Common use of Tenant Qualification Clause in Contracts

Tenant Qualification. 5.1 The Owner covenants and agrees that each Affordable Housing Unit shall only be rented or leased to a Tenant whose Total Household Income is equal to or less than a Moderate Income as determined under section 5.2. 5.2 For the purposes of this Agreement, a "Moderate Income" means the total income from all sources of a Household that is equal to or less than eighty (80%) percent of the median household income of residents of the City of Parksville (or nearest metropolitan area for which Statistics Canada complies such data, if that agency does not compile separate household income data for the City of Parksville), as determined from time to time by Statistics Canada under the most recent census conducted by that agency. In the event that Statistics Canada does not determine the median household income, as aforesaid, in a calendar year while this Agreement is in effect, then for such year (the "Current Year") the Moderate Income as calculated for the previous year of this Agreement (the "Previous Year") shall be adjusted in an amount equal to the percentage change in the Consumer Price Index (All Items) maintained by Statistics Canada for the City of Parksville or closest metropolitan area, from January 1 of the Previous Year to January 1 of the Current Year.

Tenant Qualification. 5.1 The Owner covenants and agrees that each Affordable Housing Unit shall only be rented or leased to a Tenant whose Total Household Income is equal to or less than a Moderate Income as determined under section 5.2. 5.2 For the purposes of this Agreement, a "Moderate Income" means the total income from all sources of a Household that is equal to or less than eighty (80%) percent of the median household income of residents of the City of Parksville (or nearest metropolitan area for which Statistics Canada complies such data, if that agency does not compile separate household income data for the City of Parksville), as determined from time to time by Statistics Canada under the most recent census conducted by that agency. In the event that Statistics Canada does not determine the median household income, as aforesaid, in a calendar year while this Agreement is in effect, then for such year (the "Current Year") the Moderate Income as calculated for the previous year of this Agreement (the "Previous Year") shall be adjusted in an amount equal to the percentage change in the Consumer Price Index (All Items) maintained by Statistics Canada for the City of Parksville or closest metropolitan area, from January 1 of the Previous Year to January 1 of the Current Year.