Qualifying Low-Income Purchaser definition

Qualifying Low-Income Purchaser means a Low-Income Family which agrees to occupy, and certifies in writing that it intends to occupy, a Single Family Property as a principal residence for the Affordability Period, and which enters into an agreement, in the form approved by the City, upon purchase of a Single Family Property, providing for the recapture by the City of the City Investment made in the Single Family Property, prorated as provided in Section 3.1(a) hereafter, if such resale takes place within the Affordability Period, in the absence of such particular circumstances as may be specified in such agreement.
Qualifying Low-Income Purchaser means a person satisfying the requirements set forth in the Declaration.

Examples of Qualifying Low-Income Purchaser in a sentence

  • Information or documentation shall be determined to be necessary if it is required for purposes of determining or auditing a household's eligibility as a Qualifying Low-Income Purchaser, or for verifying related information.

  • The City Investment shall be reduced prorata based upon the time the Single Family Property has been actually occupied by a Qualifying Low-Income Purchaser, measured against the required Affordability Period.

  • For the purpose of prorating the City Investment, each complete year of ownership and occupancy by a Qualifying Low-Income Purchaser shall reduce the City Investment by the same percentage which such year bears to the entire applicable Affordability Period.

  • At least twenty (20) days prior to the sale of any Single Family Property, Owner shall notify City of the legal name and address of the proposed purchaser, and, if applicable, shall provide or cause to be provided to the City and/or the Certifying Entity all documentation and other information necessary to determine the qualification of the proposed purchaser as a "Qualifying Low-Income Purchaser." Section 2.2. Sale of Single Family Property Under Section 2.1(a)(ii).

  • In the event that after the Affordability Period has commenced, the Qualifying Low-Income Purchaser ("Homeowner") sells his Single Family Property to other than a Qualifying Low-Income Purchaser (the "Non-Qualifying Purchaser"), then the following agreements shall apply: From the sale proceeds, the Homeowner shall be required to refund to the City the City Investment.

  • Purchaser represents, warrants, covenants and agrees that no Residence shall be sold, conveyed, transferred, leased or otherwise disposed of to any person or entity other than a Qualifying Low-Income Purchaser.

Related to Qualifying Low-Income Purchaser

  • Very Low Income means income that is 50 percent or less of the area median income.

  • Eligible low-income customer means a customer whose household income does not exceed 150% of the poverty level, as published by the United States Department of Health and Human Services, or who receives any of the following:

  • Very low-income unit means a restricted unit that is affordable to a very low-income household.

  • Low-income family means "a family whose annual income does not exceed 80 percent of the median income for the area, as determined by HUD with adjustments for smaller and larger families, except that HUD may establish income ceilings higher or lower than 80 percent of the median income for the area on the basis of HUD's findings that such variations are necessary because of unusually high or low family incomes."

  • Very low-income household means a household with a total gross annual household income equal to 30 percent or less of the median household income.

  • Low-income person means a person with a family income of not more than 60% of the statewide median gross income who is eligible to participate in the charitable nonprofit housing organization's program based on criteria established by the charitable nonprofit housing organization.

  • Low-income customer means a utility customer whose household income is at or below 200% of the Federal Poverty Level (FPL) and provides proof of meeting the eligibility requirement at the time of enrollment.

  • Extremely Low Income means a household income that falls at or below thirty percent (30%) of the AMI for the area in which a Project is located.

  • Low Income Tenant means a tenant occupying a Low Income Unit.

  • Extremely low-income household means a single person,

  • Low-income unit means a restricted unit that is affordable to a low-income household.

  • Low-income means the adjusted income for a Family which does not exceed 80 percent of the area median income.

  • Qualified low-income community investment or “QLICI” shall have the same meaning as set forth in IRC § 45D(d) and 26 C.F.R. Part 1.45D-1(d).

  • Low-income household means a household with a total gross annual household income equal to 50 percent or less of the median household income.

  • Low-income households means households earning 80 percent or less of the countywide median income.

  • Low-income housing means housing affordable according to

  • Low-income individual means an individual who:

  • Excess Cash Flow Interim Period means, (x) during any Excess Cash Flow Period, any one, two, or three-quarter period (a) commencing on the later of (i) the end of the immediately preceding Excess Cash Flow Period and (ii) if applicable, the end of any prior Excess Cash Flow Interim Period occurring during the same Excess Cash Flow Period and (b) ending on the last day of the most recently ended fiscal quarter (other than the last day of the fiscal year) during such Excess Cash Flow Period for which financial statements are available and (y) during the period from the Closing Date until the beginning of the first Excess Cash Flow Period, any period commencing on the Closing Date and ending on the last day of the most recently ended fiscal quarter for which financial statements are available.

  • Low-Income Community means any area as defined in accordance with IRC § 45D(e).

  • Qualifying Company means a qualifying company within the meaning of section 110 of the Taxes Act;

  • Below Investment Grade means, with respect to any Series of VMTP Shares and as of any date, the following ratings with respect to each Rating Agency (to the extent it is a Rating Agency on such date):

  • Qualifying investment means a capital investment in real property including the purchase price of land and existing buildings and structures, site preparation, improvements to the real property, building construction, and long-term lease costs. “Qualifying investment” also means a capital investment in depreciable assets.

  • Below Investment Grade Rating Event means the rating on the Notes is lowered in respect of a Change of Control and the Notes are rated below Investment Grade by both Rating Agencies on any date from the date of the public notice of an arrangement that could result in a Change of Control until the end of the 60-day period following public notice of the occurrence of a Change of Control (which period shall be extended until the ratings are announced if during such 60 day period the rating of the Notes is under publicly announced consideration for possible downgrade by either of the Rating Agencies); provided that a Below Investment Grade Rating Event otherwise arising by virtue of a particular reduction in rating shall not be deemed to have occurred in respect of a particular Change of Control (and thus shall not be deemed a Below Investment Grade Rating Event for purposes of the definition of Change of Control Repurchase Event hereunder) if the Rating Agencies making the reduction in rating to which this definition would otherwise apply do not announce or publicly confirm or inform the Company in writing at its request that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control shall have occurred at the time of the Below Investment Grade Rating Event).

  • Below Investment Grade Ratings Event means, with respect to the Notes on any day within the 60-day period (which period shall be extended so long as the rating of the Notes is under publicly announced consideration for a possible downgrade by any of the Rating Agencies) after the earlier of (1) the occurrence of a Change of Control; or (2) public notice of the occurrence of a Change of Control or the intention by the Company to effect a Change of Control, the Notes are rated below Investment Grade by each of the Rating Agencies. Notwithstanding the foregoing, a Below Investment Grade Ratings Event otherwise arising by virtue of a particular reduction in rating shall not be deemed to have occurred in respect of a particular Change of Control (and thus shall not be deemed a Below Investment Grade Ratings Event for purposes of the definition of Change of Control Repurchase Event hereunder) if the Rating Agencies making the reduction in rating to which this definition would otherwise apply do not announce or publicly confirm or inform the Trustee in writing at the Company’s request that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control shall have occurred at the time of the Below Investment Grade Ratings Event).

  • Bidders from a country which shares a land border with India for the purpose of this Order means:

  • qualifying interest means the aggregate interest, discount or original issue discount receivable by a resident individual in any year of income