Use Requirement. Throughout the Term, the Project shall be used solely as rental housing for Moderate Income Families, with no reduction in the number of residential units, and no Current Tenant shall be required to relocate on the basis of his or her income. The owner may rent to Lower Income Families, and Very Low Income Families. a. The Owner shall not rent any former Rent Supplement unit to any New Tenant whose annual income exceeds eighty percent (80%) of the Area Median Income, or rent any other unit to any New Tenant whose income exceeds one hundred percent (100%) of the Area Median Income. The Owner shall obtain from each prospective New Tenant, prior to admission to the Project, a certification of income signed by such New Tenant. The Owner will make a reasonable effort to certify the accuracy of the income certification made by the New Tenant. The Owner shall maintain on file, for a period of not less than three
Appears in 3 contracts
Sources: Use Agreement, Use Agreement, Use Agreement