Very Low Income Units. During the HOME Term Borrower shall cause three (3) Units to be rented to and occupied by or, if vacant, available for occupancy by, Very Low Income Households.
Very Low Income Units. During the Term Borrower shall cause nineteen
Very Low Income Units. 30 A. In accordance with Sections 4.2B and 4.2C, HRD shall ensure a minimum 31 of three percent (3%), but not more than seven percent (7%), of all Net New rental dwelling units 32 within each building containing rental units constructed or otherwise provided on the Property 33 (excluding the Metropolitan and Parcel C) to be Very Low Income Units in order to achieve 200 34 Very Low Income Units on the Property at or before Full Residential Build Out. HRD shall lease 35 such units in each building to the Commission for a period of at least forty (40) years in 36 accordance with the terms of a master lease, with unlimited renewal options, and upon 37 substantially the same terms, for each building to be entered into by and between HRD and the 38 Commission and containing the terms set forth below, and the Commission may then in turn lease 39 the units to individual households holding Housing Choice Vouchers or at an income level of up 40 to approximately 50% of the HCAMI. HRD shall lease the units to the Commission at a rate 1 equal to 95% of the Housing Choice Voucher Payment Standard (“VPS”) for Columbia, MD 2 (100% minus a 5% allowance for vacancy), which VPS rates for 2016, for example, are $1,123 3 for an efficiency, $1,363 for a one bedroom, $1,713 for a two bedroom, and $2,195 for a three 4 bedroom. The 95% of VPS payment to HRD will be guaranteed by the Commission with non- 5 voucher funds regardless of vacancy (unless caused by HRD) and will not be discounted by a 6 utility allowance. The lease rate shall be adjusted annually in accordance with adjustments in the 7 VPS for Columbia, MD, but in no event shall the lease rate be decreased by more than 3% 8 annually or by more than 10% cumulatively from the initial lease rate for each building for each 9 master lease period including each renewal period. Units developed as Very Low Income Units 10 may include smaller square footages than Market Rate Dwelling Units and other design elements 11 to reduce development cost and increase affordability, in accordance with the standards shown 12 on Exhibit “B”. The rent commencement date under each master lease with respect to a building 13 under this Section 4.2A shall be the date that a use and occupancy permit is issued for that 14 building. In the event the Commission elects not to renew the master lease for any building, the 15 Very Low Income Units within that building shall no longer be subject to this Agreement and 16 may be re-leased as Market Rate Dwel...
Very Low Income Units. During the Term Borrower shall cause six (6) Units to be rented to and occupied by or, if vacant, available for occupancy by Very Low Income Households. This includes the three (3) HOME-Assisted Units that are regulated by the HOME Regulatory Agreement during the HOME Term and are regulated by this County Regulatory Agreement after the HOME Term.
Very Low Income Units. During the Term, Grantee shall cause all ten
Very Low Income Units. (i) At least of the Units[, which shall be in addition to any units provided for in (A) and (C) of this Paragraph 3,] shall be leased to Very Low Income Tenants (“Very Low Income Units”). The tenants’ portions of monthly rent as of [insert termination date of the program restriction] for the Very Low Income Units are set forth in Exhibit B: Current Schedule Rents annexed hereto and incorporated herein. Until [insert date 2 years from the date of initial notice of effective termination date under the curative notice provisions of 760 CMR 64.03 (5)], the tenants’ portions of rents may only be increased to the extent that rent increases would be permitted if the Project were still subject to the program and must follow the procedures for determining the amount of the increase, as required by the program.
Very Low Income Units. Twenty-four (24) of the units in the Project shall be rented to and continuously occupied by households who qualify as Very Low Income Tenants. The monthly rent charged for all the Very Low Income Units shall not exceed one-twelfth of the amount obtained by multiplying 30% times 50% of the lower of City Median Income or Median Income for the Area.
Very Low Income Units. During the Term, Borrower shall rent fifteen
Very Low Income Units. During the Term, Borrower shall rent ten (10) Units, and ensure that these Units are occupied or, if vacant, available for occupancy, by Very Low Income Households.
Very Low Income Units. Nine (9) of the Units in the Development, including one-bedroom Unit, two-bedroom Units, and three-bedroom Units (collectively, the "Very Low Income Units") shall be rented to and occupied by or, if vacant, available for occupancy by Very Low Income Households.
