Examples of TCAC in a sentence
The Affordable Rent for the Housing Units to be rented to Very Low Income Households shall not exceed one-twelfth (1/12) of thirty percent (30%) of fifty percent (50%) of Median Income for Riverside County as determined and published annually by TCAC for a family of a size appropriate to the unit, or, if lower, rents determined in accordance with the HOME Regulations.
Under no circumstances may Tenant mortgage, encumber or hypothecate Lessor’s Fee Interest, other than as required by TCAC pursuant to its lease rider, if any, and previously approved by Lessor prior to the Effective Date of this Lease, in connection with the award of low income housing tax credits to Tenant.
Specifically, the TCAC practice of determining affordable rents on the basis one and one-half (1 ½) persons per bedroom shall control (as against the convention of basing household size for the purposes of computing rent, and without regard to actual occupancy, on the basis of one person for each bedroom, plus one).
Affordable Rent shall be determined as those rents applied by TCAC for projects for which Tax Credits are awarded (without regard to the absence of Tax Credits for this Project).
The Sponsor must provide the Department with a copy of the TCAC regulatory agreement if the development budget includes tax credits, as well as copies of any other regulatory agreements pertaining to the Development.