Very Low Income Residents definition

Very Low Income Residents. Individuals or families whose Adjusted Income does not exceed the qualifying limits for very low income families (currently 50% or less of the Median Income for the Area), adjusted for actual household size, as established and amended from time to time pursuant to Section 8 for the United States Housing Act of 1937, and as published by the State of California Department of Housing and Community Development. If all occupants of a Space are or will be full-time students during five calendar months of the calendar year at an educational institution (other than a correspondence school) with regular faculty and students, such occupants shall not be considered to be Very Low Income Residents unless all such students are either (i) married and eligible to file a joint federal income tax return or (ii) single parents and their children and such parents and children are not dependents of another individual or (ii) receiving assistance under Title IV of the Social Security Act (including AFDC/TANF ) or the Job Training Partnership Act or under similar Federal, State, or local laws, or were previously under the care and placement responsibility of the State agency responsible for administering a plan under Part B or part E of Title IV of the Social Security Act (xxxxxx care assistance). For purposes of determining Very Low Income Residents the combined Adjusted Income of all occupants of a Space, whether or not legally related, shall be utilized.
Very Low Income Residents means individuals or families whose Adjusted Income does not exceed the qualifying limits for very low income families (currently 50% or less of the Median Income for the Area), adjusted for actual household size, as established and amended from time to time pursuant to Section 8 for the United States Housing Act of 1937, and as published by the State of California Department of Housing and Community Development. If all occupants of a Space are or will be full-time students during five calendar months of the calendar year at an educational institution (other than a correspondence school) with regular faculty and students, such occupants shall not be considered to be Very Low Income Residents unless all such students are either (i) married and eligible to file a joint federal income tax return or (ii) single parents and their children and such parents and children are not dependents of another individual or (ii) receiving assistance under Title IV of the Social Security Act (including AFDC/TAN`F ) or the Job Training Partnership Act or under similar Federal, State, or local laws, or were previously under the care and placement responsibility of the State agency responsible for administering a plan under Part B or part E of Title IV of the Social Security Act (foster care assistance). For purposes of determining Very Low Income Residents the combined Adjusted Income of all occupants of a Space, whether or not legally related, shall be utilized.
Very Low Income Residents means residents whose Income does not exceed 50% of median gross income for the area with adjustments for family size. The determination of a resident’s status as a Very Low Income Resident shall be made initially by the PAC and thereafter by the PAC or the Owner upon initial occupancy of a unit in the Project by such resident, and annually thereafter and at any time that the PAC or the Owner has knowledge that the number of occupants in that unit has increased, on the basis of an income certification executed by the resident.

Examples of Very Low Income Residents in a sentence

  • The Contractor will comply with the provisions thereof relating to the renting of Very Low Income Spaces to Very Low Income Residents, Lower Income Spaces to Lower Income Residents and Moderate Income Spaces to Moderate Income Residents.

  • The Authority has issued the Bonds to provide funds to make the Loan under the Loan Agreement to finance the Project, all for the purpose, among others, of inducing the Borrower to own and operate the Project such that the Project shall contribute to the Authority’s efforts to provide affordable housing to Low Income Residents and Very Low Income Residents in the City and to the satisfaction of the City’s ongoing housing burden.

  • The Authority and the Borrower hereby further declare their understanding and intent that the benefit of such covenants touch and concern the land by enhancing and increasing the enjoyment and use of the Project by Very Low Income Residents and Low Income Residents, the intended beneficiaries of such covenants, reservations and restrictions, and by furthering the public purposes for which the Bonds were issued.

  • The Authority and the Borrower hereby further declare their understanding and intent that the benefit of such covenants touch and concern the land by enhancing and increasing the enjoyment and use of the Project by Very Low Income Residents, the intended beneficiaries of such covenants, reservations and restrictions, and by furthering the public purposes for which the Bonds were issued.

  • The Authority has issued the Bonds to provide funds to make the Loan under the Loan Agreement to finance the Project, all for the purpose, among others, of inducing the Borrower to own and operate the Project such that the Project shall contribute to the Authority’s efforts to provide affordable housing to Very Low Income Residents in the City and to the satisfaction of the City’s ongoing housing burden.

  • The Authority and the Borrower hereby further declare their understanding and intent that the benefit of such covenants touch and concern the land by enhancing and increasing the enjoyment and use of the Project by Low Income Residents and Very Low Income Residents, the intended beneficiaries of such covenants, reservations and restrictions, and by furthering the public purposes for which the Bonds were issued.

  • The Contractor will maintain complete and accurate records pertaining to the Very Low Income Spaces, Lower Income Spaces and Moderate Income Spaces and will permit the PAC Representative, the Owner, the Trustee and Financial Security Assured Guaranty to inspect the books and records of the Contractor pertaining to the incomes of Very Low Income Residents, Lower Income Residents and Moderate Income Residents of the Project.

  • Pursuant to the requirements of the Pledge Agreement, the Housing Law and the Redevelopment Law, the Contractor hereby covenants as follows: (a) Rent to Very Low Income Residents, Lower Income Residents or Moderate Income Residents.

