RENT LIMITATIONS Clause Samples
The RENT LIMITATIONS clause sets boundaries on the amount of rent that can be charged or the conditions under which rent may be increased during a lease term. Typically, this clause may specify a maximum rent amount, restrict the frequency or percentage of rent increases, or tie adjustments to an external index such as inflation. Its core practical function is to provide predictability and protection for tenants against unexpected or excessive rent hikes, thereby ensuring affordability and stability throughout the lease period.
RENT LIMITATIONS. The maximum monthly rent (which includes the tenant-paid portion of the rent, the Utility Allowance, and rental assistance payment) charged by Developer for the seven (7) Qualifying Units, as specified in Section 3.03(a), occupied by Low- to Moderate-Income Households, other than Extremely Low-Income Households, must be set at levels that are affordable to Low- to Moderate-Income Households. Such maximum monthly rent shall not exceed the higher of (a) High Home Investment Partnership (“HOME”) Rents (as defined under 24 C.F.R. 92.252 et seq.), as amended; as determined by HUD; and as published on an annual basis with adjustment for family size) or (b) exception rents allowed by HUD on project-based Section 8 properties pursuant to 24 C.F.R. Part 252(b)(2), as amended.
RENT LIMITATIONS. The maximum monthly rent (which includes the tenant paid portion of the rent, the Utility Allowance, and rental assistance payment) charged by Owner for the twenty-four (24) Qualifying Units, specified in Sections 2.3(a)(2), occupied by Low-Moderate-Income Households, other than Extremely Low-Income Households, must be set at levels that are affordable to Low-Moderate-Income Households and shall not exceed the higher of (i) High Home Investment Partnership (“HOME”) Rents as defined under Title 24, Section 92.252 of the Code of Federal Regulations as may be amended or modified from time to time and determined by the GLO and published on an annual basis with adjustment for family size; or (ii) exception rents allowed by HUD on project-based Section 8 properties pursuant to Title 24, Section 252(b)(2) of the Code of Federal Regulations as may be amended or modified from time to time.
RENT LIMITATIONS. The maximum monthly rent (which includes the tenant-paid portion of the rent, the Utility Allowance, and rental assistance payment) charged by Developer for the forty (40) Qualifying Units, as specified in Section 3.03(a), occupied by Low- to Moderate-Income Households, other than Extremely Low-Income Households, must be set at levels that are affordable to Low- to Moderate-Income Households. Such maximum monthly rent shall not exceed the higher of (a) High Home Investment Partnership (“HOME”) Rents (as defined under 24 C.F.R. 92.252 et seq.), as amended; as determined by HUD; and as published on an annual basis with adjustment for family size) or (b) exception rents allowed by HUD on project-based Section 8 properties pursuant to 24 C.F.R. Part 252(b)(2), as amended.
RENT LIMITATIONS a. The HOME-assisted units in a rental housing project must be occupied by households that are eligible as low income families and meet the requirements of 24 CFR § 92.252 (a-c). The maximum HOME rents (High HOME Rents) are set out in Attachment I, Statement of Work as allowed by 24 CFR § 92.252(a). The rent limits apply to the rent plus the utilities or the utility allowance. The initial rents (including utility allowances) for each HOME- assisted unit shall be set using County provided ceiling at the time of the initial occupancy of each matching HOME-assisted unit by a new household.
RENT LIMITATIONS. The rent limitation for the IRUs are as follows:
i. (##) of the IRUs (the “XX% Units”) will have rents not exceeding the amount posted on the website of the City and County of Denver’s Department of Housing Stability (“HOST”), or any successor agency which is assigned responsibility for the City’s AHDF Ordinance, for households earning [XX]% or less of AMI.
ii. (##) of the IRUs (the “YY% Units”) will have rents not exceeding the amount posted on the website of HOST for households earning [YY]% or less of AMI.
iii. [REPEAT AS NECESSARY]
iv. The maximum allowable rents posted on HOST’s website are based upon the Low Income Housing Tax Credit rent by AMI threshold published by the Colorado Housing and Finance Authority (“CHFA”). Any tenant association fees shall be included in the rent calculation. The maximum rent shall deduct utility allowance costs which are published periodically by HUD or CHFA.
