Over-Income Tenants. Tenant shall either comply with the applicable IRS rules for over-income tenants or, in the absence of any applicable IRS rules, shall comply with the following rule: any tenant who initially qualified as a Low Income or Very Low Income household, as applicable, and who no longer qualifies as a Low Income or Very Low Income household, respectively, shall pay as rent an amount equal to 30 percent of the household income, and shall be given one (1) year to relocate from the Affordable Unit for which they initially qualified.
Over-Income Tenants. Notwithstanding the foregoing provisions of Section 4(a), no Tenant who satisfies the applicable income limit for a Restricted Unit, upon initial occupancy shall be denied continued occupancy of a Restricted Unit in the Project because, after admission, the aggregate Adjusted Income of all Tenants in the Restricted Unit increases to exceed the qualifying limit for such Restricted Unit. However, should the aggregate Adjusted Income of Tenants in a Restricted Unit, as of the most recent determination thereof, exceed one hundred forty percent (140%) of the applicable income limit for such Restricted Unit occupied by the same number of Tenants, the next available unit of comparable or smaller size must be rented to (or held vacant and available for immediate occupancy) by a Tenant satisfying the applicable income limit for such Restricted Unit. The unit occupied by such Tenants whose aggregate Adjusted Income exceeds such applicable income limit shall continue to be treated as occupied by a Tenant satisfying the applicable income limit for such Restricted Unit for purposes of the requirements of Section 4(a) hereof unless and until an Available Unit of comparable or smaller size is rented to persons other than a Tenant satisfying the applicable income limit for such Restricted Unit. Moreover, a unit previously occupied by a Tenant satisfying the applicable income limit for such Restricted Unit and then vacated shall be considered occupied by a Tenant satisfying the applicable income limit for such Restricted Unit until reoccupied, other than a reoccupation for a temporary period, at which time the character of the unit shall be re-determined. In no event shall such temporary period exceed thirty-one (31) days. The parties agree that this Subsection shall have no practical effect because, except as otherwise provided in Section 4(a), one-hundred (100%) of the units in the Project (except the resident manager’s unit) are required to be Restricted Units pursuant to Subsection 4(a).
Over-Income Tenants. Developer shall either comply with the applicable IRS rules for over-income tenants or, in the absence of any applicable IRS rules, shall comply with the following rule: any tenant who initially qualified as a Moderate Income, Low Income, Very Low Income household, or Extremely Low Income, as applicable, and who no longer qualifies as a Low Income, Very Low Income, or Extremely Low Income household, respectively, shall pay as rent an amount equal to 30 percent of the household income, and shall be given one (1) year to relocate from the Affordable Unit for which such tenant initially qualified.
Over-Income Tenants. Any tenant in a HOME-Assisted Unit who initially qualified as a Very Low Income Household and who no longer qualify as a Very Low Income Household shall pay as rent an amount equal to thirty percent (30%) of the family’s adjusted income, and shall be given one (1) year to relocate from the Property.
Over-Income Tenants. HTF-assisted units continue to qualify as affordable housing despite a temporary non- compliance caused by increases in the
Over-Income Tenants. In the event that the income of a qualifying tenant increases so that the tenant no longer meets the income criteria (i.e., 50% AMI for the Low HOME Units and 80% AMI for the High HOME Units), the Borrower will be allowed a variance to the income criteria of this Restriction until such time as said formerly qualifying tenant vacates the unit, or another unit of comparable size in the Project becomes available, at which time that unit must be rented to a qualifying tenant and the restriction shall transfer to the new unit. The rent for an over-income tenant whose income exceeds 80% AMI, adjusted for household size, must be calculated at 30% of adjusted gross income, capped at market rent for comparable, unassisted units, provided however, that if the tenant is occupying a unit that has been allocated low-income housing tax credits pursuant to Section 42 of the Internal Revenue Code of 1986 (26 USC 42), the rent will governed by that provision. Subordination: The Covenant shall be subordinate to any mortgage or Deed of Trust and the affordability period shall be terminated in the event of a foreclosure or transfer in lieu of foreclosure if the foreclosure or other transfer recognizes any contractual or legal rights of the County of San Mateo to take actions that would avoid the termination of low-income affordability. However, this affordability restriction shall be revived if, during the original term hereof, the owner of record before the foreclosure or other transfer, or any entity that includes the former owner or those with whom the former owner has or had family or business ties, obtains an ownership interest in the property. Borrower grants to the County of San Mateo the right to take any and all legal action necessary to enforce the provisions of this restrictive covenant, and Borrower will be responsible for all reasonable legal expenses incurred by the County in the enforcement of this restrictive covenant. Within the HOME Program guidelines, the County of San Mateo will have the right to waive any and all breaches of the terms of this affordability restrictive covenant, but any such waiver shall not be deemed a waiver of any previous or subsequent breaches.
Over-Income Tenants. Tenant incomes may rise over time. If, at recertification, a tenant household has a total annual income that is greater than 80% of AMI, that household is no longer eligible to benefit from the HUD-subsidized rent. In this case, CASA must raise this household’s rent to the HUD-published FMR or to 30% of the certified, unadjusted, annual household income, whichever is lower. Utility payments become the sole responsibility of the tenant; no allowance is deducted from the rent. This unit is now out of compliance with the HOME Rental Program rules The tenant may remain in the unit as long as they comply with the terms of the lease, but CASA must ensure that the next tenant in that unit enters with a certified annual household income at or below 50% of AMI.
Over-Income Tenants. Developer shall either comply with the applicable IRS rules for over-income tenants or, in the absence of any applicable IRS rules, shall comply with the following rule: any tenant who initially qualified as an eligible income household and who no longer qualifies as an eligible income household, shall pay as rent an amount equal to 30 percent of the household income, and shall be given one (1) year to relocate from the Affordable Unit for which such tenant initially qualified.
Over-Income Tenants. Notwithstanding the foregoing provisions of Section 4(a), no Tenant who satisfies the applicable income limit for a Restricted Unit upon initial occupancy shall be denied continued occupancy of a Restricted Unit in the Project because, after admission, the aggregate Adjusted Income of all Tenants in the Restricted Unit increases to exceed the qualifying limit for such Restricted Unit.
Over-Income Tenants. An Assisted Unit occupied by a Very Low- Income Household shall be deemed, until termination of occupancy by such tenant (whether voluntarily or involuntarily), to be continuously occupied by a Very Low- Income Household until re-occupied other than for a temporary period by another household, at which time the classification of the Assisted Unit shall be redetermined.
