Certificate Holders. Developer shall accept as tenants, on the same basis as all other prospective tenants, persons who are recipients of federal certificates or vouchers for rent subsidies pursuant to the existing housing programs under Section 8 of the United State Housing Act, or its successor. Developer shall not apply selection criteria to Section 8 Certificate or voucher holders that are more burdensome than criteria applied to all other prospective tenants, nor shall Developer apply or permit the application of management policies or lease provisions with respect to the Development which have the effect of precluding occupancy of units by such prospective tenants. INCOME CERTIFICATION: The income levels and other qualification of High and Low HOME rent tenants shall be certified prior to initial occupancy and recertified by Developer. Developer shall utilize the income calculation method required by HUD for households assisted by the HOME funds. INCREASES IN TENANT INCOME: Tenants occupying HOME assisted units whose annual incomes exceed eighty percent (80%) of median (that is they are no longer low income) may stay in their HOME-assisted apartments. Over income tenants (those who no longer qualify as low income) in HOME assisted units must pay the lessor of thirty percent (30%) of their adjusted monthly income for rent and utilities or the market rent. NOTE: Rents for over income tenants in projects financed with both HOME and Tax Credits are exempted from this provision. CONDOMINIUM CONVERSION: Developer shall not convert units to condominium or cooperative conversion rights to the property during the term of this contract.
Appears in 2 contracts
Sources: Subgrant Agreement, Subgrant Agreement