Qualified Tenants definition

Qualified Tenants means any tenants who have incomes of 60% or less of the area median gross income, as adjusted for family size, so as to make the Project eligible for LIHTC.

Qualified Tenants means and includes individuals and families whose income is equal or less than the Applicable Income Percentage of area median gross income (including adjustments for family size) as elected and determined in accordance with the Code and Regulations. Except as otherwise provided herein, the occupants of a Dwelling Unit shall not be considered to be of low income if any occupant is a student (as defined in Section 151(c)(4) of the Code). Notwithstanding the foregoing, a Dwelling Unit is not disqualified as a Qualified Unit merely because it is occupied (i) by a student receiving AFDC or TANF assistance under Title IV of the Social Security Act, (ii) by a student who was previously under the care and placement responsibility of the state agency responsible for administrating a plan under Part B or Part E of Title IV of the Social Security Act, (iii) by a student in a government-supported job training program, (iv) entirely by full-time students who are single parents and their children, provided such occupants are not dependents (as defined in Code Section 152, determined without regard to subsection (b)(1), (b)(2), and (d)(1)(B) thereof) of another person or (v) by full-time students who are married and file a joint return. The determination of whether an individual or family is a Qualified Tenant shall be made at least annually on the basis of the current income of such occupants. Any Dwelling Unit occupied by an individual or family who is a Qualified Tenant at the commencement of occupancy shall continue to be treated as if occupied by a Qualified Tenant, provided that, should such Qualified Tenant’s income subsequently exceed 140% of the applicable income limit, such tenant shall no longer be a Qualified Tenant if, after such determination of income, but prior to the next determination, any residential unit of comparable or smaller size is rented to a tenant who is not a Qualified Tenant.

Qualified Tenants shall collectively mean the individuals occupying the Restricted Units with the Adjusted Incomes more particularly described in Exhibit “B” attached hereto and incorporated herein. The income of individuals shall be determined in a manner consistent with deter- minations of lower income households under Section 8 of the United States Housing Act of 1937, as amended (or, if such program is terminated, in a manner consistent with such determinations under such program as is in effect immediately before such termination). In no event, however, will the occupant of a Restricted Unit be considered to be a Qualified Tenant if the occupant is a student, and is not entitled to file a federal income tax return.

Examples of Qualified Tenants in a sentence

• For purposes of satisfying the requirement that not less than the Applicable Set-Aside Percentage of the Dwelling Units be occupied by Qualified Tenants, no Qualified Tenant shall be denied continued occupancy because, after admission, the Qualified Tenant’s family income exceeds the applicable qualifying income level set forth in the definition of “Qualified Tenant” herein.

• Occupancy of the Subject Property pursuant to a lease, rental, or other occupancy agreement, is limited to Qualified Tenants.

• The Owner shall at all times during the Qualified Project Period maintain the percentage requirements of this Agreement by providing the next available unit of comparable or smaller size to Qualified Tenants as needed to achieve compliance with the foregoing requirements.

• If the Subject Property Owner intends to continue to occupy the Subject Property as his or her Primary Residence and will share occupancy with the Qualified Tenant(s) then the Administrator shall issue a written approval to the Subject Property Owner to rent the Subject Property within five business days after the Subject Property Owner notifies the Administrator of the Subject Property Owner’s intent to rent the Subject Property.

• If necessary, the Owner shall refrain from renting Dwelling Units in the Project to persons other than Qualified Tenants in order to avoid violating the requirement that at all times during the Qualified Project Period at least the Applicable Set-Aside Percentage of the completed Dwelling Units in the Project shall be both a Rent Restricted Unit and occupied by Qualified Tenants.

More Definitions of Qualified Tenants

Qualified Tenants means tenants who at the time of their initial occupancy of the Development, satisfy the income limits applicable under the Minimum Set-Aside Test under executed leases with terms of not less than six (6) months at rentals meeting the requirements of the Rent Restriction Test.

Qualified Tenants means a family or individual tenant of a Qualifying Unit who satisfies the requirements of Section VI of this Contract with respect to such Qualifying Unit.

Qualified Tenants means a tenant in occupancy that is party to a lease of all or a portion of a Property and is not in default under such lease for a period of thirty (30) days or more and not subject to any proceeding under any Debtor Relief Law.

Qualified Tenants means tenants that meet the age and income requirements for a Residential Rental Unit set forth in Section 6.1.1.

Qualified Tenants means and includes individuals and families (i) whose income is equal or less than the Applicable Income Percentage of area median gross income (including adjustments for family size) as elected and determined in accordance with the Code and Regulations and (ii) who have been properly selected by the Owner or the Property Manager pursuant to the Leasing Guidelines attached hereto as Exhibit C. Except as otherwise provided herein, the occupants of a Dwelling Unit shall not be considered to be of low income if any occupant is a student (as defined in Section 151(c)(4) of the Code). Notwithstanding the foregoing, a Dwelling Unit is not disqualified as a Qualified Unit merely because it is occupied (i) by a student receiving AFDC or TANF assistance under Title IV of the Social Security Act,

Qualified Tenants are those tenants with annual income equal to not less than 3 times the annual rent who are in occupancy and have commenced the payment of rent.

Qualified Tenants means any tenants who have incomes of 60% (or such smaller percentage as the General Partner shall agree) or less of the area median gross income, as adjusted for family size, so as to make the Apartment Housing eligible for LIHTC and Georgia Credits.