Security Act, (ii) a Student who was previously under the care and placement responsibility of the Colorado agency responsible for administering a plan under part B or part E of Title IV of the Social Security Act or (iii) enrolled in a job training program receiving assistance under the Job Training Partnership Act or under other similar Federal, state or local laws.
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Lower Income Tenants. Individuals of low or moderate income within the meaning of Section 103(b) (4) (A) of the 1954 Code.
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Examples of Lower Income Tenants in a sentence

  • Elderly Persons or to Elderly Persons who qualify as Lower Income Tenants and who comply with the Code income limitations.

  • Preference shall not be given in renting dwelling units in the Development to any particular class or group of persons, other than Lower Income Tenants and EligibleTenants, unless specifically determined permissible by the JHFA for a particular program, such as elderly or handicapped Developments.

  • Goal No. 3: Assist Lower Income Tenants in Finding the Appropriate Resources to Allow them to Remain in the Community.

  • Preference shall not be given in renting dwelling units in the Development to any particular class or group of persons, other than Lower Income Tenants and Eligible Tenants, unless specifically determined permissible by the JHFA for a particular program, such as elderly or handicapped Developments.

  • In addition, the rental payments paid by Lower Income Tenants for the Low Income Units shall not exceed Affordable Rents.

  • In no event shall occupants of a Development unit be considered to be Lower Income Tenants if all the occupants of a unit are students (as defined in Section 151(c)(4) of the Code) or if the tenants do not comply with the provisions of the Code defining Lower Income Tenants.


More Definitions of Lower Income Tenants

Lower Income Tenants. Individuals of low or moderate income within the meaning of Section 103(b)(12)(C) of the 1954 Code and Section 1.103-8(b) of the regulations promulgated thereunder, as the same may be amended from time to time, which include individuals and families whose aggregate adjusted income (computed in the manner prescribed in Treasury Regulation Section 1.167k-3(b)(3)) does not exceed 80% of the Median Gross Income for the Area with adjustments downward from such 80% of Median Gross Income for the Area for the number of persons who intend to reside in such dwelling unit in a manner consistent with making adjustments for family size for purposes of determining "lower income families" under Section 8(f)(3) of the Housing Act.
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Related to Lower Income Tenants

  • Lower income household means a household having an income equal to or less than the

  • Units serving lower income households means units that are occupied by lower income households at an affordable rent, as defined in section 50053 of the Health and Safety Code or, to the extent that the terms of federal, state, or local financing or financial assistance conflicts with section 50053, rents that do not exceed those prescribed by the terms of the financing or financial assistance. Effective October 13, 2017, pursuant to Revenue and Taxation Code section 214(g)(2)(A)(iii), a unit in a property that receives federal low income housing tax credits shall continue to be treated as occupied by a lower income household if the occupants were lower income households on the lien date in the fiscal year in which their occupancy of the unit commenced and the unit continues to be rent restricted, notwithstanding an increase in the income of the occupants of the unit to 140 percent of area median income (AMI), adjusted for family size (“over-income” tenants). Units reserved for lower income households at an affordable rent that are temporarily vacant due to tenant turnover or repairs shall be counted as occupied.

  • Class I area means a mandatory visibility protection area designated pursuant to section 169A of the federal Clean Air Act.

  • BBBEE means broad-based black economic empowerment as defined in section 1 of the Broad-Based Black Economic Empowerment Act;

  • Tenant’s Percentage 3.13% which is based on the 2,440 Rentable Square Feet (RSF) the Premises over the total RSF of the Building and shall be adjusted if the RSF of the Building shall increase or decrease.

  • Class B-1 Pass-Through Rate For the first Distribution Date, 6.3300% per annum. As of any Distribution Date thereafter, the least of (1) One-Month LIBOR plus the Class B-1 Margin, (2) the Weighted Average Available Funds Cap for such Distribution Date and (3) the Weighted Average Maximum Rate Cap for such Distribution Date.

  • Partnership Percentage means a percentage established for each partner on the Partnership' books as of the first day of each Fiscal Period. The Partnership Percentage of a Partner for a Fiscal Period shall be determined by dividing the amount of the Partner's capital account as of the beginning of the Fiscal Period by the sum of the capital accounts of all of the Partners as of the beginning of the fiscal Period. The sum of the Partnership Percentage for each fiscal Period shall equal one hundred percent (100%).

  • Class B-2 Pass-Through Rate For the first Distribution Date, 6.850% per annum. As of any Distribution Date thereafter, the least of (1) One-Month LIBOR plus the Class B-2 Margin,

  • Tenant’s Percentage Share means the percentage specified in the Basic Lease Information.

  • Diversity Score means a single number that indicates collateral concentration in terms of both issuer and industry concentration, calculated as set forth on Schedule C hereto.

  • Class H Pass-Through Rate With respect to any Distribution Date, a per annum rate equal to the Weighted Average Net Mortgage Rate.

  • Class F Pass-Through Rate With respect to any Distribution Date, a per annum rate equal to the Weighted Average Net Mortgage Rate.

  • Class A-S Pass-Through Rate For any Distribution Date, a per annum rate equal to 3.4150%.

  • Class A-AB Pass-Through Rate With respect to any Distribution Date, a per annum rate equal to 3.313%.

  • Class A-4 Pass-Through Rate With respect to any Distribution Date, a per annum rate equal to 3.6250%.

  • Class X-A Pass-Through Rate For any Distribution Date, the weighted average of Class X Strip Rates for the Class X-A Components for such Distribution Date (weighted on the basis of the respective Component Notional Amounts of such Components outstanding immediately prior to such Distribution Date).

  • Class C Pass-Through Rate For any Distribution Date, a per annum rate equal to the WAC Rate for such Distribution Date.

  • Tenant’s Pro Rata Share means the percentage calculated by dividing the rentable area of the Premises (numerator) by the rentable area of the Building (denominator), and expressing the fraction as a percentage.

  • Class X-D Pass-Through Rate For any Distribution Date, the weighted average of the Class X Strip Rates for the Class X-D Components for such Distribution Date (weighted on the basis of the respective Component Notional Amounts of such Components outstanding immediately prior to such Distribution Date).

  • Mezzanine Floor means an intermediate floor between two floors, above ground level, accessible only from the lower floor;

  • Class A Pass-Through Rate As to the Class A-1 and Class A-R Certificates, the Class A Fixed Pass-Through Rate. The Class A-PO Certificates are not entitled to interest and have no Class A Pass-Through Rate.

  • Class G Pass-Through Rate For any Distribution Date, a per annum rate equal to the WAC Rate for such Distribution Date.

  • Class D Pass-Through Rate For any Distribution Date, a per annum rate equal to 2.00000%.

  • car-share parking space means a parking space that is reserved and actively used for car-sharing;

  • Class B-3 Pass-Through Rate For the first Distribution Date, 4.120% per annum. As of any Distribution Date thereafter, the least of (1) One-Month LIBOR plus the Class B-3 Margin, (2) the Weighted Maximum Rate Cap and (3) the Available Funds Cap for such Distribution Date.

  • Class B Pass-Through Rate As to any Distribution Date, 6.500% per annum.