Qualifying Tenants definition

Qualifying Tenants means those persons and families who are determined from time to time by the Developer to have combined adjusted income that does not exceed 50% of the Median Income; and

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Qualifying Tenants means those persons and families who are determined from time to time by the Developer to have combined adjusted income that does not exceed 60% of the median income for the standard metropolitan statistical area which includes West St. ▇▇▇▇, Minnesota, as that figure is determined and announced from time to time by HUD, as adjusted for family size (the “Median Income”) for the applicable calendar year. For purposes of this definition, the occupants of a residential unit will not be deemed to be Qualifying Tenants if all the occupants of such residential unit at any time are “students,” as defined in Section 152(f)(2) of the Internal Revenue Code of 1986, as amended (the “Code”), not entitled to an exemption under the Code. The determination of whether an individual or family is of low or moderate income will be made at the time the tenancy commences and on an ongoing basis thereafter, determined at least annually. If during their tenancy a Qualifying Tenant’s income exceeds 140% of the maximum income qualifying as low or moderate income for a family of its size, the next available residential unit (determined in accordance with the Code and applicable regulations) (the “Next Available Unit Rule”) must be leased to a Qualifying Tenant or held vacant and available for occupancy by a Qualifying Tenant. If the Next Available Unit Rule is violated, the residential unit will not continue to be treated as a Qualifying Unit.

Qualifying Tenants means individuals or families whose income is less than or equal to 60% of the area median gross income (including adjustments for family size), as determined in accordance with applicable law. 9 Summit ▇▇▇▇▇ Shopping Simultaneously with the closing of the subject Mortgage Center (Loan No. 4) Loan, Mountain Vista Real Estate Opportunity Fund I, LLC, an affiliate of DDR Corp., provided a $9,000,000 mezzanine loan secured by the equity interests in the related Mortgagor. Such mezzanine loan is subject to an intercreditor agreement.

Examples of Qualifying Tenants in a sentence

The determination of whether an individual or family is a Qualifying Tenant (that is, meets the income requirements of subsection (b) of this Section) shall be made at least annually on the basis of the income of such Qualifying Tenant(s).
The annual recertification and Next Available Unit Rule requirements of this paragraph shall not apply to a given year if, during such year, no residential unit in the Project is occupied by a new resident whose income exceeds the applicable income limit for Qualifying Tenants.
For purposes of this definition, the occupants of a residential unit shall not be deemed to be Qualifying Tenants if all the occupants of such residential unit at any time are “students,” as defined in Section 151(c)(4) of the Internal Revenue Code of 1986, as amended (the “Code”), not entitled to an exemption under the Code.
The determination of whether an individual or family are Qualifying Tenants shall be made at the time the tenancy commences and on an ongoing basis thereafter, determined annually.
IHCDA and Qualifying Tenant(s) (or either or all of them) are entitled, for any breach of this Agreement, to enforce specific performance by Owner of its obligations under this Agreement in a state court of competent jurisdiction, in addition to all other remedies provided by law or in equity.
If the Owner is proposing a lease-purchase project, and wishes to sell the low-income unit(s) to Qualifying Tenant(s) (as applicable, according to the minimum set-aside requirement election chosen by Owner on IRS Form 8609 and elections made in Section 4 of this Agreement) at the end of the 15-year compliance period the statement, below should be checked: N/A Yes, the Owner is proposing a lease-purchase project and will follow the guidelines prescribed in Section 42(i)(7) of the Code.
The determination of whether an individual or family is a Qualifying Tenant shall be made at least annually on the basis of the current income of such Qualifying Tenant(s).
Each Affordable Unit shall bear annual rents not greater than the rental rate limits for the applicable Qualifying Tenants (adjusted for bedroom count, and including utilities and mandatory fees) as determined and announced from time to time by HUD and as published annually by the Minnesota Housing Finance Agency (or any successor agency(ies) administrating government affordable housing programs).
The County may conclusively rely upon statements, certificates, and other information provided by the Owner and the Qualifying Tenants, and upon audits of the books and records of the Owner or the Development.
From the commencement of the Qualified Project Period, one hundred percent (100%) of the rental housing units in the Project (“Rental Housing Units”) shall be occupied (or treated as occupied as provided herein) or held vacant and available for occupancy by Qualifying Tenants.

