AMI definition
Examples of AMI in a sentence
If one hundred and eighty (180) days after issuance of a Certificate of Occupancy, MCLT is unable to enter into a purchase contract with a prospective purchaser of the Unit whose Household earns less than 140% of the AMI, the Unit may be sold to any person who will meet the Owner-occupancy requirement.
The Unit may be rented to an individual or Household earning no more than 60% of the AMI who has been Income Qualified (as described in Section 1.17(a), above) by the County.
If one hundred and twenty (120) days after issuance of a Certificate of Occupancy, MCLT is unable to enter into a purchase contract with a prospective purchaser of the Unit whose Household earns less than 100% of the AMI, MCLT shall use Reasonable Efforts to negotiate a contract for sale of the Unit to a prospective purchaser of the Unit whose Household earns less than 140% of the AMI.
If ninety (90) days after issuance of a Certificate of Occupancy, MCLT is unable to enter into a purchase contract with a Qualified Purchaser, MCLT shall use Reasonable Efforts to negotiate a contract for sale of the Unit to a prospective purchaser of the Unit whose Household earns less than 100% of the AMI.
When a resident’s income is over 120% of the AMI for 24 consecutive months, the over income household becomes ineligible for participation in CHA’s Public Housing Program and will have their lease terminated within six months.