Permitted Rent definition

Permitted Rent means the monthly rent that the Grantor may charge an Eligible Tenant for an Affordable Unit, which monthly rent shall not exceed 1/12 of 30% of the Eligible Tenant(s) collective before-tax annual income;

Permitted Rent means therent for each particular Affordable Housing Unit Tier 1 and each Affordable Housing Unit Tier 2, which Permitted Rent shall not exceed:

Permitted Rent means the maximum rent set out in Schedule B of this Agreement in respect of the Affordable Rental Units in question;

Examples of Permitted Rent in a sentence

• The Owner agrees that, in addition to any other remedies available to the City under this Agreement or at law or in equity, if a Dwelling Unit is used or occupied in breach of this Agreement, if an Dwelling Unit is rented at a rate in excess of the Permitted Rent or the Owner imposes in respect of any tenancy of a Dwelling Unit any fee or charge of whatsoever nature other than Permitted Tenant Charges, the Owner will pay the Excess Charges to the City.

• For clarity, the Owner will not in any circumstance, including if an occupant or Tenant of an Employee Unit changes, increase the Permitted Rent by more than the annual rent increase allowable under the Residential Tenancy Act (British Columbia) or do so more often than once every 12 months in accordance with this section.

• The monthly rent payable for each Employee Unit will not exceed the Permitted Rent applicable to the Employee Unit.

• The Owner agrees covenants and agrees that Tenants of the Affordable Rental Units must not be charged rent in excess of the Permitted Rent, excluding Permitted Tenant Charges.

• Following occupancy of the building, the Owner must provide the City with a statutory declaration in the form attached hereto as Schedule A-1 on the first business day of January each year, that declares that the Permitted Rent of the Affordable Rental Units and the Income Thresholds of the Income Tested Tenants who hold Tenancy Agreements for the Affordable Rental Units all meet the requirements found within this Housing Agreement.

More Definitions of Permitted Rent

Permitted Rent means, with respect to an Employee Unit, a monthly rent of no greater than: i. for a one-bedroom Employee Unit: $1200/month; and ii. for a two-bedroom Employee Unit: $2100/month;

Permitted Rent means $2.90 per square foot of Gross Floor Area for rental of an entire Employee Unit or $1000 per bedroom per month in the case of a shared living arrangement.

Permitted Rent means no greater than (exclusive ofGST):

Permitted Rent means the rent for each Affordable Housing Unit, which Permitted Rent shall not exceed 90% of the Market Rent;

Permitted Rent means the rent for each particular Below-Market Housing Unit, which Permitted Rent shall be set at least fifteen (15%) percent below Market Rent;

Permitted Rent means the rent for each particular Non‐Market Housing Unit which is equal to either:

Permitted Rent means an amount not exceeding the rent that is calculated by applying the PRHC-approved rent calculation process for rent-geared-to-income units up to thirty percent (30%) of the cumulative gross annual income or the maximum shelter rate for tenants receiving government income assistance of all persons comprising the Eligible Tenant for an Affordable Housing Unit;