Affordable Rent definition
Affordable Rent means a rent which does not exceed eighty per centum (80%) of the market rent (inclusive of service charges) for an equivalent property of the relevant size and location such rent to be assessed and set in accordance with the applicable requirements of Legislation and of the Rent Standard;
Affordable Rent means a monthly rent that does not exceed the greater of 30 percent of the annual gross income of the tenant household or 30 percent of the imputed income limit applicable to such unit size, as published by the Virginia Housing Development Authority for compliance with the Low Income Housing Tax Credit program.
Affordable Rent means a rent to be assessed and set in accordance with the applicable requirements of Legislation and the Rent Standard which represents the lower of:
Examples of Affordable Rent in a sentence
For purposes of determining Affordable Rent, Owner shall use an average of estimated housing costs for the next twelve months, which shall include all of the following: • Use and occupancy of a housing unit and land and facilities associated therewith.
The Form of Ground Lease will include various terms, including without limitation with respect to construction, insurance, indemnity, criteria for selection of tenants, income limits, what constitutes Affordable Rent, reporting requirements, property management, and maintenance standards.
Total charges for rent, utilities and related services for each unit in the Project shall not exceed the Affordable Rent for the unit.
More Definitions of Affordable Rent
Affordable Rent for Low-Income tenants means annual Rent not exceeding 30% of 80% of Median Income; Affordable Rent for tenants with income not exceeding 60% of Median Income means annual Rent not exceeding 30% of 60% of Median Income; Affordable Rent for Very Low-Income tenants means an annual Rent not exceeding 30% of 50% of Median Income; and Affordable Rent for Extremely Low- Income tenants means annual Rent not exceeding 30% of 30% of Median Income.
Affordable Rent means monthly housing expenses, including all fees for housing services and a reasonable allowance for utilities, not exceeding the following:
Affordable Rent means low cost rental accommodation (as defined in Section 69 of HRA 2008), other than Social Rent, made available on terms which comply with the Tenancy Standard; Affordable Rent Dwelling means an Affordable Dwelling to be occupied on an Affordable Rent basis; Agency's Representative means such person or persons as the Agency may nominate to act as its representative from time to time for the purposes of this Agreement;
Affordable Rent means monthly housing expenses, including a reasonable allowance for utilities, for rental target units reserved for Very Low or Low Income Households, not exceeding the following calculations:
Affordable Rent means monthly rent or lease payments that do
Affordable Rent means a rent (inclusive of service charges) which does not exceed eighty per centum (80%) of the market rent for an equivalent property of the relevant size and location such rent to be assessed and set in accordance with the requirements of the Rent Standard or such other below market rent to be agreed from time to time by the parties
Affordable Rent means rented housing provided by an Affordable Housing Provider subject to rent controls other than the national rent scheme that requires housing to be offered at a rent (inclusive of Service Charge where applicable) of up to 80% of local Open Market Rents and using the Royal Institution of Chartered Surveyors approved valuation methods and not to exceed the Local Housing Allowance levels or the equivalent replacement assessment