Maximum Allowable Rent as defined in Section 4.4.2.
Maximum Allowable Rent or “MAR”) for each Rental Affordable Unit shall be determined through the use of one of the two following formulas: (a) MAR = (AMI * DAL * OSF * 30%) / 12 – MU (if the Household pays any Utility costs directly to the Utility providers) or (b) MAR = (AMI * DAL * OSF * 30%) / 12 (if all Utility costs are included in the rent payment to Owner) (“Rental Formula”), where:
Maximum Allowable Rent is the maximum rental rate of a Rental Inclusionary Unit as determined pursuant to the IZ Implementation Regulations.
Examples of Maximum Allowable Rent in a sentence
Within seven (7) days after receipt from the Agency of the Maximum Allowable Rent for each Rental Affordable Housing Unit listed in the Notice of Availability, Owner shall register the Rental Affordable Housing Unit for which the Notice of Availability was filed with the Housing Locator Website.
Owner shall reserve, maintain, and lease the Rental Affordable Housing Units to Qualified Tenants (i) in accordance with this Covenant and the DOB Compliance Certification, and (ii) at a rental rate at or below the Maximum Allowable Rent.
The Maximum Allowable Rent for each Rental Affordable Housing Unit shall be determined by the Rent and Price Schedule in effect at the time of lease execution.
More Definitions of Maximum Allowable Rent
Maximum Allowable Rent means the highest lawful rent amount that can be charged for a rental unit subject to rent stabilization.
Maximum Allowable Rent. Maximum Allowable Rent is established annually by the Housing Authority for all unit categories within 60 days of the Riverside County Updated Income Limits being published.
Maximum Allowable Rent means the maximum Rent the Landlord may charge for the use or occupancy of any Rent-Stabilized Unit.
Maximum Allowable Rent means the maximum amount of rent permitted to be charged a tenant for a mobilehome space under this chapter.
Maximum Allowable Rent means the periodic amount which would be required to be paid by a family in a particular municipality for rent and utilities (except telephone), ranges, refrigerators and all maintenance, management and other services as determined by the Commissioner in order to obtain privately owned existing, decent, safe and sanitary rental housing.
Maximum Allowable Rent or "MAR") for each Rental Affordable Unit shall be an amount equal to the equivalent of the then current Maximum LIHTC Gross Rent for such category of Affordable Housing Unit (studio, one-bedroom, two-bedrooms, etc.) permitted to be charged by the Virginia Housing Development Authority by owners of projects in the City of Richmond, Virginia that are participating in the Federal Low-Income Housing Tax Credit (LIHTC) program, without allowance being provided for Utilities in the determination of such rents.
Maximum Allowable Rent is the maximum rental rate of a Rental Affordable Housing Unit as determined by the then-current Rent and Price Schedule.