RENT LIMITATIONS. The rent limitation for the IRUs are as follows:
i. (##) of the IRUs (the “XX% Units”) will have rents not exceeding the amount posted on the website of the City and County of Denver’s Department of Housing Stability (“HOST”), or any successor agency which is assigned responsibility for the City’s MAH Ordinance, for households earning [XX]% or less of AMI.
ii. (##) of the IRUs (the “YY% Units”) will have rents not exceeding the amount posted on the website of HOST for households earning [YY]% or less of AMI.
iii. [REPEAT AS NECESSARY]
iv. The maximum allowable rents posted on HOST’s website are based upon the AMI threshold published by the U.S. Department of Housing and Urban Development. Using these gross rental limits, HOST’s maximum allowable net rents are calculated by subtracting the utility allowance published annually by the Colorado Department of Local Affairs (DOLA) and any other “non-optional” fees charged to residents.
RENT LIMITATIONS. BORROWER shall comply with the rent limitations set 11 forth under 24 CFR 92.252 of the HOME Investment Partnerships Act and HOME Investment 12 Partnerships (“HOME”) program, which was enacted under Title II of the ▇▇▇▇▇▇▇▇-▇▇▇▇▇▇▇▇ 13 National Affordable Housing Act (the “HOME Act”), as amended (commencing at 42 U.S.C. 14 12701 et seq.), and the implementing regulations thereto (24 CFR Part 92) (collectively, the 15 “HOME Program”). The units reserved for Qualified Very Low Income Households shall be 16 rented at Low HOME rent levels as published by HUD and the units reserved for Qualified Low 17 Income Households shall be rented at High HOME rent levels as published by HUD. The ARPA- 18 Assisted Units shall be a “floating” designation on the Property such that the requirements of 19 this Agreement will be satisfied so long as the total number of ARPA-Assisted Units and 20 bedroom size remains the same throughout the Affordability Period. The maximum monthly 21 allowances for utilities and services (excluding telephone) shall not exceed the utility allowance 22 as described below. Rent limitations hereunder shall apply to the portion of rent paid by a tenant, 23 and nothing herein shall limit BORROWER from accepting rental assistance in excess of such 24 tenant-paid rent, to the extent permitted by the applicable rental assistance program and federal 25 law.
RENT LIMITATIONS. If the fixed rent or any additional rent shall be or become uncollectible by virtue of any law, governmental order or regulation, or direction of any public officer or body, Tenant shall enter into such agreement or agreements and take such other action (without additional expense to Tenant) as Landlord may request, as may be legally permissible, to permit Landlord to collect the maximum fixed rent and additional rent which may, from time to time during the continuance of such legal rent restriction be legally permissible, but not in excess of the amounts of fixed rent or additional rent payable under this lease. Upon the termination of such legal rent restriction, (a) the fixed rent and additional rent, after such termination, shall become payable under this lease in the amount of the fixed rent and additional rent set forth in this lease for the period following such termination, and (b) Tenant shall pay to Landlord, if legally permissible, an amount equal to (i) the fixed rent and additional rent which would have been paid pursuant to this lease, but for such rent restriction, less (ii) the fixed rent and additional rent paid by Tenant to Landlord during the period that such rent restriction was in effect.
RENT LIMITATIONS. The maximum monthly rent (which includes the tenant-paid portion of the rent, the Utility Allowance, and rental assistance payment) charged by Developer for the ninety-nine (99) Qualifying Units, as specified in Section 3.03(a), occupied by Low- to Moderate-Income Households, other than Extremely Low-Income Households, must be set at levels that are affordable to Low- to Moderate-Income Households. Such maximum monthly rent shall not exceed the higher of (a) High Home Investment Partnership (“HOME”) Rents (as defined under 24 C.F.R. 92.252 et seq.), as amended; as determined by HUD; and as published on an annual basis with adjustment for family size) or (b) exception rents allowed by HUD on project-based Section 8 properties pursuant to 24 C.F.R. Part 252(b)(2), as amended. The maximum monthly rent (which includes the tenant-paid portion of the rent, the Utility Allowance, and rental assistance payment) charged by Developer for the fifteen (15) Qualifying Units occupied by Extremely Low-Income Households must be set at levels that are affordable to Extremely Low-Income Households and shall not exceed the thirty percent (30%) maximum-rent limits determined by HUD and published on an annual basis with adjustment for family size.
RENT LIMITATIONS. The PLHA Units shall be rented to and occupied 28 by Very Low and Low Income Households at an Affordable Rent in compliance with the 1 Multifamily Housing Program (“MHP”) guidelines Section 7312 and the Section 7301 definition 2 of “Affordable Rent.” Maximum income and Affordable Rent shall be determined in accordance 3 with subsection d) below. COUNTY shall review and approve proposed rents prior to entry into 4 leases for occupancy of the PLHA Units by BORROWER. BORROWER shall ensure the PLHA 5 Units are rented to qualified applicants at the described rent levels herein during the Affordability