Maximum Rent definition

Maximum Rent means the maximum regular rent for 60% of

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Maximum Rent means, with respect to any Apartment, the highest rent that would be affordable to an Eligible Household and would not cause such Eligible Household to pay more than thirty percent (30%) of its income for rent, as determined by the Monitor.

Maximum Rent means the lesser of:

Examples of Maximum Rent in a sentence

• Maximum Rent Limit for this unit Enter the maximum allowable gross rent for the unit.

• Notwithstanding an increase in the income of Tenant above the Initial Qualifying Household Income, Tenant shall be entitled to reside in a Unit of the Project, paying no more than the Maximum Rent, provided that Tenant and Household continue to comply with the applicable provisions of the Lease and Rider.

• Tenant’s Maximum Rent: an amount calculated by taking not to exceed 30% of % of AMI3 as adjusted for the number of individuals assumed to be occupying Tenant’s Apartment, as follows: if the Apartment is a Unit that does not have a separate bedroom, one person; if the Apartment is a Unit having one or more separate bedrooms, 1.5 individuals for each separate bedroom (the “Maximum Rent Calculation”).

• If Tenant’s Household Income increases above the Initial Qualifying Household Income, but is below the maximum allowable income limit at recertification, Tenant shall still be entitled to reside in the Unit and pay no more than the Maximum Rent, provided that Tenant and Household continue to comply with the applicable provisions of the Lease and Rider.

• Prior to the Conversion Date, the HDFC shall lease vacant Apartments only to Eligible Households at rents not exceeding the Maximum Rent, and shall not permit the occupancy of any vacant Apartment by any Ineligible Household.

More Definitions of Maximum Rent

Maximum Rent means the highest amount chargeable for a particular Rental Unit such that a Household of the Rental Unit’s imputed Household size that earns the applicable MFI Level will expend no more than thirty percent (30%) of its annual income on Monthly Rent and Utilities, as set forth in the Rent and Income Schedule. For purposes of this paragraph, the imputed Household size applicable to a unit is: (i) in the case of a unit which does not have a separate bedroom, one (1) individual; and (ii) in the case of a unit which has one (1) or more separate bedrooms, one and one-half (1.5) individuals for each separate bedroom.

Maximum Rent means the amount determined by multiplying the Original Maximum Rent by the Gross Floor Area of the Employee Unit, increased by the same percentage as the percentage increase, if any, in CPI since the date of registration of this Agreement.

Maximum Rent means the maximum rent, excluding gas and electric utility charges, which has been authorized or approved by the commissioner or the supervising agency; or the legal regulated rent established for the dwelling unit pursuant to the provisions of either article II, IV, V or XI of the private housing finance law[,]; or the rental established for a cooperatively owned dwelling unit previously regulated pursuant to the provisions of article II, IV, V or XI of the private housing finance law[,]; or the rental established for a dwelling unit[,] in a dwelling subject to a mortgage insured or initially insured by the federal government pursuant to section two hundred thirteen of the national housing act, as amended; or such rent established for a dwelling unit which was subject to a mortgage insured or initially insured by the federal government pursuant to section two hundred thirteen of the national housing act, as amended; or the rent established for an applicable battery park city property.

Maximum Rent shall have the meaning set forth in Section 6.15(b).

Maximum Rent is the maximum monthly amount that can be charged as a Tenant Rent Contribution as may be determined from time to time by BC Housing.

Maximum Rent means the maximum regular rent for 60% of the area median income for the geographic area in which the multifamily building is located for multifamily programs as determined by the United States Department of Housing and Urban Development and published annually by the Illinois Housing Development Authority. To be eligible for the reduced valuation defined in this Section, maximum rents are to be consistent with the Illinois Housing Development Authority's rules; or if the owner is leasing an affordable unit to a

Maximum Rent means: i. for an Employee Unit shown on the Development Plans as Unit Types A and C, the amount determined by multiplying the Original Maximum Rent by the Gross Floor Area of the Employee Unit; and ii. for an Employee Unit shown on the Development Plans as Unit Type B, $3,695.00; in each case increased by the same percentage as the percentage increase, if any, in CPI since the date of registration of this Agreement.