COMMITMENT TO INCOME SET-ASIDES AND AFFORDABILITY Sample Clauses

COMMITMENT TO INCOME SET-ASIDES AND AFFORDABILITY. A. 100% of the NSP3 assisted permanent housing units shall be initially occupied by Low Income families, as defined herein, with adjusted incomes that do not exceed 50% of the Pensacola MSA median income adjusted for family size, subject to further restrictions denoted below. For purposes of this Agreement, the permanent housing units shall be deemed to be rental units for purposes of correlation with NSP3 occupancy requirements. All new occupants/ tenants entering the property during the effective term of this Agreement must meet this income limitation at the time of initial occupancy and income certification, with eligibility recertified at least annually, unless directed otherwise by the County or NEFI. B. Units with Rental (Tenant) Occupancy: AHC shall at all times, beginning with initial occupancy through the full duration of this Agreement, ensure that the tenant occupancy, rental rates, and minimum housing quality standards are maintained for all of the NSP3 assisted units located on the property described in EXHIBIT II of this Agreement. Should the AHC fail, at any time during the term of this Agreement, to meet the occupancy and rent control standards delineated below, said AHC shall be deemed in violation of the tenets of this Agreement, which shall subject this Agreement to termination in accordance with provisions of Article VI. The minimum standards which must be attained at initial lease-up and sustained thereafter are: (1) Low Income Units: 100% of the rental units (or 10) shall be deemed NSP3 assisted units and shall be occupied by persons or families with incomes below 50% of the Pensacola MSA median income adjusted for family size. Such units shall have monthly rents which shall not exceed 30% of adjusted income for households at 50% of Pensacola Metropolitan Statistical Area (MSA) median income minus any tenant paid utilities. The initial rents for families below 50% of median and the Section 8 FMR rents shall be as provided in EXHIBIT III of this Agreement, subject to adjustment for any tenant paid utilities and revisions to said rent rates as promulgated annually by the HUD. (2) In instances where any utilities are paid for by the tenant, the AHC shall be required to utilize an approved Housing Allowances for Tenant–Furnished Utilities and Other Services Chart in calculating the adjusted (reduced) NSP3 rent for the respective unit(s); or utility allowance letters from applicable providers. (3) The Project shall be routinely inspected b...