Affordable Rent definition

Affordable Rent means a rent which does not exceed eighty per centum (80%) of the market rent (inclusive of service charges) for an equivalent property of the relevant size and location such rent to be assessed and set in accordance with the applicable requirements of Legislation and of the Rent Standard;

Affordable Rent means a monthly rent that does not exceed the greater of 30 percent of the annual gross income of the tenant household or 30 percent of the imputed income limit applicable to such unit size, as published by the Virginia Housing Development Authority for compliance with the Low Income Housing Tax Credit program.

Affordable Rent means a rent to be assessed and set in accordance with the applicable requirements of Legislation and the Rent Standard which represents the lower of:

Examples of Affordable Rent in a sentence

• The form of sublease or subrental agreement used by Developer shall clearly notify tenants that Developer has relied on the income certification supplied by the tenant, and will rely on the annual income recertification to be supplied by the tenant, in determining qualification for occupancy at Affordable Rent, and that any material misstatement in such certification or recertification will be cause for immediate termination of such sublease or subrental agreement.

• Developer may adjust the Affordable Rents in accordance with periodic revisions to the Median Income for the area by the U.S. Secretary of Housing and Urban Development; provided, however, that the Affordable Rent for any Unit may not be increased more often than one time per 12-month period, and only after at least thirty (30) days prior written notice to the affected Low-Income Tenant.

More Definitions of Affordable Rent

Affordable Rent means monthly housing expenses, including all fees for housing services and a reasonable allowance for utilities, not exceeding the following:

Affordable Rent means low cost rental accommodation (as defined in Section 69 of HRA 2008) other than Social Rent made available on terms which comply with the Tenancy Standard; Affordable Rent Dwelling means an Affordable Dwelling to be occupied on an Affordable Rent basis; Agency's Representative means such person or persons as the Agency may nominate to act as its representative from time to time for the purposes of this Agreement; Agreed Payment Rate or APR means, subject to Condition 4, for:

Affordable Rent means monthly housing expenses, including a reasonable allowance for utilities, for rental target units reserved for Very Low or Low Income Households, not exceeding the following calculations:

Affordable Rent for Low-Income tenants means annual Rent not exceeding 30% of 80% of Median Income; Affordable Rent for tenants with income not exceeding 60% of Median Income means annual Rent not exceeding 30% of 60% of Median Income; Affordable Rent for Very Low-Income tenants means an annual Rent not exceeding 30% of 50% of Median Income; and Affordable Rent for Extremely Low- Income tenants means annual Rent not exceeding 30% of 30% of Median Income.

Affordable Rent means rented housing provided by an Affordable Housing Provider subject to rent controls other than the national rent scheme that requires housing to be offered at a rent (inclusive of Service Charge where applicable) of up to 80% of local Open Market Rents and using the Royal Institution of Chartered Surveyors approved valuation methods and not to exceed the Local Housing Allowance levels or the equivalent replacement assessment

Affordable Rent. – means a rent no higher than 80% of the local market rent including service charges, which rent shall not exceed the Local Housing Allowance.

Affordable Rent means a rent up to 80% of the local market rent for an equivalent property for the size and location, based on a valuation in accordance with a method recognised by the Royal Institution of Chartered Surveyors and not higher than the relevant local housing allowance maximum amount set for eligibility for housing benefit