LI Rent definition

LI Rent means a monthly Rent that does not exceed one-twelfth of thirty percent (30%) times 60 percent (60%) of the AMI, Adjusted for Family Size Appropriate for the Unit or, for Lower Income Households with a Gross Income that is greater than 60% of AMI, one-twelfth of thirty percent (30%) times the household’s actual Gross Income. If the sixteen (16) units for Lower Income Households are subject to recorded rental restrictions pursuant to a federal program (such as Tax Credits as administered pursuant to TCAC regulations) that provides for the use of a maximum allowable Rent and/or different assumed household size, the applicable federal standard shall apply. Specifically, the TCAC definitions for maximum allowable Rent and “assumed household size” shall apply so long as the Affordable Units for Lower Income Households are subject to rent restrictions under the Tax Credits program.
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Examples of LI Rent in a sentence

  • For a term of fifty-five (55) years commencing upon the Affordable Housing Occupancy Date, each LI Unit shall be rented at an LI Rent to (or if vacant, available for occupancy by) a Lower Income Household.

Related to LI Rent

  • Basic Rent means the rent payable for the Aircraft pursuant to Section 3.2.1(a) of the Lease.

  • Base Rent Period Annual Rate Per Square Foot Monthly Base Rent

  • Additional Rent means all amounts payable by the Tenant under this Lease except Base Rent, whether or not specifically designated as Additional Rent elsewhere in this Lease;

  • Fixed Rent shall have the meaning set forth in Section 1.1 hereof.

  • Additional Rental has the meaning set forth in Section 4.03.