More Definitions of Qualifying Tenants

Qualifying Tenants means, collectively as applicable, 30% Qualifying Tenants and 50% Qualifying Tenants; for purposes of this definition, the occupants of a residential unit will not be deemed to be Qualifying Tenants if all the occupants of such residential unit at any time are “students,” as defined in Section 152(f)(2) of the Internal Revenue Code of 1986, as amended (the “Code”), not entitled to an exemption under the Code. The determination of whether an individual or family is of low or moderate income will be made at the time the tenancy commences and, with respect to each 30% Qualifying Tenant and each 50% Qualifying Tenant, on an ongoing basis thereafter, determined at least annually. If during their tenancy a 30% Qualifying Tenant’s or a 50% Qualifying Tenant’s income exceeds 140% of the maximum income qualifying as low or moderate income for a family of its size, the next available residential unit (determined in accordance with the Code and applicable regulations) (the “Next Available Unit Rule”) must be leased to a Qualifying Tenant or held vacant and available for occupancy by a Qualifying Tenant qualifying as to the applicable income level. If the Next Available Unit Rule is violated, the affected unit will not continue to be treated as occupied by a Qualifying Tenant.

Qualifying Tenants means, collectively as applicable, 50% Qualifying Tenants, 60% Qualifying Tenants, and 80% Qualifying Tenants; for purposes of this definition, the occupants of a residential unit will not be deemed to be Qualifying Tenants if all the occupants of such residential unit at any time are “students,” as defined in Section 152(f)(2) of the Internal Revenue Code of 1986, as amended (the “Code”), not entitled to an exemption under the Code. The determination of whether an individual or family is of low or moderate income will be made at the time the tenancy commences and on an ongoing basis thereafter, determined at least annually. If during their tenancy a Qualifying Tenant’s income exceeds 140% of the maximum income qualifying as low or moderate income for a family of its size, the next available unit (determined in accordance with the Code and applicable regulations) (the “Next Available Unit Rule”) must be leased to a Qualifying Tenant or held vacant and available for occupancy by a Qualifying Tenant qualifying as to the applicable income level. If the Next Available Unit Rule is violated, the affected unit will not continue to be treated as occupied by a Qualifying Tenant.

Qualifying Tenants means those persons and families who are determined from time to time by the Affordable Developer to have combined adjusted income that does not exceed 60% of the median income for the standard metropolitan statistical area which includes Oakdale, Minnesota, as that figure is determined and announced from time to time by HUD, as adjusted for family size (the “Median Income”) for the applicable calendar year. For purposes of this definition, the occupants of an Affordable Unit will not be deemed to be Qualifying Tenants if all the occupants of such residential unit at any time are “students,” as defined in Section 152(f)(2) of the Internal Revenue Code of 1986, as amended (the “Code”), not entitled to an exemption under the Code. The determination of whether an individual or family is of low or moderate income will be made at the time the tenancy commences and on an ongoing basis thereafter, determined at least annually. If during their tenancy a Qualifying Tenant’s income exceeds 140% of the Median Income for a family of its size, the next available residential unit (determined in accordance with the Code and applicable regulations) (the “Next Available Unit Rule”) must be leased to a Qualifying Tenant or held vacant and available for

Qualifying Tenants means, collectively as applicable, 50% Qualifying Tenants, 60% Qualifying Tenants, 80% Qualifying Tenants and 110% Qualifying Tenants; for purposes of this definition, the occupants of a residential unit will not be deemed to be Qualifying Tenants if all the occupants of such residential unit at any time are “students,” as defined in Section 152(f)(2) of the Internal Revenue Code of 1986, as amended (the “Code”), not entitled to an exemption under the Code. The determination of whether an individual or family is of low or moderate income will be made at the time the tenancy commences and, with respect to each 50% Qualifying Tenant and each 60% Qualifying Tenant, on an ongoing basis thereafter, determined at least annually. If during their tenancy a 50% Qualifying Tenant’s or a 60% Qualifying Tenant’s income exceeds 140% of the maximum income