Income and Rent Restrictions in Event of Loss of Subsidy Sample Clauses

Income and Rent Restrictions in Event of Loss of Subsidy. If the project based rental assistance or RAD Program rental assistance being received by the Project is terminated or substantially reduced, the occupancy and rent restrictions set forth in Sections 4(a)(i) and (ii) may be altered, but only to the minimum extent required for the financial feasibility of the Project, as determined by the City in its reasonable discretion in accordance with substantially similar underwriting criteria used by the City to evaluate the Project’s financial feasibility prior to the Closing Date, provided that, in any event, at least 40% of the units shall at all times be occupied by Tenants whose Adjusted Income does not exceed sixty percent (60%) of Median Income for the Area and the monthly rent paid by such Tenants shall not exceed 30% of 60% of Median Income for the Area; and provided, further, that a Very Low Income Tenant shall not be subject to eviction because of the loss of Section 8 tenant based or project-based rental assistance, other than through the action of the Very Low Income Tenant, including without limitation non-compliance with the terms and conditions of the tenant lease, so long as the Very Low Income Tenant continues to qualify as a Very Low Income Tenant and continues to pay the Tenant’s portion of the rent permitted to be charged that Very Low Income Tenant pursuant to Section 4(a) and is in compliance with all terms and conditions of the Tenant’s lease. In such event, the City shall use good faith efforts to meet with Owner within fifteen (15) days after Owner’s written request and determine any rent increase within sixty (60) days after Owner’s initial written request to meet. The relief provided by this section shall not be construed as authorizing the Owner to exceed any income or rent restrictions imposed on the Project by CDLAC, CTCAC or other agreements, and the Owner represents and warrants that it shall have obtained any necessary approvals or relief from any other applicable income and rent limitations prior to implementing the relief provided by this Section.
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Related to Income and Rent Restrictions in Event of Loss of Subsidy

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  • RECORDS USAGE, DUPLICATION AND REDISCLOSURE RESTRICTIONS USAC and the Department agree to these restrictions on use, duplication, and disclosure of information furnished by the other Party:

  • Investment Restrictions How the Fund is Managed ................................................................................

  • INCOME RESTRICTIONS The Grantee agrees that any refunds, rebates, credits, or other amounts (including any interest thereon) accruing to or received by the Grantee under this Agreement shall be paid by the Grantee to the State, to the extent that they are properly allocable to costs for which the Grantee has been reimbursed by the State under this Agreement.

  • No Restriction on Existing Examination and Investigative Authority That this Agreement shall in no way preclude any State Mortgage Regulator from exercising its examination or investigative authority authorized under the laws of the corresponding Participating State in the instance a determination is made wherein Respondent is found not to be adhering to the requirements of the Agreement, other than inadvertent and isolated errors that are promptly corrected by Respondent, or involving any unrelated matter not subject to the terms of this Agreement. The Parties agree that the failure of Respondent to comply with any term or condition of this Agreement with respect to a particular State shall be treated as a violation of an Order of the State and may be enforced as such. Moreover, Respondent acknowledges and agrees that this Agreement is only binding on the State Mortgage Regulators and not any other Local, State or Federal Agency, Department or Office.

  • Funding Restrictions If the Plan is ever determined to be governed by ERISA, nothing herein shall be interpreted to prevent the Plan from complying with the benefit restrictions of Section 436 of the Internal Revenue Code of 1986, as amended, or any other applicable law, including all restrictions on lump sum payments.

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