Maximum Allowable Rent definition
Maximum Allowable Rent is the maximum rental rate of a Rental Inclusionary Unit as determined pursuant to the IZ Implementation Regulations.
Maximum Allowable Rent or “MAR”) for each Rental Affordable Unit shall be determined through the use of one of the two following formulas: (a) MAR = (AMI * DAL * OSF * 30%) / 12 – MU (if the Household pays any Utility costs directly to the Utility providers) or (b) MAR = (AMI * DAL * OSF * 30%) / 12 (if all Utility costs are included in the rent payment to Owner) (“Rental Formula”), where:
Maximum Allowable Rent as defined in Section 4.4.2.
Examples of Maximum Allowable Rent in a sentence
The fine amount shall continue to be paid until the owner provides proof satisfactory to the District Agency that the rental payment has been reduced to the Maximum Allowable Rent.
The Inclusionary Development Owner shall reserve, maintain and lease the Rental Inclusionary Units to Qualified Tenants (a) in accordance with the IZ Law, subject to the Waiver, if any, and the Certificate of Inclusionary Zoning Compliance, and (b) at a rental rate at or below the Maximum Allowable Rent.
More Definitions of Maximum Allowable Rent
Maximum Allowable Rent is the maximum rental rate of a Rental Affordable Housing Unit as determined by the then-current Rent and Price Schedule.
Maximum Allowable Rent means the highest lawful rent amount that can be charged for a rental unit subject to rent stabilization.
Maximum Allowable Rent means the maximum Rent the Landlord may charge for the use or occupancy of any Rent-Stabilized Unit.
Maximum Allowable Rent means the maximum amount of monthly rent that is payable under the rental assistance program, as determined by the commissioner;
Maximum Allowable Rent means the maximum amount of rent permitted to be charged a tenant for a mobilehome space under this chapter.
Maximum Allowable Rent or "MAR") for each Rental Affordable Unit shall be an amount equal to the equivalent of the then current Maximum LIHTC Gross Rent for such category of Affordable Housing Unit (studio, one-bedroom, two-bedrooms, etc.) permitted to be charged by the Virginia Housing Development Authority by owners of projects in the City of Richmond, Virginia that are participating in the Federal Low-Income Housing Tax Credit (LIHTC) program, without allowance being provided for Utilities in the determination of such rents.
Maximum Allowable Rent. Maximum Allowable Rent is established annually by the Housing Authority for all unit categories within 60 days of the Riverside County Updated Income Limits being published.