  • The Authority has issued the Bonds to provide funds to make the Loan under the Loan Agreement to finance the Project, all for the purpose, among others, of inducing the Borrower to own and operate the Project such that the Project shall contribute to the Authority’s efforts to provide affordable housing to Very Low Income Residents and Low Income Residents in the City and to the satisfaction of the City’s ongoing housing burden.

  • Very Low Income Residents, Lower Income Residents and Moderate Income Residents.


More Definitions of Very Low Income Residents

Very Low Income Residents. Individuals or families whose Adjusted Income does not exceed the qualifying limits for very low income families (currently fifty percent (50%) or less of the Median Income for the Area), adjusted for actual household size, as established and amended from time to time pursuant to Section 8 for the United States Housing Act of 1937. If all occupants of a Space are or will be full-time students during five calendar months of the calendar year at an educational institution (other than a correspondence school) with regular faculty and students, such occupants shall not be considered to be Very Low Income Residents unless all such students are either (i) married and eligible to file a joint federal income tax return or (ii) single parents and their children and such parents and children are not dependents of another individual or (ii) receiving assistance under Title IV of the Social Security Act (including AFDC/TANF ) or the Job Training Partnership Act or under similar Federal, State, or local laws, or were previously under the care and placement responsibility of the State agency responsible for administering a plan under Part B or part E of Title IV of the Social Security Act (xxxxxx care assistance). For purposes of determining Very Low Income Residents the combined Adjusted Income of all occupants of a Space, whether or not legally related, shall be utilized.
Very Low Income Residents means individuals or families whose income does not exceed 50% of the Area Median Gross Income; provided, however, that if all the occupants of a Space are students (as defined in Section 152(f)(2) of the Code) who fail to be described in Section 42(i)(3)(D) of the Code, the occupants of that Space shall in no event be deemed to be “Very Low Income Residents.” The income of individuals and Area Median Gross Income shall be determined by the Secretary of the Treasury in a manner consistent with determinations of lower income families and Area Median Gross Income under Section 8 (or, if such program is terminated, under such program in effect immediately before such termination). Determinations under the preceding sentence shall include adjustments for family size as prescribed under Section 8.
Very Low Income Residents means individuals or families with an Adjusted Income which does not exceed the amount promulgated by the U.S. Department of Housing and Urban Development for very low-income households for the Area as adjusted for household size as set forth below. In no event, however, will the occupants of a Space be considered to be Very Low- Income Residents if all the occupants are students, as defined in Section 151(c)(4) of the Code, as such may be amended, no one of which is entitled to file a joint federal income tax return. Currently, Section 151(c)(4) defines a student as an individual enrolled as a full-time student during each of five calendar months during the calendar year in which occupancy of the unit begins at an educational organization which normally maintains a regular faculty and curriculum and normally has a regularly enrolled body of students in attendance or is an individual pursuing a full-time course of institutional on-farm training under the supervision of an accredited agent of such an educational organization or of a state or political subdivision thereof. "Household Size" Adjustment for 1 = 70%; Adjustment for 2 = 80%; Adjustment for 3 = 90%; Adjustment for 4 = 100%; Adjustment for 5 = 108%; Adjustment for 6 = 116%; Adjustment for 7 = 124%; Adjustment for 8 = 132%; and assuming one person will occupy a recreational vehicle, two people will occupy a single-wide mobile home, and three persons will occupy a multi-sectional mobile home. In adjusting rents for household size as described in Section 5(a) herein, it shall be assumed that one person will occupy a studio mobile home, two persons will occupy a one- bedroom mobile home, three persons will occupy a two-bedroom mobile home, four persons will occupy a three-bedroom mobile home and five persons will occupy a four-bedroom mobile home.

Related to Very Low Income Residents

  • 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 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.

  • Extremely low-income household means a single person,

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

  • 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."

  • Low-income housing means housing affordable according to

  • 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.

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

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

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

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

  • 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.

  • 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:

  • 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):

  • 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 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.

  • Persons of low income means persons or families who lack the amount of income which is necessary (as determined by the housing authority undertaking the housing project) to enable them, without financial assistance, to live in decent, safe and sanitary dwellings, without overcrowding;

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

  • Low-income individual means an individual who:

  • OHIO RESIDENTS The Ohio laws against discrimination require that all creditors make credit equally available to all creditworthy customers and that credit reporting agencies maintain separate credit histories on each individual upon request. The Ohio Civil Rights Commission administers compliance with this law.

  • Automotive hard paste wax means an automotive wax or polish that is:

  • Low Impact Development or “LID” means a site design strategy that maintains, mimics or replicates pre- development hydrology through the use of numerous site design principles and small-scale treatment practices distributed throughout a site to manage runoff volume and water quality at the source.

  • 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.

  • 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).

  • Plant Genetic Resources for Food and Agriculture means any genetic material of plant origin of actual or potential value for food and agriculture.