Very Low Income Tenants. Individuals or families with Adjusted Income which does not exceed 50 percent of the Median Income for the Area as adjusted for household size as set forth below and as adjusted in a manner consistent with determination of lower income families under Section 8 of the United States Housing Act of 1937. In no event, however, will the occupants of a residential unit be considered to be Very Low Income Tenants if all the occupants are students, as defined in Section 42(i)(3)(D) of the Code, as such, may be amended, no one of which is entitled to file a joint federal income tax return. Household Size Adjustment 1 70% 2 80% 3 90% 4 100% 5 108% 6 116% 7 124% 8 132%
Very Low Income Tenants means persons or families having an income that is fifty percent (50%) or less of Median Income, with adjustments for smaller and larger families.
Very Low Income Tenants means individuals or families whose income does not exceed the qualifying limits for very low income families as established and amended from time to time pursuant to Section 8 of the Housing Act, or who otherwise qualify as very low income households as defined by Section 50105 of the California Health and Safety Code.
Examples of Very Low Income Tenants in a sentence
In performing their duties and obligations hereunder, the Governmental Lender may rely upon statements and certificates of the Borrower, the Low Income Tenants, the Very Low Income Tenants, and upon audits of the books and records of the Borrower pertaining to the Project.
The Governmental Lender 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 Tenants and Very Low Income Tenants and by furthering the public purposes for which the Tax-Exempt Obligations were issued.
More Definitions of Very Low Income Tenants
Very Low Income Tenants. Any Tenant whose Adjusted Income does not exceed fifty percent (50%) of the Median Income for the Area; provided, however, if all the occupants of a unit are students (as defined under Section 152(f)(2) of the Code), no one of whom is entitled to file a joint return under Section 6013 of the Code, such occupants shall not qualify as Very Low Income Tenants. The determination of a Tenant’s status as a Very Low Income Tenant shall initially be made by the Borrower on the basis of an Income Certification Form (a form of which is attached hereto as Exhibit C) executed by the Tenant upon such Xxxxxx’s occupancy of a unit in the Project and upon annual recertification thereafter.