Affordable Rents definition

Affordable Rents means thirty percent (30%) of an amount equal to sixty percent (60%) of the median gross income for the Area, adjusted for household size (as described in the definition of “Lower Income Tenant” in this Section 1), less a utility allowance calculated as set forth in U.S. Treasury Regulation Section 1.42-10.

Affordable Rents means Rents established for Assisted Units in accordance with Section 7312.

Affordable Rents means Rents established for Assisted Units in accordance with Section 105.

Examples of Affordable Rents in a sentence

• Where the formula rent would be higher than the rent cap for a particular size of property, the rent cap must be used instead.• Affordable Rents – applies to around 50 of our dwellings - The rent for affordable rent housing (inclusive of service charges) must not exceed 80% of gross market rent.

• The Affordable Housing Rental Program Guidelines are reviewed annually by Manitoba Housing and published on the Manitoba Housing website at: https://www.gov.mb.ca/housing/progs/pil.html#affordable The level of Financial Assistance available is intended to assist the project to charge Affordable Rents.

• However, Financial Assistance from Manitoba Housing, if applicable, will only be provided on a prorated basis to units which shall be leased at or below applicable Affordable Rents.

• Housing units eligible for Financial Assistance from Manitoba Housing must follow the Affordable Housing Rental Program Guidelines and must be leased to individuals with low to moderate incomes in accordance with the Program Income Limits and the units must lease at or below the applicable Affordable Rents.

• Proponents may incorporate units that shall be leased above applicable Affordable Rents into a project’s development plan; provided appropriate need/demand exists to support an approach.

More Definitions of Affordable Rents

Affordable Rents means a cost not in excess of that which may be charged the applicable eligible person or family pursuant to Section 50053 of the California Health and Safety Code (specific code is included as Attachment 5).

Affordable Rents means a monthly rent (excluding any supplemental rental assistance from the State, the federal government or any other public agency to those tenants or on behalf of those units) which does not exceed 30 percent of 50 percent of one-twelfth of the Area median income, adjusted for family size as established under Section 8 of the United States Housing Act of 1937, as amended, based upon the following household sizes for various types of residential units in the Project:

Affordable Rents means a rental housing cost not in excess of that which may be charged the applicable eligible person or family pursuant to Section 50053 of the California Health and Safety Code. No rental activities are currently proposed under the NSP3.

Affordable Rents means rents established for assisted units in accordance with section 113.

Affordable Rents means the Affordable Housing Rental Program Rents inclusive of essential utilities (heat, hydro, and water). The Affordable Housing Rental Program Rents are reviewed by Manitoba Housing annually and published on the Manitoba Housing website at: https://www.gov.mb.ca/housing/progs/pil.html#affordable.

Affordable Rents means rents that are at or below the Fair Market Rent Levels as published by HUD, and amended from time to time; or rents that do not exceed 30% of the adjusted income of a family whose annual income equals 80% of AMI, as determined by HUD, with adjustments for number of bedrooms in the unit; or rents that do not exceed 30% of the family’s adjusted income, if the unit receives Federal project-based rental subsidy or 40% of the family’s adjusted income if the unit receives state project-based rental subsidy (i.e., tenant contribution plus project-based rental subsidy) and the rent allowable under the federal or state project-based rental subsidy program. For the NSP3 program, DECD will require that rental units assisted through the program that are restricted to 50% of median income households meet Low HOME rent limits and that 120% AMI rental units meet rents established for the DECD Housing Trust Fund Program as identified at DECD’s website at www.decd.org.

Affordable Rents means a rental housing cost not in excess of that which may be charged the applicable eligible person or family pursuant to Section 50053 of the California Health and Safety Code. For NSP assisted projects, the City will use affordable rents under the HOME program, less utility allowances as provided by the Countyof Riverside Housing Authority.