Increased Income above Extremely Low Income but below Low Income Limit Sample Clauses

Increased Income above Extremely Low Income but below Low Income Limit. If, upon the annual certification of the income of a Tenant of an Extremely Low Income Unit, Borrower determines that the income of the Tenant has increased above the qualifying limit for an Extremely Low Income Household, but not above the qualifying income for a Low Income Household, the Tenant may continue to occupy the Unit and the Tenant's Rent will remain at the Extremely Low Income Rent. Borrower shall then rent the next available Unit to an Extremely Low Income Household to comply with the requirements of Section 2.1(a) above, at a Rent not exceeding the maximum Rent specified in Section 2.2(a), or re-designate another comparable Unit in the Development with an Extremely Low Income Household an Extremely Low Income Unit, to comply with the requirements of Section 2.1(a) above. Upon renting the next available Unit in accordance with Section 2.1(a) or re-designating another Unit in the Development as an Extremely Low Income Unit, the Unit with the over-income Tenant will no longer be considered a County-Assisted Unit.
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Increased Income above Extremely Low Income but below Low Income Limit. If, upon the annual certification of the income of a Tenant of an Extremely Low Income Unit during the Term, Borrower determines that the Tenant’s income has increased above the qualifying limit for an Extremely Low Income Household, but not above the qualifying income for a Low Income Household, the Tenant may continue to occupy the Unit and Borrower shall continue to charge such Tenant Extremely Low Income Rent. Borrower shall then (i) rent the next available Unit to an Extremely Low Income Household to comply with the requirements of Section 2.1(a)(2) or Section 2.1(a)(3), as applicable, at a Rent not exceeding Extremely Low Income Rent, or (ii) designate another comparable Unit that is occupied by an Extremely Low Income Household as an Extremely Low Income Unit, to comply with the requirements of Section 2.1(a)(2) or Section 2.1(a)(3), as applicable. On the day that Borrower complies with Section 2.1(a)(2) or Section 2.1(a)(3), as applicable, in accordance with this Section 2.4(b), the Unit with the over-income Tenant will no longer be considered a HOME-Assisted Unit.
Sample 1

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